Posted To: MND NewsWireThe U.S. Department of Justice (DOJ) filed suit yesterday against Standard & Poors and its parent McGraw-Hill Companies over alleged illegal behavior by its ratings division. While the filing has apparently taken place there are no details yet available from DOJ. Most news reports are based on a press release from S&P Ratings on Monday afternoon which said it was anticipating the suit. Both S&P and McGraw Hill stocks dropped precipitously on the news. The suit apparently seeks civil money penalties from both S&P and McGraw Hill for bond ratings issued by S&P during the period leading up to the financial collapse of the mortgage industry. According to the New York Times, the suit was filed after talks between the companies and government broke down over a $1 billion settlement...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
http://www.mortgagenewsdaily.com/02052013_mortgage_fraud_bond_ratings.asp @
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