The GAO’s fact-filled, even-handed review of the FHLBanks’ role in last spring’s regional banking crisis has been used to justify arguments by both critics and supporters of the banks.
FHLBanks and housing advocates square off over issues, such as the banks’ mission, how they benefit housing finance and, surprisingly, whether they receive a federal subsidy.
A regulatory interpretation released this week by FHFA involving cooperativas in Puerto Rico may begin the formal implementation of key recommendations in its review of the FHLBank system.