Flannery, Mark J.; Frame, W. Scott - In: Economic Review (2006) Q 3, pp. 33-54
Founded in 1932, the twelve Federal Home Loan Banks (FHLBs) have historically provided long-term funding to specialized mortgage lenders. But legislative changes in the wake of the 1980s’ thrift crises spurred the FHLBs to expand in both size and scope. For example, FHLB balance sheets now...