Posts tagged Standard & Poor.
On February 3, the Department of Justice and 19 State Attorneys General announced their $1.375 Billion settlement of DOJ's FIRREA suit and related State AG actions against Standard & Poor's and its parent McGraw-Hill Companies over ratings practices in CDO and RMBS securities contributing to the 2007-2008 financial crisis. The companies entered a separate $125M settlement with Calpers, California's public retirement system. S&P will pay half the $1.375 Bn to DOJ (as a FIRREA "civil monetary penalty"), and the other half among the various State AG plaintiffs ($25M to Tennessee ...
Tags: CDO Evaluator Model, civil monetary penalty, CMBS, Department of Justice, FIRREA, McGraw-Hill, McGraw-Hill Companies, RMBS, S&P, Standard & Poor, The Covered Conduct
The SEC and the Attorneys General of New York and Massachusetts this week fined Standard & Poor's almost $77 million, suspended S&P from conduit-fusion CMBS ratings work for a year and imposed other undertakings, for violations from 2010-2014. The SEC announced three settled administrative proceedings against the firm. The first settled charges that during 2010-2011 S&P changed the way it analyzed debt-service coverage ratios in a way that lessened credit-enhancement requirements in conduit-fusion commercial mortgage-backed securities (CMBS) issues. The SEC also found S&P ...
Posted in: SEC
Tags: Attorney General of Massachusetts, Attorney General of New York, CMBS, CMBS rating, MBS, RMBS, S&P, SEC, Standard & Poor