Kathleen Howley of Bloomboog reports that as storm clouds gathered over New York on July 10, Standard & Poor’s started a 10 a.m. conference call to discuss why the credit rating company was about to take its most dramatic action in more than two years.S&P analysts said they might cut ratings on $12 billion of the world’s worst-performing subprime mortgage bonds, some of them less than a year after they had been given investment-grade designations. Not since 2005, when it downgraded Ford Motor Co. and General Motors Corp., had S&P generated so much attention.

To read full article click here.

If you or someone you know lost money in a subprime mortgage or CDO investment, please contact the attorneys at The Frankowski Firm at 888-741-7503 to discuss your potential legal remedies.