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Bankruptcy

Credit Slips

A discussion on credit and bankruptcy.
By Bob Lawless, Adam Levitin, Angie Littwin, Katie Porter, John Pottow, Debb Thorne, Elizabeth Warren

Post Frequency: 12.8/day

Last Entry: April 01, 2011 at 09:01:41

Webcast on Foreclosure Crisis

Posted on February 26, 2008
The Cleveland City Council is webcasting a foreclosure forum on Wednesday February 27th from 10am-1pm. Here's the link to watch. The event is timed to coincide with the visits of the Presidential candidates and national media to Ohio. Senator Obama...

Contracting for Stay Waivers

Posted on February 25, 2008
There are doctrinal problems with the enforceability of prepetition waivers of the automatic stay, namely that the stay is a right of the estate's not the prepetition debtor's, so there isn't anything the prepetition debtor can contract for.

Vote on Tuesday

Posted on February 25, 2008
The pending bankruptcy amendment that would let judges make a downward adjustment on mortgages when the loan exceeds the value of the property goes to a vote in the Senate tomorrow. It will take 60 votes to push the bill...

The Credit Cardholders' Bill of Rights

Posted on February 25, 2008
The Credit Cardholders? Bill of Rights is an important piece of federal consumer protection legislation that will help shield consumers from the worst abuses of the card industry.

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Ripped Off by the Banking Industry

Posted on February 24, 2008
Bankrupt folks who participated in the Consumer Bankruptcy Project 2007 had the opportunity to complete a telephone interview. For the interview, they were paid $50. Respondents who shared particularly heroic and inspirational stories could be nominated by the interviewers for...

The New Politics of Bankruptcy

Posted on February 24, 2008
Recently Albert Winn, a long-time Congressman from Maryland, was challenged in the primary for his seat. His opponent, Donna Edwards, campaigned on several issues, but among the most prominent was her opponent's vote for the 2005 bankruptcy legislation...

What the Foreclosure Mess Tells Us About Private Student Loan Dischargeability

Posted on February 23, 2008
How readily should we accept the economic theory claim that greater dischargeability raises loan price and/or decreases lending volume without empirical evidence? How sensitive are different lending markets to bankruptcy outcomes?

30-70%? -- Probably Not the Real Rate of Mortgage Fraud

Posted on February 23, 2008
I've been catching up on some reading and again found the statistic that 30% to 70% of early payment defaults on home mortgages can be linked to significant misrepresentations borrowers made on their loan applications. This most recent time I...

Thanks, Christian

Posted on February 22, 2008
Christian Weller has given us a very stimulating week. His big picture perspective on the economy, debt, deflation, and debt overhang has been made even more frightening by the data he cites. I don't sleep well when I read Christian's...

A Law Unto Themselves?!

Posted on February 21, 2008
A thank you to one of my students, Scott Wilson, for pointing me toward yesterday's front-page article in the Wall Street Journal about the growing phenomenon of "civil demand" that retailers are using against shoplifters. It was a new topic...

OTS ... ?4U ... WITW

Posted on February 21, 2008
Office of Thrift Supervision, I have a question for you. What in the world is this? CNN reported that the OTS is in the early stages of a plan that would give some lenders an incentive to write down mortgages...

Why Do Banks Lend More?

Posted on February 21, 2008
Why has household debt grown so much? One rather convincing argument is that income growth has not kept pace with the cost of basic consumption. To maintain consumption, many families first increasingly relied on consumer debt. This argument, though, only...

A New Regulatory Tool for Financial Stability

Posted on February 21, 2008
Economists tend to be pretty good at pointing out what is currently going wrong with the economy. But we tend to be rather hamstrung at offering solutions. In the current crisis, public policy needs to achieve three things: 1) help...

Another Consequence of Economic Crises: The Loss of our Four-Legged Family Members

Posted on February 20, 2008
In my free-time, I frequently cruise the sites of horse rescues and adoption facilities. I certainly don't need another large, four-legged, hairy family member, but, like visiting the local ice cream shop, it's fun to look. Anyway, I've come across...

The Fed Cannot Do it All

Posted on February 20, 2008
Many wait for Ben Bernanke and his colleagues at the Fed to save the economy from further turmoil. The reality, though, is that monetary policy is limited in addressing the crisis. In particular, the economy is slowing because the housing...

Credit Card Application Approval Processes

Posted on February 19, 2008
What is happening in the credit card application process that allows "children, dogs, cats, and moose" to get cards?

Sliding into the Great Deflation

Posted on February 19, 2008
We are headed for the Great Deflation ? a period spanning a decade or more of very slow growth, rising unemployment, flat or falling real wages, fewer employer-provided benefits and increasing pressures on government finances.

A Face for Radio

Posted on February 18, 2008
If readers will excuse a little self-promotion, I wanted to say that I'll be on Focus 580 with David Inge on WILL-AM. The program is scheduled for tomorrow morning, February 19, at 11:00 AM (CST). We'll be talking about the...

Do the Math on Recession and Foreclosures

Posted on February 18, 2008
Thanks to CreditSlips for inviting me to be a guest blogger and to share my views on credit and the economy. By now, it's obvious that the housing crisis is dragging down the economy. For the past eight quarters, the...

Welcome, Christian Weller

Posted on February 18, 2008
It is my special pleasure to welcome Dr. Christian Weller to Credit Slips. First the formal stuff: Dr. Weller is an Associate Professor of Public Policy at the University of Massachusetts Boston, a research scholar at the Political Economy Research...

Financing Boob Jobs, Facelifts, Braces, Root Canals, LASIK, oh, and Artificial Insemination

Posted on February 16, 2008
Capital One has an elective healthcare finance operations--boob jobs, braces, face lifts, artificial insemination--Capital One will help you pay.

Financing Boob Jobs, Facelifts, Braces, Root Canals, LASIK, oh, and Artificial Insemination

Posted on February 16, 2008
Capital One has an elective healthcare finance operations--boob jobs, braces, face lifts, artificial insemination--Capital One will help you pay.

Forget Credit Cards: Blame Hookers, Strippers, and Porn

Posted on February 15, 2008
The UK Insolvency Helpline recently reported that a quarter of its users admitted to having paid money for sex/porn in getting into financial distress. Here's a British article on the report here. I'm just going to let that sink in...

Revolving Credit Rollercoaster

Posted on February 13, 2008
The Federal Reserve tracks outstanding revolving consumer debt in its statistical release G.19. Revolving consumer debt is primarily, but not entirely credit card debt. The G.19 statistic includes all balances outstanding, not just those that are accruing interest and fees--it...

Let Them Eat Crumbs

Posted on February 13, 2008
The Treasury Department has yet another voluntary plan to fix the mortgage meltdown. This one gives families an extra thirty days to pack their belongings before they lose their homes to foreclosure. For the 2 million families estimated to go...

The December Effect

Posted on February 12, 2008
Most every month, I write up a post with some thoughts about the latest monthly filing statistics from AACER. I've always been a little hesitant about those monthly updates because a focus on the monthly ups and downs doesn't really...

Is Spending the Way2Save?

Posted on February 12, 2008
It's not clear whether consumers come out ahead in Wachovia's Way2Save program.

$175,862.27 in Credit Card Debt and a Bleg

Posted on February 12, 2008
When a debtor racks up $175,862.27 in credit card debt, we have to ask what's going on with the lenders who enabled this type of debt.

Will the Mortgage Industry Fix the Mortgage Mess Itself? A Look at Project Lifeline

Posted on February 12, 2008
Project Lifeline, the mortgage industry's latest effort to clean up its mess, is unlikely to help homeowners in a significant number of states.

For-Profit Student Lenders Win Again

Posted on February 12, 2008
Yesterday, the U.S. House of Representatives passed H.R. 4137, College Opportunity and Affordability Act of 2007. Reading that, you might query whether the House has a calendar, but the main point of the bill is to make some reforms to...

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