Philly Fed paper on ratings agency failures in subprime market


A Philadelphia Federal Reserve paper published on Wednesday says the subprime crisis in 2007 was partly owed to failures by rating agencies that poorly assessed the risks in asset-backed securities.

Larry Cordell, Yilin Huang and Meredith Williams, the paper's authors, conduct an in-depth analysis of structured finance asset-backed securities and collateralised debt obligations to examine why these so-called subprime assets were susceptible to catastrophic losses during the global financial

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