The Supreme Court recently heard arguments in a case challenging the wording and intent of rescission. Rescission is the voiding of a contract between two parties. In this case, the focus is on borrowers voiding contracts with lenders, and the verdict is good news for borrowers. The Court gave a clear and undeniable decision that the statute means just what it says. In the case of Jesinoski v. Countrywide Home Loans the Court clearly denied the lender’s position that the lendee must initiate legal action for a rescission to be recognized. The Court slammed that premise and rendered all remaining objections invalid and meaningless. Read more on the Court’s decision and how it affects borrowers here.
