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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

Credit Crunch

Posted on July 21, 2010
For virtually every hobby, interest or passion, there are bumper stickers, posters, Christmas tree ornaments, and desk knick-knacks. I like golf; I like to knit; I like basset hounds, and I have a haphazard and modest-sized collection of stuff that...

Two Thoughts on the Warren Nomination for the CFPB

Posted on July 21, 2010
The latest catnip for the 24-hour news cycle seems to be speculation on whether President Obama will nominate Elizabeth Warren to head the new Consumer Financial Protection Bureau. Like Adam, I was resistant to say anything on Credit Slips because...

Local Currencies

Posted on July 20, 2010
One moment that everyone seems to remember from The Office television show is the creation of Schrute Bucks, a motivational tool created by Dwight Schrute in his few moments of power as office manager. Any worker who accumulate 1,000 Schrute...

On the Rangers' Bankruptcy

Posted on July 19, 2010
The New York Times has an interesting piece on the Texas Rangers' bankruptcy. It seems that Major League Baseball is supporting one bidder group (including Nolan Ryan), but that group hasn't made the top dollar offer. So do the Rangers...

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Goldman Abacus Settlement: $550M in Hush Money

Posted on July 15, 2010
The SEC settled with Goldman Sachs for $550M over Goldman's lack of disclosure in the Abacus 2007-AC1 CDO. While this is a record settlement for the SEC, I think the settlement is a real disservice to the public because it...

Undercount of Student Loan Default Rates

Posted on July 14, 2010
From Kelly Field in today's Chronicle of Higher Education: According to unpublished data obtained by The Chronicle, one in every five government loans that entered repayment in 1995 has gone into default. The default rate is higher for loans made...

Thank You to Henry Sommer

Posted on July 14, 2010
On behalf of Credit Slips, I wanted to thank Henry Sommer for joining us as a guest blogger. Henry is one of the leaders of the consumer bankruptcy bar, and it was our privilege to have him share his views...

New Looks

Posted on July 13, 2010
Credit Slips is featuring a new look. We've tried to make the site design a little cleaner and easier to read. Plus, we've moved some things around, but all of the same information should be there. This is a do-it-yourself...

Foreclosure Update: the Good and the Bad

Posted on July 13, 2010
Here's the good news: foreclosure starts in Q1 2010 fell a bit, to 691,017, their lowest number since 2008, according to HOPE Now. It's encouraging to see the numbers fall, rather than rise, but they are still at extremely high...

Automated Due Process

Posted on July 13, 2010
Many Credit Slips readers likely saw the article on automated debt collection by Andrew Martin of the New York Times. If you did not yet find it, you almost certainly will want to read because . . . well, you...

Real Housewives of New Jersey Bankruptcy

Posted on July 12, 2010
OK, I'm way, way late on this story, but I thought it was worth a few lines. Teresa Guidice, one of the Real Housewives of New Jersey has filed a Chapter 7. Here's the petition for all you financial voyuers....

Auto Title Loans, Not So Bad After All--Who Knew?

Posted on July 12, 2010
In a recent article, Money to Go: Auto Title Lending has an Important Role in the Financial Services Marketplace, Professor Todd Zywicki concludes that outlawing title loans would be bad for consumers, and that title loans are cheaper and better...

Getting Rid of Nonrecourse Mortgages?

Posted on July 12, 2010
It's interesting to look at some of the reader comments to the NY Times article about the rich being more likely to default on their mortgages. A lot of them are aghast that a mortgage might not be full recourse--that...

Are the Rich More Likely to Default on Their Mortgages?

Posted on July 12, 2010
The NY Times has an article about mortgage default rates being higher on larger (>$1M) mortgages than on small mortgages. The argument suggested by the article is that the rich are more likely to see their homes simply as investments....

The Cost of Rushing GM?

Posted on July 12, 2010
Recently a reporter emailed me a claims objection from the "old" GM case. In the objection, the GM Committee objects to two claims filed in connection with an interesting lending arrangement that GM entered into before bankruptcy. It seems that...

Winning While Losing in the Supreme Court - Schwab v. Reilly

Posted on July 08, 2010
A few weeks ago, Bob Lawless called the Supreme Court?s decision in Schwab v. Reilly a non-event. Some commenters expressed the view that it was a victory for trustees. I have to disagree. I think it settled a very important...

New Faces, Old Faces, and a Few Changes

Posted on July 08, 2010
As the Credit Slips blogger with the oldest face, I probably should be announcing a new face for myself. Instead, it's the blog that is going to get some new faces and is going to see a few changes. Before...

Too Big to Fail = Too Powerful to Pay

Posted on July 07, 2010
Scholars and industry analysts are currently debating whether the Dodd-Frank Wall Street Reform and Consumer Protection Act ? passed on June 30 by the House and pending before the Senate ? represents meaningful reform. On one issue, however, the outcome...

Welcome Art Wilmarth!

Posted on July 07, 2010
Credit Slips is pleased to welcome its newest guest blogger, Professor Arthur E. Wilmarth, Jr. of the George Washington University Law School. Art is a leading authority on financial institution regulation. His past work has covered important topics such as...

June Sees Big Drop in Bankruptcy Filing Rate

Posted on July 05, 2010
The U.S. daily bankruptcy filing rate dropped in June by 8.9%, the second-largest monthly drop since 2006. Although bankrupt debtors filed approximately the same number of cases in June as May (about 133,000 - 134,000), there were two more business...

Bank of America Settlement -- A Sign of True Progress?

Posted on July 02, 2010
In my last post I noted the beginnings of some positive movement by consumer protection agencies that have been largely dormant and, in some cases like the United States Trustee program, actively anti-consumer. A few weeks ago, as Katie Porter...

Call for Papers: AALS Financial Institutions and Consumer Financial Services

Posted on July 01, 2010
Here is a Call for Papers for the Financial Institutions and Consumer Financial Services section of AALS. Deadline is August 1st.

The Beginning of a Return to Consumer Protection?

Posted on June 30, 2010
Many years ago, in the mid 1970's, when I began my career as a legal services lawyer practicing consumer law, it seemed that we were on a roll. Congress and state legislatures were passing a bevy of laws to protect...

The CFPA--A Bureaucracy to Benefit Women and Families

Posted on June 29, 2010
I recognize that some folks dislike the idea of a CFPA. Indeed, it may well feel like just another bureaucracy--and sometimes it seems that our country is awash in the doggone things. Why in the world would we want another...

Guns and Bankruptcy

Posted on June 29, 2010
Mike Konczal at Rortybomb has an interesting post about the Protecting Gun Owners in Bankruptcy Act of 2010 (the Pro-GOB Act). This legislation would make firearms exempt from creditors' claims in bankruptcy. I'm still not sure if it is a...

Combining Chapter 13 with a Voluntary Mortgage Modification

Posted on June 28, 2010
First of all, thanks to the Credit Slips gang for giving me a chance to venture into blogging on their site. I hope people find my posts to be of interest. Most of us are all too familiar with the...

Welcome to Henry Sommer

Posted on June 27, 2010
On behalf of Credit Slips, I would like to welcome Henry Sommer as a guest blogger this week. Sommer is a noted attorney who has dedicated his career to fighting for consumers' rights. Currently a supervising attorney at the Consumer...

The Mother of All Cross-Border Bankruptcies?

Posted on June 25, 2010
No, not Lehman. Though much smaller in monetary terms (probably), a filing by BP would likely be the biggest international insolvency case in engaging the U.S. public interest, and probably its ire. And what of a BP filing in its...

What's Wrong with PIGS?

Posted on June 24, 2010
The financial and economic woes of the Southern European bloc of Greece, Italy, Portugal, and Spain have been constantly in the headlines recently (just this morning, the ABI's quite useful Global Insolvency daily headlines included just such a story)...

Interchange Theory: Simultaneous Rent-Extraction from Both Merchants and Consumers

Posted on June 23, 2010
Todd Zywicki and I have been having a back and forth on interchange in several forums. Todd and Joshua Wright had an op-ed in the Washington Times, I responded with a letter to the editor, and then Todd came back...

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