ANCHORAGE, Alaska — Denali Alaskan Federal Credit Union filed a lawsuit last month accusing Lee Baker Jr., a prominent home builder here, his business associates and his wife, Pat Baker, a real estate agent, with fraud.
The lawsuit stated that the total debt owed is $16.9 million, plus interest and fees, and sought punitive damages.
According to a story in the Anchorage Daily News, Baker received the loans for building projects in Anchorage and the Matanuska-Susitna Borough. The credit union attributed its $2.8 million loss in 2007 to the bad loans, but Denali Alaskan Associate Vice President of Marketing Keith Fernandez said they represented only about 4% of the CU's total loan portfolio.
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