The tip of the legal iceberg
Legal Beat
The fallout from the subprime crisis has resulted in huge writedowns for banks, but it has also created a tangled web of litigation. Every organisation involved in the subprime securitisation process - from the mortgage originators, appraisers and lenders to the trustees, underwriters, rating agencies and law firms - is exposed to some form of action.
In the US, where litigation is often seen as the primary solution to righting wrongs, the number of subprime-related cases being filed steadily
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