Bankruptcy Blogs

Fed Rule Violation; General Electric Exits Retail Lending

08/30/13

Receiving Wide Coverage ...

Fed Staff Violates Rules: It's not just the banks, folks, it's also the regulators. The Federal Reserve's inspector general says the Fed violated its own rules when a staff member inadvertently emailed minutes from a March policy meeting a day early. Oops. The email went to 150 people including some of the biggest banks and investment firms on Wall Street plus congressional staffers. The IG says the Fed failed to provide sufficient...

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The Daily Docket: Detroit Leaders Working to Secure Loan

08/30/13

Detroit lawyer Corinne Ball said that city leaders are “working mightily” to secure a loan. Read the Daily Bankruptcy Review article here.

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Exemption of Unemployment Compensation

08/30/13

The general rule is that a debtor may exempt proceeds from an exempt asset held in the debtor’s bank account so long as he can trace the funds to the exempt asset. Most bankruptcy courts interpret Florida’s asset exemptions to apply to the exempt assets and its proceeds derived from the asset.

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The New Rules For Getting An FHA Mortgage After Bankruptcy

08/30/13

Getting an FHA mortgage after bankruptcy

The Federal Housing Administration, in a major policy change, has announced easier rules for people looking to get a mortgage after bankruptcy.

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Who's to Blame for Fed's Poor Morale?

08/29/13

A Huffington Post scoop describes serious morale problems at the Fed, but lays most of the blame for that on former Fed Chair Alan Greenspan. Editor-at-large Barbara A. Rehm sees it differently.

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Basel Needs Help Combating Money-Laundering

08/29/13

Bank regulators, enforcement authorities and legislatures in key countries will have to work together to enforce Basel's well-meaning guidelines related to money-laundering and terrorism financing.

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Should NML move to lift the stay?

08/29/13

An update on where matters stand in NML v. Argentina: I don't see it listed on the court's calendar on PACER, but the parties reportedly had a meeting scheduled for this afternoon with Judge Griesa to discuss Argentina's plan to let exchange bondholders swap into bonds governed by Argentine law.

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Dance Center Seeks Help Keeping Doors Open

08/29/13

Dance New Amsterdam, a nonprofit New York dance education and performance center, said it will close its doors for good if it doesn’t raise $50,000 by Friday.

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Summers, Yellen and the Signals for Women

08/29/13

Incremental gains in women's progress are no longer a sufficient substitute for meaningful change.

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Regulators Release Softened QRM Proposal; Bank of England to Keep Rates Low

08/29/13

Receiving Wide Coverage ...

Sweet Partial Victory: Bankers were mostly happy with a revision that softens the criteria for qualified residential mortgages. A provision of the Dodd-Frank Act requires banks and other lenders to retain 5% credit risk of loans they sell on the secondary market that don't fit QRM requirements. However, regulators revised the definition of the QRM exemption and it is so broad that 98% of loans last year would have been covered, the...

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