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New York subpoenas firms in mortgage fraud probe

Reuters has reported here that the state of New York has subpoenaed three large Wall Street banks (Merrill Lynch, Bear Stearns, and Deutsche Bank) pursuant to a probe related to the creation of mortgage-backed securities.  The New York probe reportedly is looking into how mortgages were packaged together by Wall Street to create securities sold to investors and the banks’ relationship with credit-rating firms.

Posted by Greco & Greco on 01/11 at 08:36 PM
Brokerage FirmsBear StearnsDeutsche BankMerrill LynchCMOs / CDOsState RegulatorsNew York

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