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Covered bonds: a new way to fund residential mortgages

Author

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  • O. Emre Ergungor

Abstract

Like the now government-owned Fannie Mae and Freddie Mac, large investment banks helped create funds to finance new mortgages by issuing securities backed by pools of existing mortgages. But private firms have abandoned these instruments, and with them a large source of mortgage funds has disappeared. Four large investment banks plan to create a new U.S. market for an old instrument, hoping to bring liquidity back to the mortgage market.

Suggested Citation

  • O. Emre Ergungor, 2008. "Covered bonds: a new way to fund residential mortgages," Economic Commentary, Federal Reserve Bank of Cleveland, issue Jul.
    • Handle: RePEc:fip:fedcec:y:2008:i:jul
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    File URL: https://www.clevelandfed.org/publications/economic-commentary/2008/ec-20080701-covered-bonds-a-new-way-to-fund-residential-mortgages
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    Keywords

    Mortgage-backed securities; Mortgage loans;

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