Law360 (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...
Ratings Firms To Reform In Wake Of Mortgage Mess
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