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Puerto Rico cannot pay back more than $70 billion in debt

Follow The Money

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http://www.washingtonpost.com/business/economy/puerto-rico-says-it-cannot-pay-its-debt-setting-off-potential-crisis-in-the-us/2015/06/28/cbae1bc4-1e05-11e5-84d5-eb37ee8eaa61_story.html

The governor of Puerto Rico said in a televised address Monday that the island cannot pay back more than $70 billion in debt, setting up an unprecedented financial crisis that could rock the municipal bond market and lead to higher borrowing costs for governments across the United States.

“This is not about politics,” said Puerto Rico’s governor, Alejandro Garcia Padilla. “It’s about math.”

Garcia Padilla said the country needed to postpone for several years its debt payments.

“The first step is to revive economic growth…We will never get out of this vicious cycle,” said Garcia Padilla. “But we need to do more—much more—to return to riches and to become more competitive and have an expansion in the private market.”

Garcia Padilla proposed creating a committee that would work together to create reforms to the country, but he said “sacrifices should be shared,” adding that he welcomed “creditors who want to…

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US Bank Hits Bank of America With $178M Mortgage Loan Suit

Justice League

Law360, Los Angeles (June 26, 2015, 9:57 PM ET) — U.S. Bank NA., acting as a trustee for a pool of home loans, slapped Bank of America Corp. and others with a suit in New York state court seeking to recover $178 million in losses over alleged misrepresentations made in the sale of residential mortgage loans.

Suing as the trustee of Lehman XS Trust, Series 2007-7N, U.S. Bank seeks redress from Bank of America and Countrywide Financial as successors-in-interest to Countrywide Home Loans Inc., for alleged breaches of representations and warranties under a 2007 warranties and…

Source: Law360

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The same-sex marriage decisions; a view from inside the SCOTUS

JONATHAN TURLEY

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Cara L. Gallagher, weekend contributor

History happened yesterday. Will you remember where you were when the same-sex marriage decisions came down? I will. I was inside the Court when we all sat up somewhat shocked to hear the first case of the day was Obergefell v. Hodges. Again, I am lousy at predicting what cases we’ll get decisions on each day. This fact is already entered into the record. But because it was a decision of such importance, for the first time, I stopped writing, listened, and looked around to see how the audience, the public, were not only hearing but experiencing what I was hearing.

It wasn’t obvious from the start of Kennedy’s reading of the majority (made up of the four liberal justices) decision that it would come out on the side of the same-sex couples, many of which were in the Court to hear their case…

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Robot Writers Need Something To Say

Your next generation robo-______. The mortgage industry loves using robo-witnesses, robo-signers, and really robo-anything. This will fit right in. No need for human thought or expression, just hand it off to a robot.

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Nadine Burke Harris: How childhood trauma affects health across a lifetime

Childhood trauma isn’t something you just get over as you grow up. Pediatrician Nadine Burke Harris explains that the repeated stress of abuse, neglect and parents struggling with mental health or substance abuse issues has real, tangible effects on the development of the brain. This unfolds across a lifetime, to the point where those who’ve experienced high levels of trauma are at triple the risk for heart disease and lung cancer. An impassioned plea for pediatric medicine to confront the prevention and treatment of trauma, head-on.