CitiMortgage, Inc. v. Equity Bank, N.A., No. 18-1312 (8th Cir. 2019)
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CitiMortgage filed suit against Equity, demanding that Equity repurchase 12 residential mortgage loans. CitiMortgage had notified Equity that it needed to take action under the cure-or-purchase provision in the parties' Agreement.
The Eighth Circuit affirmed the magistrate judge's ruling that Equity's duty to repurchase was limited to the six loans that had not gone through foreclosure. In regard to the loans that had not gone through foreclosure, the court affirmed the district court's holding that Equity breached the Agreement. The court rejected Equity's claims that CitiMortgage's letters lacked the necessary detail to trigger its duty to perform and that CitiMortgage waited too long to exercise its rights. In regard to the six loans that had gone through foreclosure, the court affirmed the district court's holding that Equity owed nothing to CitiMortgage. In this case, CitiMortgage has not explained what, exactly, Equity was supposed to repurchase.
Court Description: Stras, Author, with Loken and Grasz, Circuit Judges] Civil case - Contracts. The district court did not err in finding that parties' agreement covering CitiMortgage's purchase of residential loans from Equity required Equity to repurchase six defective loans; nor did the court err in finding that the agreement did not apply to six loans which had gone through foreclosure. Judge Loken, concurring in part and dissenting in part.
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