This book examines the features and proposals of residential
covered bond utilization and future issues for the 112th Congress.
Covered bonds are a relatively common method of funding mortgages
in Europe, however uncommon in the United States. A covered bond is
a recourse debt obligation that is secured by a pool of assets,
often mortgages. The holders of the bond are given additional
protection in the event of bankruptcy or insolvency of the issuing
lender. Because some believe that the sub-prime mortgage turmoil
may have been influenced by poor incentives for lenders using the
securitization process, some policymakers have recommended covered
bonds as an alternative for U.S. mortgage markets. Although covered
bond contracts are not prohibited in the U.S., some policymakers
believe that legislation and agency rulemaking could facilitate the
growth of a domestic covered bond market.
General
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