“What they can't enforce through regulation, they will try to accomplish through suing,” said David Bizar, a Hartford, Conn.-based attorney with the firm McCarter & English who defends against subprime mortgage lawsuits brought by consumers and regulators.
Already, the number of subprime-related cases filed in federal courts is outpacing the rate of litigation that emerged from the savings and loan meltdown in the late 1980s and early '90s, according to a study released Thursday.
The 278 subprime cases filed in federal courts in 2007 already equals half of the total 559 S&L cases handled over multiple years, according to the findings from Navigant Consulting Inc.
For that, I have but one word: Good. Let’s get more. The article notes that the pound of flesh federal and state regulators exact from Wall Street financial institutions isn’t likely to be too onerous, so we need to gin up lawsuits.
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