Summary Report of Issues Identified in the Security and Exchange Commission Staff's Examinations of Select Credit Rating Agencies

Download or read book Summary Report of Issues Identified in the Security and Exchange Commission Staff's Examinations of Select Credit Rating Agencies written by Barry Leonard and published by DIANE Publishing. This book was released on 2009-09 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Aug. 2007, the SEC Staff initiated examinations of 3 credit rating agencies -- Fitch Ratings, Ltd., Moody¿s Investor Services, Inc., and Standard & Poor¿s Ratings Services (S&P) -- to review their role in the recent turmoil in the subprime mortgage-related securities markets. The focus of the examinations was the rating agencies¿ activities in rating subprime residential mortgage-backed securities (RMBS) and collateralized debt obligations (CDOs) linked to subprime residential mortgage-backed securities. The purpose of the examinations was to develop an understanding of the practices of the rating agencies surrounding the rating of RMBS and CDOs. This is a summary report by the SEC¿s staff of the issues identified in those examinations.