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Mealey's Banking & Finance - Court Affirms Dismissal Of Claims Against Fannie Mae As Barred By Earlier Case

FRESNO, Calif. - After finding that a borrower's claims related to the foreclosure of her property were already litigated and dismissed on the merits in another action, a California court on Sept. 26 affirmed dismissal of a state court case as barred by res judicata (Shelly Max v. Federal National...

Mealey's Banking & Finance - BB&T To Pay $83M To Settle Allegations Related To FHA-Insured Lending

WASHINGTON, D.C. - The U.S. Department of Justice (DOJ) on Sept. 28 announced that Branch Banking & Trust Co. (BB&T) has agreed to pay the United States $83 million to resolve allegations that it violated the False Claims Act (FCA) when it originated faulty housing loans.

Mealey's Banking & Finance - High Court Refuses To Review Foreclosure Claims Against Freddie Mac

WASHINGTON, D.C. - The U.S. Supreme Court on Oct. 3 refused to grant certiorari in a case brought by former homeowners who challenged the foreclosure sale and forcible detainer of their home (Nicholas C. Daniels, et ux. v. Federal Home Loan Mortgage Corporation, No. 16-168, U.S. Sup.; 2016 U.S. LEXIS...

Mealey's Banking & Finance - 9th Circuit Affirms Dismissal, Finds No Facts To Support Fraud Claim

SAN FRANCISCO - The Ninth Circuit U.S. Court of Appeal on Oct. 14 affirmed a district court's dismissal of a borrower's fourth amended complaint and a claim for fraud related to her mortgage, finding that she failed to allege how any fraud on the part of the lender occurred (Dana Y. Coward v...

Mealey's Banking & Finance - 9th Circuit Affirms Dismissal Of FDCPA Claims, Remands TILA Action

PASADENA, Calif. - In a majority ruling, the Ninth Circuit U.S. Court of Appeals on Oct. 19 affirmed a district court's dismissal of a property owner's claims for violation of the Fair Debt Collection Practices Act (FDCPA), finding that a trustee was not a debt collector under the statute, but...

Mealey's Banking & Finance - 1st Circuit Finds Mortgage Assignment Was Valid, Affirms Dismissal

BOSTON - After determining that a lender had the authority to assign a mortgage to a bank, the First Circuit U.S. Court of Appeals on Nov. 14 affirmed the dismissal of all of a borrower's claims related to the alleged wrongful foreclosure of her property (Edythe L. Dyer v. Wells Fargo Bank, N.A....

Mealey's Banking & Finance - 9th Circuit Finds No Support For Borrower's UCL And Negligence Claims

SAN FRANCISCO - The Ninth Circuit U.S. Court of Appeals on Nov. 23 affirmed a district court's decision to dismiss claims for negligence and violation of California's unfair competition law (UCL), finding that a borrower's claims related to the transfer of his mortgage lacked legal or factual...

Mealey's Banking & Finance - 10th Circuit Affirms Bankruptcy Court's Dismissal Of Fraudulent Transfer Claims

DENVER - The 10th Circuit U.S. Court of Appeals on Dec. 6 affirmed a bankruptcy court's decision to enter summary judgment against a debtor in relation to the sale of a property, finding that its claims for fraudulent transfer of the loan failed (In re: Expert South Tulsa LLC, Steven R. Rebein, Chapter...

Mealey's Banking & Finance - 9th Circuit Affirms Ruling For Wells Fargo On Mortgage Lending Claims

PASADENA, Calif. - The Ninth Circuit U.S. Court of Appeals on Dec. 6 affirmed a district court's decision to grant summary judgment on claims for violation of California's unfair competition law (UCL), negligence, wrongful foreclosure and other claims asserted against Wells Fargo Bank N.A., finding...

Mealey's Banking & Finance - Judge Enters Default Ruling, Awards Investor $1.07M In Damages

LOS ANGELES - After finding that an investor adequately pleaded that financial advisers deliberately made misrepresentations and concealed information about the risks associated with investments, a California federal judge on Dec. 9 entered a default ruling in her favor for $1,070,972.88 (Julie Marshall...

Mealey's Banking & Finance - 2nd Circuit Finds Rescission Period Under TILA Had Expired, Affirms Dismissal

NEW YORK - The Second Circuit U.S. Court of Appeals on Dec. 16 affirmed a decision granting dismissal for a bank of a borrower's claims for rescission under the Truth in Lending Act (TILA), finding that the rescission period had expired (Allyson Smith v. Wells Fargo Bank, N.A., No. 16-611, 2nd Cir...

Mealey's Banking & Finance - 4th Circuit Finds No Evidence To Support FDCPA Claims Against Ocwen

RICHMOND, Va. - The Fourth Circuit U.S. Court of Appeals on Dec. 20 affirmed the grant of summary judgment to a loan-servicing company, finding that a borrower failed to submit sufficient evidence to create a genuine issue of material fact to support his claims related to the alleged improper reporting...

Mealey's Banking & Finance - 10th Circuit Finds FDCPA Claim Was Barred By Limitations Period

DENVER - The 10th Circuit U.S. Court of Appeals on Dec. 28 affirmed a district court's dismissal of a claim for violation of the Fair Debt Collections Practices Act (FDCPA) against several mortgage entities as time-barred by a one-year statute of limitations and that an exception to a federal evidence...

Mealey's Banking & Finance - 3rd Circuit Finds Capital One Did Not Misrepresent Loan

PHILADELPHIA - The Third Circuit U.S. Court of Appeals on Jan. 4 affirmed a district court's ruling in favor of a lender, finding that a property owner failed to allege any facts to support a finding that it breached any mortgage agreement with him or intentionally inflicted emotional distress (Ruben...

Mealey's Banking & Finance - 3rd Circuit Finds Claims Against U.S. Bank Are Barred By Foreclosure Case

PHILADELPHIA - The Third Circuit U.S. Court of Appeals on Jan. 12 affirmed a district court's decision to dismiss causes of action related to the assignment of a mortgage against a bank and a mortgage company, finding that the case was barred by the doctrine established in Rooker v. Fidelity Trust...

Mealey's Banking & Finance - High Court Finds Clause Did Not Confer Federal Jurisdiction For Fannie Mae

WASHINGTON, D.C. - The U.S. Supreme Court on Jan. 18 reversed a decision granting judgment for the Federal National Mortgage Association (Fannie Mae) on claims related to a property foreclosure, finding that the sue-and-be-sued clause in a federal charter does not expressly confer jurisdiction on federal...

Mealey's Banking & Finance - 6th Circuit Finds RESPA And Foreclosure Claims Are Not Related

CINCINNATI - The Sixth Circuit U.S. Court of Appeals on Jan. 20 affirmed a district court's decision to dismiss a borrower's compulsory counterclaim of foreclosure, finding that a foreclosure case is not "logically related" to a claim for violation of the Real Estate Settlement Procedures...

Mealey's Banking & Finance - Court Reverses Order Striking Voluntary Dismissal, Affirms Award Of Fees

SAN DIEGO - A California appeals court on Jan. 20 affirmed a trial court's decision to award a mortgage company fees it incurred and an award of sanctions but reversed a ruling that the trial court lacked jurisdiction to strike her voluntary dismissal and enter judgment against her (Gwendolyn Wilson...

Mealey's Banking & Finance - 5th Circuit Finds Court Did Not Err In Calculating Loan Balance

NEW ORLEANS - The Fifth Circuit U.S. Court of Appeals on Jan. 23 affirmed a district court's decision in favor of CitiMortgage Inc., finding that the court did not err when it accepted the lender's calculation of what the balance on the loan was (Michael A. Maldonado v. CitiMortgage Inc., No...

Mealey's Banking & Finance - California Court Finds No Facts To Support Claims Stemming From Loan Assignments

SACRAMENTO, Calif. - A California court on Feb. 1 affirmed a trial court's decision to dismiss numerous claims against several mortgage entities in relation to the assignment of a loan, finding that the borrowers failed to submit any cause of action to support the theories that they relied on (Andrew...

Mealey's Banking & Finance - 2nd Circuit Finds Duty Under RESPA Was Not Triggered, Affirms Ruling

NEW YORK - The Second Circuit U.S. Court of Appeals on Jan. 31 affirmed a bankruptcy court's finding that a mortgage company's statutory duty to respond to a request under the Real Estate Settlement Procedures Act (RESPA) was never triggered (Barry F. Mack v. Rescap Borrower Claim Trust, No....

Mealey's Banking & Finance - 8th Circuit Finds Class Member Lacks Standing To Challenge $25.7M Settlement

ST. LOUIS - The Eighth Circuit U.S. Court of Appeals on Feb. 8 found that a member of a class action lacked standing to appeal a district court's final approval of a $25,750,000 settlement of claims asserted against a bank in relation to fees it automatically charged for property inspections (Edward...

Mealey's Banking & Finance - 4th Circuit Affirms Dismissal Of False Claims Act Allegations Against Bank

RICHMOND, Va. - The Fourth Circuit U.S. Court of Appeals on Feb. 16 affirmed a district court's dismissal of claims for violation of the False Claims Act (FCA) against a bank, finding that a borrower failed to show that it was involved in a scheme that resulted in the submission of false claims ...

Mealey's Banking & Finance - 6th Circuit Finds Disability Coverage Claims Preempted By ERISA

CINCINNATI - After finding that a former marketing director's claims for coverage against a medical review company were completely preempted by the Employee Retirement Income Security Act, the Sixth Circuit U.S. Court of Appeals on Feb. 17 affirmed dismissal of the claims and found that a previous...

Mealey's Banking & Finance - Court Finds Borrowers Have No Standing To Challenge Foreclosure

SAN FRANCISCO - A California appellate panel on Feb. 17 affirmed a ruling in favor of various lenders, finding that property owners failed to show that they had standing to challenge a foreclosure under a pooling and services agreement (Hanneke C. Gary R. Lohse, v. Nationstar Mortgage LLC, et al., No...