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Fitch Ratings said the opening of an FTC investigation into EMC Mortgage Corp., the loan servicing unit of Bear Stearns, is not sufficient cause to initiate a rating action at this time.
Earlier, Standard & Poor's put its "above average" ratings for EMC on "ratings watch with negative implications" because of the FTC action.
EMC received a civil investigative demand from the FTC seeking documents and data relating to the servicer's business and servicing practices. This has led to numerous investor inquiries regarding Fitch's ratings...