On Monday, January 9, Day Pitney Partners Alfred Marks and Christina Livorsi hosted a webinar for lenders, mortgage servicers, and investors to discuss the wide-ranging impact of the Foreclosure Abuse Prevention Act signed into law by Governor Kathy Hochul on December 30, 2022. The Act fundamentally alters the landscape for foreclosure of a mortgage in New York. Among other things, the Act overrules the New York Court of Appeals' landmark ruling in Freedom Mortgage v. Engel, 37 N.Y.3d 1 (2021). It also retroactively applies to all pending actions and actions commenced after its enactment date. Litigation challenging the Act on constitutional and other grounds is widely anticipated.