Moody's Cuts Debt Ratings for Subprime Loan
Morning Edition, July 11, 2007 · Credit rating firm Standard & Poor's says it expects more delinquent and defaulted home loans. Moody's lowered ratings on more than $5 billion of subprime-related debt. The moves show that ratings firms were overly optimistic about the housing market, and slow to admit they were wrong.
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