Large U.S. banks join together to support development of a U.S. covered bond market to supply stable mortgage funding
Statement of Support
“We commend the leadership of Treasury Secretary Paulson, FDIC Chairwoman Bair, the heads of the other financial regulatory agencies, and their staffs for issuing these two key statements addressing important U.S. policies regarding covered bonds.
“These statements help provide the legal, regulatory, and market framework necessary for the development of a U.S. covered bond market. We believe a robust U.S. covered bond market would provide an additional stable and cost effective funding source for banks to originate and hold mortgages on their balance sheet. We look forward to being leading issuers as the U.S. covered bond market develops, with programs consistent with the FDIC and Treasury statements."
Jeffrey J. Brown, Corporate Treasurer, Bank of America
Zion Shohet, Treasurer and Head of Corporate Finance, Citi
Donald McCree, Executive Vice President, Finance, JPMorgan Chase
Paul Ackerman, Corporate Treasurer, Wells Fargo