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Source: http://www.mortgagenewsdaily.com/12272010_fhlbanks_fhfa.asp
Thursday, January 6, 2011
Federal Home Loan Bank Proposals Aim to Reinforce Housing Finance System
Last week the Federal Home Finance Administration issued an Advanced Notice of Proposed Rulemaking (ANPR) which outlines proposed changes in membership requirements for Federal Home Loan Banks (Banks). The 12 Banks, regionally dispersed throughout the United States, were originally organized in 1932 under the Federal Home Loan Bank Act to provide a reserve banking system for thrift institutions to support their residential mortgage lending activities. The Banks are established as cooperatives. Membership allows institutions access to secured loans or advances to fund mortgage lending. Community Financial Institutions (CFI, defined below) and Community Development Financial Institutions (CDFI) can use advances for loans to small businesses, farms, and agribusiness and for community development...(read more)
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