Bankruptcy Blogs

Freddie Mac Indifferent to Homeowner Complaints

03/22/13

That is the finding of a report released yesterday by the Inspector General of FHFA, the agency that oversees our nationalized mortgage funders Fannie Mae and Freddie Mac.  Mortgage servicers are paid incentives by Freddie for quick foreclosures, but not for resolving homeowner complaints about mishandled foreclosure prevention and loss mitigation.  Bank of America took an average of 59 days to resolve homeowner complaints, well beyond the 30-day limit imposed by the servicer alignment initiative, and as of Januar

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Fed's Minsky Musings, StanChart's Mea Culpa, Cyprus' Cash Crunch ...

03/22/13

Receiving Wide Coverage ...

Fearing a Minsky Moment: The more stable financial markets appear, the more unstable they're becoming. Until a crisis — or Minsky moment — hits, that is, when everyone rushes for the exit simultaneously. Such a moment appears to be on the minds of banking regulators these days. They warned on Thursday about the dangers lurking in the booming market for loans to struggling companies. The controls and quality checks applied by lenders...

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The Handcuffed Banker

03/22/13

To the detriment of consumers, innovations in banking tend to be conservative, late, and incremental, despite top talent and plenty of ideas. Is regulation backfiring?

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The Daily Docket: Powerwave Faces Big Layoffs

03/22/13

Powerwave Technologies Inc. may have to lay off hundreds of employees at its factories in Thailand, India and in Europe after a lender wouldn’t allow the struggling wireless-equipment maker to spend money on its overseas manufacturing plants, according to a person involved with the case. Read the DBR Small Cap article here.

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Bankruptcy Rule Establishing Deadline To File Dischargeability Complaint Is Strict, "Hard And Fast" Rule.

03/22/13

In United Community Bank v. Harper (In re Harper), Adv. Proc. No. 12-1080, 2013 Bankr. LEXIS 1080 (Bankr. N.D. Ga.

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Bankruptcy Rule Establishing Deadline To File Dischargeability Complaint Is Strict, “Hard And Fast” Rule.

03/22/13

In United Community Bank v. Harper (In re Harper), Adv. Proc. No. 12-1080, 2013 Bankr. LEXIS 1080 (Bankr. N.D. Ga.

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Filing Bankruptcy and self employed? You need a “Profit and Loss”

03/21/13

If you file bankruptcy, you need to send in proof of your income.  For most people, that means your pay stubs.   Section 521 of the Bankruptcy Code requires people to send in at least two month of their “payment advices“–meaning pay stubs–received from your “employer.”

What if you are self employed?   You don’t get a pay stubs and don’t have en employer.  Do you dodge that requirement?

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Me Too

03/21/13

Some thoughts on Cyprus, over at Dealb%k.

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