As part the investigation, the regulator is also looking into some of the actions of its chief executive officer, Steven Sugarman, said the people, who asked not to be identified discussing the investigation that hasn’t been made public. Buyers of instruments backed by The Change Company’s loans have included some of Wall Street’s largest money managers, according to data compiled by Bloomberg.
The SEC, which hasn’t accused anyone of wrongdoing in the matter and whose investigations don’t always lead to enforcement actions, declined to comment. The lender says it has funded more than $20 billion in loans to more than 50,000 families as part of its mission to “level the playing field for diverse homeowners and small business owners.” Public mortgage records show it also lends avidly in tony California suburbs.
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