Thoughts On The Subprime Mortgage Collapse

Law360, New York (March 12, 2007, 12:00 AM EDT) -- We’ve seen a collapse of the subprime mortgage market in the past—in 1998–1999 subprime lenders such as Criimi Mae, Southern Pacific Funding, Wilshire and others suddenly held portfolios of non-performing mortgage loans from homeowners that didn’t qualify for loans from traditional lenders.

And the subprime lenders of the past had also packaged their loans and sold them into the secondary market where bonds were issued backed by the payments that were supposed to be made by the defaulting borrowers.

Those of us representing warehouse lenders and...
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