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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 - Federal Judge Finds Bank Missed Deadline To Amend Notice Of Removal

SELMA, Ala. - After finding that a bank missed the deadline for amending its notice of removal of a case in which the claimant asserts that it violated the Fair Debt Collection Practices Act (FDCPA), an Alabama federal judge on June 9 denied its request to amend the parties on the notice (Ashley Gill...

Mealey's Banking & Finance - Federal Judge Allows Breach Of Contract Claims To Proceed Against Bank

LOS ANGELES - After finding that a borrower attempted to fulfill the terms of an agreement with a bank, a California federal judge on June 15 refused to dismiss her breach of contract claims but granted dismissal as to her claims for rescission and violation of California's unfair competition law...

Mealey's Banking & Finance - HSBC To Pay Record $1.5B Settlement To End Securities Class Action

SAN DIEGO - In what is being called a record recovery for shareholders, HSBC Finance Corp. has agreed to pay more than $1.5 billion to settle claims that its predecessor-in-interest, Household International Inc., and certain of its executive officers and directors issued a series of misrepresentations...

Mealey's Banking & Finance - Federal Judge Finds No Jurisdiction Over California Law Claims

LOS ANGELES - A California federal judge on June 20 found that claims asserted against numerous mortgage lenders for violation of California law must be dismissed for lack of jurisdiction (Mattie Belinda Evans v. Bank of America, N.A., et al., No. 16-4147, C.D. Calif.; 2016 U.S. Dist. LEXIS 80001).

Mealey's Banking & Finance - Magistrate Judge Finds TILA Claim Against Nationstar Is Time-Barred

OAKLAND, Calif. - A California federal magistrate judge on June 20 granted a bank's motion to dismiss claims asserted against it by borrowers, finding that their claims for rescission of the loan under the Truth In Lending Act (TILA) were barred by a three-year statute of limitations (Muhamed Almutarreb...

Mealey's Banking & Finance - Federal Judge Finds No Facts To Support TILA And FDCPA Claims

HARRISONBURG, Va. - After finding that a borrower failed to submit any facts to support her claims, a Virginia federal judge on June 16 granted a motion filed by lenders and others to dismiss claims for violation of the Truth In Lending Act (TILA) and other causes of action (Marsha Lambert Maines v....

Mealey's Banking & Finance - Federal Judge: Insured Did Not 'Own' Lost Earnings Under Commercial Crime Policy

HOUSTON - A Texas federal judge on June 21 held that an insured did not "own" its lost earnings stemming from a Ponzi scheme within the meaning of a commercial crime insurance policy (Cooper Industries, Ltd., et al v. National Union Fire Insurance Company of Pittsburgh Pa., No. 12-01591, S...

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 - Judge: Insureds' Material Misrepresentations As To $5M Employee Theft Bar Coverage

NEW HAVEN, Conn. - A Connecticut federal judge granted judgment in favor of an insurer on June 27 in a lawsuit seeking recovery of more than $5 million in missing bank cash (Known Litigation Holdings, LLC v. Navigators Insurance Co., et al., No. 12-269, D. Conn.; 2016 U.S. Dist. LEXIS 82675).

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 - Federal Judge Allows RESPA Claim To Proceed Against Bank

NEWARK, N.J. - A New Jersey federal judge on June 28 refused to dismiss a borrower's claim against a bank for violation of the Real Estate Settlement Procedures Act (RESPA) in relation to her request for a loan modification and reserved judgment on various state law claims pending the outcome of...

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 - Judge Dismisses Claims Against Servicer Related To Loan Modification

LAS VEGAS - A Nevada federal judge on July 6 granted a loan servicer's motion to dismiss claims filed by property owners in relation to a loan modification, finding that allegations related to foreclosure documentation failed to state a claim under Nevada law (Judith Beebe, et al. v. New Penn Financial...

Mealey's Banking & Finance - Georgia Supreme Court: Bank's Arbitration Provision Doesn't Bar Class Complaint

ATLANTA - A unanimous Georgia Supreme Court on July 8 reversed an appellate panel's decision finding that a bank's arbitration clause, which only permits an individual depositor to reject arbitration on his or her own behalf, prevents a class representative from suing on behalf of class members...

Mealey's Banking & Finance - Federal Judge Finds TILA And RESPA Claims Are Barred By State Court Case

COLUMBUS, Ohio - An Ohio federal judge on July 12 found that a property owner's claims for violation of the Truth in Lending Act (TILA) and other causes of action in relation to a foreclosure case were barred by res judicata (A. Jubal Harris v. US Bank National Association, et al., No. 2:15-CV-2981...

Mealey's Banking & Finance - Santander's Motion To Dismiss Debt Collection Class Claim Fails

CHICAGO - An Illinois federal judge on July 11 denied a motion by Santander Consumer USA Inc. to dismiss the Fair Debt Collection Practices Act (FDCPA) claim in a class suit accusing it of hounding debtors by phone and then charging them excessive fees for payments made over the phone or online (Cheryl...

Mealey's Banking & Finance - Judge: Facebook IPO Class Action Claims Fall Under Professional Services Exclusion

NEW YORK - A New York federal judge on July 12 held that a directors and officers liability insurance policy's professional services exclusion unambiguously bars coverage for claims in an underlying Facebook IPO class action lawsuit but refused to grant summary judgment to the primary D&O insurer...

Mealey's Banking & Finance - Judge Allows Borrower To Amend RESPA Claim Against Loan Servicer

SACRAMENTO, Calif. - A California federal magistrate judge on July 14 dismissed claims asserted by a borrower against a loan servicer but granted him leave to amend his claim for violation of the Real Estate Settlement Procedures Act (RESPA) and to pursue a claim under California's unfair competition...

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 - Judge Finds HPA Claims Against Nationstar Are Not Preempted, Refuses To Dismiss

PHILADELPHIA - After finding that a borrower's claims for violation of the Homeowners Protection Act (HPA) were not preempted and that she sufficiently pleaded her claims for breach of contract and unjust enrichment in relation to her private mortgage insurance (PMI), a Pennsylvania federal judge...

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 - Federal Judge Converts Lenders' Pleadings To Summary Judgment Motions

SAN FRANCISCO - After finding that motions to dismiss claims asserted against various lenders in relation to a foreclosure relied on evidence outside of the pleadings, a California federal judge on July 22 converted it to a motion for summary judgment (Ernest L. Bonner v. Fay Servicing LLC, et al., No...

Mealey's Banking & Finance - Judge Rejects Claims That Servicer Did Not Give Proper Notice Under TILA

NEW YORK - A New York federal judge on July 25 granted a loan-servicing company's motion to dismiss claims for violation of the Truth in Lending Act (TILA), finding that the servicer provided adequate notice of a transfer of the mortgage to another servicer (Weston Wright, et al. v. Green Tree Servicing...