Comments for Subprime Meltdown Class Action Lawsuits On Rampage

Subprime Meltdown Class Action Lawsuits On Rampage

2008-04-24T18:35:48Z

Behind the scenes of the subprime and credit crunch hooplah, subprime-related class action lawsuits have been quietly building up a massive head. Navigant Consulting broke down the numbers on the gathering storm that will take years to dissipate:

There are 448 subprime related federal lawsuits as of March 31 2008
170 federal lawsuits were filed in Q1 2008, vs 181 total filed in the last 6 months of 2007
The Savings and Loan scandal of the 90's resulted in 599 lawsuits
57% involved at least one Fortune 1000 company
46% of the subprime related class action lawsuits are brought by borrowers
42% of those are related to disclosures made at loan origination

The Subprime Litigation Tsunami: Are We Dealing with Case Overload? [DSNEWS]
(Photo: Getty)

Comment from gStein_|bringing starpipe back| on 2008-04-25

2008-04-25T05:02:56Z

@Wormfather: BofA owns countrywide now, not the case at the time most of these loans were being made.

Comment from ludwigk on 2008-04-24

2008-04-24T20:33:53Z

Well, the banks all got their bail outs, the execs got their bonuses, now its time for the american public to scrounge for their piece of the pie. The system works?

Comment from Wormfather on 2008-04-24

2008-04-24T19:00:50Z

Especially since Bank of America...Bank of Opportunists owns Countrywide, this would be sweeeeet.

Comment from B on 2008-04-24

2008-04-24T18:44:26Z