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The Looming Fight Over Rescission Strongly Favors Borrowers of all Types

Another Neil Garfield blog post on a notice of rescission under the Truth in Lending Act. He makes a very persuasive argument that the banks are painting themselves into a corner which they have. But the big banks have brought all of this down on themselves with their actions and will now have to deal with the consequences.

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This is not legal advice on your case. Consult a lawyer who is licensed in the jurisdiction in which the transaction and /or property is located. while it is possible that the rescission laws might apply to all consumer loans, the author has researched other types of loans in any detail — student loans, auto loans, furniture loans, credit cards, and other cash advances etc. No opinion is offered on those —- yet.

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Rescission strategies are coming fast and furious and the banks are painting themselves into a corner.  One issue was what happens if the rescission letter refers to the transaction as of a certain date? That is evidence of the consummation but not the total proof. In response to one person…

View original post 1,239 more words

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