Item 8.01 Other Events.

Wilson Family Communities, inc., ("WFC"), a wholly-owned subsidiary of Green Builders, Inc. (the "Company"), was notified that on November 7, 2008 Franklin Bank, S.S.B. ("Franklin Bank"), one of three lenders under the Loan Agreement (defined below), was closed by the Texas Department of Savings and Mortgage Lending and the Federal Deposit Insurance Corporation (the "FDIC") was named Receiver. WFC has not engaged in discussions with the FDIC regarding Franklin Bank's loan obligations under the Loan Agreement and Franklin Bank has not made requested advances under the Loan Agreement subsequent to November 7, 2008.

On September 29, 2008, the Borrowing Base Loan Agreement dated June 29, 2007 (the "Loan Agreement"), as amended, by and among WFC and a syndicate of banks led by RBC Bank (USA), as administrative agent ("RBC"), and including Franklin Bank and International Bank of Commerce, Laredo, Texas ("IBC"), expired pursuant to its terms. Although WFC is currently out of compliance with certain covenants set forth in the Borrowing Base Agreement under the Loan Agreement, RBC has continued to make amounts available to WFC pursuant to the Loan Agreement for homes currently under construction. In addition, WFC has been notified by IBC that IBC will not be funding any new loans made pursuant to the Loan Agreement, although IBC has continued to fund existing loans made prior to the expiration of the Loan Agreement.

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