Bank's earning

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Seattle Federal Home Loan Bank Is ‘Undercapitalized’ (Update1)
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By Dawn Kopecki and Greg Chang

Aug. 7 (Bloomberg) -- Federal regulators classified the Federal Home Loan Bank of Seattle as ‘undercapitalized’ for the first quarter, the bank said in a regulatory filing today.

The bank, a lending cooperative whose biggest customers include JPMorgan Chase & Co. and Bank of America Corp., held $3 billion in regulatory capital as of March 31, which fell short of its requirements by $466.7 million, the company said in a May 20 filing with the Securities and Exchange Commission.

The bank said today that it plans to submit a new capital plan to the Federal Housing Finance Agency, which regulates Fannie Mae, Freddie Mac and all 12 regional Federal Home Loan Banks, by Aug. 24.

The Seattle bank lost $16.2 million in the first quarter. The loss would have been more than $800 million without a change in accounting rules that allowed it to avoid a charge of $823.5 million in unrealized other-than-temporary impairments on its mortgage holdings.
The 12 Federal Home Loan Bank cooperatives collectively are the largest U.S. borrowers after the federal government. The system makes below-market-rate loans to its more than 8,100 member thrifts, commercial banks, insurance companies and credit unions.

For Related News and Information: News about the Federal Home Loan Banks: 1799Z US <Equity> CN <GO> Top Financial Stories:FTOP<GO>

Last Updated: August 7, 2009 18:20 EDT