New York A09554 prohibits mortgage bankers and servicers from initiating foreclosure on loans secured by fraudulent deeds.

New York A09554, known as the "deed protection act," amends the banking law to prevent mortgage bankers and loan servicers from starting, maintaining, or proceeding with foreclosure actions on mortgage loans where the mortgage is based on a fraudulent deed, conveyance, or other title instrument. The act requires these entities to review the mortgage and related records to ensure the mortgage is valid before initiating foreclosure. Violations of this act are considered violations of the banking law. The act takes effect immediately upon enactment.

New York A09554 prohibits mortgage bankers and servicers from initiating foreclosure on loans secured by fraudulent deeds.

New York A09554, known as the "deed protection act," amends the banking law to prevent mortgage bankers and loan servicers from starting, maintaining, or proceeding with foreclosure actions on mortgage loans where the mortgage is based on a fraudulent deed, conveyance, or other title instrument. The act requires these entities to review the mortgage and related records to ensure the mortgage is valid before initiating foreclosure. Violations of this act are considered violations of the banking law. The act takes effect immediately upon enactment.