Former Standard & Poor's Residential Mortgage Ratings Director Frank Raiter

"by 2001 the stress for profits, and the desire to keep expenses low prevented us from, in fact, developing and implementing the appropriate methodology to keep track of the new products. As a result, we didn't have the data going forward in 2004 & 5, to really track what was happening with the sub-prime products and some of the new alternative payment type products, and we did not, therefore, have the ability to forecast when they started to go awry."