WASHINGTON: U.S. regulators issue JPMorgan Chase & co., Citigroup, Bank of America Corp., Goldman Sachs Group, and Wells Fargo & co., seeks information on the role of banks in mortgage loans group for sale to investors, a person familiar with the matter said.
The Securities and Exchange Commission has asked the Bank for more details on how mortgages have been selected and grouped in securities, said the person, who declined to be identified because the probe is not public. Reuters said yesterday the probe SEC.
The SEC, who is studying business practices that could have contributed to the collapse of the subprime, mortgage market continued companies and senior executives from the sale of loan bundles embittered by the bursting of the bubble.
The Agency is also investigating whether Trustees-backed financial products verified correctly the performance of the underlying loans, said the person.
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