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FHLBs Earnings, Assets Increase

$2.8 billion 2007 earnings

April 1, 2008

By MortgageDaily.com staff

Annual earnings improved and assets increased at the Federal Home Loan Bank system.

Net income at the 12 Federal Home Loan Banks was $2.8 billion during 2007, up 8 percent from the prior year, the FHLBanks Office of Finance announced Monday.

The Office of Finance, which issues and services all debt securities for the 12 regional FHLBanks, used audited financials from each to produce the latest report.

Combined FHLB assets were $1.274 trillion on Dec. 31, rising 24 percent from a year earlier, according to the announcement. Advances totaled $875 billion at yearend, climbing 37 percent, and $92 billion was held in member mortgage assets, off 7 percent.

"This growth is primarily due to the extraordinary events affecting the credit markets," the press release stated.

The FHLBs held $144 billion in mortgage-backed securities and $20 billion in mostly government-sponsored enterprise securities, commercial paper and state and local housing agency obligations out of a total of $299 billion in investments, the data indicated. Less than 2 percent of MBS was subprime.

The 12 banks investment portfolio of fixed rate mortgages had a weighted average FICO score of 738 and a weighted average loan-to-value of 67 percent for the MPF program. On the MPP program, the weighted average FICO was 749 and the weighted average LTV was 71 percent.

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