Mealey's Banking & Finance - 2nd Circuit Affirms Dismissal Of Investor Suit Against Merrill Lynch

NEW YORK - A federal court properly dismissed a shareholder suit against Merrill Lynch alleging securities law violations in connection with the sale of auction-rate securities (ARS), the Second Circuit U.S. Court of Appeals ruled June 25, agreeing that the shareholder's federal, state and common...

Mealey's Banking & Finance - Judge Grants Class Counsel's Request For Additional Fees From Settlement Funds

NEW YORK - A federal judge in New York on June 23 granted a request from attorneys representing a class of plaintiffs who settled claims against Washington Mutual Inc. (WMI) over prepayment fees associated with mortgages and home equity loans, finding that they could recover the remaining $721,443 from...

Mealey's Banking & Finance - 2nd Circuit Says Nonsettling Defendants Can't Appeal Approval

NEW YORK - The Second Circuit U.S. Court of Appeals on June 26 dismissed the appeal filed by PricewaterhouseCoopers International Ltd. (PwC) and others of approval of a settlement of a class action brought by investors in "feeder funds" of Bernard Madoff's Ponzi scheme, finding that the...

Mealey's Banking & Finance - 8th Circuit Finds Judge Properly Denied Remand, Dismissed Homeowners' Case

ST. LOUIS - After finding that a lender did not make any fraudulent representations in relation to the default of payments on a residence, the Eighth Circuit U.S. Court of Appeals on June 25 affirmed the dismissal of numerous claims asserted by the purchasers in relation to the foreclosure of their home...

Mealey's Banking & Finance - 11th Circuit Finds Letter From Debt Collector Was Not Misleading

ATLANTA - After finding that a letter sent by a debt collector was an initial communication under the Fair Debt Collection Practices Act (FDCPA) and was not misleading to the sophisticated consumer, the 11th Circuit U.S. Court of Appeals on June 26 affirmed a trial court's decision to dismiss a homeowner's...

Mealey's Banking & Finance - 5th Circuit Finds Judge Did Not Err In Refusing To Remand Foreclosure Suit

NEW ORLEANS - After determining that a trial court did not err in finding that a secretary for a mortgage registration system was fraudulently joined as a defendant, the Fifth Circuit U.S. Court of Appeals affirmed a ruling that refused to remand to state court an action filed by homeowners seeking to...

Mealey's Banking & Finance - 10th Circuit Finds Homeowner Consented To Debt Collection

DENVER - The 10th Circuit U.S. Court of Appeals on July 9 affirmed a trial court's decision to grant summary judgment in favor of a law firm and a bank and to deny a homeowner's request to amend his complaint, finding that he consented to debt collection (Robert F. Sartori v. Susan C. Little...

Mealey's Banking & Finance - 6th Circuit Finds Fannie Mae, Freddie Mac Are Exempt From Tax Payments

CINCINNATI - The Sixth Circuit U.S. Court of Appeals on July 10 affirmed a trial court's decision granting a motion to dismiss a class action filed by two Ohio counties, finding that the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corp. (Freddie Mac) were...

Mealey's Banking & Finance - 5th Circuit Vacates Preliminary Injunction Prohibiting Home Foreclosure

NEW ORLEANS - The Fifth Circuit U.S. Court of Appeals on July 11 vacated a decision that granted a homeowner's request for preliminary injunction prohibiting the foreclosure of her property, finding that a recent Texas Supreme Court ruling barred her arguments (Gwendolyn Green v. Wells Fargo Bank...

Mealey's Banking & Finance - 2nd Circuit Reverses Ruling Dismissing TILA, Fraud Claims Against Lenders

NEW YORK - The Second Circuit U.S. Court of Appeals on July 11 partially reversed a trial court's decision to grant summary judgment in favor of credit management and lending corporations, finding that issues of fact exist as to a property owner's fraud claims and claims under the Truth In Lending...

Mealey's Banking & Finance - 9th Circuit Reverses Dismissal Of Claimants' TILA, RESPA Claims

SAN FRANCISCO - In a majority ruling, Ninth Circuit U.S. Court of Appeals on July 16 reversed a ruling that dismissed claims for violation of various federal statutes asserted by homeowners, finding that their claims were not time-barred and that their claim for violation of the Truth in Lending Act...

Mealey's Banking & Finance - Judge Orders Banks, Officer To Pay $1.3 Billion For Mortgage Fraud

NEW YORK - A New York federal judge on July 30 ordered Bank of America Corp., as successor to Countrywide Financial Corp. and Countrywide Home Loans, and a former Countrywide officer to pay $1.3 billion in damages in connection with Countrywide's residential mortgage lending business and a scheme...

Mealey's Banking & Finance - 9th Circuit Finds Court Erred In Dismissing Claim Alleging Deceptive Acts

HONOLULU - After finding that a property owner sufficiently alleged her claim that banks and others violated Hawaii law, the Ninth Circuit U.S. Court of Appeals on Aug. 4 reversed a decision dismissing the claim and remanded the case for further proceedings (Watoshina Lynn Compton v. Countrywide Financial...

Mealey's Banking & Finance - Consumer Financial Protection Bureau Orders Amerisave To Pay $20.8 Million

IOWA CITY, Iowa - The Consumer Financial Protection Bureau on Aug. 12 found that Amerisave Mortgage Corp. and others violated the Truth In Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), ordering them to pay $20,892,234 in penalties (In re In the Matter of: Amerisave Mortgage...

Mealey's Banking & Finance - 7th Circuit Dismisses Attorney's Appeal Over Costs Award As Frivolous

CHICAGO - After finding that a property owner and her attorney's appeal of a foreclosure action was frivolous, the Seventh Circuit U.S. Court of Appeals on Aug. 13 affirmed a court's decision to award a mortgage lender fees and costs (PNC Bank N.A. v. Sheila M. Spencer, et al., No. 13-2676, 7th...

Mealey's Banking & Finance - 6th Circuit Affirms Dismissal Of TILA, RESPA Claims Against PNC

CINCINNATI - The Sixth Circuit U.S. Court of Appeals on Aug. 18 affirmed a court's decision to grant summary judgment in favor of a bank in relation to the foreclosure of a property, finding that a homeowner's claims for violations of the Truth in Lending Act (TILA) and other claims should be...

Mealey's Banking & Finance - 11th Circuit Affirms Dismissal Of Action Filed Over Home Foreclosure

ATLANTA - After finding that a homeowner failed to state a claim in relation to her action to enjoin lenders from foreclosing on a property, the 11th Circuit U.S. Court of Appeals on Aug. 21 affirmed the dismissal of the case (Linda Stabb v. GMAC Mortgage LLC, et al., No. 13-15900, 11th Cir.; 2014 U...

Mealey's Banking & Finance - 1st Circuit Finds Federal Entities Are Exempt From Paying Real Estate Tax

BOSTON - After finding that the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corp. (Freddie Mac) and the Federal Housing Finance Agency (FHFA) are excused from paying state and local taxes, the First Circuit U.S. Court of Appeals on Aug. 27 affirmed decisions issued...

Mealey's Banking & Finance - 1st Circuit Finds Court Property Dismissed Dispute Related To Loan Modification

BOSTON - After finding that a property owner's claims for fraud and promissory estoppel against a bank in relation to attempted mortgage loan modifications failed, the First Circuit U.S. Court of Appeals on Sept. 8 affirmed a decision to dismiss the case (Linda M. Ruivo v. Wells Fargo Bank N.A.,...

Mealey's Banking & Finance - 11th Circuit Affirms Dismissal, Finds Property Owner Lacks Standing

ATLANTA - The 11th Circuit U.S. Appeals Court on Sept. 18 granted a bank's motion to dismiss a homeowner's case against it, finding that the bank had the authority to foreclose on a property and that the owner lacked standing to challenge the validity of an assignment to the bank (Dorothy Brown...

Mealey's Banking & Finance - Associations Argue In Supreme Court That Action Is Barred Under TILA

WASHINGTON, D.C. - Numerous banking and mortgage entities on Sept. 17 filed an amicus curiae brief in the U.S. Supreme Court in support of Countrywide Home Loans Inc. and others, arguing that a lawsuit filed by property owners over their right to rescind under the Truth In Lending Act (TILA) is time...

Mealey's Banking & Finance - 11th Circuit Finds Homeowner Lacks Standing To Sue For Violations

ATLANTA - After finding that a homeowner lacked standing to assert claims in relation to the foreclosure of his home against a bank and a law firm, the 11th Circuit U.S. Court of Appeals on Sept. 25 affirmed a judgment dismissing his case (Jameel Cornelius v. Bank of America, N.A., No. 13-14905, 11th...

Mealey's Banking & Finance - 11th Circuit Finds Wrongful Foreclosure Action Is Time-Barred

ATLANTA - The 11th Circuit U.S. Court of Appeals on Oct. 7 affirmed a district court's decision to grant summary judgment in favor of numerous lenders, finding that a property owner's case related to the foreclosure of her home was time-barred (Elizabeth H. Coursen v. Shapiro Fishman GP, et al...

Mealey's Banking & Finance - 9th Circuit Dismisses TILA Claim For Rescission As Time-Barred

SAN FRANCISCO - The Ninth Circuit U.S. Court of Appeals on Oct. 10 affirmed a court's decision to dismiss a homeowner's claims for violation of the Truth in Lending Act (TILA), finding that the claims were time-barred (Stacy Enid Hernandez v. FFM Recontrust Company NA, et al., No. 12-56865, 9th...

Mealey's Banking & Finance - U.S. Supreme Court Grants Leave To Solicitor General In TILA Dispute

WASHINGTON, D.C. - The U.S. Supreme Court on Oct. 14 granted a motion by the U.S. solicitor general for leave to participate in oral arguments as amicus curiae in a dispute over whether a letter or a lawsuit is required to properly exercise the right to rescind under the Truth In Lending Act (TILA) ...