Fannie Mae (FNM) and Freddie Mac (FRE) would have to disclose information about their mortgage-backed securities to the Securities and Exchange Commission, under bipartisan U.S. House legislation introduced Tuesday.

The change would bring Fannie and Freddie, which own or guarantee more than $5 trillion in U.S. mortgages, in line with private sector issuers of MBS, which are required to pay registration fees and supply the SEC with information on the securities.

"Now more than ever, investors and our financial markets need full disclosure regarding mortgage-backed securities and this bill will ensure that such disclosures are required," Rep. Edward Markey, D-Mass., said in a statement. Markey introduced the legislation along with Rep. Adam Putnam, R-Fla., who sits on the House Financial Services Committee.

Until then, Fannie and Freddie had long enjoyed broad exemption from securities registration laws. Fannie only began to file regular financial reports to the SEC in 2003, after it registered its common stock with the agency. Freddie did the same just last year. The mortgage giants currently do not register their debt with the SEC.

-By Jeff Bater, Dow Jones Newswires; 202-862-9249; jeff.bater@dowjones.com