http://www.crikey.com.au/2007/12/14/ratings-agencies-asleep-at-the-wheel-over-sub-prime-crisis/ now with extra source Sun, 22 Nov 2009 03:07:22 +1100 http://wordpress.org/?v=2.8.6 hourly 1 http://www.crikey.com.au/2007/12/14/ratings-agencies-asleep-at-the-wheel-over-sub-prime-crisis/#comment-19347 heloise abelard Thu, 01 Jan 1970 10:00:00 +0000 #comment-19347 For a few thousand dollars the CBA could have sent a person to Texas to talk to Richard Bittler, the ex subprime originator, now author, who could see what was happening in subprime, rather than relying on ratings agencies, who had a conflict of interest.<br />They could then have restructured their debt positions, and Ralph Norris wouldn't today be saying CBA might not be able to afford to drop Oz home mortgage rates even if the RBA drops the official rate. For a few thousand dollars the CBA could have sent a person to Texas to talk to Richard Bittler, the ex subprime originator, now author, who could see what was happening in subprime, rather than relying on ratings agencies, who had a conflict of interest.
They could then have restructured their debt positions, and Ralph Norris wouldn’t today be saying CBA might not be able to afford to drop Oz home mortgage rates even if the RBA drops the official rate.

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