Several U.S. federal investigations into subprime lenders involve possible insider trading before announcements of negative news about the lender, a Securities and Exchange Commission member said on Friday.

In prepared remarks to a congressional panel, Walter also said the SEC was looking at whether subprime lenders properly disclosed information, including data regarding loan quality, credit risks and the amount and types of subprime exposure.

(Reporting by Karey Wutkowski and Rachelle Younglai; Editing by Neil Stempleman)