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Borrowers Executive Orders

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - May 2024

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Alston & Bird

Maryland Issues Executive Order Restricting Foreclosure Actions and Prohibiting Evictions During COVID-19 Emergency

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A&B ABstract: Maryland’s Governor has issued an Executive Order providing that until the COVID-19 state of emergency is terminated: (1) foreclosure sales will only be valid if the servicer had notified the borrower of their...more

McGlinchey Stafford

State COVID-related Foreclosure and Eviction Moratorium Updates

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Alert October 23, 2020 Due to the economic impacts of COVID-19, many states have issued moratoriums on foreclosures and evictions. Some of those moratoriums have expired. However, even if a lender is now able to obtain a...more

Spilman Thomas & Battle, PLLC

COVID-19 and Unprecedented: Litigation Insights, Issue 21 - August 2020

This 21st edition of Unprecedented, our weekly update on COVID-19-related litigation, pairs defense victories with new claims. Lenders obtained the dismissal of a lawsuit claiming agent fees under the PPP program, and...more

Morgan Lewis - All Things FinReg

US Secretary of Education Implements Presidential Memorandum for Student Loan Payment Relief

As we discussed in a prior LawFlash, US President Donald Trump signed four executive actions that purportedly extend various aid measures for individuals impacted by the coronavirus (COVID-19) pandemic on August 8. One of...more

Troutman Pepper

Oregon Banks and Trade Association File Declaratory Action Requesting Relief from State Legislation Alleged to be Retroactively...

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On August 13, 2020, the Oregon Bankers Association (“OBA”) and three Oregon-chartered banks filed a Complaint for declaratory and injunctive relief against the State of Oregon, Oregon’s Attorney General, and the Director of...more

Mintz - Real Estate, Construction &...

Executive Orders, Administrative Court Orders, and Legislation: The Ever-Changing NY Landscape on Foreclosures, Evictions, and...

The landscape for foreclosures and evictions in New York State is constantly evolving. With the entire State of New York in Phase 4 of New York Forward, the courts have begun to reopen (at least virtually) and certain...more

Morrison & Foerster LLP

Courts: A Foreclosure Pandemic Pause? (Part 2)

As borrowers continue to experience financial distress and loans go into default as a result of the ongoing coronavirus pandemic and related issues, lenders are now becoming more focused on the need to take a closer look at...more

Troutman Pepper

NY Court Blocks Mezzanine Lender’s UCC Foreclosure Sale in Light of COVID-19 Pandemic

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On June 23, the New York County Supreme Court issued a rare preliminary injunction temporarily halting a mezzanine lender’s UCC foreclosure sale of the Mark Hotel in New York City because the procedures for the foreclosure...more

McGlinchey Stafford

COVID Law Imposes Forbearance and Loss Mitigation Requirements

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On June 17, 2020, Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more

White and Williams LLP

What’s the Standard for “Commercially Reasonable” in a Commercially Unreasonable World (Health Crisis)? Part II

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Yesterday, in a turn of events that struck a hopeful chord for mezzanine lenders, New York County Supreme Court Judge Frank P. Nervo vacated his April 30, 2020 order which temporarily halted the sale of mezzanine loan...more

Dechert LLP

Mezzanine Foreclosure in the Time of Coronavirus: The Final Chapter

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A decision yesterday by the New York Supreme Court has paved the way for mezzanine lenders to proceed with UCC foreclosure sales in New York City during the pandemic. Yesterday afternoon, Justice Frank Nervo issued an order...more

Dechert LLP

Mezzanine Foreclosures in the Time of Coronavirus: Chapter 2

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As a follow up to our OnPoint from last week, Mezzanine Foreclosures in the Time of Coronavirus, regarding a New York County Supreme Court’s halting of a mezzanine UCC foreclosure sale, here is our promised update. ...more

Harris Beach PLLC

Temporary Bank Forbearance on Loans Due to COVID-19 Hardships

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On March 21, 2020, New York Gov. Andrew Cuomo issued New York Executive Order 202.9, “Continuing Temporary Suspension and Modification of Laws Relating to the Disaster Emergency" (the “Executive Order.”) The Executive Order...more

Seyfarth Shaw LLP

Amending Building Loan Contracts in New York in the Wake of COVID-19-Related Closures of Local Recorders’ and Clerks’ Offices

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The closure of local recorders’ and county clerks’ offices in the wake of COVID-19, and the prospect of future closures, has had a profound effect on commercial real estate transactions. This is particularly true in New York...more

McGlinchey Stafford

New York Issues Series of Executive Orders Providing Relief to Borrowers Impacted by COVID-19

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On March 7, 2020, Governor Andrew Cuomo issued Executive Order 202 declaring a state of emergency for the entire State of New York as a result of the COVID-19 pandemic. Since that time, the Governor has issued a series of...more

Ballard Spahr LLP

NY Allows Remote Notarization for Real Estate and Mortgage Industries

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On March 20, 2020, Governor Andrew Cuomo of New York issued Executive Order 202.7 (Order). This Order makes an important directive, effective through April 18, 2020, pursuant to the Governor’s authority during a disaster or...more

Holland & Knight LLP

Florida State of Emergency for Zika Virus Has Terminated - Deadline for Extension of Development Permits Nears

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After the issuance of various extensions, the Zika virus state of emergency declared by Florida Gov. Rick Scott has terminated after the governor did not renew the Executive Order. However, holders of certain development...more

Ballard Spahr LLP

CFPB use of behavioral economics validated by Executive Order

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Since opening its doors for business, behavioral economics has played a central role in the CFPB’s regulatory agenda. Behavioral economists posit that consumers are not rational decision makers and instead have certain...more

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