Association calls for action on Foreclosure Abuse Prevention Act

The New York Credit Union Association on Friday issued a call to action on urging Gov. Kathy Hochul to oppose A.7737-B/S.5473-D, the Foreclosure Abuse Prevention Act.

The Foreclosure Abuse Prevention Act amends the Real Property Actions and Proceedings Law to severely limit lenders, both state and federally chartered. As drafted, this bill restricts lenders in their ability to perform loss mitigation and carry out foreclosures in the state.

This legislation will have a deleterious effect New York’s real property financial ecosystem including lenders, homeowners, and the secondary market overall, according to Association leadership. This legislation has cleared the Legislature and is awaiting Gov. Kathy Hochul’s signature. The New York Credit Union Association strongly opposes the legislation.

On Friday, a call to action urging the governor to oppose the bill was sent to member credit union contacts, who are strongly encouraged to copy and paste the form letter and email it to Karen Persichilli Keogh, Secretary to the Governor, at using the subject line: “Oppose A.7737-B!”

The Association sincerely thanks you for your engagement on this important legislative matter.

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