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Katie Porter
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Book of the Year
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Credit Slips readers are invited to share the best credit/finance book of this year. The book can be a monograph, fiction, textbook, anything. It doesn't have to be published this year; just that you found it this year. My nomination... Continue reading
Posted Dec 15, 2016 at Credit Slips
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Thanks to Gary Neustadter
Credit Slips was fortunate to hear from Professor Gary Neustadter of Santa Clara Law this month on consumer credit issues. He identified several emerging issues, including a serious weakness in California's homestead exemption. What I enjoyed so much about his... Continue reading
Posted Dec 15, 2016 at Credit Slips
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Welcome to Guestblogger Gary Neustadter
Credit Slips is delighted to welcome first-time guest blogger, Professor Gary Neustadter. A renowned innovative teacher, Professor Neustadter specializes in debtor-creditor law, contracts, consumer protection, and legal practice. His classic work, When Lawyer and Client Meet: Observations of Interviewing and... Continue reading
Posted Nov 14, 2016 at Credit Slips
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Remembering Alan Resnick
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One of the hardest things about teaching, whether in an informal setting or in a classroom, is telling someone that they are . . . ahem, WRONG. Or at least not right. Or could use improvement. Or there is an... Continue reading
Posted Jul 29, 2016 at Credit Slips
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Return of the RAL
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It's tax time, and here comes another Porter blog post about refund anticipation loans (RALs). I've written several times before about RALs, but was given a reprieve the last few years by changes in policy that made them nearly extinct.... Continue reading
Posted Apr 15, 2016 at Credit Slips
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Recheck the Math on Reverse Mortgages
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Tara Twomey is just a keen observer of the consumer finance world, and she recently alerted me to a trend. Reverse mortgages are being aggressively hawked as a valuable financial planning tool, and the media is picking up the story.... Continue reading
Posted Apr 1, 2016 at Credit Slips
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California Cracks Open the Court Doors for Foreclosed Homeowners
As California Monitor, my staff and I fielded tens of thousands, probably hundreds of thousands, questions from homeowners. The hardest conversations were the easiest from a legal perspective. If someone's home was foreclosed in California, we advised there was little,... Continue reading
Posted Mar 28, 2016 at Credit Slips
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Recheck the Math on Reverse Mortgages
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Tara Twomey is just a keen observer of the consumer finance world, and she recently alerted me to a trend. Reverse mortgages are being aggressively hawked as a valuable financial planning tool, and the media is picking up the story.... Continue reading
Posted Mar 17, 2016 at Credit Slips
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Lessons on Puerto Rico Bonds from the Financial Crisis
With a fiasco as big as the financial crisis, one of the only positive outcomes is there are a lot of lessons for the future. As Credit Slips thinks about how the administration might influence the resolution of Puerto Rico's... Continue reading
Posted Mar 17, 2016 at Credit Slips
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Puerto Rico Bondholders: Fact and Fantasy
When I think about "bondholders," I tend to think about their lawyers. (That probably says a lot about the crowds that I run in). In the case of Puerto Rico, we've seen affable, whip smart, expensively dressed New York lawyers... Continue reading
Posted Mar 16, 2016 at Credit Slips
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That OTHER Consumer Agency: Why the FTC remains important
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Since the launch of the CFPB, we haven't blogged as frequently at Credit Slips about the Federal Trade Commission (FTC). It remains hard at work, and in fact, I think has used some of the shift of some of its... Continue reading
Posted Feb 29, 2016 at Credit Slips
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Tired of Dealing with Students' Exams?
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As exam grading season looms, some professors lament. I actually enjoy reading exams, as at least a few students usually write something fairly comical. For those academic readers, the American Board of Certification is seeking additions to its faculty committee.... Continue reading
Posted Oct 30, 2015 at Credit Slips
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Credit Slips Unofficial Contest: Win Everything (all the glory that is)
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Credit Slips has great readers, and I'd love to encourage more of our readership to comment. So I've created this contest, of which I will be the sole judge, except that I'll probably actually let John Pottow decide to keep... Continue reading
Posted Oct 28, 2015 at Credit Slips
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Prime, Subprime, Deep Subprime, Suprime-Like . . . and hold it, my fav "Aspiring Prime"
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What's in a name? A lot of heartache, potentially, as Johnny Cash explained in A Boy Named Sue. The consumer finance industry is awash in labels for lending. Despite the lack of data, and clear analysis, that left certain people... Continue reading
Posted Aug 11, 2015 at Credit Slips
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The Empiricist Strikes Back
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The Washington Post had a story yesterday about the Department of Education's look at how student loan servicers deal with the Servicemembers Civil Relief Act and its protection to members of the Armed Forces. Senator Elizabeth Warren is drawing on... Continue reading
Posted Aug 6, 2015 at Credit Slips
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Law of Debtors and Creditors Users (and would-be users)
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As Jason Kilborn has graciously described, Credit Slips is the blogging base of the authors of the Law of Debtors and Creditors, 7th edition, (Aspen/Wolters Kluwer 2015). We have revised the Teacher's Manual this summer and encourage all adopters or... Continue reading
Posted Jul 30, 2015 at Credit Slips
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Interesting comments on the qualifications for an agency heard. I think the trend is more specifically toward prosecutors in particular than litigation. We have seen this in the choice of some of the monitors for settlements; people with little or no substantive background but excellent prosecutorial records. Monitorships are not about punishment and wrongdoing, but about rehabilitation and correction, so that seems like the wrong background. Compliance requires deep and broad substantive knowledge, and the same could be said about rulemaking. Litigation doesn't provide that. I think the appeal of prosecutors and litigators is that we sometimes assume that they'll be "tough" or "rigorous". I think a review of the evidence suggests the opposite in the financial services space (e.g. Lawsky)
Toggle Commented Jun 9, 2015 on After Hey Hey, Ho, Ho, Mary Jo It's Time to Go at Credit Slips
"Quicken" the Development of the Law
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Over the last few years, the US Department of Justice has reached settlements with nearly every major lender with regard to the lending procedures for FHA (Federal Housing Administration) loans. The legal basis for the settlements were alleged violations of... Continue reading
Posted Apr 21, 2015 at Credit Slips
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Bankruptcy Lawyers Have Right to Work
In the debate in Wisconsin over the Right to Work bill, the legislators opposed to the bill questioned why no businesses were testifying in support of the law, if it was--as stated--going to drive business growth. The Wisconsin Assembly got... Continue reading
Posted Apr 14, 2015 at Credit Slips
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Are we poor?
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If you have kids who talk as much as mine (gee, wonder where they picked up loquacity as a trait), conversations can go nearly anywhere. My boys, ages 9 and 6, are quite interested in money lately, a phenomenon driven... Continue reading
Posted Mar 19, 2015 at Credit Slips
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Servicing Matters
I am so pleased to offer the following post by Carolina Reid, a premier housing researcher at UC Berkeley, about her excellent study of how mortgage servicers matter in creating home-saving opportunities. Welcome Carolina to Credit Slips. By now we’re... Continue reading
Posted Mar 3, 2015 at Credit Slips
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Scarcity of Money? Or Time?
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How is it that I never find the time to blog? My answer would be that I simply do not have the time. But of course I have the same hours in a day as my co-bloggers. I could argue... Continue reading
Posted Feb 16, 2015 at Credit Slips
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What do bankruptcy mortgage servicing and ebola have in common?
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A long long time ago in this same galaxy, I wrote what may be Credit Slips' most popular post: What do bankruptcy mortgage servicing and phone sex in common? Today, I bring you a new comparison: bankruptcy mortgage servicing and... Continue reading
Posted Sep 24, 2014 at Credit Slips
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Being Unbanked, Part 1
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Note from Katie Porter: This guest post is from Jennifer Song, senior staff attorney at the California Monitor Program. Jennifer pitched in and attended this workshop, and I hope Credit Slips readers will enjoy hearing about her experiences in a... Continue reading
Posted Jun 17, 2014 at Credit Slips
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Robbing Peter
How exactly do people make ends meet? While there are a few formal studies of "payment hierachies" courtesy of the big data organizations, there is little ethnographic work. A new contribution in this regard is "Robbing Peter to Pay Paul":... Continue reading
Posted Jun 1, 2014 at Credit Slips
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