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Federal Judge Issues Rare Summary Judgment Finding Insurer Acted in Bad Faith

Shawnee Tabernacle Church alleged that as result of the carrier’s inaction, the bank foreclosed on a building that it had been leasing for $88,000 a month. The church had paid $2.8 million in mortgage payments before it lost the building “in a sheriff’s sale,” according to the civil complaint.

McHugh ruled in favor of only a portion of the church’s motion for summary judgment: He found that the evidence showed GuideOne acted in bad faith when it “abandoned” Shawnee Tabernacle’s claim from June 16 through Oct. 5, 2015, and then failing to make a coverage decision from Oct. 5 to Dec. 11 of that year.

The judge left if up to a jury to decide on damages, and whether the insurer had committed bad faith during other periods.

Shawnee Tabernacle Church shared a building with an affiliated business, AZ Day Care Center, in Tobyhanna, Pennsylvania. Together, the two entities purchased a policy with a $6 million limit from GuideOne, an Iowa-based carrier that specialized in churches and nonprofits.

Jury awards $15M to investors defrauded in mortgage loan scam

A Houston jury on Tuesday awarded $15 million to investors who purchased pool of nonperforming residential mortgage loans five years ago from a shell company that didn't actually own the loans.

Jurors in U.S. District Judge Vanessa Gilmore's court found that 3 Star Properties of North Carolina; Houston real estate broker Mark Hyland and affiliated entities Biltmore Funding, TM Property Solutions, and TMPS, along with Houston lawyer Mark E. Dykes, formerly of The Nations Law Firm conspired to defraud SED Holdings of North Carolina.

Houston trial lawyer Jared Levinthal of Levinthal Wilkins and Doug Hanna of Graebe Hanna & Sullivan of Raleigh, N.C., represented SED in the case.

The verdict stemmed from a deal in 2014 by SED Holdings to buy 1,235 nonperforming residential mortgage loans for nearly $14 million from 3 Star. SED paid $4 million in cash with the rest to be paid over several months. SED discovered that 3 Star did not actually own the loans, but was serving as a pass-through entity to flip the assets for cash, concealing the true owners. Hyland and related entities had purchased the loans for pennies on the dollar because many of the assets were incomplete.

Does anyone know much about Affiliated Mortgage Company in Monroe, LA?

My new mortgage has just been sold to this company. Since I will be making monthly payment to this company for many years to come, I would like to know more about it but can't seem to be able to find out much from the Internet.

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