More subprime trouble

This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.

Good morning. News item: Standard & Poor’s has finally cut its ratings on a big pile of subprime mortgage-backed securities.

Inman News: ‘Following up on a July 10 warning, Standard & Poor’s Ratings Services said Thursday it had downgraded $6.39 billion in mortgage-backed securities backed by subprime loans.’

More: ‘The ratings agency said the downgrades involve 562 classes of mortgage-backed securities (MBS), including the majority of the 612 classes placed on ‘CreditWatch’ Tuesday for possible downgrade.’

Photo Credit: Reuters