Will the Securities and Exchange Commission (SEC) ever bridge the Grand Canyon-sized gap between issuers of asset-backed securities and their investors when it comes to waterfalls and the Python language?

The SECe_SSRqs proposed Regulation AB, for which comments were due Aug. 2, would require issuers to provide loan-level disclosures to better measure risk and require them to maintain significant "skin in the game" by retaining a 5% slice of offerings. While industry players voiced criticism about those provisions in their comment letters, the more technical waterfall and Python provisions prompted much shriller tones.

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