The recent financial institution meltdown has created unprecedented issues and challenges for virtually all who operate in the financial services industry. What began as a crisis of confidence and creditworthiness in the subprime mortgage crisis has now spread to other sectors, and resulted in a wave of bank failures. The result has been a deterioration of credit quality impacting anyone involved in either originating or servicing mortgages, including mortgage companies, investment and community banks, attorneys, appraisers, auditors, among others. It is not surprising that financial institutions, and their officers and directors, face a barrage of actions both by governmental entities and class actions.
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