New York Attorney General Looking Into Subprime Mortgages
New York state prosecutors have sent subpoenas to several Wall Street firms seeking information related to the packaging and selling of debt tied to high-risk mortgages.
The subpoenas, sent by the office of New York state's attorney general, request information from firms including Merrill Lynch, Bear Stearns and Deutsche Bank.
The review, part of a broader investigation into the mortgage industry, is examining how adequately the investment banks reviewed the quality of mortgages before packaging them into products that were then sold to investors. The subpoenas also requested information about how the debt was pooled into securities, including the banks' relationship with credit-rating firms. [tags]subprime, subprime mortgages, high risk mortgages, real estate bubble, real estate bust[/tags] San Diego California real estate
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California really should have taken the lead on looking into possible criminal charges against mortgage lenders.
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Yes, to stop this from occuring in the future, a successful class action lawsuit is the key.
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