Andrew Ackerman
speaker
348 appearances
7 recordings
1 series
first heard Mar 2019
last heard Aug 2022
Andrew Ackerman’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Mortgage Forbearance Safety Net Misses One Million Borrowers · 17 Sep 2020
podcast
And that's, I think, a big question mark.
There's some concern that you're kind of straying from the core mission of helping out these community lenders that are subject to really strict oversight at the state and federal level.
And instead, you've got these players that don't really have any prudential oversight.
They don't have strong capital or liquidity requirements of their own.
Yeah, it was set up during the Hoover administration to provide access to the mortgage market for all these smaller institutions, thrifts, insurance companies, I believe.
And over time, it's kind of it's sort of morphed into it and provides an important it's an important source of liquidity or cheap funding for investors.
For commercial banks today, basically every commercial bank in the country is a member.
Some use it all the time, especially the bigger banks now.
And the community lenders kind of see it as this insurance blanket.
If they have trouble getting access to funding, they can always rely on the federal home loan banks sort of on demand to provide very cheap funding to kind of keep their operations going.
Yeah.
During the recession, there's a lot of sources of funding that dried up for people, deposits to ride up.
So it did play a stabilizing role as a lender of next to last resort during the crisis.
The last resort was sort of the Fed going to borrow at the discount window with the Fed.
Federal homeowner banks also played a role sort of before that.
Their core business is very safe.
They basically borrow in the global markets.
They borrow every day, millions of dollars.
And then they turn around and use those proceeds to disperse through their 11 regional banks to their individual member commercial banks and insurance companies and credit unions.
Yeah, there's concern that if they are allowed to expand their membership to some of the players who are currently very big in the mortgage market, non-banks that originate about half of the loans and REITs that do a lot of investing in banks,
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