New York investigators also capitalized on a cooperation agreement struck by Andrew Cuomo, the previous attorney general, with Clayton Holdings, a major firm in the business of evaluating mortgages.
New York investigators also capitalized on a cooperation agreement struck by Andrew M. Cuomo, the previous attorney general, with Clayton Holdings, a major firm in the business of evaluating mortgages.
IT IS beyond argument that ratings agencies did a horrendous job evaluating mortgage-tied securities before the financial crisis hit.
During the call, MBIA executives acknowledged that the company and its competitors had made mistakes in evaluating mortgage securities they guaranteed against losses for banks and other investors.
We can be fairly sure that the ratings agencies will, to stay in business, change their approach to evaluating mortgage-backed securities.
It is not just that ratings agencies are incompetent, made wrong assumptions about the housing market and used flawed models to evaluate mortgage-backed securities.
Anyone who has tried to evaluate mortgage options knows how mind-boggling it can be to compare different types of loans.
One disagreement so far has been over the nature of Mr. Gundlach's trading infrastructure, which includes software used to evaluate mortgage-backed securities, that TCW alleges was stolen for use at DoubleLine.
NO ONE suggests that the big three credit-rating agencies, Standard & Poor's (S&P), Moody's and Fitch, did a good job evaluating mortgage-backed securities before the financial crisis.
A bank such as Chase Manhattan evaluates mortgage applicants using Fair, Isaac's credit scores.
