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Mealey's Banking & Finance - 9th Circuit Finds Borrower Lacks Standing To Assert UCL Violation

PASADENA, Calif. - The Ninth Circuit U.S. Court of Appeals on March 6 affirmed dismissal of a homeowner's claims for violation of California's unfair competition law and other California law, finding that there was no private right of action available to him under the law or that loan servicers...

Mealey's Banking & Finance - 3rd Circuit Finds Chase Improperly Calculated Insurance Termination Date

PHILADELPHIA - The Third Circuit U.S. Court of Appeals on March 9 affirmed a district court's order denying a bank's motion to dismiss claims for violation of the Homeowners' Protection Act, finding that the court did not err in finding that the bank violated the act when it relied on a broker's...

Mealey's Labor & Employment - Texas Federal Judge Denies Motion To Amend ERISA Complaint Against BP

HOUSTON - A Texas federal judge on March 8 denied a motion filed by participants and beneficiaries of BP entities' employee investment and savings plans covered by the Employee Retirement Income Security Act to file an amended complaint related to the Deepwater Horizon Gulf of Mexico oil spill that...

Mealey's Banking & Finance - 10th Circuit Finds TILA Rescission Claim Against Banks Was Not Properly Filed

DENVER- After finding that a property owner did not give written notice to rescind a mortgage under the Truth in Lending Act (TILA) within the required time period, the 10th Circuit U.S. Court of Appeals on March 13 affirmed the dismissal of his foreclosure-related claims asserted against two banks and...

Mealey's Banking & Finance - California Court Affirms Demurrer, Finds Borrowers Had No Interest In Property

SAN FRANCISCO - A California court on March 22 affirmed a trial court's decision to grant a demurrer filed by a mortgage company to a complaint filed by borrowers in relation to a foreclosure, finding that they did not allege sufficient facts to support their claim for violation of California's...

Mealey's Banking & Finance - 7th Circuit Finds RESPA, Other Claims Are Barred By State Court Ruling

CHICAGO - The Seventh Circuit U.S. Court of Appeals on March 29 affirmed the dismissal of the majority of a borrower's claims against various lenders and their legal counsel for lack of jurisdiction, but modified the ruling to allow for dismissal without prejudice (Eric Mains v. Citibank, N.A., et...

Mealey's Banking & Finance - Court Affirms Dismissal Of Foreclosure-Related Claims Against Housing Agency

CHICAGO - The Seventh Circuit U.S. Court of Appeals on March 31 found that a borrower's claims against a federal housing agency were barred by the Housing and Economic Recovery Act because the act provides a cause of action only to regulated entities (Jody Kimbrell v. Federal Housing Finance Agency...

Mealey's Banking & Finance - 2nd Circuit Finds Loan Servicer Gave Proper Notices Under TILA

NEW YORK - The Second Circuit U.S. Court of Appeals on April 3 affirmed the dismissal of a complaint filed by borrowers against a loan servicer, finding that the servicer properly notified them under the Truth in Lending Act (TILA) that the loan had been transferred (Weston Wright, et al. v. Green Tree...

Mealey's Banking & Finance - 5th Circuit Affirms Ruling For Lender, Finds Acceleration Was Abandoned

NEW ORLEANS - The Fifth Circuit U.S. Court of Appeals on April 24 affirmed a trial court's ruling granting summary judgment in favor of a lender, finding that a notice of acceleration was abandoned, causing a statute of limitations to cease running (Livier Hernandez v. Select Portfolio Servicing...

Mealey's Banking & Finance - 9th Circuit Finds Former Homeowner Lacked Standing To Challenge Foreclosure

SAN FRANCISCO - After finding that a borrower had no authority to challenge a foreclosure under California law, the Ninth Circuit U.S. Court of Appeals on April 27 affirmed summary judgment for various lenders on his wrongful foreclosure claim (Barry Halajian v. Deutsche Bank National Trust Co., et al...

Mealey's Banking & Finance - 2nd Circuit Vacates And Reduces Award For Unjust Enrichment

NEW YORK - The Second Circuit U.S. Court of Appeals on April 28 vacated an award of $295,298 for a loan servicer, but replaced the amount of the award with $106,511, finding that former property owners were unjustly enriched when they took advantage of an unrecorded mortgage (Green Tree Servicing, LLC...

Mealey's Banking & Finance - 6th Circuit Finds Wells Fargo Properly Responded To Modification Request

CINCINNATI - After finding that a bank had no obligation to review or approve a borrower's loan modification request, the Sixth Circuit U.S. Court of Appeals on May 2 affirmed a district court's ruling dismissing his claims related to the foreclosure of his property (Robert T. Brimm v. Wells...

Mealey's Banking & Finance - Institute Argues High Court Should Review Ruling On Nevada Housing Law

WASHINGTON, D.C. - A national community associations institute on May 4 submitted an amicus curiae brief in the U.S. Supreme Court in support of a homeowner's association trust, arguing that the court should overturn an appeals court ruling that found that a Nevada housing statute was unconstitutional...

Mealey's Banking & Finance - Financial Freedom To Pay $89M To Settle Reverse Mortgage Claims

WASHINGTON, D.C. - The U.S. Department of Justice on May 16 announced that a lender has agreed to pay more than $89 million to settle claims that it violated federal housing law in relation to its participation in a reverse mortgage program.

Mealey's Banking & Finance - 11th Circuit Finds Florida Is Improper Venue For RESPA Claim

ATLANTA - The 11th Circuit U.S. Court of Appeals on May 15 affirmed a district court's dismissal of a borrower's claim for violation of the Real Estate Settlement Procedures Act (RESPA) against a loan-servicing company, finding that Florida was the improper venue for the case (Robert Crenshaw...

Mealey's Banking & Finance - 9th Circuit Reverses Dismissal Of TILA Claim Against ReconTrust

PASADENA, Calif. - In a majority ruling, the Ninth Circuit U.S. Court of Appeals on May 22 reversed a district court's dismissal of a borrower's claim for rescission of her loan under the Truth in Lending Act (TILA) but affirmed dismissal of her claim for violation of the Fair Debt Collection...

Mealey's Banking & Finance - 3rd Circuit Finds Court Did Not Err In Dismissing Complaint Against CFPB

PHILADELPHIA - The Third Circuit U.S. Court of Appeals on May 22 affirmed a district court's dismissal of a property owner's complaint in relation to the denial of his loan modification application, finding that he failed to plead any facts to support his claims against the Consumer Financial...

Mealey's Banking & Finance - 9th Circuit Affirms Dismissal Of Los Angeles' FHA Claims Against Lenders

SEATTLE - The Ninth Circuit U.S. Court of Appeals on May 26 affirmed a decision to grant summary judgment to two lenders on claims for violation of the Fair Housing Act (FHA) and unjust enrichment asserted by the city of Los Angeles in relation to alleged predatory lending practices, finding a lack of...

Mealey's Banking & Finance - 2nd Circuit Finds Banks Have Standing To Enforce Mortgages

NEW YORK - The Second Circuit U.S. Court of Appeals on May 31 affirmed a district court's decision that several banks had standing to enforce individual notes and mortgages under New York law, rejecting a bankruptcy trustee's appeal of a district court's summary judgment ruling in favor of...

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...