NY A07546

Requires mortgage foreclosure plaintiffs to maintain and possess complete payment histories of loans from origination to present, including all escrow and suspense account transactions

Mandates that plaintiffs claiming to possess original notes must maintain custodial files documenting the chain of possession, including names and dates of all entities that held the note

Creates new defenses for homeowners in foreclosure actions if plaintiffs cannot provide complete payment histories or proper custodial documentation

Limits recovery for debt buyers who purchase defaulted subordinate loans to the amount they paid for the loan plus maximum legal interest, calculated proportionally for portfolio purchases

Establishes a 3-year statute of limitations (effective January 1, 2027) for actions on subordinate bonds or notes purchased while in default, and makes statute of limitations defenses non-waivable in home loan foreclosure proceedings