Trade Groups Submit Brief in SCOTUS TILA Rescission Case

TILA

This week, six financial services trade associations submitted an amicus brief in Jesinoski v. Countrywide Home Loans, Inc., No. 13-684, a case pending before the U.S. Supreme Court that may resolve a circuit split over whether a borrower seeking to rescind a home mortgage loan under TILA must file suit within three years of consummating the loan, or if written notice within the three years of consummating the loan is sufficient to preserve a borrower’s right of rescission. The brief, submitted in support of Respondents, argues that the latter interpretation would harm not only creditors, but also borrowers and courts, by clouding title to properties, increasing litigation costs, and diverting delinquent borrowers from other productive means to save their homes. The majority of the circuit courts that have addressed the issue have agreed that a borrower must file suit within the three-year rescission period. The trade association brief was filed by BuckleySandler attorneys Jeff Naimon and Sasha Leonhardt.