grand jury

Two years into the investigation of Countrywide Financial, once the nation's mortgage leader, a grand jury late last year began hearing witness testimony. That signals an acceleration in the process, and hints that this phase of the case may now be nearing its resolution.

A bad week Bank of America (BAC) got a lot worse Wednesday after five members of the company's board of directors were subpoenaed by New York State Attorney General Andrew Cuomo as part of an investigation into the bank's acquisition of Merrill Lynch. Investigators want to know what board members...