1st Circ. Bars Doral From Freddie Mac Contract Deal

Law360, New York (October 2, 2009, 3:58 PM EDT) -- Doral Bank has failed in its bid to intervene in a settled breach of contract dispute involving mortgage-backed securities purchased by the Federal Home Loan Mortgage Corp.

The U.S. Court of Appeals for the First Circuit on Thursday affirmed a ruling by the U.S. District Court for the District of Puerto Rico barring Doral from a post-settlement intervention of a sealed order involving Freddie Mac and R&G Mortgage Corp.

Doral, which was not a party in the case, not only hoped to intervene, but also challenged...
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