On Nov. 4, the U.S. Supreme Court heard oral arguments in Larry and Cheryle Jesinoski v. Countrywide Home Loans Inc., et al., (No. 13-684), a case that will resolve a circuit court split on portions of the Truth in Lending Act (TILA) that give a borrower the right to rescind, or cancel, a mortgage loan. At issue in the case, which has been making its way through the courts for nearly five years, is whether under TILA, a borrower can exercise his right to rescind a transaction by notifying the creditor in writing within three years of the transaction’s consummation. In the final part of this series, we hear the arguments from the defense and what the Justices asked of counsel.
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