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S&P's Response To The DOJ Complaint

The U.S. Dept. of Justice and some states have filed meritless civil lawsuits against S&P challenging some of our 2007 CDO ratings and the underlying RMBS models. Their allegations are simply untrue. Our ratings were issued in good faith.

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S&P WILL VIGOROUSLY DEFEND ITSELF AGAINST SUCH MERITLESS
LITIGATION.

The DOJ’s complaint makes numerous allegations that are entirely without merit. They are internally contradictory -- with emails cited that had no effect on the CDOs at issue -- and logically flawed (see “The DOJ Complaint Re S&P: The Facts” below).

The "In The Media" section includes third-party video and print media coverage of the case. The section labeled "S&P On Housing '06/'07" contains S&P reports published during 2006-2007 on the U.S. housing market and on U.S. residential mortgage-backed securities (RMBS), showing the good-faith work of S&P’s professionals. The fact is that S&P's ratings were based on the same subprime mortgage data available to the rest of the market – including U.S. Government officials who in 2007 publicly stated that problems in the subprime market appeared to be contained.

 

ARTICLES

IN THE MEDIA

S&P ON HOUSING '06-7

Standard & Poor's Says DOJ Lawsuit Is Unjustified And Without Legal Merit
S&P’s Doug Peterson and McGraw-Hill’s Ken Vittor on DoJ Complaint
The DOJ Complaint Re Standard & Poor’s: The Facts
Standard & Poor's Says Civil Lawsuit Threatened By DOJ Is Without Legal Merit And Unjustified
For more information, see Changes At S&P Since 2007.
Reuters: S&P Paper Trail May Lead Nowhere In Government Case
The Banker: Don't take revenge on the raters for sovereign downgrades
S&P Attorney Abrams to Moneynews: ‘There Was No Fraud’
Star Tribune: S&P Acted In Good Faith On Housing
Euro Pacific Capital: Messing with the Bull
Columbus Dispatch Editorial: Lawsuit Looks Like Payback
USA Today Op-Ed: Standard & Poor's: We Employ Rigorous Policies
The Washington Post, Robert Samuelson Column: The Vendetta Against S&P
The National: More Blame For The Financial Mess Will Not Tidy The Decks
WSJ Column : S&P and the Lehman Tsunami
Bloomberg: S&P Seen Able To Explain Fraud Suit
Bloomberg Video Interview: Meredith Whitney Says S&P Fraud Hard to Believe And Prove
Bloomberg Jonathan Weil Column
CNBC Video Interview: Former FDIC Head Sheila Bair
CNBC Video Interview: S&P Lawyer Floyd Abrams
CNBC John Carney: A Flaw In The Heart Of The Justice Department's Case Against S&P
NYT Blogs: Justice Department Faces Uphill Battle
WSJ Op-Ed: Payback for a Downgrade?
WSJ Video Interview: American Action Forum’s Douglas Holtz-Eakin
The Economist: Free Speech Or Knowing Misrepresentation?
McClatchy: Is U.S. Suit Against Rating Agency S&P Actually Retaliation?
A Comparison Of 2000 And 2006 Subprime RMBS Vintages Sheds Light On Expected Performance
Structured Finance Global Ratings Roundup Quarterly: Second-Quarter 2006 Performance Trends
The Heat Is On For Subprime Mortgages
2007 Global Credit Strategy: Asset Class Outlook
Ratings Roundup: Third-Quarter 2006 Global Structured Finance Performance Trends
Fourth-Quarter 2006 Global Structured Finance Performance Trends
Transition Study: U.S. RMBS Upgrades Are Down And Downgrades Are Up In 2006
Performance Of U.S. RMBS Alt-A Loans Continues To Deteriorate
U.S. RMBS Market Still Robust, But Risks Are Increasing And Growth Drivers Are Softening
A More Stressful Test Of A Housing Market Decline On U.S. RMBS
Subprime Lending: Measuring The Impact
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