Headlines

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Format: 11-24-2014
November 24, 2014
The Consumer Financial Protection Bureau is proposing additional measures to ensure, it says, that homeowners are treated fairly by mortgage servicers, HousingWire.com reported on Friday. The proposed measures include: 1. Extending borrower protections Right now, a mortgage servicer must give the...
November 24, 2014
Six years after Bernard Madoff’s fraud collapsed, the cost of liquidating his defunct investment advisory firm to repay thousands of victims has topped $1 billion, though the con man’s former customers aren’t footing the bill, according to a Bloomberg News analysis on Friday. The fees, paid by the...
November 24, 2014
Trump Entertainment Resorts Inc., the bankrupt owner of the Trump Taj Mahal, offered to restore health insurance to its employees for at least two years in a last-ditch bid to keep the Atlantic City casino open, Bloomberg News reported on Saturday. In a letter dated on Friday, Trump Chief Executive...
November 24, 2014
Lawyers representing Atlantic City, N.J.'s Revel Casino Hotel will meet with a handful of its creditors today to try to salvage a deal to sell the shuttered boardwalk resort to a Canadian private-equity firm, the Dow Jones Daily Bankruptcy Review reported today. The lawyers announced the meeting at...
November 24, 2014
A federal judge has accepted a compromise between bankrupt Great Northern Paper and its creditors that sets aside a portion of the expected receipts from the sale of the East Millinocket, Maine-based mill for dozens of unsecured creditors, the Portland Press Herald reported on Saturday. In a ruling...
November 24, 2014
Going-out-of-business sales started Friday at Alco Stores, a chain of nearly 200 general-merchandise discount retailers that cater to small communities in America’s heartland, the Wall Street Journal reported on Saturday. The impending closure of the stores — which sell everything from appliances...
November 24, 2014
New York City rent stabilized tenants won a major victory when a federal appeals court ruled that their leases can’t be seized in bankruptcy and sold to pay off creditors, the New York Post reported today. The U.S. Court of Appeals for the Second Circuit on Thursday reversed a lower court decision...
November 24, 2014
Earlier this year Maryland’s Community Law Center had its first victory under an updated law meant to stop bad behavior by the owners of blighted properties that refuse to clean them up, but late Tuesday night the progress in that effort was halted as the landlord filed for bankruptcy, the Wall...
November 21, 2014
Starting Dec. 1, bankruptcy courts will charge $25 to file a motion seeking to redact information from previously filed papers, the Wall Street Journal reported today. One other new fee will also take effect next month, according to the Administrative Office of the U.S. Courts. The existing $157...
November 21, 2014
Under pressure to show that it is up to the task of regulating giant Wall Street firms, the Federal Reserve issued a surprise announcement yesterday that it would review crucial aspects of its bank supervision, the New York Times reported today. The Fed asked its inspector general to look into...
November 21, 2014
The U.S. Securities and Exchange Commission resolved an impasse over punishing Bank of America Corp. in a mortgage-bond case, clearing the way for the lender to complete a $16.7 billion global settlement, Bloomberg News reported yesterday. In a private meeting earlier this week, SEC commissioners...
November 21, 2014
The Archdiocese of St. Paul and Minneapolis (Minn.) reported a $9.1 million operating deficit for fiscal year 2014 and reiterated Thursday that it's considering filing for bankruptcy because of the potential for more lawsuits by victims of clergy sexual abuse, the St. Paul Pioneer Press reported...