Source: PMS dub for Fannte Mae and Home Mortgage Ducasure Ad data for the conventional contenuing pharynowartete Campurse single family, ownersauptado purchave money mortgages In Metropolitan Statistical ArensPatremry martest concludes abortno lending. Mumtacured housing lending Included in 2001 prionary market Fannie Mae and Primary Market Performance African-American Lending Source: Amis duta for Fannie Muc ad Home Mortgage Dludosure Act data for the conventional conforming primary merlota Compares toughenfently, ovner occupied, purchase money mortgages In Metropolitan Statistical Anens. Primary martiet ordudes autoportance banding. Manufactured housing landing laduded in 2001 primary market Potential Costs Related To The SEC Registration Of The FHLB's Stock First Manhattan Consulting Group White Paper Document October 15, 2003 FMCG.COM om_FFHS 01_00262 11 1015 8p bd ( Address comments or questions to: Robert J. Zizka Managing Vice President atoevs@fmcg.com Izizka@fmcg.com First Manhattan Consulting Group 90 Park Avenue (212) 557-0500 www.fmcg.com FMCG.COM om_FFHS 01_09-262 1 Introduction This document provides FMCG's views on the financial costs that would likely follow SEC registration of FHLB's stock. It should help the FHLBs as they advise their Boards, their Members, and other constituents on the implications of voluntary registration as proposed by the FHFB. On September 17, FHFB, the regulator for the 12 FHLBs, proposed "to adopt a regulation requiring each Federal Home Loan Bank (Bank) to prepare and make public certain disclosures relating to its business and financial condition. Each Bank will satisfy these disclosure requirements by voluntarily registering a class of its securities with the Securities and Exchange Commission (SEC) under the provisions of section 12(g) of the Securities Exchange Act of 1934. By voluntarily registering a class of its securities, each Bank will subject itself to the 1934 Act's periodic disclosure regime, as interpreted and administered by the SEC.”1 |