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Volume 14 - Number 13

June 27, 2014

FHLBanks Place Moratorium on Captive Insurers Used by REITs

The presidents of all 12 Federal Home Loan Banks are in talks with the Federal Housing Finance Agency over a newly issued moratorium on nonbank mortgage firms – mostly mortgage real estate investment trusts – gaining access to the system’s borrowing window through a captive insurance affiliate. The 90-day moratorium was voluntarily put in place by the FHLB presidents on June 12, said a spokesman for the Council of Federal Home Loan Banks, a trade group of sorts for the 12 regional government-sponsored enterprises.

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