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Economy
In reply to the discussion: STOCK MARKET WATCH - Tuesday, 17 January 2012 [View all]Demeter
(85,373 posts)31. U.S. Steps Up S&P Inquiry MORTGAGE FRAUD
http://online.wsj.com/article/SB10001424052970203721704577156963813900028.html?mod=dist_smartbrief
Federal prosecutors are stepping up their probe of Standard & Poor's financial crisis-era ratings of troubled mortgage securities, according to former analysts questioned by prosecutors and another person familiar with the situation.
The probe is focusing on whether the firm's managers ignored its own standards when assessing the mortgage products in an effort to cater to banking clients eager to sell the securities, according to the former S&P analysts.
At least five former S&P analysts have been contacted by Justice Department officials in recent weeks as part of a civil inquiry into the McGraw-Hill Cos. unit, these people said...
Federal prosecutors are stepping up their probe of Standard & Poor's financial crisis-era ratings of troubled mortgage securities, according to former analysts questioned by prosecutors and another person familiar with the situation.
The probe is focusing on whether the firm's managers ignored its own standards when assessing the mortgage products in an effort to cater to banking clients eager to sell the securities, according to the former S&P analysts.
At least five former S&P analysts have been contacted by Justice Department officials in recent weeks as part of a civil inquiry into the McGraw-Hill Cos. unit, these people said...
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