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The limits of securitization: Why bankruptcy courts should substantively consolidate predatory sub-prime mortgage originators and their special purpose entities

from Esq., CPA, Brackett & Ellis, PC, Ft. Worth, Texas

Originally published in 2008 MICH. ST. L. REV. 913

During 2007 and 2008, dozens of sub-prime mortgage lenders shut their doors and declared bankruptcy, fueling a global financial crisis centered on the United States housing market. The fallout of the sub-prime mortgage lending market has adversely impacted global credit markets, currency markets, as well as domestic and international stock markets. This global credit crunch is a byproduct of investor fears that nontraditional mortgages will suffer significant defaults, thus significantly increasing expected delinquency and foreclosure rates. Unfortunately, investors' greatest fears have come true. more

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