Document ID: s3://data.kl3m.ai/documents/govinfo/USCOURTS/USCOURTS-caed-2_10-cv-00078/USCOURTS-caed-2_10-cv-00078-2/pdf.json

Parties Involved:
Federal Deposit Insurance Corporation
Receiver
Global Equity Lending
Defendant
Phuong Huynh
Plaintiff
Indymac Federal Bank
Defendant
Mortgage Electronic Registration Systems, Inc.
Defendant
MortgageIt, Inc.
Defendant
NDEX West, LLC
Defendant
Janyce Pham
Defendant
Cong M. Tran
Plaintiff

Document Text:

984999v1 

SUBSTITUTION OF FDIC AS RECEIVER FOR INDYMAC FEDERAL BANK, FSB

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JEFFER, MANGELS, BUTLER & MARMARO LLP 

MICHAEL J. HASSEN (Bar No. 124823), mjh@jmbm.com 

CHRISTOPHER H. DOYLE (Bar No. 190016), chd@jmbm.com 

Two Embarcadero Center, Fifth Floor 

San Francisco, California 94111-3813 

Telephone: (415) 398-8080 

Facsimile: (415) 398-5584 

Attorneys for Defendant FEDERAL DEPOSIT INSURANCE 

CORPORATION, as RECEIVER for INDYMAC FEDERAL 

BANK, FSB 

UNITED STATES DISTRICT COURT 

EASTERN DISTRICT OF CALIFORNIA 

SACRAMENTO DIVISION 

CONG M. TRAN AND PHUONG HUYNH, 

 Plaintiffs, 

v. 

INDYMAC FEDERAL BANK; 

MORTGAGEIT, INC.; NDEX WEST, LLC; 

MORTGAGE ELECTRONIC 

REGISTRATION SYSTEMS, INC.; GLOBAL 

EQUITY LENDING; JANYCE PHAM; and 

DOES 1-20 inclusive, 

 Defendants. 

CASE NO. 2:10-CV-00078-LKK-EFB 

SUBSTITUTION OF FEDERAL DEPOSIT 

INSURANCE CORPORATION AS RECEIVER FOR 

INDYMAC FEDERAL BANK, FSB; ORDER

Dept: Courtroom 4 

Judge: Hon. Lawrence K. Karlton 

The Federal Deposit Insurance Corporation, as Receiver for IndyMac Federal Bank 

(“FDIC as Receiver”), states as follows: 

1. On or about July 25, 2008, the Office of the Comptroller of the Currency 

closed IndyMac Federal Bank, and the Federal Deposit Insurance Corporation (FDIC) was named 

receiver. The FDIC as Receiver accepted the appointment that same day. 

2. As a result of this appointment, the FDIC has succeeded to “all rights, titles, 

powers, and privileges” of the failed institution and may “take over the assets of and operate” the 

failed institution with all the powers thereof. 12 U.S.C. §§1821(d)(2)(A)(i) and 1821(d)(2)(B)(i). 

This includes the resolution of outstanding claims against the institution in receivership. 12 U.S.C. 

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§1821(d)(3). Accordingly, the FDIC as Receiver is the party against which the claims sought by the 

plaintiffs Cong M. Tran And Phuong Huynh must be asserted. 

3. Because the FDIC as Receiver is the proper defendant with regard to the 

plaintiffs’ claims, the FDIC as Receiver should be substituted into this action in place of defendant 

IndyMac Federal Bank. 

4. The Financial Institutions Reform, Recovery and Enforcement Act of 1989 

(“FIRREA”) provides, in pertinent part: “After appointment of a . . . receiver for an insured 

depository institution, the . . . receiver may request a stay for a period not to exceed – * * * (ii) 90 

days, in the case of any receiver, * * * in any judicial action or proceeding to which such institution 

is or becomes a party.” 12 U.S.C. §1821(d)(12)(A). This 90-day stay is mandatory: “Upon receipt 

of a request by any ...receiver pursuant to [12 U.S.C. §1821(d)(12)(A)] for a stay of any judicial 

action or proceeding in any court with jurisdiction of such action or proceeding, the Court shall 

grant such stay as to all parties.” 12 U.S.C. §1821(d)(12)(B) (italics added). 

5. Thus, upon entry of an order substituting in the FDIC as Receiver for the 

current defendant, IndyMac Federal Bank, this matter should be stayed for 90 days. 

DATED: March 24, 2010 JEFFER, MANGELS, BUTLER & MARMARO LLP 

MICHAEL J. HASSEN 

CHRISTOPHER H. DOYLE 

By: /s/ Michael J. Hassen 

MICHAEL J. HASSEN 

Attorneys for Defendant FEDERAL DEPOSIT 

INSURANCE CORPORATION, AS RECEIVER FOR 

INDYMAC FEDERAL BANK, FSB 

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984999v1 - 3 - SUBSTITUTION OF FDIC AS RECEIVER FOR 

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ORDER 

Based on the foregoing Substitution and good cause appearing, it is hereby 

ORDERED: 

(1) that the Federal Deposit Insurance Corporation, as Receiver for Indymac Federal 

Bank (“FDIC as Receiver”), is substituted in for named defendant Indymac Federal Bank, and 

(2) that all proceedings in this matter are stayed for ninety (90) days from the date of 

this order. 

IT IS SO ORDERED. 

Dated: March 29, 2010 

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