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FHLB's Secondary Market Program Faces New Scrutiny.(Federal Home Loan Bank)
Federal regulators have taken aim at the Mortgage Partnership Finance program and they have directed the Federal Home Loan Bank of Chicago to cap the growth of its mortgage portfolio at 10% a year.
Under a supervisory agreement with the Federal Housing Finance Board, the Chicago bank must submit a draft of a business and capital management plan by Aug. 30.
The bank also agreed to evaluate its management and risk systems and make necessary changes.
The disclosure of the supervisory agreement came on the same day that the FHLBank's president, Alex Pollock, officially stepped down. Mr. Pollock previously announced his intention to resign and become a resident fellow at a Washington think tank.
Mr. Pollock insisted the special examination of the Chicago bank and the supervisory agreement had nothing to do with his departure. "There are no risk issues. The MPF program is very well managed," Mr. Pollock said.
The newly appointed acting president, Charles Huston, emphasized that the Chicago bank is in "excellent financial shape," even though Standard & Poor's downgraded the bank's "AAA" rating to an "AA+" rating.
"As the mortgage assets on our balance sheet have increased due to the success of the MPF program, Standard & Poor's has consistently indicated to us their intention to align our individual rating with those of the other housing government-sponsored enterprises," Mr. Huston said.
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