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Showing 1 post in Repurchase Agreements.

Zero Purchase Price Repo Transactions Held to Qualify Under the Catchall Provision of Section 101(47)(A)(v); Liquidation of Disputed Securities Remanded to Bankruptcy Court for Further Review

George L. Miller, Chapter 7 Trustee for the Estate of HomeBanc Corp. v. Bear Stearns & Co., Inc. (In re HomeBanc Mortgage Corp.), No. 13-1064 (RGA) (D. Del. March 27, 2014)

In this Memorandum Opinion issued by the Honorable Richard G. Andrews of the Delaware District Court, an issue of first impression was tackled – whether certain transactions (the “Disputed Transactions”) for the sale and repurchase of mortgage-backed securities (the “Disputed Securities”) fell within the definition of a “repurchase agreement” under section 101(47) of the Bankruptcy Code when the Disputed Securities had a purchase price of zero.  Because the Disputed Transactions were “part and parcel” of other undisputed repurchase transactions, the Court held that the Disputed Securities qualified under the Bankruptcy Code’s catchall provision for repurchase agreements as “credit enhancements.” Read More ›