US Congress latest rating agency probe

The US House Committee on Financial Services held a hearing on the role of credit rating agencies in the structured finance market yesterday.

The hearing examined how agencies assess the credit quality of complex financial instruments, including MBS, conflicts of interest and the agencies’ role in developing new debt products.

Amongst those to address the panel was Drexel University professor Joseph Mason, who predicted subprime-related trouble in the CDO market at the start of the year.

He said

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