War on the Home Front | Mortgage Loan Investigations | TILA Rescission Audits

May 23, 2013

EU Update (And FI Reality)

September 2, 2012 by Stephen Lubben Leave a Comment

If you've been tuning out the Euro situation, despite Gelpern's periodic updates, … [Read more...]

Filed Under: Securitization-MBS Tagged With: American Banks, Assumption, Brazil, China, Collapse, Cynicism, Economic Perspectives, Euro Zone, Europe, European Banks, European Economy, Fi, Financial Institutions, Financial Panic, French Wine, Gulf States, India States, Italian Shoes, Lehman Brothers, Mortgage Backed Security, Periodic Updates, securitization, securitization audit, Slack, Sovereign Debt

Tribal Bankruptcy

August 17, 2012 by Katie Porter Leave a Comment

The Wall Street Journal reported last week about a challenge to a bankruptcy filing by the Santa … [Read more...]

Filed Under: Securitization-MBS Tagged With: Bankruptcy Filing, Bankruptcy Protection, Bankruptcy System, Chapter 11, Creditor, Debtor, Debts, Fundamental Issues, Jpmorgan Chase, Mortgage Backed Security, Native American Tribe, Native American Tribes, Santa Ysabel Resort, Santa Ysabel Resort And Casino, securitization, securitization audit, Sovereign Debt, Sovereign Immunity, Sovereign Nations, Tribal Land, Unincorporated, wall street, Wall Street Journal, Yavapai Apache Nation

Sovereign Debt

July 31, 2012 by Stephen Lubben Leave a Comment

From the the second volumn of J.F. Molloy, Court Life Below Stairs (rev ed. 1885), regarding events … [Read more...]

Filed Under: Securitization-MBS Tagged With: Consumer Bankruptcy, Debts, Duke Of York, George Iii, Greek Standards, Life Below Stairs, Molloy, Mortgage Backed Security, Personal Bankruptcies, Personal Bankruptcy, Queen Charlotte, Rev Ed, securitization, securitization audit, Sovereign Debt, Volumn

Exit Consents Killed in England?

July 27, 2012 by Anna Gelpern Leave a Comment

The English High Court just ruled in Assenagon Asset Management S.A. v. Irish Bank Resolution … [Read more...]

Filed Under: Securitization-MBS Tagged With: Abuse Of Power, Anglo Irish Bank, Asset Management, Bond Exchange, Bondholders, Call Option, Consents, Creditors, Debt Restructuring, Debtor, Debtors, Delaware Chancery Court, Financial Institutions, Good Faith, Holdouts, Jurisdictions, Katz, Liquidity, Mortgage Backed Security, securitization, securitization audit, Sovereign, Sovereign Debt, Trus, Trust Deed

The Awesome Pari Passu Hearing

July 24, 2012 by Anna Gelpern Leave a Comment

The Second Circuit argument in NML v. Argentina was awesome--I was at the edge of my seat the whole … [Read more...]

Filed Under: Securitization-MBS Tagged With: Argentina, Brunt, Circles, Creditors, Debt Contracts, Edge Of My Seat, Holdout, Holdouts, Injunction Against, Mortgage Backed Security, New Contract, Nml, Pari Passu, Plaintiff, Raggi, Sec Filings, securitization, securitization audit, Six Months, Six Years, Sovereign Debt, Takeaway, Whole Time

Sovereign Friday Bits: Pari Passu Preview; DRC Wins in Jersey

July 20, 2012 by Anna Gelpern Leave a Comment

The panel for Monday's Second Circuit hearing in NML v. Argentina is Judges Raggi, Pooler and … [Read more...]

Filed Under: Securitization-MBS Tagged With: Case Note, Commercial Debt, Congo Drc, Democratic Republic Of Congo, Donegal, Eleventh Hour, Enterprise Assets, Government Claim, Judge Leval, Mining Company, Mortgage Backed Security, Nml, Pooler, Presumption, Recusal, Republic Of Congo, S Central, securitization, securitization audit, Sovereign Debt, Sovereigns, State Debts, Uk Privy Council, Vulture

Pari Passu U on July 23 at 3 (unless they change it again)

July 17, 2012 by Anna Gelpern Leave a Comment

The NML [Elliott] v. Argentina pari passu argument was rescheduled yet again, to July 23. While we … [Read more...]

Filed Under: Securitization-MBS Tagged With: Alphaville, Argentina, Bank Angle, Bank Bailout, Confusion, Euro Bank, Ft Alphaville, Mortgage Backed Security, Nml, Pari Passu, securitization, securitization audit, Sovereign Debt, Spanish Bank

Pari Passu Argument Moved to July 18

June 20, 2012 by Anna Gelpern Leave a Comment

Alas, we must slog through another month to find out how it ends. The NML v. Argentina argument in … [Read more...]

Filed Under: Securitization-MBS Tagged With: Argentina, Eleventh Hour, Mortgage Backed Security, Nml, Panel Members, Pari Passu, Professor Ronald, securitization, securitization audit, Sovereign Debt

GM, Chrysler, Argentina, Mortgages, and More

June 18, 2012 by Stephen Lubben Leave a Comment

… [Read more...]

Filed Under: Securitization-MBS Tagged With: Chrysler, Chrysler Argentina, Corporate Bankruptcy, Gm, Mortgage Backed Security, mortgages, securitization, securitization audit, Sovereign Debt

L&L In D.C.

June 6, 2012 by Stephen Lubben Leave a Comment

Tomorrow two Slips members -- Adam and I -- journey to the House of Representatives. Ok, for Adam … [Read more...]

Filed Under: Securitization-MBS Tagged With: Amp, Corporate Bankruptcy, Crosswalk, Financial Services Committee, House Of Representatives, Investor Protection, investors, Journey, Mortgage Backed Security, securitization, securitization audit, Slips, Sovereign Debt, Testimony

Edge of Reason: Paripassupalooza on Capitol Hill

June 5, 2012 by Anna Gelpern Leave a Comment

Like the rest of us, the U.S. Congress cannot wait until the Second Circuit argument on pari passu, … [Read more...]

Filed Under: Securitization-MBS Tagged With: Arbitration Awards, bailout, Bush Administration, Cacs, Carbon Copy, Case In Point, Collective Action Clauses, Crux, Edge Of Reason, Financial Services Committee, Holdouts, House Financial Services Committee, Investor Arbitration, Litigation Lawyers, Mashup, Mortgage Backed Security, obama, Pari Passu, securitization, securitization audit, Skeel, Sovereign Debt, Ted Olson, Trade Sanctions

Sovereign Restructuring after NML v. Argentina: CACs Don’t Make Pari Passu Go Away

May 3, 2012 by Anna Gelpern Leave a Comment

A remarkable number of people are buying the creditors' argument that widespread introduction … [Read more...]

Filed Under: Securitization-MBS Tagged With: Bondholders, Cacs, Collective Action Clauses, Concerted Effort, Creditor, Creditors, Debtors, Holdout, Holdouts, Injunction, Injunctions, Mortgage Backed Security, Nml, Pari Passu, Payment Obligations, Remarkable Number, Retort, Sdny, securitization, securitization audit, Sovereign Bonds, Sovereign Debt, Sovereign Debt Restructuring, U S Treasury

Pari Passu: So Passe! (Extractive Edition)

April 27, 2012 by Anna Gelpern Leave a Comment

Felix Salmon stays with the Argentina pari passu saga, about which I wrote here. The holdout … [Read more...]

Filed Under: Securitization-MBS Tagged With: Champagne Corks, Collective Action Clauses, Creditor, Creditors, Edition Felix, Elephant, Equal Treatment, Equality, Eye Of A Needle, Flavors, Jurisprudence, Misgivings, Mortgage Backed Security, Mumbo, Pari Passu, Policy Arguments, Remedy, Rule Of Law, Salmon, securitization, securitization audit, Sovereign Debt, Sovereign Immunity, Subject Range

Revival on the Head of a Pin: Do U Pari Passu?

April 6, 2012 by Anna Gelpern Leave a Comment

Argentina and its most intransigent creditors are duking it out again (or still) in the Second … [Read more...]

Filed Under: Securitization-MBS Tagged With: Argentina Creditors, Bonds Argentina, Clearing House, Contingent, Curtain, Debt Contracts, Debtors, Equal Treatment, Haircut, Head Of A Pin, Holdouts, Injunction, Injunctions, Long Suffering, Mortgage Backed Security, New York Fed, Pari Passu, Revival, securitization, securitization audit, Sovereign Debt, Statement Of Interest, Three Quarters

Pari Passu Party (on behalf of Anna Gelpern)

April 6, 2012 by Adam Levitin Leave a Comment

This is Adam Levitin posting for Anna Gelpern. Only the awful illiterative post title is mine. … [Read more...]

Filed Under: Securitization-MBS Tagged With: Bonds Argentina, Clearing House, Contingent, Covenant, Creditors, Curtain, Debt Contracts, Debtors, Equal Treatment, Expert, Haircut, Holdouts, Injunction, Levitin, Long Suffering, Mortgage Backed Security, New York Fed, securitization, securitization audit, Sovereign Debt, Statement Of Interest, Subset, Three Quarters

At Last, A Credible Threat of Default: Too Little-Too Late Eupdate?

March 6, 2012 by Anna Gelpern Leave a Comment

At long last, Greece is starting to resemble a normal restructuring--you know, the kind where the … [Read more...]

Filed Under: Securitization-MBS Tagged With: Consolation Prize, Coordination Problems, Credible Threat, Creditor, Creditors, Crisis Management, Debtor, Debtors, Eupdate, Eurozone, Greeks, Haircuts, Lost Evidence, Management Strategy, Mass Confusion, Mortgage Backed Security, Opposites, Precipice, Quot, Restructuring, securitization, securitization audit, Smidgeon, Sovereign Debt

Thank You to Philomila Tsoukala

February 27, 2012 by Adam Levitin Leave a Comment

Credit Slips has been fortunate to have my Georgetown colleague Philomila Tsoukala as a guest … [Read more...]

Filed Under: Securitization-MBS Tagged With: Colleague, Couple Weeks, Credit Slips, Financial Crisis, Georgetown, Greece, Greek Government, Greek Population, Mainstream Us Media, Mortgage Backed Security, Philo, securitization, securitization audit, Sovereign Debt

The Disorderly Default in Your Closet Eupdate

February 21, 2012 by Anna Gelpern Leave a Comment

Another day, another Greek deal to end them all (more on that soon). Amid the political din, legal … [Read more...]

Filed Under: Securitization-MBS Tagged With: Amp, Bankruptcy, Bondholders, Capital Flight, Chaos, Collapse, Complexity, Contagion, Enterprise, Euro, Grandpa, Greeks, Litigation, Messy Reality, Monster In The Closet, Mortgage Backed Security, One Thing, Political Leaders, Restructuring, Scary Monster, securitization, securitization audit, Sovereign Debt, Surprise

It’s Not Just the Economy Stupid!

February 17, 2012 by Philomila Tsoukala Leave a Comment

“Greeks are protesting new austerity measures” is a common headline these days. It definitely … [Read more...]

Filed Under: Securitization-MBS Tagged With: Affluence, Austerity Measures, bailout, Business Circles, Cahoots, Corrupt Politicians, European Welfare States, Everyday Acts, Fight Corruption, Greek Markets, Greek Society, Greeks, Hospital Doctors, Inefficiency, Mortgage Backed Security, Political Cauldron, Political Disenfranchisement, Procurement Projects, Public Procurement, Repressive Politics, Safety Net, securitization, securitization audit, Sovereign Debt

Greek Family and Welfare Provision

February 15, 2012 by Philomila Tsoukala Leave a Comment

I have argued previously (here) that the EU/IMF/ECB insistence on “flexibilizing” labor law in … [Read more...]

Filed Under: Securitization-MBS Tagged With: Austerity Measures, Average Wage, Drones, Ecb, Elite Group, Greek Family, Imf, Informal Sector, Insistence, Labor Law, Middle Class, Mortgage Backed Security, Private Market, Private Sector Workers, Public Sector, Remuneration, Sector Average, securitization, securitization audit, Sovereign Debt, State Employment, Tiny Segment, Wages, Welfare Provision

Austerity Hits Greece

February 13, 2012 by Adam Levitin Leave a Comment

The latest EU bailout installment for Greece requires tough austerity measures. Among the most … [Read more...]

Filed Under: Securitization-MBS Tagged With: Austerity Measures, bailout, Bauhaus Design, Compromise, Creditor, Doric Columns, Germany, Greece, Greeks, Ionic Columns, Mortgage Backed Security, Prohibition, securitization, securitization audit, Sovereign Debt

Video: Greece passes austerity measures as Athens burns

February 13, 2012 by Ed Morrissey Leave a Comment

Greece fires. Greece finally managed to pass the necessary austerity measures demanded by the EU as … [Read more...]

Filed Under: News for the Patriot Tagged With: Athens Greece, Austerity Measures, bailout, Burns, conservative, Conservative Policies, Fires Greece, Greece Athens, Greece Fires, patriot, patriots, Protesters, republican, Sovereign Debt, Tea Party, Unemployment

Vee Haf Vays Uf Making You Pay!

January 28, 2012 by Adam Levitin Leave a Comment

Anna Gelpern's Gunboat Diplomacy post pretty much sums out the leaked German term sheet on … [Read more...]

Filed Under: Securitization-MBS Tagged With: Absolute Priority, Chapter 11, Germans, Greece, Gunboat Diplomacy, Mortgage Backed Security, securitization, securitization audit, Sovereign Debt, Sums, Uf, Unsecured Creditors

Greek Gunboat Diplomacy Eupdate and More ECB/EFSF

January 28, 2012 by Anna Gelpern Leave a Comment

Someone who wanted to be very mean to the Germans just leaked this document, where they manage to … [Read more...]

Filed Under: Securitization-MBS Tagged With: Absolute Priority, Assumption, Barley, Bondholders, Country Circles, Couple Of Days, Credibility, Creditor, Creditors, Debtors, Eupdate, Germans, Gunboat Diplomacy, Gunboats, Institutional Innovation, Mortgage Backed Security, Oscar Nomination, Overlord, Phase Two, Program Targets, securitization, securitization audit, Shred, Sovereign Debt

The Crisis of Fake Constraints: Greek Denouement Eupdate

January 28, 2012 by Anna Gelpern Leave a Comment

Unless Greece and its creditors reach a deal in the next few days, Greece has no money to pay €15 … [Read more...]

Filed Under: Securitization-MBS Tagged With: Bond Issue, Bondholders, Cashflow, Collective Action Clauses, Credit Default Swaps, Creditors, Debt Restructuring, Denouement, Ecb, Economic Constraints, Efsf, Eupdate, Financial Stability, Fiscal Transfers, Greek Bonds, Member States, Modern Memory, Mortgage Backed Security, Political Constraints, securitization, securitization audit, Sovereign Debt, Sovereigns, Zettelmeyer

Bankruptcy, Backwards

January 16, 2012 by Adam Levitin Leave a Comment

Credit Slips Own Anna Gelpern has a great new article in the Yale Law Journal that very much … [Read more...]

Filed Under: Securitization-MBS Tagged With: Article Deals, Bankruptcy Credit, Bob Rasmussen, Chapter 9, Consumer Bankruptcy, Corporate Bankruptcy, Debates, Debt Issues, Debtors, Financial Distress, Financial Restructuring, Insights, Member States, Might Make Sense, Mortgage Backed Security, New Article, Regime, Scholarship, securitization, securitization audit, Skeel, Slips, Sovereign Debt, Sovereigns, Yale Law Journal

Greek VoluntaryInvolutary DealNoDealDeal: Convolution Eupdate

January 6, 2012 by Anna Gelpern Leave a Comment

Will Greece reach a voluntary deal with its creditors to write down its debt by 50% in the coming … [Read more...]

Filed Under: Securitization-MBS Tagged With: Collateral, Collective Action Clauses, Convolution, Credit Default Swaps, Debt Contracts, Debt Stock, Emerging Market, Eupdate, Fiat, Greek Law, Jurisdiction, Lawsuits, Legislative Fiat, Mortgage Backed Security, Patrons, Private Creditors, securitization, securitization audit, Sovereign Debt, Sovereigns, Street Journal Article, Tenth Anniversary, Trade Offs, Wall Street Journal

Corzine: No, I really didn’t know about customer-fund transfers

December 16, 2011 by Ed Morrissey Leave a Comment

"What hotel are you at here in the city?" Here’s a question, and I intend this one sincerely: … [Read more...]

Filed Under: News for the Patriot Tagged With: Bets, congress, conservative, Conservative Policies, corruption, Corzine, Customer Funds, fraud, Fund Transfers, Hell, Jon Corzine, Lawyers, Mf Global, obama, patriot, patriots, republican, Sovereign Debt, Tea Party, Witness

This-Is-It EU Summit Eupdate

December 8, 2011 by Anna Gelpern Leave a Comment

A few quick thoughts as the Make-or-Break, Life-or-Death, Now-or-Never EU Summit gets … [Read more...]

Filed Under: Securitization-MBS Tagged With: Abyss, Anathema, Average Lifespan, Bondholders, Crises, Debtors, Debts, Draghi, Fecklessness, Front Page News, Haircuts, Hank Paulson, Johnny Fontane, Mayfly, Medium Term, Mid 1990s, Mortgage Backed Security, Obsession, Private Sector Involvement, Psi, Restructuring, securitization, securitization audit, Sovereign Debt

Is Bank of America Gambling on Resurrection (or Is BoA Holding the US Hostage)?

November 17, 2011 by Adam Levitin Leave a Comment

What would you do if you were running an insolvent company? The smart thing is to bet big: go with … [Read more...]

Filed Under: Securitization-MBS Tagged With: bank of america, Business Lines, Commercial Real Estate, Depositors, Deregulation, Disastrous Results, Downside, Financial Institutions, Fixed Rate Mortgages, Government Hostage, Insolvency, Insolvent Company, Junk Bonds, Market Cap, Mortgage Backed Security, Race Horses, Resurrection, Return Projects, Rising Interest Rates, securitization, securitization audit, Smart Move, Sovereign Debt, Us Hostage

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Foreclosure News

15 Lakewood Properties in Foreclosure at Sheriff's Sale in May - Patch.com May 23, 2013
15 Lakewood Properties in Foreclosure at Sheriff's Sale in MayPatch.comIf you're reading this on mobile — and you want to see the interactive map — switch to desktop view. Fifteen Lakewood properties in foreclosure have gone — or are headed — to sheriff's sale in May, according to the Cuyahoga County Sheriff's website. […]
Foreclosure of Brennan's restaurant in the French Quarter is temporarily ... - NOLA.com May 23, 2013
Foreclosure of Brennan's restaurant in the French Quarter is temporarily ...NOLA.comBrennan's restaurant in the French Quarter has been pulled off the auction block after a judge on Wednesday called for a temporary halt to foreclosure proceedings against the beleaguered Royal Street eatery. Orleans Parish Civil District Court Judge ...and more » […]
Wasted wealth – The ongoing foreclosure crisis that never had to happen - The Hill (blog) May 23, 2013
Wasted wealth – The ongoing foreclosure crisis that never had to happenThe Hill (blog)Communities of color were targeted for subprime and riskier products, and as a result have seen higher rates of foreclosure in their neighborhoods. Data show that people of color tend to hold more of their equity in real estate, adding to the impact ... […]
Denver judge closes foreclosure; law's fate rests in federal court - Denver Post May 22, 2013
Denver judge closes foreclosure; law's fate rests in federal courtDenver PostA Denver judge on Tuesday rescinded his order authorizing the county foreclosure auction of an Aurora woman's house, paving the way for the banks she sued in federal court to press for its dismissal. The legal maneuver to end a specific type of ... […]
Foreclosure Victims Protesting Wall Street Impunity Outside DOJ Arrested, Tasered - Truth-Out May 22, 2013
Foreclosure Victims Protesting Wall Street Impunity Outside DOJ Arrested, TaseredTruth-OutHundreds of foreclosed homeowners and housing rights activists rallied outside the Justice Department on Monday, May 20, to demand that Attorney General Eric Holder prosecute the Wall Street bankers responsible for the financial collapse and ... […]
Oregon House approves foreclosure mediation expansion; bill headed to Gov ... - OregonLive.com May 22, 2013
San Francisco ChronicleOregon House approves foreclosure mediation expansion; bill headed to Gov ...OregonLive.comThe shift to the courts occurred shortly after the bill took effect, driven also by an Oregon Court of Appeals ruling that lenders weren't meeting documentation the requirements for foreclosure outside court supervision. That case is now on […]
Survey: The Number of Americans in Foreclosure Down 25 Percent - U.S. News & World Report (blog) May 22, 2013
U.S. News & World Report (blog)Survey: The Number of Americans in Foreclosure Down 25 PercentU.S. News & World Report (blog)The number of Americans in the foreclosure process has fallen by nearly 25 percent in the past year. As home prices rise and sales pick up, the housing crisis is increasingly becoming a distant memory as the United States recove […]
Mountain Law: Case questions foreclosure law - Summit Daily News May 22, 2013
Mountain Law: Case questions foreclosure lawSummit Daily NewsA lawsuit from Aurora is garnering attention for successfully questioning the constitutionality of Colorado's foreclosure law. But before discussing it, let's briefly consider Colorado's public trustee foreclosure system. Public trustee foreclosure is ... […]
Dallas-Fort Worth home foreclosure postings down almost 40 percent this year - Dallas Morning News May 22, 2013
Dallas Morning NewsDallas-Fort Worth home foreclosure postings down almost 40 percent this yearDallas Morning NewsSo far in 2013, Dallas-Fort Worth area home foreclosure filings have dropped almost 40 percent from the first six months of 2012. And the number of homes threatened for forced sale by lenders next month is 43 percent below levels from a year ago. […]
Homeowners receive nearly $2B in foreclosure settlement - Chicago Sun-Times May 21, 2013
Wall Street JournalHomeowners receive nearly $2B in foreclosure settlementChicago Sun-TimesLast year, the Attorney General's office participated in a $25 billion nationwide settlement to address “allegations of widespread robo-signing” of foreclosure documents and “other fraudulent practices banks employed while servicing loans of struggling ...AG Kilma […]

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