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FHLB Advances, Earnings Up

$913 billion in advances outstanding at end of Q1

April 28, 2008

By MortgageDaily.com staff

Despite a loss at the Chicago Federal Home Loan Bank, combined earnings at all 12 regions increased.

Loan advances to FHLB members were $913 billion as of March 31, according to preliminary earnings data released today. Advances increased 4 percent from Dec. 31.

Mortgage assets at member institutions ended the first quarter $91 billion, down 1 percent from yearend, FHLB said. The weighted average loan-to-value for the Mortgage Partnership Program was 67 percent, and the weighted-average FICO score was 738.  On the Mortgage Purchase Program, the weighted average FICO was 748 and the weighted average LTV was 69 percent.

"Each FHLBank believes it has limited exposure to subprime loans due to its business model, conservative policies pertaining to advances collateral and investments, and low credit risk due to the design of its mortgage loan program," the announcement said.

The statement said principal investments for the 12 banks are mortgage-backed securities, overnight and term Federal funds sold, commercial paper and government-sponsored enterprise securities. Of the MBS, GSE securities and commercial paper, 99 percent were rated AAA/Aaa as of March 31.

Combined total assets were reported at $1.323 trillion at the end of March, rising from $1.272 trillion on Dec. 31. Combined net income was $0.7 billion during the first quarter, up from $0.6 billion the previous year.

Earnings were impacted by an $0.1 billion loss at the FHLBank of Chicago, including $33 million in impairments to subprime MBS. The bank, which recently ended merger discussions with FHLBank of Dallas, announced Wednesday that it would stop entering new master commitments with member banks to purchase loans under the mortgage partnership finance program would not renew existing master commitments.

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