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S&P settles charges tied to ratings of mortgage-backed securities
S&P settles charges tied to ratings of mortgage-backed securities

Standard & Poor's agreed Wednesday to pay the U.S. government and two states more than $77 million to settle charges tied to its ratings of mortgage-backed securities. In its first enforcement action against a major credit-rating company, the Securities and Exchange Commission accused S&P of fraudulent misconduct, saying the company loosened standards to drum up business in recent years. The agreement requires S&P to pay more than $58 million to the SEC, $12 million to New York and $7 million to Massachusetts. "These settlements involve findings of intentional fraud in 2011 and 2012, well after the financial crisis," said Andrew Ceresney, director of the SEC's...

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