North Carolina Developer Accuses Wachovia Of Shakedown, Fraud, Unfair Practices; "Not Us!" Says Lender

In Guilford County, North Carolina, The Business Journal of the Greater Triad Area reports:

• A Mount Airy developer has filed suit against Wachovia Bank, alleging extortion, fraud and unfair and deceptive trade practices. Granite Development LLC filed the suit in Guilford County Superior Court in relation to construction loans the company says it had to build [area] retail centers [...] according to an announcement from the developer. The suit says Wachovia used threats of foreclosure and other predatory practices to try to force Granite to accept unreasonable loan demands on an extension the developer wanted on the construction loans. [... A Wachovia spokesperson] said she could not comment on any specifics of the suit, but she said Wachovia “strongly disagrees” with the allegations it contains.

For more, see Developer sues Wachovia for "predatory" practices.