Supreme Court Sets Lenders Up For More Rescission Fights

By Evan Weinberger (January 13, 2015, 6:58 PM EST) -- The U.S. Supreme Court's Tuesday decision confirming that homeowners have three years to notify lenders and servicers that they intend to rescind their mortgages gives borrowers more power to walk away from their homes, creating a potential minefield for lenders the next time the housing market slumps.

In a unanimous decision, the high court ruled that the Truth In Lending Act gives homeowners three years from the time they close on their mortgage to send written notice to their creditors that they intend to rescind their home loan due to alleged misrepresentations at the time the mortgage was issued.

The Supreme...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!