Andrew Kassner, partner in the firm’s Corporate Restructuring group, participated in the panel “Home Builders and the Subprime Lenders.” Historically, real estate has been the safest of investments, but there is no accounting for the madness of crowds flush drunk with cheap credit. For several months there had been erosion in the housing market as if all those foundations turned to quicksand. Then New Century filed. New Century was not the first subprime lender to file, but so far, the largest. Is this the start of something big and bad for the economy or just another speed bump in the chugging economy? It certainly has become a bumpy ride for home builders. This session looked at the industry, how it is impacted by the meltdown in the subprime market, and what the larger implications are.

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