Mealey's Banking & Finance - Federal Judge Grants Judgment To FDIC In Loan Closing Suit

Mealey's Banking & Finance - Federal Judge Grants Judgment To FDIC In Loan Closing Suit

CENTRAL ISLIP, N.Y. - A federal judge in New York on March 25 granted default judgment to the Federal Deposit Insurance Corp. in its suit arising from the failed AmTrust Bank F.S.B.'s losses resulting from loans involving the use of inaccurate title commitments, unauthorized "flip" transactions and unauthorized disbursements of loan funds (Federal Deposit Insurance Corp. v. Gary A. Horn, et al., No 12-5958, E.D. N.Y.; 2014 U.S. Dist. LEXIS 39595).

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