A review of pooling and servicing agreements from large subprime securitization programs in 2006 reveals that about 10% of the contract ban loan modifications altogether. The other 90% do not seem to forbid win-win loan modifications (defined as modifications that benefit the borrower and...

The SEC's proposal that rating agencies be required to disclose 100% of their ratings actions in a publicly accessible format is a step in the right direction, especially in light of the dominant rating agencies' claims that their issuer-pays business model is justified on the ground that it...

The quot;worldwide credit crisisquot; has thrust credit rating agencies into the spotlight, with attention focused on their ratings of novel structured finance products. Policymakers have undertaken a number of initiatives intended to address perceived problems with such ratings - enhancing...

This Article offers a new rationale for making student loans more readily dischargeable in bankruptcy: Doing so advances Congress's purpose in creating federal student loan programs in the first place. Empirical research indicates that if it is too hard to discharge loans in bankruptcy, students...

As the Department of Education reconsiders its rules governing consent to discharge of federal student loans in bankruptcy, this Article argues for the first time that the Department should approach the problem specifically as an operator of programs to promote education and benefit students,...

Over 300,000 student loan borrowers have applied to the Department of Education for administrative relief from federal student loans on the ground that they were deceived or otherwise victimized by their schools. The Department adopted relatively borrower-friendly rules for this process in 2016....

Scholars and commentators have argued that municipalities can and should use bankruptcy to shed unwanted liabilities, particularly employee healthcare and pension commitments. Courts increasingly have agreed: Detroit's approved bankruptcy plan cut pensions, and the bankruptcy court overseeing...