Unanimous Decision: Mortgage borrowers win at Supreme Court

Discussion in 'Judicial Interpretation' started by Dante, Jan 15, 2015.

  1. Dante
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    Dante On leave Supporting Member

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    Unanimous Decision: Mortgage borrowers win at Supreme Court

    Home loan borrowers need only send a letter to their bank to rescind a contract when disclosure violations are at issue

    By Daniel Goldstein
    Published: Jan 13, 2015 5:36 p.m. ET

    The U.S. Supreme Court handed a win to mortgage borrowers when they unanimously ruled a lender erred when it insisted that borrowers who opted to back out of a mortgage because of disclosure errors by the bank had to go to court to do so.

    Instead, the Court said a mere letter to the bank was sufficient notice under the Truth in Lending Act so long as it was within the three-year window the Act allows.

    “So long as the borrower notifies within three years after the transaction is consummated, his rescission is timely,” Justice Antonin Scalia wrote on behalf of the court. “The statute does not also require him to sue within three years,” Scalia added.​
     
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  2. Sun Devil 92
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    Sun Devil 92 Gold Member

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    So what was the reasoning behind the decision ?

    Just curious.

    I mean....this I am having a hard time understanding why they would take this to begin with.

    Enlighten us...please.

    Or explain why you posted this...if you would be so kind.
     
  3. Dante
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    Dante On leave Supporting Member

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    Your homework assignment this weekend is to study up on the case and especially Scalia's rant/opinion

    there will be a class discussion followed by a test
     
  4. Sun Devil 92
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    Sun Devil 92 Gold Member

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    :beer:
     
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  5. Iceweasel
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    Iceweasel Diamond Member

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    What is a mortgage borrower anyway? I paid for mine.
     

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