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Ahead of the Bell: NY Mortgage Probe

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steviee   Thursday, 11/01/07 09:11:24 AM
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Ahead of the Bell: NY Mortgage Probe
Thursday November 1, 9:04 am ET
New York Attorney General to Make Announcement Regarding Mortgage Industry Probe

NEW YORK (AP) -- New York State Attorney General Andrew Cuomo is scheduled to unveil what his office called "a major development in his ongoing investigation of the mortgage industry" at 11 a.m. EDT Thursday.

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Cuomo is one of several state attorneys general who, along with the Securities and Exchange Commission, is investigating how the industry handled mortgages for people with risky credit, leading up to the collapse of the subprime mortgage market.

The investigations are looking into complaints of unscrupulous lending practices. Numerous mortgage companies, including several based in New York, have lost much of their value, and in some cases declared bankruptcy, as the crisis has unfolded.

The probes also involve queries into what role credit-rating agencies played in the repackaging of subprime loans into various investment vehicles. Some such instruments left major banks and Wall Street firms carrying deeply distressed debt as the value of the underlying loans deteriorated.




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