All of the 12 regional Federal Home Loan Banks reported positive net income during the third quarter, reflecting fewer write-downs on mortgage-backed securities. The banks reported combined net income of $732 million for the quarter, compared to combined losses of $165 million one year ago, when five banks reported losses. The smallest gain came from the Seattle home-loan bank, which reported net income of $10 million, compared with a year-earlier loss of $94 million. The gain came as the bank wrote down its mortgage securities by $16 million, versus a year-earlier write-down of $130 million.
Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio
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Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio