LA INSCRIPCIÓN DE BIENES INMUEBLES A FAVOR DE FONDOS DE TITULIZACIÓN.

Abstract

The economic and real estate crisis that whipped our country during the last years has brought in a number of new legal issues. The burst of the real estate bubble, the increase in delinquency ratios, the accumulation of real estate in financial institutions balance sheets and the increasingly demanding regulation for provisions in the banking sector have triggered a trend by which banks have transferred real properties to Asset Securitization Trusts and Mortgage Securitization Trusts. Those properties were mortgaged under a loan agreement, and those loans had become a security. Financial institutions transferred real estate to the Trusts, claiming that since they owned the securitized loans, Trusts should also accept the ownership of real estate that have been seized, due to either mortgage default or a transfer of the property as repayment of the loan. Then, when approaching the Real Estate Registry to register those properties in favor of the Securitization Trusts, they found two main obstacles: 1) those Trusts lacked the status of legal entity, and 2) assets included in Trusts' balance sheets are basically personal properties, since regulation doesn't allow real properties to be part of Trusts' assets. Given those obstacles, and given the willingness of financial institutions to have those seized -and transferred- properties out of their balance sheets, a legal reform came under the name of Real Decreto-ley 6/2010. In this essay, we analyze the legal nature of these actions and the disadvantages of the new regulation.