NY High Court Resolves Foreclosure Timeliness Issues

Law360 (February 19, 2021, 9:40 PM EST) -- New York's highest court has given Wells Fargo and other mortgage holders a clean sweep in a rare cluster of foreclosure-related appeals, tackling a series of statute of limitations issues in what financial services attorneys say is a landmark decision for the mortgage market in the state.

The New York State Court of Appeals handed down its decision on Thursday, addressing four cases that industry insiders nicknamed the "Mortgage Prom" when the court heard oral arguments on them last month. The cases involve disputes over the timeliness of mortgage foreclosure claims belonging to Wells Fargo Bank NA, Freedom Mortgage Corp., Ditech...

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