Plenty of criticism has already been lobbed at the rating agencies, and panelists at IMN's ABS East conference in Orlando certainly did not spare them any fault.

They were the grease that made this happen," said Vincent Daniel, executive director of FrontPoint Partners. "What astonishes me is that these rating agencies are not regulated." Daniel, speaking at "The Mortgage Research Analysts' Roundtable," called the rating agencies "quasi-government agencies" that need increased oversight because they are also "for-profit public entities looking for a profit increase."

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