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Loan Reviewer Aiding Inquiry into Big Banks - Cuomo & Clayton Holdings

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Dee Dee

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Jan 16, 2002
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Certified Residential Appraiser
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Colorado
http://www.nytimes.com/2008/01/27/business/27subprime.html?_r=2&oref=slogin&oref=slogin

A company that analyzed the quality of thousands of home loans for investment banks has agreed to provide evidence to New York state prosecutors that the banks had detailed information about the risks posed by ill-fated subprime mortgages.

Investigators are looking at whether that information, which could have prevented the collapse of securities backed by those loans, was deliberately withheld from investors.

Clayton Holdings, a company based in Connecticut that vetted home loans for many investment banks, has agreed to provide important documents and the testimony of its officials to the New York attorney general, Andrew M. Cuomo, in exchange for immunity from civil and criminal prosecution in the state.

Bold is mine.
 

Mike Kennedy

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Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
The firm noted that many of the problems would have been easy to identify by looking at loan applications, appraisals and credit reports — but it appears that such review was either never done or ignored.


"Don't ask, Don't tell, JUST GIMME THE DAMN NUMBER$$$$"
 
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