Mortgage cramdown has been proposed as a mechanism to avoid mortgage foreclosures in times of crisis. In this restructuring, the underwater portion of the mortgage is treated as unsecured debt and can be discharged during Chapter 13 bankruptcy. To quantify the ex-post effects of bankruptcy discharge in cramdown courts, we use a new dataset of district courts that allowed mortgage cramdown over the period from 1989 to 1993.
In split decision, the Fourth Circuit (following the similarly split decision from the 5th Circuit) held that the 2018 increase in fees paid by chapter 11 debtors to the U.S. Trustee Program applies to pending cases and violates neither due process nor the "uniform bankruptcy" clause of the U.S. Constitution.
Calmore & Hygiena George, residents of St. Croix in the U.S. Virgin Islands, purchased a townhome in Charlotte for their four daughters, all of whom were attending college there. There were no mortgages or liens against the property. Ms. George would typically visit for a month during the summer and both during Christmas.
