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FHLB Performance Holding Up

$506 million Q3 profit

November 19, 2008

By MortgageDaily.com staff

Quarterly earnings were down at the Federal Home Loan Banks. But compared to massive losses at rival government sponsored enterprises -- the FHLB looked pretty solid.

Total combined FHLB assets were $1.429 trillion on Sept. 30, according to earnings data released today. Combined assets increased from $1.344 trillion on June 30.

Member mortgage assets accounted for $0.088 trillion of the latest total, off from $0.089 at the end of the second quarter.

Advances accounted for $1.012 trillion of total assets at the end of the third quarter, rising from $0.914 trillion.

Combined capital ended September at $57 billion.

Third-quarter combined earnings was a $506 million profit, down from $719 million the prior quarter and $732 million a year earlier.

"Combined net income for the three months ended Sept. 30, 2008, was reduced by $252 million due primarily to writeoffs/ reserves on receivables due from Lehman Brothers Special Financing, which filed bankruptcy on Oct. 3, 2008, subsequent to its parent company Lehman Brothers Holdings Inc. that filed bankruptcy on Sept. 15, 2008, and other-than-temporary impairment charges of $146 million on certain private-label mortgage-backed securities," the FHLB explained.

The quarterly net profit sharply contrasted massive losses at fellow GSEs Fannie Mae and Freddie Mac -- which combined reported a third-quarter loss of $54 billion.

GSE News | Fannie/Freddie Share Statistics
Fannie, Freddie and FHLB news. Coverage of government sponsored enterprise regulation, operations and litigation.

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