Print PDF

A bill (A629A-2011) is pending in the NYS Legislature that provides that only the owner and holder of a mortgage and note, or its agent, shall have standing to commence a mortgage foreclosure action, thereby making standing as a defense unwaivable. The passage of this bill is essential as hundreds of cases are filed against homeowners by plaintiffs [i.e., banks] who lack standing as a result of robo-signing, lack of ownership documentation by loan servicers and/or trustees, and massive securitization of loans [without government oversight or regulation] that created the current housing and fiscal crisis.

(8)