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Federal Deposit Insurance Corp. v. Drew Mortgage Associates, Inc.

United States District Court, D. Massachusetts

April 21, 2017

Federal Deposit Insurance Corporation, as receiver for AmTrust Bank, Plaintiff,
v.
Drew Mortgage Associates, Inc., Defendant,
v.
Tania M. Lopez, et al., Third-Party Defendants.

          MEMORANDUM & ORDER

          Nathaniel M. Gorton United States District Judge

         This 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.

         Pending 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.

         I. Background

         A. The Loan Purchase Agreement

         In or 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.

         B. Ferreira's Loans

         In 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 the loans.

         In 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.

         C. Procedural History

         In 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 packages.[1]

         In 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 September, 2016.

         Ferreira, 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.

         IV. Ferreira's ...


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