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Statement

Statement of FHFA Director Melvin L. Watt on FHLB Seattle and FHLB Des Moines Merger Agreement

FOR IMMEDIATE RELEASE
9/25/2014

“As the regulator of the Federal Home Loan Bank System, the role of the Federal Housing Finance Agency (FHFA) is to ensure that each Federal Home Loan Bank operates in a safe and sound manner and fulfills its statutory mission.  Given the fundamental changes that have occurred in the financial system since the creation of the Federal Home Loan Banks, FHFA views the merger agreement approved by the boards of the Federal Home Loan Bank of Seattle and the Federal Home Loan Bank of Des Moines positively.  The merger agreement must be ratified by the members of the two Banks, which will occur after FHFA has reviewed and approved the Banks’ formal merger application.  FHFA has and will continue to work with the Banks throughout this process, and we will review the merger application to ensure that this transaction results in a financially strong Bank that supports the interests of all its members.”

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.6 trillion in funding for the U.S. mortgage markets and financial institutions.

Contacts:

Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030

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