The nation's largest provider of due diligence reviews of mortgage loans packaged up for sale to Wall Street investors has agreed to cooperate with New York Attorney General Andrew Cuomo's sweeping investigation of industry practices. The agreement, first reported by the New York Times and confirmed by company officials, gives Clayton Holdings Inc. immunity from prosecution in New York. The Connecticut-based company had previously disclosed to investors in a Nov. 9 regulatory filing that it was "cooperating fully" with a June 22 subpoena from Cuomo's office. Cuomo's office is investigating whether investment banks and other companies that sold securities backed by mortgage loans failed to disclose to investors and rating agencies warnings from due diligence firms like Clayton that some loans did not meet minimum underwriting standards. In a statement, Clayton Chief Executive Officer Frank Filipps said the company has provided Cuomo's office with due diligence reports on...
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