The number of reported subprime mortgages and related cases filed in federal court during the first 9 months of 2008 already exceeds the total for 2007 by 50 percent, according to Third Quarter 2008 Updated: Breaking New Ground, a report from Navigant Consulting Inc.
Filing numbers in the Sept. 2008 quarter are the third highest on record, with 131 new cases, while the total number of cases filed reached 742 for the 21-month period ending Sept. 30, 2008. Subprime-related cases surpassed the 559 U.S. savings-and-loan cases of the early 1990s, the previous peak in litigation fallout from a financial crisis.
The report also states that while the volume of new cases filing continues, the litigation is showing signs of maturing based on the breakdown of new cases filed. Securities lawsuits and contract disputes also are registering the highest quarterly totals to date.
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