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FOREMOST GUAR. CORP. v. MERITOR SAV. BANK

Nos. 88-3163 to 88-3165 and 88-3172.

910 F.2d 118 (1990)

FOREMOST GUARANTY CORPORATION, Plaintiff-Appellee, v. MERITOR SAVINGS BANK, formerly known as The Philadelphia Saving Fund Society, Defendant-Appellant, Securities & Exchange Commission, Amicus Curiae, and Epic Mortgage Inc., Delaware Corp.; Community Savings & Loan, Inc.; Dominion Federal Savings & Loan Association, federal S & L Assn.; First National Bank of Maryland; Silverado Banking Savings and Loan Association, Colo. Corp.; Unity Loan and Building Company, Ohio, Defendants. FOREMOST GUARANTY CORPORATION, Plaintiff-Appellee, v. FIRST NATIONAL BANK OF MARYLAND, Defendant-Appellant, Securities & Exchange Commission, Amicus Curiae, and Epic Mortgage Inc., Delaware Corp.; Community Savings & Loan, Inc.; Dominion Federal Savings & Loan Association, federal S & L Assn.; Meritor Savings Bank, formerly known as The Philadelphia Saving Fund Society; Silverado Banking Savings and Loan Association, Colo. Corp.; Unity Loan and Building Company, Ohio, Defendants. FOREMOST GUARANTY CORPORATION; United Guaranty Residential Insurance of Iowa, an Iowa Corp., Plaintiffs-Appellees, v. DOMINION FEDERAL SAVINGS & LOAN ASSOCIATION, federal S & L Assn., Defendant-Appellant, Securities & Exchange Commission, Amicus Curiae, and Epic Mortgage Inc., Delaware Corp.; Community Savings & Loan, Inc.; First National Bank of Maryland; Meritor Savings Bank, formerly known as The Philadelphia Saving Fund Society; Continental Federal Savings Bank, a federal savings bank; American Savings & Loan Association, an Indiana Savings and Loan Assoc., individually & on behalf of others similarly situated, Defendants. UNITED GUARANTY RESIDENTIAL INSURANCE OF IOWA; Foremost Guaranty Corporation, Plaintiffs-Appellees, v. EPIC MORTGAGE INC., Delaware Corp.; Community Savings & Loan, Inc., Defendants-Appellants, Securities & Exchange Commission, Amicus Curiae, and Dominion Federal Savings & Loan Association, federal S & L Assn.; First National Bank of Maryland; Meritor Savings Bank, formerly known as The Philadelphia Saving Fund Society; Continental Federal Savings Bank, a federal savings bank; American Savings & Loan Association, an Indiana savings and loan assoc., individually & on behalf of others similarly situated, Defendants.

United States Court of Appeals, Fourth Circuit.

Decided August 6, 1990.

As amended August 13, 1990.

Rehearing and Rehearing Denied September 4, 1990.

Attorney(s) appearing for the Case

William A. Slaughter, argued (Warren L. Dennis, Christopher Wolf, Michael I. Endler, on brief), Ballard, Spahr, Andrews & Ingersoll, Washington, D.C., William L. Stauffer, Jr., argued (Robert I. Chaskes, on brief), Frank, Bernstein, Conaway & Goldman, Tysons Corner, Va., for defendant-appellant.

Eva Marie Carney, S.E.C., Washington, D.C., argued (Daniel L. Goelzer, Gen. Counsel, Jacob H. Stillman, Associate Gen. Counsel, Rosalind C. Cohen, Asst. Gen. Counsel, S.E.C., Arthur W. Leibold Jr., Frank J. Eisenhart, Jr., Robert M. Clark, Dechert, Price & Rhoads, Washington, D.C., Thomas A. Pfeiler, Gen. Counsel, U.S. League of Sav. Institutions, Chicago, Ill., on brief), for amicus curiae.

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

Before WIDENER and WILKINSON, Circuit Judges, and HAYNSWORTH, Senior Circuit Judge.

Rehearing and Rehearing En Banc Denied September 4, 1990.

WIDENER, Circuit Judge:

This case involves two insurance companies, United Guaranty Residential Insurance Company (United Guaranty) and Foremost Guaranty Corporation (Foremost), who seek to rescind mortgage insurance coverage because they claim the insurance was procured by fraud. It is reported in the district court as In re Epic Mortgage Ins. Litigation, 701 F.Supp. 1192<...

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