The FHLB's--Federal Home Loan Banks.
The Federal Home Loan Bank of Seattle joined its San Francisco counterpart in suspending dividends and “excess” stock repurchases, after the declining value of mortgage bonds likely led to a regulatory capital shortfall.
The FHLB system has $1.25 trillion of debt, making it the largest U.S. borrower after the federal government
These outfits purchased mortgages from traditional savings-and-loans.
Calculated Risk also has some very sharp commentary on FHLBs from Roubini on the post.
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