Blog # 8

Bankruptcy Ruling in Student Loan Case by Adam Liptak

Terms:
- bankruptcy: inability to charge all your debts as they come due; a legal process intended to insure equality amoung the creditors of a corporation declared to be insolvent.
- civil lawsuit: a lawsuit in which one does not need to prove criminal liability
- summons: call in a offical matter such as court.

Summary:

The Supreme Court made it eaier for people who say they cannot repay their student loans to recieve bankruptcy protection. Francisco J. Espinosa who is a airline ramp agent took out four student loans in 1988-1989 which totaled to 13,250 in order to attend trade school in Arizona. Four years after taking out the loan he files for protection under the bankruptcy laws, propsinf to repay the principal over five years without interest. Mr. Esponosa nor the Judge followeed the law of Chapter 13 of the Bankruptcy code for student loans. In Chapter 13 it sayd that "student loans should be discharged only if bakruptcy judge find that repayment would impose an 'undue hardship' ". Mr.Espinosa did not notify the lender which is requierd by law which would summons for a civil lawsuit. The lender did recieve notices from the court about Mr. Esponsa's propsal and the curts approval. The lender did not reject or appeal the debt of his loan. He finished payingoff theloan in 1997 the bankruptcy bank then discharged the interest he would have owed. The leander now years later is trying to re-open the case. The supreme Courts decision advanced by the federal government, more than 30 states and the student loans. United States Aids Fund said that this would gives others ideas of not having to pay their debts off.











http://www.nytimes.com/2010/03/24/us/24scotus.html

blog # 7

Ex-Chief of Park Avenue Bank Charged With Bailout Fraud

Terms :

1. Entities -Something that exists as a particular and discrete unit: Persons and corporations are equivalent entities under the law.

2. Troubled Asset Relief Program (TARF) - a program of the United States government to purchase assets and equity from financial institutions to strengthen its financial sector. It is the largest component of the government's measures in 2008 to address the subprime mortgage crisis.

3.Federal Deposit Insurance Corporation -The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation's financial system by: insuring deposits,examining and supervising financial institutions for safety and soundness and consumer protection, and ,managing receiverships.

Summary:

Charles J. Antonucci SR. former president of the Park Avenue Bank in Manhattan was charged with fraud, embezzlement, and bribery because he tried to defraud the federal government 's bank bailout program. He had the federal regulators thinking that he had invested 6.5 million into the bank of his own money. But, he had really made investments using the bank's money, he put the money into a group of entities he controlled and then used that money to buy most of the bank. This made the bank appear strong that it was because he was double counting the moneymore than $11 million from TARP. Mr. Antonucci also, approved millions of dollars in bank overdrafts to firms controlled by and associate in order to use private planes for trips to like the Super Bowl and Golf Tournaments. Mr. Antonucci was also charged with defruading a Flordia church of more than $100,000.He was released on a $2million personal recognizance bond by federal magistrate judge. federal desposit iInsurance corporation seized and sold the bank. After customers seen that the name of the bank had been changed they really had no concerns as long as they got their money.

In my Opinion this is a major issue people money is at stake and many of other things that could have happened and had a big affect on the people who bank their finacially. Banks should check up on things more often because, if we were still in the recesssion like when it first started people would have been really worried. I find it scary that the people who banked with this bank had no concern on what was really going on in their bank as long as they got their money i think the government should make the customers more aware of whats going on so, that they know how this will have an effect on them.

Blog 5

Terms :

1. TANF - TEmporay Assistance For Needy Families. Started in 1997 by President Cliton giving cash assistance from government to needy American families hoping to help the get employment and off TANF.
2. CCDBG - organized by the U.S. Department of Health and Human Service designed to help families with the accesibility, and affordablly with child care in the United States
3. USCCB -United States Conference of Catholic Bishops assembly of hierarchy of the U.S. and the Virgin Islands who exercise pastorial functions on behalf of Christian faith in U.S.


Summary ...
USCCB " Child Care"

In This article it talked about " Everyday 13 million preschoolers, including 6 million babies and toddlers, go to child care Everyday." They had many solutions to help teen mom and other mothers with child care such as, TANF which is government funding for low income families for child care. " through the Child Care and Dvelopement Block grant( CCDBG) and the Title XX/Social Services Block Grant (CCDBG) and the Title XX/ Social Services Block grant (SSBG) which takes out the child expenses in tax papers taxes. Putting Children and Families First is a
public policy put together by the bishops of UCSB. This is meant to promote healthy family enviroments , pay for child care, and any other services the family may need. This policy wnats to help the low income families who need finacnial aid and try to help them keep their children so, that CPS wont take awaytheir kids. In another article its stated that TANF will cut you off their assitnce if you are under the age of 18 and not attending school regularly so, that means o food stamp or child care and whatever else may include your welfare plan.

I my opinion Ibelieve that if the familes can not take care of the children with the neccesities that they may need then the children should be taken away for some time until the parent can get on their fet. I think thtat tax payerrs should only pay some of the espenses of the teen mom depending on the situation. My question to the class is do you think tax payers should pay for child care for teen moms especiallly under the age of 18?

Source
http://www.usccb.org/sdwp/national/childcare.shtml