Allied Loses Bid For Liquidation Costs From US

Law360, New York (November 12, 2010, 2:38 PM EST) -- A federal judge has tossed a mortgage company's suit seeking to recover liquidation costs from the government over a failed low-income housing project backed by a U.S. Department of Agriculture loan, citing lack of jurisdiction.

In an opinion issued Thursday, Judge Marian Blank Horn of the U.S. Court of Federal Claims said the allegations of Allied Home Mortgage Capital Corp., the company that serviced that loan, fall under a federal agriculture law and enabling regulations that grant U.S. district court jurisdiction over such disputes once administrative...
To view the full article, register now.