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BREAKING: JEFFERSON COUNTY ALABAMA FILES FOR LARGEST MUNICIPAL BANKRUPTCY IN UNITED STATES HISTORY

 
Anonymous Coward
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11/10/2011 05:09 PM
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BREAKING: JEFFERSON COUNTY ALABAMA FILES FOR LARGEST MUNICIPAL BANKRUPTCY IN UNITED STATES HISTORY
JEFFERSON COUNTY ALABAMA FILES FOR LARGEST MUNICIPAL BANKRUPTCY IN UNITED STATES HISTORY

BIRMINGHAM, ALABAMA-Yesterday, the Jefferson County Commission in Alabama voted to file for Chapter 9 bankruptcy. This makes this bankruptcy filing the largest municipal bankruptcy in U.S. history. The previous record was when Orange County filed in California in 1994.

Jefferson County is Alabama's most populous county, they are burdened by a four billion dollar debt. They came to this end on Wednesday because of the downgraded credit ratings of the companies that insured the county's long term debt. In recent years, the county borrowed to pay for a failing sewer system. While this is standard, the county had some shady, corrupt re-financing deals that were tied to mortgages. When the mortgage lending crises hit, the credit dealings of the county, that relied on exotic interest rate swaps, back-fired. This resulted in skyrocketing interest rates which the county couldn't keep up on.

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[link to www.alaska-native-news.com]
Anonymous Coward
User ID: 6899523
United Kingdom
12/10/2011 05:12 PM
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Re: BREAKING: JEFFERSON COUNTY ALABAMA FILES FOR LARGEST MUNICIPAL BANKRUPTCY IN UNITED STATES HISTORY
Bank wont let it file for bankruptcy.
They want thier money.

[link to www.bloomberg.com]

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