The Foreclosure Abuse Prevention Act (“FAPA”) has been heavily litigated since its enactment in December 2022. New York courts have issued conflicting decisions interpreting FAPA, including whether the statute applies retroactively to conduct that occurred prior to its enactment and whether retroactive application is unconstitutional. Lenders, mortgage servicers, and other financial institutions should take note that the Second Circuit has certified the question of FAPA’s retroactive application to the New York Court of Appeals. Thus, there will finally be a definitive answer regarding retroactivity. Continue reading
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