Client Alert

Subprime Lending Meltdown Part Three: Federal and State Investigations

July 26, 2007

Kenneth M. Breen and Thomas R. Fallati

The mounting losses from subprime mortgages have caught the attention of regulators and prosecutors at the federal and state levels. In testimony before the House Financial Services Committee last month, U.S. Securities and Exchange Commission (SEC) Chairman Christopher Cox confirmed that the SECs enforcement division has formed a working group that is actively on the lookout for possible securities fraud related to the subprime market problems. Federal prosecutors and banking regulators have also opened investigations.

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