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.

Saticoy Bay LLC Series 9641 Christine View v. Federal National Mortgage Association

Supreme Court of Nevada, En Banc

May 17, 2018

SATICOY BAY LLC SERIES 9641 CHRISTINE VIEW, Appellant,
v.
FEDERAL NATIONAL MORTGAGE ASSOCIATION, Respondent.

          Appeal from, a district court order granting a motion for summary judgment in a quiet title action. Eighth Judicial District Court, Clark County; Elissa F. Cadish, Judge. Affirmed.

          Kim Gilbert Ebron and Karen L. Hanks and Jacqueline A. Gilbert, Las Vegas; Law Offices of Michael F. Bonn, Ltd., and Michael F. Bohn, Las Vegas, for Appellant.

          Lemons, Grundy & Eisenberg and Robert L. Eisenberg, Reno; Aldridge Pite, LLP, and Jory C. Garabedian, Laurel I. Handley, and Anthony R. Sassi, Las Vegas, for Respondent.

          Arnold & Porter LLP and Michael A.F. Johnson and Howard N. Cayne, Washington, D.C.; Fennemore Craig P.C. and Leslie L. Bryan-Hart and John D. Tennert, Reno, for Amicus Curiae Federal Housing Finance Agency.

          OPINION

          DOUGLAS C.J.

         In 2008, the Federal Housing Finance Agency (FHFA) placed respondent Federal National Mortgage Association (Fannie Mae) into conservatorship pursuant to the Housing and Economic Recovery Act (HERA). As conservator, the FHFA is authorized to take over and preserve Fannie Mae's assets and property. When the FHFA is acting as a conservator, 12 U.S.C. § 4617(j)(3) (the Federal Foreclosure Bar) protects its property from nonconsensual foreclosure. In this case, we must decide whether a regulated entity like Fannie Mae has standing to assert the Federal Foreclosure Bar in a quiet title action and, if so, whether the Federal Foreclosure Bar preempts NRS 116.3116, which allows a homeowners' association foreclosure on a superpriority lien to extinguish a first deed of trust. We answer both questions in the affirmative and further hold that the Federal Foreclosure Bar invalidates any purported extinguishment of a regulated entity's property interest while under the FHFA's conservatorship unless the FHFA affirmatively consents. We therefore affirm.[1]

         FACTS AND PROCEDURAL HISTORY

         Don and Rieta Moreno (the Morenos) obtained a home loan in the amount of $174, 950 from Countrywide Home Loans, Inc., that was secured by a deed of trust on a property located in Las Vegas. The deed of trust was recorded and named Mortgage Electronic Registration Systems, Inc., as the beneficiary. Respondent Fannie Mae was subsequently assigned the deed of trust.

         Appellant Saticoy Bay LLC Series 9641 Christine View (Saticoy Bay) purchased the property at an HOA foreclosure sale for $26, 800 after the Morenos failed to pay their HOA dues. Thereafter, Saticoy Bay brought suit against Fannie Mae, among others, to quiet title. Both parties filed motions for summary judgment. The district court granted Fannie Mae's countermotion for summary judgment, concluding that 12 U.S.C. § 4617(j)(3) preempts NRS 116.3116, and thus, the foreclosure sale did not extinguish Fannie Mae's deed of trust without the FHFA's consent. Because the district court found that the FHFA did not consent to the foreclosure sale, Saticoy Bay's interest in the property was subject to the deed of trust. Saticoy Bay now appeals the district court's order.

         DISCUSSION

         Standard of review

         Issues of standing and whether a federal statute preempts state law are questions of law subject to de novo review. Arguello v. Sunset Station, Inc., 127 Nev. 365, 368, 252 P.3d 206, 208 (2011); Nanopierce Techs., Inc. v. Depository Tr. & Clearing Corp., 123 Nev. 362, 370, 168 P.3d 73, 79 (2007). In addition, a district court's grant of summary judgment is reviewed de novo. Wood v. Safeway, Inc., 121 Nev. 724, 729, 121 P.3d 1026, 1029 (2005). Summary judgment is proper if the pleadings and all other evidence on file demonstrate that no genuine issue of material fact exists and that the moving party is entitled to judgment as a matter of law. Id.; see also NRCP 56(c). When deciding a summary judgment motion, all evidence "must be viewed in a light most favorable to the nonmoving party." Wood, 121 Nev. at 729, 121 P.3d at 1029. General allegations and conclusory statements do not create genuine issues of fact. See id. at 731, 121 P.3d at 1030-31.

         Fannie Mae has standing to invoke the Federal Foreclosure Bar

         Saticoy Bay argues that Fannie Mae lacks standing to assert that the Federal Foreclosure Bar preempts NRS 116.3116 because (1) HERA only protects the property of the FHFA, and (2) the FHFA is not a party to this case. Fannie Mae argues that it has standing to assert the Federal Foreclosure Bar because private parties routinely invoke federal statutory protections in ...


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.