Myrtle Beach banks feel sting of bad debt

Myrtle Beach Sun-HeraldAugust 2, 2010 

A lawsuit filed against a former Myrtle Beach mortgage broker who has admitted to bank fraud illustrates a growing trend for banks that were duped by fraudulent loan applications during the real estate boom, and experts warn the fallout could put further pressure on banks already straining from real estate losses.

Rock Hill-based Coastal Mortgage Services Inc. is suing Darin Epps, the former owner of Myrtle Beach-based Dunes Mortgage, over a loan Epps arranged for a condominium buyer in the Carolina Forest subdivision.

The lawsuit is separate from a felony bank fraud charge that Epps pleaded guilty to in April. Epps has not yet been sentenced on the criminal charge.

Read the complete story

McClatchy Washington Bureau is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service