Signature rent-stabilized foreclosures are starting. Personal liability is in play. [Yahoo! Finance]
Signature Bank (SBNY)
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Source: Yahoo! Finance
It took over a year, but the nonprofit that won a stake in a Signature Bank loan book that few dared to touch has hurled the first pre-foreclosures against rent-stabilized borrowers on that debt. And, the nonprofit venture, Community Stabilization Partners, alleges those borrowers are personally liable for what is owed. A dozen foreclosure complaints have hit the courts in 10 days. Community Preservation Corporation, one of three parties in the venture, said the suits were not its opening strategy for the $6 billion in loans, which were deemed toxic after a 2019 law devalued some of the deals to next to nothing “We have actively worked with borrowers to resolve payment delinquencies and bring the loans back into good standing,” said a spokesperson for CSP. But a subset of sponsors has been “unresponsive and uncooperative,” a combination that forced CSP to take defaults to the courts. Two of those groups are among the most notorious alleged profiteers in the rent-regulated
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