first_img Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News, Secondary Market FHFA Director Watt Outlines Positive Developments for Federal Home Loan Banks Sign up for DS News Daily May 13, 2015 951 Views  Print This Post Home / Daily Dose / FHFA Director Watt Outlines Positive Developments for Federal Home Loan Banks Tagged with: Federal Home Loan Banks FHFA FHFA Director Mel Watt Secondary Market The Best Markets For Residential Property Investors 2 days ago Share Save About Author: Xhevrije West Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Demand Propels Home Prices Upward 2 days ago Federal Home Loan Banks FHFA FHFA Director Mel Watt Secondary Market 2015-05-13 Brian Honea At this year’s Federal Home Loan Banks (FHLBanks) directors’ conference, Federal Housing Finance Agency (FHFA) Director Melvin L. Watt, delivered a speech regarding the past year of positive developments that occurred in these 12 banks.“FHFA understands the importance of developing new ways for the FHLBanks to support the housing finance needs of members,” Watt said.  “FHFA has now approved several mortgage programs that provide participating members alternative means to sell mortgage loans, thereby transferring risk and freeing up capital that members can use to expand credit availability in local communities.”In his speech, Watt highlighted that the FHLBanks are an important part of home financing, in that they provide a source of funding and access to the secondary mortgage market and other services to member institutions, especially smaller institutions that have little access these services.According to the data presented at the conference, every FHLBank had a positive net income for the past 13 quarters, and they also earned $2.3 billion in 2014 and $2.5 billion in 2013 collectively. The top 10 borrowers led the increase of $73 billion in 2014 of advance volume, while the other members revealed signs of increasing advance demand. By the end of 2014, regulatory capital was $49.5 billion, or 5.4 percent of total system assets, consisting of $13.2 billion in retained earnings, $33.7 billion in capital stock, and $2.6 billion in mandatorily redeemable capital stock. The Affordable Housing Program also helped FHLBanks award $238.5 million worth of grants that would provide assistance to nearly 25,000 single-family and multifamily units.The FHLBanks were set up by Congress to aid in the home financing process, and the FHFA has a statutory responsibility ensure that this purpose is being met within the constructs of the FHLBank Act.“Since becoming the Director of FHFA, I have continued to gain an even greater understanding and appreciation for what you [FHLBanks] do,” Watt said. “I look forward to working with you [Directors] in our joint effort to ensure that the FHLBanks continue their operations in a manner that is both safe and sound and consistent with their mission.”Click here to read Watt’s full speech. The Best Markets For Residential Property Investors 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Senators Introduce Bill Limiting Fed’s Lending Authority, Ending ‘Too Big to Fail’ Next: DS News Webcast: Thursday 5/14/2015 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days agolast_img

FHFA Director Watt Outlines Positive Developments for Federal Home Loan Banks

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