Posts Tagged ‘South Florida Law Blog’

As the space race slows, the race to break up America’s biggest banks gains speed

Thursday, May 16th, 2013
<em id="__mceDel">CSA Astronaut Chris Hadfield strums his<br />guitar in the International Space Station's Cupola.<br />Credit: NASA</em>

CSA Astronaut Chris Hadfield strums his guitar in the International Space Station’s Cupola. Credit: NASA

Have you seen the YouTube video of Canadian astronaut Chris Hadfield singing David Bowie’s “Ground Control to Major Tom” from the International Space Station? The social media loving space man has become a YouTube sensation with more than 10.5 million (yep that’s million) hits and growing. And that’s only within the span of about a week.

While the space race slows down, the rest of the planet (which you can see clearly from Hadfield’s video) pretty much has lost interest in space travel, The Canadian astronaut has single-handedly created what might be considered a Renaissance for space exploration.

It’s this kind of adventurous spirit, ingenuity and creativity that have made the world a better place to live. And it’s that kind of creativity and out-of-the-box thinking that we need to bring to America’s financial sector and in particular the banking industry.

Oppenheim Law was recently interviewed by banking, legislation, regulatory policy, and litigation publisher Bloomberg BNA on many legal topics – from the “dubious constitutionality” of so-called rocket dockets, to why the planet’s biggest banks must be broken up to remain competitive.

Ironically, the sub headline that BNA gave to the section relating to the breaking up of the banking industry was “Science Fiction” and appropriately so.

I talk about how if we turned the country’s five or six largest banks into 20 or even 30 smaller ones – we would unleash a type of capitalism and creation of new products and concepts that we can’t even begin to envision.

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Foreclosure activity reaches 6-year low

Friday, May 10th, 2013

Written By Julie Schmit, USA TODAY 12:01 a.m. EDT May 9, 2013 and republished in The South Florida Law Blog with excerpts from Roy Oppenheim.

Foreclosure activity reached 6-year low - near the beginning of the nation's foreclosure crisis when the housing bubble burst.

Foreclosure activity reached 6-year low – near the beginning of the nation’s foreclosure crisis when the housing bubble burst.

Foreclosure activity in April fell to its lowest level in 74 months, but action is ramping up in some states, says a national foreclosure tracker.

In April, one of every 905 U.S. housing units received a foreclosure filing, market watcher RealtyTrac says. That was the lowest level since February 2007 — near the beginning of the nation’s foreclosure crisis — and down 23% from a year ago.

But foreclosure activity is increasing in some states where legal procedures and new laws to protect homeowners had slowed down foreclosures.

For example, in 26 states where foreclosures mostly go through the courts, scheduled foreclosure auctions in April were up 31% from a year ago to a 30-month high, RealtyTrac says. The auction is where the bank most often reclaims a foreclosed home.

The increase in scheduled auctions indicates that mortgage servicers are “serious about actually foreclosing,” says RealtyTrac Vice President Daren Blomquist.

Two states where courts approve foreclosures are Florida and New Jersey. In Florida, one of the states hardest hit by foreclosures, scheduled foreclosure auctions were up 55% in April vs. a year ago. In New Jersey, they increased 91%.

In both states, foreclosures slowed dramatically several years ago after allegations surfaced that many cases were moving through the courts without proper documentation.
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Florida lawmakers push foreclosure bill through

Wednesday, May 8th, 2013

The original article was written by Paola Iuspa-Abbott, Daily Business Review, May 8, 2013 with quotes from Roy Oppenheim republished in part with minor edits in the South Florida Law Blog.

Foreclosure_Next_ExitA foreclosure bill (House Bill 87) that’s awaiting the governor’s signature passed in the Florida Legislature in the last days of the session. Opponents argued the legislation was all about fast-tracking foreclosures with minimal judicial review. The amendment calls for reducing the number of hearings and the time a homeowner has to fight a foreclosure. A homeowner would have up to 45 days to build a defense before a key hearing to determine if a case should move forward or the lender should take the house back.

“People are going to have to move very quickly,” Weston foreclosure defense attorney Roy Oppenheim said. “It is going to put more burden on people to get lawyers. This is going to help my practice but hurt the homeowner.”

The legislation is retroactive, so it would apply to hundreds of thousands of pending cases. Oppenheim wonders if Scott would accept retroactivity. The governor cited a retroactivity clause as his reason for vetoing a bill that would have dramatically changed the state’s alimony law.

The foreclosure bill authorizes the hiring of retired judges to deal with the case backlog now gripping the state’s trial court system. That worries Oppenheim, who argues the specially appointed judges won’t be accountable to the electorate so nothing could stop them from ruling based on political favoritism.

“They can do whatever they want in the speedy trial,” he said. “It is going to become a mockery of our constitutional system.”
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Housing-related businesses enjoying big bounce-back

Sunday, April 28th, 2013

Written By Paul Owers, Sun Sentinel 4:24 p.m. EDT, April 27, 2013 and republished in The South Florida Law Blog with excerpts from Roy Oppenheim.

Sun Sentinel Story South Florida Businesses Enjoying Big Bounce Back Amidst Real Estate Bubble

Real estate agents aren’t the only ones cashing in on the housing renaissance.

Home inspectors, mortgage brokers, moving companies and other related businesses also are watching their bottom lines grow again after six years in a deep slumber.

“It’s been very busy,” said Scott Dooley, a Fort Lauderdale appraiser. “There aren’t enough hours in the day.”

Roughly 30 percent of South Florida’s economy tanked because of the real estate downturn that started in 2006, Weston lawyer Roy Oppenheim said.

During the housing boom of 2000 to 2005, speculators drove up prices, forcing some buyers to take out adjustable-rate mortgages and other risky loans for homes they couldn’t afford. Prices plummeted and a wave of foreclosures followed, leading to an epic collapse.

Oppenheim’s title company, Weston Title & Escrow, lost 80 percent of its business during the bust. While he avoided layoffs, employees had to take furloughs and pay cuts to keep the family-owned firm afloat, he said.

Now business is booming again, although revenues are still down because home values are nowhere near the record levels of 2005, he said. Oppenheim also has noticed an uptick in his real estate law practice, with more construction leading to more liens and building disputes.

“People are calling me now that I haven’t talked to in six or seven years. They’re back in business,” he said. “The last eight months have been good ones for people in real estate.”

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