Ehrenhaus v. Baker
Court of Appeals of North Carolina
1Opinion of the Court
HUNTER, JR., Robert N., Judge.
I. Introduction
As of 30 September 2008, Wachovia Corporation (“Wachovia”) was the nation’s fourth largest banking institution. Founded in 1908, Wachovia’s stock was widely held throughout this state. Many regarded Wachovia as a conservative, sound financial institution that had survived previous financial crises such as the Great Depression. When the 2008 financial collapse began, Wachovia’s loan portfolio was encumbered with a large number of mortgages that it had obtained through its 2007 acquisition of Golden West Financial Corporation (“Golden West”), the…
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