Posts Tagged ‘Oppenheim Law’

Bill to fast track foreclosures has sparked a rare internal Florida Bar fight

Friday, March 29th, 2013

Below is a condensed version of an article written by Paola Iuspa-Abbott in The Daily Business Review. which included Roy Oppenheim .

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A controversial bill that aims to fast track foreclosures has sparked a rare internal fight among members of an influential Florida Bar section.

On one side are Bar members who assist homeowners facing foreclosure. Opposing them are members of the Bar’s Real Property, Probate and Trust Law Section who not only decided to support the foreclosure bill this year but also hired a lobbyist to get the bill passed in Tallahassee.

Members of the Real Property section say the bill offers many new protections to distressed homeowners and buyers of repossessed homes.

HB 87 is moving quickly through the House. But SB 1666 still needs to clear three Senate committees before it would receive a full vote.

“Under this bill, the presumption of innocence would be destroyed,” Oppenheim said.

This is the fourth year in a row a bill seeking to expedite foreclosures is before the Legislature.

In the past, Oppenheim was among Bar members who reviewed any proposed foreclosure legislation.

“Last year, we had people on my subcommittee who agreed with me that we didn’t like a lot of the stuff in the bill, so the Bar never agreed to approve or disapprove anything,” Oppenheim said, citing a measure that passed the House but died in the Senate for lack of action.

He was part of the section’s Mortgage and Encumbers Subcommittee until last year, when it was dismantled without notice, he said. The section was restructured and the Foreclosure Reform Ad Hoc Committee was created to help shape the proposed legislation. Oppenheim claimed he was left off the ad hoc committee because of his history of opposing foreclosure bills at a time when the section was eager to see the bill pass.

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Florida Foreclosure legislation invites bank fraud

Saturday, March 23rd, 2013

The following Miami Herald article was written by Roy Oppenheim and is being republished in the South Florida Law Blog.

Florida proposed legislation - HB 87 and SB 1666 - which backers claim will clear the backlog of foreclosure cases in Florida instead invites bank fraud and creates more problems by putting speed ahead of justice.

The backlog is blamed on foot dragging by homeowners. In reality, banks are to blame due to federal directives to pursue loss mitigation alternatives or by voluntarily slowing down the process to explore settlement options in the interests of both parties and the market.

However long it takes to conclude a foreclosure in Florida, given the magnitude of bank fraud, forgery and abuses that the banks admitted to, we should exempt this category of civil court cases from “time to complete” requirements.

Public policy decisions should not be based on unverified, incorrect and misleading information, particularly when that data is provided by the same industry that admitted wrongdoing.

The next problem behind any push for foreclosure reform is that the market is improving. Florida home prices have rebounded, due in part to the fact that banks and homeowners are managing the backlog of foreclosures.

Short sales and negotiated resolutions which yield higher returns than faster foreclosures would disappear under the proposed legislation.

Only institutional buyers will win. When they buy in bulk, they exclude Realtors who profit from short sales and other end user transactions. Instead of supporting this legislation, Florida’s Realtors should take California’s lead and oppose attempts to speed up foreclosures.
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Smoke clears to reveal Vatican Bank and U.S. banks have much in common

Wednesday, March 20th, 2013

An edited version of this post by Roy Oppenheim was first published in US News and World Report’s Home Front Blog and is being redistributed on South Florida Law Blog with their permission.

White smoke coming from the Sistine Chapel at the Vatican indicates a new pope.

Now that the smoke has cleared in Vatican City – both figuratively and literally – and the Catholic Church has new leadership, one of the many issues facing Pope Francis is the pressure being exerted on the Vatican to clean up its bank.

Steeped in decades of secrecy, the Vatican Bank has been under mounting pressure in recent years to clean up its act or face global financial instability.

On the one side are those seeking greater transparency, on the other are those seeking to preserve status quo and continue to operate under a blanket of secrecy.

The Vatican Bank and America’s banks have much in common – both have lost their way and now efforts are underway in Italy and in the U.S. to reign them in and clean them up.

The Vatican Bank was created in the 1940’s and was seen as a way to get money to Eastern Bloc countries to bring an end to Communism. Today, it’s said that the bank helps the Vatican operate in places such as Cuba. A noble beginning to be sure, but in recent years there have been allegations of money laundering and the disappearance of millions.

European agencies that monitor financial institutions are pushing for change much like lawmakers in the U.S.

In recent months, several lawmakers, including Massachusetts Senator Elizabeth Warren have sounded the alarm that tougher action against banks is needed.

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Holder: Banks Too Big to Fail and Too Big to Jail

Monday, March 11th, 2013

This article was written for The South Florida Law Blog by Roy Oppenheim.

The Mighty Elephant: Banks Representing the Too Large to Fail, Too Large To Jail - Oppenheim Law Blog Theory.

The Mighty Elephant: Banks Representing the Too Large to Fail, Too Large To Jail – Oppenheim Law
Blog Theory.

U.S. Attorney Eric Holder, the man charged with upholding the laws of this country, has finally recognized the elephant in the room.

During a Senate Judiciary Committee meeting this week, Holder finally admitted what the rest of us have been saying for a long time: There are banks in America that are too big to fail!

Ironically, American Banker, the very same publication read by those Holder criticized, was among the first to report the news.

Said Holder: “I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if we do prosecute — if we do bring a criminal charge — it will have a negative impact on the national economy, perhaps even the world economy.”

You can read his remarks here.

Sadly, he offers no solutions to what has become an epidemic of fraud that led to one of the worst economic crisis in our country. By allowing banks to perpetrate fraud by selling mortgage securities they knew were not worth the paper they were written on, the Justice Department, in a way can be considered just as guilty for failing to hold banks to the fire.

It’s like the courts saying a murderer can’t be prosecuted because he is 6’9”, weighs 400 pounds and is too big to jail. Holder’s argument is simply not defensible.
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