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Mealey's Banking & Finance - 8th Circuit Finds Borrowers' Right To Rescind Under TILA Expired

ST LOUIS - The Eighth Circuit U.S. Court of Appeals on June 2 affirmed a trial court's ruling dismissing a claim for violation of the Truth in Lending Act (TILA) asserted by borrowers against lenders, finding that their notice of rescission of the loan was untimely (Alan G. Keiran, et al. v. Home...

Mealey's Banking & Finance - 9th Circuit Refuses To Vacate Ruling Dismissing TILA Rescission Claim

PASADENA, Calif. - The Ninth Circuit U.S. Court of Appeals on June 6 affirmed a trial court's decision not to vacate a ruling that granted dismissal in favor of a lender on a borrower's claims for violation of the Truth in Lending Act (TILA), finding that a borrower failed to show that the judgment...

Mealey's Banking & Finance - Panel Affirms Bankruptcy Court Ruling Dismissing UCL Claims Against Lenders

SAN FRANCISCO - The Ninth Circuit U.S. Court of Appeals on June 15 affirmed a bankruptcy court's ruling in favor of various lenders, finding that borrowers lacked standing to assert claims for violation of California's unfair competition law (UCL) and that their breach of contract claims failed...

Mealey's Banking & Finance - 10th Circuit Finds TILA Claims Are Precluded By Previous Lawsuit

DENVER - After finding that former property owners were aware of the facts underlying their claim for violation of the Truth in Lending Act (TILA) as early as 2011, the 10th Circuit U.S. Court of Appeals on June 16 affirmed a decision that their claims were precluded by a previous state court lawsuit...

Mealey's Banking & Finance - California Court Finds Borrower Lacked Standing To Assert UCL Claim

RIVERSIDE, Calif. - A California appeals court on June 16 affirmed a trial court's dismissal of a borrower's claims for violation of California's unfair competition law (UCL), breach of contract and negligent misrepresentation, finding that he lacked standing and that he was not a party to...

Mealey's Banking & Finance - 8th Circuit Affirms Decision, Finds No Challenge To Foreclosure Of Property

ST LOUIS - The Eighth Circuit U.S. Court of Appeals on June 20 affirmed a trial court's decision to grant judgment in favor of lenders and loan servicers on claims for tortious interference and violation of Missouri law, finding that a former property owner failed to make any argument that a foreclosure...

Mealey's Banking & Finance - High Court Refuses To Review Constitutionality Of Nevada Housing Law

WASHINGTON, D.C. - The U.S. Supreme Court on June 26 denied a trust's petition for certiorari, refusing to review an appeals court's decision finding that a Nevada housing statute is unconstitutional (Bourne Valley Court Trust v. Wells Fargo Bank, N.A., No. 16-1208, U.S. Sup.).

Mealey's Banking & Finance - Panel Finds Borrower's Claims Against Wells Fargo Are Barred By Abatement

VENTURA, Calif. - A California appeals panel on June 28 affirmed a trial court's decision to sustain a bank's demurrer to a complaint filed by a former homeowner who sought to set aside a foreclosure, finding that she had already asserted identical claims in another lawsuit (Lynn Behrens Zimmerman...

Mealey's Banking & Finance - 9th Circuit Finds Assignment Was Not Void, Affirms Dismissal For Nationstar

SAN FRANCISCO - The Ninth Circuit U.S. Court of Appeals on June 30 affirmed a ruling in favor of a loan servicer, finding that a borrower who alleged that an assignment of her mortgage was void failed to state a plausible claim for relief (Frances Ryan v. Nationstar Mortgage LLC, No. 15-15442, 9th Cir...

Mealey's Banking & Finance - California Panel Affirms Dismissal Of UCL, Wrongful Foreclosure Claims

SAN FRANCISCO - A California appeals panel on June 30 affirmed a trial court's decision in favor of lenders and loan servicers, finding that borrowers failed to show that various lenders and trusts lacked the authority to foreclose because a transfer of the note was void (Masazumi Inoue, et al. v...

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 - 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 - 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 - 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 - 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...