United States v. Pine Hill Apartments, Inc.

JONES, Circuit Judge.

The appellee, Pine Hill Apartments, Inc., which we will refer to as the Company, is a Georgia corporation. It constructed, owned and operated an apartment house project at Augusta, Georgia. The construction was financed through a loan which was secured by mortgage liens upon the real and personal property comprising the apartment project. An assignment of rents was made by the appel-lee, operative upon a default under the terms of the mortgage or the mortgage note. The loan was insured by the Federal Housing Administration, hereinafter called FHA, under the provisions of…