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S&P says underestimated extent of mortgage fraud

MUMBAI
Tue Oct 9, 2007 3:17am EDT

MUMBAI (Reuters) - The chief economist of Standard and Poor's said on Tuesday that the ratings agency had underestimated the extent of fraud in the U.S. mortgage industry.

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"We underestimated the extent to which fraud was occurring in the industry," David Wyss, S&P's chief economist, said at a news conference in Mumbai.

"It looks, based on some surveys that had been done, the extent of frauds increased sharply in 2006."
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