In a case that is highly technical, but very meaningful, the Supreme Court recently awarded financial institutions a big victory in Bank of America v. Caulkett, a case deciding whether or not that debtors in Chapter 7 bankruptcy cases cannot “strip off,” or completely void, junior mortgages that are underwater.

Joining LXBN to break it all down, we have Alex Dugan, attorney at Bradley Arant Boult Cummings and author on their blog, Financial Services Perspectives.