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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 help for students and their lenders?

Posted on May 08, 2008
Yesterday, the President signed into law H.R. 5715, the ?Ensuring Continued Access to Student Loans Act of 2008.? The law responds to a perceived liquidity crisis in student lending by allowing government purchases of privately-issued student loan portfolios, so that...

Housing Bankruptcy Ripple Effect

Posted on May 08, 2008
We're starting to see the bankruptcy ripple effect of the housing crisis beyond the housing and financial services industry. Now municipalities are being forced to declare bankruptcy because property tax revenue has dried up while foreclosures have imposed significant strains...

Preemption Chutzpah

Posted on May 07, 2008
Elizabeth Warren draws our attention to an astonishing example of banking industry chutzpah--claiming preemption protection against state foreclosure laws. Not only has no one ever historically believed that state foreclose law was preempted; the OCC's preemption reg's specifically carve out...

One More Means Test Problem

Posted on May 06, 2008
Another example of questionable legislative drafting in BAPCPA--the 2005 amendments to U.S. Bankruptcy Code--appears in an opinion of the Ninth Circuit BAP issued last month, In re Weigand. At issue is whether ?current monthly income? (CMI) includes the gross receipts...

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Banks: State Laws Not for Us

Posted on May 06, 2008
Just when you think the mortgage mess can't get any worse, the banks come up with a new idea: They shouldn't have to obey state law when they foreclose on someone's home. Pre-emption has been a gravy train for the...

Gathering Your Private Information for Private Gain

Posted on May 05, 2008
Professor Elizabeth Warren?s (Harvard) paper, Balance of Knowledge, questions why academics do interdisciplinary work at all. But, she easily answered that question. She noted the role that empirical data played during the BAPCPA discussions. She mentioned both the influence of...

When Agencies Get it Wrong, They Reeeeeeeeeeeeeeeeeealy Get it Wrong

Posted on May 05, 2008
We ended the first day of the conference with management professors, Professor Gerry McNamara (Michigan State University) and Professor Paul M. Vaaler (University of Minnesota). They discussed How and Why Credit Assessors "Get It Wrong" when Judging the Risk of...

Many, Many Thanks to Mechele Dickerson

Posted on May 05, 2008
On behalf of all the regular Credit Slips bloggers, I wanted to express our deep appreciation to Associate Dean and Professor Mechele Dickerson. Her contributions were just superb. Professor Dickerson did a great job of blogging the Debtor World conference,...

Lawyers Make Good Laws?

Posted on May 05, 2008
I attended last weekend's University of Illinois/ABI Symposium on Debt?a tour de force, as readers of Credit Slips can glean from Mechele Dickerson's recent reports. My main interest in attending was to gain insights about how to improve U.S. consumer...

Hasta La Vista

Posted on May 05, 2008
Let me (again) thank the Credit Slips bloggers generally, and Bob Lawless specifically, for inviting me to be a guest blogger. I have never done this before and, and quite honestly the thought of blogging terrified me. But, had I...

Why People Should Be Allowed to Walk Away from Their Debts

Posted on May 05, 2008
Professor Heidi M. Hurd, a law and philosophy professor at the University of Illinois, ended the conference by discussing first principles in The Jurisprudence of Bankruptcy. Why should we forgive people who break contracts and harm others?

Where Do All the Corporate Debtors Go During Reform Time?

Posted on May 05, 2008
Dr. Terrence Halliday, a sociologist at the American Bar Foundation, shifted us back to corporate insolvencies. His paper, Missing Debtors: National Lawmaking and Global Norm-Making of Corporate Bankruptcy Regimes, discusses the systems that are created to regulate corporate debt and...

Still on Target for 1,000,000 Bankruptcy Filings

Posted on May 05, 2008
While I was busy with last week's Debtor World conference, the April 2008 bankruptcy filing figures became available from AACER. If I wanted to be sensational, I could compare the latest figures to the 2007 figures and tout how filings...

How did Lenders Get it So Wrong?

Posted on May 04, 2008
An economist, Professor Amir Sufi (University of Chicago), shifted our focus in the afternoon session from debtor, to lender, behavior. In discussing his paper, Lender Incentives, Credit Risk, and Securitization: Evidence from the Subprime Mortgage Crisis, Professor Sufi asks why...

Welcome to Judge Eugene Wedoff

Posted on May 04, 2008
I'm delighted to introduce Eugene Wedoff, who will be the first judge to guest blog at Credit Slips. He is a judge in the U.S. Bankruptcy Court in the Northern District of Illinois, a position that he has held since...

Should We Not Disclose Credit Card Information?

Posted on May 03, 2008
The paper Professor Richard Wiener (Univ. of Nebraska), a psychology professor, discussed presents findings that are completely contrary to economic predictions. Standard economic theory would predict that if consumers are given complete information, they will act rationally and not overspend...

The heady conversation

Posted on May 03, 2008
After the lunch at the Debt conference on Friday, Professor Brian Knutson, a professor of Psychology & Neuroscience at Stanford, presented a paper on Brain, Decision, and Debt. The field of neuroeconomics (which has been around for about a decade)...

Proposed Fed/OTS/NCUA Credit Card Regulations

Posted on May 02, 2008
An initial analysis of the Fed's proposed credit card unfair and deceptive practices regulations.

Consumption is too important to be left to Consumers

Posted on May 02, 2008
Professor George Ritzer, another sociologist (University of Maryland), presented a hyper paper ("Hyperconsumption" and "Hyperdebt": A "Hypercritical" Analysis). He argues that it has now become part of our public duty to consume. We were asked to consume after 9-11...

Data, data, data

Posted on May 02, 2008
Provost (at Michigan) Teresa Sullivan presented the second paper of the morning, Debt and the Simulation of Social Class. She opened by repeating two conversations she heard while waiting at the airport yesterday. One involved a couple that was concerned...

God was the poor man?s only surety

Posted on May 02, 2008
The Conference opened with a talk on "Debt, Credit and Poverty in Early Modern England" presented by Dr. J. Craig Muldrew, a history professor from Cambridge (the one in England, not the one in the US). (He used the term...

Live, From A Debt World

Posted on May 02, 2008
I just accomplished probably the most important thing I needed to do this morning. I figured out how to log on the University of Illinois network. Because I was a bit concerned that I would mess that up, I got...

Maxed Out

Posted on May 02, 2008
The luncheon speaker for the conference was James. D. Scurlock, the director and producer of Maxed Out, which airs this month on Showtime. For those of you who haven?t seen the documentary, it?s a scathing, eye-opening depiction of how the...

The Very Big Men Who Sort Out Debt

Posted on May 02, 2008
During the last session this morning, Professor Stephen Lea (University of Exeter) provided a psychological perspective on debt in poor households in Britain. He initially listed the people he believes to be the cast of characters involved in debt. First,...

A week in the life of mortgage "reform"

Posted on April 30, 2008
Here's a mortgage crisis chronology for this week, as reported by the New York Times and Washington Post. Can you guess what these articles have in common? On Sunday, Michelle Singletary's The Color of Money column discussed Treasury Secretary's Henry...

Streaming Academics

Posted on April 29, 2008
I hope our readers will excuse a little promotional material, but I have received several inquiries about our upcoming conference, "A Debtor World: Interdisciplinary Academic Symposium on Debt." Shockingly, Champaign, Illinois, is not a major travel destination for many of...

Homeownership Myth (Part II)

Posted on April 29, 2008
As I argue in the earlier posting, the Sunday Washington Post article raises a number of interesting points about the value of homeownership as an investment device. I discuss many of these points in an article that will be published...

The Myth of Homeownership

Posted on April 29, 2008
An article in the Sunday Washington Post asks whether -- given the current housing crisis -- real estate or the stock market is the better investment. Of course, the answer is -- it depends. Formulating a longer, more sensible answer...

Congrats to Professor Warren!

Posted on April 28, 2008
What do B.B. King, Justice John Paul Stevens, University of Illinois chancellor Richard Herman, and Credit Slips blogger Elizabeth Warren have in common? They were all named today as part of the 2008 class of fellows for the American Academy...

Student Loans, and the Housing Crisis

Posted on April 28, 2008
I am honored to have been asked to be a guest blogger on Credit Slips. Not only is this my first posting for the week, this is the first time I?ve ever posted anything to a blog anywhere. With that...

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