Resource Items

  • World’s greatest annual source of CB insight & statistics
    09/22/2010

    The European Covered Bond Council’s (ECBC’s) Fact Book, released in a new edition yearly, is the world’s single greatest annual source of information, insight, and statistics on covered bonds.  It is also one of the world’s great values—available free as a PDF download.

    Although the focus is naturally on Europe, the book’s coverage is broader, including strong technical articles on covered bonds in the U.S. and Canada.

  • Ten page document from DBRS rating agency
    09/22/2010

    The following was adapted from an announcement by DBRS:

    In a commentary published Sept. 21, Canadian rating agency DBRS has provided a comprehensive review of the Canadian covered bond and residential mortgage markets.

    Detailing the history and current status of the covered bond programs established by Canada’s five largest banks, the commentary provides in-depth analysis of the residential mortgage market and the liquidity of residential mortgage loans in Canada.

  • Member of Steering Committee for the U.S. Covered Bond Council
    09/15/2010

    Scott A. Stengel is a partner in the Washington, DC, office of Orrick, Herrington & Sutcliffe LLP and a member of the Steering Committee for the U.S. Covered Bond Council.  He testified at the hearing on “Covered Bonds: Potential Uses and Regulatory Issues” held Sept. 15 by the U.S. Senate Committee on Banking, Housing & Urban Affairs.

    To download a PDF of Stengel’s prepared testimony for the hearing (10 pages), click on “20100915 Stengel” under “Attachment” below.

  • Associate Professor of Economics, UNC at Greensboro
    09/15/2010

    Kenneth A Snowden, Associate Professor of Economics at the University of North Carolina at Greensboro, describes himself as “an economic historian who for the past two decades has studied the development of the U.S. mortgage market.”  He testified at the hearing on “Covered Bonds: Potential Uses and Regulatory Issues” held Sept. 15 by the U.S. Senate Committee on Banking, Housing & Urban Affairs.

    To download a PDF of Snowden’s prepared testimony for the hearing (19 pages), click on “20100915 Snowden” under “Attachment” below.

  • Deputy to the Chairman, FDIC
    09/15/2010

    Michael H. Krimminger is Deputy to the Chairman, Federal Deposit Insurance Corporation (FDIC). He testified at the hearing on “Covered Bonds: Potential Uses and Regulatory Issues” held Sept. 15 by the U.S. Senate Committee on Banking, Housing & Urban Affairs.

    To download a PDF of Krimminger’s prepared testimony for the hearing (17 pages), click on “20100915 Krimminger” under “Attachment” below.

  • Testimony on behalf of National Multi Housing Council
    09/15/2010

    Ric Campo is Chairman and CEO of Camden Property Trust, a publicly held apartment firm.  He is also the immediate past Chairman of the National Multi Housing Council (NMHC).  He testified on behalf of the NMHC and its joint legislative partner, the National Apartment Association (NAA) at the hearing on “Covered Bonds: Potential Uses and Regulatory Issues” held Sept. 15 by the U.S. Senate Committee on Banking, Housing & Urban Affairs.

  • Office of the Controller of the Currency (OCC)
    09/15/2010

    Julie L. Williams is Chief Counsel and First Senior Deputy Comptroller at the Office of the Comptroller of the Currency (OCC).  She testified at the hearing on “Covered Bonds: Potential Uses and Regulatory Issues” held Sept. 15 by the U.S. Senate Committee on Banking, Housing & Urban Affairs.

    To download a PDF of her prepared testimony for the hearing (17 pages), click on “20100915 Williams” under “Attachment” below.

     

  • A year’s worth of developments & stats on German covered bonds
    09/14/2010

    If German Pfandbriefe (legislatively established covered bonds) are the “gold standard” for covered bonds, the Association of German Pfandbrief Banks (vdp) may be considered the bedrock of the Pfandbrief.  The vdp’s 35 member institutions include many of Germany’s best-known Pfandbrief issuers.

  • Academic paper on one of three pre-1930 U.S. covered bond attempts
    08/04/2010

    “Covered mortgage bonds have been used successfully in Europe for two centuries, but failed in the U.S. when introduced as farm mortgage debentures in the 1880s. Using firm-level data and a sample of loans made by one Kansas mortgage company, I find that debenture programs grew out of established loan brokerage operations and were used to fund mortgages that were difficult to broker because of size, term or risk characteristics.

  • Major amendment was from Rep. Melissa Bean (D-IL)
    07/29/2010

    Several amendments to H.R. 5823 — the latest version of covered bond legislation in Congress — were added to the bill during the markup session of the House Financial Services Committee (HFSC) before the HSFC voted to report the bill to the House floor.

    • A four-page amendment from Rep. Melissa Bean (D-IL) provides for a system of joint regulation by a variety of entities instead of oversight by a single regulator.

    To download a PDF of the Bean amendment, click on “20100728 bean” under “Attachments,” below.