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Event

Mass rating downgrades of July 2007

On 10 July 2007 Moody’s downgraded and S&P put on watch hundreds of mortgage securities, the start of what a Senate staff report calls the first mass downgrades in U.S. history.

3 links, 3 backed by primary records

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Dates
10 Jul 2007

Connections 3

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Timeline 1 date
  1. 10 Jul 2007 Mass rating downgrades of July 2007
Proof 3 sources
  1. The Financial Crisis Inquiry Report (final report incl. dissenting statements), Financial Crisis Inquiry Commission. Primary record
    In the afternoon, Moody’s downgraded 399 mortgage-backed securities issued in 2006 backed by U.S. subprime collateral and put an additional 32 tranches on watch.
  2. Annex 1: Statement of Facts (S&P settlement), U.S. Department of Justice, 3 Feb 2015. Primary record Archived copy
    On July 10, 2007, S&P publicly announced the placement of “credit ratings on 612 classes of [RMBS] backed by U.S. Subprime collateral on CreditWatch with negative implications.”
  3. Wall Street and the Financial Crisis: Anatomy of a Financial Collapse (majority and minority staff report), Senate Permanent Subcommittee on Investigations, 13 Apr 2011. Primary record Archived copy
    the July mass downgrades, which were unprecedented in number and scope, precipitated the collapse of the RMBS and CDO secondary markets
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