LexisNexis® Legal Newsroom
Mealey's Banking & Finance - 6th Circuit Finds Bank Of America Had Standing To Foreclose

CINCINNATI - The Sixth Circuit U.S. Court of Appeals on July 6 affirmed a district court's dismissal of foreclosure-related claims, finding that borrowers failed to show that a bank lacked standing to foreclose and that they waived their right to argue due process violations on appeal (Jerry Rush...

Mealey's Banking & Finance - Federal Judge Finds Bank Held Mortgage, Dismisses Quiet Title Action

CHICAGO - After finding that a bank held the mortgage that was defaulted on by a property owner, an Illinois federal judge on July 6 granted the bank's motion to dismiss her quiet title claims (Rose Maguire v. Bank of New York Mellon, N.A., et al., No. 13-cv-6874, N.D. Ill.; 2015 U.S. Dist. LEXIS...

Mealey's Banking & Finance - Insurer Breached Its Duty To Defend Securities Broker, Panel Says, Partly Reversing

DENVER - The 10th Circuit U.S. Court of Appeals on July 6 held that an errors and omissions insurer failed to fulfill its duty to defend a securities broker insured in the lead-up to and during an arbitration hearing, reversing a lower federal court in part (Forrest Daryl Templeton v. Catlin Specialty...

Mealey's Banking & Finance - Federal Judge Finds TILA And RESPA Claims Are Time-Barred, Dismisses Case

CHICAGO - After finding that many of the claims asserted by plaintiffs against several mortgage entities were barred by the doctrine established in Rooker v. Fidelity Trust Co. (263 U.S. 413 [1923 ]) and District of Columbia Court of Appeals v. Feldman (460 U.S. 462 [1983 ]) or by a statute of limitations...

Mealey's Banking & Finance - California Federal Judge Reserves Ruling On UCL Claim In Home-Loan Dispute

OAKLAND, Calif. - A federal judge in California on July 6 reserved ruling on a state unfair competition law (UCL) claim in a home-loan dispute until the plaintiff has time to respond to a show-cause order as to why her claim for an alleged violation of California Civil Code Section 2923.5 should not...

Mealey's Banking & Finance - 11th Circuit Affirms Denial Of Motion To Strike Bank's Witness

ATLANTA - The 11th Circuit U.S. Court of Appeals on July 8 affirmed a district court's decision that refused to strike the affidavit of a bank's officer submitted in a foreclosure-related action, finding that the borrower was aware of the witness and that he waived his argument challenging the...

Mealey's Banking & Finance - 11th Circuit Affirms Dismissal Of Federal Claims, Orders Remand

ATLANTA - The 11th Circuit U.S. Court of Appeals on July 8 affirmed a district court's dismissal of a complaint filed by borrowers who asserted that mortgage entities violated the Truth in Lending Act (TILA) and other federal laws but found that the case should have been remanded to the state court...

Mealey's Banking & Finance - 11th Circuit Finds Court Erred In Refusing Request To Amend Complaint

ATLANTA - The 11th Circuit U.S. Court of Appeals on July 9 vacated a district court's decision refusing to allow a borrower to amend her complaint in relation to the attempted foreclosure on her property (Sandra Carter v. HSBC Mortgage Services Inc., No. 14-11898, 11th Cir.; 2015 U.S. App. LEXIS...

Mealey's Banking & Finance - Federal Judge: Excess Insurer Can Recover $5M It Paid To Settle Securities Action

SAN JOSE, Calif. - An insured's former first-layer excess directors and officers liability insurer is entitled to recover the $5 million it paid to settle an underlying securities action plus prejudgment interest from the insured's latter first-layer excess directors and officers liability insurer...

Mealey's Banking & Finance - 7th Circuit Finds It Lacks Jurisdiction Over Foreclosure-Related Appeal

CHICAGO - After finding that a borrower's foreclosure-related claims are still pending before a federal district court, the Seventh Circuit U.S. Court of Appeals on July 13 dismissed the case for lack of jurisdiction (Wendy B. Adelson v. Ocwen Financial Corporation, et al., No. 14-3707, 7th Cir.;...

Mealey's Banking & Finance - 3rd Circuit Finds Green Tree Violated FDCPA With Phone Calls

PHILADELPHIA - The Third Circuit U.S. Court of Appeals on July 13 affirmed a district court's decision finding that a servicing company violated the Fair Debt Collection Practices Act (FDCPA) when it repeatedly called a borrower's neighbor in an attempt to collect a debt and dismissed the appeal...

Mealey's Banking & Finance - 9th Circuit Finds Freddie Mac Had No Duty To Pay Insurance Premiums

SEATTLE - After finding that a lender did not assume a duty to pay insurance premiums into an escrow when it purchased a loan from a bankrupt lender, the Ninth Circuit U.S. Court of Appeals on July 14 affirmed dismissal of a borrower's breach of contract and fiduciary duty claims (Joel Johnson v...

Mealey's Banking & Finance - Judge Finds Claims Related To Securitization Of Loan Should Be Dismissed

NASHVILLE, Tenn. - A Tennessee federal magistrate judge on July 14 recommended that an action filed by homeowners against several mortgage entities be dismissed for failure to state a claim, including their allegations for violation of the Truth in Lending Act (TILA) and fraud claims (John O. Wilson...

Mealey's Banking & Finance - 6th Circuit Finds Class Action Filed By Borrowers Should Be Dismissed

CINCINNATI - After finding that several banks transferred only promissory notes and did not fail to record mortgage transfers, the Sixth Circuit U.S. Court of Appeals on July 16 reversed a decision that allowed a class action filed by Kentucky borrowers to proceed (Larry Higgins, et al. v. BAC Home Loans...

Mealey's Banking & Finance - Panel: Insurer Has No Duty To Defend Insured Against Bank's $10.5M Shortfall Claim

NEW ORLEANS - The Fifth Circuit U.S. Court of Appeals on July 16 affirmed a lower federal court's ruling that a professional liability insurer has no duty to defend its insured against a bank's underlying claim that it discovered a $10.5 million shortfall in the depository accounts it was providing...

Mealey's Banking & Finance - 3rd Circuit Finds Borrower Lacked Standing To Challenge Foreclosure

PHILADELPHIA - A Third Circuit U.S. Court of Appeals panel on July 17 affirmed a district court's dismissal of a borrower's claims related to the transfer of his mortgage, finding that he lacked standing to challenge the foreclosure of the property (Robert M. Bauer v. Mortgage Electronic Registration...

Mealey's Banking & Finance - 6th Circuit Finds Motion To Remand Foreclosure-Related, Claim Was Time-Barred

CINCINNATI - After finding that a motion to remand a case filed by a property owner in relation to the foreclosure of her condominium was time-barred, the Sixth Circuit U.S. Court of Appeals on July 17 affirmed a decision that refused to remand the action and dismissed the case (Viola Chambers v. HSBC...

Mealey's Banking & Finance - Federal Judge Refuses To Grant Restraining Order Prohibiting Foreclosure

SAN DIEGO - After finding that a borrower contesting the pending foreclosure of his property failed to show that it was likely he would succeed on the merits of his claims, a California federal judge on July 17 denied his request for a temporary restraining order (Cirilo Miguel Moreno v. National Default...

Mealey's Banking & Finance - 10th Circuit Affirms RulingFor Credit Union, Finds No TILA Violation

DENVER - The 10th Circuit U.S. Court of Appeals on July 24 affirmed a district court's ruling in favor of a credit union, finding that borrowers failed to show that it had violated the Truth in Lending Act (Elisabeth A. Shumaker, et al. v. Mountain America Credit Union, No. 14-4142, 10th Cir.; 2015...

Mealey's Banking & Finance - Endorsement Bars Coverage For Negligence Claim Against Realtor, Panel Says, Reverses

INDIANAPOLIS - An Indiana appeals panel on July 22 found that a business owners insurance policy's "limitation of real estate operations" endorsement precludes coverage for an underlying negligence suit against a real estate listing agent insured, reversing and remanding a lower court's...

Mealey's Banking & Finance - Federal Judge Dismisses RESPA And Damages Claims, Grants Leave To Amend

WEST PALM BEACH, Fla. - A Florida federal judge on July 27 found that a borrower's claims for violation of the Real Estate Settlement Procedures Act (RESPA) were valid but that her damages claims failed and that the case should be dismissed with leave to replead (Elina Zaychick v. Bank of America...

Mealey's Banking & Finance - Federal Judge Dismisses UCL Claim Related To Bank's Denial Of Loan Modification

OAKLAND, Calif. - After finding that a property owner failed to allege facts to show that she had standing to bring a claim for violation of California's unfair competition law (UCL) or that a bank had a legal duty to her, a California federal judge on July 27 dismissed her claims with leave to amend...

Mealey's Banking & Finance - Federal Judge Remands Borrowers' California Law Claims To State Court

LOS ANGELES - After finding no diversity jurisdiction, a California federal judge on July 27 granted a motion to remand a lawsuit filed against numerous banks in relation to their handling of a loan modification request to a state court (Guadalupe M. Roman, et al. v. Bank of America, N.A., et al., No...

Mealey's Banking & Finance - 3rd Circuit Rejects Challenge To Certification Of Class Based On Lending Scheme

PHILADELPHIA - The Third Circuit U.S. Court of Appeals on July 29 affirmed a district court's decision to certify a class of borrowers who alleged that two banks engaged in predatory lending practices, finding that all of the requirements for class certification were met (In re: Community Bank of...

Mealey's Banking & Finance - Federal Judge Finds Fact Issue Exists On Whether Term Violated FDCPA

DETROIT - A Michigan federal judge on July 29 found that an issue of fact exists as to whether a certain term used in an invoice by a law firm was materially deceiving and violated the Fair Debt Collection Practices Act (FDCPA), denying the firm's motion for summary judgment on that claim (Earl D...