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: South Carolina Lawyer Blog

New Ammo in the Fight for Subprime Loan Securities Victims

By Louthian Law Firm

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A recent article in the Wall Street Journal points out a strategy that has given victims of the subprime loan crisis new hope: using the 1921 Martin Act as a legal tool to crack down on misleading mortgage-backed securities offerings. Why is the Act so powerful? Simple: it takes away the burden for a plaintiff to prove intent to defraud, making filing a lawsuit against an unethical securities company that much easier for plaintiffs.

This is great news for the people defrauded by securities companies that failed to warn them of mortgages that didn?t meet bare-minimum standards for lending, causing people to lose money on investments that weren?t backed by solid dollars. This crisis has been sending shock waves throughout the United States? volatile economy and has devalued the hard-earned savings of who knows how many Americans. Now victims have a way to fight back. By using this act, New York prosecutors have a great tool in their regulatory arsenal, and individual attorneys may use this same tool in court.

Full post as published by South Carolina Lawyer Blog on March 15, 2008 (boomark / email).