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DRG FUNDING CORP. v. SECRETARY OF HUD

No. 89-5100.

898 F.2d 205 (1990)

DRG FUNDING CORPORATION, Appellant, v. SECRETARY OF the UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.

United States Court of Appeals, District of Columbia Circuit.

Decided March 20, 1990.

As Amended May 10, 1990.

Attorney(s) appearing for the Case

Mary G. Clark, with whom John K. Villa, Washington, D.C., was on the brief, for appellant.

Nathan Dodell, Asst. U.S. Atty., with whom Jay B. Stephens, U.S. Atty., John D. Bates and R. Craig Lawrence, Asst. U.S. Attys., Gershon M. Ratner, Associate Gen. Counsel, Howard M. Schmeltzer, Asst. Gen. Counsel, Washington, D.C., and Michael T. Robinson, Atty., U.S. Dept. of Housing and Urban Development, were on the brief, for appellees.

Before MIKVA, EDWARDS and SILBERMAN, Circuit Judges.

Opinion for the Court filed by Circuit Judge SILBERMAN.

SILBERMAN, Circuit Judge:

Appellant, DRG Funding Corporation ("DRG"), is a mortgage banking institution which provided a number of multi-family housing mortgages coinsured by the Secretary of Housing and Urban Development. Some of these loans went into default. DRG submitted requests for insurance proceeds to be paid in debentures with interest on the debentures running from the date of the loans' default...

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