United States v. Gray

MEMORANDUM OPINION

PRENTICE H. MARSHALL, District Judge.

This is an action on a promissory note executed by the defendant, Robert M. Gray (“Gray”), and assigned by the Union National Bank arid Trust Co. of Joliet, Illinois, the original payee, to the United States in 1978. Gray had given the bank the note in exchange for a home improvement loan which was guaranteed by the United States Department of Housing and Urban Development (“HUD”) pursuant to 12 U.S.C. §§ 1703(a) & 1703(c)(1) (Supp. V 1981). Under the provisions of that statute, HUD guarantees payment of the loan, and if the borrower…