Franklin Am. Mortg. Co. v. Univ. Nat'l Bank of Lawrence

LARSEN, Circuit Judge.

Franklin American Mortgage Company (FAMC) purchased two loans from the University National Bank of Lawrence (UNB) and promptly resold them to Wells Fargo. Years later, Wells Fargo discovered defects in UNB's underwriting and demanded that FAMC repurchase the loans or indemnify Wells Fargo for its losses. FAMC similarly demanded that UNB indemnify FAMC for its payments to Wells Fargo in accordance with their agreement. UNB refused. The district court granted summary judgment to FAMC on its breach of contract claims against UNB. We now AFFIRM that judgment.

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FAMC and UNB…