Credit Repair Attorney

In the wake of the sub-prime mortgage crisis, a private sector advisor to the US Treasury has stated an opinion that could be somewhat controversial.  In an article that ran recently in Forbes, Eric Mindich, the advisor at issue here, suggested that the US Treasury should separate the rating and advisory functions at credit rating agencies.

“In the wake of the credit market turmoil, ratings agencies have been criticised by investors and lawmakers for giving high ratings to subprime securities, and failing to act quickly when borrowers began defaulting on loans backing the bonds, the FT said.

Eric Mindich, chairman of a private-sector advisory group formed Tuesday by the Treasury Department to develop recommendations on hedge fund operations, said investor confidence in ratings agencies has been ’severely damaged’, and that their business model had inherent ’serious conflicts’.”

While this may seem insignificant, it could bring about a wide-ranging change in the credit system if the recommendation is followed.  Again, it’s just another reason to repair your credit.  If you’d like to do so, contact a credit repair attorney at Smith & Garg today to schedule an initial consultation.