News & Analysis: regulatory legislative and legal

  • News: Regulatory Legislative and Legal
    Canada Moves Toward Covered Bond Legislation
    Purpose: to help financial institutions "diversify their funding sources"
    03/05/2010

    The Canadian government has officially announced its intention to introduce legislation governing covered bonds, "making it easier for Canadian financial institutions to access this low-cost source of funding."

    The announcement came in Ottawa as part of the latest Budget, tabled in Canada's House of Commons by Finance Minister James M. Flaherty (March 4).  The relevant portion reads:

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  • News: Regulatory Legislative and Legal
    Realtors® Recommend Covered Bonds for Revamped GSEs
    CBs could provide "an additional way to provide mortgage capital"
    03/03/2010

    The National Association of Realtors® (NAR) — a powerful voice in the U.S. housing arena — recommends moving toward a future where covered bonds could play a significant role in U.S. real estate financing.

    This recommendation comes as part of a new NAR document on how best to restructure Fannie Mae and Freddie Mac, the giant "Government-Sponsored Enterprises" (GSEs) that continue to play a massive role in providing funding for home mortgages even while suffering huge losses.

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  • News: Regulatory Legislative and Legal
    U.S. Covered Bonds on MBA's Legislative Agenda for 2010
    Mortgage Bankers Association supports "legislation and regulation"
    01/13/2010

    The Mortgage Bankers Association's legislative and regulatory priorities for 2010 include measures to support covered bonds as a funding tool in the U.S. 

    The organization's official statement (Jan. 12) reads in part:

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  • News: Ratings News: Regulatory Legislative and Legal
    House Hearing Highlighted Moody's Covered Bond Comment
    Quoted by expert witness in support of proposed legislative framework
    12/21/2009

    A Sector Comment from Moody's Investors Service on proposed U.S. covered bonds legislation played a part in last week's hearing (Dec. 15) by the House Committee on Financial Services.

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  • News: Regulatory Legislative and Legal
    Covered Bonds Hearing Showed Bipartisan Support
    But attendance made committee interest harder to gauge
    12/16/2009

    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.  That political reality gives special significance to positive statements made by Democratic members of the House Committee on Financial Services during the committee's hearing on covered bonds Tuesday (Dec. 15).

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  • News: Interviews: Regulatory Legislative and Legal
    Rep. Garrett on Measures of Success for Covered Bonds Hearing
    Culmination of months of behind-the-scenes efforts
    12/14/2009

    Asked in a teleconference Monday (Dec. 14) about his measures of success for the hearing on covered bonds set for Tuesday by the House Committee on Financial Services (HCFS), U.S. Congressman Scott Garrett identified at least three:

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  • News: Regulatory Legislative and Legal
    House Committee Hearing on Covered Bonds Set for Tuesday
    Date follows last month's promise by Rep. Barney Frank
    12/09/2009

    The U.S. House Financial Services Committee Wednesday (Dec. 9) announced the scheduling of a full committee hearing on the topic of covered bonds.  Titled "Covered Bonds: Prospects for a U.S. Market Going Forward," the hearing is set to commence Tuesday, December 15, at 10:00 AM Eastern time.

    The witness list is not yet available.

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  • News: Interviews: Regulatory Legislative and Legal
    Covered Bonds Amendment - Interview with Jerry Marlatt
    Legislation could help covered bonds meet U.S. funding needs
    11/30/2009

    Congressman Scott Garrett (R-NJ) recently made headlines in the covered bond world when he proposed an amendment to the Financial Stability Improvement Act of 2009 — currently pending in the House of Representatives — on the topic of covered bonds.  In contrast to legislation Garrett introduced earlier in this term (the Equal Treatment of Covered Bonds Act), the proposed amendment would establish a comprehensive statutory framework governing covered bonds in the U.S.

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  • News: Regulatory Legislative and Legal
    Barney Frank Promises Hearing on Covered Bonds
    Calls Congressman Garrett "staunch advocate of a very good idea"
    11/18/2009

    U.S. House Financial Services Committee Chairman Barney Frank (D-MA) gave assurances that covered bonds would be the subject of a Housing Subcommittee hearing in December, prompting Rep. Scott Garrett (R-NJ) to withdraw a covered bonds amendment he had just offered to the Financial Stability Improvement Act of 2009.

    The assurances were given during the markup of the Act on Wednesday (Nov. 18).

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  • News: Regulatory Legislative and Legal
    Covered Bonds Amendment offered by Congressman Garrett
    (Amendment then withdrawn after assurances of hearing)
    11/18/2009

    The text below is from the updated version of an official announcement Wednesday (Nov. 18) by the office of U.S. Congressman Scott Garrett:

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