Business Bankruptcy in Florida Could Undermine Supreme Court Health Care Case

By: Tuesday December 6, 2011 8:25 am

The conservative bid to find the Affordable Care Act unconstitutional hit a serious snag yesterday when the women in the main lawsuit filed for bankruptcy on her business. The business was the lead plaintiff in the lawsuit against the federal government, and its dissolution has unclear implications for the suit, which will be heard before [...]

Russ Feingold’s Progressives United Endorses Elizabeth Warren

By: Tuesday September 27, 2011 2:26 pm

Russ Feingold’s Progressives United made its first-ever endorsement today, backing Elizabeth Warren’s run for US Senate in Massachusetts. In an email to supporters, Feingold writes that “I’ve known Elizabeth and her husband for years, and she’s exactly the type of person who should be running for office.” He reaches back to her somewhat-forgotten work fighting [...]

LPS Document Scheme Easy Target for CFPB Enforcement

By: Wednesday February 9, 2011 10:35 am

Richard Cordray cannot wait until July to acquire enforcement capabilities at the Consumer Financial Protection Bureau. In a way, he wants to finish something he’s already started. Cordray was one of the most aggressive Attorneys General while serving in Ohio at taking on foreclosure fraud. He sued GMAC and got state courts to stop servicers [...]

NY Fed: 2005 Bankruptcy Bill Led to Hundreds of Thousands of Unnecessary Foreclosures

By: Wednesday February 9, 2011 6:50 am

Three economists at the New York Federal Reserve have put out a paper laying the rise in foreclosures partially at the feet of the 2005 bankruptcy bill. Economists Donald P. Morgan, Benjamin Iverson, and Matthew Botsch find that the subprime foreclosure rate increased by 29,000 per quarter nationwide after the passage of the bill, which [...]

Pro Publica Advances Narrative on How Obama Killed Cramdown

By: Friday February 4, 2011 8:44 am

Way back in September, I wrote the narrative of how the banks successfully staved off cramdown, with big assist from the Barack Obama, who even as a candidate for President told the political leadership to keep it out of TARP, when the banks were at their most vulnerable. Now Paul Kiel and Olga Pierce tell [...]

Senate Judiciary Hearing Pushes Mandatory Mediation as Solution to Foreclosure Crisis

By: Tuesday February 1, 2011 9:18 am

The Senate Judiciary Committee just wrapped up a hearing on HAMP, the foreclosure crisis and bankruptcy courts, presided over by subcommittee chair Sheldon Whitehouse. Only three other members of the Judiciary Committee managed to attend this hearing. Al Franken and Richard Blumenthal were there the whole time, and Republican ranking member Chuck Grassley poked his [...]

Why Lifeline Bankruptcy Could Squeeze In Through the Back Door

By: Monday January 31, 2011 9:11 am

Mike Konczal writes about lifeline bankruptcy reform, the easiest and most efficient way to solve the crisis in the housing market: We could easily pass a streamlined, modified version of bankruptcy just for this crisis. Adam Levitin has proposed this with his Chapter M for Mortgage bankruptcy. It would remove foreclosure actions from state court [...]

Conservatives Continue to Raise Borrowing Costs for States by Discussing Bankruptcy

By: Friday January 28, 2011 1:31 pm

The successful strategy to talk about state bankruptcy continues. Politico gives valuable space to announce that Patrick McHenry (R-NC) will hold Oversight Committee hearings next months on the topic. It’s an issue that “needs to be addressed,” McHenry, the chairman of the House Oversight and Government Reform Committee’s Subcommittee on TARP, Financial Services and Bailouts [...]

Working Like Clockwork: Market Dries Up for Muni Bonds

By: Tuesday January 25, 2011 7:15 am

House Majority Leader Eric Cantor, when pressed, came out and said that he opposes any legislation that would allow states to go into bankruptcy. The reason is clear enough: while some conservatives have visions of stiffing unions and their pension funds as the only result of such a measure, you couldn’t wall off investors from [...]

State Bankruptcy Rumors Excellent for Banks Wanting to Increase Borrowing Yields

By: Friday January 21, 2011 8:02 am

Mary Williams Walsh advances this meme about a looming effort from House Republicans to allow states to enter into bankruptcy and screw public workers out of their pensions. I think Felix Salmon gets this right, however; just talking about bankruptcy for the states is the entire strategy, not passing legislation. This raises borrowing costs and [...]

Merkley Offers Comprehensive Fix for Mortgage Market, Includes Bankruptcy Reform

By: Tuesday January 18, 2011 12:15 pm

At a press event in North Portland in front of the home of a family struggling to avoid foreclosure, Senator Jeff Merkley unveiled a six-part plan to fix the housing market and rebalance the relationship between borrower and lender. The plan includes what Merkley calls “lifeline bankruptcy,” which is basically the cramdown proposal to allow [...]

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