Federal Home Loan Banks

Browse articles from all of our Newsletters related to Federal Home Loan Banks.

May 13, 2016 - Inside The GSEs

FHLBank Income Down in First Quarter, Decline in Advances

The Federal Home Loan Bank system earned $825 million in the first quarter of 2016, down from the $1.015 billion earned in the first quarter of 2015, according to figures compiled by the system’s Office of Finance. Lower gains on litigation settlements and higher losses on derivatives and hedging activities for the three months ending on March 31 contributed to the 19 percent decrease, according to the OF. Litigation settlements accounted for $348 million in income in the first quarter compared to $480 million a year earlier. The 1Q16 income was from the FHLBank of San Francisco’s $211 million settlement and the FHLBank of Des Moines’ $137 million settlement of claims arising from investment in non-agency mortgage-backed securities.

May 5, 2016 - Inside Mortgage Finance

Second-Tier Servicers and Nonbanks Continue Claiming Bigger Slice of Mortgage Servicing Market

Although several high-profile, publicly traded nonbank servicers are having a tough time turning a profit, non-depository institutions continued to build market share in mortgage servicing during the first quarter of 2016, a new Inside Mortgage Finance ranking reveals. On the whole, mortgage servicing is somewhat stagnant. The top 50 servicers as of the end of March managed a combined portfolio of $7.266 trillion, down very slightly from the previous quarter. Servicing tied to Fannie Mae, Freddie Mac and Ginnie Mae mortgage-backed securities managed a humble 0.2 percent gain in the first quarter, and the non-agency MBS market is still in the doldrums. It remains...[Includes two data tables]

April 29, 2016 - Inside The GSEs

GSE Roundup

Freddie Sets Date for First Quarter Results. Freddie Mac announced that it plans to report its first quarter 2016 financial results before the U.S. financial markets open on Tuesday, May 3, 2016. Fannie Completes 10th CIRT Transaction to Date. Fannie Mae completed its latest Credit Insurance Risk Transfer transaction last week and it’s 10th deal since the program’s inception in 2013. This deal, CIRT 2016-3, shifts a portion of the credit risk on a pool of single-family loans with an unpaid principal balance of approximately $5.7 billion to a single insurer. The covered loan pool consists of 30-year fixed- rate loans with...

April 15, 2016 - Inside The GSEs

Federal Home Loan Bank MBS Investments Increase Year-over-Year

Fannie Mae and Freddie Mac mortgage-backed securities remained the preferred investment choice of the 11 Federal Home Loan Banks during the fourth quarter of 2015 and for the year, according to a new ranking by Inside The GSEs based on data from the Federal Housing Finance Agency. There was a slight 0.9 percent quarterly decline, but a generous 34.7 percent increase from a year earlier. GSE MBS accounted for 77.9 percent of combined MBS portfolios. The FHFA data does not separately break out Fannie and Freddie volume or share. Meanwhile, Ginnie Mae investments accounted for 11.7 percent and non-agency investments were 10.4 percent.

April 15, 2016 - Inside MBS & ABS

Goldman Sachs Settles Pre-Crisis Non-Agency MBS Issues with DOJ, States for $5.06 Billion

The Department of Justice helped lead other federal and state entities in a $5.06 billion settlement with Goldman Sachs. The settlement announced this week involves non-agency MBS underwritten by Goldman between 2005 and 2007. The charges were centered on representations made by Goldman to investors in about 530 non-agency MBS. The offering documents for the MBS stated that mortgages in the deals were originated “generally in accordance with the loan originator’s underwriting guidelines,” other than possible situations where “when the originator identified ‘compensating factors’ at the time of origination.” Findings by third-party due diligence firms helped...


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