MBA Letter to NY Governor Kathy Hochul on The Foreclosure Abuse Prevention Act
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On June 30, MBA sent a letter to New York Governor Kathy Hochul to request that she veto passed legislation (A7737/S5473) that would abrogate the well-reasoned ruling by the New York Court of Appeals in Freedom Mortgage Corporation v. Engel, ending a lender's right to unilaterally undo a mortgage acceleration after default and stop the statute of limitations to enforce the mortgage from accruing. The Foreclosure Abuse Prevention Act (FAPA) would put servicers and investors at risk if they decelerate a loan in order to offer home retention options to the borrower
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