WASHINGTON (AP) -- Federal regulators are requiring firms selling securities tied to mortgages, credit cards and student loans, which froze during the financial crisis, to publicly report information on the loans that back them.
The Securities and Exchange Commission adopted new rules Thursday requiring firms selling the securities to make a thorough review of the loans backing them and then to report the findings of the review to the public. The markets for securities backed by bundles of mortgages, auto and student loans, and credit cards have remained weak since the crisis, largely because investors are unsure about the quality of the loans.
The rules are required by the financial overhaul law enacted last summer. They will apply to offerings of asset-backed securities starting next Jan. 1.
The Securities and Exchange Commission adopted new rules Thursday requiring firms selling the securities to make a thorough review of the loans backing them and then to report the findings of the review to the public. The markets for securities backed by bundles of mortgages, auto and student loans, and credit cards have remained weak since the crisis, largely because investors are unsure about the quality of the loans.
The rules are required by the financial overhaul law enacted last summer. They will apply to offerings of asset-backed securities starting next Jan. 1.
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