In recent months, the Securities and Exchange Commission has looked into Regulation AB compliance issues regarding non-agency MBS issuance from 2010 and 2011 by Redwood Trust. The SEC questioned Redwood and others involved in the issuance regarding disclosures of servicing practices. An official at Redwood said the issue largely relates to the complicated nature of Redwood’s deals. In particular, issuance from Redwood often involves multiple servicers, each of which can be subject to Reg AB disclosure requirements. According to correspondence published this week by Redwood, the SEC first queried...