Pilot Mortgage Program Proposed by the Federal Home Loan Banks of Cincinnati, Indianapolis and Seattle

Zusammenfassung

On October 4, 1999, the Federal Housing Finance Board (Finance Board) adopted Finance Board Resolution No. 99-50 (Res. 99-50) authorizing Federal Home Loan Banks (FHLBanks) to offer single-family Member Mortgage Asset (MMA) programs within certain defined parameters, terms and conditions, including the Mortgage Purchase Program (MPP) proposal that was jointly submitted to the Finance Board by the FHLBanks of Cincinnati, Indianapolis and Seattle. Notice of the proposed MPP program was published in the Federal Register on August 12, 1999, 64 FR 44016, and the application was subsequently made available to the public through the Finance Board's website, 64 FR 49187 (September 10, 1999). While it is not obligated to provide further notice of the MPP program before it is implemented, the Finance Board hereby provides notice that the MPP program will not be implemented by the FHLBanks of Cincinnati, Indianapolis or Seattle until the staff of the Office of Supervision has conducted a pre- implementation examination of each FHLBank and has confirmed that appropriate program policies, procedures and controls have been established at each FHLBank. In no case shall implementation occur prior