Gentlemen, start your litigation engines

The American Bar Association has caught onto the wave of news in the subprime mortgage market and is prepping its soldiers to understand the ins and outs of the controversial lending practices.

The ABA today announced that its Section of Business Law will hold two Web casts this month to help lawyers examine topics like basic definitions and parameters of subprime lending, underlying economic factors that led to the rise and fall of the multi-billion-dollar subprime market, and the legal relationships and potential claims among business parties.

The casts, slated for Sept. 19 and Sept. 26, will also explore developing legal and regulatory issues, and issues surrounding the bankruptcy of a subprime lender.

As more news unfolds in the subprime market, more groups and agencies are waking up to the story, and lawsuits are beginning to appear. A Washington Post story on Tuesday examined a chain of suits that has already begun, and noted that this is just the beginning.

"There is almost no end to the list of potential legal targets, analysts say, because so many players share a piece of the blame for the mortgage meltdown," the Post story notes.

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