US sues S&P over pre-crisis mortgage ratings

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US sues S&P over pre-crisis mortgage ratings

US sues S&P over pre-crisis mortgage ratings

AND why they will not go after Moody’s could be a reason in this memo:

MEMORANDUM

TO: File No. S7-12-03
FROM: Mandy Sturmfelz
DATE: October 20, 2003
RE: Concept Release No. 33-8236: Rating Agencies and the Use of Credit Ratings under the Federal Securities Laws

On September 11, 2003, Robert L.D. Colby, Michael A. Macchiaroli, Thomas K. McGowan, Mark M. Attar, and Mandy Sturmfelz of the SEC’s Division of Market Regulation met with John Rutherfurd, Jr., President and CEO of Moody’s Corporation, and Raymond W. McDaniel, President of Moody’s Investors Service Inc. (“Moody’s”), to discuss Moody’s comment letter on the above-referenced concept release. David B.H. Martin and Lanny A. Breuer of Covington & Burling, counsel to Moody’s, also attended the meeting.

~~~

US News-

By CHRISTINA REXRODE and DANIEL WAGNER, Associated Press

WASHINGTON (AP) — The U.S. government accused Standard & Poor’s of inflating ratings on mortgage investments to boost its bottom line, taking aim at a key player in the run-up to the financial crisis.

In charges filed late Monday in Los Angeles federal court, the Justice Department said S&P gave high marks to mortgage-backed securities that later went sour, even though it knew they were risky. The government said S&P misrepresented the risks because it wanted more business from the banks.

[US NEWS & WORLD REPORT]

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