Legal Opinion
Federal Deposit Insurance Corporation v. Ernst & Young LLP
Court of Appeals for the Seventh Circuit
Decided July 8, 2004No. 03-2619PublishedCited by 26 opinions
1Opinion of the Court
EASTERBROOK, Circuit Judge.
For almost a decade Superior Bank FSB participated in the sub-prime lending market, making loans to home and auto buyers with poor credit records. It then sold to public investors interests in pools of these loans; the process is known as securitization. Investors were promised a fixed rate of interest lower than the one the borrowers had agreed to pay Superior. Securiti-zation creates diversification; a pool of loans is safer than any one loan (and fractional interests in many pools are safer than one pool), unless defaults are perfectly (and positively)…
2Cases cited17 opinions
- Lujan v. Defenders of WildlifeSupreme Court of the United States · 1992
- Kamen v. Kemper Financial Services, Inc.Supreme Court of the United States · 1991
- Equal Employment Opportunity Commission v. Waffle House, Inc.Supreme Court of the United States · 2002
- United States v. Kimbell Foods, Inc.Supreme Court of the United States · 1979
- Office of Personnel Management v. RichmondSupreme Court of the United States · 1990
12 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- Bunn v. Fed. Deposit Ins. Corp.Court of Appeals for the Seventh Circuit · 2018
- Jenny Wernsing, Charles Bingaman and Troy Cannon v. Odell Thompson, Jr.Court of Appeals for the Seventh Circuit · 2005
- Veluchamy v. Federal Deposit InsuranceCourt of Appeals for the Seventh Circuit · 2013
- John W. Courtney v. Neal T. HalleranCourt of Appeals for the Seventh Circuit · 2007
- In Re AE Hotel VentureUnited States Bankruptcy Court, N.D. Illinois · 2005
21 more not listed; retrieve them via the Exa API.