Waiting for legislation.

The article focuses on regulating covered bonds in the U.S. It mentions that covered bonds is getting attention from banks as a productive mortgage product as it has the ability to back up the financial crisis in the U.S. It mentions that several countries in Europe including Great Britain have set up their own legislation for covered bond issuances. It also mentions that only two banks in the U.S. have issued covered bonds including Washington Mutual and Bank of America. Now the Federal Deposit Insurance Corporation (FDIC) has issued a policy statement to start the formal regulation process of covered bonds. It also mentions that lawyers in the U.S. suggest that covered bonds will be an alternative for mortgage securitisation.