- 29 Aug 2014 at 12:13 PM
You can do the work yourself, what with all of the new information banks will have to disclose about all of the garbage they’re hiding in them. Or you can trust that the ratings agencies will live up to the spirit of the new rule directing them to do what they say they do, rather than what’s good for them.
The SEC voted unanimously to require banks and other firms to provide investors with more details about mortgages and other loans pooled into bonds known as asset-backed securities….
The SEC also approved by a 3-2 vote sweeping restrictions on such firms as Moody’s Investors Service and Standard & Poor’s Ratings Services. The firms have been criticized for failing to adequately sound alarms about flawed mortgage securities ahead of the crisis, and they will now be required to adopt procedures to ensure their interest in winning business doesn’t affect ratings analysis.
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- Bess Levin
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