Let the Lawsuits Begin: Banks Brace for a Storm of Litigation

Today I was digging for some info on ’serial home refinancing’ and came across the following paragraph:

6 Before they were forced to resign, both prosecutors were hot on the tail of the banks, attempting to impose liability for the destructive wave of home foreclosures i n their jurisdictions. But the hits keep on coming. … “Countrywides high-pressure sales environment and compensation system encouraged serial refinancing of Countrywide loans….

Because I didn’t want to write a too short blog entry and post it in Home Loans, I checked some search engines on nonconforming home loans and found this:

The Rise And Fall Of The U.S.As Housing Market..

Trillions of dollars in losses have quickly turned the tables on the perception of the safety and security of U. S. home loans. So who will lend to future home buyers? … The secondary mortgage market for nonconforming and subprime loans has collapsed, so those who do underwrite these loans have fewer options for selling them….

Not exactly what I was looking for, nevertheless still a good read.