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
Oppenheim Law Legal Update as of 3/31/2019:
Who knew the Wall Street Journal subscribed to the South Florida Law Blog! We anticipate that investors with large deposits will need legal counsel to devise legal strategies regarding walking away from these deposits.