In re Jimmie BELLAMY and Cynthia Bellamy, Debtors.
Jimmie BELLAMY and Cynthia Bellamy, Plaintiffs-Appellees,
v.
FEDERAL HOME LOAN MORTGAGE CORPORATION, as assignee of Comfed Mortgage Co., Inc., Defendant-Appellant,
Norton P. Feinstein, Trustee, Defendant.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued November 7, 1991.
Decided April 21, 1992.
Attorney(s) appearing for the Case
Carla E. Craig, New York City (Hertzog, Calamari & Gleason, New York City, Dean S. Cooper, Associate General Counsel, Federal Home Loan Mortg. Corp., McLean, Va., of counsel), for defendant-appellant.
Ira B. Charmoy (George W. Derbyshire, Charmoy & Nugent, Bridgeport, Conn., of counsel), for plaintiffs-appellees.
Mark E. Pruitt, Oklahoma City, Okl. (Sandy L. Schovanec, Melvin R. McVay, Jr., Phillips McFall McCaffrey McVay Sheets & Lovelace, P.C., Oklahoma City, Okl., Steven J. Mandelsberg, Thomas D. Gettler, Hahn & Hessen, New York City, of counsel), filed a brief for amicus curiae Federal Nat. Mortg. Ass'n.
David J. Cynamon (Ralph A. Taylor, Jr., Scott E. Barat, Shaw, Pittman, Potts & Trowbridge, William E. Cumberland, General Counsel, Mortg. Bankers Ass'n of America, Washington, D.C., of counsel), filed a brief for amici curiae Mortg. Bankers Ass'n of America, Nat. Ass'n of Realtors (R), American Bankers Ass'n, Nat. Council of Sav. Institutions, and U.S. League of Sav. Institutions in Support of defendant-appellant.
Christopher F. Graham (Thacher Proffitt & Wood, New York City, of counsel), filed a brief for amicus curiae Residential Funding Corp. in Support of defendant-appellant.
Before: KAUFMAN, CARDAMONE and MINER, Circuit Judges.
United States Court of Appeals, Second Circuit.
CARDAMONE, Circuit Judge:
Aware of the difficulties faced by debtors in seeking to avoid liquidation, leading to the loss of debtors' homes, Congress in the Bankruptcy Code provided that residential mortgages secured by liens could be broken down into two parts. One part, equal to the market value of the real property, was fully secured; the other part, representing the amount owed the lender in excess of the market value, was to be treated as an unsecured lien. This...
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