Citi Unit Gets Win In Loan Sale Dispute With Mortgage Co.

Law360, New York (October 31, 2012, 4:05 PM EDT) -- A Missouri federal judge ruled Tuesday that mortgage company Mason Dixon Funding Inc. violated its contracts with CitiMortgage Inc. by refusing to repurchase 19 defaulted mortgage loans that CitiMortgage claimed were issued in violation of Mason's underwriting guidelines.

U.S. District Judge Thomas C. Mummert III granted CitiMortgage's motion for summary judgment on liability, ruling that Mason was required under its contract with CitiMortgage to repurchase the loans once CitiMortgage received information that contradicted statements made by borrowers on their mortgage applications. But the judge said he could not yet rule on the damages aspect of CitiMortgage's claim because it did not...

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