TBA Law Blog

Posted by: Stacey Shrader Joslin on Jan 13, 2015

A unanimous U.S. Supreme Court ruled Tuesday that home buyers do not need to file a lawsuit, but may simply write a letter if they want to back out of a mortgage because they believe their lender violated the federal Truth in Lending Act. The decision came in a case of a Minnesota couple that refinanced their home in 2007 but later claimed the company failed to provide disclosures required under federal law. Resolving a split among lower courts, the Supreme Court said written notice was enough. In another unanimous opinion, the court upheld a mandatory 10-year minimum prison term for a suspect who forces another person to accompany him during a bank robbery or in trying to elude police. WRCB-TV has the Associated Press story.