Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Moody’s agency slapped with $864 million penalty over shoddy mortgage bond ratings

Notify me of new replies via email
Mortgage Professional America | 17 Jan 2017, 12:00 PM Agree 0
Moody’s will pay hundreds of millions to settle allegations that it habitually inflated ratings of shoddy mortgage-backed securities during the run-up to the financial crisis
  • Bill | | 17 Jan 2017, 01:33 PM Agree 0
    And they are still in business and no one is found guilty? How much did their shoddy business tactics cost the average tax payer during the financial crisis? Amazing!
  • Griff | | 17 Jan 2017, 01:45 PM Agree 0
    Wow, that took a while, and why does it matter now? Business as usual.
  • Cindy | | 17 Jan 2017, 04:27 PM Agree 0
    What is done with the money collected from the settlement? Astronomical
  • | | 17 Jan 2017, 07:46 PM Agree 0
    People doing prison time for shoplifting beer nuts from an AM/PM market but these white collar creeps commit larceny at its grandest level and no one ever wears a pair of handcuffs for even a moment.
    The corrupt regulators and law enforcement system never force the corporate crooks out of business because they know they can be shaken down for million$ more in the foreseeable future.
  • JustFacts NoSpin | | 08 Feb 2017, 01:22 PM Agree 0
    Really, the rating agencies like all the other participants in the mortgage industry were forced by politicians and their regulatory bureaucrats to make mortgages to the "under-served" in a fashion that masked over the junk status of these borrowers' mortgages. The housing market in the United States was very successful for 60 years until politicians created the new "under-served" classification (code for bad credit no money) in the mid 1990's under President Clinton. Barney Frank was the cover man in Congress. Barney Frank joined with Christopher Dodd to cover their tracks of bad behavior in certain members of the U.S. Congress. Just google Barney Frank's saying everything was ok at Fannie & Freddie even when they were tanking. Look at the U.S. Senate Bill 190 in the 109th Congress (2005-2006) that identified the forth coming housing collapse and financial market meltdown.

Post a reply