Affirmation of Rescission Decision In TILA Case Could Be Disastrous
July 14, 2008
A lawsuit that originated in Wisconsin in 2005 could expose the mortgage industry and secondary market participants to enormous litigation risk if a federal appeals court in Illinois upholds the original decision in the coming weeks. In January 2007, U.S. District Judge Lynn Adelman ruled that Maryland-based Chevy Chase Bank violated the Truth in Lending Act by hiding the true terms of...