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 - Federal Judge Dismisses Homeowner's RESPA Claim Against PNC Entities

PHILADELPHIA - A Pennsylvania federal judge on Sept. 22 granted a bank's motion to dismiss a property owner's claims against it for violation of the Real Estate Settlement Procedures Act (RESPA) but allowed her claim for negligence to proceed (Jennifer Wright v. PNC Mortgage f/k/a National City...

Mealey's Banking & Finance - Judge: No Coverage For Claims That Insured Participated In Bank Fraud Scheme

CHICAGO - An Illinois federal judge ruled Sept. 23 that a real estate errors and omissions insurer has no duty to defend its insured against allegations that it actively participated in a scheme to defraud banks by intentionally preparing inflated appraisals (General Star National Insurance Co. v. Adams...

Mealey's Banking & Finance - Judge Refuses To Abstain From Or Stay Ruling On Coverage Defense As To Exclusion

SPOKANE, Wash. - A Washington federal judge on Sept. 22 found no reason to abstain from or stay consideration of an insurer's coverage defense regarding a policy's specific incidents exclusion provision in a dispute over coverage for claims that the insured participated in a fraudulent real estate...

Mealey's Banking & Finance - Federal Judge Remands Citigroup Foreclosure Case To Ohio Court

COLUMBUS, Ohio - After finding that homeowners failed to plead valid claims under the Home Owners' Loan Act (HOLA) and the Real Estate Procedures Act (RESPA), an Ohio federal judge on Sept. 23 granted a realty corporation's request to remand its foreclosure-related action to state court (Citigroup...

Mealey's Banking & Finance - Investors Must Produce Financial Documents In Breach Of Duty Suit, Magistrate Says

INDIANAPOLIS - Most of the financial and tax documents sought by a bank in a lawsuit brought by investors in a failed rate-swap agreement are relevant to the claims against it and are not unduly burdensome to produce, an Indiana federal magistrate judge ruled Sept. 22, mostly granting the bank's...

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 - Post-Trial Briefs Filed In Antitrust Action Against Amex On Anti-Steering Rules

NEW YORK - Plaintiffs United States and 17 states and defendants American Express Co. and American Express Travel Related Services Co. Inc. (collectively, Amex) filed their redacted post-trial briefs following the conclusion of the bench trial in federal court in New York on the plaintiffs' claims...

Mealey's Banking & Finance - Factors Weigh In Favor Of Remand, Federal Judge Says In Dispute Over $90,834 Award

TOLEDO, Ohio - A Ohio federal judge on Sept. 26 declined to exercise its discretionary declaratory judgment jurisdiction in a lawsuit seeking liability for a $90,834 judgment entered against the claimants' former investment adviser, remanding the case to state court (George and Nancy White v. Richard...

Mealey's Banking & Finance - Judge Issues Summary Judgment Ruling In Wrongful Foreclosure Action

DALLAS - A Texas federal judge on Sept. 26 issued an order adopting a magistrate judge's report and recommendation partially granting summary judgment for a property owner, but finding that a motion to expunge notice lis pendens should be denied because the related wrongful foreclosure action is...

Mealey's Banking & Finance - Fact Issue As To Detrimental Reliance Precludes Summary Judgment, Judge Says

KANSAS CITY, Kan. - A Kansas federal judge on Sept. 29 denied an investment adviser insured's motion for summary judgment in a professional liability coverage dispute, finding that, at the very least, the issues raise a material question of fact concerning detrimental reliance and additional damages...

Mealey's Banking & Finance - Federal Judge Allows UDTPA Claims Against CitiMortgage To Proceed

GREENSBORO, N.C. - After finding that a North Carolina federal court has jurisdiction over a wrongful foreclosure action, a federal judge on Sept.30 refused to remand the case and dismissed the majority of the homeowners' claims but found that their allegation for violation of the Uniform Deceptive...

Mealey's Banking & Finance - Federal Judge Dismisses Wrongful Foreclosure Claims Against Bank Of America

HOUSTON - A Texas federal judge on Oct. 6 granted a motion to dismiss filed by Bank of America N.A. (BOA) and a Texas firm, finding that claims asserted by property owners in relation to the alleged wrongful foreclosure of their house failed (Johnny Whiting, et al. v. Bank of America, N.A., et al., No...

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 - Federal Judge Allows Property Owners To Amend TILA And RESPA Claims

SAN FRANCISCO - On remand from the Ninth Circuit U.S. Court of Appeals, a California federal judge on Oct. 7 granted leave to amend numerous claims asserted by property owners, including claims for violation of the Truth in Lending Act (TILA) and the Real Estate Settlement Practices Act (RESPA) (David...

Mealey's Banking & Finance - Federal Judge Finds No Support For TILA Claim, Grants Summary Judgment

HAMMOND, Ind. - An Indiana federal judge on Oct. 7 granted a motion for summary judgment filed by Lehman Brother s Holdings Inc., finding that a property owner failed to assert a claim for violation of the Truth in Lending Act (TILA) (Fallon Fong v. Lehman Brothers Holdings Inc., No. 2:12-CV-386, N.D...

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 - Judge Finds Bank Had Standing To Foreclose, Dismisses Complaint

DENVER - After finding that a bank as the holder of a promissory note had standing to foreclose on a property, a Colorado federal judge on Oct. 14 granted the bank's motion to dismiss an action for quiet title and declaratory relief against it (Vivian L. Rader, et al. v. Citibank, N.A., et al., No...

Mealey's Banking & Finance - Federal Judge Finds Fraud Claims Against Banks Are Meritless

SPOKANE, Wash. - After finding that claims for fraud and breach of contract asserted by property owners were meritless, a Washington federal judge on Oct. 15 refused to remand the case to a state court and granted motions to dismiss the case filed by mortgage entities (Weldon W. Vittitow, et al. v. Bank...

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) ...

Mealey's Banking & Finance - Federal Judge Finds No Basis For TILA Claim, Remands Foreclosure Case

DOTHAN, Ala. - After finding a lack of federal jurisdiction and that the complete-preemption doctrine does not apply to the Truth in Lending Act (TILA), an Alabama federal judge on Oct. 15 found no basis for removal of an action filed in relation to a foreclosure and granted a former property owner's...

Mealey's Banking & Finance - Federal Judge Refuses To Dismiss Dispute Over Insurance Proceeds For Fire

DETROIT - After finding that a bank failed to show that it has a right to insurance proceeds that were paid in relation to a fire at a foreclosed property, a Michigan federal judge on Oct. 16 refused to dismiss a declaratory judgment dispute over entitlement to the funds (Rafah Dawood v. Fifth Third...

Mealey's Banking & Finance - Judge: Jury To Decide Whether Attorney Intentionally Gave Inaccurate Answers

TAMPA, Fla. - A Florida federal judge on Oct. 20 deferred to a jury the issue of whether an attorney insured's inaccurate answers on an application for professional liability coverage were given with the intent to deceive, denying summary judgment motions in a coverage dispute arising from the law...

Mealey's Banking & Finance - Judge: Insurer Has No Duty To Pay $40M Judgment Arising From Defaulted Bonds

ORLANDO, Fla. - A directors, officers and private company liability insurer has no duty to satisfy a $40,410,729 judgment entered against an insured in a coverage dispute arising from defaulted land development bonds, a Florida federal judge held Oct. 21 (Bond Safeguard Insurance Co, et al. v. National...