grüße
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In the July 28, 2008 Federal Register, only two months before the seizure of Washington Mutual, the FDIC published a release regarding a formal policy statement on its responsibility to “facilitate the prudent development of the U.S. covered bond market consistent with the FDIC’s responsibilities as conservator or receiver for insured depository institutions (IDI).”
According to the statement, covered bonds refer to general, non-deposit obligation bonds of the issuing bank secured by a pledge of loans that remain on the bank’s balance sheet (in contrast to MBSes held in off-BS trusts). They have been used in Europe for centuries, and WaMu pioneered the US market for these in 2006, with euro-denominated issues.
An excerpt from the FDIC’s statement:
The FDIC agrees that covered bonds may be a useful liquidity tool for IDIs as part of an overall prudent liquidity management framework and within the parameters set forth in the Policy Statement. While covered bonds, like other secured liabilities, could increase the costs to the deposit insurance fund in a receivership, these potential costs must be balanced with diversification of sources of liquidity and the benefits that accrue from additional on-balance sheet alternatives to securitization for financing mortgage lending.
Later, the FDIC warns against the impact on its Deposit Insurance Fund for a failure of a CB-issuing insured institution:
However, as noted above, where an IDI relies very heavily on secured liabilities to finance its lending and other business activities, it does pose a greater risk of loss to the Deposit Insurance Fund in any failure. Should the covered bond market develop as a significant source of funding for IDIs, and should that development create substantial increases in an IDI’s reliance on secured funding, it would increase the FDIC’s losses in a failure and perhaps outweigh the benefits of improved liquidity.
When WaMu was seized, a Reuters article set some investors at ease when the FDIC affirmed that covered bonds issued by WMB would be part of the debt package assumed by JPMorgan, a move that “clearly differentiates senior unsecured debt from covered bond debt.”
UPDATE 1: Thanks to gibson7772 on the Yahoo! board for alerting shareholders to this information. Links to JPMorgan’s August 2010 and September 2008 WaMu Covered Bond Investor Reports are available. $11.5 billion is in the covered pool consisting of 25,300 loans, 98% of which are performing. Read a July 22, 2008 Bloomberg article on Paulson’s plan for marketing covered bonds and Readers can infer on his interest in WaMu and the eventual assumption of this debt by JPMorgan.
#000000">Gruß
#000000">Dude44
Bin in vielen Dingen Deiner Meinung (Settlement-Hinweise in der Anwaltsrechnung, Examiner-Bestätigung nach dem Treffen im Richterzimmer etc.).
ABER: Du glaubst diese abstruse sisipepsi-Geschichte doch nicht wirklich, oder...?
Es sollte kein Vorwurf sein und schon gar nicht an bopfans Seriösität zweifeln lassen. Wollte damit nur aufzeigen, dass sich auch der vermeintlich kompetenteste User mit seiner Einschätzung KOMPLETT IRREN kann. Deshalb sollte man sich nur auf Fakten stützen und nicht auf Mutmaßungen von xy. Außerdem finde ich es schon bemerkenswert, wie viel bopfan seinerzeit von WGM gehalten hat, da manche User BR & Co. salopp gesagt für "nicht ganz so schlau halten"...
Denke mal, die ganzen Beitrags-Löschungen von sisipepsi sprechen für sich, oder? 
Ein sehr interessanter Artikel in der financial times heute!
Gruss,
soopafly
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