The adopted bill poses a threat to buy out a home loan



Bill 2502-A, which amends RPAPL §1302, may well have been well-intentioned, but the end result is likely to make it impossible to both issue mortgages and foreclose such mortgages. While this may seem like an exaggeration, a close examination of the changes will provide an explanation.

Essentially, the new law imposes restrictions and bans on subprime and expensive home loans, and bans on all home loans, even if they are not subprime and high-cost home loans.


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