bankruptcy judges to reduce mortgage principal for underwater homeowners through a policy of cramdown would have had only a small …Reforms made to the U.S. Bankruptcy Code in 2005 instituted a new means testing requirement that restricts the … mortgage and unsecured credit markets to assess the impact of this reform on the severity of the housing crisis during the …

fundamental to the legal system's effectiveness and to the rule of law. About a million people file bankruptcy every year, making … the consumer bankruptcy system the part of the federal court system with which people most often come into contact. Given … the importance of bankruptcy to American families and the credit economy, there should exist a rich literature theorizing …

not allow for the assets of a debtor to be sold without its creditors’ approval. The Insolvency and Bankruptcy Board of …

to the U.S. economy, and then consider the effect of alternative personal bankruptcy regimes. For reasonable parameter … values, a less lenient (higher post bankruptcy garnishment of income) bankruptcy law deters households with moderate … entrepreneurial ability from entering entrepreneurship, while variations in bankruptcy systems have negligible effects on higher …

Bankruptcy is a precise legal process defining the rules when debtor fails to repay their debts. These rules determine … willingness to lend and to borrow and thus can affect economic growth. In 1706, the English Parliament passed a bankruptcy statute … that provided potential rights for bankrupts and represents a fundamental change in the rules regarding bankruptcy. Where …

securitization. Elsewhere securitization has not developed. The US provided the underpinnings for its mortgage security … infrastructure with the creation of FNMA in 1938 and in order to create liquidity in the mortgage market required the standardization … of mortgage documentation and more fundamentally required that home mortgages within securities would be sufficiently …