November 7, 2019 / 12:11 AM / 12 days ago

CitiMortgage can’t demand loan originator repurchase foreclosed mortgages – 8th Circuit

Citigroup subsidiary CitiMortgage Inc cannot force a mortgage-loan originator to repurchase defective loans that have already gone through foreclosure because it has not shown that those loans still exist, a divided federal appeals court held on Wednesday.

The 8th U.S. Circuit Court of Appeals split 2-1 in affirming a ruling by a magistrate judge in St. Louis, Missouri, who found that CitiMortgage had not established a breach of contract by Equity Bank as to the six foreclosed-upon loans.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2WNdTVm

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