'Lucrative Knock-Offs: Covered Bonds in the U.S.'

This undated four-page article reviews the early issuances of covered bonds by Washington Mutual and Bank of America, including "unanswered questions relating to [their] structures."  The writers (both lawyers at Morrison & Foerster, LLP) contend that "US covered bonds have many appealing features, but, of course, since we have no legislative structure for covered bonds in the US, they're not as good as the real thing."

Download the PDF from the Morrison & Foerster website here.