Bankruptcy Blogs

Pennsylvania's Capital City Files for Bankruptcy

10/17/11

"Seeking to stave off a state takeover of its beleaguered budget, the city of Harrisburg, Pa., filed for a rare Chapter 9 municipal bankruptcy on Wednesday. Harrisburg, the Pennsylvania capital that previously defaulted on its debt, cited a 'continued erosion...

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Palmeiro asks for time to sell Grapevine property in bankruptcy

10/17/11

"Former Texas Rangers star Rafael Palmeiro has asked creditors in his real estate bankruptcy case for five years to sell nearly 200 acres of land in Grapevine near Grapevine Mills mall." Read more here.

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The Daily Docket: Lehman Trustee Say RBS Must Pay Up

10/17/11

The trustee winding down the U.S. brokerage business of Lehman Brothers Holdings Inc. says a Royal Bank of Scotland Group PLC affiliate should be forced to pay more than $345 million stemming from old swap agreements, and that non-payment would violate the automatic-stay provision afforded to companies that file for bankruptcy protection. Read the Daily Bankruptcy Review story here.

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Foreclosure and Stay Relief Denied When Mortgage Lender Cannot Demonstrate Proper Assignment of Mortgage Instruments

10/17/11

As most know, during the years leading up to the real estate crisis mortgage lenders originated individual home loans and then assigned packages of these loans to investors who converted the packages to mortgage securities. The assignment process involved an intermediary organization called Mortgage electronic Registration System, Inc. (“MERS”) which held millions of mortgages as an agent of the original lender and essentially served as a mortgage storage bin to facilitate mortgage transfers during the securitization process.

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Love lost, fire at will

10/17/11

Over at Dealbook, I take a look at the fight among tranche members in the case of a CDO that is in chapter 11 in New Jersey. Yes, that's not suppose to happen . . . which is what makes it so interesting.

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Mortgage Modifications in Bankruptcy – Taking Matters Into Our Own Hands

10/17/11

Is there any wonder there is so much discontent in this country? Nationwide, HAMP has been nothing less than a dismal failure for struggling homeowners trying to get some kind of return on the hundreds of billions of dollars dolled out to Wall Street in taxpayer TARP bailout, and our inept Congress has done virtually [...]

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National Conference of Bankruptcy Judges--10/15/11--A Conversation With Elena Kagan

10/16/11
The National Conference of Bankruptcy Judges concluded with an interview of Supreme Court Justice Elena Kagan by Third Circuit Judge Marjorie Rendell and Bankruptcy Judge Randall Dunn. Justice Kagan was very humble and self-effacing, but was not overly forthcoming.
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National Conference of Bankruptcy Judges--10/15/11--A Conversation With Elena Kagan

10/16/11
The National Conference of Bankruptcy Judges concluded with an interview of Supreme Court Justice Elena Kagan by Third Circuit Judge Marjorie Rendell and Bankruptcy Judge Randall Dunn. Justice Kagan was very humble and self-effacing, but was not overly forthcoming.
[more]