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A while back, Jack would always point out that Regulation Z and 15 US Code 1635 were somewhat different when he talked about rescission. Under Regulation Z, the borrower must have an ownership interest in the collateral being taken. However, under 15 US Code 1635 the collateral just needed to be a principal dwelling.
Where does Jack land on this issue now? Is he more in the camp that an ownership interest must trigger the rescission requirement or would Jack provide a right to rescind to a renter who decides to purchase the home they are living in from the landlord?
Are there any court cases in which the judge ruled that an ownership interest was not required under 15 US Code 1635?
Your help is appreciated.
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