Cesión de créditos y cuestiones prácticas de interésretracto de crédito litigioso y titulización

Abstract

In the recent years of economic crisis, owing to the increase in payments in arrears, the financial entities have resorted to massive selling of credit portfolios as a way to lighten their financial accounts. Meanwhile, we have seen a strong development in the relatively recent securitization process, which were first regulated by Spanish law in the 90s as mechanisms to facilitate the financing of the banks and to allow the transfer of the risk associated with the ownership of the credit right. In fact, in 2011, Spain was the third sponsor country at the European level, following only the United Kingdom and The Netherlands. This article analyses some of the procedural difficulties arising from the collection of credits affected by a sale of non-performing loans (mortgage loans and consumer credits) or the securitization of mortgage loan portfolios. The analysis takes an eminently practical approach from a procedural perspective to two of the most controversial issues in current times: the right of first refusal over disputed credits, including its scope and requirements of application, and the legal standing of the originating entity (bank) when enforcing a credit subject to securitization, including its ability to assign the auction rights.