Bankers Urge 3rd Circ. To Limit Mortgage Rescission Suits

Law360, New York (June 4, 2012, 6:21 PM EDT) -- Three groups representing mortgage lenders urged the Third Circuit on Friday to enforce a three-year statute of limitations on lawsuits brought against mortgage lenders for failing to recognize loan agreements as null, arguing the statute prevents the industry from being burdened with endless litigation.

The amicus brief was filed by the American Bankers Association, the Consumer Bankers Association and the Consumer Mortgage Coalition as the appeals court considers arguments over how long to allow borrowers to bring lawsuits against lenders under the Truth in Lending Act...
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