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NEW YORK GUARDIAN MORTGAGEE CORP. v. CLELAND

No. 78 Civ. 3649.

473 F.Supp. 409 (1979)

The NEW YORK GUARDIAN MORTGAGEE CORP., Plaintiff, v. Max CLELAND, Administrator of the Veterans Administration, and the Government National Mortgage Association, Defendants.

United States District Court, S. D. New York.

On Motion to Reargue April 3, 1979.

Attorney(s) appearing for the Case

Milgrim, Thomajan & Jacobs, New York City, for plaintiff; George L. Graff, New York City, of counsel.

Robert B. Fiske, Jr., U. S. Atty., S. D. New York, New York City, for defendants; David M. Jones, Asst. U. S. Atty., Jane M. Edmisten, Asst. Gen. Counsel, Finance Dept. of Housing and Urban Development, Washington, D. C., Kathleen D. Koch, Atty. Advisor, Dept. of Housing and Urban Development, of counsel.

LASKER, District Judge.

The present case comes before the court on cross-motions for summary judgment. The New York Guardian Mortgagee Corp. ("plaintiff" or "Guardian") and the Government National Mortgage Association ("defendant" or "GNMA") seek a declaration of their rights and duties in connection with the distribution of certain funds to holders of "modified pass-through" securities issued by Guardian under GNMA's "Mortgage Backed Securities Program."

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