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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

Pension Insurance for Public Employees?

Posted on December 23, 2010
The New York Times' story about the insolvent pension plan of Pritchard, Alabama notes that while the Pension Benefit Guaranty Corporation (PBGC) partially insures private employers defined-benefit pension plans, it does not insure public employers' defined-benefit pension plans ("government plans"...

New Rule Requires that Collectors Disclose that a Debt is Time-Barred

Posted on December 17, 2010
Not too surprisingly, people are less likely to want to pay a debt that they can no longer be sued on. This fact has caused one state to require disclosure that a debt is time-barred, in order to comply with...

Mortgage Servicing Paper

Posted on December 15, 2010
Credit Slips Guest Blogger Tara Twomey and I have a new paper out on mortgage servicing in the Yale Journal on Regulation. It's long, but it tries to present a comprehensive overview of the economics and regulation of the servicing...

A New Title Loan Philanthropic Organization?

Posted on December 15, 2010
I have been studying payday and title loans advertizing. A student told me about this web site . He heard an ad for it on the radio. The Title Loan Advocates claim to be a ?foundation? created to educate the...

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21% HAMP First Year Redefault Rate

Posted on December 14, 2010
The Congressional Oversight Panel has a new HAMP report out. Like all COP reports, it's long and chock full o' analysis. There's an executive summary up front, but some of the most important points are only in the report proper...

Projected Filings for 2011

Posted on December 13, 2010
There will be 1,457,787.3 bankruptcy filings in 2011. Well, at least that is what the numbers say, although I'm not sure what will happen in that last .3 of a case. That projection is based on a fairly simple model...

US News & Unintended Consequences for Bankruptcy Judges (and the Law Clerks They Hire)

Posted on December 11, 2010
A post over at Law School Transparency caught my eye (hat tip to Leiter's Law School Reports), and it should be catching the eyes of U.S. bankruptcy judges. Law School Transparency, started by law students, advocates for more transparency in...

Holiday Gifts from the Heart

Posted on December 10, 2010
Buy it, sack it, take it home. Wrap it, unwrap it, look for a place to put it. Clean it, move it, throw it in a land fill. Sorry, but I hate this time of year. We make such a...

Slipping into Arizona . . .

Posted on December 10, 2010
for the ABI Winter Leadership Meeting, where I'll be speaking as part of the Saturday morning plenary session on professional fees in "mega" chapter 11 cases. I'm in Arizona for less than 20 hours, but I urge our loyal Credit...

Bankruptcy Filing Rate Drops Sharply in November

Posted on December 09, 2010
The bankruptcy filing rate fell sharply in November, declining 13.4% to a daily rate of slightly over 5,600 per day. On a year-over-year basis, November filings were down 2.7% from November 2009. The total number of filings in November --...

Expanding Chapter 9

Posted on December 08, 2010
I wade into the "states in bankruptcy" debate over at Dealbook.

Fisking the American Securitization Forum's Congressional Testimony

Posted on December 04, 2010
Tom Deutsch, the Executive Director of the American Securitization Forum (ASF) testified before the Senate Banking Committee this past week about chain of title problems in securitization. I was fascinated to see how much attention the ASF spent in attempting...

The New Robosigning

Posted on December 04, 2010
First there was robosigning. Now there's illegal practice of law. It seems that one of the major Pennsylvania foreclosure mills, Goldbeck, McCafferty & McKeever, was routinely using non-lawyers to do all the paperwork in foreclosure cases without any review by...

Welfare Economics and Consumer Credit Paper

Posted on December 02, 2010
I have just posted a working paper on the welfare economics of microcredit and payday lending. The paper tries to address some of the questions raised by, among others, Jim Hawkins, discussed in previous posts here and here. Post-crisis consumer...

Point of Purchase Bank Card Surcharges: Will They Help or Hurt Consumers?

Posted on December 01, 2010
Did you know that merchants are considering tacking on a point-of sale fee for purchases made with a debit or credit card? In other words, at 2%, a $100 purchase would cost $100 in cash, but $102 when charged. I...

Kardashians Abandon the K-Kard

Posted on December 01, 2010
Thanks Mike Dillon for letting us know the Kardashian Kard is no longer being endorsed by the Kardashians. Perhaps, Katie, they are worried about becoming fat as a result of these cards too? No really, it is more likely that...

Credit Cards Make You Fat

Posted on December 01, 2010
I know, I know, I am willing to say anything in my blog title to get you to read my post (see here for an oldie but a goodie). In my recently read pile is How Credit Card Payments Increase...

The KFC of Payday Loans

Posted on November 30, 2010
If Kentucky Fried Chicken can become KFC to disguise the fact it is serving deep-fried food, why can't the same idea work for payday lenders? The Payday Loan Store is now just PLS. Although I hate to give them any...

Law & Society Call for Proposals

Posted on November 30, 2010
For our academic readers, I wanted to alert you to a call for proposals for the Law & Society annual meeting to be held June 2-5, 2011, in San Francisco. The Law & Society Association has approved an international research...

The Political Economy of CFPB Funding

Posted on November 29, 2010
Federal Reserve Bank of St. Louis President James Bullard is kvetching about the CFPB's funding mechanism. It seems that he doesn't like the CFPB having a claim on 12% of the Fed's budget. That money might get used for effective...

WSJ: The Tail Wags the Foreclosure Dog

Posted on November 28, 2010
The Wall Street Journal's economics blog had a poorly thought-through take on foreclosures. The main point of the piece was that the time from default to foreclosure has grown much, much longer. (Not noted is that the timeframe varies significantly...

So now the Kardashians Are Financial Role Models?

Posted on November 23, 2010
That?s what you might think if you heard and believed the buzz about the new Kardashian card, a pre-paid Visa card representing all the glitz and glamour as the sisters themselves. But let?s not forget the demographic for pre-paid cards,...

Robosigning and Evidence

Posted on November 23, 2010
The robosigning issue brought to mind a Talmudic evidentiary rule that declares the testimony of certain types of people inadmissible: These are they who are ineligible (as witnesses): a dice-player, a usurer, pigeon-flyers, traffickers in Seventh Year produce, and slaves...

Can HAMP Help in Bankruptcy?

Posted on November 22, 2010
About six months ago, the government rolled out guidelines for how HAMP should work for people in bankruptcy. Given that bankruptcy's historical role as a foreclosure prevention device, it never made sense to me why from its inception, HAMP did...

Facebook: Not Just for Finding Hot Dates Anymore

Posted on November 22, 2010
In a case referred to as an ?invasion of privacy on steroids,? a recent debt collector used Facebook to contact a debtor and demand payment of a $362 car loan. The company, Mark LLC out of Florida, told Melanie Beacham's...

Lots of Smart People Couldn't Possibly F*%! Up, Could They?

Posted on November 22, 2010
In relation to the chain of title argument on securitization, I have been repeatedly confronted (often unsolicited) with an argument that there's no way there were massive screw-ups because thousands of top Wall Street legal minds were working on securitization...

The Big Fail

Posted on November 22, 2010
Last week the US Bankruptcy Court for the District of New Jersey issued an opinion in a case captioned Kemp v. Countrywide Home Loans, Inc. This case looks like the first piece of evidence in what might turn out to...

Hats off to Ethan Cohen-Cole

Posted on November 21, 2010
Credit Slips was fortunate to enjoy posts last week by Ethan Cohen-Cole. It's always fun to have non-law profs bring their perspectives to this blog, and Ethan offered up interesting thoughts on a range of issues, from the immediate (perhaps...

Do Mortgage Servicers Even Understand Their Own Business?

Posted on November 19, 2010
The House Financial Services Committee's Subcommittee on Housing and Community Opportunity had a hearing today on foreclosures, modifications, and servicing. There was a deja vu aspect to the hearing. Congress has been holding this same type of hearing for 4...

Thank you

Posted on November 19, 2010
I wanted to thank the editors of Credit Slips for giving me the opportunity to air my opinions this week. I'm a regular reader of this blog and it's an honor to be a contributor as well. Ethan

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