Federal Ninth Circuit Court of Appeal’s Major Home Owner Ruling

In Federal Court News… Ninth Circuit Court of Appeals – Bank of America Countrywide Financial – lower courts reversed

Americans United Against Fraud

This week, the Ninth Circuit Court of Appeal’s, located in San Francisco California, released one of the most significant legal opinions concerning Home Owners rights in the predatory lending arena.

In Merritt v. Countrywide Financial Corporation, Bank of America, Angelo Mozilo, David Sambol et al, Case No. 09-17678, the Federal Court of Appeal’s established a precedent under the Real Estate Settlement Practices Act (RESPA), Truth in Lending Act (TILA).

Under TILA, a home owner is allowed 3 days to rescind a loan if they are provided with all of the information regarding the loan. If they are not, they have up to 3 years to discover any issues that exist with the loan. According to the pleadings in the case, and the Ninth Circuit opinion, in 2009, David and Salma Merritt was served with their loan documents for the first time since closing the loan in 2006. The documents had…

View original post 344 more words

Advertisements
Standard

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s