LexisNexis® Legal Newsroom
Mealey's Banking & Finance - Financial Freedom To Pay $89M To Settle Reverse Mortgage Claims

WASHINGTON, D.C. - The U.S. Department of Justice on May 16 announced that a lender has agreed to pay more than $89 million to settle claims that it violated federal housing law in relation to its participation in a reverse mortgage program.

Mealey's Banking & Finance - 11th Circuit Finds Florida Is Improper Venue For RESPA Claim

ATLANTA - The 11th Circuit U.S. Court of Appeals on May 15 affirmed a district court's dismissal of a borrower's claim for violation of the Real Estate Settlement Procedures Act (RESPA) against a loan-servicing company, finding that Florida was the improper venue for the case (Robert Crenshaw...

Mealey's Banking & Finance - Judge Finds Borrower Did Not Rescind Note, Dismisses TILA And UCL Claims

RIVERSIDE, Calif. - A California federal judge on May 15 granted a motion filed by a lender and a loan servicer to dismiss a property owner's complaint, which asserted claims for violation of California's unfair competition law (UCL) and the Fair Debt Collection Practice Act (FDCPA), finding...

Mealey's Banking & Finance - Credit Union's Directors Knew Of Employee Dishonesty Well Before Bond Was Issued

CINCINNATI - A majority of the Sixth Circuit U.S. Court of Appeals on May 18 affirmed a lower federal court's ruling that the liquidating agent of an insolvent credit union is not entitled to $5 million in employee dishonesty coverage under a fidelity bond issued to the credit union for losses arising...

Mealey's Banking & Finance - Judge Dismisses Foreclosure-Related Claims Against CitiMortgage, Allows Amendment

SAN FRANCISCO - A California federal judge on May 17 partially granted a mortgage company's motion to dismiss claims including violation of California's unfair competition law (UCL), allowing part of a borrower's dual tracking claim to proceed and dismissing the remainder of the claims with...

Mealey's Banking & Finance - Judge Finds Borrower Did Not Allege New Facts To Support Amendment

FRESNO, Calif. - A California federal judge on May 18 denied a borrower's motion to amend her complaint in which she alleges that a bank violated California's unfair competition law (UCL) and other laws related to a wrongful foreclosure, finding that she failed to allege any facts that would...

Mealey's Banking & Finance - 9th Circuit Reverses Dismissal Of TILA Claim Against ReconTrust

PASADENA, Calif. - In a majority ruling, the Ninth Circuit U.S. Court of Appeals on May 22 reversed a district court's dismissal of a borrower's claim for rescission of her loan under the Truth in Lending Act (TILA) but affirmed dismissal of her claim for violation of the Fair Debt Collection...

Mealey's Banking & Finance - 3rd Circuit Finds Court Did Not Err In Dismissing Complaint Against CFPB

PHILADELPHIA - The Third Circuit U.S. Court of Appeals on May 22 affirmed a district court's dismissal of a property owner's complaint in relation to the denial of his loan modification application, finding that he failed to plead any facts to support his claims against the Consumer Financial...

Mealey's Banking & Finance - 9th Circuit Affirms Dismissal Of Los Angeles' FHA Claims Against Lenders

SEATTLE - The Ninth Circuit U.S. Court of Appeals on May 26 affirmed a decision to grant summary judgment to two lenders on claims for violation of the Fair Housing Act (FHA) and unjust enrichment asserted by the city of Los Angeles in relation to alleged predatory lending practices, finding a lack of...

Mealey's Banking & Finance - Judge Refuses To Allow Amendment, Denies Reinstatement Of Fraud Claim

SACRAMENTO, Calif. - A California federal judge on May 30 denied a borrower's motion to file an amended complaint to add a new lender as a defendant and to reinstate previously dismissed claims for fraud and misrepresentation, finding that he failed to submit any new information warranting amendment...

Mealey's Banking & Finance - 2nd Circuit Finds Banks Have Standing To Enforce Mortgages

NEW YORK - The Second Circuit U.S. Court of Appeals on May 31 affirmed a district court's decision that several banks had standing to enforce individual notes and mortgages under New York law, rejecting a bankruptcy trustee's appeal of a district court's summary judgment ruling in favor of...

Mealey's Banking & Finance - Judge Finds No Support For TILA Or HOEPA Claims Against U.S. Bank

TOPEKA, Kan. - After borrowers, who alleged that they were subject to predatory lending practices, failed to assert facts to support their claims against a bank, a Kansas federal judge on May 31 granted the bank's motion to dismiss the case (Everett Bigler, et al. v. U.S. Bank Trust, No. 16-cv-4194...

Mealey's Banking & Finance - Judge Dismisses Insolvent Insurers' Breach Claims In Mortgage Reinsurance Suit

CHICAGO - An Illinois federal judge on June 1 dismissed breach of contract and breach of the implied covenant of good faith and fair dealing claims brought by the rehabilitator of two insolvent insurers against a mortgage insurance reinsurer and a bank (People of the State of Illinois, ex rel., Anne...

Mealey's Banking & Finance - 8th Circuit Finds Borrowers' Right To Rescind Under TILA Expired

ST LOUIS - The Eighth Circuit U.S. Court of Appeals on June 2 affirmed a trial court's ruling dismissing a claim for violation of the Truth in Lending Act (TILA) asserted by borrowers against lenders, finding that their notice of rescission of the loan was untimely (Alan G. Keiran, et al. v. Home...

Mealey's Banking & Finance - Judge Grants Dismissal, Finds 25-Acre Property Was Exempt From RESPA

DAYTON, Ohio - An Ohio federal judge on June 5 dismissed a former property owner's claims against loan servicers for violation of the Real Estate Settlement Procedures Act (RESPA), finding that the property was exempt from RESPA requirements because it was more than 25 acres and that the court lacked...

Mealey's Banking & Finance - Professional Liability Insurer Did Not Ratify Policy, 2nd Circuit Affirms

NEW YORK - The Second Circuit U.S. Court of Appeals on June 5 held that intervenors in a professional liability coverage dispute have failed to show that the insurer performed any act that ratified the insurance policy, affirming a lower court's ruling rescinding the policy because the insured made...

Mealey's Banking & Finance - 9th Circuit Refuses To Vacate Ruling Dismissing TILA Rescission Claim

PASADENA, Calif. - The Ninth Circuit U.S. Court of Appeals on June 6 affirmed a trial court's decision not to vacate a ruling that granted dismissal in favor of a lender on a borrower's claims for violation of the Truth in Lending Act (TILA), finding that a borrower failed to show that the judgment...

Mealey's Banking & Finance - Judge Finds Wells Fargo Did Not Refuse Loan Assumption Based On Age

PITTSBURGH - A Pennsylvania federal judge on June 7 granted a motion filed by a bank to dismiss claims for discrimination and violation of housing law in relation to its refusal to approve an assumption agreement, finding that a resident of the property, who was attempting to assume the obligations of...

Mealey's Banking & Finance - Judge Dismisses RESPA Claim Against Wells Fargo For Failure To Respond

MIAMI - After a former property owner failed to respond to a bank's motion for summary judgment on his claim for violation of the Real Estate Settlement Procedures Act (RESPA), a Florida federal judge on June 12 entered a default ruling against him and entered judgment in favor of the bank (Francisco...

Mealey's Banking & Finance - 8th Circuit Affirms Decision Finding Loan Was Not Dischargeable Due To Fraud

ST. LOUIS - The Eighth Circuit U.S. Court of Appeals on June 14 affirmed a bankruptcy court's ruling in favor of a credit union, finding that a mortgage loan was not dischargeable due to fraud committed by the borrower (In re: Michael John Hernandez, debtor, Michael John Hernandez v. General Mills...

Mealey's Banking & Finance - Panel Affirms Bankruptcy Court Ruling Dismissing UCL Claims Against Lenders

SAN FRANCISCO - The Ninth Circuit U.S. Court of Appeals on June 15 affirmed a bankruptcy court's ruling in favor of various lenders, finding that borrowers lacked standing to assert claims for violation of California's unfair competition law (UCL) and that their breach of contract claims failed...

Mealey's Banking & Finance - 10th Circuit Finds TILA Claims Are Precluded By Previous Lawsuit

DENVER - After finding that former property owners were aware of the facts underlying their claim for violation of the Truth in Lending Act (TILA) as early as 2011, the 10th Circuit U.S. Court of Appeals on June 16 affirmed a decision that their claims were precluded by a previous state court lawsuit...

Mealey's Banking & Finance - California Court Finds Borrower Lacked Standing To Assert UCL Claim

RIVERSIDE, Calif. - A California appeals court on June 16 affirmed a trial court's dismissal of a borrower's claims for violation of California's unfair competition law (UCL), breach of contract and negligent misrepresentation, finding that he lacked standing and that he was not a party to...

Mealey's Banking & Finance - 'Insured Vs. Insured' Exclusion Bars Coverage For Trustee's Breach Of Fiduciary Suit

CINCINNATI - A majority of the Sixth Circuit U.S. Court of Appeals on June 20 held that a management liability insurance policy's "insured-versus-insured" exclusion bars coverage for a liquidation trustee's $18.8 million breach of fiduciary lawsuit against officers of the bankrupt holding...

Mealey's Banking & Finance - 8th Circuit Affirms Decision, Finds No Challenge To Foreclosure Of Property

ST LOUIS - The Eighth Circuit U.S. Court of Appeals on June 20 affirmed a trial court's decision to grant judgment in favor of lenders and loan servicers on claims for tortious interference and violation of Missouri law, finding that a former property owner failed to make any argument that a foreclosure...