Study Tracks Subprime Litigation

Study Tracks Subprime Litigation:

Hat tip to Consumer Law & Policy Blog for alerting us to a new report from Navigant Consulting tracking trends in subprime mortgage litigation. It found 278 subprime-related cases filed in federal court in 2007, with well over half filed in the second half of the year.

From the report:
The number of subprime-related cases filed in federal court is accelerating dramatically. Indeed, the number of filings nearly doubled during the second half of 2007, from 97 to 181 (total of 278). Major case categories include borrower class actions (43 percent), securities cases (22 percent) and commercial contract disputes (22 percent), along with employment class actions, bankruptcy-related, and other cases.
Each of the top 10 subprime mortgage lenders for 2006 were named in at least one borrower class action during 2007, the report says.