Viewpoint: S&P Clubs CMBS Markets 

It is widely agreed that woefully flawed rating methodologies contributed materially to the ongoing troubles in the financial system. A quick recap: whether lulled by the demon of home price appreciation (always abbreviated HPA, as basic as USA) or distracted by the pursuit of profits, market share and such, the purveyors of bond ratings dramatically underestimated the risk of default in subprime and other risky residential mortgages.