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Federal Housing Finance Agency v. Nevada New Builds, LLC

United States District Court, D. Nevada

March 3, 2017

FEDERAL HOUSING FINANCE AGENCY, in its capacity as Conservator of Federal National Mortgage Association; and FEDERAL NATIONAL MORTGAGE ASSOCIATION, Plaintiffs,
v.
NEVADA NEW BUILDS, LLC, a Nevada Domestic Limited Liability Company, Defendant.

          ORDER

          Gloria M. Navarro, Chief Judge United States District Court

         Pending before the Court is the Motion for Summary Judgment, (ECF No. 9), filed by Plaintiffs Federal National Mortgage Association (“Fannie Mae”) and Federal Housing Finance Agency (“FHFA”) (collectively “Plaintiffs”). Defendant Nevada New Builds, LLC (“Defendant”) filed a Response, (ECF No. 10), and Plaintiffs filed a Reply, (ECF No. 11).

         I. BACKGROUND

         The present action involves the interplay between Nevada Revised Statute § 116.3116 and 12 U.S.C. § 4617 as it relates to the parties' interests in three real properties located at: (1) 3952 Edgemoor Way, Las Vegas, Nevada (“Edgemoor Way”), (Mot. for Summ. J. (“MSJ”) 5:24-26, ECF No. 9); (2) 1050 East Cactus Avenue, No. 1127, Las Vegas, Nevada (“East Cactus Avenue”), (id. 6:19-21); and (3) 435 Mesa Boulevard, Unit 202, Mesquite, Nevada (“Mesa Boulevard”), (id. 9:6-8) (collectively the “Properties”).

         1. Edgemoor Way

         On September 26, 2003, Darline K. Shrader (“Shrader”) obtained a loan (the “Edgemoor Loan”) in the amount of $148, 800 from Countrywide Home Loans, Inc. (“Countrywide”) that was secured by a Deed of Trust on the Edgemoor Way Property. (Deed of Trust, Ex. C to MSJ, ECF No. 9-3).[1] Fannie Mae purchase the Edgemoor Loan on October 1, 2003, and has owned it ever since. (See Curcio Decl., Ex. D to MSJ ¶¶ 12-14, ECF No. 9-4).

         On August 2, 2013 a Corporate Assignment of Deed of Trust was recorded, whereby Mortgage Electronic Registration Systems, Inc. (“MERS”), as the nominee for Countrywide and Countrywide's successors and assigns, assigned the Deed of Trust to Fannie Mae. (Ex. E to MSJ, ECF No. 9-5).

         On November 30, 2013, Alessi & Koenig, LLC (A&K), as agent for Forest Hills HOA (the “Forest Hills HOA”) held a trustee's sale, selling the Edgemoor Way Property to the Forest Hills HOA for $11, 418.74. (Ex. F to MSJ, ECF No. 9-6). On February 11, 2015, the Forest Hills HOA recorded a quitclaim deed that transferred the Edgemoor Way Property to Defendant. (Ex. G to MSJ, ECF No. 9-7).

         2. East Cactus Avenue

         On October 6, 200, Lawrence Shamuel (“Shamuel”) obtained a loan (the “East Cactus Loan”) in the amount of $156, 000 from Countrywide that was secured by a Deed of Trust on the East Cactus Avenue Property. (Deed of Trust, Ex. I to MSJ, ECF No. 9-9). Fannie Mae purchased the East Cactus Loan on October 1, 2004, and has owned it ever since. (See Curcio Decl., Ex. D to MSJ ¶¶ 6-8).

         On June 1, 2011 an Assignment of Deed of Trust was recorded, whereby MERS, as the nominee for Countrywide and Countrywide's successors and assigns, assigned the Deed of Trust to BAC Home Loans Servicing, LP (“BAC”). (Ex. J to MSJ, ECF No. 9-10). Then on October 14, 2013, an additional Assignment of Deed of Trust was recorded where BAC assigned the Deed of Trust to Green Tree Servicing, LLC (“Green Tree”). (Ex. K to MSJ, ECF No. 9-11).

         On February 7, 2014, Nevada Association Services, Inc. (“NAS”), as trustee for Antiqua Condominiums, held a trustee's sale, selling the East Cactus Avenue Property to Paul Turcutto (“Turcutto”) and Athena Sack (“Sack”) for $16, 000. (Ex. L to MSJ, ECF No. 9-12). On June 18, 2014, Turcutto sold the East Cactus Avenue Property to Azzurra Capital, LLC (“Azzurra”), and on September 18, 2014, Sack transferred her interest to Azzurra as well. (Ex. M to MSJ at 1, ECF No. 9-13); (Ex. O to MSJ at 1, ECF No. 9-15). Azzurra is an affiliate of Defendant. (Ex. P to MSJ at 1, ECF No. 9-16).

         3. Mesa Boulevard

         On November 30, 2007, Jay D. Hills and Rhoda V. Hills obtained a loan (the “Mesa Boulevard Loan”) in the amount of $99, 200 from Freedom Mortgage Corporation and MERS that was secured by a Deed of Trust on the Property. (Ex. Q to MSJ at 1-2, ECF No. 9-17). Fannie Mae purchased the Mesa Boulevard Loan on ...


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