OT: CNBC was reporting that the SEC is also (informally) investigating their mortgage division. i can't find a PR to validate it so consider it a rumor (for now).....
E*TRADE FINANCIAL Addresses the Potential Impact of Recent Downgrades of Asset-Backed Securities 2007-11-09 22:46:03 - E RADE FINANCIAL Corporation (NASDAQ: ETFC) today filed its quarterly report on Form 10Q for the period ended September 30, 2007. The Company disclosed that consistent with a series of industry-wide rating agency downgrades of securities after the end of the third quarter, it has observed continued declines in the fair value of its $3.0 billion asset-backed securities portfolio, predominantly within ABS CDO and second-lien securities. The total exposure to ABS CDO and second-lien securities at September 30, 2007 was approximately $450 million in amortized cost, including approximately $50 million of "AAA" rated asset-backed CDOs that were downgraded http://www.pr-inside.com/e-trade-financial-addresses-the-potential-r293428.htm
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