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What #*^&%$# Sub-Prime Crisis?

Via Volokh Conspiracy, a witness and his attorney were sanctioned $29,000 for outrageous conduct over a two day deposition.  The deponent's expletive laced diatribe against the questioning attorney (with the patience of  a saint) can be read here.  The deponent foolishly invited the attorney to take him to court if he objected to the obstructive answers and the foul language.  That attorney accepted the invitation and the District Court judge predictably threw the book at the witness.

What kind of lawsuit could possibly give rise to such outrageous behavior by the particpants?

Here's the judge:

Plaintiff GMAC Bank administers residential mortgage loans, and Defendant HTFC Corp. takes loan applications and sells residential mortgage loans to lenders, such as GMAC. GMAC and HTFC entered into a contract for the sale of certain loans. GMAC claims that HTFC breached the contract by selling it certain loans that were improperly underwritten and not investment quality, and refusing to repurchase them, as required by the contract.

Yup, the susbprime mortgage crisis, a legal growth industry.

Posted by Joseph R. McFaul on Tuesday, March 11, 2008 at 00:00 Comments (0)

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