TCB receives the opinion of a reverse mortgage expert in Ginnie Mae -Rechtszaak
But judge Matthew Kacsmaryk, the president of the president for the case in the American court for the northern district of Texassaid that the submission did not contain any indication of the position of the government about the testimony of Conway. Kacsmaryk ordered the bank to offer proof of conference with government lawyers about this, in accordance with the civil rules of Texas.
The bank said that Conway “explains the relevant industrial background of this dispute, including reverse mortgages, the HECM program and HMBS.” He offers a conclusion that is favorable for the position of the bank.
“” Unsurpt tails, “such as those here in question, are different from pooled mortgages and not derived from pooled mortgage participations,” says the bank on the Conway report. “He also discusses how TCB’s tail financing directly resulted in payments to HECM -Kredieme that TCB had suffered from the Vermeende Onderende Onderende in the Valente Salente tails. “
The bank argued that the report should be considered by the court prior to a ruling on the pending brief judgment of the government, which TCB recently disputed in a separate application.
“The court must therefore allow a supplement to the administrative file with experts from experts on the nature and structure of HECM loans and the HMBS program to enable the court to correctly analyze whether Ginnie Mae has acted within the scope of its authority under [the law] When the claimed TCB’s interest in the tails, “the bank explained in his submission.
But Kacsmaryk said that under the civil rules of Texas the supplement of experts’ testimony requires “a lawyer for the moving party [to] Consult with a lawyer for each party that is affected by the requested exemption to determine whether the motion is against. “
The submission that includes the Conway report does not indicate whether a conference has been held with government lawyers, the judge said, nor does it contain “a certificate of the conference or explaining why it was not possible to grant.”
“So the Court does not know [the government’s] Position on the motion, “he said. The judge ordered the bank to comply with the rule “within seven days after the date of this order or risk refusing the motion.” The current deadline is March 5.
Conway served as treasurer at FOA from July 2015 until his retirement in April 2024, according to his report. He explained in the court that he prepared the report in December and was compensated for this.
His 34 pages report deals with extensive details about his understanding of the HMBS program, the specific collateral, the nature of the reverse mortgage industry and the involvement of the government. He also offers opinions about possible alternative actions that Ginnie Mae could have followed.
In their own submission last month, government lawyers responded to KACSMARYK’s ruling in October 2024. They claim that Ginnie Mae “was within his right to extinguish and end RMF and to take absolute ownership of [the] Mortgage portfolio. “The government lawyers also claim that TCB” in this case no longer has leftover rights or interests in the property. “
The October ruling proves “fatal for the two remaining counts of TCB” and gives Ginnie Mae the right to summary proceedings, the government argued. The brief motion of the judgment remains excellent.
