Renaissance's Simons says nonprofit credit rating agency needed

WASHINGTON (Reuters) - James Simons, president of Renaissance Technologies, testified at a U.S. House Oversight and Government Reform Committee hearing on Thursday:

* Says credit rating agencies are "most culpable" in current financial crisis.

* Simons says hedge funds as a class unlikely to create systemic risk although not out of the question.

* Says hedge funds should report positions to appropriate regulator and New York fed should have access to information.

* Says hedge funds' specific information should not be released publicly.

* Says most important thing U.S. can do is keep people in their homes, even if mortgages in default.

* Says U.S. should consider creating a new non-profit credit rating agency.