Table of Content
- §1442a. Repealed. Pub. L. 106–102, title VI, §606(c), Nov. 12, 1999, 113 Stat. 1454
- Downloadable Data & Data Reports
- U.S.C. Title 12 – BANKS AND BANKING – Govinfo.gov Federal Reserve History
- Federal Home Loan Bank (FHLB) System: Definition and History
- The Federal Home Loan Bank System Explained
- Performance and Accountability Report
- Subsequent Alterations to the Federal Home Loan Bank Act
" the date as of which the last savings association ceases to exist." 101–73, §512, substituted definition of "Savings Association Insurance Fund member" for definition of "insured institution". 101–73, §512, substituted "the $1,000,000,000 amount referred to in paragraph which the Federal Housing Finance Board" for "$1,000,000,000 which the Board". The Director may prescribe such regulations as may be necessary to carry out the provisions of this section, including regulations defining terms used in this section.
Proponents of the Federal Home Loan Bank Act argue that homeownership was essential to the economic recovery of the country during the Great Depression—and, given the crisis in the banking industry, that a strong federal stimulus was necessary. They also contend that the system it created adds stability to the housing and lending market and continues to result in stronger local communities and higher overall quality of living. The Director shall promulgate regulations establishing the conditions and procedures for the consideration and approval of any voluntary merger described in paragraph , including the procedures for Bank member approval. 2008—Pub.
§1442a. Repealed. Pub. L. 106–102, title VI, §606(c), Nov. 12, 1999, 113 Stat. 1454
It was created by the Federal Home Loan Bank Act of 1932, the first in a series of bills that sought to make homeownership an achievable goal for more Americans. The rationale was by providing banks with low-cost funds to be used for mortgages. They would be more likely to make loans; as a result, individuals would find it easier to borrow money to buy homes, thus stimulating the residential real estate market.
§1428. Examination of State laws, regulations, and procedures; studies of values, etc. Act Aug. 11, 1955, authorized an increase in number of elective directors of any Federal Home Loan Bank having a district which includes five or more States. 101–73, §707, inserted after first sentence "No person who is an officer or director of a member that fails to meet any applicable capital requirement is eligible to hold the office of Federal Home Loan Bank director." 110–289, §1202, substituted "member" for "elective" wherever appearing before "directorship" or "directorships", except second place appearing in second sentence and each place appearing in fifth sentence. 110–289, §1202, added subsec.
Downloadable Data & Data Reports
During the crisis, nearly one-third of the savings and loan institutions in the United States failed. FIRREA eliminated the Federal Home Loan Bank Board and the Federal Savings and Loan Insurance Corp. and created the Office of Thrift Supervision and the Resolution Trust Corp. to provide greater stability and responsibility among lenders. The Federal Home Loan Banks were independent, regional wholesale banks scattered around the country.
Unemployed World War I veterans who came to Washington in the spring of 1932 to demand the immediate payment of the bonus congress had voted them in 1922. The veterans were forcibly removed from Anacostia Flats by federal troops under the command of Douglas MacArthur. A law, enacted in 1930, that established the highest protective tariff in U.S. history, worsening the depression in America and abroad. Supporters of the Constitution and of a strong national government. 1934 improved housing standards and provided home financing.
U.S.C. Title 12 – BANKS AND BANKING – Govinfo.gov
The approximate number of banks, credit unions, insurance companies, thrifts, and certified community development financial institutions that are members of the FHLB and receive funding from it. The Secretary of the Treasury may, at any time, sell, upon such terms and conditions and at such price or prices as he shall determine, any of the obligations acquired by him under this subsection. All redemptions, purchases, and sales by the Secretary of the Treasury of such obligations under this subsection shall be treated as public-debt transactions of the United States. The Secretary of the Treasury shall not at any time purchase any obligations under this paragraph if such purchase would increase the aggregate principal amount of his then outstanding holdings of such obligations under this paragraph to an amount greater than $4,000,000,000. Each purchase of obligations by the Secretary of the Treasury under this subsection shall be upon terms and conditions as shall be determined by the Secretary of the Treasury and shall bear such rate of interest as may be determined by the Secretary of the Treasury taking into consideration the current average market yield for the month preceding the month of such purchase on outstanding marketable obligations of the United States. 1961—Subsec.
By inserting, in par. And redesignating par. As , was repealed by Pub.
Michael Boyle is an experienced financial professional with more than 10 years working with financial planning, derivatives, equities, fixed income, project management, and analytics. High-Cost Home Loan as defined in the New Mexico Home Loan Protection Act effective January 1, 2004; “High-Cost Home Mortgage Loans” as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 and “High Cost Home Loans” as defined in the Indiana Home Loan Practices Act effective January 1, 2005. Federal banking agencies means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation.
" Section 10 of the Home Owners' Loan Act of 1933 [12 U.S.C. 1467a] and section 416 of the National Housing Act [12 U.S.C. 1730i] (as added by subsections and , respectively, of section 404 of this title). (as added by subsections and , respectively, of section 402 of this title). Thrift Depositor Protection Oversight Board abolished, see section 14– of Pub. 105–216, formerly set out as a note under section 1441a of this title.
She is a Real Estate Investor and principal at Bruised Reed Housing Real Estate Trust, and a State of Connecticut Home Improvement License holder.
Each Bank shall appoint an Advisory Council of 7 to 15 persons drawn from community and nonprofit organizations actively involved in providing or promoting low- and moderate-income housing in its district. The Advisory Council shall meet with representatives of the board of directors of the Bank quarterly to advise the Bank on low- and moderate-income housing programs and needs in the district and on the utilization of the advances for these purposes. Each Advisory Council established under this paragraph shall submit to the Director at least annually its analysis of the low-income housing activity of the Bank by which it is appointed. Any loan by a Federal Home Loan Bank pursuant to paragraph shall be subject to all applicable collateral requirements, including the requirements of subsection , and shall be at an interest rate no less favorable than those made available for similar short-term liquidity advances to savings associations that do not present such supervisory concern. 87–210, §2, repealed subsec. Which required members to acquire, hold and maintain their stock holding in an amount equal to at least 2 per centum of the aggregate of the unpaid principal of such member's home mortgage loans, home-purchase contracts, and similar obligations, but not less than $500, and provided for the retirement of Government-owned stock.
Unlike the other real estate-oriented government-sponsored enterprises—Fannie Mae and Freddie Mac—FHLBs do not guarantee or ensure mortgage loans, however. Instead, FHLBs act as a "bank to banks" by providing long- and short-term loans, called "advances," to their members, as well as specialized grants and loans aimed at increasing affordable housing and economic development. In some cases, FHLBs also provide secondary market outlets for members interested in selling mortgage loans.
No comments:
Post a Comment