WASHINGTON — The Federal Housing Finance Board recently approved a new initiative by the Federal Home Loan Bank of Atlanta to aid financial institutions in smaller communities.
"Meeting the housing finance and community development needs of member institutions is the basic mission of the Federal Home Loan Bank System," FHFB Board Member Geoff Bacino, a former NCUA Board member, commented. "I applaud the Atlanta bank for developing this new initiative which will help finance additional home ownership investments in their local communities."
He emphasized that the program does not create another housing government-sponsored enterprise. "The loans that are purchased through this program will not be placed on the balance sheet of the Atlanta Bank," Bacino said. "The new program simply combines existing private sector secondary market capabilities into an integrated program to better serve the mortgage needs of community financial institutions that are members of this Federal Home Loan Bank."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
