This week the United States, California and many other states, governments and funds sued the rating company Standard and Poors. This was over ratings given to mortgage securities that collapsed. This is a major step in making mortgage securities credible and saleable. The rating companies were never held accountable for giving high ratings to mortgage backed securities that became toxic assets. Until now, they have never been held accountable for what many believe was high ratings in return for high payments from a mortgage backed securities packagers. It is the hope that stiff penalties will give investors confidence in the ratings in mortgage back securities ratings. This will be a major step in renewing confidence in the mortgage securities market, which is the way money is raised for home loans.
Owner - Rodeo Realty
This is great news for sellers and buyers!
If you are interested in buying or selling, I would like to work for you.