LexisNexis® Legal Newsroom
Mealey's Banking & Finance - Judge Stays Pending Appeal On Whether Nevada Law Is Unconstitutional

LAS VEGAS - A Nevada federal judge on April 17 stayed an action in which the parties seek relief related to the nonjudicial foreclosure of a homeowners association, pending the exhaustion of all appeals in a petition currently pending before the U.S. Supreme Court, which seeks review of an appeals court...

Mealey's Banking & Finance - Judge Grants Dismissal For Lenders, Finds Borrower Failed To Prosecute

SAN DIEGO - A California federal judge on April 14 dismissed a borrower's complaint asserting causes of action for wrongful foreclosure and violation of the Truth in Lending Act (TILA) after he failed to litigate the case or follow a previous order of the court (Hans D'Oleire v. Select Portfolio...

Mealey's Banking & Finance - Judge Finds TILA Claims And Action Seeking To Enjoin Eviction Are Barred

TOLEDO, Ohio - An Ohio federal judge on April 19 refused to grant former property owners a temporary restraining order enjoining lenders from evicting them from a property, finding that their claims were already adjudicated in a state court foreclosure action (Barbara Jacobs, et al. v. JP Morgan Chase...

Mealey's Banking & Finance - Federal Judge Finds Claims Related To Modification Request Can Proceed

KANSAS CITY, Kan. - A Kansas federal judge on April 20 partially granted a motion filed by a loan management company to dismiss numerous claims asserted against it in relation to the denial of a loan modification, but found that claims for violation of the Truth In Lending Act (TILA) and Regulation X...

Mealey's Banking & Finance - Wells Fargo Increases Settlement For Unauthorized Accounts To $142 Million

SAN FRANCISCO - Wells Fargo & Co. and Wells Fargo Bank N.A. have agreed to increase their settlement payment to $142 million, $32 million more than the settlement proposed in March, to end claims by a class of individuals who allege that the banking company opened accounts, enrolled them in products...

Mealey's Banking & Finance - Federal Judge Enters Dismissal For Property Owner For Failure To Oppose

SAN DIEGO - After finding that borrowers who are challenging the foreclosure of their property failed to respond to a motion to dismiss their claims asserted against the current owner of the property, a California federal judge on April 21 granted dismissal with leave to amend (Celia Duenas, et al. v...

Mealey's Banking & Finance - Judge Refuses To Remand Fraud Claims Against CitiMortgage

HOUSTON - After determining that the amount in controversy met federal jurisdictional requirements, a Texas federal judge on April 20 refused to remand claims for breach of contract and fraud asserted by property owners against their mortgage lender (George Holland, et al. v. CitiMortgage Inc., No. 4...

Mealey's Banking & Finance - Judge Finds FDCPA And Michigan Anti-Lockout Claims Fail, Dismisses Case

DETROIT - After holding that a mortgagee's claims for violation of Michigan law applied only to landlord-tenant relationships and that his claim for violation of the Fair Debt Collection Practices Act (FDCPA) failed, a Michigan federal judge on April 25 granted summary judgment in favor of a mortgage...

Mealey's Banking & Finance - 5th Circuit Affirms Ruling For Lender, Finds Acceleration Was Abandoned

NEW ORLEANS - The Fifth Circuit U.S. Court of Appeals on April 24 affirmed a trial court's ruling granting summary judgment in favor of a lender, finding that a notice of acceleration was abandoned, causing a statute of limitations to cease running (Livier Hernandez v. Select Portfolio Servicing...

Mealey's Banking & Finance - 9th Circuit Finds Former Homeowner Lacked Standing To Challenge Foreclosure

SAN FRANCISCO - After finding that a borrower had no authority to challenge a foreclosure under California law, the Ninth Circuit U.S. Court of Appeals on April 27 affirmed summary judgment for various lenders on his wrongful foreclosure claim (Barry Halajian v. Deutsche Bank National Trust Co., et al...

Mealey's Banking & Finance - 2nd Circuit Vacates And Reduces Award For Unjust Enrichment

NEW YORK - The Second Circuit U.S. Court of Appeals on April 28 vacated an award of $295,298 for a loan servicer, but replaced the amount of the award with $106,511, finding that former property owners were unjustly enriched when they took advantage of an unrecorded mortgage (Green Tree Servicing, LLC...

Mealey's Banking & Finance - Judge Dismisses RESPA Claim Against Ocwen Without Leave To Amend

FORT LAUDERDALE, Fla. - A Florida federal judge on May 2 decided that claims for violation of the Real Estate Settlement Procedures Act (RESPA) against a loan servicer failed because a borrower failed to show that it did not respond to her request for information (Shelisa Todd v. Ocwen Loan Servicing...

Mealey's Banking & Finance - 6th Circuit Finds Wells Fargo Properly Responded To Modification Request

CINCINNATI - After finding that a bank had no obligation to review or approve a borrower's loan modification request, the Sixth Circuit U.S. Court of Appeals on May 2 affirmed a district court's ruling dismissing his claims related to the foreclosure of his property (Robert T. Brimm v. Wells...

Mealey's Banking & Finance - Institute Argues High Court Should Review Ruling On Nevada Housing Law

WASHINGTON, D.C. - A national community associations institute on May 4 submitted an amicus curiae brief in the U.S. Supreme Court in support of a homeowner's association trust, arguing that the court should overturn an appeals court ruling that found that a Nevada housing statute was unconstitutional...

Mealey's Banking & Finance - Judge Finds Borrowers Cannot Invoke Constitutional Claim For Invasion Of Privacy

MISSOULA, Mont. - A Montana federal judge on May 8 granted summary judgment for a bank, finding that it did not invade the privacy of property owners when its inspector took pictures of the property after a default on a loan and that the bank was permitted to inspect the property pursuant to the deed...

Mealey's Banking & Finance - Magistrate Finds Borrower Lacks Standing Under California High Court Ruling

FRESNO, Calif. - After finding that a borrower lacked standing under a recently decided California Supreme Court ruling to challenge a foreclosure and that his claims were not cognizably pleaded, a California federal magistrate judge on May 8 recommended that a motion to amend the borrower's complaint...

Mealey's Banking & Finance - Insurers' Rehabilitator Fails To Allege Breach Of Contract Claim, Reinsurer Asserts

CHICAGO - A mortgage insurance reinsurer argues in a May 5 reply brief to an Illinois federal court that the rehabilitator of two insolvent insurers failed to assert sufficient allegations to support breach of contract and breach of the implied covenant of good faith and fair dealing claims (People of...

Mealey's Banking & Finance - Trial Court Properly Rejected UCL Foreclosure Claims, Appeals Court Finds

SAN JOSE, Calif. - A couple lacks the authority to challenge the assignment of the rights to the mortgage on their property in an effort to preempt foreclosure, a California appeals court held May 9 in affirming judgment on unfair competition law (UCL) claims (William E. Hellmuth, et al. v. Bank of America...

Mealey's Banking & Finance - Judge Partly Grants Motion To Compel Discovery In Dispute Over Employee Fraud

CINCINNATI - An Ohio federal judge on May 9 granted in part insurers' motion to compel discovery in a dispute over fidelity bond coverage for the alleged fraudulent conduct of a bank insured's former loan officer (Fifth Third Bancorp, et al. v. Certain Underwriters at Lloyd's, et al., No...

Mealey's Banking & Finance - Prior Acts Exclusion Bars Coverage For Fraudulent Transfer Claims, Panel Affirms

ATLANTA - The 11th Circuit U.S. Court of Appeals on May 16 held that a directors and officers liability insurance policy's prior acts exclusion bars coverage for an underlying $15 million settlement arising from claims that a financial corporation's former executive officers breached their fiduciary...

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...