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RESCISSION IS NOT A GIMMICK. IT IS PUBLIC POLICY! TILA is designed to punish banks who play outside the rules. It is designed to put all the power into the hands of the borrower. AND it has worked up until it stopped working with hundreds of erroneous decisions by trial and appellate courts that only got corrected by a unanimous Supreme Court opinion written by Justice Scalia. The playing field is level again. Let the chips fall where they may.
I received an email from one of my most knowledgeable anonymous contributors. It raises an interesting question. If the lender was not disclosed at closing, then is a TILA rescission effective? My first answer is that if the rescission notice is sent, then the mortgage and note are nullified by operation of law unless the “lender” files a lawsuit within 20…
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