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.
Home loan banks post profits
Most Popular Articles
Latest Articles
Why are existing home prices rising when sales are still so low?
Existing home sales fell in today’s report, but home prices are still up year over year, even with higher inventory and higher mortgage rates.