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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

Bankruptcy Filings Spike in February 2009

Posted on March 02, 2009

Rewriting Frankenstein Contracts

Posted on March 01, 2009

The Repo Man Cometh.

Posted on February 27, 2009

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Responding to Schwartz on Mortgage Modification

Posted on February 27, 2009

Waiting for H.R. 1106 (a.k.a. H.R. 200/S. 61)

Posted on February 27, 2009

U.S. Banks Are Not Alone in Feeling the Pain

Posted on February 26, 2009
In yet another instance of "it's a small world," Royal Bank of Scotland yesterday posted the largest annual net loss in British banking history--�24 thousand million (US$34 billion). Like many U.S. megabanks, RBS (1) suffered from extreme investments in complex...

New English Bankruptcy History Archive on SSRN

Posted on February 24, 2009
Actually, it's not really an archive per se, but the long list of collected works by John Paul Tribe, KPMG Lecturer in Restructuring at Kingston University (London) School of Law, is impressive enough to merit its own subject heading in...

United Arab Meltdown & Bailout

Posted on February 23, 2009
It's often shocking how stories emerge from the other side of the globe that seem almost perfectly to echo the U.S. experience. Take, for example, this story, from the front page of the W$J today: "The cash infusion from the...

Financial Distress Has No Borders

Posted on February 20, 2009
The Swedish word designating a corporation is aktiebolag (lit., "stock company"), abbreviated "A/B." This A/B represents the last two letters in the name of one of Sweden's most beloved companies, Saab (Svenska Aeroplan A/B, Swedish Airplane Co.), which took a...

Reorganization Is the Worst Option . . . Except For All Others

Posted on February 19, 2009
The tried and true criticisms of bankruptcy procedures that salvage jobs while forcing creditors to internalize losses are making the rounds again. People just don't understand. In England, in particular, the financial press is all over "pre-packs" that allegedly allow...

U.S. No Longer "Most Liberal" Consumer Bankruptcy System?

Posted on February 18, 2009
Unlike Bob, I am not a statistics wizard, but like him, I like to follow consumer bankruptcy filing trends. Since 2005, I've been following these trends with an eye toward deciding where the U.S. stands among the "most liberal" consumer...

Scandinavian Home Mortgage Lien Stripping

Posted on February 17, 2009
It seems increasingly likely that we'll see a reform of U.S. law to allow home mortgage loans to be stripped down (or crammed down, if you prefer) to the value of the home. I was surprised to learn recently that...

Islamic Bankruptcy?

Posted on February 16, 2009
Thanks so much, Bob, for the extremely gracious introduction. I wish my knowledge of bankruptcy law were as capacious as Bob suggests. I'm working hard to live up to Bob's description in the narrower realm of consumer debt relief, but...

Thanks for Kathleen Keest

Posted on February 16, 2009
Credit Slips thanks Kathleen Keest, Senior Policy Counsel with the Center for Responsible Lending, for her contributions as guest-blogger last week. Kathleen highlighted some historic trends in consumer credit and gave her insights on some very pressing current matters, including...

Household Income and Debt Trends Since 1980: Quick Picks

Posted on February 16, 2009
The folks who write Credit Slips are among those who have long wondered what the ?exit strategy? was for an economy that was predictably on a wobbly course, with about 70% of GDP driven by household spending when many of...

Credit Cards in the 2007 Survey of Consumer Finances

Posted on February 16, 2009
The Federal Reserve has released its much anticipated triennial summary of the Survey of Consumer Finances. There's a lot to digest in this important report. I fear, though, that the 2007 SCF is already hopelessly dated because of the economic...

Welcome Back to Jason Kilborn

Posted on February 15, 2009
Comparative bankruptcy law guru Jason Kilborn has kindly agreed to reprise his guest blogging role on Credit Slips. Kilborn, a professor at The John Marshall Law School in Chicago, is a regular over at the Commercial Law blog blog, but...

Mortgage Database

Posted on February 14, 2009
The National Mortgage Data Repository is making its data available to a select group of applicants to conduct mortgage resarch. The Repository is a joint project of the National Consumer Law Center and the University of Connecticut School of Lawand...

Thank You Again, Jean Braucher

Posted on February 14, 2009
We have to thank Jean Braucher for joining us a second time as a guest blogger on Credit Slips. I was about to write that we learned she was an Uniform Commercial Code article 9 "supernerd," but looking over that...

Some Good News for Homeowners

Posted on February 13, 2009
JPMorgan Chase and Citigroup have announced a weeks-long moratorium on foreclosures while they await the release of the Obama administration's forthcoming plan to deal with the issue. J.P. Morgan said its moratorium will apply to loans it owns and services,...

The Other Underwater Loans: Negative Equity in Auto Finance

Posted on February 12, 2009
On Tuesday Fed Chairman Bernanke announced another installment in the effort to alleviate the credit crunch in testimony before the House Financial Services Committee. One new tool in the kit is a joint Treasury ? Fed facility to lend against...

Getting to Know Suze

Posted on February 11, 2009
Last spring, during our Debtor World conference here at the University of Illinois, it was a pleasure to get to know James Scurlock, the director/producer/writer of Maxed Out. If you have not see the movie, now is a good time....

What a Surprise, the Ability to Pay Matters on Mortgage Modifications, Too.

Posted on February 11, 2009
Last week the Center for Responsible Lending posted a foreclosure ticker on its web site that counts projected new foreclosure filings as they occur: a new one every 13 seconds in 2009. That puts it at nearly 276,000 as I...

Treasury Recognizes GM/Chrysler Loan SNAFU

Posted on February 09, 2009
It seems like Treasury now realizes that it did a terrible job structuring its loans to GM and Chrysler, as I wrote at the time. (Of course, this assumes that the government was looking to recover the loans, not just...

?Shock and Gall? ? The Penalty Rates That Might Eat Your Wage Gains.

Posted on February 09, 2009
By now most Credit Slips readers know that new federal credit card unfair and deceptive acts or practices, or ?UDAP,? rules will prohibit banks from applying rate hikes to existing balances in most cases. (The big exception will be where...

Mortgage Servicing Problems for Prepayments

Posted on February 09, 2009
With all the problems in the mortgage industry caused by defaults, it's easy to forget that the traditional bugbear of mortgage lenders isn't credit risk, but prepayment risk. If a lender contracted for a 6% return and the loan is...

Welcome to Kathleen Keest

Posted on February 08, 2009
Credit Slips welcomes Kathleen Keest, an expert in consumer credit. Kathleen brings multiple perspectives to her opinions, having provided legal representation to low-income families as a legal aid attorney, exercised enforcement authority as an Assistant Attorney General in Iowa, and...

What the Credit Crunch Looks Like

Posted on February 07, 2009
The Maryland suburbs where I live have been fairly insulated from the economy's problems overall. The federal government provides a steady economic anchor for the region, so we aren't too badly hit with layoffs. We don't have a major negative...

Some Thoughts from Ray

Posted on February 05, 2009
While consumer credit was booming a couple of years back, I posted about one of my favorite tunes, "Master Charge," by blues legend Albert Collins. This evening, I've been sitting here writing with my iTunes list going, and a different...

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