{"id":58727,"date":"2024-09-06T03:03:49","date_gmt":"2024-09-06T01:03:49","guid":{"rendered":"https:\/\/housesmarketplace.com\/court-denies-ginnie-mae-request-in-texas-capital-bank-lawsuit\/"},"modified":"2024-09-06T03:03:49","modified_gmt":"2024-09-06T01:03:49","slug":"court-denies-ginnie-mae-request-in-texas-capital-bank-lawsuit","status":"publish","type":"post","link":"https:\/\/housesmarketplace.trio-tv.com\/ru\/court-denies-ginnie-mae-request-in-texas-capital-bank-lawsuit\/","title":{"rendered":"\u0421\u0443\u0434 \u043e\u0442\u043a\u043b\u043e\u043d\u0438\u043b \u0445\u043e\u0434\u0430\u0442\u0430\u0439\u0441\u0442\u0432\u043e Ginnie Mae \u0432 \u0438\u0441\u043a\u0435 Texas Capital Bank"},"content":{"rendered":"
\n

A government-led effort to change the venue in a case brought by Texas Capital Bank<\/strong><\/a> (TCB) against Ginnie Mae<\/strong><\/a> over reverse mortgage-related collateral has been denied by presiding Judge Matthew Kacsmaryk, according to a court filing reviewed by HousingWire<\/strong>\u2019s Reverse Mortgage Daily (RMD).<\/p>\n

In June, attorneys representing the U.S. Department of Housing and Urban Development<\/strong><\/a> (HUD) and the named defendant, Ginnie Mae, filed a motion<\/a> arguing that a contract clause had been violated by TCB\u2019s choice to file the case in Amarillo, Texas, as opposed to Dallas.<\/p>\n

The forum issue<\/h2>\n

The government contended that the move violated a \u201cforum selection clause\u201d in its tail agreement with Reverse Mortgage Funding<\/strong> (RMF), the agreement at the center of the dispute. The following month, TCB filed an objection<\/a> to the request by saying that the clause cited by government attorneys is not enforceable. Ginnie Mae fired back<\/a> in early August, alleging that the bank was seeking to \u201cavoid its agreement to the forum selection clause.\u201d<\/p>\n

But the final word from Kacsmaryk came down on the side of TCB, who said that the plaintiff\u2019s argument was ultimately more persuasive.<\/p>\n

Citing language in the forum selection clause that specified only RMF and TCB as parties to the agreement, the judge said that the agreement at issue \u201cwas not between TCB and [the government], but they nevertheless seek enforcement of its forum selection clause.\u201d<\/p>\n

The government and any of its relevant associated entities is a \u201cnonsignatory\u201d to the agreement, and thus \u201ccannot lay claim to the benefits of the forum selection clause,\u201d Kacsmaryk said.<\/p>\n

Kacsmaryk also accounts for part of the government\u2019s argument claiming that \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 according to the early August filing submitted by the government.<\/p>\n

But Kacsmaryk said this only applies if the agreement itself does not specifically exclude non-signatories.<\/p>\n

\u201cThe plain terms of the tail agreement between TCB and RMF explicitly state that no others may invoke or rely on the terms of the tail agreement \u2018in any manner whatsoever,\u2019\u201d he wrote. \u201c[The government does] not address this hurdle at all in their briefing.\u201d<\/p>\n

He also stated that a lack of common ownership between RMF and Ginnie Mae precludes the government from the benefits of the forum selection clause in the original agreement, since that is the only circumstance in which a non-signatory could be considered under previously established legal precedent.<\/p>\n

Recent history, election dynamics<\/h2>\n

TCB brought its suit<\/a> against Ginnie Mae in October 2023, alleging that the government-owned company had \u201cextinguished, in return for no consideration, TCB\u2019s first priority lien on tens of millions of dollars in collateral 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

Ginnie Mae previously sought to have the case dismissed, but the presiding judge allowed the bulk of the case to continue<\/a> and dismissed only small portions of the initial complaint. Filing deadlines extend into early 2025<\/a>, so it is currently unclear whether the key, current leaders at HUD and Ginnie Mae will still be in office by the time these dates arrive. Outside of career officials, other leaders are appointed by the President of the United States.<\/p>\n

After President Joe Biden<\/a> decided not to run for reelection<\/a>, a new president is guaranteed to be in office in early 2025, which could bring new leaders to HUD and Ginnie Mae regardless of the ultimate victor.<\/p>\n

The case is being closely watched by the reverse mortgage industry. Ginnie Mae\u2019s Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS<\/a>) program is a key liquidity and investment driver for the entire industry, since it allows for the pooling of reverse mortgages to be sold 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":"

A government-led effort to change the venue in a case brought by Texas Capital Bank (TCB) against Ginnie Mae over reverse mortgage-related collateral has been denied by presiding Judge Matthew Kacsmaryk, according to a court filing reviewed by HousingWire\u2019s Reverse Mortgage Daily (RMD). In June, attorneys representing the U.S. Department of Housing and Urban Development […]<\/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-58727","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nCourt denies Ginnie Mae request in Texas Capital Bank lawsuit - 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\/court-denies-ginnie-mae-request-in-texas-capital-bank-lawsuit\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Court denies Ginnie Mae request in Texas Capital Bank lawsuit - Houses Marketplace\" \/>\n<meta property=\"og:description\" content=\"A government-led effort to change the venue in a case brought by Texas Capital Bank (TCB) against Ginnie Mae over reverse mortgage-related collateral has been denied by presiding Judge Matthew Kacsmaryk, according to a court filing reviewed by HousingWire\u2019s Reverse Mortgage Daily (RMD). 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