Housing Assistance: An Inventory of Fiscal Year 2010 Programs, Tax Expenditures, and Other Activities

U.S. Government Accountability Office

Administering Agency/Entity	Federal Home Loan Banks
Short Description	The Federal Home Loan Bank System (FHLBank System) is a government-sponsored enterprise (GSE) that consists of 12 regionally based Federal Home Loan Banks (FHLBank), the primary mission of which is to support housing finance and community and economic development. To carry out its mission, the FHLBank System issues debt in capital markets, generally at relatively favorable rates due to its GSE status, and each FHLBank makes loans (advances) to member financial institutions, such as banks and thrifts, located in its district.
Primary Purpose	Increase availability of mortgage loans
Type of Housing Supported	Both
Type of Assistance	Other
Fiscal Year 2010 Obligations	The Federal Home Loan Banks are not included in the federal budget. In order to support the mortgage markets, the Federal Reserve System has purchased FHLBank debt worth $37.7 billion.