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U.S. v. ANTIOCH FOUNDATION

No. 86-1661.

822 F.2d 693 (1987)

UNITED STATES of America, Plaintiff-Appellee, v. ANTIOCH FOUNDATION, Defendant-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided June 15, 1987.

Rehearing and Rehearing Denied August 31, 1987.

Attorney(s) appearing for the Case

Clarence J. Crooks, Chicago, Ill., for defendant-appellant.

Gail C. Ginsberg, Asst. U.S. Atty., Anton R. Valukas, U.S. Atty., John H. Mahoney, Associate Regional Counsel, HUD, Chicago, Ill., for plaintiff-appellee.

Before WOOD and CUDAHY, Circuit Judges, and ESCHBACH, Senior Circuit Judge.

Rehearing and Rehearing En Banc Denied August 31, 1987.

CUDAHY, Circuit Judge.

Defendant-appellant, Antioch Foundation ("Antioch"), defaulted on its federally-insured mortgage in 1971. Under the terms of its mortgage and a regulatory agreement negotiated between Antioch and the United States Department of Housing and Urban Development ("HUD"), HUD could accelerate the debt in the case of default and could foreclose if the debt was not paid. HUD brought this...

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