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Year to date through Sept. 30, 2016. Dollars in thousands.

Read More from: BankThink

1 week 3 days ago

JPMorgan Chase and Wells Fargo are among the large institutions that are making fewer car loans amid intense price competition and concerns about that lenders are at risk of bigger losses.

Read More from: BankThink

1 week 3 days ago

Regional banks don’t pose risks to the financial system that have caused concern among policymakers, executives of 18 banks told top Republican and Democratic lawmakers in Congress.

Read More from: BankThink

1 week 3 days ago

The Cleveland company has tapped Jamie Warder for the senior-level post.

Read More from: BankThink

1 week 3 days ago

Steven Mnuchin was confirmed 53 – 47 as Treasury secretary late Monday after two days of debate that included Democrats questioning the former banker's honesty.

Read More from: BankThink

1 week 3 days ago

Chicago-based Akouba will offer its origination and underwriting platform to ABA-member banks, which will receive preferred pricing.

Read More from: BankThink

1 week 4 days ago

Daniel Tarullo's retirement opens another spot for a potentially bank-friendly central bank seat; Gary Cohn is Trump's point man on all things financial, from deregulation to Obamacare.

Read More from: BankThink

1 week 4 days ago

Republican lawmakers and Trump administration officials oppose the Consumer Financial Protection Bureau, but efforts to beat back CFPB policies might be a longer fight than many in the industry would like.

Read More from: BankThink

1 week 4 days ago

One of the root problems of investing disparities is lack of diversity among those who make investment decisions. Here’s how to change the dynamic.

Read More from: BankThink

1 week 4 days ago

We are pleased to share with you the Hughes Hubbard Bankruptcy Review for 2016.  Restructurings are often the ultimate “bet-the-company” case, and we thank our clients for their continuing trust and confidence in our team.… Continue Reading

Read More from: Hughes Hubbard & Reed

1 week 4 days ago

Don Lawson KnoxvilleThe Tennessee Housing Development Agency (TDHA) introduced a new $60 Million program designed to help the 55 hardest areas throughout the state that have struggled to recover from the 2008 housing crash.  According to a report in the Knoxville News Sentinel, seven of those areas lie in or around Knox County, Tennessee, with one area extending into Jefferson and Sevier Counties.

Hardest Hit Fund – Down Payment Assistance

The program, known as The Hardest Hit Fund Down Payment Assistance (HHF-DPA), would allow first-time home buyers in the affected areas to get $15,000 to use as a down payment.  THDA Director Ralph Perrey emphasized that this was not charity.  “It’s not a gift, it’s not a grant. We are going to structure it as a second mortgage; a ‘soft second,’ if you will. It will be forgivable over a 10-year period, during which time the borrower accrues no interest and makes no payments. Beginning in year six, 20 percent of the outstanding down payment note will be forgiven. So at the end of 10 years, if that buyer is still in that home, still in that mortgage, they’ll have no obligation for repayment of the down payment assistance that we provide.”

Read More from: Bonds & Botes, P.C.

1 week 4 days ago

On January 6, 2017, Judge Robert D. Drain of the Bankruptcy Court for the Southern District of New York orally approved a prepackaged plan of reorganization (a “Prepack”) in In re Roust Corporation, et al. (Case No. 16-23786), only seven days after Roust Corporation (“Roust Corp”) and two of its affiliates, CEDC Finance Corporation LLC (“CEDC Finco”) and CEDC Finance Corporation International, Inc. (together with Roust Corp, the “Debtors”), filed petitions for relief under Chapter 11.  By having a plan of reorganization confirmed in only seven days, In re Roust became the fourth shortest Chapter 11 reorganization in recent history, and the shortest in the Southern District of New York (Judge Drain noted that the average length of a true prepack in SDNY is thirty-five days).  This blog post examines the seven most important steps the Debtors took to achieve such a speedy confirmation, and, along the way, highlights several notable legal holdings made by Judge Drain at confirmation.

The Facts and Circumstances of In re Roust

The Debtors and the Debt

1 week 4 days ago

(This is a joint post by Mark Weidemaier and Mitu Gulati.)

In November 2016, Klaus Regling, managing director of the European Stability Mechanism, announced that reforms were going so well in Greece that it would be able to return to the private debt markets by 2017. It's 2017, and neither the markets nor the IMF seem to share the sentiment. Yields on Greek bonds, already high, have increased, and the IMF has concluded the debt is unsustainable. Greece needs an infusion of cash to make a large payment due in July, but the private debt markets aren't willing to oblige.

What does Mr. Regling say? That the IMF (and, apparently, the markets) are wrong; that the ESM's long time horizon and Greece's relatively low debt servicing costs mean there is no cause for alarm (Financial Times, subscription required). Referring to the 174bn euros that the ESM and EFSF have already lent to Greece, he says: "We would not have lent this amount if we did not think we would get our money back." Implication: the IMF and the Euro area nations should lend even more.

Read More from: Credit Slips

1 week 4 days ago

Tax liens are no match for Chapter 13 when it comes to cutting the lien down to its real value.

On paper, a tax lien can quickly become huge.

In bankruptcy however, a lien is no bigger than the value of the assets it attaches to.

While in Chapter 7, liens pass through bankruptcy without change, in Chapter 13, liens are valued, then dealt with under the Chapter 13 plan.

The secured portion of the lien, that part of the lien for which there is collateral, is paid through the plan.  The unsecured portion is treated according to the standard rule for taxes.

Any unsecured portion of the lien that is a priority tax is paid according to its priority.  If the tax year for the unsecured portion of the lien is not priority, it’s paid (or not paid) just like any other general unsecured claim.

1 week 4 days ago

MeansTest_BelowOur neighbors to the north recently had a key, debtor-friendly, decision in a Chapter 7 case regarding what expenses may be used in the means test calculations.  In In re Jackson, 2017 WL 59011, Ch. 7 No.

Read More from: Georgia Bankruptcy Blog

1 week 6 days ago

Until now, this broker for digital options was mainly active in the US, now he is also pushing for the European market. The commercial platform is now also available in German language check here for and compatible with mobile devices, whereby the operation is very intuitive. The customer service is handled by a customer adviser … Continue reading "Cedar Finance in the test – experiences"

Read More from: Los Angeles Bankruptcy Blog

1 week 6 days ago

Money transfer operators have an incentive to inform banks and regulators about the quality of their compliance programs.

Read More from: BankThink

1 week 6 days ago

Federal Reserve Board Gov. Daniel Tarullo will step down in April in a move that has profound implications for the central bank's oversight of banks.

Read More from: BankThink

1 week 6 days ago

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