Ratings Agencies Blasted For Ignoring Bad-Loan Data

27 Sep 2010

Testimony before the Financial Crisis Inquiry Commission criticized credit rating agencies for ignoring data that indicates many loans in mortgage-backed securities were too risky.

Testimony before the Financial Crisis Inquiry Commission criticized credit rating agencies for ignoring data that indicates many loans in mortgage-backed securities were too risky. D. Keith Johnson, former president of Clayton Holdings, told the commission that officials at Standard & Poor’s, Fitch Ratings and Moody’s Investors Service refused ...

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