Step inside the arcane world of the Federal Home Loan Banks.

[mahatmakanejeeves]

Jennifer Epstein Retweeted

Today's essential read from my
@business
colleagues
@HeatherPerlberg

@annjychoi
&
@NBuhayar
.

Something is broken. Federal Home Loan Banks recorded $1.8bn in profits & paid $1.4bn in dividends last year while lending out only $355 million for affordable housing.

Step inside the arcane world of the Federal Home Loan Banks. What's become a $1.5 trillion backstop for banks like SVB and Signature was originally created to help US homebuyers.

And creep behind the paywall here: https://bloomberg.com/news/features/2023-06-04/us-effort-to-help-homebuyers-get-affordable-loans-mainly-benefits-banks-instead?accessToken=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJzb3VyY2UiOiJTdWJzY3JpYmVyR2lmdGVkQXJ0aWNsZSIsImlhdCI6MTY4NTk3MTUwNCwiZXhwIjoxNjg2NTc2MzA0LCJhcnRpY2xlSWQiOiJSVlIzV0tEV1JHRzAwMSIsImJjb25uZWN0SWQiOiJEM0Y1N0M3Nzk4QjA0N0VGOEIzNEU3RDZGNjNCMTA5RSJ9.Cq7zC-dd-CToCuYudOoAjVGMT87GIAu0TZAj3QE5Hfo

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