S&P Downgrade – where was S&P 4 years ago?

By TOM RAUM Associated Press The S&P downgrade was more of a statement on the toxic political landscape in Washington than a comment on the nation’s ability to pay its bills. But S&P has its own checkered history. Just a few years ago, the company gave its top triple-A rating to some of the mortgage-backed …

China Owns the United States so China Comdemns US

China roundly condemned the United States for its “debt addiction” and “short sighted” political wrangling and said the world needed a new stable global reserve currency. “China, the largest creditor of the world’s sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China’s …

Moody’s Downgrades $42.2 Billion of Subprime RMBS

This week Moodys Investment Service downgraded its ratings on a total of $42.2 billion of residential mortgage-backed securities (RMBS) made up of subprime home loans. The agency said the downgrades are a result of “continued performance deterioration in subprime pools,” which is likely to worsen further as still-falling home prices and high unemployment trigger more …