Affordable Communities of Missouri v. Federal National Mortgage Ass'n
Court of Appeals for the Eighth Circuit
1Opinion of the Court
MURPHY, Circuit Judge.
Affordable Communities of Missouri purchased the Jefferson Arms Apartments, a senior independent living complex in St. Louis, Missouri, in 1993. In 1999 Affordable refinanced its debt on Jefferson Arms with a loan from Eichler, Fayne, and Associates (EFA) which would penalize Affordable if it voluntarily prepaid the debt. EFA sold the loan to Federal National Mortgage Association (Fannie Mae) but continued to service it. In 2005 the city of St. Louis threatened to condemn Jefferson Arms, and Affordable sold the property to another developer. EFA demanded that Affordable…
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