7th Circuit Opinion Summaries courtesy of Justia.com
United States v. Rogan
Bankruptcy, Criminal Law, Government, White Collar Crime
River Road Hotel Partners, LLC v. Amalgamated Bank
Bloomfield State Bank v. United States
Bankruptcy, Real Estate & Property Law, Tax Law
Costello v. Grundon
Bankruptcy, Commercial Law, Securities Law
CDX Liquidating Trust v. Venrock Assocs., et al
Bankruptcy, Business Law, Securities Law
Reedsburg Util. Comm’n v. Grede Foundries, Inc.
Bankruptcy, Utilities Law
Kimbrell v. Brown
Bankruptcy, Injury Law
Posted in 101, 109(h), 11 U.S.C. § 707(b)(3), 11 U.S.C. section 365(a), 1112(b), 1307, 1308, 1322(b)(11), 1325(a)(5), 1325(a)(9), 1325(b), 1326(a)(1)(C), 1328, 15 USC 1692k(c), 2002, 28 U.S.C. 1927, 3017(d), 342, 362(c)(3)(A), 362(c)(3)(B), 362(c)(4)(A)(i), 363, 451, 220.127.116.11, 502(b)(6), 510, 521, 522, 523, 526(a), 527(a)(2), 528(a), 528(a)(4), 528(b)(2)(B), 547(b), 550, 550(a), 707, 727, 9019, 9023, 9037, adequate protection, adversary, amendment, appellate court, assets, attorneys, audit, automatic stay, automobile, avoidance, bad faith, bank, bankruptcy, Bankruptcy Rules, BAPCPA, blogging, blogs, bubble, business, business filings, call, case update, cash collateral, ch 13, ch 7, cir 7, consumer, current-events, IL, individual, ND, small business
Tagged Bankruptcy, Commercial Law, Criminal Law, law, Lawyers and Law Firms, Services, United States, United States bankruptcy court
BoA joins a growing number of mortgage companies whose employees signed key documents in foreclosure cases without verifying that information. GMAC Mortgage and JPMorgan Chase have halted 10’s of thousands as well.
The 23 states in which BoA is delaying foreclosures include Connecticut
, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana
, Maine, Nebraska, New Jersey
, New Mexico
, New York, North Dakota
, Ohio, Oklahoma, Pennsylvania, South Carolina
, South Dakota
, Vermont and Wisconsin.
Posted in 101, 1307, 1308, 1325(a)(5), 1325(a)(9), 1326(a)(1)(C), 1328, 15 USC 1692k(c), article, assets, attorneys, bailout, bank, bankruptcy, bubble, business, ch 13, ch 7, chapter 7, foreclosure, fraud, fraudulent transfers, IL, income, modification, property, sale
By Martin Crutsinger of the Associated Press
WASHINGTON — According to the Commerce Department’s report released Wednesday, sales of new homes plunged to a record low in January; underscoring formidable challenges facing the housing industry as it recovers from the worst slump in decades. New-home sales dropped 11.2% to a seasonally adjusted annual pace of 309,000 units, the lowest level on record. In fact it fell to the lowest in nearly a half century. And the drop was a surprise to economists who were expecting a slight increase over December’s pace. While winter storms were partly to blame, sales have fallen for 3 consecutive months despite sweeping and often heavy-handed government support.
Read the Full Article
Posted via email from beyond bankruptcy
Posted in bankruptcy, bubble, business, cashflow, ch 13, ch 7, crisis, current-events, debt, economics, economy, individual, investments, jobs, labor, labor force, Middle class, research, small business, unemployment, wealth, work
In an article that would only make sense to an economist, Bloomberg reported that fewer people this November have mortgages that exceed the value of their homes – that is, fewer people are “underwater” this year than last. That faint flicker of hope is supposed to mean that overall the housing market is stabilizing.
In related news, I came in 288th in the Chicago Marathon this year – better than I did last year so … I guess that means I’m a winner? Sure, let’s go with that.
Posted in article, assets, bailout, bubble, consumer, current-events, data, debt, depreciation, flipping, foreclosure, income, individual, investments, means test, Middle class, mortgage, property, real property, short sale
This morning I noticed on Yahoo‘s front page that “Worst recession since 1930s hits end.” Let’s just say I’m still skeptical. Unemployment still hovers at 9.9% and that just doesn’t feel like a party. The actual article to which the link refers contains the more subdued headline “Economy growing but recovery could be at risk.” I thought so.
Look, the GDP has grown 3.5% this quarter. That’s good news. According to a New York Times article, this growth rate is on par with average annual growth rate that the U.S. has enjoyed for the last 80 years. Nice. But before we get too excited, this increase in consumer spending (a major component of the U.S. Gross Domestic Product) is driven by the exorbitant expenditure on government programs. And as soon as such programs as Clash for Clunkers end (and they will eventually), economists predict that this recovery may not last.
Basically, the economy grew by 3.5%… but in the long term, it may or may not matter. Does a current quarterly increase in consumer spending mean that consumer spending has actually increased for good? It’s just too early to say.