WASHINGTON – Congresswoman Maxine Waters, ranking member of the House Financial Services Committee, today released the following statement in response to the announcement by the Department of Justice that it has filed a civil suit against Standard & Poor’s Rating Services (S&P):
“I want to commend the Justice Department for taking long overdue action to hold S&P accountable for its conduct leading up to the 2008 financial crisis. For years, credit ratings agencies artificially inflated the housing market by issuing AAA ratings for securities based largely on predatory, subprime mortgages with little or no scrutiny. Due to the agencies’ high ratings for collateralized debt obligations (CDO) and other toxic assets, many banks bought risky debts that they would have normally avoided, fueling the subprime meltdown that led to the financial crisis. Given the power and influence credit ratings agencies have on the market and investor confidence, they should be held to a higher standard of accountability. And to the extent any one credit ratings agency, or its employees, knowingly engaged in fraudulent conduct, the Justice Department should prosecute those offenses to the full extent of the law.”
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House Banking Panel Clashes Over Future of FHA, American Banker
Wednesday, February 6, 2013
Maxine Waters Urges Congress To Investigate Foreclosure Settlement, Huffington Post
Tuesday, February 5, 2013
Waters Requests Hearing On Latest Mortgage Settlement, American Banker
Tuesday, February 5, 2013
Waters pressing for hearing on end of foreclosure review program, The Hill
Tuesday, February 5, 2013
Warren, Waters Seek Answers on Mortgage Servicer Settlement, American Banker
Thursday, January 31, 2013
Elizabeth Warren, Elijah Cummings, Maxine Waters Call For More Transparency On Failed Foreclosure Reviews, Huffington Post
Thursday, January 31, 2013
Hensarling, Waters Already at Odds Over TBTF, American Banker
Friday, January 25, 2013
Waters to defend Dodd-Frank from efforts to weaken the law, BankCreditNews.com
Friday, January 18, 2013
AIG Backs Off Suit Over Bailout After Public Outrage, International Business Times
Wednesday, January 9, 2013
Ranking Member Waters Commends Enforcement Actions by DOJ Encourages Further Steps
Thursday, February 07, 2013
Ranking Member Waters’ Statement on DOJ Suit Against S&P Rating Services
Tuesday, February 05, 2013
Waters Requests Hearing on Termination of Independent Foreclosure Review Process
Tuesday, February 05, 2013
Waters Requests Fed and OCC to Ensure that Settlement with Mortgage Servicers Provides Fair Compensation for Borrowers
Thursday, January 31, 2013
Maxine Waters Welcomes President’s Nomination of White to Head SEC
Thursday, January 24, 2013
Ranking Member Waters Welcomes Cordray Nomination
Thursday, January 24, 2013