Bankruptcy & Countrywide

Wednesday, March 05, 2008 | 07:00 AM

A quick post before I head over to CNBC:  Two NYT articles caught my eye this morning on the theme of consumer bankruptcy:

Filings for Bankruptcy Up 18% in February  http://www.nytimes.com/2008/03/05/business/05bankruptcy.html

Americans filed for bankruptcy in growing numbers in February, buckling under the combined weight of rising energy prices, a weakening housing market and sky-high personal debts.

An average of 3,960 bankruptcy petitions were filed per day nationwide last month, up 18 percent from January and up 28 percent from a year earlier, according to Automated Access to Court Electronic Records, a bankruptcy data and management company.

That piece must be combined with the following:

Countrywide Is Sued Again by U.S. Overseer   http://www.nytimes.com/2008/03/05/business/05lend.html

The United States Trustee has filed a second lawsuit against the mortgage lender Countrywide Financial, accusing the company of abusing the bankruptcy process.

In a complaint filed Saturday with the Federal Bankruptcy Court in Miami, the United States Trustee for the Southwest region, Donald Walton, accused Countrywide Home Loans, a unit of the mortgage lender, of wrongly asserting claims related to the property of two Miami borrowers, Jose and Fanny Sanchez, who reorganized their finances in bankruptcy.

The Miami suit comes on the heels of a separate lawsuit in the bankruptcy court in Atlanta also accusing Countrywide of abusing the bankruptcy process.


That new bankruptcy law turned out to be quite a clever stroke of social engineering in ways never envisioned by its drafters . . .


>


Sources:
Filings for Bankruptcy Up 18% in February
JENNY ANDERSON
NYT, March 5, 2008
http://www.nytimes.com/2008/03/05/business/05bankruptcy.html

Countrywide Is Sued Again by U.S. Overseer 
REUTERS, March 5, 2008
http://www.nytimes.com/2008/03/05/business/05lend.html

Wednesday, March 05, 2008 | 07:00 AM | Permalink | Comments (27) | TrackBack (0)
de.li.cious add to de.li.cious | digg digg this! | technorati add to technorati | email email this post

bn-image

TrackBack

TrackBack URL for this entry:
https://www.typepad.com/services/trackback/6a00d8341c52a953ef00e55098156e8833

Listed below are links to weblogs that reference Bankruptcy & Countrywide:

Comments

Bank of America must feel like a parent who gave his teenager the Visa card to buy some new jeans, and then got a call from the police that the kid had been arrested for shoplifting.

Posted by: Winston Munn | Mar 5, 2008 7:26:26 AM

The comments to this entry are closed.



Recent Posts

December 2008
Sun Mon Tue Wed Thu Fri Sat
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31      

Archives

Complete Archives List

Blogroll

Blogroll

Category Cloud

On the Nightstand

On the Nightstand

 Subscribe in a reader

Get The Big Picture!
Enter your email address:


Read our privacy policy

Essays & Effluvia

The Apprenticed Investor

Apprenticed Investor

About Me

About Me
email me

Favorite Posts

Tools and Feeds

AddThis Social Bookmark Button

Add to Google Reader or Homepage

Subscribe to The Big Picture

Powered by FeedBurner

Add to Technorati Favorites

FeedBurner


My Wishlist

Worth Perusing

Worth Perusing

mp3s Spinning

MP3s Spinning

My Photo

Disclaimer

Disclaimer

Odds & Ends

Site by Moxie Design Studios™

FeedBurner