By Lawrence Hurley
WASHINGTON (Reuters) - The U.S. Supreme Court on Tuesday ruled in favor of homeowners seeking to back out of mortgages when lenders are accused of failing to follow a federal "truth in lending" law.
On a 9-0 vote, the court handed a win to an Eagan, Minnesota couple, Larry and Cheryle Jesinoski, over the $611,000 loan they obtained in 2007 from Countrywide Home Loans Inc, now part of Bank of America Corp.
On the technical question before the justices, the court said homeowners need only write a letter to the lender, as the Jesinoskis did, and do not need to file a lawsuit in order to benefit from a provision of a federal law known as the Truth in Lending Act.