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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

Thank You, Tara Twomey

Posted on January 05, 2009
Credit Slips thanks Tara Twomey for reprising her role as a guest blogger. Twomey's posts on the hurdles to successful loan modification and recent courtroom developments about the 2005 bankruptcy law attracted a lot of interesting, judging by the large...

Loan Modification Quality Matters

Posted on December 23, 2008
Yesterday new foreclosure and loss mitigation data was released by HOPE NOW in its "Loss Mitigation National Data July 07 to November 08" and by the OCC/OTS in their "Mortgage Metrics Report." Combined the reports show a steadily increasing number...

More on the Auto Bailouts

Posted on December 20, 2008
The term sheets are up here and here. Two initial observations:(1) These are supposed to be secured loans, but they are almost assuredly junior liens--Chrysler already has a second lien facility, so that would make Treasury third. These liens might...

Auto Bailout

Posted on December 19, 2008
TARP funds are now going to be used to bail out the auto industry. Whether or not this is ultimately a good or responsible idea is something that I will reserve comment on for now. The loans' term sheet isn't...

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BAPCPA Gag Rule Found Constitutional by Fifth Circuit

Posted on December 19, 2008
Rarely do we get two important consumer bankruptcy decisions from the circuit courts in the same week, but it appears this is no ordinary week. As noted previously, the Seventh Circuit this week decided an important means test issue, and...

Projected Bankruptcy Filings in 2009

Posted on December 18, 2008
Someone asked me about projections for U.S. bankruptcy filings in 2009, raising the issue of whether one can predict the future. Because I can't predict the past, however, we'll have to settle for my projections about the year to come....

Seventh Circuit Decides Hotly Debated Means Test Issue

Posted on December 18, 2008
One of the more divisive post-BAPCPA consumer issues has been whether a debtor who has no monthly vehicle loan or lease expense can claim a vehicle ownership deduction when applying the means test. Until Wednesday, no circuit court of appeals...

Poor Servicing Paves the Path for Predators

Posted on December 16, 2008
Thanks to Credit Slips for having me back. I wanted to start the week talking about how poor mortgage servicing is paving the path for a new breed of predators and how little is being done to address the situation....

Welcome Back to Tara Twomey

Posted on December 15, 2008
Credit Slips welcomes back Tara Twomey who will join us for a week or two. Twomey is an attorney with the National Consumer Law Center and was a guest blogger back in March 2007. She is an expert in mortgages...

Auto Bailout Proposals

Posted on December 14, 2008
Over at Conglomerate, David Zaring has an interesting discussion of some of the auto bailout plans. What follow are some assorted thoughts on the auto bailout:1. The Bailout Debate Is Irrelevant Absent a Viable Business PlanTo my mind, the debate...

Fund Manager Fraud Insurance

Posted on December 13, 2008
The Bernard Madoff scandal in which perhaps $50 billion of investor funds were lost due to fraud has left me perplexed. In addition to market risk, against which investors can hedge, we also see that investors (even, or perhaps especially...

Massachusetts SJC to Subprime Lenders: Clean Up Your Own Mess

Posted on December 10, 2008
A major legal development in the foreclosure crisis occurred today in Massachusetts. The Massachusetts Supreme Judicial Court, regarded as one of the finest state courts in the country, upheld a preliminary injunction against Fremont Investment and Loan for foreclosing on...

The Sky is Falling on Newspapers. Sorry, Dad.

Posted on December 09, 2008
?Nobody outside the newspaper industry really understands just how bad things are.? For over a decade I?ve heard this statement and others like it everywhere ? at the dinner table and on family vacations, over the telephone and in the...

Tribune Bankruptcy: A Coup for Mark Cuban?

Posted on December 08, 2008
As has been widely reported, the Tribune Company has filed for Chapter 11 bankruptcy in the Delware. Among the Tribune's major assets are its ownership of the Chicago Shlubs Cubs, a ne'er-do-well "ball" club, but still an extermely valuable Major...

We'll Miss You Tanta

Posted on December 08, 2008
The world of financial blogging lost a great contributor last week. Doris Dungey, who blogged under the pseudonym "Tanta" passed away from cancer at a far-too-young age. The NY Times obituary is here. I'll miss the erudition (and the mystery)...

Bankruptcy Filing Rate Climbs Slightly in November

Posted on December 03, 2008
Don't let other headlines fool you. On a daily basis, the bankruptcy filing rate rose in November and went over 5,000 for the first time since the 2005 changes to the U.S. bankruptcy law. The 91,355 filings in November were...

Bankruptcy in the Senate, December 4

Posted on December 03, 2008
I'm in Providence, Rhode Island, for a field hearing of the Senate Judiciary Committee. The hearing is "Credit Cards and Bankruptcy: Opportunities for Reform." The other witness are former Credit Slips guest blogger and attorney for the National Consumer Law...

The Role of Recourse in Foreclosures

Posted on December 03, 2008
Martin Feldstein has been pushing a mortgage bailout proposal that has been getting some undeserved attention (see here and here, e.g.). Feldstein gets (here, and here) how central negative equity is to the economic crisis. Homeowners with negative equity have...

A Business Model that Encourages Irresponsible Lending

Posted on November 30, 2008
Friday's Detroit Free Press and today's San Diego Union-Tribune feature an op-ed I authored about the Treasury Department getting into the credit card business. I argue that interchange and billing tricks and traps are integral parts of a business model...

How Congress Could Save GM

Posted on November 29, 2008
Ronald Trost is surely one of the sharpest minds in Chapter 11. He negotiated the Chrysler non-bankruptcy bankruptcy back in 1979. (His work is highlighted in Moritz & Seaman, Going for Broke: The Chrysler Story. Jay Westbrook and I still...

Whiteboarding Credit

Posted on November 26, 2008
Yes, I meant "whiteboarding." If you're not an expert and are looking for plain English explanations of concepts like asset-backed securities, credit default swaps, and margin calls, check out the Marketplace Whiteboard. It's an effort by Paddy Hirsch, senior editor...

Citi and GM

Posted on November 24, 2008
If I were a line-worker at GM, I?d be pretty pissed right now. My boss flew into DC on a private plane and came away with bupkes. Citi, on the other hand, just got a fourth big bailout. (Bailout 1:...

Bankruptcy Bill, the Cartoon

Posted on November 24, 2008
For those of you who have not found it, take a peak at Bankruptcy Bill, a comic strip by Gideon Kendall and Steven Horowitz. Five strips have appeared so far. You'll have to click through to read them. I won't...

Tying an Auto Industry Bailout to Health Care

Posted on November 21, 2008
I'm skeptical about a government-sponsored auto industry bailout and think chapter 11 probably provides the best policy tool to deal with the current problem. Although auto industry execs have balked at the idea of a bankruptcy filing, some have promoted...

Scholar in Residence for American Bankruptcy Institute

Posted on November 20, 2008
The American Bankruptcy Institute is inviting applications from academics to serve as Robert M. Zinman Resident Scholar for the 2009 Fall Semester. The ABI Scholar performs a variety of tasks such as advising congressional staff, testifying before congressional committees, speaking...

Thank you to Anna Gelpern

Posted on November 18, 2008
As the first snow of the season swirls around here in Washington, I'd like, on behalf of the Slips, to thank Anna Gelpern for her guest-blogging tour of duty. Anna introduced us to some of the international aspects of the...

Financial Architecture Summit

Posted on November 16, 2008
The G-20 Summit to Save the World and Reinvent Finance produced a surprisingly meaty declaration and action plan. At least one specific mention of bankruptcy: * National and regional authorities should review resolution regimes and bankruptcy laws in light of...

Contracts in Crisis: Variations in Z and S

Posted on November 16, 2008
Luigi Zingales of Chicago GSB put out a mortgage modification proposal about a month ago that got a bit of attention, but deserves more even if it has no political prayer. It is one of a genre -- advocating across-the-board...

T.A.R.P. R.I.P.: Illiquency Watch

Posted on November 14, 2008
TARP's third incarnation as a consumer lending catalyst goes straight to my pet crisis peeve. I am endlessly flummoxed at the authorities' insistence on throwing liquidity at a solvency problem -- with TARP I, AIG, and now, the consumers. I...

Do We Want More Consumer Lending?

Posted on November 13, 2008
Yesterday, Treasury Secretary Paulson announced a major shift in strategy for the federal government's financial rescue plan. Treasury now would make $50 billion available for lending to companies making credit card, automobile, and student loans. The idea is to jump...

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