S&P weighs downgrades on $7.3 billion in subprime MBS 
Falling home prices, rising defaults, fraud cited as reasons for concern
By Matt Carter, Monday, July 9, 2007.Falling home prices, rising defaults and evidence that mortgage fraud during the housing boom was more widespread than previously known has Standard & Poor's considering downgrading its ratings on $7.35 billion in securities backed by subprime loans.
The news that the ratings agency had placed 612 classes of residential mortgage-backed securities on "CreditWatch negative" Tuesday sent Treasury rates up and the dollar down, and could increase the cost of financing a home for some borrowers with blemished credit.
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