This is a long read, but worth the effort if you want a better understanding of how the big banking and mortgage institutions got into this mess. What is really comical is how they try to blame the mortgage holders, as the following quote illustrates:
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"Moody’s and S.&P. have announced reforms. But they reject the notion that they should have been more vigilant. Instead, they lay the blame on the mortgage holders who turned out to be deadbeats, many of whom lied to obtain their loans."
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The only "deadbeats" I see here, are the ones that allowed this rediculous situation to develop.....in the name of MONEY....more and more of it!

In 2006, Moody’s reported net income of $750 million. Raymond W. McDaniel Jr., its chief executive, gloated in the annual report for that year, “I firmly believe that Moody’s business stands on the ‘right side of history’ in terms of the alignment of our role and function with advancements in global capital markets.”

Wow