“Stripping” Residential Mortgages and the Effect of 11 U.S.C. § 1111(b) – Part 2 Eleven Eleven What?

By Lawrence R. Ahern, III, Brown & Ahern (Nashville, TN)

Wonk Alert

This Part 2 wraps up some suggestions about how the parties to residential mortgages may avoid or minimize problems in the structuring and administration of these loans, with a discussion of subsection 1111(b) of Bankruptcy Code.1 This discussion may seem arcane, as indeed many experienced Chapter 11 practitioners have a hard time enunciating how subsection 1111(b) works. The courts are also beginning to struggle with the application of this powerful tool as it may . . .

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