Federal Reserve Bank of NY: Ratings Agencies Rubber Stamped Mortgage Backed Securities
May 31st, 2010
“The Federal Reserve Bank of New York is out with a report which shows the credit ratings agencies did in fact rubber stamp “shitty” mortgage backed securities (MBS). This report is going to hurt firms like Moody’s (NYSE: MCO) which are already under investigation by the Securities and Exchange Commission. S&P (NYSE: MHP) and Fitch will be shaking too.”
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