IN RE AMERICAN HOME MORTG., INC.

Bankruptcy No. 07-11047 (CSS), Adversary No. 07-51704 (CSS).

379 B.R. 503 (2008)

In re AMERICAN HOME MORTGAGE, INC., et al., Debtors. Calyon New York Branch, Plaintiff and Counterclaim Defendant, v. American Home Mortgage Corp., American Home Mortgage Servicing, Inc., American Home Mortgage Acceptance, Inc., and American Home Mortgage Investment Corp., Defendants and Counterclaim Plaintiffs.

United States Bankruptcy Court, D. Delaware.

January 4, 2008.


Attorney(s) appearing for the Case

Hunton & Williams LLP, Benjamin C. Ackerly, Jason W. Harbour, Richmond, VA, Eckert Seamans Cherin & Mellott, LLC, Michael G. Busenkell, Margaret F. England, Wilmington, DE, Peter S. Partee, Scott H. Berstein, New York, NY, for Calyon New York Branch.

Young, Conaway, Stargatt & Taylor, LLP, James L. Patton, Jr., Robert S. Brady, John T. Dorsey, Erin Edwards, Wilmington, DE, Quinn, Emanuel, Urquhart, Oliver & Hedges, LLP, Susheel Kirpalani, James C. Tecce, New York, NY, for American Home Mortgage Corp.; American Home Mortgage Acceptance, Inc.; American Home Mortgage Servicing, Inc.; and American Home Mortgage Investment Corp.


OPINION

CHRISTOPHER S. SONTCHI, Bankruptcy Judge.

INTRODUCTION

This is a case of first impression regarding the application of the amended "safe harbor" provisions of sections 555 and 559 of the Bankruptcy Code to a repurchase agreement involving mortgage loans.

The dispute centers on three issues. The first issue is whether the sale and repurchase of mortgage loans under the contract in question is a "repurchase agreement...

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