This is a short book review of Dan Immergluck, FORECLOSED: HIGH-RISK LENDING, DEREGULATION, AND THE UNDERMINING OF AMERICA'S MORTGAGE MARKET (Cornell University Press 2009). The book provides a good introduction to the causes of the crisis in the mortgage market. Given, however, that the book...

This book chapter explores how the three largest rating agencies, Standard & Poor's, Moody's Investor Service and Fitch Ratings, exploited their privileged regulatory status to profit from the booming subprime mortgage market at the expense of homeowners. These rating agencies boosted their own...