Court argues against First Tennessee’s damages in a mortgage misunderstanding

A division of First Tennessee Bank loaned money to an individual under the assumption the company was secured by a second mortgage. First Tennessee soon realized, however, that Countrywide Home Loans had obtained a superior lien, making First Tennessee a third mortgage. Countrywide Home Loans began a foreclosure proceeding, causing First Tennessee Bank to fight for indemnification. Read on to find out if First Tennessee has the right for compensation from its title insurance company.