In a recent unanimous decision
, the United States Supreme Court held that a borrower exercising her right to rescind a mortgage loan under the Truth in Lending Act ("TILA") merely had to provide written notice of rescission within three years after the loan was originated. The Supreme Court held there is no requirement that a lawsuit be filed within three years of origination in order for rescission to be effective. Rather, the Court found that written notice, and not judicial action, effectuated rescission under TILA. Jesinoski v. Countrywide Home Loans, Inc.,
No. 13-684 (U.S. S. Ct., Jan. 13, 2015).
The Supreme Court's opinion is remarkably short, and it essentially resolves the entire case based on a straightforward, plain reading of the statute.
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