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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

Must-read Crisis Book

Posted on January 15, 2011
Today's mail brought my hot-off-the-press copy of the essential crisis reference, The Subprime Virus by Kathleen Engel and Patricia McCoy. Subprime Virus chronicles the rise and fall of the subprime market and the regulatory (non) response, from the Clinton Administration...

Super-Compulsory Counterclaims! Supreme Court Edition

Posted on January 15, 2011
Greetings, Slipsters. 2011 will bring, alas, my retirement from the blog, although I may occasionally make intermittent guest posts in my emeritus capacity going forward. So what better way to go out than commenting on the Anna Nicole Smith case...

Worrying About Something That Won't Happen

Posted on January 14, 2011
A lot of buzz today about the possibility that bank contingent debt, which the Europeans are considering requiring as part of a general improvement of captial, will not trigger CDS contracts. Well, yes, it won't trigger today's version of CDS...

Ibanez: Trustee Liability

Posted on January 14, 2011
I've gotten a bunch of questions in recent days about whether the RMBS trustees in the Ibanez case are on the hook for the screw up. The trustees (US Bank and Wells Fargo) insist that they have no possible liability....

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Many Thanks to Annelise Riles

Posted on January 14, 2011
On behalf of Credit Slips, I wanted to thank Annelise Riles for joining us a guest blogger. Professor Riles brought fresh and new perspectives to organizational and regulatory problems we often discuss here on Credit Slips. Her posts offered a...

Ibanez: About that Loan Schedule....

Posted on January 14, 2011
Did Ibanez a particularly screwed up set of securitization documentation? Or was this just snafu? Looking around at other PSAs, I'm starting to think the latter. In Ibanez, the Massachusetts Supreme Judicial Court noted that PSA was insufficient to serve...

One More Time on Ransom

Posted on January 12, 2011
Yesterday, the Supreme Court decided Ransom v. FIA Card Services (n�e MBNA Bank). The issue was whether, to determine the amount of income available to pay creditors, a debtor could deduct hypothetical car payments on a car he already owned....

CARD Act Compliance Costs Outweigh Fee Benefits?

Posted on January 10, 2011
The American Banker has an interesting piece on the impact of the Credit CARD Act. It's behind a paywall, but here's the key insight: Credit card issuers were expected to raise fees and cut rewards to compensate for lost revenue...

Ibanez and Securitization Fail

Posted on January 10, 2011
The Ibanez foreclosure decision by the Massachusetts Supreme Judicial Court has gotten a lot of attention since it came down on Friday. The case is, not surprisingly being taken to heart by both bulls and bears. While I don't think...

Debt Causes Bankruptcy (But Sometimes in Counter-Intuitive Ways)

Posted on January 07, 2011
I like NPR's Marketplace, but stories like this drive me nuts: "Why bankruptcy claims aren't as high as one would think." The story repeats a premise I often hear in media calls that I receive. The conversation usually starts something...

Building a Culture of Compliance

Posted on January 07, 2011
I was scheduled to speak at the AALS Financial Institutions breakfast this morning, but due to flight cancellations I was unfortunately unable to attend. I?m posting below a summary of what I intended to say there, and which I had...

Bankruptcy Filings Continue to Slide in December But Show 8% Increase on Annual Basis

Posted on January 06, 2011
The daily bankruptcy filing rate dropped 7.3% in December, coming on the heels of a 13.3% drop in November. Overall, there were about 114,700 filings in December according to data provided by Epiq Systems. On a year-over-year basis, December 2010...

Hot Pursuit of Customers: The Real Reason More People are Turning to Payday Loans

Posted on January 05, 2011
As one who studies the advertising and marketing plans of payday and title loan companies, I was interested in two Wall Street Journal articles published this week on the topic of payday loans, one claiming that Dodd-Frank has pushed many...

What Can We Learn from Wikileaks About Market Regulation--or, Is Transparency Always a Good Thing?

Posted on January 05, 2011
In the wake of the Wikileaks debacle, we have started to see some conversation in the editorial pages about whether transparency is always a good thing in international affairs. The point is that there are times when allowing the parties...

Auto Title Lending Data: 65% Repossession Rate?!

Posted on January 04, 2011
Todd Zywicki has an article on auto title pledge lending in the Cato Institute journal Regulation that cites unnamed "industry sources" as stating that default rates on auto title loans are 14-17%, while repossessions occur only in 4%-8% of cases...

India?s Microfinance Industry Fuels Mass Suicides

Posted on January 04, 2011
Most of us remember Muhammad Yunus?s 2006 Nobel peace prize for microfinance, small loans to start businesses, with extremely low default rates. Now it looks like this industry has done what many American financiers have done, lent more than people...

Memo to Elizabeth Warren: How to Do Things With Documents

Posted on January 04, 2011
Elizabeth Warren has proposed, as one of her first initiatives, that banks should simplify their standardized credit card contracts with customers to insure that customers understand what they are signing.This proposal has generated lots of enthusiasm among centrists as a...

Auto Title Lending Data

Posted on January 04, 2011
Todd Zywicki has written several articles (here and in a fuller version here) on auto title pledge lending that cite default rates on auto title loans are 14-17%, while repossessions occur only in 4%-8% of cases and in 20% of...

Market Governance Is About People (And How They Think)

Posted on January 03, 2011
We need to start basing out regulatory policies on the empirical facts--on what we know about how real people in the markets think and act--not on what we imagine they might do. The keywords here are ?people? and ?thinking?

Welcome Annelise Riles

Posted on January 03, 2011
Credit Slips would like to welcome Annelise Riles as a guest blogger. Annelise is the Jack G. Clarke Chair in Far East Legal Studies and Professor of Anthropology at Cornell University, where she teaches in both the Law School and...

Program Reminder: AALS Section on Financial Institutions and Consumer Financial Services

Posted on December 31, 2010
The section program at the Annual Meeting of the Association of American Law Schools in San Francisco on January 7 is a veritable Credit Slips reunion show. The theme is post-crisis regulation of finance. The Call for Papers panel at...

Collective Action Clauses: Das Opium des Volkes

Posted on December 31, 2010
My Soviet roots manifest most acutely around New Year?s (a big holiday in the motherland), which must account for the urge to quote Marx apropos the European financial crisis. Europe is the lead story of the 2010 Crisis Yearbook. It...

Noncompliance with HAMP Guidelines as an Affirmative Foreclosure Defense?

Posted on December 30, 2010
To date, homeowners have not met with any real success in bringing suits alleging private rights of action under HAMP or, for that matter, alleging that denial of HAMP modifications is an a violation of their 5th Amendment due process...

Credit Cards to Payday Substitution?

Posted on December 30, 2010
Over at Volokh Conspiracy, Todd Zywicki spent Christmas Eve crowing about a Wall Street Journal article about the boom in payday lending. Todd sees the article as vindication for his insistence that regulation of consumer credit will inevitably result in...

Subprime Crisis Books

Posted on December 30, 2010
As the subprime crisis enters its fourth or fifth year, depending on when your version of the story begins, there is an ever-expanding menu of crisis books to choose from. I have particularly enjoyed the less scholarly and more journalistic...

Technical Corrections to Bankruptcy Code

Posted on December 29, 2010
On December 23, President Obama signed a bill that made technical corrections to the Bankruptcy Code. As the term "technical corrections" suggests, this is a topic of interest probably only to the bankruptcy geeks in the crowd. The bill was...

JSD with Bankruptcy Emphasis

Posted on December 28, 2010
We have some readers outside the United States who might be interested in the following. The University of Illinois College of Law has a JSD program, which awards an advanced graduate degree primarily designed for students intending to pursue an...

Some Holiday Thoughts on Chapter 11

Posted on December 28, 2010
?Greetings from Los Angeles, where it is a bit nippy. Had to put on a sweater today. My latest rumination on chapter 11, and the ebb and flow in the number of big cases, is up on Dealbook.

H&R Block Blocked from Refund Anticipation Loans

Posted on December 27, 2010
In August, the IRS announced that it would no longer tell tax preparers and associated financial institutions when a consumer had a "debt indicator" that the consumer's tax refund would be offset against past due debts such as unpaid child...

What Do Giving to Charity and Having Sex Have in Common?

Posted on December 27, 2010
Both light up the same pleasure responders in the brain. In other words, it feels good to give! Plus, it is not too late to get a 2010 tax break for a good cause. With over 1.4 billion people currently...

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