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http://www.nytimes.com/2011/08/18/bu...s.html?_r=1&hp

U.S. Inquiry Eyes S.&P. Ratings of Mortgages

The Justice Department is investigating whether the nation’s largest credit ratings agency, Standard & Poor’s, improperly rated dozens of mortgage securities in the years leading up to the financial crisis, according to two people interviewed by the government and another briefed on such interviews.

The investigation began before Standard & Poor’s cut the United States’ AAA credit rating this month, but it is likely to add fuel to the political firestorm that has surrounded that action. Lawmakers and some administration officials have since questioned the agency’s secretive process, its credibility and the competence of its analysts, claiming to have found an error in its debt calculations.

In the mortgage inquiry, the Justice Department has been asking about instances in which the company’s analysts wanted to award lower ratings on mortgage bonds but may have been overruled by other S.& P. business managers, according to the people with knowledge of the interviews. If the government finds enough evidence to support such a case, which is likely to be a civil case, it could undercut S.& P.’s longstanding claim that its analysts act independently from business concerns.

It is unclear if the Justice Department investigation involves the other two ratings agencies, Moody’s and Fitch, or only S.& P.

During the boom years, S.& P. and other ratings agencies reaped record profits as they bestowed their highest ratings on bundles of troubled mortgage loans, which made the mortgages appear less risky and thus more valuable. They failed to anticipate the deterioration that would come in the housing market and devastate the financial system.

Since the crisis, the agencies’ business practices and models have been criticized from many corners, including in Congressional hearings and reports that have raised questions about whether independent analysis was corrupted by the drive for profits.

The Securities and Exchange Commission has also been investigating possible wrongdoing at S.& P., according to a person interviewed on that matter, and may be looking at the other two major agencies, Moody’s and Fitch Ratings.

Ed Sweeney, a spokesman for S.& P., said in an e-mail: “S.& P. has received several requests from different government agencies over the last few years. We continue to cooperate with these requests. We do not prevent such agencies from speaking with current or former employees.” S.& P. is a unit of the McGraw-Hill Companies, which is under pressure from some investors and has been considering whether to spin off businesses or make other strategic changes this summer.

The people with knowledge of the investigation said it had picked up steam early this summer, well before the debt rating issue reached a high pitch in Washington. Now members of Congress are investigating why S.& P. removed the nation’s AAA rating, which is highly important to financial markets.

Representatives of the Justice Department and the S.E.C. declined to comment, as is customary for those departments, on whether they are investigating the ratings agencies.

Even though the Justice Department has the power to bring criminal charges, witnesses who have been interviewed have been told by investigators that they are pursuing a civil case.

The government has brought relatively few cases against large financial concerns for their roles in the housing blowup, and it has closed investigations into Washington Mutual and Countrywide, among others, without taking action.

The cases that have been brought are mainly civil matters. In the spring, the Justice Department filed a civil suit against Deutsche Bank and one of its units, which the government said had misrepresented the quality of mortgage loans to obtain government insurance on them. Another common thread — in that case and several others — is that no bank executives were named.

Despite the public scrutiny and outcry over the ratings agencies’ failures in the financial crisis, many investors still rely heavily on ratings from the three main agencies for their purchases of sovereign and corporate debt, as well as other complex financial products.

Companies and some countries — but not the United States — pay the agencies to receive a rating, the financial market’s version of a seal of approval. For decades, the government issued rules that banks, mutual funds and others could rely on a AAA stamp for investing decisions — which bolstered the agencies’ power.

A successful case or settlement against a giant like S.& P. could accelerate the shift away from the traditional ratings system. The financial reform overhaul known as Dodd-Frank sought to decrease the emphasis on ratings in the way banks and mutual funds invest their assets. But bank regulators have been slow to spell out how that would work. A government case that showed problems beyond ineptitude might spur greater reforms, financial historians said.



EEUU investiga un presunto fraude de S&P en la valoracin de garantas hipotecarias | Economa | elmundo.es

EEUU investiga un presunto fraude de S&P en la valoración de garantías hipotecarias

Standard&Poor está en el punto de mira de Estados Unidos y no sólo por la histórica rebaja de nota de la deuda estadounidense, que descendió de la triple 'A' a AA+. Antes de que la agencia de calificación tomara esta decisión, el Departamento de Justicia de la Administración Obama comenzó una investigación de la que se extrae que S&P podría haber cometido fraude a la hora de calificar las garantías que sustentaron sus ofertas de créditos hipotecarios, según recoge 'The New York Times'.

Hasta el momento, se desconoce si otras agencias de calificación como Moody's o Fitch también están siendo objeto de investigación. No obstante, de confirmarse los indicios de las autoridades judiciales, la independencia de la que siempre han hecho gala este tipo de agencias, entre ellas S&P, quedaría en evidencia.

No es la primera vez que Estados Unidos se plantea una investigación como la que está llevando a cabo. A mediados del mes de junio, fue la Comisión de Bolsa y Valores de Estados Unidos (SEC, por sus siglas en inglés) la que estudió presentar cargos civiles por fraude contra algunas agencias de calificación por su papel en la crisis.

Estas agencias han sido fuertemente criticadas en los últimos años acusadas de valorar títulos hipotecarios 'basura' con más calidad de la que correspondía.

Las acusaciones sobre su actividad se centran en que proporcionaron información incompleta o fuera de fecha al regulador sobre los fondos o en que ignoraron signos claros de problemas en las hipotecas 'subprime', por lo que les otorgaron 'ratings' demasiado elevados.

Hasta el momento, la única manifestación por parte de S&P ha venido de uno de sus portavoces, Ed Sweeney, que ha confirmado en un correo electrónico a 'The New York Times' haber recibido "numerosas peticiones por parte de diferentes gobiernos en los últimos años" y ha asegurado que la agencia siempre ha tratado de "cooperar con esas peticiones".

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Teatro para el pueblo.

Si denunciaran a un directivo de S&P por sodomizar al botones de un Hilton, tal vez me lo creería, pero esto sólo es el juego del poli bueno y el poli malo.

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Ningún bobierno se atreve a morder la mano de las filiales de sus amos.

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