LexisNexis® Legal Newsroom
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 - Judge Rules On Summary Judgment Motions In Suit Over Loan Closing Programs

MILWAUKEE - A Wisconsin federal judge on Sept. 30 held that there is a question of fact as to whether an insured could have reasonably foreseen that claims of wrongful acts brought against it by mortgage lenders would result in claims by a title insurer in a dispute arising from the insured's mortgage...

Mealey's Banking & Finance - Federal Judge Dismisses TILA And UCL Claims Related To Foreclosure

SAN FRANCISCO - After finding that numerous causes of action asserted by a borrower in relation to a foreclosure, including claims for violation of California's unfair competition law (UCL) and the Truth in Lending Act (TILA) against several defendants, failed, a California federal judge on Oct....

Mealey's Banking & Finance - Federal Judge Finds UCL Claim Is Not Time-Barred Against Title Company

SAN FRANCISCO - A California federal judge on Oct. 5 partially granted a motion to dismiss claims related to reverse mortgages on a borrower's property, finding that their claims for violation of California's unfair competition law (UCL) could proceed and that their claims for elder financial...

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 - Federal Judge Finds Foreclosure Claims Are Barred By State Court Case

ROCKFORD, Ill. - An Illinois federal judge on Oct. 18 granted a lender's motion to dismiss a case filed by a borrower, finding that all of a former property owner's claims related to a foreclosure could have been raised in a previous state court case (Lorenzo C. Reyes v. CitiMortgage Inc., No...

Mealey's Banking & Finance - Judge Recommends Dismissal Of Foreclosure-Related Claims Against CitiMortgage

CINCINNATI - A federal magistrate judge on Oct. 18 recommended that a former property owner's claims against a mortgage company be dismissed for lack of subject matter jurisdiction, but declined a lender's request that he be declared a vexatious litigator (Phillips Brantley v. CitiMortgage, No...

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 - 'Unrepaid Loan Carve-Out' Does Not Bar Coverage For FDIC's Suit, 9th Circuit Rules

PASADENA, Calif. - The Ninth Circuit U.S. Court of Appeals on Oct. 19 affirmed a federal court's finding that a bank's management liability insurance policy's "unrepaid loan carve-out" does not bar coverage for damages sought by the Federal Deposit Insurance Corp. (FDIC) in an underlying...

Mealey's Banking & Finance - Federal Judge Finds RICO Claims Are Barred By Statute Of Limitations

TACOMA, Wash. - A Washington federal judge on Oct. 31 found that a borrower's claims for violation of the Racketeer Influenced and Corrupt Organizations Act in relation to her mortgage were barred by a four-year statute of limitations and dismissed all of her claims without leave to amend (Danica...

Mealey's Banking & Finance - Federal Judge Refuses To Grant Injunctive Prohibiting Foreclosure

ORLANDO, Fla. - A Florida federal judge on Oct. 31 refused to grant injunctive relief to a property owner in relation to an attempt to enjoin several lenders from foreclosing on a property and ordered the parties to submit a joint statement as to why the court has jurisdiction over the case (Joseph E...

Mealey's Banking & Finance - Federal Judge Finds Borrower Lacks Standing To Bring Claims Against MERS

UTICA, N.Y. - After finding that a former property owner lacked standing to sue a lender for breach of contract and that she failed to allege that she held title to the property, a New York federal judge on Nov. 1 granted the lender's motion to dismiss the complaint for failure to state a claim ...

Mealey's Banking & Finance - Bank, Receiver Never Acquired Right To Enforce Crime Bond, 10th Circuit Affirms

DENVER - The 10th Circuit U.S. Court of Appeals on Nov. 1 affirmed a lower federal court's finding that because coverage never vested before the Federal Deposit Insurance Corp. (FDIC) took over a bankrupt bank, the bank and consequently the FDIC never acquired the right to enforce a financial institution...

Mealey's Banking & Finance - Judge Dismisses Wrongful Foreclosure Claims, Finds Bank Had Standing

SAN FRANCISCO - A California federal judge on Nov. 1 dismissed claims for wrongful foreclosure, violation of California civil code and other causes of action asserted by a borrower against banks in relation to her residential mortgage, finding that she failed to show that a bank held no interest in the...

Mealey's Banking & Finance - New York Federal Judge Transfers TILA Action Against Lenders To Arizona

NEW YORK - A New York federal magistrate judge on Nov. 1 granted a motion to transfer a declaratory relief action filed against a bank and lender, finding that the case should be heard in the U.S. District Court for the District of Arizona (Raymond A. Ribail v. Bank of America, N.A., et al., No. 16-CV...

Mealey's Banking & Finance - Washington High Court Answers 3 Certified Questions In Embezzlement Coverage Suit

OLYMPIA, Wash. - The Washington Supreme Court on Nov. 3 responded to three certified questions submitted by a federal district court in an insurer's lawsuit seeking recovery from a bank for losses arising from embezzlement committed by the insured's employee (Travelers Casualty & Surety Co...

Mealey's Banking & Finance - Judge Finds All Claims Related To Mortgage Are Barred By Limitations Periods

TACOMA, Wash. - Since borrowers did not file a lawsuit for 10 years after their mortgage was entered into, a Washington federal judge on Nov. 3 found that their claims for rescission under the Truth in Lending Act (TILA) and all of their other causes of action were barred by applicable statutes of limitations...

Mealey's Banking & Finance - Judge Finds Borrowers Did Not Properly Serve Lender With Foreclosure Claims

TACOMA, Wash. - A Washington federal judge on Nov. 2 partially granted a title company's motion to dismiss claims asserted against it in relation to a foreclosure sale, finding that the borrowers sufficiently pleaded their claims but that they failed to properly serve the company with their complaint...

Mealey's Banking & Finance - Judge Says Claims Against Employer Are Not Preempted By Trade Secrets Law

SAN FRANCISCO - After finding that a company's counterclaims for breach of a duty of loyalty and violation of California's unfair competition law (UCL) were not preempted by the California Uniform Trade Secrets Act (CUTSA), a California federal judge on Nov. 4 denied a former dispatcher's...

Mealey's Banking & Finance - Federal Judge Certifies Borrowers Class In Suit Alleging Mortgage Kickbacks

BALTIMORE - A Maryland federal judge on Nov. 8 certified a class of borrowers who allege that a title company violated the Real Estate Settlement Procedures Act (RESPA) by providing cash and other benefits to mortgage lenders in exchange for referrals (Edward J. and Vicki Fangman, et al. v. Genuine Title...

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 - Judge Allows Part Of RESPA Claim Against Loan Servicer To Proceed

SACRAMENTO, Calif. - A California federal magistrate judge on Nov. 29 partially granted a loan servicer's motion to dismiss claims for fraudulent misrepresentation but allowed part of a borrower's claim for violation of the Real Estate Settlement Procedures Act (RESPA) to proceed (Frank Malifrando...

Mealey's Banking & Finance - Federal Judge Finds Estate Lacks Standing To Challenge Foreclosure Sale

DETROIT - A Michigan federal judge on Nov. 28 granted a motion filed by lenders to dismiss claims asserted by an estate against them in relation to the foreclosure of a property, finding that the estate lacked standing to bring the claims and that it failed to assert that there was a defect in the foreclosure...