Capital One Given Subpoenas in Mortgage-Bond Probe

Regulators have issued subpoenas and requested information from Capital One Financial Corp. and one of its subsidiaries as part of probe into alleged mortgage-bond fraud, the McLean, Va.-based bank said in a regulatory filing Thursday.

Capital One said both it and its GreenPoint Mortgage Funding Inc. business received "requests for information and/or subpoenas from various governmental regulators and law enforcement authorities" last year.

Requests include those made by a task force of federal and state law-enforcement agencies known as the Residential Mortgage-Backed Securities Working Group, which was established by President Barack Obama's administration in early 2012. The group has investigated banks including J.P. Morgan Chase & Co., Bank of America Corp. and others over alleged fraud in the creation and sale of mortgage securities.

"We are cooperating with these regulators and other authorities in responding to such requests," McLean, Va.-based Capital One said in its annual 10-K filed with the Securities and Exchange Commission.

A spokeswoman for Capital One declined to comment.

GreenPoint was a unit of North Fork Bancorporation Inc., a New York-based bank that Capital One acquired in 2006.

GreenPoint and two other subsidiaries that Capital One acquired had originated and sold about $111 billion of mortgage loans between 2005 and 2008, according to its filing. Such loans have been subject to the vast majority of the repurchase requests that Capital One has received from buyers of the loans, it said.

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