State & Federal Legislative Developments
A.7175A (Dinowitz)/S.6362A (Kavanagh) would extend the current residential and commercial foreclosure and eviction moratoriums-- set to expire May 1, 2021 –to a later date: through August 31, 2021. The bill was introduced late last Friday and quickly moved through Committees in both Houses this week. The Assembly and Senate are expected to vote on the bill on Monday, and send the bill to the Governor immediately for his signature given the time sensitivity.
The CFPB issued a final rule to extend the mandatory effective date for the Qualified Mortgage rule from July 1, 2021 to October 1, 2022. The rule also contained an extension of the temporary GSE patch until the new mandatory compliance date, or until Fannie Mae and Freddie Mac exit conservatorship.
For additional information on any of the State or Federal issues, please contact:
Clare M. Cusack, President & Chief Executive Officer, at (212) 297-1664
Megan Rowan McGovern, Deputy General Counsel & VP, Government Relations, at (212) 297-1669