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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

Blockbuster and the "New" Chapter 11

Posted on March 14, 2011
Up now on Dealbook.

My Personal Metaphor for the Middle Class

Posted on March 13, 2011
Today, I am visiting my parents' home and went for a walk that included a stroll down the commercial strip on the busy street near their house. Along this commercial strip in a solid middle-class neighborhood in Peoria, Illinois, is...

BoA Nonesense

Posted on March 09, 2011
The irony of the CEO of Bank of America kvetching that it would be unfair to responsible homeowners for the bank to give principal reductions to homeowners in default is really too much. Does he recall that he's the CEO...

Thank You to Sarah Woo

Posted on March 09, 2011
On behalf of the Credit Slips regulars, I wanted to thank Sarah Woo for joining us as a guest blogger. Her posts on Lehman, DIP financing, and the transmission of risk from financial sectors to the real sectors of the...

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Foreclosures = Affordability Problem?

Posted on March 09, 2011
Critics of HAMP and other efforts to increase mortgage workouts often assert that there are too many homeowners in mortgages they simply cannot afford; due to unemployment and other causes, there is just not enough income to work with. The...

Now Back to Our Regularly Scheduled Programming (i.e., Interchange!)

Posted on March 09, 2011
It's been a while since I've blogged about interchange. But I've been meaning to share a personal story about how weak signature debit fraud protection is. Recently Mallory Duncan, the General Counsel at the National Retail Federation was kind enough...

Foreclosure Fraud Settlement: The Empire Strikes Back (or Why Are Republicans So Obsessed with Backdoor Cramdown?)

Posted on March 09, 2011
It's not surprising to see the banks and their supporters on the Hill pushing back on the proposed Foreclosure Fraud settlement term sheet. (See here and here and here). There seem to be three major lines coming out of the...

Foreclosure-Gate Settlement--More Thoughts

Posted on March 08, 2011
[Updated 3.8.11] Some bloggers on the left (e.g. here) and on the fringe right (see here) are upset with the servicing standard term sheet that got leaked because they think it just prohibits things that are already illegal. This is...

Housing Finance Reform

Posted on March 07, 2011
Credit Slips is well-represented on the New York Times Room for Debate website. Susan Wachter (Wharton School) and I have a short opinion piece on housing finance reform on the site. Our main point: housing finance risk is inevitably socialized,...

Foreclosure-Gate Settlement?

Posted on March 07, 2011
What appears to be part of a Foreclosure-gate settlement has been leaked. There's a lot in this 27-page document, but here are some initial thoughts. First, let's recall that this is not a complete document. We don't know how it...

Bankruptcy Filings Climb in February, But Looks Can Be Deceiving

Posted on March 07, 2011
There were a total of 109,178 bankruptcy filings in the month of February for a rate of 5,750 new cases per day. The February figure represents a 12.6% increase from March. Although bankruptcy filings seem to be up sharply in...

Gap in Cost of Credit for Haves and Have-nots Broadens Further

Posted on March 06, 2011
I can remember when the Card Act first came out. Many professionals, including some of my colleagues, bemoaned the loss of perks for the well-healed. They were all sure that from now on, since the card companies could no longer...

Securitization Chain-of-Title: the US Bank v. Congress ruling

Posted on March 06, 2011
Over on Housing Wire, Paul Jackson is crowing that chain-of-title issues in mortgage securitization are overblown because an Alabama state trial court rejected such arguments in a case ironically captioned U.S. Bank v. Congress. But let?s actually consider whether the...

Yeah, except for those . . .

Posted on March 04, 2011
So I'm reading the FT this morning on the train to work, and I read about how Basel III will hurt European banks, and how most of these banks did quite well in the financial crisis. I arch an eyebrow....

Is the Foreclosure Fraud Settlement Overbroad?

Posted on March 03, 2011
We don't actually know the terms of a foreclosure fraud settlement. All that we're really hearing now is a proposed $20B figure. There could well be other substantive terms in a settlement, but it's worth considering some of the arguments...

The Foreclosure Fraud Settlement

Posted on March 03, 2011
The inter-regulator fight over the proper parameters of a foreclosure fraud settlement are really highlighting the changes in the financial regulatory world. What we're told is that the OCC and Fed are urging a weak settlement, while FDIC, the state....

Does Bankruptcy Have a Venuereal Disease?

Posted on March 01, 2011
Yes, apologies about the title. I guess I ought to have known better, but I didn't anticipate what a sore point bankruptcy venue is. My post about Border's inappropriate venue in SDNY has generated some comments, as well as some...

Perceptions of Income Inequality

Posted on March 01, 2011
A friend alerted me to "Building a Better America -- One Wealth Quintile at a Time," an article by Michael Norton of the Harvard Business School and Dan Ariely of Duke University and that appears in the current issue of...

Borders Improper Bankruptcy Venue

Posted on February 28, 2011
Borders bankruptcy is demonstrating what an open joke bankruptcy venue has become. Ironic given the company's name. Briefly, the US Code provides that venue is appropriate in bankruptcy cases "in the district court for the district in which the domicile,...

Transmission Channels

Posted on February 26, 2011
The BIS folks have just released a literature review about the transmission channels between the financial and real sectors of the economy. This is a pretty comprehensive literature review (which also means that it is a tad dry), but there...

Borders' DIP Financing and Risk Weights

Posted on February 24, 2011
At the UCLA Big-Bankruptcy Empirical Research conference last week, an interesting question was raised regarding debtor-in-possession ("DIP") financing. Why do DIP facilities offer such high returns even though the historical default rates are so low? A study by Moody's shows...

2-4-1

Posted on February 23, 2011
My regular weekly column is up at Dealbook -- in it I talk about Europeans discovering that the absolute priority rule is not always so absolute. And this morning I have a post up at Dealbook with my initial thoughts...

Thank You's and Welcomes

Posted on February 21, 2011
For the past ten days, Professor Jonathan Lipson has been a guest blogger with a series of posts that left few of our readers indifferent. Love 'em or hate 'em, the posts on everything from empirical methodology to state bankruptcy...

Of Lehman and Goats

Posted on February 21, 2011
As Stephen Lubben has remarked on this blog, the litigation filed by Lehman against JPMorgan regarding JPMorgan?s alleged role in Lehman?s demise is heating up. Late last week, JPMorgan filed a colorful amended counterclaim, citing how Lehman had described the...

Macroprudentially Yours: A Literature Review

Posted on February 20, 2011
"Macroprudential" (policy, outlook, regulation, zeitgeist ... whatever ...) has been so in of late, it threatens to beat out its cousin "Systemic" for the Random Overuse Award of the Century. Worse, it is even trite to say that no one...

Trouble, Scope, Apostrophes, and State Bankruptcy

Posted on February 19, 2011
When Bob Lawless introduced me a couple of weeks ago, he promised that I would stir up trouble. If responses to my post on amending the Bankruptcy Code to permit states to file are any indication, I have kept Bob's...

OCC Findings: Illegal Foreclosures, Critical Deficiencies

Posted on February 17, 2011
At today's Senate Banking Committee hearing on Dodd-Frank implementation, Comptroller John Walsh's testimony gave a preview of some findings from the federal agencies' investigation of mortgage servicing and the robosigning scandal: "In general, the examinations found critical deficiencies and shortcomings...

RALs - Will They Become Extinct?

Posted on February 16, 2011
Refund appreciation loans, or RALs, are among the priciest loan transactions out there. Customers pay a fee (frequently 40% to 700% if expressed as an APR) to get their tax refund early. The fees can be much higher. I saw...

Initial Thoughts on Borders

Posted on February 16, 2011
On Dealbook.

How to Bankrupt a State

Posted on February 16, 2011
Clearly, Scott Walker, Wisconsin?s newly-elected Republican governor, did not get Newt Gingrich?s memo: Walker has figured out how to bankrupt a state without any need to amend the Bankruptcy Code. As discussed in my post last week, a curiosity of...

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