Lenders are Definitely Running Scared after the High Court Rescission Decision Jesinoski v Countrywide Home Loans

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Lenders are Definitely Running Scared after the High Court Rescission Decision Jesinoski v Countrywide Home Loans

Lenders are Definitely Running Scared after the High Court Rescission Decision Jesinoski v Countrywide Home Loans

LAW 360-

Slightly more than a month after the U.S. Supreme Court found that borrowers need only to notify their creditors of their intention to rescind a mortgage within three years, lenders are still trying to figure out just how to respond to a potential flood of rescission requests, attorneys say.

The Supreme Court’s January decision in Jesinoski et al. v. Countrywide Home Loans Inc. et al. said that the Truth In Lending Act gave borrowers the power to rescind their mortgages simply by notifying lenders of their lenders of their intentions within three years. The decision ended a circuit split wherein many courts had ruled that borrowers were required to sue within three years of their mortgage financing transaction in order to have it rescinded. 

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