Corporate Law
Ohio AG: Major Credit Agencies ‘Sold Out’ in Toxic Mortgage Mess
Posted Nov 20, 2009, 03:35 pm CST
By Martha Neil
As federal elected officials and administrators mull potential regulatory reform to rein in lenders accused of causing a mortgage meltdown nationwide, the attorney general of Ohio has stepped into the breach and filed a federal lawsuit against the three largest credit rating agencies, Reuters reports.
They created a financial crisis, contends Attorney General Richard Cordray, by looking out for their own short-term financial interest and providing false and misleading Triple A ratings on toxic mortgage debt that cost pension funds for state employees a bundle of money.
"The credit rating agencies sold out, and they sold us out," the attorney general says of Standard & Poor's, Moody's Investors Service and Fitch Ratings. "They traded in their objectivity, and… Continue reading...
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