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Wednesday, April 24, 2024 | Back issues
Courthouse News Service Courthouse News Service

Prosecutors Subpoena Wall Street Firms| In Subprime Fiasco, Reports Say

MANHATTAN - State prosecutors have subpoenaed major Wall Street firms for information on their packaging and reselling of subprime mortgage loans, wire services are reporting. Merrill Lynch & Co., Bear Stearns and Deutsche Bank are among those subpoenaed by New York Attorney General Andrew Cuomo, Reuters reported this morning. Investigators are said to be probing relationships between mortgage companies, securities firms, credit-rating firms and others involved in the pooling, packaging and reselling of the high-risk debts.

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