Securitization of Mortgage Loans by the Federal Home Loan Bank System

This report responds to Section 1215 of the Housing and Economic Recovery Act of 2008 (HERA). As required, the Federal Housing Finance Agency conducted a study on securitization of home mortgage loans purchased, or to be purchased, by the Federal Home Loan Banks from member financial institutions under their Acquired Member Assets programs. The report details the results of the study and includes policy recommendations based on the Federal Housing Finance Agency’s analysis of the feasibility of the Federal Home Loan Banks’ issuing mortgage-backed securities and of the benefits and risks associated with such a program.​