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GazellesUntil a few days ago, it looked like Detroit's chapter 9 plan confirmation would come and go untouched by appellate process. In February 2014, the U.S. Court of Appeals for the Sixth Circuit granted seven petitions for direct appeal of the bankruptcy court's eligibility decision, which included the finding that public pension claims

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“When one door closes, another door opens; but we so often look so long and regretfully upon the closed door, that we do not see the ones which open for us.”

Alexander Graham Bell

The face of RMBS litigation took a dramatic turn last month when the focus of aggrieved mortgage bondholders moved beyond seeking recompense from the large banks who

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The general practice of the servicers and trustees is to disclose a list of as many as 35 possible witnesses so that the Defendant homeowner cannot possibly perform due diligence investigation, deposition etc. The Judges got wise to this and agreed that disclosing 35 witnesses, 34 of whom you do not intend to call, is the same as no disclosure at

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90909090

I often feel like the homeowners who contact me for help become my friends along the way.  But then, their loans get modified… and I don’t here from them anymore.  In the early days it felt a little weird, but I understood.  Why would anyone want to be reminded of a terrible time in their lives after they no longer needed to think about it anymore?

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22221111  

 If you’ve never been to Pittsburgh, Pennsylvania, then you probably don’t know a whole lot about the place… it’s not at all what most people who haven’t been there think it is.  I grew up there… so I understand.

A few weeks ago, we took a family vacation to visit friends and relatives living on the East Coast.  It was our daughter’s first visit t

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I thought I'd write a quick follow-up to Anna's thorough post about the latest in the Argentine bond saga. A lot happened at Friday's hearing, which was convened after NML requested that the judge hold Argentina in contempt for transferring funds to Bank of New York Mellon and others. The transcript reveals an exasperated judge

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Extra! Extra!  Today is just another day in Argentina's bond saga. It may well come and go with no payments either to the NML plaintiffs or to the restructured bondholders. However, a Sunday filing by Argentina's Euro-denominated exchange bond holders might lead to substantive developments eclipsing the purely symbolic significance of a m

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For the last few weeks I have been harping on the concepts of holder in due course, holder with rights of enforcement, and holder. They are all different. The challenge in court is to get them treated as different in Court as they are in the statutes.

The Banks knew through their attorneys that the worst paper in the world could be turned into

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888888

A San Clemente homeowner who first met me last summer when they came to LA to attend a Bank of America loan modification event for homeowners.  They’d been thought it all and then some and understandably they didn’t know who to trust or listen to about anything… which is the real tragedy gong on today.  As if the banks and servicers themselves were

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999999

Just a few days ago,New York’s Attorney General Eric T. Schneiderman announced the launch of a new New York State Mortgage Assistance Program (“NYS MAP”), which will make loans of up to $40,000 available to homeowners who are struggling to avoid foreclosure.

The NYS MAP program will be available in Long Island only starting on September 15th, and

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