U.S. Rep. Scott Garrett (R-NJ) today (March 18) introduced comprehensive proposed federal covered bond legislation in the form of a standalone bill: the “United States Covered Bond Act of 2010.”
The bill draws extensively from (but is not identical to) the text of a legal framework for covered bonds that Rep. Garrett proposed last year [...]

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By Covered Bond Investor™ Staff
Calling covered bonds “one of the most affordable wholesale funding instruments for financial institution asset-liability management,” the Mortgage Bankers Association (MBA) has included support for them in its just-announced legislative and regulatory priorities for 2010.
The organization’s official statement (Jan. 12) reads in part:
“MBA supports legislation and regulation to provide for [...]

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By Mercy Jiménez and Spencer Punnett WASHINGTON, D.C.    Although the prime mover in the push for U.S. covered bond legislation is a Republican (Rep. Scott Garrett of New Jersey), substantial support from the other side of the aisle will be essential for any success in the current Democrat-controlled Congress…. Here are some examples from members’ opening remarks preceding testimony by expert witnesses on the topic: Rep. Melissa Bean (D-IL): “Establishing a U.S. covered bond market could be very helpful to the residential and commercial real estate markets, but [also to] other asset markets like public-sector loans and other consumer loans as well.”

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By Mercy Jiménez
American Banker today (Dec. 11) published a “Viewpoint” commentary I wrote on Congressman Scott Garrett’s (R-NJ) groundbreaking proposal for covered bond legislation in the U.S.  
This legislation could open up the way for diversified sources of funding for banks as well as a partial solution for the Fed’s exit strategy on its $1 [...]

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