8th Circuit Affirms Decision For CitiMortgage For Breach Of Contract
(December 23, 2015, 11:49 AM EST) -- ST LOUIS — The Eighth Circuit U.S. Court of Appeals on Dec. 21 affirmed a district court's decision to grant summary judgment for a mortgage firm, finding that a bank breached a contract when it refused to repurchase residential mortgage loans (CitiMortgage Inc. v. Chicago Bancorp Inc., No. 15-1375, 8th Cir.; 2015 U.S. App. LEXIS 22192).
(Opinion available. Document #85-160112-009Z.)
CitiMortgage Inc. (CMI) and Chicago Bancorp Inc. entered a contract under which CMI agreed to buy residential mortgage loans underwritten or originated by Bancorp. Bancorp...