Meanwhile, Federal Housing Finance Board Chairman John Korsmo has told a House panel that the deterioration in the credit quality of the New York FHLBank's manufactured housing assets is "a concern."Mr. Korsmo told the House Financial Services Committee that the agency is monitoring the situation and that the New York FHLBank stopped paying dividends "to protect retained earnings." He added that the Finance Board has issued guidance to all FHLBanks to review the adequacy of their retained earnings.
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