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I have long argued that TILA claims are not barred and that fraud claims based upon intentional withholding of information (required by the Truth in Lending Act) are also not barred by the statute of limitations UNTIL the claimant knew or should have known about the fraud. What is interesting here is that Credit Suisse, parent company of Select Portfolio Servicing (SPS) went up against the New York attorney general banking (pardon the pun) on the idea that the Martin Act could not be used against them for committing financial fraud because it was barred by the statute of limitations. They lost.
And I think the arguments that caused them to lose can also be applied to common law fraud claims as well as RICO and TILA claims as long as the required disclosures were intentional withheld about the loan closing. Kudos to Schneiderman in New York for beating back people who know they have committed fraud but earnestly hope they can get away with it because of statutes of limitations and statutes of repose. I know that the US Supreme Court has recently come out with some decisions that go against this idea, but I think in the long run they will not apply it to financial fraud arising from the mortgage crisis.
So if you raise claims that relate to TILA and you are litigating against SPS, they will argue that the statute of limitations bars any mention of TILA claims. This decision presents credible argument to the contrary. You might want to say that their parent company Credit Suisse already lost that argument.
All that money going into PR and getting “objective” securities analysts and pundits to say that BOA and the stock of other banks are a great buy now may have worked up until now, but the pyramid is starting to collapse. In my opinion things are going to go pretty bad for the big banks. When people wake up to realize that the smaller regional banks, community banks and credit unions can pick up the slack left behind by the collapse of a few large banks with extreme dominance over the marketplace, support for the big banks is going to crumble. Senator Warren might seem like an extremist to some but to me she just a realist who is sticking to the truth.