December 10, 2007
Dot I's, Cross T's. Or Else.
By Cory Hopkins
As if slumping sales and low price tags on homes weren't enough to give Massachusetts real estate professionals indigestion this holiday season, they may now also be "lightning rods" for potential errors and omissions litigation.
According to a new report released today by New York risk and reinsurance specialist Guy Carpenter & Co. LLC, Massachusetts, Illinois and Michigan are the riskiest states for potential E&O litigation, followed closely by Mississippi, Indiana and Ohio, largely due to the ongoing subprime mortgage crisis.
The report considered the state foreclosure rate, subprime mortgage delinquency rate, litigation attorneys per mortgage professional, truth in lending legislation and banking litigation ranking.
The Guy Carpenter report found that litigation related to the subprime crisis could affect professionals in any state, but found that a combination of the above factors made certain states "lightning rods" for lawsuits.
According to a new report released today by New York risk and reinsurance specialist Guy Carpenter & Co. LLC, Massachusetts, Illinois and Michigan are the riskiest states for potential E&O litigation, followed closely by Mississippi, Indiana and Ohio, largely due to the ongoing subprime mortgage crisis.
The report considered the state foreclosure rate, subprime mortgage delinquency rate, litigation attorneys per mortgage professional, truth in lending legislation and banking litigation ranking.
The Guy Carpenter report found that litigation related to the subprime crisis could affect professionals in any state, but found that a combination of the above factors made certain states "lightning rods" for lawsuits.
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