Real estate appraisal expert witness Carlton Segars testified this week that South Carolina bank First National Bank, as well as their appraiser, acted fraudulently in a $3M loan made to state Senator Ray Cleary and his investment company. The fraudulent appraisal under-reported wetlands on the property. The wetlands cannot be developed but First National Bank allegedly included them in the loan amount.
Wetlands may be a marsh, swamp, bog, slough, etc. EPA regulations at 40 CFR 230.3(t) explain that:
Wetlands vary widely because of regional and local differences in soils, topography, climate, hydrology, water chemistry, vegetation, and other factors, including human disturbance. Indeed, wetlands are found from the tundra to the tropics and on every continent except Antarctica.