House Committee Passes Bill To Regulate Covered Bonds

Law360, New York (June 23, 2011, 6:39 PM EDT) -- A House committee Wednesday strongly backed bipartisan legislation aimed at nurturing and regulating a domestic market for covered bonds.

The House Financial Services Committee approved the U.S. Covered Bond Act of 2011 in a 45-7 vote, clearing the way for the bill introduced by Reps. Scott Garrett, R-N.J., and Carolyn Maloney, D-N.Y., to head to the House floor.

Covered bonds are securities backed by mortgages or other loans, but unlike some of the mortgage-backed instruments that helped lead the U.S. into its recent recession when the...
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