Credit Raters' Power Abused, Borrowers Say
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Corporations, municipalities and foreign governments have grown wary of the big three credit-rating companies as they have expanded into global powers without formal oversight.
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Research shows consumers know very little about their credit score, yet that tally goes a long way to determining credit eligibility, the rate someone gets on loans and much more.
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Accredited Home Lenders Holding Co. , a California subprime mortgage lender, reported a fourth-quarter loss on Wednesday, hurt by worsening conditions in the market for loans to people with weaker credit histories.
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The truism that higher interest rates function as a tax on people who hold variable debt has been particularly apparent to homeowners holding adjustable-rate mortgages.
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Many U.S. banks have made it harder for creditworthy borrowers to obtain a mortgage, according to a Federal Reserve survey released yesterday that underscored the spread of the credit crisis.
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Banks are being accused of pressuring customers into taking out costly loans to try to clear their debts.
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Fear of bond insurers losing their  investment-grade credit ratings is rattling investors as  estimates mount for the cost of paying for the latest chapter  in the widening U.S. credit crisis.
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As subprime borrowers began to default on their mortgages in rapidly growing numbers this year, credit card issuers increased their efforts to sign up such customers with tarnished financial histories, according to a market research firm.
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The overwhelming majority of borrowers who were seriously delinquent on their home loans in October were not receiving help to prevent the possibility of foreclosure, according to a report published Thursday.
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Many U.S. banks have made it harder for creditworthy borrowers to get a mortgage, according to a Federal Reserve survey released Monday that underscored the spread of a painful credit crunch.
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For months, securities backed by risky mortgage loans have been in trouble. Now, the credit-rating agencies that once blessed those securities as safe investments are in trouble, too.
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You might not want to set your credit record straight after all.
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Minority homeowners are especially being hurt as rising interest rates make subprime loans even more expensive.
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Credit "piggybacking" has the industry in an uproar.
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Countrywide Financial systematically led people to high-cost mortgages that were not suited for them, some former employees say.
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The S.E.C. is looking into whether credit ratings agencies improperly inflated their ratings of mortgage-backed securities.
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The credit rating agencyâs chief executive said on Friday that his company had made significant mistakes in the rating of structured finance products.