SEC hits out at credit rating agencies over RMBS

Two ratings agencies issued ratings on products even though outstanding issues were raised

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

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