Regional News
Report: Rating Pressures Motivated NMFA Audit Fraud
Wednesday, December 5, 2012
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The New Mexico Finance Authority "over-emphasized and under-prioritized the importance of bond credit ratings," in a "culture of complacency" that led to a fraudulent audit, according to an investigative report from the New Mexico Securities Agency.

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Before the financial crisis of 2008-09, it would have been significant news if yields on municipal bonds had exceeded those on Treasury securities at any maturity, and that occurrence likely would have attracted a variety of investors seeking to take advantage of the relative-value opportunity.

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