{"id":58304,"date":"2024-08-07T03:03:18","date_gmt":"2024-08-07T01:03:18","guid":{"rendered":"https:\/\/housesmarketplace.com\/ginnie-mae-fires-back-at-tcb-over-venue-claims-in-reverse-mortgage-case\/"},"modified":"2024-08-07T03:03:18","modified_gmt":"2024-08-07T01:03:18","slug":"ginnie-mae-fires-back-at-tcb-over-venue-claims-in-reverse-mortgage-case","status":"publish","type":"post","link":"https:\/\/housesmarketplace.trio-tv.com\/ru\/ginnie-mae-fires-back-at-tcb-over-venue-claims-in-reverse-mortgage-case\/","title":{"rendered":"\u0414\u0436\u0438\u043d\u043d\u0438 \u041c\u044d\u0439 \u043e\u0442\u0432\u0435\u0442\u0438\u043b\u0430 TCB \u043f\u0440\u0435\u0442\u0435\u043d\u0437\u0438\u044f\u043c\u0438 \u043f\u043e \u0434\u0435\u043b\u0443 \u043e\u0431 \u043e\u0431\u0440\u0430\u0442\u043d\u043e\u0439 \u0438\u043f\u043e\u0442\u0435\u043a\u0435"},"content":{"rendered":"
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Attorneys for Ginnie Mae<\/strong><\/a> have responded to Texas Capital Bank<\/strong><\/a> (TBC) over the government\u2019s motion to move the case to a different venue. They say that the bank\u2019s own filing<\/a> on the matter avoids the key issues that the government sought to raise regarding the original clause that specifies where any related legal actions should take place.<\/p>\n

Separately, the government has been granted additional time in court to respond to the bank\u2019s motion for a partial summary judgment in favor of TCB<\/a>, according to court documents reviewed by HousingWire<\/strong>\u2019s Reverse Mortgage Daily (RMD).<\/p>\n

\u201cTCB seeks to avoid its agreement to the forum selection clause by arguing that Ginnie Mae cannot enforce it and that it does not apply to the claims in this litigation,\u201d government attorneys said in a filing. \u201cBoth arguments are incorrect.\u201d<\/p>\n

TCB previously contended that Ginnie Mae is unable to enforce the forum selection clause in the agreement at the heart of the dispute. The bank says that clause is a portion of an executed agreement between TCB and Reverse Mortgage Funding<\/strong> (RMF), the bankrupt reverse mortgage lender at the center of the situation.<\/p>\n

Since the government was not a party to that agreement, its terms \u2014 and by extension, the forum selection clause \u2014 are not enforceable by the government. <\/p>\n

Ginnie Mae disagrees. <\/p>\n

\u201cGinnie Mae held the title to the assets underlying the agreement, TCB\u2019s rights under the contract ultimately derived from Ginnie Mae, TCB\u2019s rights under the contract were subject to Ginnie Mae\u2019s rights, and TCB avers that \u2018Ginnie Mae was heavily involved with\u2019 negotiating the contract,\u201d the filing reads.<\/p>\n

This amounts to the bank contending that \u201ca different standard\u201d is being argued by TCB to further separate the disputed tail agreement and the collateral in question, the government asserts. They go on to argue that the oft-cited tail agreement \u201cexpressly preserves Ginnie Mae\u2019s enforcement rights over the tails,\u201d reiterating that the agreement required any resulting litigation to take place in Dallas County as opposed to the current venue in Amarillo, Texas.<\/p>\n

\u201cThis case has nothing to do with Amarillo,\u201d government lawyers said. \u201cThe court should hold TCB to its word and transfer this case to the Dallas division, where TCB is headquartered.\u201d<\/p>\n

The bank\u2019s interest in the collateral \u201cderives from Ginnie Mae,\u201d the government contended, and \u201cTCB\u2019s rights and remedies were subject to Ginnie Mae\u2019s rights.\u201d<\/p>\n

The U.S. Supreme Court<\/strong><\/a> has previously established that forum selection clauses must be enforced. Despite the agreement being between TCB and RMF, the fact that the bank\u2019s dispute with the government has to do with the tail agreement means that the clause is enforceable in this instance, government attorneys argued in the initial forum change filing<\/a> in June.<\/p>\n

Separately, Ginnie Mae\u2019s previously granted request for more time to respond to the bank\u2019s motion for a partial summary judgment \u2014 which has already been granted once \u2014 was permitted once again by Magistrate Judge Lee Ann Reno. Ginnie Mae now has until Aug. 8 to respond to the motion.<\/p>\n

TCB brought its suit<\/a> against Ginnie Mae in October 2023, alleging the government-owned company had \u201cextinguished, in return for no consideration, TCB\u2019s first priority lien on tens of millions of dollars in collateral\u201d stemming from the [FHA]-sponsored [HECM] program.\u201d<\/p>\n

This was after Ginnie Mae allegedly turned to TCB in an effort to avoid \u201ca catastrophic disruption of the HECM program.\u201d In return for lending money to RMF, TCB said it received a first priority lien \u201con certain HECM collateral,\u201d which the bank described as \u201ccritically important\u201d since without it, the only collateral TCB could rely on was a bankrupt company in RMF.<\/p>\n

In subsequent filings, Ginnie Mae denied the accusations<\/a> outside of material facts related to executed agreements between all parties and the regulations governing the HMBS program. While Ginnie Mae sought to have the case dismissed, the presiding judge allowed the bulk of the case to continue<\/a> and dismissed only small portions of the initial complaint.<\/p>\n

The case is being closely watched by the reverse mortgage industry. Ginnie Mae\u2019s Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program is a key liquidity and investment driver for the entire industry, since it allows the pooling of reverse mortgages for sale to investors. The litigation is taking place in the midst of the development of a new HMBS program<\/a> by Ginnie Mae.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Attorneys for Ginnie Mae have responded to Texas Capital Bank (TBC) over the government\u2019s motion to move the case to a different venue. They say that the bank\u2019s own filing on the matter avoids the key issues that the government sought to raise regarding the original clause that specifies where any related legal actions should […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-58304","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nGinnie Mae fires back at TCB over venue claims in reverse mortgage case - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.trio-tv.com\/ru\/ginnie-mae-fires-back-at-tcb-over-venue-claims-in-reverse-mortgage-case\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ginnie Mae fires back at TCB over venue claims in reverse mortgage case - Houses Marketplace\" \/>\n<meta property=\"og:description\" content=\"Attorneys for Ginnie Mae have responded to Texas Capital Bank (TBC) over the government\u2019s motion to move the case to a different venue. They say that the bank\u2019s own filing on the matter avoids the key issues that the government sought to raise regarding the original clause that specifies where any related legal actions should […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/housesmarketplace.trio-tv.com\/ru\/ginnie-mae-fires-back-at-tcb-over-venue-claims-in-reverse-mortgage-case\/\" \/>\n<meta property=\"og:site_name\" content=\"Houses Marketplace\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-07T01:03:18+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u041d\u0430\u043f\u0438\u0441\u0430\u043d\u043e \u0430\u0432\u0442\u043e\u0440\u043e\u043c\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u041f\u0440\u0438\u043c\u0435\u0440\u043d\u043e\u0435 \u0432\u0440\u0435\u043c\u044f \u0434\u043b\u044f \u0447\u0442\u0435\u043d\u0438\u044f\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 \u043c\u0438\u043d\u0443\u0442\u044b\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/ginnie-mae-fires-back-at-tcb-over-venue-claims-in-reverse-mortgage-case\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/ginnie-mae-fires-back-at-tcb-over-venue-claims-in-reverse-mortgage-case\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/#\\\/schema\\\/person\\\/1276f6cf52b5de6bd341c72ea8c75b0b\"},\"headline\":\"Ginnie Mae fires back at TCB over venue claims in reverse mortgage case\",\"datePublished\":\"2024-08-07T01:03:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/ginnie-mae-fires-back-at-tcb-over-venue-claims-in-reverse-mortgage-case\\\/\"},\"wordCount\":746,\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"ru-RU\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/ginnie-mae-fires-back-at-tcb-over-venue-claims-in-reverse-mortgage-case\\\/\",\"url\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/ginnie-mae-fires-back-at-tcb-over-venue-claims-in-reverse-mortgage-case\\\/\",\"name\":\"Ginnie Mae fires back at TCB over venue claims in reverse mortgage case - 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