Q. What is this lawsuit all about?
A. The lawsuit alleges homebuilders that sold new homes in 2005 and 2006 to purchasers who put 20% or more down payment, failed to inform these purchasers of the large number of subprime loans used to sell homes at inflated prices in the same development. The lawsuit further alleges that these homebuilders not only knew about the subprime loans, the homebuilder actually funded many of the subprime loans through mortgage companies that the they set up to fund the loans used to purchase the homes they were selling. The lawsuit also alleges that as a result of these subprime loans, that homes in these developments were sold at inflated prices, and that the high rate of foreclosures and short-sales from defaulting subprime buyers has resulted in devastating reduction in home values.
Q. What do I need to do to be part of the lawsuit?
A. If you fit within the class definition, since this is a class action lawsuit, you do not need to do anything at the present time. If the Court certifies the class, you will be notified and your interests will continue to be protected in this lawsuit. If the Court denies class certification however, your interests will no longer be protected and you will not be notified. To receive Court proceeding updates, click here.
Q. What if I do not want to be a part of this lawsuit?
A. If the class is certified, you will be provided an opportunity to opt out of the class.
Q. What if I want to bring my own lawsuit?
A. You have the right to bring your own lawsuit on your own or through an attorney, and not have your claim be part of this lawsuit.
Q. Will the case go to trial?
A. There are a number of legal hurdles to a lawsuit before it goes to trial. No one can predict how those will be resolved. To receive Court proceeding updates, click here.
Q. Will the case settle?
A. It is too early to know if any of the cases will settle. That will depend on the case clearing the legal hurdles and the willingness of the homebuilders to accept responsibility for the part they played in loss in home value.
Q. If the case does settle, what would I receive?
A. It is too early to know the answer to that question. It would depend on a number of factors not yet known.
Q. Can McCuneWright help me with foreclosure issues? A. We are a firm that specializes in class action lawsuits. You would need to hire an attorney that specializes in individual foreclosure cases.
Q. Can McCune Wright help me with construction defects? A. We can refer you to a law firm that specializes in construction defect litigation.