SEC Probing Street's Subprime Valuations?

The Securities and Exchange Commission is said to be looking into the accuracy of Wall Street firms' subprime mortgage-related valuations, according to the Wall Street Journal, but the commission itself -- while acknowledging that it "generally looks at things like that on a regular basis" -- is neither confirming nor denying the report.The commission, for example, recently settled entered into a settlement with First Bancorp, Puerto Rico, involving charges that the bank holding company had "concealed the true nature" of "transactions involving 'nonconforming' mortgages," a category which it said "can constitute 'subprime mortgages'." The SEC can be found on the Web at http://www.sec.gov.