Credit union faults Anchorage couple for $2.8 million loss

Alaska Foreclosure & Real Estate News

by Maria Downey
Thursday, April 17, 2008

ANCHORAGE, Alaska -- The Denali Alaskan Federal Credit Union is taking an Anchorage builder to court and foreclosure proceedings on some of his holdings are already underway.

Keith Fernandez, a vice president at the credit union, says Discovery Construction owner Lee Baker and his wife, realtor Pat Baker, are being sued for delinquent loans.

The credit union also is accusing the couple of fraud, according Fernandez, claiming the couple is primarily responsible for a $2.8 million loss last year, which has affected Denali Alaskan's bottom line.

Fernandez says the credit union is foreclosing on unsold units at three projects -- Lake View in Wasilla along with Chugach Meadows and Bryn Mawr in Anchorage.

Baker's projects have been a subject of complaint. His construction company has been accused of violating Environmental Protection Agency standards under the Clean Water Act.

Eagle River homes built by Discovery Construction also have allegedly sunk.

The Bakers would not comment for this story.

Contact Maria Downey at mdowney@ktuu.com

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