The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Giordano Bruno who wrote (124436)	5/21/2008 2:39:42 PM
From: Jim McMannis	Read Replies (1) of 306849

Nothing like an inside probe to find no wrong doing... --- Moody's Begins Probe on Report Bug Caused Aaa Grades (Update2) bloomberg.com May 21 (Bloomberg) -- Moody's Investors Service said it's conducting ``a thorough review'' of whether a computer error was responsible for assigning Aaa ratings to debt securities that later fell in value. Some senior staff at Moody's were aware in early 2007 that constant proportion debt obligations, funds that used borrowed money to bet on credit-default swaps, should have been ranked four levels lower, the Financial Times said, citing internal Moody's documents. Moody's altered some assumptions to avoid having to assign lower grades after it corrected the error, the paper said.

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