SEC Slaps Standard and Poor

Discussion in 'Private & Conventional Lending Discussion' started by My401K, Jan 25, 2015.

  1. My401K

    My401K Well-Known Member

    Dec 2014
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    Standard and Poor the credit rating agency has been fined $77 million and has a year long ban preventing it from rating certain types of mortgage products.
    It really is about time that some sort of move was done to keep these credit rating companies in better check. A big part of the whole melt down in 2008 had to do with ratings that came from not only S&P but Moody's too. All so that their companies could increase market shares. I can think of a few more places I would love to have on the credit reform list. Why stop at S&P a company that is probably one of the worst business spammer ever.

    Do you think this will help or is it a case of to little to late yet again?
  2. JR Ewing

    JR Ewing Super Moderator Staff Member

    Feb 2014
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  3. troutski

    troutski Guest

    Jul 2014
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    I don't know whether this will help the situation or not, but I approve of any credit rating agency getting slapped with fines or bans or other penalties. On a somewhat related note, Russia just had its credit rating decreased, right? I don't remember which agency made the downgrade, but they put it at junk status. No surprises here, considering what's going on in the world with Russia.

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