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Credit Slips
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A discussion on credit and bankruptcy.
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The Permanent Foreclosure Crisis and Obama's Refinancing Obsession
For the umpteenth time, President Obama has announced that his solution to the foreclosure crisis is to encourage "responsible" homeowners to refinance at lower interest rates. Adopting the Tea Party rhetoric and blaming home buyers who got houses in 2006...
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Arbitration Double Standards
A case out of the Third Circuit demonstrates the frustration that many of us have with the current state of consumer arbitration law. The consumer had purchased a Dell computer that he alleged had design flaws leading to repeated failure...
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Private Equity Works on Its Image Problem
Bloomberg out with an interesting story about how private equity firms are buying single family homes at foreclosure to rent out. It surprises me that there is real interest in what remains a relatively small scale, highly heterogeneous asset. Previous...
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Consumer Friendly Forms for Bankruptcy
In many respects, bankruptcy is a one-size-fits-all legal process. Yes, there are ample differences in the law (and a world of difference in practice) between the bankruptcy of a large corporation and a typical consumer. But the Bankruptcy Code itself...
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The GM & Chrysler Success
During the State of the Union address, the President crowed about the success of the GM/Chrysler bailouts, noting that these companies were thriving again. An NPR program this evening was holding up GM/Chrysler as a beacon of hope for Kodak,...
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Vee Haf Vays Uf Making You Pay!
Anna Gelpern's Gunboat Diplomacy post pretty much sums out the leaked German term sheet on Greece. I would only note one other thing--the highly idiosyncratic use of "absolute priority." The Germans seem to have taken the language of Chapter 11...
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Greek Gunboat Diplomacy Eupdate and More ECB/EFSF
Someone who wanted to be very mean to the Germans just leaked this document, where they manage to come off as both desperate and inept. The proposal purports to address Greek failure to meet program targets by installing an EU...
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The Crisis of Fake Constraints: Greek Denouement Eupdate
Unless Greece and its creditors reach a deal in the next few days, Greece has no money to pay €15 Billion or so due to its bondholders in March. From the start, this has been a crisis of fake legal...
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Break up Bank of America?
Steve's title was subtle, so in case anyone missed it, here are the materials on Public Citizen's website. The petition calls on the Federal Reserve and the Financial Stability Oversight Commission to use their authority under Dodd-Frank to break up...
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And Now Featuring Melissa Jacoby
On behalf of all the Credit Slips bloggers, it is my pleasure to announce the permanent return of Professor Melissa Jacoby as one of our "Occasionals." For the past several weeks, she had doing some guest posts, but we are...
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Bankruptcy News