Ratings Firms To Reform In Wake Of Mortgage Mess

Law360, New York (June 3, 2008, 12:00 AM EDT) -- The major ratings agencies are reportedly set to institute sweeping reforms to their fee-collection system as part of their efforts to appease New York's attorney general, who has vowed to probe the firms' role in the mortgage meltdown.

The bond-rating firms, under scrutiny for failing to predict the subprime market crash, could announce the changes as part of a settlement with Andrew Cuomo as early as next week, the Wall Street Journal reported Tuesday.

Citing sources familiar with the matter, the Journal said an agreement was...
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