U.S. should get mortgage firm data for probe, judge says

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U.S. v. Clayton Holdings LLC | U.S. should get mortgage firm data for probe, judge says

U.S. v. Clayton Holdings LLC | U.S. should get mortgage firm data for probe, judge says

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Reuters-

A federal judge on Monday recommended that a large firm that reviewed mortgages for Wall Street banks turn over e-mails and other data that may help the government decide which banks to sue for packaging shoddy mortgages into securities that fueled the financial crisis.

U.S. Magistrate Judge Donna Martinez in Hartford, Connecticut, said Clayton Holdings LLC should turn over due diligence reviews it prepared for its clients from 2005 through 2007, e-mails between employees and clients during that time, and a database that was used in providing services.

Investigators had subpoenaed the materials on July 1 on behalf of the Residential Mortgage-Backed Securities Working Group, which includes the U.S. Department of Justice and other federal and state regulators.

[REUTERS]

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