In creating a structure for their issuance, therefore, U.S. depository institutions relied on
existing precedent of more general application – for instance, the FDIC’s Statement of Policy on
Foreclosure Consent and Redemption Rights (June 16, 1992) (Foreclosure Policy), its Advisory
Opinion 89-49 (December 15, 1989) (Foreclosure Opinion), and its Statement of Policy
Regarding Treatment of Security Interests After Appointment of the FDIC as Conservator or
Receiver (March 23, 1993) (Security Interest Policy).
This has resulted in the following approach being used first by Washington Mutual in
2006 and then by Bank of America in 2007: