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In a foreclosure case involving Patricia Reid and Bank of America, the New York Appellate Division ruled that the bank's action was time-barred under the state's six-year statute of limitations. The court determined that, despite the loan being insured by a federal agency, the bank did not qualify for immunity from the statute, as the federal government had no rights to foreclose on the mortgage. This decision clarified that federal insurance does not grant the same protections to loan holders as those afforded to federal agencies.
Patricia Reid
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court rules against federal immunity in new york mortgage foreclosure case
01:00 22.11.2024
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