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Detailed text transcripts for TV channel - CNN - 20100430:10:23:00

Having models that did not recognize the objective risk conditions in the field. reporter: giselle james fell into foreclosure just like millions of other of home buyers who could not afford their mortgages. it turns out that, no, this wasn t so safe. the rating firms had been way over-optimistic. reporter: based on aaa ratings, ohio s pension funds bought 263 of the mortgage securities. when the housing bubble popped, the investments plummeted. s&p 500 and moody s and fitch cut their readings from super safe to junk. but it was too late. ohio s pension plans lost $456 million. our investors and retirees were victims of what the rating industries did here. it s up setting. many of them know the systems have been hurt. they worry about getting their ....

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Detailed text transcripts for TV channel - CNN - 20100430:17:54:00

Other wall street firms then sold to investors. that s where the credit rating agencies come in. there are three players. standard and poors and moody s and fitch. it s their job to rate the credit rating, it s the likelihood that james and other home buyers can make their monthly payments which are supposed to flow to the investors. the rating agencies said homeowners like james were likely to pay their mortgages, very likely, so they gave the mortgage securities their top marks, an effort, critics say, to generate more lucrative deals from wall street. the rating agencies if you want betrayed the people by relaxing their standards, by having models that did not recognize the objective risk conditions in the field. reporter: gisele james was a poor credit risk. she fell in to foreclosure, just like millions of other home buyers who also could not afford their mortgages. ....

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