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Mealey's Banking & Finance - 2nd Circuit Says Court Did Not Err In Decertifying Class Of Borrowers

NEW YORK - The Second Circuit U.S. Court of Appeals on July 15 affirmed a district court's decision to decertify a class of claimants that asserted a claim for breach of contract against lenders in relation to alleged late fees, finding that it had the authority to decertify the class after a jury...

Mealey's Banking & Finance - 9th Circuit Affirms Dismissal, Finds Equitable Tolling Does Not Apply

PASADENA, Calif. - The Ninth Circuit U.S. Court of Appeals on July 22 affirmed a district court's decision to dismiss a claim for violation of the Truth in Lending Act (TILA) as barred by a statute of limitations because equitable tolling did not apply (Mark McQuinn, et al. v. Bank of America, N...

Mealey's Banking & Finance - 7th Circuit Finds Complaint Was Not Timely Served, Affirms Dismissal

CHICAGO - The Seventh Circuit U.S. Court of Appeals on July 26 affirmed the dismissal of a foreclosure-related action, finding that the district court lacked jurisdiction and that the defendants failed to timely serve a loan-servicing company with their third-party complaint (U.S. Bank National Association...

Mealey's Banking & Finance - 9th Circuit Affirms Award Against Cabela's For Breach Of Contract

SEATTLE - The Ninth U.S. Circuit Court of Appeals on July 27 affirmed a district court's award of damages to the owner of a commercial property that was sold to a bank, with the exception of a portion that was granted to a bank in a bankruptcy settlement, finding that a retailer breached the underlying...

Mealey's Banking & Finance - 9th Circuit Affirms Dismissal Of UCL Claim In Dispute Over Polysilicon

SAN FRANCISCO - The Ninth Circuit U.S. Court of Appeals on July 29 affirmed the dismissal of claims for violation of California's unfair competition (UCL) in relation to a contract for the supply of polysilicon based on forum non conveniens (Adema Technologies Inc., et al. v. Wacker Chemical Corp...

Mealey's Banking & Finance - 6th Circuit Affirms Ruling For U.S. Bank, Finds It Had Standing To Foreclose

CINCINNATI - The Sixth Circuit U.S. Court of Appeals on Aug. 3 affirmed a district court's decision to grant summary judgment for a bank in relation to a scheduled foreclosure, finding that the bank had standing to foreclose (Roderick Robertson, et al. v. U.S. Bank, N.A., as Trustee for Residential...

Mealey's Banking & Finance - 10th Circuit Finds Claims Against Lenders Are Barred By Foreclosure Ruling

DENVER - After finding that a borrower's claims related to a state court foreclosure case were barred under the doctrine established in Rooker v. Fidelity Trust Co. (263 U.S. 413 [1923]) and District of Columbia Court of Appeals v. Feldman (460 U.S. 462 [1983]), the 10th Circuit U.S. Court of Appeals...

Mealey's Banking & Finance - Judge Stays Action Pending 9th Circuit's Ruling On Foreclosure Framework

LAS VEGAS - A Nevada federal court on Sept. 2 stayed a foreclosure-related action pending the outcome of a decision by the Ninth Circuit U.S. Court of Appeals on whether Nevada's nonjudicial foreclosure framework is unconstitutional under the due process clause of the U.S. Constitution (Deutsche...

Mealey's Banking & Finance - 3rd Circuit Finds Failure To Appear Warranted Dismissal Of Claim Against Chase

PHILADELPHIA - The Third Circuit U.S. Court of Appeals on Sept. 6 affirmed dismissal of a property owner's claim for violation of the Pennsylvania Unfair Trade Practices and Consumer Protection Law (UTPCPL), finding that she failed to comply with a district court's orders and did not appear at...

Mealey's Banking & Finance - 3rd Circuit Affirms Dismissal Of TILA And FDCPA Claims Against Banks

PHILADELPHIA - The Third Circuit U.S. Court of Appeals on Sept. 20 affirmed a district court's dismissal of claims asserted against banks, finding that a borrower's causes of action for violation of the Truth in Lending Act (TILA) and Fair Debt Collections Practices Act (FDCPA) were time-barred...

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...