'Can Covered Bonds Compete with Fannie and Freddie?'

The American Enterprise Institute (AEI) has not exactly been a fan of Fannie Mae and Freddie Mac, so it is not surprising for AEI to spotlight covered bonds as an alternative form of mortgage financing.  But the organization’s half-day conference on the topic (Sept. 19, 2008) was both very well done and unusually well preserved in video and transcripts.  It is rich in insights.

Keynote speaker Neel Kashkari (U.S. Department of the Treasury) gives a clear and thoughtful exposition of federal efforts to “kick-start” a covered bond market in the U.S.—and the necessary conditions for it to flourish—while opining that it probably is not destined to become dominant.  He is followed by a discussion among well-informed panelists: Greg Baer (Bank of America); Tim Skeet (Merrill Lynch); David Wall (FDIC) subbing for Jason Cave; Alex J. Pollock (AEI); and Bert Ely (Ely & Co.).

The AEI website offers video of virtually the entire event—the presenter (Peter J. Wallison of AEI), the keynote speaker, and each of the panelists.  In addition, there is a transcript.  On top of that, downloads are available for all the articles that were distributed to attendees.

To access all these materials from the AEI website, click here.