Headlines

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Format: 09-17-2014
September 17, 2014
An unorthodox campaign by a handful of cities hardest hit by the housing crash to use the power of eminent domain to write down large mortgage debts has stirred a backlash in Washington, D.C., the Wall Street Journal reported today. Republicans passed in June a budget bill that included language to...
September 17, 2014
The state of New York's court system announced new rules yesterday designed to ban collecting debts that consumers already have paid off, did not incur or where the six-year statute of limitations has expired, Collections&CreditRisk.com reported yesterday. Chief Judge Jonathan Lippman said that...
September 17, 2014
The men accused of cooking the books at defunct law firm Dewey & LeBoeuf LLP were back in court this week as their lawyers argued that charges against them be dismissed, Dow Jones Daily Bankruptcy Review reported today. Once a 1,300-lawyer global firm, Dewey & LeBoeuf collapsed in 2012,...
September 17, 2014
Bankruptcy Judge Steven Rhodes ruled yesterday that an expert witness that he picked will testify on the feasibility of Detroit’s debt adjustment plan without restrictions, Reuters reported yesterday. Judge Rhodes said that Martha Kopacz, a senior managing director at Phoenix Management Services in...
September 17, 2014
Corinthian Colleges is being sued by the federal Consumer Financial Protection Bureau for what it calls a "predatory lending scheme,” the Associated Press reported today. The CFPB is seeking more than $500 million for borrowers who used the for-profit education company's private student loans....
September 17, 2014
Borrowers who want to lower the interest rate on their federal student loans have a new option, the Wall Street Journal reported today. Citizens Financial Group announced yesterday that it is accepting applications from both parent and student holders of federal loans to refinance into private...
September 17, 2014
Credit Suisse Group AG is under fire from U.S. regulators over concerns the bank isn't heeding warnings to stop making loans regulators see as risky, the Wall Street Journal reported today. The Swiss bank in recent weeks received a letter from the Federal Reserve demanding that the bank immediately...
September 17, 2014
Specialty retailer Brookstone yesterday said that its president and chief executive, James Speltz, has resigned after taking the seller of travel gadgets and massage chairs through bankruptcy proceedings this summer, the Wall Street Journal reported yesterday. Steve Schwartz, a 15-year veteran of...
September 17, 2014
U.S. Steel Corp. said that its Canadian arm would apply for relief from creditors under Canada's Companies' Creditors Arrangement Act and said it would drop plans to expand two of its facilities, Reuters reported yesterday. The company said its Canadian operations, which have lost about $2.4...
September 17, 2014
The House Financial Services Oversight and Investigations Subcommittee will hold a hearing today at 10:30 a.m. ET titled “Oversight of the Financial Stability Oversight Council.” Patrick Pinschmidt, Deputy Assistant Secretary of the Financial Stability Oversight Council, and A. Nicole Clowers,...
September 17, 2014
Alan David Tikal of Brentwood, Calif., was convicted yesterday on 11 counts of mail fraud and one count of money laundering in a mortgage fraud scheme through which he stole $5.8 million in fees and monthly payments from struggling homeowners, HousingWire.com reported today. According to evidence...
September 17, 2014
The father-and-son owners of 28 rental properties encompassing 90 units in Fall River, Mass., filed for bankruptcy protection yesterday, attributing their companies' problems to crime, fire and uncooperative bankers, the Boston Business Journal reported today. Through a series of related filings,...