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NEW YORK GUARDIAN MORTGAGEE CORP. v. CLELAND

No. 78 Civ. 3649.

473 F.Supp. 422 (1979)

The NEW YORK GUARDIAN MORTGAGEE CORP., Plaintiff, v. Max CLELAND, Administrator of the Veterans Administration, and the Government National Mortgage Association, Defendants.

United States District Court, S. D. New York.

May 8, 1979.

Attorney(s) appearing for the Case

Milgrim, Thomajan & Jacobs, New York City, for plaintiff; George L. Graff, New York City, of counsel.

Robert B. Fiske, Jr., U. S. Atty. for the Southern District of New York, New York City, for defendants; David M. Jones, Asst. U. S. Atty., New York City, Jane M. Edmisten, Asst. Gen. Counsel, Finance, Kathleen D. Koch, Atty. Advisor Dept. of Housing and Urban Development, Washington, D. C., of counsel.

LASKER, District Judge.

This action arises on cross motions for summary judgment. The New York Guardian Mortgagee Corp. ("Guardian") seeks to recover from the Veterans Administration ("VA") on eight claims totalling $96,775. plus interest stemming from VA guarantees of home loans. The VA seeks dismissal of these claims.

I.

FACTS

The case involves the interplay of two closely related federal programs—the Mortgage Backed Securities...

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