News Topic: CreditSlips

It has become something like conventional wisdom that the pending SCOTUS case involving the Recovery Act is no longer relevant. After all, the giant interest payment due July 1 is largely attributable to GO bonds , and the Commonwealth itself is not even ... Read full article

After extensive briefing and hearings, the U.S. District Court presiding over the appeal (foreign readers: general trial judges in the U.S. federal court system sit in an appellate capacity over the specialized bankruptcy courts) from the U.S. Nortel ... Read full article

I'm still working through the new draft of the PROMESA bill , which readers will recall provides new restructuring options for US territories (including Puerto Rico, of course). But I have to say I got a chuckle out of proposed section 303(3), which ... Read full article

After taking a look at titles III and VI of the new draft , some quick observations: ... Read full article

The CFPB has a new report out on auto title lending , and the findings are jaw-dropping. If ever there was a consumer financial product that looks like an exploding toaster , it is an auto title loan.  Default rates on auto title loans are one in three, ... Read full article

As has been expected for some time , the Consumer Financial Protection Bureau has issued a proposed rule that would prohibit companies providing consumer financial services from ... Read full article

Unlike the bankruptcy judges in Nortel , who synchronized their trials in a landmark case of cross-border insolvency cooperation, the appellate judges run at their own speed, so results will trickle in here and there. ... Read full article

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The following post comes to us from Professor Rasmussen at USC : Nortel Bankruptcy Sets a Dangerous Precedent For the Future of Lending ... Read full article

It appears that the House legislation has bogged down .  Two or three issues keep coming up, none of which make a whole lot of sense: ... Read full article

The Federal Housing Finance Agency has finally announced a program to reduce principal balances of distressed home mortgages held by Fannie Mae and Freddie Mac, eight years into the foreclosure crisis. Too little, too late would be an understatement to ... Read full article

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The revised draft PROMESA bill (available  here ) is now under debate in Congress. The bill appears to respond to some early criticisms, although its length and complexity obscures answers to some important questions. Under the circumstances, it seems ... Read full article

I again offer some initial thoughts on the revised draft bill , now subject to much debate in Congress: ... Read full article

The Caesars examiner's report  makes for interesting reading. Of particular interest for our readers might be its discussion of the role of the lawyers, namely those at Paul Weiss, who simultaneously represented the Caesars holding company, its ... Read full article

Paul Krugman claims that "Many analysts concluded years ago" that the big banks were not at the heart of the financial crisis and that breaking them up would not protect us from future crises.  Incredibly, his claim is linked to an article by ... Read full article

The Center for Responsible Lending has produced a nice, new empirical paper reflecting on and refuting the notion that certain debt collection reforms restrict the flow of consumer credit. The analysis is careful and impressive, and the natural laboratory ... Read full article

The question is whether it is playing against the House of Representatives, and its heavy handed PROMESA draft bill, or its creditors. In any event, according to the Financial Times , Puerto Rico's legislature has passed a law giving its governor ... Read full article