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Washington, D.C. – The Federal Housing Finance Agency (FHFA) is seeking comments on proposed amendments to the existing regulation for the Federal Home Loan Bank (FHLBank) Housing Goals.
The proposed rule would:
The Federal Home Loan Bank Act requires that the Director of FHFA establish housing goals with respect to the purchase of mortgages, if any, by the FHLBanks. The goals should be consistent with those for Fannie Mae and Freddie Mac while considering the unique mission and ownership structure of the FHLBanks. FHLBanks purchase mortgages through the AMA program. FHLBank participation in the AMA program is voluntary.
FHFA issued a final rule in December 2010 that subjects a FHLBank to the housing goals if in a given year a FHLBank's AMA purchases exceed a volume threshold of $2.5 billion. When triggered, existing housing goals compare FHLBank performance to market levels.
“To be successful housing goals should lead the FHLBanks to make affordable housing part of their business plans for AMA," said FHFA Director Melvin L. Watt. “The overall approach of the proposed amendments will encourage FHLBanks and their members to build on the strengths of the AMA program to assist targeted borrower groups in a safe and sustainable manner."
FHFA invites interested parties to submit comments on the proposed rule via FHFA.gov within 90 days of publication in the Federal Register or via mail, FHFA, Eighth Floor, 400 Seventh Street SW, Washington D.C. 20219. FHFA will also hold a webinar on the proposed rule on Nov. 8 at 2 p.m. EST to explain the proposed rule and answer questions. Register for the webinar here.
Link to Proposed Rule
Link to Fact Sheet: Proposed Rule on FHLBank Housing Goals
Media: Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032Consumers: Consumer Communications or (202) 649-3811
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