Bankruptcy Blogs

Morning Scan: First Mariner CEO's Second, Covert Career; What's 'Culture'?

02/02/15

Wall Street Journal Edwin Hale Sr., the founder and former chief executive of First Mariner Bancorp in Baltimore, confessed that he covertly worked for the Central Intelligence Agency for about 10 years in the 1990s and 2000s. Hale made the confession in his recently published biography, "Hale Storm." The CIA used agents posing as employees of Hale's bank (the article doesn't specify whether they were employees of First Mariner, or of Bank of Baltimore, Hale's previousÂ...

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Retiring New Jersey Bankruptcy Judge Donald Steckroth to Join Cole Schotz

02/02/15

: Donald Steckroth

As U.S.

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The Disappearance of HOEPA Loans

02/02/15

While I'm on the subject of dead markets, what about HOEPA loans? HOEPA loans are super-high-cost loans that qualify for special consumer protections under the Home Owners Equity Protection Act of 1998. (Yes, that's the one that directed that the Fed "shall" implement a rule on abusive lending, which the Fed understood to be discretionary until 2008.)

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Just How Dead Is the Private-Label MBS Market?

02/02/15

Pretty darn dead. In 2014, there were all of 22 private-label RMBS deals. These deals provided $5.67 billion in financing for 7,342 mortgages. Let that sink in for a second. The private-label market financed fewer home mortgages than were made in the District of Columbia last year.

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A Default is a Default, no Matter the Size?

02/01/15

In an 11 page opinion issued January 30, 2015 in the TPOP bankruptcy (13-11831), Judge Shannon held that GM did not lose the ability to enforce its contracted right to repayment just because the default was “immaterial” according to the Debtor. The Opinion is available here.

Background

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How does the “automatic stay” of the bankruptcy code apply to landlords?

02/01/15

The automatic stay is one of the most powerful protections provided to debtors in a bankruptcy proceeding. The stay acts as an injunction that prohibits creditors (including landlords) from commencing or continuing any proceeding against the debtor which could have been commenced prior to the bankruptcy. Applied to landlords, the automatic stay prohibits efforts to collect unpaid rent, or seek eviction, setoff, lease termination or foreclosure, among others.

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Fugitive Treasure Hunter Tommy Thompson Arrested in Florida

01/30/15

: This image from undated video provided by WSYX-TV shows the wanted billboard for fugitives Tommy Thompson and Alison Antekeier. The U.S. Marshals Service captured Mr. Thompson and Ms.