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STATE STREET BANK & TRUST CO. v. UNITED STATES

No. 366-78.

657 F.2d 1199 (1981)

STATE STREET BANK AND TRUST COMPANY v. The UNITED STATES.

United States Court of Claims.

August 19, 1981.

Attorney(s) appearing for the Case

Harry H. Caviston, Boston, Mass., attorney of record, for plaintiff. Caviston & McArdle, Boston, Mass., of counsel.

Lenore C. Garon, Washington, D. C., with whom was Acting Asst. Atty. Gen. Thomas S. Martin, Washington, D. C., for defendant.

Before COWEN, Senior Judge, and KUNZIG and BENNETT, Judges.

ON CROSS MOTIONS FOR SUMMARY JUDGMENT

COWEN, Senior Judge:

Plaintiff, State Street Bank and Trust Company, was an insured mortgagee under the mortgagor insurance program of the National Housing Act, 12 U.S.C. § 1715l (d)(4). Following default by the mortgagor and assignment of the mortgage to the Department of Housing and Urban Development (HUD) on November 5, 1976, HUD instructed plaintiff to offset its losses by the amount of an irrevocable...

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