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One of the warriors in this fight just got a negative result in court relating to rescission. Not surprising. Judges never liked TILA and they certainly don’t like rescission, but Justice Scalia made it very plain that the Judges must apply the law as it is — not as they think it should be.
The facts are that the notice of rescission was sent years ago and the bank stonewalled it — the very thing that Congress wanted to make very painful for banks. While Judges all over the country were saying I was wrong about rescission under TILA and applying common law principles, the outcome was very predictable — they found reasons why the rescission was not effective. But Scalia in Jesinowski changed all that. TILA rescission is effective by operation of law at the time the notice is dropped…
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