A Supreme Court plenum has reportedly ruled, by a wide majority, in favor of allowing loan servicers to act as litigants representing distress funds who have invested in debt securitization portfolios.
The ruling will be officially published in the coming days, and if reports are confirmed, then the practice of borrowers legally attempting to block servicers from representing distress funds in Greek courts will cease.
According to reports, a majority of high court justices ruled that servicers based in Greece can act as litigants and seek foreclosures and subsequent auctions of property under their own authority, and not as plenipotentiaries of funds.
In essence, such a ruling would allow distress funds to auction off properties acquired through debt securitization.
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