[20080801]RS22925_担保债券：抵押贷款融资证券化的替代方案.pdf

Order Code RS22925Updated August 1, 2008Covered Bonds: An Alternative toSecuritization for Funding MortgagesEdward Vincent MurphyAnalyst in Financial EconomicsGovernment and Finance SummaryCovered bonds are a relatively common method of funding mortgages in Europe,but uncommon in the United States. A covered bond is a recourse debt obligation thatis secured by a pool of assets, in this case mortgages. The holders of the bond are givenadditional protection in the event of the bankruptcy or insolvency of the issuing lender.They have some features, such as pooled mortgages, that resemble securitization, but theoriginal lenders maintain a continuing interest in the performance of the loans. Becausesome believe that the subprime mortgage turmoil may have been influenced by poorincentives for lenders using the securitization process, some policymakers haverecommended covered bonds as an alternative for U.S. mortgage markets. Treasury Secretary Paulson has said that covered bonds could bring more certaintyand more competition to mortgage markets. Because issuing banks do not sell mortgageassets to securitization trusts, accounting features of covered bonds may provide morereadily accessib