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What the Subprime Crisis Could Mean for Your Company
The continuing economic crisis, driven in large measure by the subprime mortgage meltdown, is affecting major segments of the economy. Not a day goes by that there is not something in the press regarding the effects of billions of dollars of mortgage failures. Criminal investigations into all industries involved in the process are underway. The Department of Justice is considering creating a task force, much in the same way the Bush Administration created the Corporate Fraud Task Force in the aftermath of the Enron failure. Indeed, in a recent Business Week article, investigators stated that probes are looking at the 'full gamut' of participants in the process of originating and securitizing subprime mortgages. The FBI has predicted a landslide of mortgage fraud cases.
Citing the opportunities for fraud created by the increasing reliance on third-party brokers, it consolidated all of its mortgage fraud programs within its Financial Institution Fraud Unit in fiscal year 2006. Local regulators and prosecutors have issued subpoenas to probe allegations of malfeasance and deception. These potentially sweeping and wide-ranging investigations will likely include probes into the lending industry, including mortgage lenders, brokers, and bankers, as well as a thorough look at the securitization side, which includes investment banks, broker-dealers, and ratings agencies. Accounting firms and law firms will be scrutinized as well.
The purpose of this article is to examine what industries are likely to be affected by ongoing criminal and regulatory investigations. It will also examine what types of individual criminal charges may be considered, and what defenses may be available for people unlucky enough to be caught in the sights of the government.
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Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.
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Turning Business Development Plans Into Reality
This article offers practical insights and best practices to navigate the path from roadmap to rainmaking, ensuring your business development efforts are not just sporadic bursts of activity, but an integrated part of your daily success.