Shirley Curfman Published in The Real Estate Finance Journal
"Uncovering Covered Bonds"

Shirley Curfman's article, "Uncovering Covered Bonds," was published in the Fall 2009 edition of The Real Estate Finance Journal. The article explains that covered bonds are likely to create a powerful additional source of liquidity to the distressed financial markets and offer a unique combination of stability and return. In her article, Shirley discusses the balance sheet issues and the FDIC policy for covered bonds, best practices to follow, investor considerations, and forthcoming regulatory changes.

Shirley concludes, "It is important to note that while expanding the use of covered bonds should help stabilize the U.S. mortgage market, even with the addition of commercial mortgages and CMBS as collateral, most private analysts do not view the effort as a cure-all for the problems facing the mortgage market today…. Nevertheless, covered bonds are likely to create a powerful additional source of liquidity which offers a unique combination of stability and return."