News & Analysis as of November 17, 2024

Mortgages › Retroactive Application

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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 +

Update: Mortgage Noteholders Patiently Wait as Second Circuit Punts FAPA Retroactive Application Question To New York Court Of...

Troutman Pepper on 10/16/2024

Can the Foreclosure Abuse Prevention Act (FAPA) be applied retroactively? Unfortunately, mortgage noteholders lack a clear response....more

Federal Appeals Court: Can FAPA Be Applied Retroactively in New York?

Holland & Knight LLP on 10/10/2024

In East Fork Funding LLC v. U.S. Bank, National Association, as Trustee for Greenpoint Mortgage Funding Trust Mortgage Pass-Through Certificates, Series 2006-AR6, No. 23-659, 2024 WL 4351792 (2d Cir. Oct. 1, 2024),1 the U.S....more

Constitutionality of Shortened Time Limits on New York Foreclosures Still Unresolved

Goodwin on 9/24/2024

On September 12, 2024, New York’s highest court dismissed an appeal challenging the constitutionality of the retroactive application of the Foreclosure Abuse Prevention Act (“FAPA”), a law that amended certain New York...more

Awaiting Appellate Precedent on Whether Recent New York Foreclosure Limits Are Constitutional

Goodwin on 1/15/2024

Over a year after becoming law, New York’s Foreclosure Abuse Prevention Act, L. 2022, ch. 821 (eff. Dec. 30, 2022) (FAPA) continues to divide trial courts regarding the constitutionality of the law’s retroactive...more

New York Enacts Retroactive Foreclosure Legislation

Mayer Brown on 1/6/2023

While many around the world are setting their calendars forward for the year 2023, residential mortgage loan owners and servicers may need to also look backward in time now that New York Governor Kathy Hochul signed the...more

Fourth Circuit Asked to Rule on Whether Mortgage Retroactively Incorporates Federal Servicing Requirements

Bradley Arant Boult Cummings LLP on 2/21/2018

A recent appeal to the Fourth Circuit may shed light on whether Virginia borrowers can assert federal mortgage servicing requirements as a defense to foreclosure when the mortgage instrument pre-dates the federal requirement....more

TILA Notice Requirement Not Retroactive: Ninth Circuit

Bradley Arant Boult Cummings LLP on 1/4/2016

The Ninth Circuit Court of Appeals recently ruled that a 2009 amendment to the Truth in Lending Act (TILA) does not apply retroactively. In a putative class action, Plaintiffs Mohammad and Rosa Talaie brought a claim...more

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