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
Another reform announced in 2014 closed a loophole whereby the FHLBs increased their taxpayer-subsidized advances by lending to captive insurance companies created by mortgage REITS 31 (a specialty type of leveraged investment fund that is ineligible for FHLB membership), which the FHFA ruled inconsistent with the legislation that created the FHLBs.
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