Everyone knew that the subprime mortgage crisis would lead to a ton of litigation, but few expected it to be this bad. Hundreds of subprime-related suits have been filed already and, by the end of the year, the total will almost certainly exceed the number of suits filed during the entire savings and loan crisis.A new study by Navigant Consulting offers the most detailed statistical portrait of subprime litigation yet. The Chicago-based firm reports that 448 subprime-related cases had been filed in federal court from 1 January, 2007, to 31 March, 2008. By comparison, the Resolution Trust Corporation, which was created to deal with problems spawned by the savings and loan crisis, handled a total of 559 suits from 1989 to 1995.
May 28, 2008 at 11:23 PM
1 minute read
The original version of this story was published on Legalweek
Sherry Karabin reports on the mounting wave of US litigation spawned by the subprime mortgage crisis
Everyone knew that the subprime mortgage crisis would lead to a ton of litigation, but few expected it to be this bad. Hundreds of subprime-related suits have been filed already and, by the end of the year, the total will almost certainly exceed the number of suits filed during the entire savings and loan crisis.
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