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Rescission Of Mortgage Loans Must Be Reasonable

Law360, New York (June 10, 2014, 10:41 AM EDT) -- Just because a borrower has a right to rescind doesn’t mean the borrower can rescind. One of the more popular claims in litigation following the mortgage crisis that began in 2008 is for rescission of a mortgage loan. The Truth in Lending Act provides rescission as a remedy for certain violations related to refinance transactions.[1] But rescission is a unique remedy, unlike most others.

The goal of rescission is to unwind a transaction and return each party to the status quo ante.[2] In the case of a mortgage loan, that means that a lender must terminate its security interest in the...

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