BOSTON (MarketWatch) -- The U.S. attorney in Brooklyn has started a criminal investigation into a pair of hedge funds run by Bear Stearns Cos. that had positions in mortgage-backed securities and subsequently collapsed last summer, The Wall Street Journal reported.

Federal prosecutors have made a request for information related to the hedge funds, but the probe is in the early stages and has not resulted in any subpoenas, according to a report on the Journal's Web site. The report cited people familiar with the matter.