Just last month California’s Supreme Court declined to rule on a hot and eagerly anticipated question for borrowers in foreclosure: whether a loan transferred into a trust after the trust’s closing date is void. The Court’s analysis in Yvanova v. New Century Mortgage Corporation discussed Glaski v. Bank of American N.A. which clearly stated that a borrower is able to claim that an assignment of their loan into a trust is void if the transfer occurred after the closing date of the trust. You may recall Glaski which cited a law review article written by Roy Oppenheim and Jacquelyn Trask, “Deconstructing the Black Magic of Securitized Trusts,” cited in its opinion. In Glaski, the Court simply stated that, a borrower facing a foreclosure is able defend itself by asserting that the transfer of their loan was improper because the transfer occurred after the closing date of the trust. Continue reading
The following article was originally published in the Sun Sentinel with excerpts by Roy Oppenheim.
- Rising interest rates
- Strong US Dollar
- Devaluation of foreign currencies
While foreclosures have waned, South Florida real estate lawyer Roy Oppenheim predicts the housing recovery will slow in the coming months.
He said demand and prices will soften due to a mix of rising interest rates, a strong dollar and a devaluation in foreign currencies. That could lead to more foreclosures.
“I’m expecting a correction, but not anything like 2007 or 2008,” Oppenheim said.
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Written by Samantha Joseph, Daily Business Review.
Kenneth Welt, senior U.S. bankruptcy trustee for the Southern District of Florida, said strong demand is gobbling up the inventory of distressed real estate sold through a pilot program designed to bypass foreclosure. Continue reading