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Mortgages NY Supreme Court

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Morrison & Foerster LLP

Scrivener’s Error in Guaranty Reformed Outside of Statute of Limitations and Held Enforceable

In an appeal heard by the Appellate Division of the Supreme Court in the First Judicial Department of New York, the Court recently ruled that a court may reform a guaranty after the statute of limitations for a reformation of...more

Cadwalader, Wickersham & Taft LLP

There’s No Going Back: The Finality of Mortgage Foreclosures

In New York, it is settled precedent that a judgment of foreclosure and sale is final as to all questions at issue between the parties. Thus, once a final judgment is entered, both parties have no recourse or ability to raise...more

Morrison & Foerster LLP

Hotel Mortgage Holder Barred from Converting Mortgage Loan In Part to Mezzanine Loan

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In a case litigated in the New York Supreme Court, the Court recently ruled that a private equity firm that acquired a mortgage loan made on the Maxwell Hotel in New York does not have the authority necessary to convert...more

White and Williams LLP

New York County Supreme Court Upholds Accommodation Pledges

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In recent years, the claim that an accommodation pledge attached to a mortgage loan effectively “clogs” a borrower’s right of redemption has been the basis of numerous civil actions in New York courts. With the case of Atlas...more

Cadwalader, Wickersham & Taft LLP

Further Developments in Mezzanine Foreclosures

The New York State Supreme Court, New York County Commercial Division (the “Court”) decided in U.S. Bank, N.A. v. 342 Property LLC, on February 14, 2022, that a mezzanine lender that is not a party to loan documents that...more

Cadwalader, Wickersham & Taft LLP

Going Green - February 2022 - Further Developments in Mezzanine Foreclosures

The New York State Supreme Court, County of New York (the “Court”) decided in Atlas Brookview Mezzanine LLC v. DB Brookview LLC, on November 18, 2021, that an accommodation pledge entered into in connection with a mortgage...more

Cadwalader, Wickersham & Taft LLP

Something Special, April 2021 | Issue No. 23 - Don’t Be Cruel: Appellate Division Upholds Waiver of Fiduciary Duties But Denies...

Can contracting parties waive all common law fiduciary duties? That was one of the questions presented to the New York Supreme Court, Appellate Division, First Department (the “Court”) in 111 West 57th Investment LLC, on...more

White and Williams LLP

Mortgage and Pledge of Equity — Clogging the Equity of Redemption?

A recent decision by the Supreme Court of New York, New York County, addressed the issue of whether the borrower's equity of redemption was being impermissibly "clogged" by a foreclosing lender. The case, HH Cincinnati...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The DOJ has given Disney its official nod in its $71 billion bid for the entertainment assets of 21st Century Fox, contingent on Disney’s divestiture of Fox’s 22 regional sports networks (a condition all about Disney’s ESPN...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more

Ballard Spahr LLP

New York Court Finds Borrower Must Strictly Comply with Notice Requirements to Hold Servicer Liable Under Regulation X

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In an issue of first impression, the Supreme Court of New York refused to find a loan servicer violated Regulation X by initiating foreclosure when a borrower failed to strictly comply with the servicer’s instructions for...more

Orrick - Finance 20/20

Trustees Seek Approval of $4.5 Billion Settlement

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On January 20, trial commenced before Justice Marcy Friedman in New York County Supreme Court to determine whether Deutsche Bank, U.S. Bank, and the other trustees of 330 RMBS trusts acted reasonably when they reached a $4.5...more

Orrick - Finance 20/20

$600 Million RMBS Repurchase Suit Against J.P. Morgan Dismissed

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On September 18, 2015, Justice Shirley Kornreich of the Supreme Court of the State of New York dismissed a $600 million suit brought by Bank of New York Mellon, as securitization trustee (“BNYM”), against WLM Mortgage, LLC,...more

Orrick - Finance 20/20

RMBS Investors Sue U.S. Bank for Trust Losses

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On August 5, 2015, RMBS investors filed a putative class action against U.S. Bank, N.A. in the Supreme Court for the State of New York. The investors assert that U.S. Bank, as trustee for the MASTR Adjustable Rate Mortgage...more

Orrick - Finance 20/20

New York Supreme Court Holds RMBS Claims Are Timely, But Accrual Provision Unenforceable

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On March 3, 2015, Justice Marcy S. Friedman of the New York Supreme Court granted in part and dismissed in part Defendant Greenpoint Mortgage Funding, Inc.’s Motion to Dismiss an action in which it was said to have...more

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