Bankruptcy Blogs

Mortgage niche showed promise for Michigan bank. Then coronavirus hit.

05/27/20

University Bancorp decided to shutter its wholesale mortgage lending business after it struggled to hire and train employees remotely.

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We Can Cancel Student Loans for Essential Workers Now

05/27/20

While the House HEROES bill's scaled-down student loan forgiveness is unlikely to become law, many essential workers are eligible for student loan cancellation now under existing law. The Public Service Loan Forgiveness program covers all police, firefighters, public school teachers, nurses, soldiers, prison guards, and contact tracers, among others.

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Banc of California to terminate soccer stadium agreement

05/27/20

The company will incur an upfront fee but will save $7 million a year by walking away from a deal with the Los Angeles Football Club.

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Pot banking rules grow hazier during pandemic

05/27/20

Bankers have become more uncertain about how to serve marijuana businesses owing to confusion about which states deem them essential.

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RBC, BMO set aside record provisions for soured loans

05/27/20

Royal Bank of Canada and Bank of Montreal joined their Canadian peers in setting aside record provisions for loan losses as they brace for the economic fallout from the coronavirus pandemic.

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Dimon counsels against bank stock buybacks; Texas banks call off merger

05/27/20

The JPMorgan CEO says the recovery has to start first, and future buybacks won’t be as big as before; Texas Capital Bancshares and Independent Bank blame the coronanvirus market impact.

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Bankruptcy Attorneys Compelled to Disclose Name of Client as Court Holds Attorney-Client Privilege Inapplicable

05/26/20

A South Carolina bankruptcy court last week ordered a local law firm to disclose the names of bankruptcy clients amidst a discovery dispute with the U.S. Trustee. The attorney-client privilege, the court held, does not apply to information disclosed for the purpose of filing a bankruptcy petition or assembling the schedules because the information, ultimately, is intended to be publicly disclosed. The U.S.

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Delinquencies and foreclosures won't be as bad as feared, data suggests

05/26/20

Forecasts about the pandemic's impact on the mortgage market have grown less dire after forbearance requests by homeowners nearly leveled off in the first half of May.

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