Dodd-Frank Wall Street Reform and Consumer Protection Act

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Dodd-Frank Wall Street Reform and Consumer Protection Act Makes Changes to the Federal Protecting Tenants at Foreclosure Act of 2009

On July 21, 2010, the President signed the federal Wall Street Reform and Consumer Protection Act into law. The voluminous law is otherwise known as the “Dodd-Frank” legislation. Dodd-Frank makes certain amendments to the "Protecting Tenants at Foreclosure Act of 2009" (the “Tenants Protection Act”), which affects post-foreclosure eviction procedures. The amendments to the Tenants Protection Act found in Dodd-Frank were effective on July 21, 2010.

The Tenants Protection Act was enacted as part of the “Helping Families Save Their Homes Act of 2009”. It provides protections to bona fide tenants in foreclosed properties where the foreclosed mortgage is a “federally related mortgage loan” (a very broad category of mortgage loans as defined in the federal Real Estate Settlement Procedures Act (“RESPA”)).

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Topics:  Dodd-Frank, Eviction, Foreclosure, Mortgages, Tenants, Tenants Protection Act

Published In: General Business Updates, Consumer Protection Updates, Finance & Banking Updates, Commercial Real Estate Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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