SIFMA has submitted an Amicus “Friend of the Court” Brief.

Court:

U.S. Supreme Court

Amicus Issue:

Whether, under Section 506(d) of the Bankruptcy Code, which provides that “[t]o the extent that a lien secures a claim against the debtor that is not an allowed secured claim, such lien is void,” a Chapter 7 debtor may “strip off” a junior mortgage lien in its entirety when the outstanding debt owed to a senior lienholder exceeds the current value of the collateral.

Counsel of Record:

Professor Ronald J. Mann

Columbia Law School

Other Amici:

Loan Syndications and Trading Association

American Bankers Association

The Clearing House Association L.L.C.