CreditSlips

"[L]et us stress being a professor specializing in bankruptcy is not a power position, even at Harvard Law School."

Last week the Association of Private-Sector Colleges and Universities (aka the Career College Assn.) filed suit in U.S. District Court in Washington, D.C., to block enforcement of the U.S. Dept. of Education’s “Gainful Employment” regulation, issued in June.

Yesterday the Fed announced a settlement with Wells Fargo of claims that its subprime unit had 1) deliberately steered prime borrowers into higher-cost subprime mortgage refinancings and 2) falsified income documents to put subprime borrowers into unaffordable loans.  The settlement provides for an $85 million fine, plus an elaborate claims-based compensation procedure for victims, who may number 10,000 or more.  Notably, families who lost their hom

The National Consumer Law Center has launched a useful new resource for the bankruptcy community called the Bankruptcy Mortgage Project.  See here.  Those likely to find it handy include judges, consumers, trustees, mortgage servicers, attorneys, and academics.  The website, created with a grant from the National Conference of Bankruptcy Judges’ Endowment for Education, collects all sorts of documents related to mortgage issues in consumer bankruptcy cases.  I

On July 18, 2006, a few academics studying bankruptcy and debt decided to take a whirl on putting up a blog making today the fifth anniversary of Credit Slips' launch.