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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

International Financial Architecture: Dumb Chills and Opportunities

Posted on November 12, 2008
I am grateful to Adam, Bob and Credit Slips for scheduling this guest stint on the eve of what is billed as the Grand Global Rethink of All Things Finance. This Saturday, November 15, the leaders of the Group of...

Welcome to Anna Gelpern

Posted on November 10, 2008
Credit Slips would like to welcome Anna Gelpern as our newest guest blogger. Anna is an Associate Professor of Law at Rutgers School of Law Newark; she has a joint appointment with the Rutgers Division of Global Affairs and is...

Circuit City Bankruptcy Petition

Posted on November 10, 2008
Thanks to a Credit Slips contributor, the chapter 11 petition for Circuit City can be found here. The document includes the list of the fifty largest creditors. The case was filed in Richmond, Virginia, which is not known as a...

Operation Repo

Posted on November 10, 2008
TruTV has a reality series called Operation Repo. Basically they follow around a crew of brawny, heavily tattooed auto reposessors (men and women) in the San Fernando valley. Drama and hijinks ensue. I'm sure they only show the more dramatic...

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Bankruptcy Filings Spike in October

Posted on November 03, 2008
As yet another indicator of the tough economic times for American families, bankruptcy filings spiked in the month of October. According to the latest data from Automated Access to Court Electronic Records (AACER), there were 108,595 total bankruptcy petitions filed...

Fellowships for Consumer Debt Book

Posted on October 31, 2008
Just a brief announcement for our academic audience (law or non-law) that I am directing the University of Iowa's Obermann Summer Seminar in 2009. Up to 6 fellowships of $2250 (plus an award of $1250 to cover travel, housing, per...

Hands on Their Faces

Posted on October 26, 2008
Whenever there's a stock market crash, you can be sure that a bunch of newspapers are going to run cover photos of some broker with his hands on his face. There's probably an interesting history to this cultural meme. I...

Worst Practices: Residual Interest

Posted on October 25, 2008
Professor LoPucki's APR issue might not be two-cycle billing as many of the commentators think. Just as likely, it is residual interest (a/k/a trailing interest), the often ignored, but just as potent cousin of double-cycle billing. Residual interest has not...

Bank Derivative Activities and Capital

Posted on October 25, 2008
We've heard a lot in recent months about bank derivative activities. What's striking is how rapidly they grew without capital growing to cover potential losses. Here's a time series graph of bank derivative exposures (all types of derivates, including credit,...

Greenspan Admits "Mistake"

Posted on October 23, 2008
If you missed Former Fed Chairman Alan Greenspan's incredible admission today, here it is. In a stunning statement, he said that much of his previous faith in free markets had been wrong: "I made a mistake in presuming that the...

What Happened to Truth-in-Lending?

Posted on October 23, 2008
Professor Lynn LoPucki sent this email, which I pass along with his permission. Perhaps someone will want to answer his question. Last month I was a little short of cash, so I left $3,000 on my credit card balance. The...

Layaway Christmas

Posted on October 23, 2008
K-Mart has a new ad: Pick out your Christmas presents today, pay a little now and a little as you go along, then pick up your paid-for presents in time for holiday giving. If we needed evidence of the constriction...

Thank You Again, Christian Weller

Posted on October 22, 2008
Thanks again to Christian Weller of the Center for American Progress and the University of Massachusetts, Boston for taking the time to guest blog here. Professor Weller is an economist and offered many informative perspectives on the current financial crisis...

Was There a Systemic Banking Crisis?

Posted on October 22, 2008
A group of researchers at the Minneapolis Federal Reserve has a new study out that argues that Federal Reserve data indicates that that many of the stories that have animated the political discourse about the bailout are incorrect. The four...

Creditors: Fear Not?

Posted on October 21, 2008
Just as public ire at the mortgage industry reaches a pinnacle, courts have offered the mortgage companies refuge from their mistreatment of consumers in some recent rulings. While these decisions may be aberrations, they have powerful lessons for consumer debtors...

Note to Policymakers: Be Aggressive, but Smart

Posted on October 20, 2008
With Wall Street in turmoil and the economy on a downward slope, policymakers' ingenuity to help financial markets and the economy is demanded. The response will have to be large, but also smart. Voters will likely not accept an approach...

That Low Interest Rate May be Higher Than it Appears

Posted on October 19, 2008
The other day I listened to an ad, where a mortgage bank was arguing that, although mortgage interest rates have recently gone up, they are still relatively low at historical rates. Never mind the wisdom of fighting a crisis of...

Behaviorally Informed Financial Services Regulation

Posted on October 19, 2008
Behaviorally informed financial institution regulation has potential, but it also poses several pitfalls.

DIP Lending Dries Up

Posted on October 17, 2008
The Wall Street Journal is reporting that DIP financing--lending to companies reorganizing in chapter 11 bankruptcies--is hard to come by and the GE has gotten out of the business. This is actually a much more shocking story than it appears...

Some Curious Parallels with the 1930s

Posted on October 17, 2008
There are lots and lots of differences in the financial institutions situation of the Depression and today. And yet there are some remarkable parallels in the problems and government responses. We shouldn't overread parallels as predictive matters. But some of...

Whoops!

Posted on October 17, 2008
Turns out that the Treasury's loan investment in major financial institutions can't count as Tier I capital. That's a big whoops . I've had trouble identifying the specific problem, but as far as I can tell it might stem from...

It's Still the Economy

Posted on October 16, 2008
You can't be serious! Federal Reserve chairman Ben Bernanke says what anybody with a passing interest in economics already knows -- that it will take time for the economy to turn the corner -- and the market tanks. The market...

The Moral Hazard of Treasury's "Equity" Injection

Posted on October 14, 2008
Treasury Secretary Paulson is jawboning banks to use the Treasury's capital injection to lend, rather than to just sit on the funds. This is very telling about the way Treasury sees the financial crisis and should concern us because it...

Preferred Stock=Subordinated Debt

Posted on October 14, 2008
Treasury's "equity" injection in the form of preferred stock is really a loan, not an equity investment, but it is structured to bolster bank capital adequacy.

Regulation Cannot Depend on Irrational Markets

Posted on October 14, 2008
At this point, it is all too clear that financial markets can get things wrong. This is not an isolated phenomenon. No, getting it wrong tends to be the name of the game for financial markets. Understanding that financial markets...

Wealth Destruction by the Numbers

Posted on October 13, 2008
Financial markets went into free fall in late September and early October. The third quarter of 2008 continued the wealth destruction that took place in the previous nine months. This wealth decline is large, broad, and quick. The primary reason...

How Long is the Way Out of the Hole?

Posted on October 13, 2008
The stock market just ended its worst week in history. This has sharply eroded families' financial security. Under rather optimistic expectations it would take about six years before families can hope to achieve the same level of financial security as...

More Trusted Salespeople Needed

Posted on October 12, 2008
There is a serious danger that the economy will fall into the dreaded "liquidity trap" -- no matter how cheap money is, companies and families will not borrow since they are too freaked out about the future. Worldwide financial rescue...

LA Times: Illegal Immigrants Have Lower Mortgage Delinquency Rates

Posted on October 12, 2008
The LA Times ran an article earlier this week reporting that undocumented immigrants to the United States had generally lower rates of mortgage delinquencies than other types of borrowers. It is an informative read and should be of interest to...

This is a Financial Crisis like Any Other ? Treat it Like One

Posted on October 11, 2008
I wanted to thank Bob Lawless, Elizabeth Warren and Credit Slips to invite me back as guest blogger. It seems an appropriate time to discuss topics in two of my areas of expertise -- financial crises and retirement income security...

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