S&P to speed mortgage warnings - 2007-02-16
In another sign of growing worries about mortgages made to high-risk borrowers, Standard & Poor's said it would no longer wait for homes to be foreclosed on and sold at a loss before informing investors in mortgage-backed bonds that it expects to decrease ratings on the bonds. The ratings company now will consider issuing downgrade warnings based on the amount of loans that are delinquent, in foreclosure proceedings or already backed by seized property.
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