Wed Oct 31
NEW YORK (Reuters) - The New York state attorney general plans to announce a "major development" on Thursday morning in an ongoing investigation of the mortgage industry his office said on Wednesday.
Attorney General Andrew Cuomo will announce the development at a news conference. A spokesman in Cuomo's office declined to provide further details.
Cuomo said earlier this year that his office was looking into the subprime mortgage lending market.
He has subpoenaed documents from ratings firms Standard & Poor's and Fitch as part of a broader probe into the mortgage market, according to a report last month in the Wall Street Journal.
S&P is a unit of McGraw-Hill Cos Inc, while Fitch is a unit of France's Fimalac SA.
Earlier this year, mortgage loan analysis company Clayton Holdings Inc also said it had been subpoenaed by Cuomo but gave no details.
The subpoenas were served "three weeks ago and we were not the only ones," Keith Johnson, the company's president and chief operating officer, said in an interview with Reuters in July.
The company said then that it did not believe it was the target of the probe.
(Reporting by Paritosh Bansal)
source : http://news.yahoo.com/s/nm/20071031/us_nm/cuomo_mortgages_dc_1
NEW YORK (Reuters) - The New York state attorney general plans to announce a "major development" on Thursday morning in an ongoing investigation of the mortgage industry his office said on Wednesday.
Attorney General Andrew Cuomo will announce the development at a news conference. A spokesman in Cuomo's office declined to provide further details.
Cuomo said earlier this year that his office was looking into the subprime mortgage lending market.
He has subpoenaed documents from ratings firms Standard & Poor's and Fitch as part of a broader probe into the mortgage market, according to a report last month in the Wall Street Journal.
S&P is a unit of McGraw-Hill Cos Inc, while Fitch is a unit of France's Fimalac SA.
Earlier this year, mortgage loan analysis company Clayton Holdings Inc also said it had been subpoenaed by Cuomo but gave no details.
The subpoenas were served "three weeks ago and we were not the only ones," Keith Johnson, the company's president and chief operating officer, said in an interview with Reuters in July.
The company said then that it did not believe it was the target of the probe.
(Reporting by Paritosh Bansal)
source : http://news.yahoo.com/s/nm/20071031/us_nm/cuomo_mortgages_dc_1
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