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FOREMOST GUAR. CORP. v. COMMUNITY SAV. & LOAN, INC.

Nos. 86-1662, 86-1663.

826 F.2d 1383 (1987)

FOREMOST GUARANTY CORPORATION, Plaintiff-Appellee, v. COMMUNITY SAVINGS & LOAN, INC., a Maryland Association, Defendant-Appellant, and Philadelphia Savings Fund Society; Epic Mortgage, Inc., a Delaware Corporation; Dominion Federal Savings & Loan Association, a federal savings and loan association; First National Bank of Maryland, a national banking corporation; Silverado Banking Savings and Loan Association, Colorado Corporation; Unity Loan and Building Company, Ohio, Defendants. UNITED GUARANTY RESIDENTIAL INSURANCE OF IOWA, an Iowa Corporation, Plaintiff-Appellee, v. COMMUNITY SAVINGS & LOAN, INC., a Maryland Association, Defendant-Appellant, and Epic Mortgage, Inc., a Delaware Corporation; Dominion Federal Savings & Loan Association, a federal savings and loan association; First National Bank of Maryland, a national banking corporation; Continental Federal Bank, a federal savings bank; American Savings & Loan an Indiana savings and loan association, individually and Behalf of others similarly situated, Defendants.

United States Court of Appeals, Fourth Circuit.

Decided August 31, 1987.

Attorney(s) appearing for the Case

Dennis Michael Sweeney, Deputy Atty. Gen. (Stephen H. Sachs, Atty. Gen. of Maryland, Baltimore, Md., Alexander E. Bennett, Murray R. Garnick, Arnold & Porter, Washington, D.C., on brief), for defendant-appellant.

Edward Cyrus Winslow, III (James T. Williams, Jr., Mack Sperling, Brooks, Pierce, McLendon, Humphrey & Leonard, Greensboro, N.C., Irving P. Margulies, Randal D. Shields, Weiner, McCaffrey, Brodsky & Kaplan, P.C., Washington, D.C., on brief), for plaintiff-appellee.

Before WIDENER, Circuit Judge, HAYNSWORTH, Senior Circuit Judge, and MAXWELL, United States District Judge for the Northern District of West Virginia, sitting by designation.

MAXWELL, District Judge.

Foremost Guaranty Corporation (Foremost) and United Guaranty Residential Insurance Company (UGI), two mortgage insurance companies, have filed civil actions each seeking Declaratory Judgment enabling the rescission of certain mortgage guaranty insurance policies and commitments which they had issued to EPIC Mortgage, Inc. (EMI), a subsidiary of Community Savings and Loan, Inc. (Community).

The Maryland Deposit Insurance Fund Corporation...

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