News & Analysis as of June 1, 2025

Foreclosure › Regulatory Reform

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Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -

New York Court of Appeals Accepts Certified Questions on Whether FAPA Should be Retroactively Applied

Hinshaw & Culbertson - Consumer Crossroads on 5/28/2025

The New York Court of Appeals has finally agreed to consider whether retroactive application of the Foreclosure Abuse Prevention Act (“FAPA”) (or sections of it) violates the New York Constitution. Over the last two years,...more

FAPA in the Spotlight Again: Second Circuit Renews Call for NY Court of Appeals Review

Troutman Pepper Locke on 5/23/2025

The legal and constitutional implications of New York’s Foreclosure Abuse Prevention Act (FAPA) are back in the spotlight as the U.S. Court of Appeals for the Second Circuit again turns to the New York Court of Appeals for...more

Veterans Affairs Ending Mortgage Rescue Program

Bradley Arant Boult Cummings LLP on 4/8/2025

On April 3, 2025, the U.S. Department of Veterans Affairs (VA) announced it will end the Veterans Affairs Servicing Purchase (VASP) program on May 1, 2025. This decision comes just shy of one year since the program’s...more

New York Courts Split on the Constitutionality of the Foreclosure Abuse Prevention Act

Goodwin on 7/7/2023

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

NY restricts lenders’ ability to reset statute of limitations on foreclosures

Orrick, Herrington & Sutcliffe LLP on 1/13/2023

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

Key Takeaways from Biden Administration’s First Executive Orders

Morgan Lewis on 1/22/2021

Immediately following his inauguration on January 20, US President Joseph R. Biden, Jr. began taking executive action to enact many of his administration’s initial priorities, which included a number of executive orders,...more

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