Due diligence provider will tell all in N.Y. probe

Clayton says substandard loans sold to investors

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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.