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Chicago FHLBFaces Weak '08.
Washington -- The Federal Home Loan Bank of Chicago posted a 50% drop in earnings in 2007 and the troubled bank expects to report a loss in the first quarter.
Earnings fell from $192 million in 2006 to $98 million in 2007 as the bank's $34.6 billion Mortgage Partnership Finance portfolio has become a serious drag on earnings.
"We expect to incur losses beginning in the first quarter of 2008 and that those losses will continue for some period of time," the Chicago FHLBank says in its 10-K filing with the Securities and Exchange Commission.
Net interest income fell 37%, or $155 million, due to several factors including the higher financing costs for the mortgage portfolio. As a business segment, the mortgage portfolio recorded a $29 million loss for the year after posting a $121 million profit in 2006.
The Chicago FHLBank has been operating under a supervisory order since June 2004 when the Federal Housing Finance Board intervened to stop the growth of its mortgage purchase program. In October, the Finance Board issued a consent cease-and-desist order so members of the Chicago bank could not redeem their stock.
As a way out of its problems, the Chicago FHLBank initiated ...
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...program. In 2005, the Finance Board took an unprecedented...starting in three years. Finance Board chairman Ronald Rosenfeld...In a statement, the Finance Board said, "The action...letter to members, Chicago FHLBank president Mike Thomas...
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...operating under a supervisory agreement with the Federal Housing Finance Board while it improves its management systems, controls, record...s Investors Service affirmed its "Aaa" rating on the Chicago FHLBank. "Moody's views the agreement between the Chicago bank...
- Thomas Leads Chicago FHLBank.(Brief Article)
- Magazine article from: Mortgage Servicing News October 1, 2004 700+ words
The Federal Home Loan Bank of Chicago last week named investment banker Mike Thomas as its new president and chief executive officer. Mr. Thomas replaces mortgage partnership finance founder Alex Pollock, who resigned from the bank this past summer to become an analyst for a conservative think tank
- Thomas Leads Chicago FHLBank.
- News wire article from: Mortgage Line November 2, 2004 700+ words
The Federal Home Loan Bank of Chicago last week named investment banker Mike Thomas as its new president and chief executive officer. Mr. Thomas replaces mortgage partnership finance founder Alex Pollock, who resigned from the bank this past summer to become an analyst for a conservative think tank
- Finance Board Weighing Appropriate Levels for Mortgage Purchases.
- News wire article from: Mortgage Line March 16, 2005 700+ words
...He stressed that the Finance Board is not trying to kill...programs. However, the Finance Board is concerned about...separately from the Chicago FHLBank's Mortgage Partnership...it applied to the Finance Board for approval to start...
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- Magazine article from: Mortgage Servicing News February 1, 2005 700+ words
...the Federal Housing Finance Board is trying to determine...them in portfolio. Finance Board chairman Ronald Rosenfeld...and rewards of the Chicago FHLBank's Mortgage Partnership...application with the Finance Board to sell MBS to outside...
- Finance Board Taking a Look At FHLB Portfolio Programs.
- News wire article from: Mortgage Line February 24, 2005 700+ words
...the Federal Housing Finance Board is trying to determine...them in portfolio. Finance Board chairman Ronald Rosenfeld...and rewards of the Chicago FHLBank's Mortgage Partnership...application with the Finance Board to sell MBS to outside...
- Finance Board Agrees to Seek Comments on Issue of Dual Membership.
- Magazine article from: National Mortgage News Collins, Brian October 1, 2001 700+ words
...the Finance Housing Finance Board finally met last week...been forced upon the Finance Board by a petition filed...Since then, the Finance Board has received petitions...become a member of the Chicago FHLBank. Currently, several...
Source: HighBeam Research, Chicago FHLBFaces Weak '08.