The number of reported subprime mortgages and related casesfiled in federal court during the first 9 months of 2008 alreadyexceeds the total for 2007 by 50 percent, according to ThirdQuarter 2008 Updated: Breaking New Ground, a report from NavigantConsulting Inc.
|Filing numbers in the Sept. 2008 quarter are the third higheston record, with 131 new cases, while the total number of casesfiled reached 742 for the 21-month period ending Sept. 30, 2008.Subprime-related cases surpassed the 559 U.S. savings-and-loancases of the early 1990s, the previous peak in litigation falloutfrom a financial crisis.
|The report also states that while the volume of new cases filingcontinues, the litigation is showing signs of maturing based on thebreakdown of new cases filed. Securities lawsuits and contractdisputes also are registering the highest quarterly totals todate.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
