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RIVERHEAD SAV. BANK v. NATIONAL MORTG. EQUITY CORP.

No. 88-6135.

893 F.2d 1109 (1990)

RIVERHEAD SAVINGS BANK; First Federal Savings and Loan Association, Plaintiffs-Appellees, and Federal Savings and Loan Insurance Corporation, as receiver for Umpqua Savings and Loan Association, Third Party Defendant, v. NATIONAL MORTGAGE EQUITY CORPORATION, David A. Feldman, Wehner and Perlman, Defendants-Appellants.

United States Court of Appeals, Ninth Circuit.

Decided January 12, 1990.

Attorney(s) appearing for the Case

Rodney M. Perlman, Wehner & Perlman, Los Angeles, Cal., for defendants-appellants.

David L. Furth, Shartsis, Friese & Ginsburg, San Francisco, Cal., for plaintiffs-appellees.

Robert J. Yorio, Owen, Wickersham & Erickson, San Francisco, Cal., for third party defendant.

Before FLETCHER, NELSON, Circuit Judges, and CARROLL, District Judge.

NELSON, Circuit Judge:

The underlying case from the district court is composed of a number of consolidated cases. All cases concern the promotion and sale of mortgage pool certificates by National Mortgage Equity Corporation and David Feldman (collectively NMEC). Plaintiffs-appellees Riverhead and First Federal (savings banks) purchased mortgage backed pass-through certificates from NMEC. Riverhead purchased one of the certificates...

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