Fair Lending Shake-Ups: CFPB Vacates Townstone Settlement, FHFA Ends GSEs' Special Purpose Credit Programs — The Consumer Finance Podcast
The Latest on Junk Fees and New York's Foreclosure Abuse Prevention Act — The Consumer Finance Podcast
The Latest on HUD's Disparate Impact Rule - The Consumer Finance Podcast
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Law Brief®: Robert Wolf, Alexander Tiktin and Richard Schoenstein Discuss the Continuing Foreclosure/Eviction Moratorium
Credit Eco to Go Podcast - Not a Normal Mortgage Crisis: How the Mortgage Industry Weathered the Pandemic
Not a Normal Mortgage Crisis: How the Mortgage Industry Weathered the Pandemic
Under the Foreclosure Abuse Prevention Act (“FAPA”), effective as of December 30, 2022, a lender in a New York foreclosure or quiet title action can be estopped from asserting that the subject mortgage loan was not validly...more
On May 20, 2025, the New York Court of Appeals agreed to hear constitutional challenges to one aspect of New York’s Foreclosure Abuse Prevention Act (FAPA). ...more
In a recent decision by the Supreme Court of the State of New York in Kings County (the Court), HSBC Bank USA, N.A. (the Plaintiff) initiated a mortgage foreclosure action against Jack and Sabah Srugo (collectively, the...more
In a recent case, E. Fork Funding LLC v. U.S. Bank, Nat’l Ass’n, the United States Court of Appeals for the Second Circuit has certified a novel question for the New York Court of Appeals ("NYCOA"): Whether Sections 4 and/or...more
In the six months since New York’s governor signed the Foreclosure Abuse Prevention Act, L. 2022, ch. 821 (eff. Dec. 30, 2022) (FAPA), a split has emerged about whether the law applies retroactively....more
The Arizona Court of Appeals recently clarified how the state’s debt collection statute of limitations applies to debt created by a land sale contract. Arizona has a six-year statute of limitations to enforce installment...more
In December, the New York governor signed A 7737-B, the “Foreclosure Abuse Prevention Act,” which amends the rights of parties in foreclosure actions....more
A recurring issue in New York mortgage lending is under what circumstances the state's six-year statute of limitations on mortgage debts is extended or revived. The New York Court of Appeals ruled recently that this issue is...more
The New York Court of Appeals’ decision last week, Freedom Mortgage Corp v. Engel, contains two “reliable and objective rules permitting consistent application of the statute of limitations.” What are those rules? ...more
The New York Court of Appeals’ decision set bright-line rules that a noteholder’s voluntary discontinuance of a foreclosure action, in itself, revokes the acceleration of a mortgage debt, and a default letter stating that the...more
The mortgage foreclosure world continues to experience change at a moment's notice. Lenders continue to defend against borrower actions seeking to discharge their mortgages as time-barred, which in turn has led to the...more
While New York courts continue to hear cases involving defaulted loan obligations stemming from the 2008 financial crisis, on January 5, 2021, the New York Court of Appeals heard arguments on four related cases involving New...more
During the COVID-19 pandemic, a patchwork quilt of statutes, regulations, executive orders, and court orders have imposed on again, off again, restrictions on the filing and prosecution of foreclosure cases. Few of these...more
Shareholder Derivative Lawsuit Aungst v. Light, 9th Dist. Summit No. 29349, 2020-Ohio-3347 In this appeal, the Ninth Appellate District affirmed the trial court’s decision, finding that when a shareholder’s derivative...more
On March 24, 2020, in response to the growing anticipation that renters in multifamily properties are being negatively impacted by the implications of the Coronavirus Disease 2019 (“COVID-19”), the Federal Housing Finance...more
The COVID-19 crisis has led to foreclosure moratoriums at the regulatory, executive, and judicial level. Servicers should consider that compliance with these, regardless of level, may not protect them from later challenges to...more
In U.S. Bank N.A. v. Gordon, 176 A.D.3d 1006 (2d Dept. 2019), the New York Appellate Division, Second Department, held that a notice of default stating that if the loan was not made current, the lender “will automatically...more
In In re Fortin, 598 B.R. 689 (Bankr. D. Mass. 2019), the United States Bankruptcy Court for the District of Massachusetts considered whether a lender may enforce a mortgage despite the unenforceability of the underlying...more
Does the death of the borrower automatically accelerate a reverse mortgage? In a decision that is good news for reverse mortgage lenders, a recent New York appellate court answered no....more
Real Property Update - • Foreclosure / Reverse Mortgage / Condition Precedent: bank failed to establish that the subject property was not the principal residence of surviving co-borrower under its reverse mortgage, a...more
In Bank of New York Mellon v. Dieudonne, a highly anticipated decision for the mortgage servicing and lending industry, the New York Appellate Division’s Second Department held that a residential mortgage accelerates upon the...more
New York’s Second Department, in rejecting the MacPherson line of cases, holds mortgage’s reinstatement provision is not a condition precedent to accelerating the debt and therefore does not prevent a lender from exercising...more
An action by a Washington state borrower to enforce a request for rescission of a loan under the Truth in Lending Act (TILA) is analogous to an action to enforce a contract and must be brought within the Washington state...more
Bass, Berry & Sims attorney Chris Lazarini examined a case in which a mortgage company sued a bank under the indemnity clause of the parties loan purchase agreement. The bank sought dismissal on statute of limitations...more
In a case of first impression, the Ninth Circuit begins to unravel the mystery of when a claim to enforce a rescission request under the Truth in Lending Act (TILA) may be time-barred. An action by a Washington state borrower...more