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U.S. justices agree to hear homeowner case against bank
Reuters ^ | Mon Apr 28, 2014 11:22am EDT | Lawrence Hurley

Posted on 04/28/2014 10:45:45 AM PDT by Olog-hai

The U.S. Supreme Court on Monday agreed to decide what process struggling homeowners need to follow if they want to back out of mortgages issued when lenders fail to adhere to a federal disclosure law.

The court will weigh whether homeowners need to write a letter to their lender or file a lawsuit in order to benefit from a provision of the federal law, known as the Truth in Lending Act. The law allows consumers to rescind mortgages for up to three years after the agreement was made if the lender does not notify them of various details about the loan, including finance charges and rate of interest. …

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: scotus; truthinlendingact; ussc

1 posted on 04/28/2014 10:45:45 AM PDT by Olog-hai
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SCOTUS Blog

Jesinoski v. Countrywide Home Loans, Inc.

Linked with:

Docket No. Op. Below Argument Opinion Vote Author Term
13-684 8th Cir. TBD TBD TBD TBD OT 2014

Issue: Whether a borrower exercises his right to rescind a transaction in satisfaction of the requirements of the Truth in Lending Act, 15 U.S.C. § 1635, by “notifying the creditor” in writing within three years of the consummation of the transaction, as the Third, Fourth, and Eleventh Circuits have held, or must instead file a lawsuit within three years of the consummation of the transaction, as the First, Sixth, Eighth, Ninth, and Tenth Circuits have held.

SCOTUSblog Coverage

Date Proceedings and Orders
Dec 6 2013 Petition for a writ of certiorari filed. (Response due January 6, 2014)
Jan 2 2014 Order extending time to file response to petition to and including February 12, 2014.
Jan 23 2014 Order extending time to file response to petition to and including March 14, 2014.
Mar 14 2014 Brief of respondents Countrywide Home Loans, Inc., et al. in opposition filed. VIDED.
Apr 2 2014 DISTRIBUTED for Conference of April 18, 2014.
Apr 2 2014 Reply of petitioner Larry D. Jesinoski, and Cheryle Jesinoski filed. (Distributed)
Apr 21 2014 DISTRIBUTED for Conference of April 25, 2014.

2 posted on 04/28/2014 10:49:12 AM PDT by Theoria (End Socialism : No more GOP and Dem candidates)
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To: Olog-hai
I have mixed feelings about this case, but having experienced an unpleasant process with a bank I have dealt with for over 30 years, I can understand that things are not quite right. I am not convinced that Big Brother needs to be involved.
In my case, I simply aborted the process, and found an alternate solution. Life is too short.

Banks, like most businesses, are prone from time to time to hire incompetent individuals. Their loss.

3 posted on 04/28/2014 11:01:13 AM PDT by publius911 ( At least Nixon had the good g race to resign!)
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To: Olog-hai

Sound like a bank the corrupt crook reid would be involved with while lining his pockets with money.


4 posted on 04/28/2014 11:12:49 AM PDT by chiefqc
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To: BuckeyeTexan

SCOTUS.


5 posted on 04/28/2014 11:15:07 AM PDT by Lurking Libertarian (Non sub homine, sed sub Deo et lege)
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To: All

So if they recind, they would have to pay back at least the principal of the loan. Where are these folks gpoing to get that money.

IF the bank did wrong, they probably should forefeit the interest but the borrow still needs to make the bank whole for the money funded.


6 posted on 04/28/2014 12:17:40 PM PDT by gunnut
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To: Lurking Libertarian; Perdogg; JDW11235; Clairity; Spacetrucker; Art in Idaho; GregNH; Salvation; ...

FReepmail me to subscribe to or unsubscribe from the SCOTUS ping list.

7 posted on 04/28/2014 8:49:20 PM PDT by BuckeyeTexan (There are those that break and bend. I'm the other kind. ~Steve Earle)
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