Officials Not Allowing Counterfeit Eyewear Scams Overshadow the 2017 Solar Eclipse

Posted on August 18, 2017 Posted in Oppenheim Law by Roy Oppenheim

“Eclipsed” by the Law

As the rest of the country eagerly awaits the first total solar eclipse since 1979 on Monday, August 21, South Floridians are looking forward to our own view of a partial 2017 solar eclipse — (about 75%). This magnificent event is causing a craze among stargazers, due to the fact that the next total solar eclipse over North America will not happen again until April 2024. As captivating as the phenomenon is, it has not “eclipsed” concerns about legal responsibility and liability. School boards and companies have taken precautionary measures ahead of the spectacle, with many agencies warning the public (and rightfully so) to prevent permanent eye damage or blindness by wearing medically approved eyewear before viewing the solar eclipse.

A More Exciting (Yet Concerning) First Day of School

Unfortunately, the 2017 solar eclipse coincides with the first day of school for most South Florida public schools. Taking note of the safety and liability issues at hand, school authorities nationwide are implementing measures to protect their students from possible eye damage. Local Broward County Public Schools have already cancelled all outdoor activities and have asked parents to speak with their children regarding the potential for eye damage related to looking directly at the sun without proper protection. They are also concerned about the possible threat of distracted drivers to children crossing the street. While this is certainly an exciting time, administrators are focused on their duty to ensure the safety of curious students who want to observe the eclipse taking place.

Amazon Pulls Counterfeit Glasses from Their Listings

Concerned with the possibility of life-changing permanent eye damage, Amazon has decided to recall any products sold that have not met the safety standards set by governing agencies such as the American Astronomical Society (AAS). It appears that Amazon previously allowed sellers to distribute the solar eclipse viewers using their platform, without performing any safety checks. Amazon is being accused of making “the problem worse,” according to the AAS spokesperson, by recalling glasses already approved by their organization, and thus reducing the already scarce supply of safety glasses. Either way, there is a real possibility that counterfeit glasses are still in circulation and we encourage everyone to do their due diligence to confirm that their products meet the safety standards and approved vendors list provided by the AAS.

Please, enjoy the eclipse, but do so SAFELY!

From the trenches,

Roy Oppenheim

Trillions of Assets are at Stake With the 2021 LIBOR Deadline

Posted on August 4, 2017 Posted in Big Banks by Roy Oppenheim

The $400 Trillion Question: What Will Replace Interest Rate Benchmark LIBOR?

The LIBOR (London Interbank Offered Rate), used as an interest rate benchmark for nearly $400 trillion in assets ranging from student loans to mortgages, now has its execution date scheduled for 2021. With its replacement all but certain, it is understandably causing some concern as to how this will affect past and future transactions.

A 50-year Market Presence with a Troubled Past

The LIBOR is a benchmark where the interest rate is determined on what a panel of 20 global banks submit as the rates at which they are willing to lend money to one another. This is done on an unsecured basis using various currencies and with varying maturities. This small pool of industry leaders setting the standard and using the metric of interbank lending, sometimes having fewer than 20 transactions annually, was “unacceptable” according to the FCA (Financial Conduct Authority) which currently regulates LIBOR.

As the financial crisis of 2008 began, concerns of banks having financial troubles were raised. The banks submitting their interest rates to LIBOR were accused and later settled with authorities for their role in low-balling the figures to avoid the perception that they were having difficulty borrowing. This, coupled with convictions of bank employees on a global scale who manipulated the interest rate for trading profits, led to billions of dollars in fines.

A Welcomed yet Uncertain Future

Considering LIBOR’s vast influence in the global financial infrastructure, existing contracts that employ LIBOR and extend beyond 2021 will need to be renegotiated. While the replacement is unclear, possible alternatives are gearing towards an actual transaction-based system and eliminating the need for banks to submit their rates which currently influences the interest rate benchmark. Indexes already in place across Europe and Asia that use unsecured, uncollateralized rates have also been listed as possible alternatives. If you have a Mortgage or Note that uses LIBOR as its Index, we may need to review your contractual options at some point in the future.

From the trenches,

Roy Oppenheim

Weston Title & Escrow Now Provides Title Services in New York

Posted on July 26, 2017 Posted in Florida Law News by Roy Oppenheim

WESTON, FL (PRWEB) JULY 26, 2017

Roy Oppenheim, senior partner of Oppenheim Law and Vice-President of Weston Title & Escrow, Inc., has recently been appointed as a title insurance agent in the State of New York. With over thirty years of real estate experience, Oppenheim will provide title insurance services through New York Title Research Corp. in New York State.

“We have been doing business with NY Title for almost a decade and decided it made sense to formalize our relationship,” says Oppenheim. He also noted that, while 30 years ago, many New Yorkers frequently purchased properties in Florida as a second home, or for retirement. Today, many Florida clients are also buying second homes in New York for various reasons.

About Weston Title & Escrow, Inc.

Since 1994, Weston Title & Escrow, Inc. has been serving South Florida, and prides itself for providing exemplary, high quality, dependable service, closing more than $1.7 billion in escrow accounts. Backed by more than 100 years of collective title and real estate knowledge, Weston Title has Spanish, Portuguese, Russian, and German speaking staff to serve diverse clientele. For more information, please visit http://www.westontitle.com

About New York Title Research Corp.

Headquartered in Westchester County, New York, New York Title Research Corp. provides comprehensive, real property title and settlement services on local, statewide, and national levels. New York Title has been serving the legal and lending communities, as well as developers, government agencies, municipalities, and homeowners since 1996.

About Roy Oppenheim, Esq.

Roy Oppenheim, an AV-rated attorney, is licensed to practice law in both in New York and Florida. Prior to co-founding Oppenheim Law 28 years ago, Roy Oppenheim was associated with the New York firms of Milbank, Tweed, and White & Case, and has an extensive real estate and title business background. A sought-out speaker and expert witness on real estate issues, Roy Oppenheim has also co-authored two law review articles on the real estate crisis and founded the South Florida Law Blog. Further, Roy Oppenheim serves on both the South Florida Princeton University Alumni School Committee, and the Board of the Broward County Real Estate Council.

New York State producer license # TLA-1111610, issued 7/19/17

Shoddy Paperwork Haunts Private Student Loan Lenders

Posted on July 24, 2017 Posted in Loan Modification by Roy Oppenheim

Student Loan Lenders Drop the Ball on Paperwork

Shoddy Paperwork Haunts Private Student Loan Lenders

In a not-so-surprising development, the shoddy transfer paperwork that has consistently dogged lenders in the mortgage foreclosure space is now rearing its head in the debt collection arena — largely in the area of private student loan debt. At Oppenheim Law, during the foreclosure crisis, we consistently saw mortgage lenders unable to prove the single most important element of suing on a debt – standing. In the debt collection arena, student loan servicers and lenders face an even harder time doing so based on poor documentation. Their debt instruments are typically non-negotiable instruments, requiring proof of transfer by assignment under Article 9 of the Uniform Commercial Code instead of the typical transfer by negotiability under Article 3 of the Uniform Commercial Code.

While transfer by negotiability under Article 3 requires only a minimal endorsement on the debt instrument in blank, or to bearer that pre-dates the filing of a Complaint, transfer by assignment under Article 9 is far more complex. In addition, given how difficult many lenders seemed to find the simple task of pre-suit endorsement when dealing with negotiable promissory notes, watching them try to prove transfer by assignment may prove to be an entertaining past-time as they scrounge for documentation to prove they are entitled to collect on these debts. Even worse for these lenders, they cannot fall back on the “holder in due course” argument that was so prevalent in mortgage foreclosure actions, increasing the number and nature of affirmative defenses available to borrowers in defending such suits.

Plagued by Loss After Loss in Court, Default Rates Expected to Rise as News Gets Out

In an article published by the New York Times on July 17, 2017, the Times focused on one particular lender dealing in private (non-government backed) student loan debt, National Collegiate Student Loan Trusts. Amidst in-fighting between the trusts, servicers, and financiers of the trusts playing the blame-game as to who is responsible for poor documentation, National Collegiate has suffered loss after loss in their aggressive lawsuits to pursue private student loan debts from borrowers amidst poor ownership records. Overall, National Collegiate Loan Trusts asserts ownership of approximately $12 billion in student loan debt, of which $5 billion is currently in default status. To date, National Collegiate has lost dozens of suits filed against borrowers in state courts for collection on these debts, projecting difficulty in collection on future actions. Additionally, the Times noted that National Collegiate’s lawyers have voiced in ongoing legal proceedings concerns that “[a]s news of the servicing issues and the trusts’ inability to produce the documents needed to foreclose on loans spreads, the likelihood of more defaults rises.”

The Numbers Game, and How Borrowers Can Combat It

In filing thousands of lawsuits and aggressively pursuing debt collection from these borrowers with their poor documentation, National Collegiate is playing a numbers game, banking on the fact that most borrowers in default will not defend these suits and will end up with judgments against them. However, those borrowers who have defended their rights have largely walked away from tens of thousands of dollars of debt, providing significant incentives to borrowers to respond to and defend suits being filed by National Collegiate.

If you are a borrower with a student loan in default, we encourage you to do your research and defend your rights in court. Who knows, you soon may be the proud owner of a $0.00 student loan debt balance. Call us if you want us to evaluate your circumstances.

From the trenches,

Roy Oppenheim