Overview and Implications of New York’s State’s New Foreclosure Law: FAPA/”Anti Engel”

Recorded On: 02/16/2023

On December 30, 2022, NY Governor Hochul signed into law the “Foreclosure Abuse Prevention Act” (also known as “FAPA” and the “Anti-Engel bill”), despite overwhelming objection from the industry. Objections were raised due to its potential impact on the foreclosure process as a whole, and the new limits on the ability for both lenders and consumers alike to discontinue action in order to provide ample time to work out troubled loans. The law became effective immediately upon signature and applies to any foreclosure action in New York that was pending as of December 30, 2022 or filed thereafter.  This webinar will provide a look at the legislative activity leading up to the bill’s enactment, a practical “what you need to know” overview of the new law and its many facets, and a brief discussion of potential litigation challenging the law, with boots on the ground legal experts from throughout the State. 

Clare M. Cusack

President & CEO

New York Bankers Association

Clare Cusack is the President & CEO of the New York Bankers Association (NYBA), the premier trade association for the banking industry in New York State. She is the first woman to serve as the Association’s leader in its 128-year history, tasked with guiding New York’s banks through “one of the most challenging and transformative periods in banking history.”

As head of NYBA, Clare is proud to represent banks of every size, region, and charter across New York. Together as a unified industry, NYBA’s members employ nearly 200,000 New Yorkers, safeguard $2 trillion in deposits, and extend $70 billion in home and small business loans annually. NYBA members also support their communities through an estimated $200 million in community donations and 500,000 employee volunteer hours every year. From the smallest community banks through some of the largest financial institutions in the world- and everything in between- NYBA is there as a resource for members in supporting their ongoing service to their customers and communities.

Prior to her appointment, Clare served as General Counsel and COO for NYBA, overseeing the Association’s legal and operational matters, supporting each of NYBA’s divisions and areas including government relations, professional development, service provider partnerships, major industry events and legal and regulatory strategy. Before joining the NYBA team, Clare was an attorney with the law firm Morgan, Lewis & Bockius, focusing her practice within the securities litigation and regulatory investigation fields. She is a proud graduate of the State University of New York at Geneseo and Fordham University School of Law.

Clare serves on the Board of Directors of Pursuit (formerly the New York Business Development Corporation) a Small Business Administration and U.S. Treasury-certified Community Development Financial Institution (CDFI). She is also a member of the Board of Directors of the Geneseo Foundation, a nonprofit foundation that supports her alma mater.

Diana Eng

Partner, Financial Institutions Litigation & Regulatory Compliance

Blank Rome LLP

Diana Eng concentrates her practice in consumer financial services litigation representing mortgage loan servicers, lenders, and debt collectors in all aspects of litigation and disputes, as well as appeals and contested bankruptcy matters, across multiple jurisdictions. Diana’s broad experience includes:

 - the Fair Debt Collection Practices Act (“FDCPA”);
 - the Fair Credit Reporting Act (“FCRA”);
 - the Truth in Lending Act (“TILA”);
 - the Real Estate Settlement Procedures Act (“RESPA”);
 - the Bankruptcy Code and Bankruptcy Rules (stay violations, allowance of claims, objections to confirmation, discharge of mortgage liens, notices of payment or escrow change, and “cramdown”);
 - various New York statutes, such as the Real Property Actions and Proceedings Law, the Real Property Tax Law, and the General Business Law; and
 - fraud, misrepresentation, negligence, title curative, and other common law claims.

She also routinely counsels her clients on compliance with various consumer statutes, loan origination and brokering statutes, the CARES Act, New York’s COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020, the Bankruptcy Code and the Bankruptcy Rules, indemnification issues arising from vendor errors and the seller’s breach, and statute of limitations issues.

Diana has nearly 20 years of experience representing domestic and foreign clients in a variety of commercial litigation matters, including antitrust, bankruptcy, contractual disputes, employment, and intellectual property and media. She also has extensive experience with efficiently managing large-scale electronic discovery in complex cases and advising clients on related issues.

Outside the Firm

Diana served as the Secretary of the Board of Trustees of the Bronx High School of Science Alumni Association until September 2017.
Diana is a Certified Sommelier through the Court of Master Sommeliers.

Michael DeRosa

Partner

Friedman Vartolo LLP

Michael DeRosa specializes in New York foreclosure default services and currently manages the New York Foreclosure and REO departments at Friedman Vartolo LLP.  Prior to joining Friedman Vartolo LLP, Michael worked in the litigation department of Pulvers, Pulvers, Thompson & Friedman LLP where he specialized in creditor's rights and residential mortgage foreclosure litigation. Mr. DeRosa is admitted to practice in New York State Court as well as the United States District Courts in the Eastern and Southern Districts of New York.

Jill Sandhaas

Partner

Shenker, Russo & Clark LLP

Jill T. Sandhaas brings substantial experience to Shenker Russo & Clark LLP advising clients in all types of government affairs, legal transactions, as well as regulatory and compliance matters.

With more than three decades of advocacy and legislative experience, Jill Sandhaas is an experienced lawyer who represents a number of different clients on a host of issues before the legislature, executive branch and New York state governmental agencies.

Over the course of her career, Jill has advanced the policy agendas of a diverse group of corporate and association clients and has developed deep and substantive experience in a variety of industries including, banking and financial services, higher education, health care, and energy.

Jill works with clients on both proactive and defensive policy-based approaches that resolve problems. A highly respected advocate in the state capital, Jill has been on the cutting edge of major policy decisions and legislative initiatives, including the recently enacted Corporate Tax Reform for New York State and New York City.

Prior to joining the firm, Jill worked with an international law firm in their Government Affairs practice area. Prior to that, she served as counsel to the chairman of the New York State Senate Health Committee, and as an advance representative for former First Lady Barbara Bush on both domestic and foreign travel.

Jill has built a network of professional contacts at the local, state and federal levels of government. These relationships and her experience with the legislative process have enabled her to build a successful practice assisting the firm’s clients in legal, lobbying, appropriations and regulatory matters.

Jonathan Robbin (Moderator)

Managing Partner

J. Robbin Law, PLLC

Jonathan is the founding member of J. Robbin Law. Jonathan graduated Emory University School of Law with honors, where he served as a Notes & Articles Editor on Law Review and a member of Order of the Coif, as one of the top 10% members of his graduating class. Jonathan began his career at Schulte Roth & Zabel LLP (“SRZ”) in New York City focusing on complex business and commercial litigation including shareholder derivative suits and proxy battles. Following his time at SRZ, Jonathan worked at Zeichner Ellman & Krause LLP where he continued to hone his litigation and business skills in a boutique firm setting. Jonathan eventually moved to Blank Rome LLP, first a senior associate and then a partner in its Commercial Litigation/ Consumer Finance Practice Group.

Jonathan ultimately fulfilled his dream of starting his own law firm with the goal of maximizing efficiencies in the legal field. J. Robbin Law provides same AM Law 100 quality work that Jonathan provided his clients previously, now just at a more suitable cost.

Beyond business litigation, Jonathan has established a national reputation in consumer financial services over the past 15 years of his practice. He regularly speaks on and writes on the industry. Jonathan has extensive experience defending complex consumer class actions in both state and federal court and defending claims brought under the Fair Debt Collection Practice Act, Fair Credit Reporting Act , RICO, TILA, RESPA, ECOA, state law UDAP claims, and a variety of common law servicing related claims. Jonathan regularly represents consumer mortgage lenders, servicers and debt buyers with respect to federal and state regulatory issues, and in consumer mortgage loan and debt litigation.

In addition, he regularly counsels and advises middle market and emerging growth companies in a variety of areas, including planning and formation of shareholder and operating agreements, employment and non-competition agreements, as well as purchase, sale and merger transactions. He also represents lenders and borrowers in commercial loan transactions.

When not in the office, Jonathan can be found on the golf course, ski slopes, walking his dog at the beach, or coaching his two children in a variety of sports.

Overview and Implications of New York’s State’s New Foreclosure Law: FAPA/”Anti Engel”
02/16/2023 at 11:00 AM (EST)  |  Recorded On: 02/16/2023
02/16/2023 at 11:00 AM (EST)  |  Recorded On: 02/16/2023