Showing 21 posts in COVID-19.

New York Courts Will Allow Mortgagors to Continue Submitting Hardship Declarations to Extend the Stay of Residential Foreclosures

May 26, 2021 by Mitra P. Singh

On May 24, 2021, Chief Administrative Judge Lawrence Marks issued Administrative Order 159/21 (AO/159/21) to extend the stay of residential foreclosure actions through August 31, 2021, for cases in which the mortgagor submits a Hardship Declaration (the Declaration). AO/159/21 clarifies the uncertainty surrounding the deadline for submitting the Declaration, which was not addressed in the previous administrative order. More ›

Federal Court Rules That CDC Exceeded its Authority with Nationwide Eviction Moratorium

May 11, 2021 by Ashley R. Newman, Brian S. McGrath

On May 5, 2021, the U.S. District Court for the District of Columbia struck down the Centers for Disease Control and Prevention's nationwide eviction moratorium. According to the court, the CDC exceeded the scope of its authority under the Public Health Services Act, 42 U.S.C. § 264(a) (PHSA) when it enacted the "Temporary Halt in Residential Evictions to Prevent the Further Spread of COVID-19" (CDC Order). The decision could have wide-reaching ramifications and set a precedent for challenges to various eviction and foreclosure moratoriums across the country. More ›

CFPB Highlights COVID-19-Fueled Regulatory Risks for Examined Industries in Special Edition of Supervisory Highlights

February 17, 2021 by Dustin C. Alonzo, Dana B. Briganti, Lauren Campisi, Adair L. Kingsmill, Vaishali S. Rao

In its recent Special Edition of Supervisory Highlights on COVID-19 Prioritized Assessments, the Consumer Financial Protection Bureau (CFPB) summarized challenges and risks with respect to several industries it had informally examined since the start of the pandemic. Beginning in May 2020, the Bureau rescheduled about half of its planned examinations and instead conducted "prioritized assessments" in response to the pandemic. These assessments included seeking information on how institutions were responding and communicating with consumers, and also examining how institutions were confronting and adapting compliance in response to the pandemic. More ›

New York State Passes Eviction and Foreclosure Moratorium Protecting Renters, Homeowners, and Small Landlords

December 30, 2020 by Dana B. Briganti

On Monday, December 28, 2020, Governor Andrew Cuomo signed the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020. Among other things, this legislation (S.9114/A.11181) extends certain residential foreclosure and eviction moratoria for renters and homeowners suffering hardship due to the COVID-19 pandemic. More ›

New York Courts Lift Suspension of Foreclosure Proceedings, Add Additional Conference Requirement

July 29, 2020 by Mitra P. Singh, Brian S. McGrath

On July 24, 2020, the New York State Courts issued Administrative Order 157/20 (AO/157/20). Effective July 27, 2020, AO/157/20 removes the formal suspension of all residential foreclosures, but keeps a limited suspension of commercial foreclosures in place until August 19, 2020. Under this new directive, foreclosure actions can be resumed by courts first scheduling at least one conference. Those conferences are expected to be the same as the mandatory CPLR 3408 settlement conferences—even if settlement conferences were previously held—because the courts were directed to consider all aspects of the case, including "the effects, if any, that the COVID-19 pandemic has had upon the parties." More ›

New York State Enacts New Procedures for Residential Mortgage Forbearance Plans

June 24, 2020 by Mitra P. Singh, Brian S. McGrath

On June 17, 2020, New York Governor Andrew Cuomo signed Senate Bills 8243C and 8428 into law, adding Section 9-x to the Banking Law. The section creates new procedures for mortgagors and servicers in relation to forbearances of residential mortgage payments affected by the COVID-19 pandemic. More ›

New York DFS Launches "FastForward" Program Aimed at Driving Innovative Financial Services and Products

June 10, 2020 by Hinshaw & Culbertson LLP

In support of re-opening and adapting New York to the new economic and social normal caused by COVID-19, New York's Department of Financial Services (DFS) announced the launch of a program called "DFS FastForward" which will support innovators who can deliver novel digital solutions that advance the state's recovery from the pandemic. The program builds on the successful launch in February of an InsurTech pilot program by DFS, and promises to "reduce barriers and speed up" the regulatory process for qualifying services and products. More ›

Exploring the Expansion of the Bankruptcy Code under the CARES Act

May 27, 2020 by Hinshaw & Culbertson LLP

The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, provides widespread economic relief for individuals and businesses adversely affected by the coronavirus outbreak and includes several key modifications and amendments to the U.S. Bankruptcy Code. We explore how these revisions will immediately impact the bankruptcy landscape for both individual debtors and small businesses below. More ›

Payment Deferral Now an Option for Borrowers in Fannie Mae and Freddie Mac COVID-19 Forbearance Plans

May 14, 2020 by Samuel C. Bodurtha

We previously reported on the impact of the CARES Act on federally backed mortgage loans, including the immediate availability of a 180 – 360 day forbearance plan for borrowers impacted by the pandemic. One key feature of this legislation and accompanying guidance publications is that servicers of GSE loans are required to evaluate borrowers for repayment options—including reinstatement, a repayment plan, modification, or some other workout—at the conclusion of the forbearance period. The forbearance plans do not offer loan forgiveness, and borrowers and their servicers are expected to resolve the forbearance amount at the end of the plan. More ›

Governor Cuomo Extends New York Mortgage Foreclosure Moratorium, But With Exceptions…

May 12, 2020 by Fernando C. Rivera-Maissonet

On May 7, 2020, New York Governor Andrew Cuomo issued Executive Order 202.28, which provides further temporary relief measures for tenants facing an eviction. The order also directly impacts mortgage loan holders, servicers, and borrowers, as it bars the "initiation" of certain residential and commercial mortgage foreclosures for another 60 days from June 20, 2020. More ›

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