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WASHINGTON - The Federal Bureau of Investigation on Tuesday said it is investigating 14 companies for possible fraud or insider trading violations in connection with loans made to risky borrowers, and investments spun off of those loans.
Agency officials did not identify the companies under investigation but said the wide-ranging probe, which began in spring 2007, involves companies across the industry, from mortgage lenders to financial firms.
The leaders of Europe's biggest economies have called on financial institutions to improve transparency in all their activities.
UK Prime Minister Gordon Brown met his French, German and Italian counterparts at Downing Street to discuss the recent global market turmoil.
The leaders also called on the IMF and other bodies to monitor risks better.
The FBI has been warning for years that mortgage fraud is a significant and growing problem. In the 2006 fiscal year, it documented 35,600 suspicious-activity reports related to mortgage fraud, up from 22,000 the year before and as few as 7,000 in 2003.
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Originally posted by Extralien
Originally posted by welivefortheson
hallelujah there doing there job!
actually treating the big boys the same as everyone else.
keep it up!!