Press Release

FHLBank San Francisco Hosts Arizona Delegation Breakfast at Republican National Convention

NEW YORK—The Arizona delegation to the Republican National Convention lauded the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) and its member financial institutions for their role in financing home mortgages in the state.

FHLBank San Francisco, which hosted the state delegation’s breakfast this morning, has 36 members that are headquartered in Arizona. The impact of the Bank’s members in Arizona is even greater than that, however, since 39 of the Bank’s members operate a total of 173 Arizona branches, and 63 members originate mortgages there. The Bank’s members include commercial banks, credit unions, savings institutions, thrift and loan companies, and insurance companies.

Rep. John Shadegg (R-AZ) said FHLBank San Francisco and its member institutions are key to the state’s economy. "The Federal Home Loan Bank of San Francisco provides a critical service for the people of Arizona, and plays an integral role in growing our economy,’’ Rep. Shadegg said, following the breakfast gathering.

Lawrence H. Parks, Senior Vice President for Legislative and External Affairs at FHLBank San Francisco, told the delegates and public officials at the breakfast that the FHLBank San Francisco’s member institutions in Arizona "provide the money so that families and individuals can buy homes.’’

The 63 members that originate mortgages in Arizona have pledged more than $4.3 billion of mortgage loans to the FHLBank San Francisco as collateral. The lenders hold the mortgage loans in their portfolios rather than selling them on the secondary market, which gives them greater flexibility in originating mortgages that meet the needs of the regions they serve. They pledge the loans as collateral to the FHLBank San Francisco to obtain funding, called "advances," which they can then use to originate more mortgages.

In addition, the Federal Home Loan Bank of San Francisco has awarded $31.9 million in grants to Arizona projects through the FHLBank San Francisco’s Affordable Housing Program (AHP) from 1990 to 2004. These funds have helped create 5,040 housing units, including 3,247 rental and 1,793 ownership units.

"We are proud that our member institutions are helping Arizona families and individual achieve the American dream of homeownership,’’ Mr. Parks said.

Federal Home Loan Bank of San Francisco

The FHLBank San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The FHLBank San Francisco also funds community investment programs that help members create affordable housing and promote community economic development. The FHLBank San Francisco serves and is owned by 338 commercial bank, savings institution, credit union, thrift and loan, and insurance company members headquartered in Arizona, California, and Nevada.

Contact:
Dwight Alexander, (415) 616-2678
alexandd@fhlbsf.com

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