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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

Principles aren't always enough; rules are needed too.

Posted on November 18, 2010
In my last posting, I discussed the tradeoffs of regulation on the consumer side, and the extent to which disclosure would be sufficient to resolve consumer protection issues. Here, I pose a simple problem to illustrate why principles based regulation...

Erroneous Foreclosures

Posted on November 18, 2010
At this week?s hearings on mortgage servicing and robosigning, featuring the able testimony of Credit Slips? Adam Levitin, members of Congress asked the usual unimaginative question, ?aren?t all these borrowers delinquent, so that foreclosure is inevitable?? The answer to this...

Why a Foreclosure Compensation Fund Is a Bad Idea

Posted on November 18, 2010
The Washington Post yesterday wrote : "State attorneys general and the country's biggest lenders are negotiating to create a nationwide fund to compensate borrowers who can prove they lost their home in an improper foreclosure" The fund is being compared...

New Consumer Regulation: Education and Disclosure Is Not Enough

Posted on November 17, 2010
Elizabeth Warren?s appointment as special advisor to the president was widely hailed as an achievement for consumer advocates. Professor Warren has long been a strong advocate of the middle class and famously compared financial products to flaming toasters...

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What's in Your Wallet Part II: Let's Shop for Credit Cards

Posted on November 17, 2010
I have been enjoying talking to my UNM colleagues about Katie?s post on what's in our wallets. There are different credit cards for every demographic imaginable. For example, there are cards with rights to all airport clubs and even the...

They really did know the loans were bad?

Posted on November 16, 2010
A firm which few know of ? Clayton holdings?will likely soon be at the center of a wide variety of lawsuits and individual complaints. Clayton?s job was to validate the innards of mortgage backed securities (MBS) when made available for...

GM's Special Tax Treatment

Posted on November 16, 2010
My thoughts on GM's ability to use its tax losses, despite the usual rules, up now on Dealbook.

Modern Redlining in Historical Context

Posted on November 16, 2010
A paper that I wrote while an employee of the Federal Reserve System a couple years back documents the presence of ?redlining? in the issue of credit cards. Credit Slips picked it up here (link). (To ensure there are no...

Am I paying for my house or the Brooklyn Bridge?

Posted on November 15, 2010
The foreclosure mess has raised new tough questions. We once again seem back to distributional issues. If a foreclosure is in question for a homeowner that has not been paying and a bank that has no good proof of its...

Cash is (Still? Again?) King

Posted on November 15, 2010
Payments innovations aside, Scott Schuh gave a preview of the soon-to-be-released results of the 2009 Survey of Consumer Payment Choice. The 2008 data are already available and provide a detailed portrait of payment practices of consumers (this is an excellent...

Welcome to Ethan Cohen-Cole

Posted on November 14, 2010
Credit Slips welcomes Ethan Cohen-Cole. He is an Assistant Professor at the Robert H. Smith College of Business at the University of Maryland--College Park. Previously, he was a research economist at the Federal Reserve Bank of Boston. He has done...

Payment Possibilities

Posted on November 12, 2010
If "What's in Our Wallets?" left you bored, this is the counter post. Last week I attended an event called Innovations in Payments organized by David Evans, an expert on credit cards. My take-away: if I want to be at...

Debt Settlement Plans: Run as fast As You can, Consumers

Posted on November 12, 2010
Tell me the truth. Does this sound legal? Crystal has $12,000 in credit card debt, and ABC Debt Settlement Company advertised that they can settle credit card debts for 50 cents on the dollar. We?ve all heard the ads ?Do...

The Constitution in the Financial Crisis

Posted on November 11, 2010
I'm off this morning to California, where I will be speaking at Stanford on "Bankruptcy and the Rule of Law." Looks to be a fascinating conference overal -- with an unusual foray into Constitutional Law for a bankruptcy person like...

If you think this is tough . . .

Posted on November 10, 2010
My latest Dealbook post is up. In it, I argue that the difficulties of cross-border corporate bankruptcy show just how hard it will be to implement a cross-border resolution process, as Dodd-Frank contemplates.

What's in Our Wallets?

Posted on November 09, 2010
Capital One made the slogan famous, but it's more fun when it's not just a hypothetical question. Many of the Credit Slipsters research at least some kinds of payments, such as credit cards, and some of us teach payment systems...

MERS: Symptom or Cause

Posted on November 06, 2010
MERS, which stands for Mortgage Electronic Registration System, is under fire. Courts in a few states have held that MERS does not have standing to pursue a foreclosure in its own name, and there is a pending multi-district litigation claim...

Protecting the Subsidy

Posted on November 05, 2010
So the fight over leadership of the House Financial Services Committee has begun with an attack on Dodd-Frank, particularly with the claim from Spencer Bachus, one of men who would be chair, that Dodd-Frank would cost the US derivatives industry...

Mad About Debt

Posted on November 03, 2010
Exit polls tell us that the economy was forefront in the minds of yesterday's voters, but also that the national debt was high on the list of concerns. The deep personal anxiety about the national debt surely is not just...

Still Fighting

Posted on November 02, 2010
Me on derivatives and bankruptcy, post Dodd-Frank, over at Dealbook.

More on Foreclosures and Discovery

Posted on October 29, 2010
But first, want to see the house that started the whole robo-signing controversy? look here. On to the discovery .... Adam's post earlier this week, about how Federal bank regulators are examining whether mortgage companies cut corners during foreclosures, suggests...

FDIC's Proposed Rules on Resolution Authority

Posted on October 27, 2010
My take, up on Dealbook. I've also authored a comment letter on the topic. The point is not to question the creation of a separate resolution authority -- that's already done -- but to question the creation of a whole...

Google, Bankruptcy & Bieber

Posted on October 27, 2010
One of the many wonderful things about university teaching is that you get to hang around lots of smart people who tell you lots of interesting things. One of my students, David Henken, pointed out to me a very interesting...

Good Thing We Have the Volcker Rule Thingo

Posted on October 26, 2010
Because otherwise JP MorganChase couldn't sink more of its too big to fail self into emerging markets hedge funds. But then they go and do it, for $6 billion. What am I missing? Holding it through a subsidiary reduces the...

Faulty Foreclosures

Posted on October 25, 2010
Here's a real disconnect in the faulty foreclosure story: Last week Bank of America announced that it was restarting foreclosures after conducting a thorough review of its foreclosure process in two weeks and found everything to be all right. Today...

What the Foreclosure Fiasco Means for People in Foreclosure

Posted on October 22, 2010
It?s hard to keep up with all the foreclosure news or to make heads or tails of it, but two articles strike me as critical reading for foreclosure defense attorneys and people in foreclosure, the first quoting our own Adam...

Debt Collector to Pay $1.75 Million

Posted on October 22, 2010
More Robo-news, this time robo- dialers. Allied Interstate Inc., a large Minnesota debt collection agency with a history of consumer complaints, has agreed to pay $1.75 million to settle federal allegations that it broke the law by trying to collect....

No Thank You to Alan White -- We Have a Better Idea

Posted on October 21, 2010
Our regular readers will remember that, back in August, Professor Alan White of Valparaiso University kindly agreed to share his thoughts with us as a guest blogger. Our usual and customary practice is to put up a post thanking our...

WSJ Blames Evil Consumer Lawyers

Posted on October 21, 2010
Although the Wall Street Journal has provided some excellent coverage of the foreclosure crisis, this story by Robbie Whelan (via Naked Capitalism rebuttal) is pure drivel. The ludicrous premise is that a coterie of clever consumer lawyers have contrived to...

BP Claims in Bankruptcy

Posted on October 21, 2010
A few weeks ago, an Alabama attorney on the Bankr-L list noted more of his clients were showing up with claims against BP (n�e British Petroleum). It is hardly surprising that the same job disruptions, dislocations, and general economic losses...

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