I Declare Rescission!!

Justice Scalia, writing for a unanimous Court, concluded that to effect rescission under the Truth in Lending Act a debtor need only notify the creditor, in accordance with the CFPB's regulations of his intention to do so.  In Jesinoski v. Countrywide Home Loans, Inc., the debtor mailed a letter purporting to rescind a refinance loan originated exactly three years to the day.  The creditor replied within three weeks denying the validity of the rescission.  A year later, the debtor filed suit seeking a declaration of rescission and damages.  The district court granted the creditor judgment on the pleadings concluding that a debtor must file suit seeking rescission within three years of consummation.  The Eighth Circuit affirmed.