S&P To Face Fraud Suit Over Mortgage-Backed Securities

NPR | Feb. 05, 2013 10:47 a.m. | Updated: Feb. 06, 2013 9:51 a.m.

Contributed By:

Jim Zarroli

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Federal officials plan to sue the credit ratings agency, Standard & Poor's for fraud. S&P gave top ratings to many mortgage-backed securities in the years leading up to the financial crisis in 2008. The securities turned out to be far riskier than anyone imagined. S&P said the suit is without factual or legal merit.