Feds Probe IndyMac, Expand Subprime Inquiry

According to a May 21, 2008, SEC filing, UBS AG noted its difficulties in the subprime issue: "Currently, we are responding to a number of government inquiries and investigations, and are involved in a number of litigations and disputes, related to the subprime crisis, subprime securities, and structured transactions involving subprime securities. These matters concern, among other things, our valuations, disclosures, write-downs, underwriting and contractual obligations."

UBS spokesmen did not immediately return calls seeking comment on the investigations mentioned in the SEC filing.

Countrywide has not acknowledged a federal criminal probe, but did note in a recent quarterly report filed with the SEC, "It is the Company's policy to fully cooperate with its regulators and, where appropriate, to take remedial action. Certain news reports, beginning in March 2008, indicated that numerous industry participants, including the Company, were subject to an investigation by the FBI in connection with mortgage business practices.

"The Department of Justice has stated to the Company that it cannot confirm or deny whether the FBI is conducting an investigation of it."

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