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US Sues S&P Over Pre-Crisis Mortgage Ratings

The U.S. government says Standard & Poor’s, a credit rating agency, knowingly inflated its ratings on risky mortgage investments that helped trigger the 2008 financial crisis. They gave high marks to mortgage-backed securities because it wanted to earn more business from the banks that issued the investments.

The case is the government’s first major action against one of the credit rating agencies that stamped their approval on Wall Street’s soon-to-implode mortgage bundles. The Justice Department, which has long been criticized for failing to act aggressively against the companies that contributed to the crisis, marked a milestone.  To read more of this story…

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February 11, 2013 - Posted by | Uncategorized | , , ,

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