FDIC v. Prysma Lending

Lan Kennedy-Davis represented Defendant Prysma Lending, a mortgage broker. This case arises from the pre-2008 real estate bubble in the United States, when mortgage loans were freely approved and granted. BankUnited, FSB was a lending institution that would purchase or fund loans that Prysma would originate, sell or assign. BankUnited filed for bankruptcy and FDIC, as an instrumentality of the United States of America, was appointed as receiver for the failed bank and was authorized to recover damages on BankUnited’s behalf. FDIC sued Prysma for the loss that BankUnited incurred as a result of eight mortgage loans that had defaulted for various reasons. FDIC sued Defendant for $2,130,550 plus interest and attorney’s fees and costs. The FDIC alleged that Defendant had breached its contracts between Defendant and BankUnited in eight instances. FDIC had filed hundreds of these actions and claimed that they would take every case to the U.S. Supreme Court. Lan Kennedy-Davis filed compelling defenses and a counterclaim against FDIC that gave them uncertainty and potential lengthy litigation, and FDIC gave Defendant a substantial discount on their claim to resolve the counterclaim. This case was litigated in the United States District Court, for the Southern District of Florida.
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