New York Attorney General Eric Schneiderman, U.S. Attorney General Eric H. Holder, Housing and Urban Development (HUD) Secretary Shaun Donovan, and the Securities and Exchange Commission (SEC) Director of Enforcement Robert Khuzami today detailed the core mission of the new Residential Mortgage-Backed Securities Working Group announced by President Obama in the State of the Union address.

The working group has sent subpoenas to the 11 largest financial institutions in the past few days as part of its investigation into possible RMBS fraud.

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