Credit Crunch Digest- July 2011

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The subprime lending crisis and ensuing credit crunch have resulted in significant losses and numerous lawsuits involving parties to the mortgage lending and securitization process. This digest collects and summarizes recent media reports regarding potential liability, government initiatives, litigation and regulatory actions arising from the subprime mortgage crisis and credit crunch, as well as the increasing number of reported cases of financial fraud.

This issue focuses on recent significant developments in the Bank of America settlement; an attempt for eight major mortgage servicers to remediate their foreclosure protocols; an $800 million lawsuit initiated against JPMorgan and Royal Bank of Scotland; the guilty plea of a former Rothstein employee; dismissal of a Madoff-related lawsuit brought against JPMorgan; and the status of financial regulatory reform implementation in response to the subprime crisis and credit crunch.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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