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Additionally, FHLB Dallas will donate USD 100,000 to the Hurricane Harvey Relief Fund, through the Texas Bankers Foundation in conjunction with the Texas Bankers Association, Independent Bankers Association of Texas and others; USD 150,000 for disaster relief supplies and USD 25,000 to the Gregory-Portland Independent School District to help with furniture, materials and supplies.
Like all of FHLB Dallas' grant programs, the grants are available through member institutions.
The loss of FHLB funding is a modest long-term credit negative for MREITS, but the five-year phase-out for those obtaining funding prior to September 2014 provides existing borrowers with significant time to find replacement funding.
The 2015 grants are expected to create or rehabilitate 1,039 housing units within FHLB Dallas' District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas, as well as one state outside of FHLB Dallas' District in which its members do business.
On July 31, the FHLB announced the proposed merger following votes of unanimous approval by both institutions' boards of directors.
The FHLB System is a large, complex, and understudied U.
The FHLB Mortgage Partnership Finance and Mortgage Purchase programs represent a small but growing part of the secondary conforming mortgage market, which has traditionally been dominated by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
The FHLB System is made up of twelve regional wholesale banks that are cooperatively owned by their member financial institutions.
From the perspective of its traditional housing finance mandate, the FHLB System undertook a major new initiative in 1997: the direct holding of mortgage loans.
The Service reasoned that although the distribution was made in FHLB stock, at all times any member had a right to request the redemption of all or part of its stock in the FHLB (subject to Federal minimum requirements).
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