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Mealey's Banking & Finance - Consumer Financial Protection Bureau Issued Updates On TILA

WASHINGTON, D.C. - The Consumer Financial Protection Bureau (CFPB) on July 7 announced that it has finalized updates to its "Know Before You Owe" mortgage disclosure rule.

Mealey's Banking & Finance - 6th Circuit Affirms Dismissal Of City's Nuisance Claims Against Wells Fargo

CINCINNATI - In a majority ruling, the Sixth Circuit U.S. Court of Appeals on July 11 affirmed a district court's ruling dismissing a claim for public nuisance in relation to a lender's alleged abandonment of its foreclosed properties, finding that the city of Cincinnati failed to assert allegations...

Mealey's Banking & Finance - Judge Orders Successors In Interest To File Motion To Substitute

SAN DIEGO - A California federal judge on July 12 refused to rule on a loan-servicing company's motion to dismiss claims for violation of California's unfair competition law (UCL) and the Real Estate Settlement Procedures Act (RESPA) until the parties move to substitute the deceased plaintiff...

Mealey's Banking & Finance - 9th Circuit Finds Court Did Not Err In Dismissing UCL, Foreclosure Claims

SAN FRANCISCO - After finding that borrowers failed to show that two banks violated California's unfair competition law (UCL) or wrongfully foreclosed on their property, the Ninth Circuit U.S. Court of Appeals on July 13 affirmed a district court's dismissal of their complaint (Brock Williams...

Mealey's Banking & Finance - 11th Circuit Affirms Dismissal Of Claims Against Lenders For Improper Service

ATLANTA - After finding no reversible error, the 11th Circuit U.S. Court of Appeals on July 13 affirmed a trial court's dismissal of borrowers' claims for violation of the Truth in Lending Act (TILA) and other causes of action based on improper service and failure to state a claim (Christopher...

Mealey's Banking & Finance - Judge Finds TILA Claims Are Barred By State Foreclosure Case

TRENTON - After finding that a borrower's claims for violation of the Truth in Lending Act (TILA) were barred by a previous state court foreclosure case, a New Jersey federal judge on July 19 granted a loan-servicing company's motion to dismiss the case (Ariel Barel v. Green Tree Servicing, LLC...

Mealey's Banking & Finance - 5th Circuit Finds Loan Servicer Did Not Wrongfully Foreclose Property

NEW ORLEANS - The Fifth Circuit U.S. Court of Appeals on July 21 affirmed a district court's decision to grant summary judgment in favor of a loan servicer, finding that it did not breach a contract when it foreclosed on a property and that it did not fraudulently cancel an insurance policy on the...

Mealey's Banking & Finance - Federal Judge Allows Borrower To Replead Foreclosure-Related Claims

LOS ANGELES - After finding that a borrower's claims for wrongful foreclosure and fraud were not sufficiently pleaded, a California federal judge on July 24 granted a motion filed by lenders to dismiss claims against them with leave to amend and refused to remand the case to a California state court...

Mealey's Banking & Finance - Judge Refuses To Remand UCL Claim Against Wells Fargo To California Court

RIVERSIDE, Calif. - A California federal judge on July 24 refused to remand claims for violation of California's unfair competition law (UCL) and other causes of action against a bank, finding that complete diversity jurisdiction between the parties exists and that the amount-in-controversy requirement...

Mealey's Banking & Finance - Judge Refuses To Reconsider Dismissal In Favor Of Lender, CFPB Director

BALTIMORE - A Maryland federal judge on July 31 refused to reconsider a ruling granting dismissal of claims for violation of the Truth in Lending Act (TILA) and other causes of action against a mortgage company and the director of the Consumer Financial Protection Bureau (CFPB), finding that a borrower...

Mealey's Banking & Finance - Federal Judge Refuses To Enjoin Bank From Foreclosing On Property

SAN FRANCISCO - A California federal judge on Aug. 1 denied a borrower's request for a temporary restraining order enjoining a foreclosure on her property, finding that she failed to show that she would likely succeed on the merits (Jeff Velasquez v. Wells Fargo, N.A., et al., No. 17-cv-03868, N...

Mealey's Banking & Finance - 7th Circuit Finds Borrower's Claims Are Barred By Foreclosure

CHICAGO - The Seventh Circuit U.S. Court of Appeals on Aug. 1 rejected a former property owner's appeal of a ruling dismissing his amended complaint against a trustee and loan servicer, finding that his claims were precluded by a previous state court foreclosure action (Derick L. Berry v. Wells Fargo...

Mealey's Banking & Finance - Judge Finds Loan Servicer Did Not Collect Debt In Violation Of FDCPA

MIAMI - After finding that the filing of a foreclosure action did not constitute the activity of debt collection under the Fair Debt Collection Practices Act (FDCPA), a Florida federal judge on July 31 granted a loan servicer's motion to dismiss a borrower's claim against it (Roberto Calarese...

Mealey's Banking & Finance - 2nd Circuit Finds No Support For HBOR, Fraud Claims, Affirms Dismissal

NEW YORK - After finding that a borrower failed to state a cognizable claim for fraud or violation of California housing law, the Second Circuit U.S. Court of Appeals on Aug. 1 affirmed a district court's dismissal of her case without leave to amend (Lovella Horton v. Wells Fargo Bank, N.A., et al...

Mealey's Banking & Finance - Court Finds Judge Erred In Dismissing UCL, Wrongful Foreclosure Claims

SAN FRANCISCO - After finding that a borrower sufficiently alleged facts to support his claims for violation of California's unfair competition law (UCL) and wrongful foreclosure against two lenders, a California appeals panel on Aug. 2 reversed a decision granting dismissal of his claims against...

Mealey's Banking & Finance - Lender Enters $74M Settlement To Resolve False Claims Act Violations

NEW YORK - The U.S. Department of Justice (DOJ) on Aug. 8 announced that several mortgage lenders have entered a $74,453,802 settlement with it, resolving allegations that the lenders violated the False Claims Act when they originated loans that did not meet applicable requirements.

Mealey's Banking & Finance - 1st Circuit Finds HSBC, Wells Fargo Had Authority To Foreclose

BOSTON - After finding that a bank had the authority to foreclose on a property, the First Circuit U.S. Court of Appeals on Aug. 8 affirmed a district court's dismissal of claims asserted against two banks by borrowers who sought to prevent a foreclosure (Christopher Hayden, et al. v. HSBC Bank USA...

Mealey's Banking & Finance - Panel Finds Ocwen Did Not Violate RESPA When It Denied Information Request

ATLANTA - After finding that a loan servicer was not required to provide a borrower with the contact information for the owner of the borrower's loan, the 11th Circuit U.S. Court of Appeals on Aug. 8 affirmed dismissal of his claims for violation of the Real Estate Settlement Procedures Act (RESPA...

Mealey's Banking & Finance - 11th Circuit Affirms Dismissal Of Federal Mortgage Complaint Under Rooker-Feldman

ATLANTA - Calling it "an unfortunate case," an 11th Circuit U.S. Court of Appeals panel on Aug. 11 affirmed the dismissal of a federal mortgage lending complaint, noting that under the Rooker-Feldman doctrine, it was prevented from reviewing Florida courts' erroneous prior rulings upholding...

Mealey's Banking & Finance - $97.5M Settlement Preliminarily Approved, Settlement Hearing Set In JCPenney Securities Suit

TYLER, Texas - A Texas federal judge on July 24 preliminarily approved a $97.5 million settlement on claims that retailer JCPenney Co. Inc. and certain of its executive officers misrepresented the company's business and financial condition in violation of federal securities laws and scheduled a settlement...

Mealey's Banking & Finance - Federal Judge Grants Motion To Dismiss Securities Suit Against Energy Company

SAN JOSE, Calif. - A California federal judge on Aug. 11 granted a motion to dismiss a securities class action lawsuit filed against a solar energy company and certain of its executive officers after determining that the plaintiffs failed to adequately allege falsity and scienter (In re SolarCity Corp...

Mealey's Banking & Finance - Former Loan Servicer Can Be Liable For Misapplied Mortgage Payments, Judge Says

EUGENE, Ore. - A couple's former loan servicer can be held liable for violating the Real Estate Settlement Procedures Act (RESPA) and other state laws for misapplying their monthly mortgage payments, a federal judge in Oregon ruled Aug. 14, finding that a couple sufficiently stated claims against...

Mealey's Banking & Finance - Federal Judge Says Securities Violation Suit Filed Within Statute Of Limitations

NEW YORK - A New York federal judge on Aug. 14 denied a motion to dismiss filed by seven defendants in a suit alleging violations of the Securities Exchange Act after determining that the suit was filed within the act's two-year statute of limitations (Eton Park Fund L.P., et al. v. American Realty...

Mealey's Banking & Finance - 5th Circuit Reinstates Challenge Of Foreclosure, Finds 2 Rulings Changed Texas Law

NEW ORLEANS - A Fifth Circuit U.S. Court of Appeals panel on Aug. 15 partially reversed a trial court's decision and ruled that Wood v. HSBC Bank USA, N.A., 505 S.W.3d 542 (Tex. 2016), and Garofolo v. Ocwen Loan Servicing, L.L.C., 497 S.W.3d 474 (Tex. 2016), constitute intervening changes in law...

Mealey's Banking & Finance - Judge Limits Man's Claims Stemming From Foreclosure Notice, Letter Verifying Debt

DETROIT - A federal judge in Michigan on Aug. 18 ruled that a man can pursue certain claims under the Fair Debt Collection Practices Act (FDCPA) and its state law equivalent over a debt collector's debt verification letter and publication of a foreclosure notice (Timothy A. Thebert v. Potestivo &...