Federal Home Loan Bank System: Reforms Needed to Promote Its Safety,
Soundness, and Effectiveness (Chapter Report, 12/08/93, GAO/GGD-94-38).

In response to the savings and loan disaster, Congress overhauled
federal regulation of the thrift industry.  Many of these changes
directly affected the Federal Home Loan (FHL) Bank System, which was
established in the 1930s to facilitate mortgage lending to homebuyers.
This report answers the following questions: Can the FHL Bank System pay
its assessment for affordable housing and for cleaning up the savings
and loan mess while carrying out its mission? What are appropriate
capital standards for the FHL Bank system? Should the terms of
membership in the FHL Bank System be changed? What is, and what should
be, the role of the FHL Bank system in affordable housing, and how would
system consolidation affect this? Should the FHL Bank System be allowed
to offer new products and services? GAO also discusses needed changes in
the corporate governance and regulation of the system.

--------------------------- Indexing Terms -----------------------------

 REPORTNUM:  GGD-94-38
     TITLE:  Federal Home Loan Bank System: Reforms Needed to Promote 
             Its Safety, Soundness, and Effectiveness
      DATE:  12/08/93
   SUBJECT:  Government sponsored enterprises
             Financial management systems
             Federal corporations
             Regulatory agencies
             Mortgage loans
             Banking regulation
             Insured commercial banks
             Federal aid for housing
             Mortgage programs
             Financial institutions
IDENTIFIER:  Federal Home Loan Bank Modernization Act of 1993
             FHFB System 2000 Plan
             RTC Affordable Housing Program
             Bank Insurance Fund
             RTC Community Investment Program
             Farm Credit System
             Savings Association Insurance Fund
             BIF
             SAIF
             
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