It’s an idea that’s catching on, via the federal Truth In Lending Act and similar state laws, in states that have them. Last week, the state of Illinois sued Countrywide (you know those folks, Sen. Dodd?) asking for all Countrywide loans to be voided, or recised.
That said, look for Countrywide and many other folks like Angelo Mozilo to start rubbing elbows with the Chris Dodds of the world to get the Truth In Lending Act rewritten (an attempt failed in the 1990s) to ban recission.
And, if they can get away with it, to make the ban retroactive.
You think Sen. Hedge Fund, aka Chuck Schumer (sit down, former Sen. Hedge Fund, John Edwards), wouldn’t salivate at swapping out Dem votes for major mortgage PAC payola?
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