Subprime Meltdown Class Action Lawsuits On Rampage

Behind the scenes of the subprime and credit crunch hooplah, subprime-related class action lawsuits have been quietly building up a massive head. Navigant Consulting broke down the numbers on the gathering storm that will take years to dissipate:

  • There are 448 subprime related federal lawsuits as of March 31 2008
  • 170 federal lawsuits were filed in Q1 2008, vs 181 total filed in the last 6 months of 2007
  • The Savings and Loan scandal of the 90’s resulted in 599 lawsuits
  • 57% involved at least one Fortune 1000 company
  • 46% of the subprime related class action lawsuits are brought by borrowers
  • 42% of those are related to disclosures made at loan origination

The Subprime Litigation Tsunami: Are We Dealing with Case Overload? [DSNEWS]
(Photo: Getty)

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  1. B says:

    If they take down WaMu and Countrywide, I’m all for this rampage.

  2. Wormfather says:

    Especially since Bank of America…Bank of Opportunists owns Countrywide, this would be sweeeeet.

  3. ludwigk says:

    Well, the banks all got their bail outs, the execs got their bonuses, now its time for the american public to scrounge for their piece of the pie. The system works?

  4. @Wormfather: BofA owns countrywide now, not the case at the time most of these loans were being made.