Federal Home Loan Bank Collateral for Advances and Interagency Guidance on Nontraditional Mortgage Products

Summary

The Federal Housing Finance Agency (FHFA) must submit a study on the consistency of loans and securities used as collateral for Federal Home Loan Bank advances with interagency guidance on nontraditional mortgage products by July 30, 2009, to the Senate Committee on Banking, Housing and Urban Affairs and the House Committee on Financial Services. The study aims to prevent loans with predatory characteristics and allow public comment on its recommendations.