The Federal Home Loan Mortgage Corporation v. Mortgage Guaranty Insurance Corporation, No. 1:2012cv00539 - Document 59 (E.D. Va. 2012)
Court Description: MEMORANDUM OPINION. Signed by District Judge Anthony J Trenga on 7/5/2012. (rban, )
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IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF VIRGINIA Alexandria Division THE FEDERAL HOME LOAN MORTGAGE CORPORATION and FEDERAL HOUSING FINANCE AGENCY, Plaintiffs, Civ. Action No. l:12-cv-539-AJT-JFA MORTGAGE GUARANTY INSURANCE CORPORATION, Defendant. MEMORANDUM OPINION On May 16,2012, defendant Mortgage Guaranty Insurance Corporation ("MGIC") filed a lawsuit in the United States District Court for the Eastern District of Wisconsin ("the Wisconsin action") against the plaintiffs in this action, Federal Housing Finance Administration ("FHFA") and Federal Home Loan Mortgage Corporation ("Freddie Mac"). On May 17,2012, after learning of the Wisconsin action, plaintiff Freddie Mac filed this action against MGIC, which on June 14,2012 was amended to include FHFA as a plaintiff. Both actions seek a declaration of rights with respect to the policy limits that apply to FDIC's claims under certain mortgage insurance contracts issued by MGIC, under which FDIC is an insured. On June 8, 2012, MGIC filed a Motion to Transfer, Stay, or Dismiss Plaintiffs Complaint [Doc. No. 17], principally on the grounds of the "first to file" rule. The Court held a hearing on this Motion on June 29, 2012, following which it took the matter under advisement. For the reasons stated herein, the Court concludes that the "first to file" rule should be observed in favor of the Wisconsin action and on that basis, this action should be transferred to the Eastern District of
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