As losses continue to accumulate in the subprime lending market, investigations and litigations will continue to expand. With this in mind, the Practising Law Institute hosted a program on the subprime mortgage meltdown in New York City on 12 September 2007. The program examined the most recent actions that are pending, as well as who the potential defendants may be. Participants also discussed what the Securities and Exchange Commission is considering when it looks at whether there have been disclosure and accounting irregularities by hedge funds and other entities. As part of the program, NERA Senior Vice President Dr. Faten Sabry presented "The Subprime Mortgage Market: Setting the Stage." Dr. Sabry addressed how mortgage originators operate, what role warehouse lenders play, how loans get securitized, the role of credit rating agencies, and the nature of the subprime mortgage meltdown and its impact.