The Supreme Court ruled Tuesday that consumers facing foreclosure may not use the Truth-in-Lending Act to cancel a loan if the three-year right of rescission has expired.

"The act permits no federal right to rescind, defensively or otherwise, after the three-year period," Justice David Souter wrote for a unanimous court.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.