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Anoush Garakani

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About Anoush Garakani

Anoush Garakani is a partner on Alston & Bird’s Consumer Financial Services Team. He advises on mortgage banking and consumer finance and concentrates on counseling clients on compliance with federal and state consumer financial protection laws and regulations.

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The COVID-19 National Emergency is Ending: Are mortgage servicers ready?

February 24, 2023 By Anoush Garakani and Nanci Weissgold

A&B Abstract: On January 30, 2023, President Biden informed Congress that the COVID-19 National Emergency (the “COVID Emergency”) will be extended beyond March 1, 2023, but that he anticipates terminating the national emergency on May 11, 2023. The White House Briefing Room reiterated the President’s position on February 10, 2023. Given the significant updates mortgage […]

Filed Under: CARES Act, Consumer Financial Protection Bureau (CFPB), COVID-19, Department of Housing and Urban Development (HUD), Federal Housing Finance Agency (FHFA), Forbearance, HUD, Mortgage Servicing, State Law Tagged With: #CFPB, #mortgageservicing, CARES Act, Covid-19, Forbearance, Servicing

New York Foreclosure Abuse Prevention Act Curtails Servicers’ Options

February 14, 2023 By Nanci Weissgold, Anoush Garakani, Morey Barnes Yost and Gloria Han

A&B ABstract: Effective on approval by Governor Kathy Hochul on December 30, 2022, New York Assembly Bill 7737b – the Foreclosure Abuse Prevention Act (the “Act”) became law.  The Act is signifcant because it reverses judicial precedent that permitted a lender, after default, to undo the acceleration of a mortgage and stop the running of […]

Filed Under: Mortgage Servicing, State Law Tagged With: #mortgageservicing, #New York, #NYDFS, #Part419, Case law, Foreclosure, Mortgage Servicing

CFPB Issues Proposed Rule to Establish Public Registry of Supervised Nonbank Form Contract Provisions that Waive or Limit Consumers’ Legal Protections

February 3, 2023 By Nanci Weissgold, Anoush Garakani, Kathleen Benway and Patrick Eagan-Van Meter

A&B ABstract: On January 11, 2023, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) announced a proposed rule to establish a public registry and require  nonbanks supervised by the agency to register their use of certain terms and conditions contained in “take it or leave it” form contracts for consumer financial products or services […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Consumer Loan, Dodd-Frank Act Tagged With: #CFPA, #CFPB

CFPB Proposes Nonbank Registry to Focus on Compliance “Recidivism”

January 11, 2023 By Nanci Weissgold, Anoush Garakani and Melissa Malpass

A&B ABstract: On December 12, 2022, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule to require certain non-banks to register with the agency when they become subject to a public written order or judgment imposing obligations based on violations of certain consumer protection laws. The CFPB also proposes to maintain a public online […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Consumer Loan, Dodd-Frank Act, Mortgage Loans, Mortgage Servicing, Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #CFPA, #CFPB, mortgage lending, Mortgage Servicing, Servicing

Assumptions on the Rise: Are You Ready for Mortgage Assumptions?

December 16, 2022 By Nanci Weissgold, Anoush Garakani and Melissa Malpass

A&B ABstract: Mortgage assumptions – where a buyer assumes the existing mortgage loan of a seller – have fluctuated in popularity since the 1980s. However, inflation and the high interest rate environment, coupled with an observable shift to a buyer’s market, are raising the prospect that assumable mortgages – especially those with historically low interest […]

Filed Under: Ability to Repay/Qualified Mortgage, Consumer Financial Protection Bureau (CFPB), Department of Housing and Urban Development (HUD), Licensing, Mortgage Loans, Mortgage Servicing, Real Estate Settlement Procedures Act (RESPA), TRID, Truth in Lending Act (TILA), Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #mortgageservicing, assumablemortgage, Assumptions, HUD, mortgage lending, Mortgage Servicing, Servicing, UDAAP

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Recent Posts

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