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Analysis: Covered Bonds
As a response to the financial crisis, there have been suggestions that covered bonds could be an alternative or a replacement for the current secondary multifamily mortgage system and the GSEs. Covered bonds are a $3 trillion marketplace in Europe. They are similar to asset-backed securities, but covered bonds have some differences to improve the bond buyer’s security: The underlying security interests remain on the balance sheet of the issuing bank, and bondholders retain security interests