Winning While Losing in the Supreme Court – Schwab v. Reilly

From the blog, Credit Slips, Henry Sommer gives his view on Schwab v. Reilly. This result should not present any problem for debtors represented by competent counsel, who should use the suggested language whenever there is any doubt about whether an exempted asset is within the amount of exemption allowed (assuming, of course, that there is a good faith argument …

15 Texas Homeowners Sue Bank of America for Abusive Practices – Don’t Mess With Texas

Martin Andelman from Mandelman Matters writes about Texas homeowners who “don’t like getting misled, lied to, pushed around, and generally abused.” We have to win this eventually, we just have to.  We cannot just let this country deteriorate into a depressed land of inequality, lacking in opportunity, rife with corruption, besieged by poverty and dominated by a small oligarchy of …

Andy Winchell Explains the Alphabet Problem

Bankruptcy Boot Camp graduate from New Jersey, Andy Winchell, discusses the “Alphabet Problem” which is a termed coined by Max. There is a substantial tactical benefit in a bankruptcy case to finding the weakness in a secured creditor’s claim. No mortgage lender wants to be turned into an unsecured creditor. If there are defects in the mortgage lender’s documentation, and …

Combining Chapter 13 with a Voluntary Mortgage Modification

Henry Sommer posted a guest blog on the site Credit Slips. Most of us are all too familiar with the failure of Congress to pass legislation allowing judicial modification of mortgages in chapter 13 bankruptcy cases. Sadly, our predictions of millions of foreclosures, most of which could have been prevented by that legislation, are coming true, and most knowledgeable observers …

The Third Depression

Check out Paul Krugman’s opinion piece at the New York Times. He thinks we are in the early stages of a Third Depression and compares the circumstances of the first to what we are currently going through. It’s a worthwhile read and, unfortunately, we don’t think he’s being too pessimistic.

Max Gardner’s Rules for the Examination Of The Electronic Document Custodian

State your full name and current position. Provide us with your definition of a document custodian. What is your exact job title? What are your responsibilities? Where are you employed? Where does your company store original documents? How are they stored? If you outsource this storage, who is the outsource provider? How do you confirm delivery to the outsource provider? …

Bank Failures: A Decade of Decline

Here is a great graphic from mint.com that caught our eye. Budget Planner – Mint.com Georgia has the most bank failures, despite the fact that it is only the ninth most populous state. For an explanation, see this article from last year in USA Today.

HAMP. IT’S A REAL CLASS ACTion

This is a guest post by Martin Andelman of Mandelman Matters which also appears on his blog. Well, it looks like the day has finally come, and the world finally feels like it might someday soon make sense once again. The banks are finally going on trial over their handling of HAMP loan modifications. Here’s a trial I’d like to …

The Alphabet Problem and the Pooling and Servicing Agreement

The Pooling and Servicing Agreement (PSA) is the document that actually creates a residential mortgage backed securitized trust and establishes the obligations and authority of the Master Servicer and the Primary Servicer. The PSA also establishes that mandatory rules and procedures for the sales and transfers of the mortgages and mortgage notes from the originators to the Trust. It is …