Abstract
The International Monetary Fund (“IMF”) estimates that the credit crisis will cost about $945 billion, the latest in a long list of estimates from various sources. While the magnitude of the ultimate cost of the crisis remains uncertain, it will certainly exceed the costs of the last major financial crisis presented by the collapse of the savings and loans industry. This problem began in the subprime mortgage market and then quickly spilled over into other areas of the mortgage industry and the capital markets, culminating in a liquidity and credit crisis which is still unfolding. Unsurprisingly, litigation has been on the rise. This article briefly examines the subprime mortgage-related securities litigation to assess the trends, major players and issues.
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