High Court Backs Homeowners In Mortgage-Recession Row

The U.S. Supreme Court came down on the side of homeowners Tuesday, ruling in favor of mortgage-takers trying to back out of their deals as they accuse banks of failing to follow federal “truth in lending laws.” Reuters explains that “… on a 9-0 vote, the court handed a win to an Eagan, Minnesota couple, Larry and Cheryle Jesinoski, over the $611,000 loan they obtained in 2007 from Countrywide Home Loans Inc, now part of Bank of America Corp.”
More broadly, the ruling underscores that federal law “… allows consumers to rescind a mortgage for up to three years after it was made if the lender does not notify them of various details about the loan including finance charges and interest rates.”
The move could have significant implications for mortgage industry process and for homeowners who feel they were not notified of specific mortgage terms. Read the story here: UPDATE 1-U.S. Supreme Court rules for homeowners over mortgage dispute