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Seattle FHLBank Wants to Sell Mortgage Securities.
The Federal Home Loan Bank of Seattle is seeking regulatory approval to purchase mortgage-backed securities from member banks and thrifts and, for the first time, to sell MBS to outside investors.
The proposal, if approved, would bring the FHLB into closer competition with Fannie Mae and Freddie Mac. And it appears the Seattle bank wants to get its business from some of its largest members (and Fannie and Freddie's largest customers), namely Washington Mutual and Wells Fargo & Co.
But unlike Fannie and Freddie, the FHLB will not guarantee timely payments of interest and principal to MBS investors.
Instead, the Seattle bank would purchase AAA-rated and AA-rated MBS securities, hold them for investment or sell them to other investors. The MBS issuer/seller would retain the subordinated or "B" piece of the securitization.
The Chicago FHLB pioneered a similar MBS program, but it has been dormant for more than a year.
Seattle FHLB executive vice president David Bley said the bank has worked closely with its members in designing the MBS program, with the hope of giving member lenders more loan underwriting flexibility than they would get with Fannie and Freddie.
The Seattle bank calls the new initiative "MortgageChoice" and is in the throes of upgrading its infrastructure and risk-management systems to handle large MBS transactions.
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Source: HighBeam Research, Seattle FHLBank Wants to Sell Mortgage Securities.