Sep
08
2009
Ruling:
Claim by purchaser of loan package valued at greater than purchase price on acceleration date under commercially reasonable methodology disallowed.
Procedural posture:
A purchaser of mortgage loans from bankruptcy debtors under a repurchase agreement filed proofs of claim in the debtors' bankruptcy cases based on the difference between the repurchase price the debtors' were obligated to pay after default and the value of the loan portfolio. The debtors' objected to the claims on the ground that the value of the loan portfolio on the date the agreement was accelerated was greater than the repurchase price.
Issue:
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Commercial case opionion summary, case decided on September 08,2009, LexisNexis #1009-022