The nation's regulator of consumer financial products has indicated in an appeals court filing that borrowers should be able to maintain their ability to sue a lender beyond three years in cases where required disclosures weren't provided as long as a notice of rescission was given to the lender within three years.

The lawsuit on appeal was first filed in a Colorado state court on Dec. 21, 2009, by Jean C. Rosenfield against HSBC Bank, USA.

Rosenfield originally took out a refinance mortgage on Nov. 3, 2006, with Ownit Mortgage Solutions, a subprime lender that has since gone out of business.

Comments: Be the first to add a comment

add a comment | go to forum thread