The office of California's Attorney General on Tuesday subpoenaed Bank of America Corp., seeking to determine whether the bank sold and marketed mortgage-backed securities under false pretenses, the Los Angeles Times reported Thursday on its website, citing a person familiar with the investigation.
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The office's probe centers on whether the bank and its Countrywide Financial unit sold investments backed by risky mortgages to institutional and private investors in California, the person said.
Bank of America declined comment.
