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Federal National Mortgage Association v. Olympia Mortgage Corporation

United States District Court for the Eastern District of New York
792 F. Supp. 2d 645 (2011)


Abe Donner was the president and 32-percent shareholder of Olympia Mortgage Corporation (Olympia) (defendant). Olympia made substantial payments over a number of years to seven of Donner’s relatives, including his wife, sons, daughters, and daughter-in-law (the Donner relatives) (defendants). During the years in which Olympia made payments to the Donner relatives, Olympia was insolvent. The payments made by Olympia included direct payments, healthcare-insurance payments, and mortgage payments for the Donner relatives. At no time did any of the Donner relatives work for Olympia. Rather, the Donner relatives argued that the transfers were part of Abe Donner’s salary as Olympia’s president. The Federal National Mortgage Association (Fannie Mae) (plaintiff) sued Olympia. Olympia crossclaimed against the Donner relatives, seeking summary judgement to have the transfers made by Olympia to the Donner Relatives avoided as constructively fraudulent.

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