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July 16, 1990 | From United Press International
Adjustable-Rate Mortgage Dispute: The Federal National Mortgage Assn. was sued by Evanston Insurance Co. on claims that FNMA was negligent in approving an adjustable-rate mortgage note that was defective. The breach-of-contract suit, filed in Los Angeles Superior Court, claims that Guild Mortgage Co. created a draft note form that used a defective index to calculate the index rate.
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BUSINESS
July 16, 1990 | From United Press International
Adjustable-Rate Mortgage Dispute: The Federal National Mortgage Assn. was sued by Evanston Insurance Co. on claims that FNMA was negligent in approving an adjustable-rate mortgage note that was defective. The breach-of-contract suit, filed in Los Angeles Superior Court, claims that Guild Mortgage Co. created a draft note form that used a defective index to calculate the index rate.
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