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IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MARYLAND NATIONAL MORTGAGE WAREHOUSE, LLC, Plaintiff : : : : : : Civil Action No. CCB-00-2881 : : : : :

v.

BANKERS FIRST MORTGAGE CO., INC., et. al. Defendants.

SOVEREIGN BANK, Plaintiff

v.

BANKERS FIRST MORTGAGE CO., INC., et. al. Defendants.

: : : : : Civil Action No. CCB-01-057 : : : : CONSOLIDATED UNDER Civil Action No. CCB-00-2881

MEMORANDUM Plaintiff Sovereign Bank ("Sovereign"), has sued, inter alia, Defendant Security Title Guarantee Corporation of Baltimore ("Security Title") based on the alleged misconduct of Security Title's issuing agent, Title Express, through its president, Christopher Trikeriotis. Security Title has moved for summary judgment on plaintiff's claims. The motion has been briefed fully, including supplemental memoranda, and no hearing is necessary. See Local Rule 105.6. For the reasons that follow, the defendant's motion will be granted.

BACKGROUND This action arises from a mortgage lending scheme between a local mortgage lender, Bankers First Mortgage Company, Inc. ("Bankers"), and a title agent, Title Express, Inc., to defraud national mortgage lenders of millions of dollars by submitting loan documents for nonexistent borrowers and using the funds advanced for their private gains. It is undisputed that both Kent Baklor, president of Bankers First, and Christopher Trikeriotis, president of Title Express and general counsel for Bankers First, knowingly participated in the scheme. (Def. Reply, Exh. A, Depo. of K. Baklor, p. 116.) See also United States v. Christopher Trikeriotis, Crim. No. CCB-01-0442 (D. Md. 2001) (defendant Trikeriotis pleads guilty and admits to details of the scheme in his statement of facts). Sovereign Bank, the plaintiff in the motion now pending, was one of two national mortgage lenders defrauded as a result. A. The Fraudulent Loans Sovereign Bank extended a line of credit to Bankers First for the purpose of funding residential mortgages. (See Pl. Exh. 1, Aff. of J. Fasoldt,

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Maryland Law