Suing S&P Over The Mortgage Crisis Is Crazy

I often laugh at news stories over at The Onion, which is a news site full of satire.  The headlines and stories are presented as real, but you usually find that they’re written to bring out laughs and are not based in fact.

mb-gavel201302I thought I had to be reading a story on The Onion when I recently saw that the United States of America is planning on suing Standard & Poors for up to $5 billion dollars due to the credit ratings issued by the ratings company on mortgage backed securities prior to the housing crash.

Basically, they’re faulting S&P for giving high credit ratings, which made them seem like good investments, accusing S&P of giving these high ratings even though there was evidence that the underlying mortgages were quickly degenerating into riskier and riskier assets.

Read moreSuing S&P Over The Mortgage Crisis Is Crazy