In response to the rise in foreclosures, homeowners are seeking relief under the Truth in Lending Act and other consumer protection laws. In certain instances, homeowners have brought class actions against lenders seeking to rescind their transactions under the act.
However, two federal appeals courts have recently held that these class actions are not viable as a matter of law. For the full article, click on the PDF link above.
"Lenders Kept Safe From Significant Exposure in Rescission Class Actions," New York Law Journal
March 9, 2009
In response to the rise in foreclosures, homeowners are seeking relief under the Truth in Lending Act and other consumer protection laws. In certain instances, homeowners have brought class actions against lenders seeking to rescind their transactions under the act.
However, two federal appeals courts have recently held that these class actions are not viable as a matter of law.
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However, two federal appeals courts have recently held that these class actions are not viable as a matter of law.