A Jan. 14 Supreme Court ruling that addressed mortgage rescissions under the Truth in Lending Act should not affect credit unions that have already established TILA lending compliance programs, according to some experts.
In Jesonoski v. Countrywide Home Loans, the court unanimously agreed with homeowners Larry and Cheryle Jesonoski that U.S. law only required they notify Bank of America in writing within three years of closing that they were rescinding their mortgage because of disclosure problems.
The law did not, as Bank of America argued, require the homeowners to have sued within three years to rescind, the court said.
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