New York lawmakers have put legislation before Gov. Kathy Hochul that the mortgage industry fears could make it significantly harder to foreclose in the state, delivering what borrower-side advocates are calling a much-needed corrective, and what industry-side attorneys say are deeply misguided changes. “It has a lot of tentacles,” said Allison Schoenthal, a Goodwin partner and co-chair of the firm’s Banking and Consumer Financial Services practice. “It targets lenders, making it more difficult to foreclose in New York and probably less appealing to lend in New York,” Schoenthal added. “And it doesn’t consider things like the significant delays in the court process or the fact that a lot of these cases involve borrowers where there's no doubt that they have defaulted and a debt is due.” Read the Law360 article here.
In The Press May 09, 2022