FHLB Des Moines Highlights
Important Notice Concerning the 2008
Director Election
Earlier this summer the Bank
distributed information on the 2008
Director Election to be held to fill
directorship positions in the states
of Iowa, Minnesota and South Dakota.
Subsequent to that election
information being sent out,
President Bush signed the Housing
and Economic Recovery Act of 2008
into law on July 30, 2008. The Act
has resulted in a number of changes
to the regulatory framework of the
Federal Home Loan Bank System, and
the Bank’s new regulator, the
Federal Housing Finance Agency, is
currently working on guidance
concerning the Bank’s board of
director structure and election
process. As a result, the Bank has
determined to delay the election and
balloting process until the Finance
Agency issues the guidance. The Bank
does not expect that this will delay
the election schedule significantly.
Once the guidance has been issued,
the Bank will provide additional
information on this website and to
members in the voting states. Please
contact
Aaron Lee, Associate General
Counsel, at (515) 281-1038 with any
questions.
Weekly Market Update
Treasuries yields ended the week
three to five basis points lower
across the curve as trading volumes
remained light heading into the
Labor Day weekend. Equity markets
sold off and volatility rose due to
news of another bank failure, mixed
macroeconomic news, and a developing
hurricane in the Gulf of Mexico. Click
here for additional market
commentary.
Letter To Members - Housing and
Economic Recovery Act 2008
On
July 30th President George Bush
signed The Housing and Economic
Recovery Act of 2008 into law.
This groundbreaking legislation is
the result of years of debate in
Washington regarding the appropriate
regulatory framework for Fannie Mae,
Freddie Mac and the Federal Home
Loan Bank (FHLB) System. It is also
the result of Washington’s struggle
to positively impact the nation’s
mortgage crisis. Debate and
legislative deliberations in the
past weeks were dominated by
concerns that the weakness in the
housing markets could precipitate a
failure of either Fannie Mae or
Freddie Mac.
FHLBs
were never the focus of concern. In
fact, in analyzing the cost of the
legislation, the Congressional
Budget Office (CBO) noted that “most
or all of any assistance under the
proposed authority would go to
Fannie Mae and Freddie Mac.
Click here to read the rest of
the letter from FHLB Des Moines
President Dick Swanson.
2009
Affordable Housing Advisory Council
Nominations
The
Federal Home Loan Bank of Des Moines
is seeking nominations from
representatives of community and
nonprofit organizations in Minnesota
to serve on its Affordable Housing
Advisory Council. The Council is an
advisory committee to the Bank’s
board of directors on ways the Bank
can better carry out its housing
finance and community investment
mission. Click
here
for more details and to fill out a
nomination form.
Office of Finance Releases Second
Quarter 2008 Combined Financial
Report
The Federal Housing Finance Board
Office of Finance released the
Second Quarter (Q2) 2008 Combined
Financial Report (CFR) of the 12
Federal Home Loan Banks today. The
System’s CFR can be accessed at
www.fhlb-of.com.
Please contact
Rex Swandahl
if you would like a printed copy of
the report. Thank you.
FHLB Des Moines Announces
Second Quarter 2008 Financial
Results and Dividend
On Monday, August 11, FHLB Des
Moines released unaudited financial
results for the second quarter ended
June 30, 2008 and announced a
quarterly dividend at an annualized
rate of 4.00% payable on August 15,
2008. The dividend to be paid is
based on the average capital stock
balance held by its members during
the second quarter. This dividend
rate compares with average three
month LIBOR of 2.75% for the second
quarter of 2008. For more
information, please read the
attached
press release.
Notes:
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to the Home Loan Bank's
webmaster or
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at 800.544.3452.
Copyright © 1998 - 2008 Federal Home
Loan Bank of Des Moines. All rights
reserved. This material is provided
as general information. The terms
and conditions related to the FHLB
Des Moines' products and services
are governed by various agreements
between the FHLB Des Moines and its
customers as well as certain FHLB
Des Moines policies and applicable
regulations. In the event of any
inconsistencies between this website
material and the agreements,
policies and regulations, the terms
of such agreements, policies and
regulations shall be determinative.
Only member institutions and certain
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