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CNN takes a deeper look at the collapse of Silver State Bank. CNN and ProPublica.com, an investigative journalism organization, said Silver State and other banks "loaned money on the promise of Las Vegas' commercial real estate boom with the belief that undeveloped land would be turned into shopping centers, hotels and offices." Much of the land and many of the houses, however, were being "flipped" -- resold over and over again for huge profits -- thereby inflating their value.
The collapse of Silver State Bank
(via CNN.com) · January 27, 2009 · 2:10 PM
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