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May 17, 2011

New York Investigates Major Banks Over Mortgage Security Operations 
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The State of New York has launched an investigation of Bank of America,
Goldman Sachs and Morgan Stanley over the mortgage security operations
at the three banks. New York Attorney General Eric Schneiderman is
reportedly examining how the banks profited by bundling thousands of
risky home loans into securities that were then sold to investors such
as pension funds, mutual funds and insurance companies.



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