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Wednesday, 23 July 2014 |

Argentina: The RUFO Crazy

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Kudos to Joseph Cotterill at FTAlphaville for an excellent post on the obsession with the Rights-Upon-Future-Offers (RUFO) clause in Argentina's restructured bonds, which seems to be driving Argentina to a payment default on those very bonds. Judge Griesa is not buying it, though --  at a hearing on July 22, he again denied the Re

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The gap between the rich and the rest is better described as a canyon, and it’s only getting worse. The economy no longer delivers for the average worker, having been rigged to benefit entrenched, wealthy interests. Millions of Americans are losing their livelihoods to technological progress and capital’s access to a huge pool of cheap labor. And a...

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THE PERFECT CRIME: THE VICTIMS DON’T KNOW ANYTHING

WHY INVESTORS AND BORROWERS SHOULD GET RID OF THE SERVICERS AND REPLACE THEM WITH SERVICING COMPANIES THEY CAN TRUST TO MITIGATE THE LOSSES CAUSED BY INVESTMENT BANKS

HOW? It is simple: since the perpetrators ignored the REMIC trust, didn’t fund them and never intended to actually have the REMIC t

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Monday, 21 July 2014 |

In Tribute to Dan Markel

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On behalf of everyone at Credit Slips, I want to express our profound sadness at hearing of the tragic and untimely passing of Professor Dan Markel. a professor of law at Florida State University and a prominent criminal law theorist. Dan was the founder of PrawfsBlawg and a leader in the legal blogosphere. May his family and friends take some

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Friday, 18 July 2014 |

Eight Years and Counting

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Number 8Today marks the eighth anniversary of the launch of Credit Slips. That means we have been around long enough to get tenure at most universities. Now, if we only can get through the review letters.

One thing that I have learned from administering the blog is that its path is never linear. We have had a lot of comings and goings over the eight years,

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At today's House Judiciary Committee hearing on Operation Choke Point it seemed that Choke Point's critics are conflating a fairly narrow DOJ civil investigation with separate general guidance given by prudential regulators.  In particular, Rep. Issa attempted to tie them together by noting that the DOJ referenced such guidance in its Cho

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Housing Wire, Ben Lane (see link to article below): “Bank committed fraud in order to show ownership.”

We are entering the 6th inning of the game started by Wall Street when it created the smoke and mirrors game based upon false claims of successors and securitization. As lawyers actually do the work investigating and researching, they are getting

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Pop quiz:  what do payday lenders have in common with on-line gun shops, escort services, pornography websites, on-line gambling and the purveyors of drug paraphrenalia or racist materials?  

You can read my testimony for this Thursday's House Judiciary Committee, Subcommittee on Regulatory Reform, Commercial, and Antitrust Law's hearing

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Posted on by Neil Garfield

I recently had a case in which the issue of standing, ownership and modification of the loan were all at issue. The case is an example of what happens when the parties purportedly representing the GSE’s bring a foreclosure action in the name of Fannie or Freddie, and then offer through a servicer (

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When will borrowers be allowed to use nominees at loan closings? Will they be able to say later that off-record transactions prevent the lender from enforcing loans?

Even the premise that MERS “enables” the REMIC Trust to claim innocence in LENDER mortgage fraud, is flawed: none of them claim the status of holder in due course because they cannot p

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