Ratings Agencies: A New Front In Subprime Litigation

Law360, New York (August 12, 2008, 12:00 AM EDT) -- Though the effects of the subprime mortgage crisis may not be fully realized for many years, it is clear that its impact will be severe and wide-ranging.

As of July 2008, major banks and financial institutions around the world had reported losses of approximately $435 billion, a figure that is expected to grow.

Furthermore, during 2007 over 1.3 million housing properties in the U.S. were subject to foreclosure, a nearly 80% jump from 2006. From Wall Street staples such as Bear Stearns, to millions of homeowners...
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