Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

JPMorgan Chase Bank, N.A. v. SFR Investments Pool I, LLC

United States District Court, D. Nevada

January 19, 2017

JPMORGAN CHASE BANK N.A., Plaintiff,
v.
SFR INVESTMENTS POOL I, LLC, a Nevada limited liability company; and AUBURN AND BRADFORD AT PROVIDENCE HOMEOWNERS' ASSOCIATION, INC., a Nevada nonprofit corporation, Defendants.

          BALLARD SPAHR LLP Abran E. Vigil Nevada Bar No. 7548 Justin A. Shiroff Nevada Bar No. 12869 Attorneys for Plaintiff JPMorgan Chase Bank, N.A.

          GORDON & REES LLP. Robert S. Larsen, Esq. Nevada Bar No. 7785 Wing Yan Wong, Esq. Nevada Bar No. 13622 Attorneys for Auburn and Bradford at Providence Homeowners Association, Inc.

          KIM GILBERT EBRON Diana Cline Ebron, Esq. Nevada Bar No. 10580 Jacqueline A. Gilbert, Esq. Nevada Bar No. 10593 Karen L. Hanks, Esq. Nevada Bar No. 9578 Attorneys for SFR Investments Pool 1, LLC

          STIPULATION AND ORDER GRANTING PLAINTIFF JPMORGAN CHASE BANK, N.A. LEAVE TO FILE AN AMENDED COMPLAINT

         Plaintiff JPMorgan Chase Bank, N.A. (“Chase”) and Defendants SFR Investments Pool I, LLC (“SFR”) and Auburn and Bradford at Providence Homeowners' Association, Inc. (the “Association”) stipulate and agree that, pursuant to Rule 15(a)(2) of the Federal Rules of Civil Procedure and in the interest of judicial economy, Chase may file an Amended Complaint that includes allegations that the loan and deed of trust at issue in this case are and were at all relevant times FHA insured and guaranteed by the federal government. A copy of the Amended Complaint is attached as Exhibit 1.

         Nothing in this stipulation shall be deemed a waiver of any claim or defense by SFR or the Association.

         Chase will file its Amended Complaint within 10 days of entry of this stipulation and order.

         ORDER

         Plaintiff JPMorgan Chase Bank, N.A. (“Chase”) and Defendants SFR Investments Pool I, LLC and Auburn and Bradford at Providence Homeowners' Association, Inc., and good cause appearing therefore, IT IS HEREBY ORDERED that Chase may amend its Complaint to include allegations that the loan and deed of trust at issue in this case are and were at all relevant times FHA insured and guaranteed by the federal government.

         IT IS FURTHER ORDERED that, within 10 days of entry of this stipulation and order, Chase will file its Amended Complaint, attached as Exhibit A.

         IT IS SO ORDERED.

         EXHIBIT 1

         FIRST AMENDED COMPLAINT

         Plaintiff JPMorgan Chase Bank, N.A., by and through counsel of record, Ballard Spahr LLP, hereby complains and alleges against SFR Investments Pool 1, LLC and Auburn and Bradford at Providence Homeowners' Association, Inc. as follows:

         JURISDICTION, PARTIES, AND VENUE

         1. JPMorgan Chase Bank, N.A. (“Chase”) is a national banking association chartered under the laws of the United States with its main office in the State of Ohio.

         2. Defendant SFR Investments Pool I, LLC (“SFR”) is a Nevada limited liability company with its principal place of business in Nevada. SFR is wholly owned by SFR Investments, LLC, a Nevada LLC. SFR Investments, LLC is wholly owned by SFR Funding, LLC, a Delaware LLC. SFR Funding, LLC is wholly owned by a Canadian Entity, Xiemen LP. Xiemen LP's partners are a Canadian corporation, Xiemen Investments Ltd., with its principal place of business in Canada and an individual named John Gibson who is a citizen and resident of South Africa. For purposes of diversity jurisdiction, SFR is a citizen of Canada and South Africa. (See Nationstar Mortgage LLC v. Flamingo Trails No. 7 Landscape Maintenance Ass'n Inc., et al. Case no. 2:15-cv-01268-RFB-NJK at ECF No. 50-1.)

         3. Defendant Auburn and Bradford at Providence Homeowners' Association, Inc. (the “Association”) is a Nevada non-profit corporation whose principal place of business, upon information and belief, is in North Las Vegas, Nevada. For diversity purposes, upon information and belief, the Association is a citizen only of Nevada.

         4. This Court has subject matter jurisdiction over Chase's claims pursuant to 28 U.S.C. § 1331 because this case is a civil action arising under the Constitution of the United States.

         5. This Court has subject matter jurisdiction over Chase's claims pursuant to 28 U.S.C. § 1332(a)(1) because there is complete diversity of citizenship and the amount in controversy exceeds $75, 000.

         6. The amount in controversy exceeds $75, 000 because the value of the real property which is the subject of Chase's claims, for the 2016-2017 fiscal year, exceeds $275, 000. In addition, Chase's security interest in the property secures a loan in the original principal amount of $313, 564.00.

         7. This Court is the appropriate venue for this action pursuant to 28 U.S.C. § 1391(b) because the events giving rise to Chase's claims occurred in Clark County, Nevada and the real property that is the subject of Chase's claims is located in Clark County, Nevada.

         GENERAL ALLEGATIONS

         Congress Authorizes the FHA Insurance Program

         8. Congress created the Federal Housing Authority (“FHA”) in 1934 and it became part of the Department of Housing and Urban Development (“HUD”) in 1965.

         9. Congress has authorized HUD to insure privately-issued mortgages on single family homes, commonly referred to as FHA insurance, to further its congressional mandate to make decent housing available to all citizens. See 12 U.S.C. § 1709.

         10.The Congressional purpose of the FHA insurance program is to insure private loans to entice private lenders to extend loans to borrowers that the lenders would otherwise find too risky-i.e., to insure private loans such that private lenders extend loans to low to moderate income families. See 42 U.S.C. § 1441; 12 U.S.C. §§ 1701t & 1709.

         The Government National Mortgage Association Program

         11. Pursuant to a 1938 amendment to the Housing Act of 1934, Congress also created the Government National Mortgage Association (“GNMA”).

         12. The Congressional purpose of the GNMA is to guaranty mortgage-backed securities of federally guaranteed loans, such as FHA Loans, so as to entice private lenders to extend loans to borrowers that the lenders would otherwise find too risky- i.e., to guaranty private loans such that private lenders extend loans to low to moderate income families-and ultimately create more affordable housing (the “GNMA Program”).

         13. The management and liquidation functions of the GNMA can be found in 12 U.S.C. § 1721.

         14. Under 12 U.S.C. § 1721(g)(1), “[n]o State or local law, and no Federal law . . . shall preclude or limit the exercise by the [GNMA] of (A) its power to contract . . . (B) its rights to enforce any such contract . . . or (C) its ownership rights, as provided in the preceding sentence, in the mortgages constituting the trust or pool . . .” 15.Likewise, under 12 U.S.C. § 1721(g)(2)(e)(iv), “[n]o State or local law, and no Federal law . . . shall preclude or limit the exercise by the [GNMA] of its power to contract . . . and its rights to enforce such contracts, for the purpose of ensuring the efficient commencement and continued operation of the multiclass securities program.”

         The Property and the Deed of Trust

         16. This matter relates to real property located at 6538 Chinatown Street, Las Vegas NV 89166, APN 126-24-411-090 (the “Property”).

         17. On or about March 25, 2009, non-parties Mark Parren and Jennifer Parren (the “Borrowers”) signed a note in the principal amount of $313, 564.00 (the “Note”) reflecting a loan from Metlife Home Loans.

         18. The Borrower's loan was secured by a deed of trust encumbering the Property and recorded with the Clark County Recorder on March 31, 2009, in Book 20090331 as Document 0002908 (the “Deed of Trust”).

         19. Chase holds the Note and Deed of Trust.

         20. The Deed of Trust and the loan are and at all relevant times were FHA insured-i.e., the loan is an FHA loan and the Deed of Trust ...


Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.