Wall Street: In the SEC’s sights
Goldman Sachs, JPMorgan Chase, and Wells Fargo have been warned by the U.S. Securities and Exchange Commission that they may face civil claims tied to sales of mortgage-backed securities. Almost four years after mounting mortgage defaults threatened the survival of a host of financial institutions, regulators are still examining how banks packaged and sold home loans to investors. The banks reported the warnings in filings with the SEC and said they are cooperating with the investigations. Regulators are examining whether the banks made proper disclosures to investors when bundling bonds backed by pools of mortgages.
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