Report to Congress on the Federal Home Loan Bank System. Volume 1. SummaryAnalysis and Policy Recommendations

摘要

This report is the first volume of a two-part examination of the policies,structure, and operations of the Federal Home Loan Bank (FHLB) System. As part of a wide-ranging review of the System and its future, Congress directed the Secretary of HUD, the Comptroller General, the Federal Housing Finance Board, the Director of the Congressional Budget Office, and a Study Committee representing member institutions to report on a diverse set of 14 topics concerning the System's structure, function, and mission. The report presents three general policy recommendations. The first strongly affirms that collateralized lending in support of residential mortgage financing should remain the core function of the Federal Home Loan Banks. The report's other policy recommendations acknowledge the System's changing membership base, which in 1989 was expanded from thrift institutions to includes interested commercial banks and credit unions. The overall recommendation from HUD is for FHL Banks to 'be restructured to provide permanent capital through nonrefundable, tradeable stock, retained earnings, or other capital instruments.'