'Who knew' mortgage defense falling apart Citing internal e-mails, California joined the federal government and 15 other states this week in filing multibillion-dollar civil fraud lawsuits against the nation's leading credit ratings agency, Standard & Poor's, for allegedly deliberately "downplaying and disregarding the true extent of the credit risks" of the financial instruments it had rated as rock-solid. Internal documents in a lawsuit filed by Dexia SA, a French-Belgian bank, alleging "egregious fraud" by JPMorgan in the sale of $1.7 billion of mortgage-backed bonds, suggested ... Read More