Volume 2014 - Number 34
September 12, 2014
Court Unseals Whistleblower Suit Against Moody’s; NY Court Dismisses FDIC Lawsuit Versus Banks
A former analyst at Moody’s Ratings has accused the credit rating agency of complicity in the financial meltdown in 2008, while a federal judge in Texas dismissed a government lawsuit against major banks involving non-agency MBS because it was filed too late. In his 2012 whistleblower lawsuit against Moody’s, Ilya Kolchinsky, a former analyst with the firm, alleged that the rating service issued inflated ratings, often “Aaa,” to most risky residential MBS and collateralized debt obligations it reviewed from 2004 to 2007. The lawsuit was brought...
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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.
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