No news as yet about whether the Supreme Court has reached a decision on Argentina's pending petition for certiorari. In the interim, however, the district judge decided to enter this order . Recall that the injunction against Argentina includes a ... Read full article
Judge Rakoff issued an opinion today holding that the New York state credit card no-surcharge law violates the First Amendment of the US Constitution because a "surcharge" and a "discount" are two ways of expressing the same thing, ... Read full article
I testified on housing finance reform today before Senate Banking. It was a strange experience being in the Hart and Dirksen Senate Office Buildings with the shutdown. The halls were eerily empty. Fortunately, the Senate Banking Committee is continuing to ... Read full article
The Dodd-Frank Act provides that failure to verify a borrower's ability to pay on a home mortgage entitles the borrower to a "asset a violation... as a matter of defense by recoupment or set off". 15 USC 1640(k). ... Read full article
Year Six of the great foreclosure crisis came to a close on June 30 with no real end in sight. Five million homes have been foreclosed and another million or more were surrendered by distressed home owners in short sales or otherwise. We are still far ... Read full article
Gretchen Morgenson had an interesting column today about judicial frustration with banks. One of the opinions she references is a recent order by Judge William Young (Dist. Mass.) in a predatory lending suit. ... Read full article
I'm floored that Attorney General Eric Holder was willing to take a private meeting with JPMorgan Chase CEO Jaimie Dimon while the bank is under criminal investigation and negotiating an enormous civil (and possibly criminal) settlement. I ... Read full article
It’s become fashionable to ascribe the decline in big chapter 11 cases to the low interest rates created by the Federal Reserve. If so, yesterday’s actions suggest a revival in the restructuring trade is still further off. ... Read full article
We are in a brief pari passu hiatus while we wait for the Supreme Court to decide what it wants to do with Argentina's first petition for certiorari and for the Second Circuit to decide the petitions for panel and en banc rehearing that have been ... Read full article
Short bu ... Read full article
I recently stumbled on this excellent compendium of more than 300 books on the financial crisis. It also includes a list of 25 or so books that predicted the crisis, as well as a useful link to an annotated list of individuals who can be given credit for ... Read full article
Gretchen Morgenson is asking some interesting questions about where the money comes to fund predatory loans. The issue boils down to this: the most questionable consumer is not done by depositories. It's done by finance companies or (prior to 2008) ... Read full article
Or bank holding companies, to be precise, over at Dealb%k . ... Read full article
With little to add to Mark's wonderful analysis of the Second Circuit decision in NML v. Argentina and the ensuing crazy , my thoughts drift to settlement. ... Read full article
An update on where matters stand in NML v. Argentina : I don't see it listed on the court's calendar on PACER, but the parties reportedly had a meeting scheduled for this afternoon with Judge Griesa to discuss Argentina's plan to let ... Read full article
Prof. Jonathan Lipson of Temple University School of Law has an interesting post today on the idea of “Relational Reorganization.” Find it over at the ContractsProf blog . ... Read full article
My ... Read full article
Just a few additional thoughts about reports that Argentina might allow exchange bondholders to swap into Argentine-law bonds . ... Read full article
