Enjoy access to a free NMLS renewal class when you attend an in-person event.
Now here is something that you don’t see every day: A bank foreclosing on one of its former directors.
According to a South Florida Business Times report, U.S. Century Bank filed a $15.31 million foreclosure lawsuit against Rodney Barreto, who served as a member of the bank’s board of directors from 2003-2012. Barreto is one of Florida’s most influential business executives—he run the lobbying and consulting firm Floridian Partners and as chairman of the Super Bowl Host Committee, successfully secured football’s biggest game for Miami in 2020.
Barreto and his real estate partner Warren Sands were cited by the Doral, Fla.-based bank on five mortgages made from 2007-2009. The foreclosure lawsuit names both Barreto and Sands as loan guarantors, along with the companies that own the properties, which consist of four gas stations and a clubhouse.
Barreto has not publicly commented on the lawsuit, although his attorney stated that he was in settlement discussions and was planning to reach an agreement with the bank.