The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
August I6, 20 I 0
Via Email & Mail
Phil Angelides
Sharon L. Nelles
Sullivan & Cromwell LLP
I25 Broad Street
New York, NY I 0004-2498
Clra irma 11
Re:
Treatment of Moody's Non-Public Information
Hon. Bill Thomas
Vice Clla irma 11
Brooksley Born
Commissioner
Dear Ms. Nelles:
On behalf of the Financial Crisis Inquiry Commission ("the Commission"), I write
to memorialize our understanding with respect to the treatment of certain nonpublic mortgage database propriety information (PDS FTP and EDS FTP
products) voluntarily provided by Moody's Corporation and its affiliates
("Moody' s") to the Commission and its staff ("Proprietary Information").
Byron S. Georgiou
Comm issio11er
Senator Bob Graham
Commissioner
Keith Hennessey
Commissio11er
Douglas Holtz-Eakin
Commissioner
Heather H. Murren, CFA
Commissioner
John W. Thompson
Commissioner
Peter J. Wallison
Commissioner
First of all, we want to thank Moody's for providing the Commission staff with
access to the Proprietary Information. Access will enable the Commission to
better understand certain aspects of the housing market which may relate to the
causes of the financial and economic crisis which we are charged to investigate.
This letter pertains only to the Proprietary Information and not to other
information provided to the Commission pursuant to other letters and
understandings.
With respect to the Proprietary Information, the Commission agrees as follows:
I.
Any Proprietary Information that is obtained from Moody's (please note
that it is possible that some of the Information we receive from Moody's we may
also receive from other sources without restriction) will be used only by
employees and agents of the Commission who have a need to know and use the
information in the performance of their official work duties in a manner consistent
with its non-public status and applicable law. All persons with whom non-public
information is shared will be advised of and, as condition of receiving non-public
information, will agree to comply with the understanding in this letter.
2.
The Commission will only use the Proprietary Information for statistical
purposes and reporting thereon and analysis thereof in public hearings and any
interim or final reports which the Commission may issue. The Proprietary
Information will not be made available to the public, and the Commission will
respect its status as nonpublic information which is central to a portion of
Moody' s business.
1717 Pennsylvania Avenue, NW, Suite 800 • Washington, DC 20006-4614
Wendy Edelberg
Executive Director
202.292.2799 • 202.632.1604 Fax
·~·
*
3.
The Commission will not try to reverse engineer the Proprietary Information or seek
information regarding individual mortgages and borrowers which is included in the Proprietary
Information.
4.
The Commission will oppose any subpoena issued to it which attempts to access the
Proprietary Information, will promptly notify Moody's should any such subpoena be served on
the Commission, and will allow Moody's the opportunity to object to its production.
5.
The Commission will request that the National Archives and Records Administration
(NARA) designate a I 0 year hold on the Proprietary Information prior to such Information being
made available to the public at NARA.
This letter does not supersede our letter to you of May 3, 20 I 0, which shall continue in full force
and effect with respect to the matters discussed therein.
Nothing as described in this letter will prevent the Commission or its staff from complying with
a subpoena or court order or a request or demand for the Proprietary Information from a duly
authorized Committee of the United States Congress with authority to require and receive the
non-public information.
If you have any questions or concerns, please do not hesitate to contact me at 202-292-1339 or
GCohen@fcic. gov.
Thank you very much for Moody's continued cooperation.
Very truly yours,
risis Inquiry Commission
Cc: Wendy Edelberg
Executive Director
@FedFRASER