Wall Street groups pan SEC’s asset-backed securities draft plan

Two major Wall Street trade groups have criticized a plan floated last month by U.S. regulators to force issuers to disclose more sensitive loan-level data to investors, saying it could make companies more vulnerable to lawsuits. In a joint letter to the U.S. Securities and Exchange Commission late Friday, the two groups asked the regulator to scrap its asset-backed securities (ABS) draft plan and start fresh. More on Reuters here.