Bankruptcy
Jan. 23, 2015
Ruling could raise costs, force banks to sue borrowers
Jesinoski v. Countrywide Home Loans will have a significant impact on creditors as borrowers have increasingly sought to use the right of rescission to delay or prevent foreclosure. By Kirk D. Jensen, Sasha Leonhardt, and Alexander D. Lutch
On Jan. 13, the Supreme Court held in Jesinoski v. Countrywide Home Loans Inc. that a borrower seeking to rescind a loan under the Truth in Lending Act (TILA) need only submit written notice to the creditor within three years to comply with the three-year limitation on the rescission right. The court's decision will have a significant impact on creditors as borrowers who have failed to make the...
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