Residential capital liquidating trust
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3-1) ¶ 2) Rescap claims that Summit Financial — a mortgage lender — sold RFC loans that contained material defects, which RFC then securitized. 3-1) ¶ 2) RFC purchased loans from correspondent lenders, including Summit Financial, and then re-sold these loans to "whole loan" purchasers or pooled these loans and sold them in the form of residential mortgage-backed securities ("RMBS"). In the event [Summit Financial] commences any action in another jurisdiction or venue under any tort or contract theory arising directly or indirectly from the relationship created by the Program Documents, [RFC] at its option may have the case transferred to a state or federal court within the State of Minnesota or, if a transfer cannot be accomplished under applicable law, may [ ] have [Summit Financial]'s action dismissed without prejudice.
[Summit Financial]'s consent and agreement under this section does not affect [RFC's] right to accomplish service of process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against [Summit Financial] in any other jurisdiction or court.
SUMMIT FINANCIAL MORTGAGE LLC f/k/a SUMMIT FINANCIAL, LLC and SUMMIT COMMUNITY BANK, INC. Calamari , Quinn Emanuel Urquhart Oliver & Hedges, LLP & Anthony P. Summit Financial Mortgage LLC, Defendant, represented by Cameron S. Goldfarb , Murphy & Mc Gonigle PC, James Alwin Murphy , Murphy & Mc Gonigle, P.
Res Cap Liquidating Trust, Plaintiff, represented by Alex J. Rossmiller , Quinn Emanuel, Isaac Nesser , Quinn Emanuel, John Patrick Sullivan , Quinn Emanuel Urquhart & Sullivan LLP, Peter E. C., pro hac vice, Soren Elliot Packer , Murphy & Mc Gonigle, P.
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Please file proof(s) of claim, if any, via US Mail or other hand delivery system. RFC was formerly in the business of acquiring and securitizing residential mortgage loans. ( ¶¶ 10, 12) Defendants have moved to withdraw the reference of this action to the bankruptcy court. Prior to its insolvency, RFC was in the business of acquiring and securitizing residential mortgage loans. ( ¶¶ 7-8) RFC settled its liabilities with those parties in the bankruptcy proceedings and its successor, Rescap, now asserts claims for breach of contract and indemnification against Summit Financial and for breach of a guaranty agreement against Summit Bank, in connection with the sale of the allegedly defective loans. 1) For the reasons stated below, Defendants' motion will be denied. ( ¶ 3) On September 25, 2003, Summit Financial and RFC entered into a Client Contract governing RFC's purchase of loans from Summit Financial. You further agree that by utilizing this site, your rights and obligations, as well as the rights and obligations of KCC, shall be governed, at KCC's sole discretion, by the laws of the State of California.Electronic mail or other communications through this website or otherwise to KCC or any party in connection with any matter will not be treated as privileged or confidential.