World Blog by humble servant Ukraine Chronicles 561.Main article: Subprime mortgage crisis Credit rating agencies (CRAs)—firms which rate debt instruments/securities according to the debtor's ability to pay lenders back—played a significant role at various stages in the American subprime mortgage crisis of 2007–2008 that led to the great recession of 2008–2009. The new, complex securities of "structured finance" used to finance subprime mortgages could not have been sold without ratings by the "Big Three" rating agencies—Moody's Investors Service, Standard & Poor's, and Fitch Ratings. A large section of the debt securities market—many money markets and pension funds—were restricted in their bylaws to holding only the safest securities—i.e. securities the rating agencies designated "triple-A".[1] The pools of debt the agencies gave their highest ratings to included over three trillion dollars of loans to homebuyers with ((((bad credit ))))and (undocumented incomes) through 2007. (Hundreds of billions of dollars' worth of these triple-A securities were downgraded to "junk" status by 2010) and the write downs and losses came to over half a trillion dollars.This led "to the collapse or disappearance" in 2008–09 of three major investment banks (Bear Stearns, Lehman Brothers, and Merrill Lynch), and the federal governments buying of $700 billion of bad debt from distressed financial institutions.[7] Contents 1 Impact on the crisis 1.1 Mortgage-related securities 1CDOs.2 Downgrades and writedowns 2 Criticism 3 Legal actions SEC actions 3 Explanations for inaccurate ratings .They had none except bribes 4.Competitive pressure to lower standards.They accepted because of payments by with the big 3 banks 5 Conflicts of interest.There explanation what conflict it was operating practice 6.Unwillingness to spend on human resources 3.4 Manipulation of ratings.The major cause of the collapse .BY being the sole agency's who were trusted and that trust was thrown in the trash base on GREED 6 Ways of "gaming".They rig the whole system by monopolistic position (Aftermath a 3/4 of a trillion 700 billion bale out by the TAX payers And 3 Major banks VANISH) .The worst double agents who cause the SUBPRIME Rescission by lying and gave JUNK companies KNOWINGLY AAA status when they knew it was JUNK and cause people to lose everything by giving no documentation loans are back again working as a TOOL OF genocide joe. Money is money .No one want the trash dollar anymore there baling now. No artificial default claims if they can pay .Moody’s warns of Russian default The rating agency views payment on dollar bonds in rubles as nonpayment

US credit rating agency Moody’s has raised a red flag over Russia’s sovereign debt, saying the nation may face its first major default on foreign bonds since the years following the Bolshevik Revolution of 1917. The warning comes days after Russia made a payment on two sovereign bonds, maturing in 2022 and 2042, in rubles rather than dollars as mandated by the terms of the securities. This was after the US blocked attempts by Russia to pay the debt in dollars held in American bank accounts. Russia “therefore may be considered [in] default under Moody’s definition if not cured by 4 May, which is the end of the grace period,” the New York-based agency said in a statement released on Thursday. READ MORE: Russia responds to CNN’s default claim “The bond contracts have no provision for repayment in any other currency other than dollars.” The firm said that while some Russian Eurobonds issued after 2018 allow payments in rubles under certain conditions, those issued before 2018, including those maturing in 2022 and 2042, do not allow it. “Moody’s view is that investors did not obtain the foreign-currency contractual promise on the payment due date,” Moody’s said. Earlier this month, the US Treasury stopped Russia from paying holders of its sovereign debt more than $600 million from reserves held in US bank accounts, saying that Moscow had to choose between draining its dollar reserves and default. Freezing nearly half of the foreign currency reserves was part of the Western sanctions imposed on Moscow over its military operation in Ukraine. The Kremlin has repeatedly dismissed the notion of default, saying the country has the funds and is willing to pay its debt. Moscow has instead described the blocking of payments as a default by the West on its financial obligations to Russia.Russia responds to CNN’s default claim The media outlet’s report is clearly false, finance ministry says Russia responds to CNN’s default claim A report by US media company CNN about an alleged Russian Eurobond default announcement is not true, the Russian Ministry of Finance said on Tuesday. CNN reported Monday, citing credit-ratings agency S&P, that Moscow has defaulted on its foreign debt because it offered bondholders payments in rubles and not in dollars. “Information posted by CNN does not correspond to the facts,” the ministry’s statement said, adding “Russia did not announce the default on its Eurobond commitments.”