Bankruptcy Blogs

Online lenders seek to balance the needs of borrowers, investors

03/26/20

While LendingClub, Prosper, Avant and SoFi are giving existing borrowers breaks in the short term, they're considering tightening credit as the coronavirus outbreak threatens to drag the economy into a recession.

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Fed’s new TALF has a major gap

03/26/20

Many borrowers will suffer unless the program, the central bank's latest response to the coronavirus pandemic, includes consumer loans issued by fintechs.

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Regulators back small-dollar loans to help consumers in crisis

03/26/20

The joint statement said examiners will not impede banks’ responsible efforts to offer open lines of credit, closed-installment loans or other products to borrowers dealing with fallout from the pandemic.

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Fed is ‘not going to run out of ammunition,’ Powell vows

03/26/20

Federal Reserve Chairman Jerome Powell said the central bank will maintain its muscular efforts to support the flow of credit in the U.S. economy as Americans hunker down from the coronavirus pandemic.

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Businesses hitting credit lines; Coronavirus could put banks in the red

03/26/20

Corporations have tapped more than $124 billion in lines in the past three weeks; rating agency says virus “could wipe out a full year of U.S. banking profits.”

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Senate rescue plan aims to calm depositors, debt holders

03/25/20

While analysts agree banks are in better shape than in 2008, lawmakers are dusting off a crisis-era tool used by the Federal Deposit Insurance Corp. to soothe potential liquidity fears during the coronavirus pandemic.

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Lenders back push from hotels to access crisis-era program

03/25/20

With seven in 10 rooms sitting empty amid the coronavirus outbreak, hotel and banking groups are urging policymakers to open up the Term Asset-Backed Securities Loan Facility.

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OceanFirst in N.J. gives early glimpse into coronavirus exposure

03/25/20

The company is one of the first to share information on impacted clients, forbearance requests and emergency loan applications.

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Big banks offer relief to California homeowners affected by COVID-19

03/25/20

JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp, along with 200 state-chartered banks and credit unions, have agreed to let borrowers skip payments for 90 days if their finances have been upended by the pandemic. Bank of America said it would waive payments for 30 days.

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What Can You Do if Your Lawyer Failed to Ask for a Reaffirmation Agreement from Your Mortgage Company?

03/25/20

Recently I received an email from a woman who filed bankruptcy several years ago and who recently discovered that her lawyer had not requested or filed a reaffirmation agreement. She has been current on her mortgage before, during and after her bankruptcy but because there was no reaffirmation agreement filed, the mortgage lender is not reporting her on-time payments to the credit bureaus.

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