The AP reports:
Rep. Barney Frank, chairman of the House Financial Services Committee, will hold a Sept. 5 inquiry on credit ratings agencies like Standard & Poor's Corp., Moody's Investors Service Inc. and Fitch Ratings. Such rating agencies have been criticized for not properly evaluating the risks of bonds backed by mortgages given to borrowers with weak credit.Let the blame game begin!! No word yet on whether Barney Frank is going to hold hearings on whether Fannie Mae should have been encouraging homeownership with 5% downpayments or 40 year mortgages.Barney Frank(Democrat-Fannie Mae).
