Federal and state law enforcement officials announced Friday they have launched a fraud-fighting unit, starting with 55 prosecutors and investigators, to root out wrongdoing in the market for residential mortgage-backed securities.
Attorney General Eric Holder told a news conference the team will benefit from existing probes and disclosed that investigators have issued civil subpoenas to 11 financial institutions in recent days, with the prospect that “more will follow.” He said bringing full enforcement resources to bear will help expose abuses and hold violators accountable.
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