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The financial crisis, which unfolded in 2007 in the United States on the subprime loan market, quickly spread to all financial markets and severely affected growth in the major advanced countries during the years 2008, 2009 until to 2011. This crisis erupted due to several bad behaviors in monetary and financial institutions. In addition, rating agencies have been criticized for their poorly played role in the valuation of securitized loans. The objective of this present study is to reread, in an analytical manner, Lack of transparency concerning an evaluation of de bt securities issued between 2004 and 2007, including "subprime" mortgage loans which caused trouble in the financial system from 2008. The fact that required a strengthening of corporate governance in rating agencies as well as financial institutions