CitiMortgage, Inc. v. Equity Bank, N.A., No. 18-1312 (8th Cir. 2019)Annotate this Case
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.