{"id":59582,"date":"2025-04-04T03:05:06","date_gmt":"2025-04-04T01:05:06","guid":{"rendered":"https:\/\/housesmarketplace.com\/judge-rules-in-favor-of-ginnie-mae-in-lawsuit-brought-by-texas-capital-bank\/"},"modified":"2025-04-04T03:05:06","modified_gmt":"2025-04-04T01:05:06","slug":"judge-rules-in-favor-of-ginnie-mae-in-lawsuit-brought-by-texas-capital-bank","status":"publish","type":"post","link":"https:\/\/housesmarketplace.trio-tv.com\/ru\/judge-rules-in-favor-of-ginnie-mae-in-lawsuit-brought-by-texas-capital-bank\/","title":{"rendered":"\u0421\u0443\u0434\u044c\u044f \u0432\u044b\u043d\u0435\u0441 \u0440\u0435\u0448\u0435\u043d\u0438\u0435 \u0432 \u043f\u043e\u043b\u044c\u0437\u0443 \u0414\u0436\u0438\u043d\u043d\u0438 \u041c\u044d\u0439 \u0432 \u0438\u0441\u043a\u0435, \u043f\u043e\u0434\u0430\u043d\u043d\u043e\u043c Texas Capital Bank"},"content":{"rendered":"
\n

A lawsuit over rights to reverse mortgage-backed collateral stemming from the collapse of a major industry lender<\/a> has been brought to an end with a summary judgment, but the plaintiffs in the case have vowed to appeal the decision.<\/p>\n

The suit was filed<\/a> by Texas Capital Bank<\/strong><\/a> (TCB) against Ginnie Mae<\/strong><\/a> in late 2023. The bank alleged that Ginnie Mae 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<\/a>] program.\u201d<\/p>\n

Dispute and decision<\/h2>\n

TCB contended this occurred after Ginnie Mae turned to TCB to avoid \u201ca catastrophic disruption of the HECM program.\u201d In return for lending money to Reverse Mortgage Funding<\/strong> (RMF), TCB said it received a first priority lien \u201con certain HECM collateral.\u201d The bank described it as \u201ccritically important\u201d since without it, the only collateral TCB could rely on was a bankrupt company.<\/p>\n

At the core of the dispute was collateral stemming from HECM-backed Securities (HMBS<\/a>) \u201ctails\u201d \u2014 the issuance of additional securities backed by the remaining unpaid principal balance of a HECM loan after it has been securitized into an HMBS pool.<\/p>\n

\u201cTail HMBS issuances are HMBS pools consisting of subsequent participations,\u201d New View Advisors<\/strong><\/a> consistently notes when describing monthly HMBS issuance totals. \u201cTails are not from new loans, but they do represent new amounts lent.\u201d<\/p>\n

By eliminating RMF from the HMBS Issuer program and seizing its servicing portfolio<\/a>, the bank argued that Ginnie Mae eliminated any interest that the bank had in the tails. It sought to explain why the tails were not part of the HMBS collateral governed by the original agreement to engage with RMF, but presiding Judge Matthew Kacsmaryk disagreed, according to court documents reviewed by HousingWire<\/strong>\u2019s Reverse Mortgage Daily (RMD).<\/p>\n

\u201cCongress<\/strong> granted extinguishment power over mortgages,\u201d he wrote. \u201cIt did not write \u2018participations that constitute the trust or pool.\u2019 Nor did it write \u2018property that constitutes the trust or pool.\u2019 It chose mortgages. And so that is the relevant unit GNMA holds extinguishment power over.\u201d<\/p>\n

He added that the relevant part of the statute at issue is \u201cmortgages constituting the HMBS trust or pool. So the Court interprets GNMA\u2019s extinguishment power to extend to such mortgages and declines to divvy up those mortgages into smaller units if Congress did not,\u201d he said.<\/p>\n

Ginnie Mae filed its original motion for summary judgment<\/a> in January after the judge rejected a similar motion<\/a> from the bank in October 2024.<\/p>\n

HUD satisfied with ruling, TCB vows appeal<\/h2>\n

A spokesperson for the U.S. Department of Housing and Urban Development<\/strong> (HUD) reacted favorably to the ruling when reached by RMD.<\/p>\n

\u201cGinnie Mae is pleased to confirm that the court ruled it acted within its statutory authority when extinguishing an issuer, and that the case is now closed,\u201d the spokesperson said.<\/p>\n

RMD reached out to representatives of TCB and received the following response.<\/p>\n

\u201cTexas Capital disagrees with the judge\u2019s ruling and will appeal,\u201d the bank said. \u201cThe entire industry should be alarmed at this ruling and the government\u2019s unlawful seizure of collateral. The victims of Ginnie Mae\u2019s unlawful action will be the seniors who rely on the reverse mortgage program to pay basic expenses.\u201d<\/p>\n

The bank went on to say that there will be major consequences for the wider reverse mortgage industry if the decision remains unchallenged.<\/p>\n

\u201cShould Ginnie Mae\u2019s egregious actions be allowed to stand, it will have consequences far beyond this case, most seriously, the chilling effect on the industry, including the ability and willingness of Texas Capital and others to participate in programs like this one,\u201d the bank explained.<\/p>\n

Kacsmaryk\u2019s decision was filed \u201cwith prejudice,\u201d meaning that the bank cannot bring the same case again in the same court \u2014 in this case, the U.S. District Court for the Northern District of Texas<\/strong>. But the bank has recourse through the appellate court system.<\/p>\n

Editor\u2019s note:<\/em><\/strong> This story has been updated with a statement from HUD.<\/em><\/p>\n

<\/h2>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A lawsuit over rights to reverse mortgage-backed collateral stemming from the collapse of a major industry lender has been brought to an end with a summary judgment, but the plaintiffs in the case have vowed to appeal the decision. The suit was filed by Texas Capital Bank (TCB) against Ginnie Mae in late 2023. The […]<\/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-59582","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nJudge rules in favor of Ginnie Mae in lawsuit brought by Texas Capital Bank - 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\/judge-rules-in-favor-of-ginnie-mae-in-lawsuit-brought-by-texas-capital-bank\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Judge rules in favor of Ginnie Mae in lawsuit brought by Texas Capital Bank - Houses Marketplace\" \/>\n<meta property=\"og:description\" content=\"A lawsuit over rights to reverse mortgage-backed collateral stemming from the collapse of a major industry lender has been brought to an end with a summary judgment, but the plaintiffs in the case have vowed to appeal the decision. 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