A task force of state and federal authorities set up in 2012 to probe the mortgage-bond sales that fueled the financial crisis has "more than a dozen ongoing investigations," Michael P. Stephens, the acting inspector general for the Federal Housing Finance Agency, said.

"Investors were not given all of the facts," Stephens said today in a speech at a Mortgage Bankers Association conference in New York. Improper actions occurred "not only occasionally, but in the end, with almost every RMBS transaction we review."

Stephens leads the Office of Inspector General section of the Residential Mortgage-Backed Securities Working Group, whose other members include the Department of Justice and state attorneys general. The group coordinated a $13 billion settlement between JPMorgan Chase & Co. and the government last year, among other actions.

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