SACRAMENTO, Calif. — The office of California’s Attorney General subpoenaed Bank of America on Tuesday, seeking to determine whether the bank sold and marketed mortgage-backed securities under false pretenses, the Los Angeles Times reported Thursday, citing a person familiar with the investigation.
The office’s probe centers on whether the bank and its Countrywide Financial unit sold investments backed by risky mortgages to institutional and private investors in California, the person said.
Bank of America declined to comment.
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