Federal Home Loan Banks

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August 14, 2015 - Inside The GSEs

GSE Roundup

FHLB Will Stay in Topeka. After mulling a move to places like Kansas City and Denver, the Federal Home Loan Bank of Topeka said it would stay put and build a new headquarters there. Construction on the $26 million, 80,000 square foot building will begin next year and employees anticipate a move to the new building in 2018. The bank needed a more modern and larger space than its current 60,000 square foot location offers. Freddie Prices $471 Million K-Deal. Freddie Mac priced a new offering of Structured Pass-Through Certificates backed by fixed-rate multifamily mortgages with seven-year terms. The company plans to issue more than $471 million in K-719 Certificates, which is expected to settle around Aug. 19. This is Freddie’s 15th K Certificate offering this year.


August 14, 2015 - Inside The GSEs

FHLB Combined Net Income Rose Due to Higher Litigation Gains

The Federal Home Loan Bank system earned $678 million in the second quarter of 2015 and attributes the 32 percent year-over-year increase to higher gains on litigation settlements and derivatives as well as hedging activities. Total net income for the first half of the year was even higher than the previous year, according to figures compiled by the system’s Office of Finance. Net income for the first six months witnessed a 58 percent jump, to $1.69 billion. Litigation settlements accounted for $143 million in the second quarter, driven by FHLBank of Boston’s $135 million settlement. Those claims came directly from investments in non-agency mortgage-backed securities. Total FHLB assets for the first half of the year were pretty much flat at $916.9 billion, representing...


August 14, 2015 - Inside MBS & ABS

Value of REIT MBS Holdings Continued to Slip In 2Q15 Despite Small Gain in Non-Agency Assets

Real estate investment trusts that focus on the MBS market saw the value of their holdings slump again during the volatile second quarter of 2015. Top mortgage REITs reported a fair market value of $249.10 billion for their single-family MBS holdings as of the end of June. That was down 5.6 percent from the previous quarter, and it was the group’s lowest MBS portfolio valuation since the fourth quarter of 2011. The decline came...[Includes one data table]


July 31, 2015 - Inside The GSEs

FHFA Gives Guidance to Direct FHLBs Core Mission

The Federal Housing Finance Agency recently established guidelines for the Federal Home Loan Banks to use when developing their individual strategic business plans.These guidelines were created to help determine if the 11 institutions are successfully achieving their core mission of making advances and establishing limits on its maximum holdings of acquired member assets.The FHLBanks are also charged with supporting their banks’ housing finance and community lending mission in less direct ways including advance commitments, housing finance agency debt instruments and investment in certain small business investment company securities and more.In assessing each of the banks’ core mission achievement the FHFA said it will calculate the ratio of its Primary Mission Assets relative to Consolidated Obligations at the...


Poll

During the first half of 2015 all residential lenders originated a better-than-expected $805 billion of home mortgages, according to Inside Mortgage Finance. What do you expect in the second half?

Just as good. We like what we’re seeing.
Better. Applications are strong.
Worse. We’re worried about rates, seasonality.
A lot worse. The fourth quarter could be a killer.

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