Law360, New York (June 07, 2012, 7:59 PM ET) -- Wells Fargo Bank NA and a unit of Arbor Realty Trust Inc. were hit with a lawsuit Thursday in New York state court claiming they stripped investor P7 Owner LLC of its controlling interest in a $125 million mortgage loan and plan to conduct an unauthorized restructuring.
When the loan was put into special servicing in March and the defendants began discussing a modification, Wells Fargo conducted a faulty appraisal valuing the hotel at only $72 million — less than half the value of the loan...
Wells Fargo Improperly Appraised $125M Hotel Loan, Suit Says
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