FBI probing subprime industry, teams with SEC

01/30/2008 | NYTimes.com

The FBI said it is investigating whether accounting fraud or other crimes were committed by mortgage lenders, loan brokers and Wall Street banks involved in extending loans to borrowers with poor credit. The agency has refused to identify the companies under investigation since the probe began last spring. The FBI is cooperating with the Securities and Exchange Commission. The SEC is investigating how subprime loans were made and packaged, and how the securities they backed were valued.

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