Bankruptcy Blogs

Lessons From the Death of Circuit City

10/25/12
Alan L. Wurtzel

Alan L.

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Close Loophole to Slow Debit Card Class Actions

10/25/12

The Uniform Law Commission's commercial code excludes debit cards, which is problematic since courts tend to reject class-action challenges that conflict with it.

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New HAMP Handbook

10/25/12
On August 17, 2012, the new Making Home Affordable handbook 4.0 for non-GSE mortgages was released.

Jordan E. Bublick, Miami-Dade, Broward, and Palm Beach, Florida, Attorney at Law, Practice Limited to Bankruptcy Law, Member of the Florida Bar since 1983

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HAMP Case Law

10/25/12

Wright v. Bank of Am., N.A., No. 10-cv-1723, 2010 U.S. Dist. LEXIS 73807, at *9-15 (N.D. Cal. July 22, 2010) - July 22, 2010, Judge Jeremy Fogel, of the United States District Court for the Northern District of California, held that borrowers are not intended third-party beneficiaries of the Servicer Participation Agreement and, therefore, lack standing to sue for an alleged breach of the agreement.

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Bad Banking Practices Drive Nonbank Use

10/25/12

Critics of nonbanks contend that consumers use "high-cost" alternatives because they are financially illiterate. But, like most simplistic conclusions, this one is seldom accompanied by facts and is as wrong as it is demeaning of the innate intelligence of these consumers.

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Big Banks Offer Payday Loans

10/25/12

Yes, we know they do, but a Bloomberg story this morning caught my eye. I’ve known for quite a while that Wells Fargo and First Third Bank offered these payday-style loans, called direct deposit advances or ready advances, and also that certain bank customers get these prompts for this “service” EVERY time they go to an ATM. In fact, I know a woman who has one of these loans out from Wells Fargo pretty much at all times, except when once a year they ask her to clear it, at which point she goes to another payday lender to pay it off.

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B of A Has Countrywide Problems; QE3 Continues; Barclays Board May Be Overhauled

10/25/12

Receiving Wide Coverage ...

A Countrywide Haunting: Bank of America found itself on the receiving end of a $1 billion mortgage lawsuit filed by the federal government on Wednesday. Federal prosecutors are accusing the bank of carrying out a scheme ("called the 'Hustle' and 'High Speed Swim Lane'") started by its Countrywide unit that defrauded government-backed mortgage agencies Fannie Mae and Freddie Mac "by churning out loans at a rapid pace without proper controls." B of...

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How to End the Homeownership Crisis

10/25/12

Well-intentioned policies are causing inadvertent redlining. Our proposed Dignity Mortgage would show there are few if any additional risks of lending to the large cohort of presently excluded prospective homebuyers.

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The Daily Docket: Ocwen Wins ResCap Assets

10/25/12

With a $3 billion bid Ocwen Financial Corp. was named the winner Wednesday in a bankruptcy auction for the mortgage-servicing and origination assets of lender Residential Capital LLC. Read the article in Daily Bankruptcy Review.

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