SEC Subpoenas Wall Street Banks in Mortgage-Bond Probe

U.S. regulators subpoenaed JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Goldman Sachs Group Inc. and Wells Fargo & Co., seeking information on the banks’ role in bundling mortgages for sale to investors, a person familiar with the matter said.

The Securities and Exchange Commission subpoenas asked the banks for details on how mortgages were selected and bundled into securities, said the person, who declined to be identified because the probe isn’t public. Reuters reported the SEC probe earlier today, saying the subpoenas were sent last week.