Flagstar Bank has raised serious allegations against billionaire landlord Joel Wiener regarding his mismanagement of 82 property entities that owe over $1.1 billion to Flagstar and Israeli bondholders. These entities control 93 apartment buildings in New York, many of which are facing foreclosure due to unpaid mortgages since January. The bank has expressed concerns about the financial dealings of Wiener's entities, particularly regarding the flow of funds, as they paid Israeli bondholders $12 million while failing to meet mortgage obligations. Appraiser Michelle Zell asserts the properties are valued higher than their debt, opposing Flagstar's expert's claims.
Flagstar Bank has accused billionaire landlord Joel Wiener of mismanaging his properties and disputing the value appraisals, raising alarms over his financial dealings.
Wiener's 82 property entities owe over $1.1 billion to Flagstar and Israeli bondholders, while properties have not paid mortgages since January, with many facing foreclosure.
Flagstar alleged that while paying $12 million to Israeli bondholders, the businesses failed to meet mortgage obligations, raising concerns about financial mismanagement.
Appraiser Michelle Zell supports the valuation of Wiener's properties, stating they are worth more than their debt, while Flagstar's expert argues her assessment is flawed.
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