Cuomo: Banks May Have Misled Raters On Mortgage Securities

Cuomo: Banks May Have Misled Raters On Mortgage Securities

New York Attorney General Andrew Cuomo has opened an investigation of eight major banks, to find out whether they gave misleading data to rating agencies to pump up the ranking of mortgage-backed securities. The companies in the crosshairs are Citigroup, Goldman Sachs, Morgan Stanley, Credit Suisse, Deutsche Bank, UBS, Crédit Agricole and Merrill Lynch (aka Bank of America). [More]