The Beginning and How We Got Where We Are Now

AuthorDennis J. Wall
1.1 The Beginning
The worldwide economic crisis, which in the United States began in 2007–
2008 is often called the Great Recession. It has proved to be the greatest
nancial devastation since the Great Depression. Many books, articles, and
reports have been written about its causes and effects.
Mortgage practices
have received their share of attention in short newsletters and in the popular
press.2 Indeed, there seems to be little to add to how the Great Recession
came about and its effects.3
This book focuses on one aspect of that national nancial turmoil: lender
force-placed insurance (LFPI or simply FPI). The facts presented here were
accumulated through investigation concentrating on publicly available
information contained in exhibits to pleadings unsealed in electronic court
les, ofcially reported and also unreported judicial decisions, depositions,
interrogatory answers, allegations in complaints, and answers led in cases
including LFPI cases. Enough information has been made public to allow
the observations that follow about the business practices that have been
followed and also to allow reporting of the allegations that resulted. Some
information has been deliberately kept secret by agreements in all of the
lawsuits that have been investigated since research and writing of this book
began three years ago,
but there is still enough information available from
public records to display the outlines of the LFPI story.
Chapter 1
The Beginning and How We
Got Where We Are Now
Wall_LFPI_20150320_08-12 Final Pass.indd 1 3/20/15 8:13 AM

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT