First Charter Battles HomeBanc, JP Morgan Over Loans

Law360, New York (December 11, 2007, 12:00 AM EST) -- A dispute over $4.1 million in construction loans that pits First Charter Bank against bankrupt home lender HomeBanc Mortgage Corp. and JP Morgan Chase Bank has boiled over into an adversary proceeding in Homebanc's Chapter 11 case.

In a complaint filed on Monday in the U.S. Bankruptcy Court for the District of Delaware, First Charter accused HomeBanc of breach of contract, in addition to levying claims of conversion and tortious interference against JP Morgan.

The suit stems from an arrangement through which HomeBanc would make construction...
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