Congressional Hearing With Big Three Credit Companies

Trying to get to the bottom of what led to the financial crisis... the top dogs of the big three credit rating companies are expected before a congressional hearing Wednesday.

The firms - including Standard & Poor's, Moody's Corporation and Fitch ratings, reaped millions in profits while helping sell trillions in dubious mortgage-related investments. The executives will likely face questions about how their firms pulled in record profits while assigning undeservedly high ratings to mortgage-backed securities holding questionable sub-prime loans.

When mortgage-holders began defaulting at record rates, the value or worth of the investments plummeted, sparking the global economic collapse.

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  • by Steve Location: Kinston on Oct 22, 2008 at 08:11 PM
    The leaders of Congress should subpoena themsleves. THEY are the ones who made this debacle possible. The American dream for everyone, no matter what their financial or moral situation was. A house for everyone as soon as they wanted it. Give me, Give me. The rest is history.

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