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Author Topic: S&P expects US lawsuit over its mortgage ratings  (Read 412 times)

walkstall

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S&P expects US lawsuit over its mortgage ratings
« on: February 04, 2013, 07:55:32 PM »
So when will that bring charges against the United States Congress.   :rolleyes:

snip~
WASHINGTON — The U.S. government is expected to file civil charges against Standard & Poor's Ratings Services, alleging that it improperly gave high ratings to mortgage debt that later plunged in value and helped fuel the 2008 financial crisis.

The charges would mark the first enforcement action the government has taken against a major rating agency involving the worst financial crisis since the Great Depression.

S&P said Monday that the Justice Department had informed the rating agency that it intends to file a civil lawsuit focusing on S&P's ratings of mortgage debt in 2007.

The action does not involve any criminal allegations. Critics have long complained about the government's failure to bring criminal charges against any major Wall Street players involved in the financial crisis. Criminal charges would require a higher burden of proof and carry the threat of jail time.

If S&P is eventually found to have committed civil violations, it could face fines and limits on how it does business.

S&P denies any wrongdoing and says any lawsuit would be without merit.


By MARCY GORDON and DANIEL WAGNER, AP


more @
http://xfinity.comcast.net/articles/news-general/20130205/US.Standard._.Poor_s.Lawsuit/
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A politician thinks of the next election. A statesman, of the next generation.- James Freeman Clarke

supsalemgr

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Re: S&P expects US lawsuit over its mortgage ratings
« Reply #1 on: February 05, 2013, 04:39:36 AM »
Quote from: walkstall on February 04, 2013, 07:55:32 PM
So when will that bring charges against the United States Congress.   :rolleyes:

snip~
WASHINGTON — The U.S. government is expected to file civil charges against Standard & Poor's Ratings Services, alleging that it improperly gave high ratings to mortgage debt that later plunged in value and helped fuel the 2008 financial crisis.

The charges would mark the first enforcement action the government has taken against a major rating agency involving the worst financial crisis since the Great Depression.

S&P said Monday that the Justice Department had informed the rating agency that it intends to file a civil lawsuit focusing on S&P's ratings of mortgage debt in 2007.

The action does not involve any criminal allegations. Critics have long complained about the government's failure to bring criminal charges against any major Wall Street players involved in the financial crisis. Criminal charges would require a higher burden of proof and carry the threat of jail time.

If S&P is eventually found to have committed civil violations, it could face fines and limits on how it does business.

S&P denies any wrongdoing and says any lawsuit would be without merit.


By MARCY GORDON and DANIEL WAGNER, AP


more @
http://xfinity.comcast.net/articles/news-general/20130205/US.Standard._.Poor_s.Lawsuit/


Wouldn't it be great if private citizens could sue the government for their bad decisions?
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Solar

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Re: S&P expects US lawsuit over its mortgage ratings
« Reply #2 on: February 05, 2013, 05:25:04 AM »
Quote from: supsalemgr on February 05, 2013, 04:39:36 AM
Wouldn't it be great if private citizens could sue the government for their bad decisions?
They can, it's called impeach.

Oh wait, you meant Govt's bad decisions. :laugh:
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supsalemgr

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Re: S&P expects US lawsuit over its mortgage ratings
« Reply #3 on: February 05, 2013, 05:34:03 AM »
Isn't amazing that we are governed by rules and regualtions witten by nameless bureaucrats who have no accountability?
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Solar

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Re: S&P expects US lawsuit over its mortgage ratings
« Reply #4 on: February 05, 2013, 05:48:51 AM »
Quote from: supsalemgr on February 05, 2013, 05:34:03 AM
Isn't amazing that we are governed by rules and regualtions witten by nameless bureaucrats who have no accountability?
That's what I keep trying to explain to libs, all Govt consists of is nameless bureaucrats, people just like them that don't give a damn, only see it as a job.
It's the neighbors with an agenda they should fear, the one that enters Govt with a slated goal in mind.
Libs have no historical reference from which to measure, so they don't recognize the degradation that has been taking place around them, because they are either young or are simply too busy to be bothered with reality.

Libs are split into three groups, children looking for something cool to group with (obama the rock star), second is those that never pay attention to politics till the election, then only vote based on lies and talking points in the media (picking the winning team during the super bowl syndrome), and the third group, the most sinister of all, the ones with an agenda, an agenda of killing Capitalism, they hate it, they actually think socialism can work, if only they are in charge.
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JustKari

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Re: S&P expects US lawsuit over its mortgage ratings
« Reply #5 on: February 05, 2013, 06:33:38 AM »
So the government is shifting blame again?  The government should not be taking civil action against anyone but themselves.  Might I suggest resignation?
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Vern

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no need to thank me
« Reply #6 on: February 05, 2013, 02:21:11 PM »
Quote from: JustKari on February 05, 2013, 06:33:38 AM
So the government is shifting blame again?  The government should not be taking civil action against anyone but themselves.  Might I suggest resignation?

sari kari, the gov't doesnt 'rate' mortgage bonds sold to investors.  A better whine would be:

"why arent they going after all the rating agencies because they all got it wrong. They're just picking on S&P for their downgrading of US debt"
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walkstall

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Re: no need to thank me
« Reply #7 on: February 05, 2013, 06:20:19 PM »
Quote from: Vern on February 05, 2013, 02:21:11 PM
sari kari, the gov't doesnt 'rate' mortgage bonds sold to investors.  A better whine would be:

"why arent they going after all the rating agencies because they all got it wrong. They're just picking on S&P for their downgrading of US debt"

Well you got something right.   :thumbup:
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JustKari

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Re: no need to thank me
« Reply #8 on: February 05, 2013, 06:50:50 PM »
Quote from: Vern on February 05, 2013, 02:21:11 PM
sari kari, the gov't doesnt 'rate' mortgage bonds sold to investors.  A better whine would be:

"why arent they going after all the rating agencies because they all got it wrong. They're just picking on S&P for their downgrading of US debt"

My name is not pronounced car-ee, it is care-ee.  But nice try.
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ZirusT

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Re: S&P expects US lawsuit over its mortgage ratings
« Reply #9 on: February 21, 2013, 11:38:38 PM »
Great post!The United States Department of Justice leveled civil charges towards Standard & Poor's on Feb. 7, saying it purposefully misconstrued mortgage-backed securities that later soured and led to the bursting of the housing bubble. Now, McGraw-Hill, the parent company of S&P, is fighting back, saying the DOJ case is flawed. --link removed by taxed--
« Last Edit: February 22, 2013, 02:59:59 PM by taxed »
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