Bankruptcy Blogs

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More Time for Mortgage Modifications: The Obama administration's announcement Thursday that it will extend the Making Home Affordable Program for another two years comes "despite signs of revival in housing," the Times notes. The program, which gives financial incentives to lenders to modify the loans of eligible borrowers, "did not come near to fulfilling the administration's promise of relief for several million homeowners," according to the publication. As of March 31, the...

People who receive distributions of money from Ponzi schemes usually are expected to return the money to a trustee who takes over the operation when the Ponzi organizer files bankruptcy. The trustee usually attempts to “claw back” money distributed to the investors, especially money representing winnings or profits. This recent Florida bankruptcy case produced a slightly different result for a Ponzi investor.

Kevyn Orr, the emergency manager appointed by Michigan Governor Rick Snyder to try to resolve the Detroit financial crisis, has effectively replaced the Detroit mayor,

Banks that develop strong, personalized relationships with small business owners will generate mutual sustained value.