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FHLB Holding More Mortgages

Current holdings nearly twice year-end 2001

November 14, 2002


Federal Home Loan Bank (FHLB) mortgage loans have almost doubled the year-end total of 2001, Dow Jones Newswires reported.

As of Sept. 30, the government-sponsored enterprise (GSE) reported holding $47.1 billion in mortgage loans, compared with $27.7 billion at the end of last year and $22.6 billion at Sept. 30 of last year, the news wire said.

Twelve regional banks comprise the FHLB system. Like Fannie Mae and Freddie Mac, the FHLB system is a government-sponsored enterprise charged with providing affordable housing.

But unlike Fannie and Freddie, banks that want to sell loans to a regional FHLB must buy stock in that FHLB bank. The owners of the FHLB are the banks, which then are usually owned by shareholders.

The bank also announced $215.5 billion in investments as of Sept. 30, a 13.3% increase from 2001's year-end total of $190.2 billion. As of Sept. 30, 2002, aggregate mortgage-backed securities investments totaled $95.5 billion, the newswire reported.

FHLB investments include mortgage-backed securities, overnight and term federal funds sold, commercial paper, agency securities, and U.S. government securities, the news wire reported.

System members include commercial banks, savings institutions, credit unions, and insurance companies. Each member belongs to one of 12 regional FHLBs.

In the past, the bank mainly made low-cost loans to mortgage lending institutions, the news wire reported. However, it's been acquiring mortgages through purchase programs in recent years.

The chief funding source for the bank's operations is the issuance of consolidated debt obligations, bonds, and discount notes, the news wire said.

Christy Robinson is the editor of MortgageDaily.com. She received a bachelor's degree in news-editorial journalism from The University of Texas at Arlington. Her work has previously been published in The Dallas Morning News.

email Christy at: [email protected]

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