Banks (BAC) (GS) (C) (JPM) (MS) (WFC) Trading Mixed

Shares of Bank of America (NYSE:BAC), Citigroup Inc. (NYSE:C), JP Morgan (NYSE:JPM), Morgan Stanley (NYSE:MS), Wells Fargo (NYSE:WFC) and U.S. Bancorp (NYSE:USB) were all trading mixed at about 11:00 AM EDT, even though it appears more political and litigation fallout may be ahead of them.

The only giant bank trading down at this time is Goldman Sachs Group Inc. (NYSE:GS) (although others have now joined it).

What this is about is New York Attorney General Eric Schneiderman is putting together meetings with the major banks in order to revisit the seemingly endless look into how mortgage loans were packaged into securities.

It appears he may bypass federal securities laws and instead invoke the 1921 Marting Act, which would give prosecutors an advantage against the laws, which are much harder to prove intent.

As I complete this article banks are starting to reverse and are beginning to trade down as noon approaches.

Bank of America was trading at $11.84, falling $0.02, or 0.21 percent, as of 11:08 AM EDT.