SEC sends Wells notices, Big banks could face mortgage fraud charges

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SEC sends Wells notices, Big banks could face mortgage fraud charges

SEC sends Wells notices, Big banks could face mortgage fraud charges

Since the DOJ failed miserably with mountains of evidence of fraud throughout the loans, lets see what the SEC will do.

CBS-

The SEC appears to be on the verge of doing what the Justice Department has yet to attempt — prosecuting the biggest players responsible for the mortgage securities fiasco that trashed the U.S. economy.

The securities watchdog has sent so-called Wells notices to Goldman Sachs (GS), JPMorgan Chase (JPM), and Wells Fargo (WFC), indicating that the agency may recommend enforcement proceedings against the banking firms. The investigation seems to focus on whether the companies misrepresented the quality of securities based on subprime mortgages that they bundled and sold to investors in the years leading up to the 2008 financial crisis.

[CBS]

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