The Federal Housing Finance Agency today issued its final rule changing eligibility for membership in the Federal Home Loan Bank system.
Following advocacy by ABA, four House members on Friday introduced bipartisan legislation to stop the Federal Housing Finance Agency from moving ahead with its proposed limitations on Federal Home Loan Bank membership.
Advances from Federal Home Loan Banks during 2014 increased from the year before by 15 percent to $566 billion, the Federal Housing Finance Agency said on Friday.
Arguing that the proposal runs against congressional intent and sound public policy, ABA today called on Congress to pass legislation requiring the Federal Housing Finance Agency to withdraw its proposal on Federal Home Loan Bank membership.
ABA wrote to Sen. Heidi Heitkamp (D-N.D.) yesterday thanking her for introducing S. 1974, the Relationship Lending Preservation Act. The bill would provide the same regulatory treatment to mortgages sold to the Federal Home Loan Banks that Qualified Mortgages and GSE loans currently enjoy.