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Thread: U.S. Inquiry Eyes S.&P. Ratings of Mortgages

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    U.S. Inquiry Eyes S.&P. Ratings of Mortgages

    I would love to see the Justice Dept. bring justice to these fraudsters who were responsible for crashing the economy.

    The Justice Department is investigating whether the nation’s largest credit ratings agency, Standard & Poor’s, improperly rated dozens of mortgage securities in the years leading up to the financial crisis, according to two people interviewed by the government and another briefed on such interviews.

    The investigation began before Standard & Poor’s cut the United States’ AAA credit rating this month, but it is likely to add fuel to the political firestorm that has surrounded that action. Lawmakers and some administration officials have since questioned the agency’s secretive process, its credibility and the competence of its analysts, claiming to have found an error in its debt calculations.

    In the mortgage inquiry, the Justice Department has been asking about instances in which the company’s analysts wanted to award lower ratings on mortgage bonds but may have been overruled by other S.& P. business managers, according to the people with knowledge of the interviews. If the government finds enough evidence to support such a case, which is likely to be a civil case, it could undercut S.& P.’s longstanding claim that its analysts act independently from business concerns.

    <snip>


    http://www.nytimes.com/2011/08/18/bu...er=rss&emc=rss


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    Re: U.S. Inquiry Eyes S.&P. Ratings of Mortgages

    They just lowered their debt rating and now this is happening? Lol! These guys couldn't be more predictable.

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    Re: U.S. Inquiry Eyes S.&P. Ratings of Mortgages

    This is going to be another Obama train wreck if he pursues this action. It is obvious retribution and only sullies the credibility of the United States.

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    Re: U.S. Inquiry Eyes S.&P. Ratings of Mortgages

    Other then the fact that this has been stated over and over again before this action


    S&P most likely did commit fraud in rating the agencies, the timing of this action is horrible and should have been done long before now
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    Re: U.S. Inquiry Eyes S.&P. Ratings of Mortgages

    This should have been done two years ago. S&P isn't the only one. Unfortunately it now only looks like sour grapes.

    All the same I would hope the truth comes out but I'll be that this is as far as it goes.

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    Re: U.S. Inquiry Eyes S.&P. Ratings of Mortgages

    S&P most likely did commit fraud in rating the agencies, the timing of this action is horrible and should have been done long before now
    So did numerous other ratings agencies and financial institutions. The DoJ isn't going to go over them all because not only will they not be able to prosecute them successfully (partly because they're all buddy-buddy with them), but it would also reveal how messed up the DoJ and SEC are.
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    Re: U.S. Inquiry Eyes S.&P. Ratings of Mortgages

    Quote Originally Posted by Khayembii Communique View Post
    So did numerous other ratings agencies and financial institutions. The DoJ isn't going to go over them all because not only will they not be able to prosecute them successfully (partly because they're all buddy-buddy with them), but it would also reveal how messed up the DoJ and SEC are.
    Quite true and the other agencies should see similar actions
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    Re: U.S. Inquiry Eyes S.&P. Ratings of Mortgages

    Cmon people, RTFA . There are 3 separate investigations into S&P. The justice department was already investigating S&Pbefore getting the downgrade. The SEC had also been investigating all 3 major rating agencies. Congress is investigating the S&P specifically for misconduct in dropping the AAA rating.

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    Re: U.S. Inquiry Eyes S.&P. Ratings of Mortgages

    Quote Originally Posted by pbrauer View Post
    I would love to see the Justice Dept. bring justice to these fraudsters who were responsible for crashing the economy.


    http://www.nytimes.com/2011/08/18/bu...er=rss&emc=rss
    I don't think they were the sole reason, I believe that they were symptoms of the problem at large.
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    Re: U.S. Inquiry Eyes S.&P. Ratings of Mortgages

    I have to admit I have wondered if the S&P made this move to downgrade to AA+ for strictly got some political reason knowing they has a $2 trillion math error.

    You have to ask yourself if it was not done to hurt Obama because he called Wall Street arrogant and greedy.

    It dose seem to be payback to me, making it hard to understand id that if it is payback did S&P not think about the affect this downgrade was going to have on the whole economy?

    S&P had assets worth $2.61 billion dollars in 2009 and think they are paid by Wall Street firms to rate them you would think they would the last one to do anything that would hurt the A&P 500.

    I'm baffled.

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