Southern Pacific Thrift & Loan Ass'n v. Savings Ass'n Mortgage Co.
Opinion
Lead Opinion
Epstein, J.
J.Southern Pacific Thrift & Loan Association (SPT&L) appeals from judgment against it in this action seeking damages from loan originator and servicer Savings Association Mortgage Company, Inc. (SAMCO) for losses suffered as a loan participant in a low-income housing project. SAMCO appeals from the trial court’s denial of its motion for attorney’s fees. We find no error and affirm the judgment.
Factual and Procedural Summary
SAMCO is in the business of soliciting financial institutions to participate in pools of commercial loans. It then acts as a loan servicer and administrator under participation agreements with the lending institutions. In this case, SAMCO served as a loan servicer and administrator with respect to a loan on the Hotel Metro, a 193-unit, low-income, single-room-occupancy residence complex in San Diego. SAMCO issued the $2,145,000 Hotel Metro loan to San Diego Single Room Occupancy Limited Partnership (the partnership) in November 1990.
*637 In September 1994, SAMCO began offering approximately $9 million in participation interests in loans originated and serviced by SAMCO which had been acquired by the Resolution Trust Company through the seizure of…