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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

Geithner's Blowup

Posted on August 04, 2009
Apparently federal financial regulators resistance to particular parts of the Obama administration's financial regulatory reform plan proved too much for Treasury Secretary Timothy Geithner. I'm both amused and disturbed by this incident. I'm glad to see that the Treasury Secretary...

Fed Conference on Consumer Credit

Posted on July 30, 2009
The Federal Reserve Bank of Philadelphia is hosting its biennial researh conference, Recent Developments in Consumer Credit and Payments. The seven selected papers represent hot topics in economic research on consumer credit. Two papers focus on mortgage issues, including a...

Once more unto the breach, dear friends, once more

Posted on July 26, 2009
My thoughts on the automotive chapter 11 cases, on Forbes.com.

After Notice and a Hearing -- One Out of Two Ain't Bad?

Posted on July 26, 2009
Wow. I missed this one last week. New York Attorney General Andrew Cuomo has brought civil and criminal charges against lawyers and process servers who were abusing the debt collection system. From the New York Times article: According to a...

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Mortgage Servicing Update

Posted on July 24, 2009
Complaints about mortgage servicers are piling up almost as fast as foreclosures. Yesterday CNN reported that the GAO has concluded that the Obama Administration's HAMP and HARP programs to do loan modifications are off to a very, very slow start....

We're Three Years Old!

Posted on July 24, 2009
Today is the third anniversary of the launch of Credit Slips. Happy Birthday to us! (And, Happy Birthday to my daughter who turns 10 tomorrow.) Sitemeter says that we have had 783,463 visits during that time (which doesn't count people...

Can You Judge an Industry By a Few Blog Comments?

Posted on July 24, 2009
I'm annoyed this morning. OK, for those of you who know me, I'll make the necessary correction -- I'm annoyed more than usual. And, yes, I've had my morning cup of coffee. It seems that we are getting more and...

A Big Win for Consumers: NAF Leaves Arbitration Business

Posted on July 23, 2009
Credit Slips bloggers have written a number of posts about the National Arbitration Forum (NAF) (here, here, here, here, here and here). NAF was a business friendly--and especially a credit card company friendly--arbitration forum, but that looks to be a...

Is Bankruptcy Mortgage Modification Back?

Posted on July 23, 2009
As I write this, the Senate Judiciary Committee's Subcommittee on Administrative Oversight and Courts is holding a hearing entitled, "The Worsening Foreclosure Crisis: Is It Time to Reconsider Bankruptcy Reform." The witnesses include Credit Slips's own Adam Levitin...

Does Securitization Affect Loan Modifications?

Posted on July 22, 2009
A few days ago I wrote a long and detailed critique of a Boston Federal Reserve staff study that argued, among other things, that securitization was not a factor in the paucity of loan modifications. The study reached this conclusion...

CIT's Holdout Problem

Posted on July 21, 2009
So today word comes that CIT's bondholder-provided $3 billion of new financing will not solve its liquidity problems. That's not really surprising, given that CIT has $10 billion in debt maturing through the start of next year. The more pressing...

Does This Mean We Will Be Getting a Pepper Spray Fee?

Posted on July 19, 2009
ATM theft in South Africa has gotten so bad that some ATMs are being weaponized with pepper spray to deter thieves. If the ATM detects someone trying to tamper with it, the spray is released. These ATMs apparently can spray...

Is Redefault Risk Preventing Mortgage Loan Mods?

Posted on July 16, 2009
There's a very interesting new study on mortgage loan modifications out from the Boston Federal Reserve staff. This sort of study is long-overdue and from an academic standpoint, there's a lot I really like about this study. But the study...

Bring Back Bob the Banker

Posted on July 14, 2009
If you?re over 40 years old and didn?t grow up in the big city, you knew Bob. Bob was a local banker. He lived in the same town where his bank was. He was a loan officer, probably a Vice...

Is Borrowing a Substitute for Getting Paid??

Posted on July 11, 2009
Many thanks to the organizers of Credit Slips for inviting me to blog this week. Henry Ford had a good idea. In January, 1914 he announced to the world that his workers would be paid five dollars a day. The...

Welcome to Prof. Kevin Leicht

Posted on July 11, 2009
I'm delighted to welcome Professor Kevin Leicht to a guest-blog stint at Credit Slips. Kevin is a colleague of mine at the University of Iowa, where he is the Director of the Institute for Inequality Studies and the Director of...

California

Posted on July 10, 2009
I just gave an interview with a reporter from Santiago, Chile on the situation in California. My assessment of the situation, which may be of interest to Credit Slips readers, follows: The key problem in California is that the state...

Highly Questionable Medical Bankruptcy Figures from Fraser Institute

Posted on July 09, 2009
The National Center for Policy Analysis (NCPA) is flogging a study from the Fraser Institute in Canada that purports to show U.S. medical bankruptcies are a "myth" because the Canadian bankruptcy rate is higher than in the United States. Reuters...

GM Update

Posted on July 09, 2009
Another appeal has been filed, while the District Court has denied the ad hoc committee's request for a stay pending appeal. All signs point to a quick closing either late today or early tomorrow. Then we can expect the debtors...

The Tabb-ed Second Edition Is Out

Posted on July 08, 2009
From time to time, I'm asked to recommend a desk reference on bankruptcy law. I have long thought that it was hard to top Charles Tabb's The Law of Bankruptcy. Of late, my only hesitation was that I had thought...

GM Appeals (update)

Posted on July 07, 2009
A second appeal has been filed, this one by the "Ad Hoc Committee of Asbestos Personal Injury Claimants." The Ad Hoc Committee -- whose standing to appeal I doubt (although the members could appeal, so perhaps I'm being pedantic) --...

In Favor of the Consumer Financial Protection Agency (CFPA)

Posted on July 07, 2009
Adam's earlier post started the ball rolling on the CFPA discussion, and I wanted to weigh in (favorably) having now waded through the 153 pages of proposed legislation. I take the case to be made for sheer regulatory consolidation as...

GM Appeals, Part Deux

Posted on July 07, 2009
The pending request for certification to the U.S. Court of Appeals for the Second Circuit (CA2), if granted, would bypass the first rung on the appellate ladder of the U.S. District Court for the Southern District of New York. But...

Certification Denied

Posted on July 07, 2009
The bankruptcy court has denied the motion to certify the GM appeals to the 2d Circuit. (And the request for the stay too).

Not so fast (says GM)

Posted on July 07, 2009
The debtors have filed an objection to the motions to expedite the appeal to the 2d Circuit. In short, the debtors argue The issues that the Movants wish to raise on appeal do not rise to matters of public importance....

GM Sale Approved

Posted on July 06, 2009
The opinion and order have been posted. And the first appeal has also been filed.

I'm Confused (California Edition)

Posted on July 06, 2009
On the day that California's credit rating has dropped through the floor, the FT has an article noting that traders are looking to buy the IOUs that California has been issuing to pay daily obligations, quoting one buyer who "would...

Bankruptcy Filings Decline 6% in June

Posted on July 03, 2009
The most recent bankruptcy filing data from Automated Access to Court Electronic Records (AACER) show a 6.1% decline in the U.S. daily bankruptcy filing rate. The were about 124,800 bankruptcy filings in June which, spread over the 22 business days...

Bankruptcy as a Disqualifying Factor for Child Custody?

Posted on July 02, 2009
Several sources, including our friends over at Bankruptcy Beat, are reporting that Michael Jackson's mother, who has been awarded temporary custody of her three grandchildren, might have trouble gaining final custody because of a 1999 bankruptcy filing...

In the Home Stretch

Posted on July 01, 2009
Note: The following was just sent from Credit Slips blogger Stephen Lubben: "At the GM hearing, although closing arguments may run over to tomorrow. I don't think there has been anything thus far that would prevent the sale from going...

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