"The report also states that "the most immediate cause of the financial crisis," was the July 2007 downgrade by Moody's and Standard & Poor's of several mortgage-backed securities. At that time, 90 percent of the triple A rated mortgage-backed securities issued in 2006 and 2007 were downgraded to junk status. The downgrade caused pension funds, insurance companies and banks to scramble to sell off the securities, which led to the subprime market collapse, the report states."