In the wake of the Court of Appeals’ landmark decision in Freedom Mortgage v. Engel, 2021 NY Slip Op 01090 (2021), the Second Department has subsequently followed the guidance in Engel in modifying a lender’s burden in rebutting statute of
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Financial Services Litigation Report
Litigation and regulation developments affecting the financial services industry
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Supreme Court Declares CDC Eviction Moratorium Unconstitutional
Late Thursday evening, the Supreme Court of the United States issued an opinion to reinstate a court order blocking the Centers for Disease Control and Prevention’s (“CDC”) nationwide moratorium on residential evictions.
In March 2020, Congress passed the Coronavirus Aid,…
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Agency Director Ousted Immediately Following the Supreme Court’s Ruling that the FHFA’s Structure to be Unconstitutional
In a 7-2 decision, the Supreme Court of the United States ruled that the Federal Housing Finance Agency’s (“FHFA”) statutory structure, which protected its director from being removed from position “only for cause”, violated the Constitution’s separation of powers. Writing…
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New Settlement Exhibits CFPB’s Continued Focus on Transparency for Short-Term Loans
The Consumer Financial Protection Bureau (“CFPB”) recently took aim at Driver Loan LLC (the “Company”), a company which frequently offers loans to drivers of ride share services, for the Company’s alleged deceptive practices.[1] In its complaint, the CFPB described…
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Strict Foreclosure and Reforeclosure – Options in Foreclosing on Omitted Parties
“The absence of a necessary party in a foreclosure action leaves that party’s rights unaffected by the judgment and sale, and the foreclosure sale may be considered void as to the omitted party.” 6820 Ridge Realty LLC v. Goldman, 263…
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CPLR 3216 Dismissal Demands Compliance from All – Courts Included
As vaccination rates increase, holds on foreclosure actions expire, and the courts slowly return to addressing their largely frozen foreclosure dockets, we can expect some familiar concerns to reappear. One common concern is the threat of dismissal pursuant to CPLR…
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SCOTUS Issues Anticipated Decision in Facebook, Inc. v. Duguid And Unanimously Reverses Ninth Circuit, Holding Facebook’s Text Notification System Did Not Meet the TCPA’s Definition of An Autodialer Because It Did Not Use A Random Or Sequential Number Generator
On April 1, 2021, the Supreme Court of the United States issued its highly anticipated decision in the Facebook Inc. v. Duguid matter. In a unanimous decision delivered by Justice Sonia Sotomayor, the Supreme Court addressed a hotly debated issue…
Continue Reading SCOTUS Issues Anticipated Decision in Facebook, Inc. v. Duguid And Unanimously Reverses Ninth Circuit, Holding Facebook’s Text Notification System Did Not Meet the TCPA’s Definition of An Autodialer Because It Did Not Use A Random Or Sequential Number Generator
To Forgive or Not to Forgive a CPLR 3215(c) Violation in a Residential Mortgage Foreclosure
CPLR 3215(c) requires a plaintiff to take proceedings for entry of judgment within one year of default or face dismissal of the action as abandoned, except where sufficient cause is shown why the complaint should not be dismissed. The purpose…
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The Appellate Courts Look at the Waiver of Standing Defenses post-RPAPL § 1302-a
Prior to the enactment of Real Property Actions and Proceeding Law (“RPAPL”) § 1302-a, defendants waived their affirmative defense of standing in a residential foreclosure action by failing to raise that defense in an answer or a pre-answer motion to…
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Recent Developments in Demonstrating Standing to Foreclose in New York as the Court of Appeals Weighs Back In
In JPMorgan Chase Bank, N.A. v Caliguri, 36 N.Y.3d 953 (2020), the Court of Appeals recently clarified how a lender establishes standing in a foreclosure action. Prior to this recent pronouncement, the standard set by that Court had been that…
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