Countrywide Loans From FHLB Queried

Sloan, Steven
November 2007
American Banker;11/27/2007, Vol. 172 Issue 227, p3
Trade Publication
This article reports that U.S. Senator Charles Schumer called on Federal Housing Finance Board Chairman Ronald Rosenfeld to investigate the collateral Countrywide Financial Corp. uses to secure advances from the Federal Home Loan Bank of Atlanta. Schumer urged Rosenfeld to ban advances based on collateral that does not meet the standards outlined in guidelines issued on exotic loans. He also asked to hear the justification for letting seconding mortgages be collateral for advances.


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