The Federal Housing Finance Board (FHFB), regulator of the Federal Home Loan (FHL) Banks, is preparing to adopt a regulation that would require each of the 12 regional FHL Banks to meet a fixed formula on retained earnings that will take more than $2 billion out of the mortgage market.
During the public comment period, more than 1,000 letters of opposition were registered from the financial community, builders and developers, low and moderate-income housing advocates and many others. The Financial Services Committee of the U.S. House of Representatives is planning hearings on the FHFB's actions.
Our congressional delegation should hear from Ohioans who are concerned about the proposed FHFB rule. The regulatory board plans to implement the rule on October 11. Calfee's lobbying subsidiary, Thomas Green & Associates, is putting together an opposition coalition of Ohio businesses.
