SEC subpoenas JPMorgan over failed mortgages-report

Fri May 6, 2011 6:17am EDT

May 6 (Reuters) - JPMorgan Chase & Co (JPM.N) has received a subpoena from the U.S. Securities and Exchange Commission over failed mortgages, Bloomberg said, citing a person familiar with the investigation.

The SEC is probing banks including Credit Suisse Group AG (CSGN.VX) for allegedly failing to share refunds from sellers of faulty debt, Bloomberg said.

JPMorgan and SEC declined to comment to Bloomberg. Reuters could not immediately reach either of the parties.

The SEC subpoenaed Credit Suisse this week for documents on securitized home loans, according to court documents filed on Thursday by bond insurer MBIA Inc (MBI.N) in a lawsuit against the Swiss bank [ID:nN05244262]. (Reporting by Sakthi Prasad in Bangalore; Editing by Lisa Von Ahn)

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