Saturday, May 12, 2012
Wells Fargo files Unlawful Detainer to evict DEADBEAT owners who strategically defaulted… But these “deadbeats” are a CITY GOVERNMENT
STOCKTON, Calif. (KCRA) — Wells Fargo is taking the city of Stockton to court once again.Wells Fargo is acting on behalf of its bondholders, because Stockton has skipped bond payments.
The unlawful detainer was served for an eight-story building on 400 E. Main St. in Stockton.
Wells Fargo is suing to recover premises.
The building was purchased in 2007 for $42 million, and the city intended to move City Hall to the location.“When we purchased the building, it was a good investment, but with the fiscal projections for 2013, we would lose $3 million,” said Connie Cochran, spokeswoman for city of Stockton.Only 40 percent of the building is occupied with Chase Bank and the Stockton’s I.T. Department.
“It is not up to capacity, so we are losing money,” said Paul Canepa, of the Stockton City Council.
The city received a pay-or-quit notice May 1.