SEC head says subprime woes worsened by regulatory gaps

05/23/2008 | Financial Times (free content)

Regulators around the world can see several gaps after reviewing the subprime-mortgage bust, Securities and Exchange Commission Chairman Christopher Cox said. The problem spread into securities markets only after becoming a horrible problem for banks, Cox added. The SEC has been probing whether credit-ratings agencies veered away from previous standards to publish higher ratings for mortgage-backed securities when the sector boomed.

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