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The Truth in Lending Act "leaves no doubt that rescission is effected when the borrower notifies the creditor of his intention to rescind," Justice Antonio Scalia wrote in the Jan. 13 opinion.
The Supreme Court gave borrowers the path to file a rescission notice without going to court, but experts expect more banks to initiate legal proceedings to stop rescissions they see as frivolous.
In the week following Castro's Jan. 8 announcement of the premium cut, refinancings rose 57% compared with the previous week, according to Mortgage Bankers Association estimates.
Early signs point to a wave of Federal Housing Administration borrowers trying to tap into lower prices for mortgage backing.
The traditional method of measuring mortgage denials is fundamentally flawed. But by evaluating not just the quantity, but also the quality of mortgage applicants, the denial rate picture becomes more clear.
Hearing arguments in Texas case, Justice Scalia and others were skeptical that the controversial legal theory used in fair housing cases should be invalidated.
Standard & Poor’s agreed to a one-year suspension from rating certain commercial mortgage bonds and $80 million in fines to settle charges with the Securities and Exchange Commission and the New York and Massachusetts Attorneys Generals offices.
Altisource Portfolio Solutions promoted John Vella to the new position of chief revenue officer in a bid to grow beyond its relationship with embattled former parent Ocwen Financial.
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