The FHLBanks last year agreed to voluntarily raise their contributions to affordable housing programs from 10% of net income to 15%, but they balked at Treasury’s suggestion to increase that to 20%.

All but one of the regional banks experienced a sequential decline in net income, but most reported an increase in voluntary contributions to mission-related activities. (Includes data table.)

FHFA’s proposed rule responds to market trends that have made it difficult for the GSEs to meet their benchmark goals.

Senate Democrats note that FHLBank Boston CEO Timothy Barrett received $3.1 million in compensation last year while the bank contributed just $2 million to its affordable housing program.

FHFA’s recent decision to waive loan-level price adjustments for the low-income financing programs of the GSEs means that borrowers can sometimes get lower interest rates through HomeReady and Home Possible than they can using traditional GSE financing.

The Federal Home Loan Banks as well as credit unions argue the FHLBanks’ mission was established by Congress, so only Congress can change it. Consumer advocates, meanwhile, are happy with the Federal Housing Finance Agency’s effort to redefine the mission.

Former Freddie CEO Don Layton said the pilot’s only connection to housing is that some of the homeowner’s equity is used as collateral for the new second.

The mortgage giant worked with the Housing Assistance Council to estimate the scale of the tangled title problem and begin to look for solutions.

Two of the new proposed rules are directed at Fannie Mae and Freddie Mac. The other three relate to the Federal Home Loan Banks.

Despite thousands of responses to its RFI, FHFA has settled on a list of protections that is unlikely to make tenants feel much safer.