The Federal Home Loan Banks ended the year with combined annual profits of $2.79 billion, down 12.5% from 2019. FHLBanks of Indianapolis, Chica-go and Topeka increased earnings from the third to fourth quarter. (Includes data chart.)
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FHLBank members continued to reduce their borrowings, from $806.94 billion in the first quarter to just $422.64 billion in the last three months of the year. (Includes two data charts.)
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KBW analysts believe it will take 15 years for the two government-sponsored enterprises to meet FHFA’s capital requirement to exit conservatorship. KBW reduced its target price on Fannie and Freddie stocks to $1.00 each.
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Sen. Pat Toomey, R-PA, the ranking member of the Senate Banking Committee, this week indicated the GOP may be ready to compromise on key issues related to GSE reform.
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The CSS board now has four GSE-appointed members and five independents. Fannie and Freddie warned that this new majority will have the final say on any matter during conservatorship and on a number of significant matters following conservatorship (if they ever exit).
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Freddie Mac appoints board member Mark Grier to serve as interim CEO while it continues to search for a permanent replacement for David Brickman, who left in early January.
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