The GSE Public-Private Hybrid Model Flunks Again: This Time It’s the Federal Home Loan Bank System (Part 2)
The Stoop (NYU Furman Center)
MARCH 11, 2024
It did so, for example, in 2004 to cover the budget year 2003, when its estimate was $3.2 billion of losses by just four of the FHLBs in 2009 and 2010. More recently, as part of the FHFA’s review, its director said in public that the FHLB System did benefit from the implied guarantee, saying out loud what everyone already knew.
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