Opinion

Holder’s raid on raters: giving the pols a pass

The Issue: The Justice Dept.’s lawsuit against Standard & Poor’s for its role in the housing crisis.

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Eric Holder’s Justice Department’s suing Standard  & Poor’s for endorsing risky mortgage bonds that fueled the housing crisis is simply more Obama-administration bunk designed to punish S&P for downgrading US bonds — and to further demonize Republicans and Wall Street for supposedly causing the economic crash (“Holder’s Standard, Poor Judgment,” Editorial, Feb. 7).

This is a smokescreen to detract from the real causes of the housing and financial meltdown: Jimmy Carter’s Community Reinvestment Act, Bill Clinton’s gang at HUD and the Democratic Party’s usual suspects’ pushing affordable housing at the expense of intimidated banks, mortgage lenders and hapless homebuyers.

The liberal media have continued facilitating sequestration of the truth while supporting Democrats’ governmental abuse of power and demonization of the free market — putting America at extreme risk of further financial meltdowns.

Daniel Jeffs

Apple Valley, Calif.

There’s no revenge in the government’s attack on S&P. It’s just doing what it’s supposed to do — poorly, as usual.

It should be charging Moody’s and other raters, bundlers and insurers under the federal RICO Acts for engaging in a continuous criminal enterprise. Those bundled mortgages paid 4 percent to 5 percent, sold as financial products paying 7 percent to 8 percent and were insured and graded AAA.

Even the dumbest business-school drop-out knows 5 percent can’t produce 7 percent. Richard Rainey

Floral Park

Holder is suing over fraud, stating that the credit agency gave securities backed by subprime mortgages’ high ratings, yet there’s not one mention of the complicity of Fannie Mae or Freddie Mac. Really?

Tommy DeJulio

New Rochelle