Bankruptcy Blogs

Banks Foreclose on Homes With No Mortgage!

08/05/11

 In the current home foreclosure crisis, it seems some banks have become trigger happy.   It has become a bit of a recent anomaly why banks have suddenly and mistakenly gone after some homeowners with whom they have no claim.  Recently, Bank of America mistakenly brought a foreclosure action against a couple who had bought their [...]

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Friday, August 5

08/05/11

Breaking News This Morning ... Fannie Mae Loses $2.9B in 2Q: The government-sponsored enterprise has asked the Treasury for another $5 billion of aid. Receiving Wide Coverage ... Cash Is Really King Now: As the markets tanked again amid mounting global economic fears, Bank of New York Mellon told large institutional customers it would charge them a 13 basis point fee simply for holding deposits of more than $50 million. According to the Journal, a letter to these...

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The Daily Docket: Court Sides With Lehman in SunCal Fight

08/05/11

The federal appeals court in San Francisco sided with Lehman Brothers Holdings Inc., finding that California real-estate developer SunCal can’t push the failed investment bank’s debt below that of other creditors without the permission of the judge overseeing Lehman’s Chapter 11 case. Read the Daily Bankruptcy Review story here.

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The Liquidation Analysis/Best Interests of the Creditors Test for Chapter 13

08/04/11

When considering a Chapter 13 Bankruptcy, one of the first questions that every debtor wants to know is how much their monthly Chapter 13 Plan payment will be. As with most legal questions, the answer is that it depends. One of the ways to determine how much this payment will be is to perform a [...]

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NY AG Unsheathes Excalibur

08/04/11

NY AG Eric Schneiderman came out with guns blazing in the proposed Countrywide investor settlement litigation.  It his filing intervening in the action and suing Bank of New York Mellon for breach of fiduciary duty, persistent fraud, and violations of the Martin Act (the "Excalibur" of the NY AG), General Schneiderman didn't mince words. [more]

Standing to Invoke PSAs as a Foreclosure Defense

08/04/11

A major issue arising in foreclosure defense cases is the homeowner's ability to challenge the foreclosing party's standing based on noncompliance with securitization documentation. Several courts have held that there is no standing to challenge standing on this basis, most recently the 1st Circuit BAP in Correia v. Deutsche Bank Nat'l Trust Company.

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Don't Let the Rating Agencies Regain Their Old Powers

08/04/11

Banks must be encouraged to develop standardized methods of calculating risk and capital as a substitute for external credit ratings.

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Bankruptcy Poll Divided on Anna Nicole Smith Ruling

08/04/11
Nicholas Kamm/AFP/Getty Images

Years after her death, former Playboy Playmate Anna Nicole Smith can still arouse a debate.

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