United States District Court, D. Massachusetts
Federal Deposit Insurance Corporation, as receiver for AmTrust Bank, Plaintiff,
Drew Mortgage Associates, Inc., Defendant,
Tania M. Lopez, et al., Third-Party Defendants.
MEMORANDUM & ORDER
Nathaniel M. Gorton United States District Judge
case arises out of a dispute over information contained in
underwriting packages for several loan agreements. Plaintiff,
the Federal Deposit Insurance Corporation
(“FDIC”), alleges that defendant Drew Mortgage
Associates, Inc. (“Drew” or
“defendant”) misrepresented or provided false
information in underwriting loan packages conveyed to AmTrust
Bank. Drew subsequently filed a third-party complaint against
the borrowers, including Jane F. Ferreira
(“Ferreira”), who provided Drew with the
information that it included in the subject loan packages.
before the Court is Ferreira's motion to dismiss the
third-party complaint as asserted against her. For the
reasons that follow, the motion will be allowed, in part, and
denied, in part.
The Loan Purchase Agreement
about June, 2013, Drew entered into a loan purchase agreement
(“the agreement”) with Ohio Savings Bank, later
renamed AmTrust Bank (“AmTrust”). Pursuant to
that agreement, AmTrust was to purchase Drew's interest
in certain mortgages granted by borrowers to Drew. Drew, in
turn, was obligated to collect information from prospective
borrowers and submit it to AmTrust.
2006, Ferreira submitted two loan applications, in the
amounts of $232, 500 and $77, 500, respectively, to Drew.
AmTrust approved those loans and, later, Ferreira granted two
mortgages on property in Orlando, Florida, to Drew to secure
2009, AmTrust filed a foreclosure action against Ferreira in
Florida state court. That case was resolved when Ferreira
sold the property, pursuant to a short sale agreement with
AmTrust, thus satisfying and discharging the mortgages.
December, 2015, the FDIC, as receiver for AmTrust, filed a
one-count complaint against Drew for breach of the loan
purchase agreement, alleging that Drew misrepresented or
provided false information to AmTrust with respect to loan
April, 2016, Drew filed a third-party complaint against
Ferreira and five other borrowers, for breach of contract
(Count I), fraud (Count II), negligent misrepresentation
(Count III), indemnification (Count IV) and contribution
(Count V). All of the borrowers, except Ferreira, failed to
respond to the third-party complaint, and, consequently, the
Clerk of this Court entered default judgment against them in
the only third-party defendant to respond, filed a motion to
dismiss Drew's claims against her in September, 2016.
That motion is the subject of this memorandum.