| Breaking News Alert The New York Times Mon, May 16, 2011 -- 11:02 PM ET New York State Investigates Banks' Role in Fiscal Crisis Eric T. Schneiderman, the New York attorney general, has requested information and documents in recent weeks from three major Wall Street banks about their mortgage securities operations during the credit boom, indicating the existence of a new investigation into practices that contributed to billions in mortgage losses. Officials in Mr. Schneiderman's office have also requested meetings with representatives from Bank of America, Goldman Sachs and Morgan Stanley, according to people briefed on the matter who were not authorized to speak publicly. The inquiry appears to be quite broad, with the attorney general's requests for information covering many aspects of the banks' loan pooling operations. They bundled thousands of home loans into securities that were then sold to investors such as pension funds, mutual funds and insurance companies. Read More: NYTimes.com 620 Eighth Ave. New York, NY 10018 Copyright 2011 The New York Times Company | ||
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