Copyright (c) 2010 Pace University School of Law
Pace Law Review
ARTICLE: The Newly-Enacted CPLR 3408 for Easing the Mortgage Foreclosure Crisis: Very Good Steps, but not Legislatively Perfect
Pace Law Review
30 Pace L. Rev. 855
Hon. Mark C. Dillon*
There was only one mortgage foreclosure action filed in Putnam County, New York, in 2005. 1 Three years later, in 2008, there were fifty-three mortgage foreclosure actions filed in the same county, 2 representing a 5,200% increase in foreclosures in three years. In Orange County, New York, eight mortgage foreclosure actions were filed in 2005. 3 In 2008, the number of new mortgage foreclosure actions rose to an even 1,200, 4 representing a 14,200% increase in such filings. In Westchester County during the same time frame, the number of foreclosures rose from 565 to 1,676, 5 which is not as stunning as the increases that occurred in Putnam and Orange Counties, but still more than a threefold increase. The crisis in subprime lending that developed in 2007, 2008, and 2009 prompted a significant increase in foreclosures in many counties in the State of New York. Nationally, 860,000 homes were sold in foreclosure in 2008. 6 In the third quarter of 2009 alone, foreclosures reached a record national high of 937,840 homes that received a default notice, an auction notice, or that were repossessed by a bank. 7
The New York State Legislature endeavored to cope with the dramatic increase in mortgage foreclosures by enacting a variety of statutes that are known, in omnibus form, as the Subprime Residential Loan and Foreclosure Laws. 8 The statutes included in the omnibus legislation are RPL 265-b, RPAPL 1302, 1303 and 1304, Banking Law 6-l, 6-m, ...
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