12/10/08 - Navajo Nation in danger of losing $3.5 million


The Navajo Nation may lose as much as $3.5 million in loans this week as two banks prepare to collect.

Native American Bank in Denver and JP Morgan Chase have called loans after two Navajo businesses failed to make payments, and both banks have indicated they are ready to collect, said LoRenzo Bates, who sits on the Navajo Tribal Council's Budget and Finance Committee.