Poturich v. Gateway Business Bank CA2/3

CourtCalifornia Court of Appeal
DecidedMarch 10, 2014
DocketB244070
StatusUnpublished

This text of Poturich v. Gateway Business Bank CA2/3 (Poturich v. Gateway Business Bank CA2/3) is published on Counsel Stack Legal Research, covering California Court of Appeal primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Poturich v. Gateway Business Bank CA2/3, (Cal. Ct. App. 2014).

Opinion

Filed 3/10/14 Poturich v. Gateway Business Bank CA2/3 NOT TO BE PUBLISHED IN THE OFFICIAL REPORTS California Rules of Court, rule 8.1115(a), prohibits courts and parties from citing or relying on opinions not certified for publication or ordered published, except as specified by rule 8.1115(b). This opinion has not been certified for publication or ordered published for purposes of rule 8.1115.

IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA

SECOND APPELLATE DISTRICT

DIVISION THREE

MATTHEW POTURICH, B244070

Plaintiff and Appellant, (Los Angeles County Super. Ct. No. GC047930) v.

GATEWAY BUSINESS BANK et al.,

Defendants and Respondents.

APPEAL from a judgment of the Superior Court of Los Angeles County,

Jan A. Pluim, Judge. Affirmed.

Stephen R. Golden & Associates and Stephen R. Golden for Plaintiff and

Appellant.

Winston & Strawn, David L. Aronoff, Gayle I. Jenkins and Jason C. Hamilton

for Defendant and Respondent.

_______________________________________ Plaintiff and appellant Matthew Poturich (Poturich) brought suit against

defendant Gateway Business Bank, dba Mission Hills Mortgage Bankers (Mission),

raising numerous causes of action arising from a loan Poturich had obtained from

Mission in connection with his purchase of a home. The trial court sustained without

leave to amend Mission’s demurrer to Poturich’s second amended complaint. Poturich

appealed. While the appeal was pending, Poturich filed a second action (the instant

action) against Mission, attempting to hold Mission liable for the same wrongdoing

alleged in the first action, on the theory that Mission had acted as a mortgage broker,

rather than as a mere lender. We then resolved the first appeal in favor of Mission,

concluding that Poturich’s operative complaint in the first action did not properly state

a cause of action against Mission, and Poturich had failed to demonstrate that he could

amend his complaint to state a cause of action. (Poturich v. Gateway Business Bank

(Apr. 16, 2012, B232594) [nonpub. opn.] (Poturich I).) Thereafter, the trial court in the

instant action sustained without leave to amend Mission’s demurrer, on the basis of

res judicata. Poturich appeals and we affirm.

FACTUAL AND PROCEDURAL BACKGROUND

1. Underlying Facts

The claims in both actions all stem from a transaction through which Poturich

borrowed substantial funds from Mission to purchase a home. In early April of 2006,

Poturich entered into a purchase agreement to buy the property from its sellers for

$1,998,000. He then sought financing from Mission at an 80% loan to value ratio. At

closing, Mission informed him that he did not qualify for 80% financing. Mission then

2 offered Poturich a loan at 75% financing, requiring him to come up with an additional

$99,900, which he did. Poturich also alleges that he was charged $1,125.00 in appraisal

fees because multiple appraisals were needed in order to find at least one that matched

the value of the property to the sale price. The transaction closed on May 18, 2006,

with Poturich obtaining a $1,498,500 loan secured by a first trust deed on the property

in favor of Mission as the lender. The loan was “immediately transferred” to

Countrywide Home Loans.

Poturich had difficulty making the payments from the beginning and, in February

of 2009, he discovered (in an online search) that the sellers had themselves purchased

the property for $198,000 less than the price at which they sold it to him, less than two

months before the sale to him. Poturich alleges that he was unaware of this fact, but

that Mission knew it, and hid it from him.

While Poturich generally alleges that the terms of the loan itself were illegal, and

that the loan was not properly underwritten, the bulk of Poturich’s allegations against

Mission are based on: (1) Mission’s alleged failure to inform him that the property was

worth less than he had agreed to pay for it; (2) Mission’s alleged failure to inform him

that the property was being “flipped” by the sellers; (3) Mission’s alleged conspiracy

with the appraiser who ultimately overvalued the property in order to support the

purchase price; and (4) Mission’s “bait and switch” in promising Poturich financing at

an 80% loan-to-value ratio, but, at the last minute, providing financing for only 75% of

the purchase price.

3 2. The First Action

Poturich filed his complaint in the first action on July 30, 2010, alleging

17 causes of action, 14 of them against Mission.1 The operative complaint was the

second amended complaint, filed on December 27, 2010. It purported to allege causes

of action against Mission for: breach of the implied covenant of good faith and fair

dealing; intentional misrepresentation; constructive fraud; violation of Unfair

Competition Law (California Bus. & Prof. Code § 17200); breach of fiduciary duty;

breach of duty to disclose; breach of duty to be honest and truthful; rescission;

conspiracy to commit fraud; reformation; Unfair and Deceptive Business Act Practice;

predatory lending; quiet title; and declaratory relief.

In the operative complaint, Poturich alleged that Mission acted as both a broker

and a lender. He specifically alleged that, in the loan transaction, Mission “acted as the

mortgage broker for [Poturich]. As [Poturich]’s agent, [Mission] owed to [Poturich]

a fiduciary duty to make the fullest disclosure of all material facts that might affect

[Poturich]’s decision to purchase the property.”

Mission demurred to the complaint. The trial court sustained Mission’s demurrer

without leave to amend, after it concluded that the allegations of the complaint failed to

state a cause of action. A judgment of dismissal was entered, and Poturich appealed.

While the appeal was pending, Poturich filed his complaint in the instant action.

However, for the purposes of our discussion, it is helpful to discuss the progress of the

1 Poturich also named as a defendant Bank of America (Countrywide’s successor), and Recontrust Company, the apparent trustee foreclosing on Poturich’s deed of trust. Neither entity is a party to this appeal.

4 first action to its conclusion. Shortly after the trial court had sustained without leave to

amend Mission’s demurrer, the appellate opinion issued in Smith v. Home Loan

Funding, Inc. (2011) 192 Cal.App.4th 1331 (Smith). Smith confirmed existing law that

a mortgage broker owes its client a fiduciary duty, while a mortgage lender owes no

such duty. (Id. at pp. 1334-1335.) In Smith, the court was concerned with whether, on

the facts of that case, the borrower had produced sufficient evidence to support the trial

court’s finding that the defendant had acted as a broker as well as a lender. (Ibid.)

Armed with the Smith opinion, Poturich concluded that his most promising avenue of

appeal was to pursue the argument that Mission had acted as a broker.

On September 21, 2011, Poturich filed his opening brief on appeal, in which he

argued, among other things, that Mission had acted as a broker. A two-page argument

in his brief was titled, “Poturich’s verified second amended complaint alleged that

Mission acted as his broker. As such, it incurred strict fiduciary duties to Poturich.”

(Emphasis and capitalization omitted.) Four additional pages of his brief were devoted

the argument titled, “Whether Mission acted as a broker is a question of fact to be

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Poturich v. Gateway Business Bank CA2/3, Counsel Stack Legal Research, https://law.counselstack.com/opinion/poturich-v-gateway-business-bank-ca23-calctapp-2014.