Fitch Ratings Service

Modifying nontraditional mortgages will succeed for many people, but most such modifications will end up in default within a year, a major ratings company predicts. The Fitch Ratings study examined subprime mortgages, jumbo loans and little-documented home loans that Wall Street bundled up to back mortgage bonds from 2005 through 2007.

Connecticut's attorney general said Friday that he had subpoenaed the nation's three largest debt-rating companies as part of an investigation into possible anti-competitive practices. Atty. Gen. Richard Blumenthal confirmed that his office issued subpoenas Oct. 10 to Standard & Poor's, Moody's Investor Services and Fitch Ratings Service.