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11,000-Unit NYC Housing Complex Becomes "Pawn In A Financial Chess Game" As 1st Mtg Holder Sues To Stop Next Week's 2nd Mortgagee's Foreclosure Sale

By r morris

In New York City, Crain's New York Business reports:Hedge fund honcho William Ackman?s plan to takeover Stuyvesant Town/Peter Cooper Village hit a major snag Wednesday afternoon. Bank of America and U.S. Bancorp, trustees for the senior lenders of the giant residential complex sued to block his plan to foreclose on the 110-building property(1) next week.Last week, Mr. Ackman, through a joint

Full post as published by The Home Equity Theft Reporter on August 20, 2010 (boomark / email).