A Senate banking committee hearing  regarding the turmoil in U.S. credit markets and the role of the credit rating agencies was held this afternoon. Senator Christopher Dodd (D-Conn.) and Senator Richard Shelby (R.-Ala.) were there to question Securities and Exchange Commission Chairman Christopher Cox regarding the SEC's examination of a number of reforms for rating agencies.

Yesterday the Real Estate Roundtable, the Mortgage Bankers Association  the Commercial Mortgage Securities Association, and the National Association of Realtors wrote Senators Dodd  and Shelby regarding their concern over and opposition toward proposals to differentiate between credit ratings for structured finance products and other asset classes, such as corporate and municipal bonds.

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