S&P: Subprime Mortgages Rated Higher Than US

Thank President Downgrade next November by putting him in the long unemployment lines that he created: S&P Rates Subprime Mortgages Higher Than U.S.

Standard & Poor’s is giving a higher rating to securities backed by subprime home loans, the same type of investments that led to the worst financial crisis since the Great Depression, than it assigns the U.S. government.

S&P is poised to provide AAA grades to 59 percent of Springleaf Mortgage Loan Trust 2011-1, a set of bonds tied to $497 million lent to homeowners with below-average credit scores and almost no equity in their properties. New York-based S&P stripped the U.S. of its top rank on Aug. 5, saying Washington politics were making the country less creditworthy.

Related: Rush Limbaugh - This Sounds Like A War Going On Between Standard And Poors And Obama