Welcome

Bank of America, Ocwen, Others Beat Military Foreclosure Suit

Dec. 19, 2019, 5:40 PM

Six banks are entitled to dismissal of a would-be class action by service members alleging the banks improperly foreclosed on their properties while they were on active duty, the Fifth Circuit affirmed Dec. 19.

The mortgage, privilege, or security agreements with the banks contained a clause importing a confession of judgment, which waives the rights of the service members under the Servicemembers Civil Relief Act, the court said.

The plaintiffs filed a class action against Ocwen Loan Servicing LLC, Barksdale Federal Credit Union, Pennymac Loan Services LLC, Bank of America NA, PHH Mortgage Corp., and Trustmark National ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.