News Topic: CreditSlips

“Greeks are protesting new austerity measures” is a common headline these days. It definitely captures some of what protesting Greeks are doing, but certainly leaves a whole lot out of the picture. Many Greeks are protesting not only the deterioration of ... Read full article

Today I'm off to the Wharton Restructuring and Turnaround Conference , which looks to be a great, high level discussion of all things chapter 11ish. But it is surely a sign of the times that the keynote speaker is a banking lawyer. ... Read full article

Just under a month ago, Eastman Kodak filed for chapter 11 and now it is doing what many chapter 11 debtors do, trying to decide which of its contractual obligations it’ll honor and which it won’t. Back in 2000, Kodak signed a $74 million deal to get its ... Read full article

Here's a bombshell : the San Francisco City Assessor commissioned a serious audit of foreclosure documentation filed in the past few years. The audit examined 400 foreclosures.  It found problems with 85% of them, often multiple problems. ... Read full article

I have argued previously ( here ) that the EU/IMF/ECB insistence on “flexibilizing” labor law in Greece overlooked the basic structure of the Greek private market, which consists overwhelmingly of small, family owned and operated businesses, with ultra ... Read full article

Two weeks ago, I blogged about the Forms Modernization Project's effort to create new forms specifically for consumer bankrupts. The chair of that Project, Judge Elizabeth Perris, offered a lengthy comment that shared some information on the goals ... Read full article

For reasons that I don't quite understand, Krugman has gone all upside Taylor based on a two year old post from Economics of Contempt , and ... Read full article

The latest EU bailout installment for Greece requires tough austerity measures. Among the most devastating is the prohibition on the use of Corinthian and Ionic columns. Henceforth, only Doric columns may be utilized. This measure was a compromise among ... Read full article

Details are still forthcoming about the settlement between the federal government and attorneys general and the five largest servicing banks but one interesting twist that is already emerging is how the dollars are being divvied up and distributed. The ... Read full article

For those following financial reform:   Paul Volcker dismantles the only respectable (i.e., not obviously self interested) argument against the Volcker rule. ... Read full article

We have been hearing about the oncoming endgame to the Greek saga for almost two years now. Several developments have occurred in the past few months that may make the prediction come true sooner rather than later.  ... Read full article

At its annual Capitol Hill Day in Washington this week, the National Association of Consumer Bankruptcy Attorneys sounded an alarm about the growing student loan problem, calling it a “debt bomb.” NACBA released a survey of its members indicating that ... Read full article

On behalf of Credit Slips , I wanted to welcome Professor Philo Tsoukala from the Georgetown University Law Center. Professor Tsoukala will be joining as a guest blogger, and she will be commenting especially on the Greek debt situation and how the debt ... Read full article

The critical point made in the Democratic Congressmen's letter to FHFA is this:  Director DeMarco's widely reported claim that principal write-downs on Fannie and Freddie mortgages will cost taxpayers $100 billion is simply false.  There are two ... Read full article

In re Bank of America, N.A, 11-24503 MER, 2011 WL 2493056 (Bankr. D. Colo. June 21, 2011): Since there is no allegation Bank of America is a railroad ...  the Court accepts Bank of America's representation that it is a “bank” for purposes of § ... Read full article

Even though I was up at 4am Pacific this morning, the AG and federal government mortgage settlement was nearly old news by then. But in case you haven't heard, here is your official Credit Slips announcement--there was a $26 billion settlement.While ... Read full article

What are we to make of the servicing settlement announced today with much hoopla ?  The short answer is not much.  The settlement is the large consumer fraud settlement ever, but it accomplishes remarkably little in terms of either alleviating the ... Read full article

The heat is cranking up on the seat of Edward DeMarco, acting head of the Federal Housing Finance Agency and a holdover from the last administration who has been standing in the way of a meaningful response to the mortgage crisis. FHFA is conservator of ... Read full article