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Suppose the credit rating agencies have recently issued many rating downgrades for securitized subprime mortgages. The mortgages were previously issued during stronger economic times and received high initial ratings. Which of the following statements is most accurate? A. The agencies rated “through the cycle” since the pools are now more likely to default as the economy weakens. B. The agencies rated “through the cycle” because the initial pools were highly rated. C. The agencies did not rate “through the cycle” because the initial pools were highly rated. D. The agencies did not rate “through the cycle” since the pools are now more likely to default as the economy weakens. |