Fitch, Moodys, Standard and Poors. Â Remember these fine companies continued to stamp “SOLID GOLD”, “AAA”, “TOTALLY SAFE” on mortgage loan trusts that were packaged together by the subprime lenders even as the entire subprime industry was hurtling toward a spectacular crash like a jetliner at full throttle heading straight into the ground. (This is your captain speaking, you may notice the ground moving toward us very fast and you can feel the G forces as we near impact with terra firma, but rest assured, everything is perfectly in control…BOOM, CRASH, SCREAM!)
Like the rest of the players in the apocalyptic sub prime crash these paragons of deceit, fraud and complicity have not only escaped all liability, they have actually thrived in the years after the crash. Â Now why are these companies able to skate away from any liability…at least here in America, the home of the White Collar criminal oligarchy?
Well they’re feeling the heat elsewhere:
As stock and bond markets across the world tumbled on fears about Italy and Spain, it emerged that police acting on orders from prosecutors had raided the Milan offices of rating agencies Moody’s and Standard & Poor’s as part of continuing investigations into their role in the recent financial turmoil.
Italian shares plunged on Thursday, with some leading firms losing more than 10% of their value. But the closing level of the benchmark FTSE MIB index was not released for reasons that remained unclear more than an hour after the close.
My mortgage payment was $1.49100 not incluind Home Insure I pay my own insurance . now Bank of america say my mortgage payment is $2,350.00 , and they will send me to Foreclosure aften I have been trying to get a loan Modification whrere I can call to get help to prevent loosing my home?
Please help
The Hawkins Family
I trying to get a loan Modification for 3 years and I was aprove and a few days later Bank of america cancell the loan Modification 2 weeks ago they ask for one payment for the amount of $ 1.491 00 and I get a lether it say that wasent the right amount of the mortgage payment now I am in proces of foreclosure I dont think is right what Bank of america are doing they need to stop doing this with people we need help we want interest reduction why they dont want to help?
The President Obama give Billons and Billons $of dollars to help people with the loan Modification but the banks only taken our homes sale it to the enployes from Bank of america is time to talk we need help now
Some one can help me to stop the foreclosure for me and my family
Thank you
The Hawkins Family
The whole Ideal of Wall Street paying one of the three rating agencies to rate exotic investment scams, that no one can comprehend, is laughable.
Who is paying S&P for the downgrade of US T Bills? Why are the rates going down, even after the downgrade? When the fear mongers warned if we did not get a deal on the budget by certain date, our credit rating would fall and the government would have to pay more to borrow, when the reverse has happened. The stock market is down 634 points at this time.
Perhaps the police should raid the ratings agencies here, and find out what happened?
And why not in the US? And why are we still listening to these people? Or Greenspan, Bernanke, or Geitner? How long would a meteorologist stay on the job if his or her weather predictions were pretty much always dead wrong?