3rd Circ. Clarifies Time Limit On Mortgage Rescission Suits

Law360, New York (February 5, 2013, 10:32 PM EST) -- The Third Circuit on Tuesday reversed the dismissal of a suit against a group of lenders over their failure to rescind mortgage loans, finding hat a borrower has only to give notice of rescission - not file a suit - to trigger their right to sell back a loan under the Truth in Lending Act.

In a precedential ruling, the panel found that Daniel and Geraldine Sherzer's May 2007 notices to lenders Homestar Mortgage Services LLC, HSBC Bank USA and The CIT Group Consumer Finance Inc. that...
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