* On October 22, 2008, a former S&P subprime mortgage bond analyst named Frank Raiter would testify before the Committee on Oversight and Government Reform that the S&P managing director in charge of the surveillance of subprime mortgage bonds "did not believe loan-level data was necessary and that had the effect of quashing all requests for funds to build in-house data bases." Raiter introduced an e-mail from S&P's managing director of CDO ratings, Richard Gugliada, in which Gugliada said: "Any request for loan-level tapes is TOTALLY UNREASONABLE!! Most originators don't have it and can't provide it. Nevertheless we MUST produce a credit estimate.... It is your responsibility to provide those credit estimates and your responsibility to devise some method to do so."