SEC hits out at credit rating agencies over RMBS

The US Securities and Exchange Commission (SEC) has published a report detailing the results of its investigation into the three main credit rating agencies' practices in rating products that reference residential mortgage-backed securities (RMBSs).

The investigation into Moody's, Fitch and Standard & Poor's started in August 2007, as the crisis in subprime residential mortgages in the US became a widespread concern in the financial markets.

The report identifies significant failings in several ar

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