December 23, 2024
44 S Broadway, White Plains, New York, 10601
PERSONAL FINANCE REAL ESTATE

Breaking: Judge Accelerates Trial Timeline in Landmark TCB-Ginnie Mae Lawsuit!

Breaking: Judge Accelerates Trial Timeline in Landmark TCB-Ginnie Mae Lawsuit!

A legal battle between Texas Capital Bank (TCB), the U.S. Department of Housing and Urban Development (HUD), and Ginnie Mae is set to head to trial in September 2025. The dispute revolves around Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) and has caught the attention of various stakeholders in the financial industry.

Key Points:

  1. New Trial Schedule:
    • Magistrate Judge Lee Ann Reno has outlined a revised trial schedule for the parties involved.
    • Deadlines have been set for pretrial activities, expert witnesses, and final filings leading up to the potential trial in 2025.
  2. Pretrial Activities:
    • Each side must select a bench of experts by December 2024.
    • Factual discovery is scheduled to be completed by March 2025.
    • Mediation opportunities are available before the trial date in April 2025.
    • All parties must be prepared for trial by September 2025.
  3. Changing Leadership:
    • The timing of the trial is significant as it intersects with potential changes in leadership at HUD and Ginnie Mae.
    • The outcome of the upcoming U.S. presidential election could impact the leadership teams responsible for overseeing the trial proceedings.
    • Uncertainty remains regarding the future administrative personnel at Ginnie Mae and HUD.

As the legal proceedings unfold, the industry awaits the implications for Ginnie Mae’s HMBS program, a crucial component of the reverse mortgage market. The outcome of this trial could influence the development and operation of Ginnie Mae’s financial programs in the future. Stay tuned for further updates as the legal case progresses.

Leave feedback about this

  • Quality
  • Price
  • Service

PROS

+
Add Field

CONS

+
Add Field
Choose Image
Choose Video