LexisNexis® Legal Newsroom
Mealey's Banking & Finance - 11th Circuit Finds Lender Was Not Required To Provide Balance Under TILA

ATLANTA - The 11th Circuit U.S. Court of Appeals on March 1 found that a lender was not required to provide a payback balance for a mortgage under the Truth in Lending Act (TILA) and affirmed dismissal of a borrower's claims against it (Steve Evanto v. Federal National Mortgage Association, No. 15...

Mealey's Banking & Finance - Massachusetts Federal Magistrate Enters Judgment Against Former Property Owner

BOSTON - A Massachusetts federal magistrate judge on March 9 determined that a company that purchased a home through a foreclosure is entitled to an entry of judgment for approximately $6,500, which represents the amount of the deficiency stemming from the foreclosure (Rosario Klevisha v. Provident Funding...

Mealey's Banking & Finance - Judge: Exchange Company's Post-ACA Guidance Didn't Violate Securities Law

SAN FRANCISCO - A health exchange company's officer's opinions regarding their financial health after passage of the Patient Protection and Affordable Care Act (ACA) and forward-looking statements with adequate warnings do not support class action claims under securities law, a federal judge...

Mealey's Banking & Finance - Ohio Appeals Panel Says Mortgage And Note Must Be Certified, Authenticated

WARREN, Ohio - An Ohio appeals court on March 14 reversed a trial court's judgment degree in foreclosure case because the note and mortgage attached to the mortgage company's affidavit were not certified or authenticated (Green Tree Servicing LLC v. Russell L. Luce, et al., No. 2015-A-0022, Ohio...

Mealey's Banking & Finance - Letters Of Rescission Were Untimely Under Truth In Lending Act, Judge Says

HARTFORD, Conn. - A Connecticut federal judge on March 14 denied a mortgagor's motion to dismiss in a foreclosure action on the basis that letters of rescission allegedly sent by the mortgagor to the bank were untimely under the Truth in Lending Act (Bank of New York Mellon v. Keyin Worth, No. 13...

Mealey's Banking & Finance - Federal Judge Upholds Award Against Bank For Violating Bankruptcy Court Stay

DENVER - A Colorado federal judge on March 18 affirmed an award entered in a bankruptcy court for damages against a bank for its violation of an automatic stay by sending out letters containing statements of foreclosure to a homeowner in bankruptcy (In re: Brenda A. Ogden; PNC Bank N.A. v. Brenda A....

Mealey's Banking & Finance - Federal Judge Partially Grants Dismissal In Suit Alleging Insurance Kickbacks

ORLANDO, Fla. - A Florida federal judge on April 18 partially granted and partially denied motions to dismiss a proposed class complaint accusing a mortgage servicer and an insurer of engaging in a kickback scheme where borrowers were overcharged for "force-placed" insurance (John C. Sekula...

Mealey's Banking & Finance - Mortgage Company's Dismissal Motion Denied In Suit Seeking Damages For Failed Sale

PHOENIX - An Arizona federal judge on April 20 declined to dismiss a lawsuit brought by home sellers accusing a mortgage lender and loan officer of negligence and fraud related the information contained in the lender's pre-qualification information form for a buyer (William Leist, et al. v. Academy...

Mealey's Banking & Finance - 1st Circuit Reinstates Predatory Lending Suit Against Bank That Acquired Loan

BOSTON - The First Circuit U.S. Court of Appeals on April 29 reversed a dismissal for lack of jurisdiction in a predatory lending suit filed against the lender that held the note and mortgage at the time of foreclosure after the original lender went bankrupt (Carol Proal v. JPMorgan Chase Bank, N.A....

Mealey's Banking & Finance - 11th Circuit Refuses To Enforce Short Sale Contract With Clerical Error

ATLANTA - A letter stating the mortgage lender's required net payout amount for a short sale to proceed, which was nearly $300,000 less than the amount offered by the buyer, was clearly a clerical error and did not lead to the formation of a valid contract, the 11th Circuit U.S. Court of Appeals...

Mealey's Banking & Finance - Maine Foreclosure Diversion Program Doesn't Eliminate Federal Jurisdiction

PORTLAND, Maine - A Maine federal judge on April 29 ruled that a mortgage lender may proceed with its federal foreclosure case, based on diversity of citizenship, because the abstention doctrine in Burford v. Sun Oil Co. (319 U.S. 315, 331-33 [1943]) does not apply to the present case with regard to...

Mealey's Banking & Finance - Homeowners Show Misleading Statements Over Mortgage Loan Treatment, Judge Says

SAN FRANCISCO - Homeowners adequately identify allegations of misleading and deceptive statements made by a mortgage company regarding how payments would be treated during a transition period when the loan was transferred between mortgage companies, a California federal judge ruled May 4 (Peter Mazonas...

Mealey's Banking & Finance - Partial Dismissal Granted, Arbitration Ordered In FCRA Late Payments Suit

PHILADELPHIA - A Pennsylvania federal judge on May 10 referred a case by a couple who are accusing three credit-reporting agencies (CRAs) and their lender of falsely reporting multiple late payment to arbitration; the order came just one day after the judge dismissed the couple's defamation claims...

Mealey's Banking & Finance - 11th Circuit Reinstates RESPA Suit Over Mortgage Payment Increase

ATLANTA - The 11th Circuit U.S. Court of Appeals on May 12 reinstated a suit filed by a borrower against her mortgage servicer under the Real Estate Settlement Procedures Act (RESPA) after the borrower's loan payments were increased without an explanation (Margaret C. Renfroe v. Nationstar Mortgage...

Mealey's Banking & Finance - 6th Circuit Finds No Genuine Issue Of Fact Exists On Loan Refinance

CINCINNATI - The Sixth Circuit U.S. Court of Appeals on May 12 affirmed a district court's decision to grant summary judgment for a mortgage company, finding no genuine issue of material fact as to whether the conditions of a loan refinance were met (Michael G. May v. CitiMortgage Inc., No. 15-1061...

Mealey's Banking & Finance - 2nd Circuit Reverses Verdict Ordering Countrywide To Pay $1.27B In Penalties

NEW YORK - After finding that a jury had no legally sufficient basis on which to find that misrepresentations alleged by the U.S. government were made with contemporaneous fraudulent intent, the Second Circuit U.S. Court of Appeals on May 23 reversed a judgment ordering a lender and the chief operating...

Mealey's Banking & Finance - 9th Circuit Finds Appeal Of Judgment For MERS Is Time-Barred

SAN FRANCISCO - The Ninth Circuit U.S. Court of Appeals on May 18 affirmed a district court's decision granting summary judgment in favor of a lender and trust company on a borrower's Nevada law claims, finding that the appeal was time-barred (Robert W. Moore v. Mortgage Electronic Registration...

Mealey's Banking & Finance - 11th Circuit Finds Claims Against Wells Fargo Are Barred By Res Judicata

ATLANTA - The 11th Circuit U.S. Court of Appeals on June 3 affirmed a district court's decision to dismiss a case related to a property foreclosure as barred by res judicata (Rosena McNear v. Wells Fargo Bank N.A., as Trustee for the Certificateholders of Securitized Asset Banked Receivables, LLC...

Mealey's Banking & Finance - 10th Circuit Upholds Bankruptcy Court's Finding That Mortgage Is Enforceable

DENVER - The 10th Circuit U.S. Court of Appeals on June 3 affirmed a bankruptcy court's decision that a mortgage and assignments were enforceable (In re: Ralph Gifford, et al. v. Bank of America, N.A., successor by merger to BAC Homes Loans Servicing L.P., No. 15-8097, 10th Cir.; 2016 U.S. App. LEXIS...

Mealey's Banking & Finance - 1st Circuit Finds Borrowers Did Not Suffer Irreparable Harm, Affirms Ruling

BOSTON - The First Circuit U.S. Court of Appeals on June 21 affirmed a district court's decision to grant summary judgment in favor of several lenders, finding that property owners did not suffer irreparable harm when the court refused to grant them an injunction prohibiting foreclosure because the...

Mealey's Banking & Finance - 7th Circuit Finds Lender Is Not Liable For Fees Incurred For Use Of Program

CHICAGO - The Seventh Circuit U.S. Court of Appeals on June 27 affirmed a district court's judgment in favor of a residential mortgage lender, finding that it was not liable to pay another lender that acted as a sponsor for a mortgage-related computer program fees that it incurred (Nationwide Advantage...

Mealey's Banking & Finance - 2nd Circuit Finds Bank Had Standing To Foreclose, Affirms Ruling

NEW YORK - The Second Circuit U.S. Court of Appeals on June 29 affirmed a trial court's decision that a bank had standing to foreclose on a property and found that it did not err in granting summary judgment for the bank (OneWest Bank N.A. v. Robert W. Melina, et al., No. 15-3063, 2nd Cir.; 2016...

Mealey's Banking & Finance - 11th Circuit Affirms Ruling, Finds Bank Had Standing To Foreclose

ATLANTA - The 11th Circuit U.S. Court of Appeals on June 30 affirmed a trial court's decision to grant summary judgment in favor of a bank, finding that the bank had standing to foreclose and that claims asserted by borrowers had previously been litigated (Andrzej Madura, et al. v. BAC Home Loans...

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...