Flagstar takes aim at Joel Wiener’s portfolio management, valuations

Flagstar Bank hasn’t been happy with billionaire landlord Joel Wiener.  The bank has accused Wiener of mismanaging his properties and disputed the expert appraisals of their value. The allegations have shined a light on some of the issues that could be coming to the Israeli bond market, which Wiener tapped for cheap financing. Flagstar made the allegations in a bankruptcy case involving Wiener’s 82 property entities, which owe more than $1.1 billion to Flagstar and Israeli bondholders, according to court documents. Together, the companies control 93 New York apartment buildings and more than 5,200 units.  Wiener’s entities want to use […]This article originally appeared on The Real Deal. Click here to read the full story.