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News Summary: S&P sees US suit on mortgage ratings

Published on NewsOK Modified: February 4, 2013 at 7:09 pm •  Published: February 4, 2013

US CHARGES SEEN AGAINST S&P: The U.S. government is expected to file civil charges against Standard & Poor's Ratings Services, alleging that it improperly gave high ratings to mortgage debt that later plunged in value and helped fuel the 2008 financial crisis.

WOULD BE A FIRST: The charges would mark the first enforcement action the federal government has taken against a major rating agency involving the worst financial crisis since the Great Depression.

S&P DENIES WRONGDOING: S&P says the Justice Department has told the rating agency that it intends to file a civil lawsuit focusing on S&P's ratings of mortgage debt in 2007. S&P denies any wrongdoing and says any lawsuit would be without merit.