Blame it on the rating agencies

S&P, Moody's and Fitch should stay in rating company's credit worthiness instead of rating all those structured vehicles because they don't have the competence to do so. There wouldn't be a credit problem right now if it wasn't for these rating agencies. How can something rated AAA lost all its value? If you don't know how to do something, don't do it because you are going to cost investors money! With the housing price keeps on dropping, I believe there will be more highly rated bonds performing worse than they should.

Also, how can Ambac and MBIA still able to retain their AAA rating? Only the most financially sound companies deserve those ratings. Even banks like TD don't have a triple A rating, so how can the bond insurers have it? I know the rating agencies are under a lot of pressure to not downgrade those two companies but if they want to regain their tarnished reputation, they need to make the right decision quickly.