Lowenstein v. U.S. Bank, N.A. Ex Rel. Mastr. Adj. Rate Mortgage Mortgages Trust 2007-3 (In Re Lowenstein)

MEMORANDUM

ERIC L. FRANK, Bankruptcy Judge.

I

In this adversary proceeding, the Debt- or and his spouse, Lynne Lowenstein (collectively, “the Plaintiffs”), seek to enforce their purported pre-petition rescission of a residential mortgage transaction (“the Transaction”) pursuant to the Truth-in- Lending Act, 15 U.S.C. §§ 1601-1667f (“TILA”). The thrust of the Plaintiffs’ claim is that the disclosure statement provided to the Plaintiffs by the original lender, Countrywide Home Loans, Inc. (“Countrywide”), in the subject residential mortgage loan transaction understated the finance charge by more…