Posts Tagged ‘Roy Oppenheim’

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Housing Market Poll: When Will Florida Recover?

Wednesday, May 25th, 2011
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The South Florida Law Blog believes it will be at least 2016 before Florida’s housing market fully recovers, but a new study shows many Americans are far more optimistic.

The results are in, and it appears the majority of those surveyed believe 2012 will be the magic year for the housing market. Trulia and RealtyTrac recently polled 2,034 U.S. adults aged 18 years and older to find out when most Americans think the housing market will recover. A mere 10 percent thought a recovery would happen this year, while nearly a quarter of those surveyed predicted a bumpy road until 2015 and beyond.

Despite recent reports that foreclosures have slowed and sales in Broward and Miami-Dade are trending up, Florida is not out of the woods yet. As special guest and Florida real estate developer, Pat Sessions, pointed out during our talk show From The Trenches, the market has yet to bottom out here in Florida.

As always, the South Florida Law Blog continues to share and comment on the latest in real estate news.

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Posted in Foreclosure Defense, From The Trenches, Infographic, International News, Roy Oppenheim | 6 Comments »

The Times They Are A-Changin’: District Courts of Appeal Start Reversing Foreclosure Judgments

Tuesday, May 24th, 2011
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As a tribute to Bob Dylan’s 70th birthday today, his song “The Times They Are A-Changin” captures the spirit of the social and political upheaval happening in today’s Florida courts. Despite a swollen pipeline of more than half a million pending foreclosure cases, Florida’s appellate courts are starting to send a clear message that banks will not succeed in trampling the Constitutional rights of homeowners.

The times they are a-changin’. And it’s about time.

Florida District Courts of Appeal are ruling in favor of homeowners when procedural due process has been violated as well as in cases where the trial court improperly granted summary judgment in favor of a bank based on lawyers’ assertions that have no evidentiary support on the record.

Recent decisions from the 1st, 3rd, 4th and 5th District Courts of Appeal can provide hope to homeowners and South Florida foreclosure defense attorneys that banks will be forced to start playing by the rules, or risk having their judgments reversed on appeal.

For example, the 5th DCA reversed a summary judgment decision in favor of a bank last month for a lack of evidence on the foreclosing bank’s standing to sue. The Court of Appeal found that documents submitted at trial contradicted the bank’s mere allegations that it was the holder of the note, and therefore allowed to foreclose.

“Taken together, these decisions are powerful evidence that Florida’s appellate courts are increasingly receptive to foreclosure defendants’ complaints that some trial courts are not holding foreclosure plaintiffs to the requirements of Florida Civil Procedure – and perhaps that they are also paying attention to the widely reported improprieties in the mortgage lending industry,” said Dan Bushell, a South Florida appellate attorney, on his blog, Florida Appellate Review.
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Posted in Florida foreclosures, Florida Law News, Florida real estate, Foreclosure Defense, Roy Oppenheim | 2 Comments »

Beyond Florida Real Estate: Are Bankers the New Mobsters?

Tuesday, May 17th, 2011
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Wall Street corruption blurs the lines between good guys and bad guys as this week’s headlines bubble to the top.

Government's Long Enforcement Slumber is Over, says Roy Oppenheim

Government's Long Enforcement Slumber is Over, says Roy Oppenheim

Unbelievably guilty in the court of public opinion. Now ultimately guilty in a court of law.

The conviction of Galleon hedge fund billionaire Raj Rajaratnam on all 14 counts of conspiracy and securities fraud is a prime example of rampant Wall Street greed and conspiracy.

It’s become clear that bankers took advantage of us all through the tricks and frauds of petty crooks. Ironically, these crooks bankers are now being brought down by the same investigatory wiretap techniques once used only in drug and mob cases. Perhaps “Bankster” is now the appropriate moniker.

Rajaratnam, formerly viewed as a skilled investor and stock market genius, should have stuck to “counting cards.” It’s one thing to make informed, intelligent investments by counting cards through legitimate research and public knowledge. It’s another matter entirely to “mark the cards” through insider secrets, privileged tips and paid informants.

Now, after a mosaic of insider trading and deception has been uncovered, the billionaire Rajaratnam is exposed as a card marker. Consequently, he faces the prospect of spending the rest of his life in federal prison.

Not surprisingly, this card marking culture is closely tied to the banks and mortgage-baked securities (MBS) industry that brought down the American real estate market. Banks simply were playing a game they new they couldn’t lose.
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Posted in Bank Fraud, Bernie Madoff, Florida foreclosures, Florida real estate, Foreclosure Fraud, From The Trenches, International News, Roy Oppenheim | 4 Comments »

Catch First Episode “From the Trenches” Airing Now

Thursday, May 12th, 2011
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When will Florida see the sunny side of real estate again? Find out what the attorney, developer and media think.

The first episode of Oppenheim Law’s new talk show “From the Trenches” is now live on Oppenheim Law’s You Tube Channel.

Real estate attorney and award-winning legal blogger Roy Oppenheim joined guests CBS4 Chief Investigative Reporter Stephen Stock and Real Estate Developer Patrick Sessions in front of a live studio audience last night for a lively and in-depth discussion of the past, present and future of South Florida real estate.

The attorney, developer and reporter offer first hand experiences and opinions on what they have done and what it will take to make it in this market.

The three experts go in depth to South Florida’s real estate market, discussing where the market is today, where we are headed in the coming months and the steps homeowners need to take advantage of for crafting a personal bailout.

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Posted in 60 Minutes, CBS News, Florida Law News, From The Trenches | 3 Comments »

Florida Foreclosure process “just a rotten bag of apples,” Roy Oppenheim says

Monday, May 9th, 2011
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It’s an understatement to say that homeowners have had it up to here with banks and the foreclosure process. Those caught up in the wake of the foreclosure crisis often see the banks as heartless and just out to make a buck.

Some feel like what the banks have done to the American homeowner is criminal. And they just might be right.

According to a investigation by CBS I-Team reporter Al Sunshine, 50 state attorney generals are investigating the foreclosure debacle. As it turns out, the bank you borrowed money from probably does not own your mortgage anymore. Many mortgages have been bundled up so they look safe for investors and then sold off, Sunshine says.

He estimates 95% of mortgages are now controlled by what’s called a servicer, which is a bank or financial company which handles your mortgage and monthly payment. They are the ones who collect fees and penalties from home owners, and according to Sunshine’s report, they are the first ones to make yet more money when a home is foreclosed.

And therein lies the problem with the mortgage system, foreclosure attorney Roy Oppenheim told Sunshine.

“It was in their interest to have the foreclosure go through the process versus a modification,” Oppenheim explained. “Typically the way the servicers were compensated, they would receive more compensation through a foreclosure than through a modification.”

So the interests of the borrower are in constant conflict with the interests of the servicer. Since they are often not the bank that lent you the money in the first place, there is little risk to them, and foreclosure is better for their bottom line.
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Posted in Al Sunshine, CBS News, Florida foreclosures, Florida real estate, Roy Oppenheim | 2 Comments »

Oppenheim Says: Don’t Give up on Miami, the Heat is on!

Saturday, May 7th, 2011
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Orlando's got the real estate Magic, Miami's got the Heat!Orlando’s got the Florida real estate Magic and Miami has the Heat!

Reports are in that Miami and Orlando are dragging Florida out of recession, but for now only Orlando is performing above its economic weight class.

The Miami Herald reported this week that while Orlando represents just 14 percent of Florida’s 7.2 million-person workforce, it accounts for 46 percent of the Sunshine State’s 44,000 new jobs last month, eighty percent of which came from the tourism industry.

Given the city’s abundance of theme parks, brand new “Medical City” popping up with the opening of the University of Central Florida’s new medical school and strong video game industry, it’s no surprise Orlando outperformed its economic class.

Wells Fargo economist Mark Vitner told reporters Thursday during his annual review of Florida’s economic outlook that Orlando is “certainly coming out ahead of the other large metropolitan areas in this recession.’’

Here in South Florida, Miami is doing its part to reverse the economic slide the state has weathered over the last three years as well. In the last 12 months, South Florida added 1,100 jobs in the finance sector alone. “Companies are hiring,’’ said Jaap Donath, vice president of research for the Beacon Council, Miami-Dade’s economic development agency. “They’re hiring across the board.’’

While Orlando has certainly grown by leaps and bounds, it’s important to keep the numbers in perspective. The South Florida metro area’s $253 billion economy is more than twice the size of Orlando’s, according to the federal Bureau of Economic Analysis. The smaller the economy and workforce, the easier it is to show big gains. Additionally, Miami has been sheltered from the brunt of the economic freeze due to its frequent interactions with booming South American consumers.
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Posted in Florida foreclosures, Florida real estate, Foreclosure Defense, Miami Herald | 2 Comments »

Watch us on CBS4 Tonight: Al Sunshine Reports on Florida’s Foreclosure Fiasco

Friday, May 6th, 2011
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Foreclosure or loan modification? Banks say foreclosure; homeowner says loan modification. CBS4 interviews foreclosure defense attorney Roy Oppenheim for the CBS Miami news broadcast tonight at 11:00 ET. Oppenheim, along with Chief Consumer Investigator and “4 Your Money” host Al Sunshine discuss the current Florida foreclosure crisis, focusing on why banks would rather foreclose on your home than consider a loan modification.

Oppenheim and Sunshine come together again to discuss the depths of the South Florida foreclosure crisis. In the below clip, the pair examine the dismal real estate climate in Florida last summer:

No stranger to fighting the banks, foreclosure defense attorney and award-winning legal blogger Roy Oppenheim specializes in helping families fight foreclosures, while using his South Florida Law Blog to openly decry fraudulent foreclosure practices and ask: Why isn’t Wall Street in Jail? Veteran investigative reporter Al Sunshine has received numerous honors for his reporting, including the Miami Police Department Accuracy and Fairness Award (1976), the Florida Academy of Trial Lawyers Media Award (1991) and the Dade County Trial Lawyers Association Award (1992).

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Posted in Al Sunshine, CBS News, Florida foreclosures, Florida Law News, Florida real estate | 3 Comments »

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