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FHLB Activity Holds

$0.7 billion Q2 net income

July 22, 2008

By MortgageDaily.com staff

Earnings at the Federal Home Loan Banks held up as assets climbed.

Total combined assets were $1.344 trillion on June 30, up from $1.323 trillion on March 31. Assets included $914 billion in advances to member institutions, edging up from $913 billion.

Member mortgage assets ended June at $89 billion, down from $91 billion at the end of March. Mortgage purchases are restricted to fixed-rate loans. As of June 30, the weighted-average FICO score for the Mortgage Partnership Finance Program was 739, while the weighted-average loan-to-value was 67 percent. For the Mortgage Purchase Programs, the weighted-average FICO score 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 FHLBanks primarily invest in mortgage-backed securities, overnight and term Federal funds sold, commercial paper and government-sponsored enterprise securities, the report. Around 98 percent of those investments were rated AAA/Aaa or the short-term equivalent on June 30.

Combined second-quarter income for the GSEs was $719 million, mostly unchanged from the first quarter. Earnings were impacted by a $74 million loss at the FHLBank of Chicago in the second quarter and am $89 million loss in the first quarter. A year earlier, combined net income was $628 million.

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