Misratted AND mispriced: a twofer!

Fitch Rattings-New York/London/Hong Kong: Derivative Fitch launched CRAP CD v2.0 today. The new version of the CDO pricing and market risk analytics platform meets current market needs for the pricing of credit derivatives in a volatile and illiquid market...

Somebody may have slipped a C into the product name, but NakedShorts wouldn’t know anything about that. Meanwhile, as David S. Products observed on hearing of the new Fitch product:

You know what you just reminded me of?  A lot of CDOs were synthetic (i.e. packages of credit default swaps).  Value that, Batman!  Oh my.

CRAP CD v2.0 Meets Market Need for CDO Valuations
Press release Oct. 15 2007