In a 28-page opinion issued on September 20, 2012, Judge William Young of the United States District Court (Mass.) largely affirmed the ruling of the United States Bankruptcy Court in Cromwell v. Countrywide that the homeowners were entitled to rescind their mortgage pursuant to the Massachusetts Credit Cost Disclosure Act. Significantly, the District Court also upheld the Bankruptcy Court ruling that as a result of the successful rescission the mortgage was rendered void by operation of law and therefore the claim filed by Countrywide in the homeowners' bankruptcy proceeding became unsecured. The homeowners were represented in both the Bankruptcy Court and on appeal by Attorney Kenneth D. Quat.
By Kenneth D. Quat, Massachusetts Consumer Rights Attorney.
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