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Class of subprime borrowers made "bad bargain," failed to allege violation of TILA's disclosure requirements, Second Circuit holds

Foley & Lardner LLP
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USA
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July 26 2011

The Second Circuit has affirmed the Federal Rule 12(b)(6) dismissal of a Truth in Lending Act (TILA) claim in Poulin v. Balise Auto Sales, Inc., holding that the plaintiffs failed to allege facts suggesting that their purchases of cars with subprime installment loans included undisclosed finance charges, even though the plaintiffs purportedly paid substantially more than book value and alleged that purchasers with good credit did not

Massachusetts High Court voids foreclosure of securitized mortgage

Foley & Lardner LLP
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USA
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January 11 2011

In a recent decision that has already received national publicity, the Massachusetts Supreme Judicial Court has become the first state high court to rule that mortgages securing loans that are pooled into a trust and converted into mortgage-backed securities must be specifically assigned to the foreclosing lender before the foreclosure is commenced

New TILA rescission defense?

Foley & Lardner LLP
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USA
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February 15 2010

The U.S. District Court in Arizona may have launched a new defense to a rescission claim based on failure to give two copies of a right to cancel

The First Circuit confirms FCRA private right of action against furnishers of credit information

Foley & Lardner LLP
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USA
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February 10 2010

Wen Chiang succeeded on the law but failed on the facts in his Fair Credit Reporting Act claim against Verizon

Exercise care when suing debtors during the FDCPA validation period

Foley & Lardner LLP
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USA
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February 10 2010

Filing a collection lawsuit during the 30-day debt validation period can get a collector in hot water unless he is really careful

Class action certified in adjustable rate mortgage case

Foley & Lardner LLP
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USA
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January 26 2010

The United States District Court for the Northern District of California just certified a nationwide class of individuals who obtained option ARM loans from U.S. Financial Funding

Seventh Circuit remands class action dispute over credit dispute to district court

Foley & Lardner LLP
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USA
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January 26 2010

Today, the Seventh Circuit issued an opinion holding that even though some class members' claims lack federal jurisdiction, the district court must consider whether it has jurisdiction over the remaining members' claims under the Class Action Fairness Act ("CAFA"

Supreme Court watch: Chase Bank v. McCoy

Foley & Lardner LLP
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USA
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January 25 2010

Today, the United States Supreme Court invited the Solicitor General to file a brief expressing the Government’s position on Chase Bank USA, N.A.’s (“Chase”) cert petition with the following question presented

Seventh Circuit affirms district court’s reduced fee award in FDCPA case

Foley & Lardner LLP
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USA
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January 24 2010

Robert Duff began representing James and Christy Gastineau approximately three years after they filed suit in the Southern District of Indiana raising Fair Debt Collection Practices Act ("FDCPA") claims

Fourth Circuit confirms writings trump oral representations

Foley & Lardner LLP
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USA
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January 21 2010

The Diazs owned a home in Fairfax County, Virginia which they financed through Bank of America