CreditSlips

Qualified Residential Mortgages

04/24/13

The New York Times has a major article about the Qualified Residential Mortgage rulemaking under the Dodd-Frank Act. I think there's a lot of confusion about this ruling-making. I'm going to try and clarify a few things in this post.

What Is Actually Required by the Dodd-Frank Act.

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MF Again

04/24/13
The MF Global trustee filed his lawsuit against
Jon S. Corzine and other former MF Global executives.

But the complaint itself, while quite well done, makes for
rather strange reading upon further reflection.

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Adam Levitin awarded the Young Scholar's Medal of the American Law Institute

04/22/13

Congrats to Credit Slip’s Adam Levitin for winning a prestigious honor! Of course, this award is well deserved.

The American Law Institute announced today that Adam Levitin of Georgetown Law Center has been awarded its Young Scholar’s Medal.  ALI says that this honor is “designed to recognize early-career law professors whose work is relevant to the real world and has the potential to influence improvements in the law.”

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Pay Dick, Ditch Harry: More on 'Ratable Payment' and Its Implications

04/22/13

Creditors owed identical amounts under identical defaulted Argentine bonds, including identical pari passu clauses, could get very different recoveries under the plaintiffs' theory of ratable payment--unless all such creditors are corralled into a mandatory class action that divvies up Argentina's surplus among them under equitable supervision of the courts.

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NML et al Decline Argentina's Offer ... and Ratable, Elaborated

04/22/13

Surprise, surprise -- NML and colleagues would just as soon pass on Argentina's offer of 2010 restructuring terms. Plaintiffs' submission (ahead of schedule) is full of the sort of language I love to learn in this case and deploy on disobedient children: "plainly believes rule of law does not apply to it ... predictably and characteristically defiant ... fails completely ... astoundingly ... has the temerity to claim ...

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Mortgage Settlement Checks Bounce

04/18/13

Remember the $3.6 billion settlement the government made with huge lenders accused of wrongful evictions and other abuses? Wronged homeowners are beginning to get their settlement checks in the mail, only to find that some of them bounce. That’s right.

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Trivia Time: Bankruptcy Lawyers in the Senate

04/18/13

I always figured that Elizabeth Warren was the first bankruptcy lawyer to serve in the Senate.  Turns out that there's at least one other.  (I'm not counting Senators who have served as Chapter 7 trustees.) Anyone know who?  I'll post the answer in a few days. 

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Italy's Pari Passu Scrubbing

04/17/13

Italy does not do things half-way. Of all the pari passu clauses on the planet, it had the one that most definitely, unambiguously, no-two-ways-about-it promised ratable payment to its bondholders. In English. Just search for "ratably" here. This got Italy some bloggy grief.

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