Malcolm MacDowell & Associates, Inc. v. Ecorse-Lincoln Park Bank

Plaintiff’s declaration contained 2 .counts sounding on express contract, the first of which was abandoned at trial. The second count alleged that in July, 1940, defendant’s predecessor bank was an approved mortgagee under the national housing' act and, as such, eligible to sell its mortgages insured by the National Housing Adminis tration to the Federal National Mortgage Association, hereinafter called FNMA, under a contract between them whereunder the bank retained the right to service the mortgages thus sold to FNMA and receive from the latter a servicing fee of 16f per cent, of the…