USA
On 28 July 2008, US Treasury Secretary Henry Paulson announced that, along with four large US banks, the Treasury would attempt to kick-start a market for these securities in the USA, primarily to provide an alternative form of mortgage-backed securities. The guidelines issued specifically address covered bonds backed by pools of eligible mortgages.
The Federal Reserve also announced that it would potentially consider highly rated covered bonds as acceptable collateral for emergency fund requests. Because the United States has already shown a robust market for other securitized debt products, regulators have been promoting the covered bond market strategy.
Read more about this topic: Covered Bond
Famous quotes containing the word usa:
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—Westbrook Pegler (1894–1969)
“The biggest difference between ancient Rome and the USA is that in Rome the common man was treated like a dog. In America he sets the tone. This is the first country where the common man could stand erect.”
—I.F. (Isidor Feinstein)