A Closer Look at New York's "Foreclosure Fraud Prevention Act"

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A Closer Look at New York’s “Foreclosure Fraud Prevention Act”

A Closer Look at New York’s “Foreclosure Fraud Prevention Act”

JD Supra-

Earlier this summer, the New York State Assembly passed the “Foreclosure Fraud Prevention Act of 2012”which imposes criminal liability on those in the residential mortgage business who use allegedly fraudulent and deceptive practices in connection with a foreclosure action, and the Managers who “recklessly tolerate” any such practices. Despite the swift passage in the Assembly, it is unlikely that the proposed legislation will be taken up by the New York Senate before the 2012 legislative session formally adjourns in January. If this bill is to move forward, the most likely course will be for the Assembly to re-enact it in 2013 and then send it to the Senate for consideration. But because of the committed support of New York Attorney General Eric T. Schneiderman, it is likely that this bill will be kicking around Albany for several more months – so let’s take a closer look at what might end up on the books.

Commentators have championed this bill for criminalizing “robo-signing”, but upon further examination, the wide net cast by this bill might impose felony liability on parties not really responsible for the false documentation that this bill is purported to prevent.

To begin, let’s examine what constitutes a crime under the Foreclosure Fraud Prevention Act...

[JD SUPRA]

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CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

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One Response to “A Closer Look at New York’s “Foreclosure Fraud Prevention Act””

  1. JIMI says:

    STATE OF NJ WAKE UP LEARN FROM NY AND NEVADA TO HOLD THE BANKSTERS RESPONSIBLE FOR THEIR FRAUD DO YOUR JOB OR GET OUT OF THE WAY NJ NEED
    TO PROTECT HOMEOWNERS FROM ALL THE BNAKERS FRAUD NOW

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