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N.Y. and Conn. investigate bundled loans

Associated Press
Published January 13, 2008


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HARTFORD, Conn.

Authorities in New York and Connecticut are investigating whether Wall Street banks hid crucial information about high-risk loans bundled into securities that were sold to investors, Connecticut's attorney general said Saturday. The investigations, first reported Saturday by the New York Times, center around "no-doc" or "exception" loans that did not even meet subprime standards, Attorney General Richard Blumenthal said. "The loans were made to people who did not have any documents to verify their income or other verification for key requirements normally applied to mortgage borrowers," he said. The loans were sold by subprime lenders to Wall Street firms that bundled them with less risky loans into securities. Blumenthal declined to say which firms were under investigation.

FORT WORTH, Texas

Man accused of revenge sodomy

A father sodomized his 18-year-old stepson to avenge the young man's alleged rape of the father's 8-year-old daughter, police said. The father, 32, turned himself in to authorities Friday and was released from jail Saturday after posting $17,500 bail. He faces a charge of aggravated sexual assault. The stepson was arrested Jan. 2 and charged with suspicion of aggravated sexual assault. Police say the father caught him assaulting his daughter. The identities of the father and the stepson are being withheld to protect the identity of the girl.

[Last modified January 13, 2008, 00:05:25]


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