Ranking Dem. Announces Bank Probe, Denies Reports

Law360, New York (October 23, 2009, 6:43 PM EDT) -- Days after reportedly locking Republicans out of committee meetings to avoid being forced to subpoena lending records from Countrywide Financial, U.S. House of Representatives Oversight Committee chairman Ed Towns, D-N.Y., announced that the committee will issue a subpoena after all.

It will come as part of a broad investigation into the lending practices of several big-name mortgage lenders, including Wells Fargo & Co., Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc., GMAC-RFC and U.S. Bank Home Mortgage, according to a statement from Towns Friday....
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