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Category Archives: Banking Law News
Borrower Must Be Offered A Permanent Loan Modification When They Comply With A Trial Period Plan.
After her home loan went into default, plaintiff agreed to a trial period plan [TPP], a form of temporary loan payment reduction under the Home Affordable Mortgage Program [HAMP]. Plaintiff complied with the TPP, making timely reduced monthly payments. Nonetheless, the … Continue reading
Posted in Appellate Law News, Banking Law News, Contract Law News, Foreclosure Education, Legal News, Real Estate Education
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Summary Judgment Reversed.
Plaintiff entered into a construction loan agreement with a bank, but the bank failed to properly make fund disbursements. As plaintiff attempted to salvage the situation, the bank went into receivership. Later defendant purchased the bank’s assets through a purchase and … Continue reading
Posted in Appellate Law News, Banking Law News, Contract Law News, Legal News, Summary Judgment Law News
Tagged 213 Cal.App.4th 872, Accounting, Agreement, appellate court, assume, assumption, authentic, bank, banks, bank’s assets, before the court, borrower, breach of contract, cause of action, Chase Home Finance, Chase Home Finance LLC, complete, construction, construction loan, contentions, conventional, deceit, declaration, declaratory relief, declared, default, disbursement, document, duty of care, entered, estoppel, evidence, expert witness, failed, failed bank, FDIC, foreclose, Foreclosure, fraudulent, fund disbursements, general rule, granted, homeowner, incomplete, Jolley, judicial notice, Lender, liabilities, loan agreement, making payments, misconduct, misrepresentation, modification, mortgage, moved, negligence, owe, placed, properly, purchase, purchase and assumption, purchase and assumption agreement, purchased, receivership, reversed, salvage, situation, stopped, summary adjudication, Summary judgment, Summary Judgment Reversed, theory, Triable, trial court, undisputed, unfair
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Written Employment Agreement With Parent Company Does Not Preclude Implied In Fact Employment Agreement With Subsidiary.
The Federal Deposit Insurance Corporation [FDIC] issued a cease and desist order requiring an employer investment and loan company to replace its senior management and take other measures to improve its lending practices. The next month, plaintiff and the parent … Continue reading
Posted in Appellate Law News, Banking Law News, Contract Law News, Employment Law News, Legal News
Tagged Abuse Of Discretion, Agreement, amend, annual salary, appeal, appointed, assurance, award of prejudgment interest, B224598, banking, breach of contract, cease, cease and desist, chief executive officer, Chief Legal Officer, company, contract, deposit insurance, depository institution, desist order, employed, employee, employer, employment, employment agreement, employment contract, employment relationship, existence, Faigin, FDIC, Federal Deposit Insurance Corporation, General Counsel, golden parachute, good cause, hearsay, implied in fact, improve, insured, interim, investment and loan, involuntary termination, job security, jury’s findings, legal services, lending practices, management team, matter of law, officially, order, Parent Company, perform, positions, preclude, prejudgment interest, president, replace, Replaced, salary, senior, senior management, Senior Vice President, severance, Signature Group Holding Inc., subsidiary, substantial evidence, supported, terminate, terminated, termination, troubled, unliquidated, written, written contract, written employment contract
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The Law Is For Thee, But Not For Me.
The Fair Credit Reporting Act [15 U.S.C. §1681] is supposed to protect the privacy of consumers. Among other provisions, it says that “no person that accepts credit cards or debit cards for the transaction of business shall print more than … Continue reading
Posted in Banking Law News, Legal News, U.S. Supreme Court
Tagged $350, 133 S.Ct. 12, 15 USC § 1681, 184 L.Ed.2d 317, 5 digits, accepts, Act of Congress, amount in controversy, attorney, authorize, Bormes, business, But Not For Me, card, card number, cause of action, civil action, civil liability, claim, claimant, client, concurrent, consumer, consumers, court, credit, Credit Card, credit cards, damages actions, date, debit cards, dismissed, electronic, exceeding, expiration, expiration date, fails to comply, Fair Credit Reporting Act, Federal, filing fee, founded, highest court, Immunity, imposes, in the land, included, judicial remedies, jurisdictional, last, last four digits, Lawyer, Little Tucker Act, lost, monetary, monetary relief, more, original jurisdiction, paid, Pay.gov, print, privacy, protect, provisions, receipt, remedial, sovereign immunity, Suit, supposed, Tenacious, The Law Is For Thee, Transaction, trial court, Tucker Act, Tucker Act FCRA, unequivocally, United States, violations, waive, willfully, “person”
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Summary Judgment Reversed In Foreclosure Case.
Plaintiff alleges she realized something was wrong with the loan on her home when she saw her signature was forged on a few of the loan documents. She hired a handwriting expert who confirmed some of the documents were not … Continue reading
Posted in Appellate Law News, Banking Law News, Foreclosure Law News, Legal News, Negligence Law News, Summary Judgment Law News
Tagged 209 Cal.App.4th 182, back payments, causes of action, Civil Code, Civil Code §2924g(d), covenant, damages, deed, deposition, distress, documents, Downey Savings, emotional, Emotional Distress, expert, FDIC, fees, Foreclosure, foreclosure sale, forged, Fraud, handwriting, home, infliction, infliction of emotional distress, Injunction, instituted, intentional, judicial notice, late fee, late fees, late payments, legal department, Lender, loan, loan payment, misrepresentation, monthly, monthly payments, mortgage, negligent misrepresentation, notice, outrageous, payment, preliminary injunction, proceedings, Ragland, reasonable inference, reinstate, Rejected, restraining order, reversed, savings, savings and loan, Signature, signed, sites, spoke, summary adjudication, Summary judgment, supervisor, temporary, tendering, tenders, Triable, U.S. Bank, U.S. Bank National Association, violation, §2924g(d)
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Dispute Against Credit Card Company Promising To Help Rebuild Credit Has To Be Arbitrated.
Credit card was marketed to be used to “rebuild poor credit.” The company was sued in a class action for misrepresentation. Credit card users signed arbitration agreement in the application. But the Credit Repair Organizations Act [CROA; 15 U.S.C. §1679c(a)] … Continue reading
Posted in Arbitration Law News, Banking Law News, Business Law News, Class Action Law News, Contract Law News, Legal News, U.S. Supreme Court
Tagged 132 S.Ct. 665, 15 U.S.C. §1679c(a), 181 L.Ed.2d 586, 9 U.S.C. §1, Agreement, application, Arbitrated, arbitration, card, class action, CompuCredit Corp, Congress, credit, Credit Card, credit repair organization, Credit Repair Organizations Act, CROA, dispute, FAA, Federal Arbitration Act, Greenwood, Help, marketed, misrepresentation, Ninth Circuit, non-arbitrable, poor credit, Rebuild, signed, United States Supreme Court, users
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Guarantors Left Holding The Bag.
Borrowers agreed to pay only interest on a loan until its maturity date. The loan contained a provision that barring an uncured default outstanding at the time of the maturity date, and in the bank’s sole and absolute opinion and … Continue reading
Posted in Banking Law News, Legal News
Tagged 207 Cal.App.4th 859, bank, borrower, Borrowers, Central Pacific Bank, commitment, default, Disclose, downgraded, Extend, extended, failed, Guarantors, intent to deceive, intentionally, interest, loan, maturity date, provision, restructure, SCC Acquisitions, sole and absolute opinion and judgment, substandard, term sheet, uncured
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