At least nine banks face investigations by the U.S. Department of Justice into their sales of mortgage-backed securities as part of an effort by the task force that reached the $13 billion pact with JPMorgan Chase, people familiar with the matter say.
The investigations, which span U.S. attorney's offices from California to Massachusetts, include the largest banks that underwrote and sold residential mortgage-backed securities. They include Bank of America, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, Royal Bank of Scotland, UBS and Wells Fargo.
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Most of the probes are looking for civil violations for allegedly misleading buyers of RMBS, not criminal sanctions. It is not clear how many, if any, will result in lawsuits or settlements.