S&P to pay $1.37 bn in mortgage bond cases: sources


S&P to pay $1.37 bn in mortgage bond cases: sources

Standard & Poor's is expected to agree within days to pay $1.37 billion to settle lawsuits over its rosy grading of mortgage bonds in the financial crisis, sources told AFP Wednesday. Investors lost billions of dollars on the securities when the housing market crashed and showed that large numbers of the mortgages were highly risky "sub-prime" deals that quickly fell into default.

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