NEW YORK (CNNMoney) — A joint federal and state probe into mortgage-backed securities fraud is close to “significant action,” with a possible announcement in coming weeks or months, according to a source familiar with the probe.

Despite last week’s announcement that the Department of Justice was closing a criminal investigation into Goldman Sachs (GS, Fortune 500)’ role in the financial crisis, members of a mortgage probe convened by the president say they’re still investigating big banks that packaged and sold bad mortgages in the years leading up to the financial crisis.  Read more