Subprime: Waking the Beast

Posted Mon, 03/10/2008 - 06:02 by rba
Dan Levine/TheRecorder: Examiner's Report May Cast Light on Subprime Mess A 500-plus-page tome about what went wrong at New Century Financial -- the second biggest subprime lender in the country until its fast descent into bankruptcy last year -- has been eagerly anticipated by lawyers across a swath of practice areas. [ . . . ] "It's like a reporter working on a story who is given an unlimited budget and 10 underlings and told to leave no stone unturned, versus a reporter told to get me everything you've got by Thursday," said former SEC enforcement attorney Christopher Cooke of Cooke Kobrick & Wu, who is not involved in New Century. [Via LawCom] :: :: :: More reading: - Weighing Alternative Policies for Tackling the Mortgage Mess, Elmendorf/Brookings:
Policies that Forcibly Reduce Amounts Owed * Change treatment of primary residences in bankruptcy * Block interest-rate resets * Block foreclosures for a specified period * Legislate mortgage writedowns * Allow current homeowners to stay as renters
- Chris White's commentary. :: :: :: Image - Penguin Bravery @ LSG]