FHLBank-Seattle Earnings Plunge

Published November 18, 2004, 3:00 p.m. EST

1 Min Read

The Federal Home Loan Bank of Seattle saw its third-quarter earnings plunge by 53% to $16.8 million due to hedging mistakes and a poor performance in two key products.The FHLBank admitted in a statement that it did not "efficiently manage the funding and hedging of its investments." These investments include mortgage-backed securities and its mortgage purchase program. The MPP, which competes against Fannie Mae and Freddie Mac, was hurt by decreasing volumes and the bank's decision to limit purchases from larger member banks while it enhances what it calls its "financial infrastructure." On Monday, the Federal Home Loan Bank of Chicago, which operates the bank system's Mortgage Partnership Finance program, said it will delay reporting third-quarter earnings because of concerns over accounting for derivatives.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

Law and legal issues

Citizens sues SoFi as fights over talent, pipelines persist

The bank is accusing its fintech rival of racketeering for raiding its offices across nine states and stealing an untold amount of confidential information.

By Andrew Martinez
Reporter

September 12
Secondary markets

Pulte moves give whole loan sellers reason to act on VS4

Lenders may not be able to fully respond to the broader government-sponsored enterprises' rollout of VantageScore 4.0 yet but there is one thing they can do now.

By Bonnie Sinnock
Capital Markets Editor

September 11
Mortgage rates

Rising rates force concessions: reach sideline buyers

Sellers are easing demands as rates hit 15-month highs, giving buyers leverage. Originators: target sideline buyers before next week's Fed hike lifts rates further.

By Brad Finkelstein
Originations Editor

September 11
Originations

Lenders see robust jumbo market despite tightening credit

The decrease in jumbo availability accounted for much of the drop in the latest mortgage credit index, as conforming and government offerings were unchanged.

By Spencer Lee
Technology Reporter

September 11
Inflation

Modest CPI reading gives Fed no clear direction on rates

The consumer price index rose 0.4% last month, in line with July's reading. For a monetary policy committee that has been split on inflation, the inconclusive report will compel the Fed to make a call on whether to raise interest rates or stay put.

By Kyle Campbell
Staff writer

September 11
9/11 Anniversary

Lessons from 9/11: How one NYC community bank rebounded

Abacus Federal Savings Bank in Chinatown scrambled to reopen in the days following the World Trade Center attacks. The exercise resulted in the bank's first disaster-recovery plan.

By Allissa Kline
Reporter

September 11

Load More