82 F. 3d 417 - Federal Deposit Insurance Corporation v. Parent Funding Corporation

Parent Funding Corporation ("PFC") appeals three orders of the district court granting judgment in favor of Federal Deposit Insurance Corporation ("FDIC"), holding that FDIC, as receiver for Citizens National Bank of Walnut Ridge, Arkansas, was entitled to recover amounts collected by PFC and owed to Citizens National Bank pursuant to a mortgage servicing agreement; that the mortgage servicing agreement was not a "qualified financial contract"; that FDIC was not liable to PFC for termination fees upon repudiation of the service agreement or for any amounts claimed by PFC for unpaid servicing; and that neither FDIC nor PFC was liable to the other for any amounts claimed as damages, or attorney's fees or costs. FDIC did not cross-appeal.

After careful review of the first of these orders, the order granting partial summary judgment, we conclude there is no genuine issue of material fact and that, for the reasons carefully and cogently articulated in the order, the FDIC was entitled to judgment as a matter of law. We therefore affirm the district court's October 8, 1993, order on summary judgment.

Likewise we find no error in the district court's orders on the motions for service fees and attorneys' fees. We affirm on the basis of the district court's June 1, and August 4, 1994, orders.

The orders of the district court are hereby AFFIRMED.