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Rep. Scott Garrett (R-N.J.) has introduced a measure to establish a market for covered bonds to the U.S., in the hopes of providing liquidity to the parched commercial real estate finance market, Dow Jones Newswires reported.
Covered bonds are popular in Europe for mortgage financing. The bonds are securities issued by lenders that are backed by a group of assets held within the lender's portfolio.
The legislation, which failed to make it into the final version of the financial reform bill, would create a regulator to oversee the new bonds at the Treasury Department. The regulator would define the assets backing the securities as well as which lenders would qualify as issuers.
The new legislation has bipartisan support and also has support in the Senate, according to Dow Jones.
The Commercial Real Estate Finance Council backs the legislation and has sent a letter supporting the proposed program.
Source: News Story
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