IN RE NATIONAL MORTG. EQUITY CORP.

MDL No. 647 AWT.

723 F.Supp. 497 (1989)

In re NATIONAL MORTGAGE EQUITY CORPORATION MORTGAGE POOL CERTIFICATES SECURITIES LITIGATION.

United States District Court, C.D. California.

June 12, 1989.


Attorney(s) appearing for the Case

Styn and Garland, San Diego, Cal., for American Title Ins.

Alan M. Mund, Los Angeles, Cal., for Edward Garcia and American Heritage Financial Corp.

Julian S. Gould, Inc., Hollywood, Cal., for John Pennington.

Elliott Aheroni, Encino, Cal., for Clint Butcher.

Richard Reinis, Reinis, Reinis & Blum, Los Angeles, Cal., for Missouri Sav. Assoc.

Thomas E. Bandy, Bandy and Bandy, Walnut, Cal., for Robert K. Meeks.

Wehner and Perlman, A Law Partnership, Los Angeles, Cal., for NMEC and David Feldman.

Melvyn H. Wald and Alan D. Bersin, Munger, Tolles & Olson, and John C. Fauvre, Bank of America, Legal Dept., Los Angeles, Cal., for B of A, NT & SA.

Robert Winslow, Irell & Manella, Los Angeles, Cal., for Leslie Michael.

Alan E. Popkin, Lawrence J. Fleming and Gregory K. Laughlin, Popkin & Stern, St. Louis, Mo., for Ron Borgmann and Gerald Heitman.

Stephen D. Holz, Musick, Peeler & Garrett, Los Angeles, Cal., for Andrea Bennett, Comm. of Ins., St. of Montana, Liq. of Glacier Gen.

Frank A. Pace, Sr., San Gabriel, Cal., in pro. per.

Craig Reynolds, Long Beach, Cal., in pro. per.

Paul M. Dellamano, Torrance, Cal., for Wyndham Mooring.

Robert P. Varian, Brobeck, Phleger & Harrison, San Francisco, Cal., for Wells Fargo Bank, Natl. Assoc. and William Van Zile.

Frank Punelli, Jr. and Karen A. Petersen, Davis and Punelli, Newport Beach, Cal., for Fidelity Sav. Assoc.

Annette Dordoni, Office of Robert H. Bretz, Los Angeles, Cal., for George Ash.

Julian A. Pollok, Office of Julian A. Pollok, Los Angeles, Cal., for William Powers.

Orville A. Armstrong, Baker and McKenzie, Los Angeles, Cal., for Robert M. Sherrett.

George H. Link, Brobeck, Phleger & Harrison, Los Angeles, Cal.

Stephen B. Maseda, Anderson, Ablon, Maseda and Lewis, Los Angeles, Cal., for Stewart Title Guar. Co.

Kurt S. Melchior and Mark J. Kenney, Severson, Werson, Berke and Melchior, San Francisco, Cal., for Lomas & Nettleton, successor to advance.

Walter G. Coppenrath, Jr. and Daryl G. Parker, Mahoney and Coppenrath, Los Angeles, Cal., for John and Maureen Gillespie.

Carla M. Woehrle, Talcott, Lightfoot, Vandevelde, Woehrle and Sadowsky, Los Angeles, Cal., for Ben Adelman.

Arthur J. Shartsis and Mary Jo Shartsis, Shartsis, Friese & Ginsburg, San Francisco, Cal., for First Federal Sav. & Loan, Riverhead Sav. and Missouri Sav.

Terri J. Cleland, Merlino & Cleland, Huntington Beach, Cal., for Chris A. Peterson.

Jerry W. Ellinghouse, Woodland Hills, Cal., for Windjammer Investors.

Harold S. Nelson, Newport Beach, Cal., for Trenholm Bartlett.

Stuart L. Wallach, Orange, Cal., for Sandra Hobbs.

Richard Jackson, Belger and Norris, Redondo Beach, Cal., for Mary Brown.

Alan W. Curtis, Newport Beach, Cal., for West-Pac and Kent Rogers.

Stephen J. Hillman and Randall J. Kelley, Berman and Clark, Santa Monica, Cal., for John Carr and Steve Smith.

David L. Gernsbacher and Gerald J. Miller, Lurie and Hertzberg, Beverly Hills, Cal., for Capital Accumulation System.

Wayne A. McFadden, San Mateo, Cal., for Nathan & Deedee Ng.

Chris A. Peterson, Long Beach, Cal., in pro. per.

Floyd C. Anglin, Anaheim, Cal., in pro. per.

Randall L. Hite, Randall L. Hite & Assoc., Santa Ana, Cal., for Energy Resources and Marvin H. Weiss.

George Deroy, Hochman, Salkin and Deroy, Beverly Hills, Cal., for John C. Hayden.

Arthur A. Greenberg, Greenberg and Bass, Encino, Cal., for Shirley E. Stahlman.

Evelyn Balderman Hutt, Hufstedler, Miller, Carlson & Beardsley, Los Angeles, Cal., for B of A Employees-3rd Party and City Federal Sav. & Loan.

John A. Donovan, Skadden, Arps, Slate Meagher and Flom, Los Angeles, Cal., for Lord Bissell & Brook.

Benjamin J. Portugal, Los Angeles, Cal., for William and Stephanie Taylor.

Richard Marmaro, McCambridge, Deixler & Marmaro, Los Angeles, Cal., for John Hayden.

Harvey Besunder, Cruser, Hills, Hills and Besunder, Riverhead, N.Y., for Riverhead Sav. Bank.

Karen K. Williams, Nossaman, Guthner, Knox & Elliott, San Francisco, Cal., for Lomas & Nettleton Assoc. Consol.

John C. Doubek, Small, Hatch, Doubek & Pyfer, Helena, Mont., for John C. Hayden.

A. James Robertson, III, Howard, Rice, Memerovski, Canady, Robertson & Falk, San Francisco, Cal., for Terry Olson.

William V. McTaggert, Parker, Milliken, Clark, O'Hara and Samuelian, Los Angeles, Cal., for Glacier Gen. Assur.

Richard A. Ardoin, Bronson, Bronson and McKinnon, San Francisco, Cal., for Mebac, Inc.

Thomas W. Crawford and David W. Reimann, Crawford Blasdell & Reimann, Los Angeles, Cal., for Pacific West Appraisel.

Henry J. Stein, Mesirov, Gelman, Jaffe, Cramer & Jamieson, Tampa, Fla., for First Federal Sav. & Loan Assoc.

Robert J. Yorio, Owen, Wickersham & Erickson, San Francisco, Cal., for Umpqua Sav.


MEMORANDUM DECISION RE "SECURITIES"

TASHIMA, District Judge.

BACKGROUND

In January 1989, the Court heard and ruled on numerous motions for summary judgment in these multidistrict cases. Included in those motions were motions by defendants National Mortgage Equity Corporation ("NMEC"), David A. Feldman, Lord, Bissell & Brook ("LB & B"), Leslie Michael, Wells Fargo Bank, William Van Zile and The Lomas & Nettleton Company, successor to...

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