Companies that sell mortgage and auto-loan backed bonds will be forced to provide investors with information about borrowers’ income and credit scores under rules that the Securities and Exchange Commission will consider this week, two people briefed on the matter told Bloomberg News.
The SEC will vote Wednesday on whether to approve the rules, which are required by the 2010 Dodd-Frank Act as a way to protect investors after the 2008 financial crisis. Bonds and other securities backed by mortgages and auto loans are covered by the rules, which now demand more transparency than the SEC’s initial 2010 plan, sources told Bloomberg.
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