The Federal Home Loan Bank of Pittsburgh reported quarterly net income fell 75 percent to $2.5 million from $9.9 million the year earlier. Total interest income fell sharply from the year before. The wholesale bank's total assets stood at $52.2 billion as of March 31.
The Federal Home Loan Bank of Pittsburgh said the National Fire Insurance Co. of Pittsburgh has become the latest institutional member of the wholesale bank. Based Downtown, the insurer is part of Chartis, the New York- based property and casualty insurance operation of American International Group, better known as AIG. Commercial banks and insurance companies join the nation's 12 home loan banks to tap its low cost of funds.
The Federal Home Loan Bank of Pittsburgh warned member banks and savings institutions Friday they might have to put up more capital because the wholesale bank could otherwise become under- capitalized. The bank, based Downtown, needs to bolster its balance sheet due to a "significant deterioration" in the past year in the value of mortgage-backed securities it holds, said President John Price.
The Federal Home Loan Bank of Pittsburgh announced Friday it will once again help low-income individuals and families make down payments on first homes. Three West Virginia banks - CNB Bank Inc., WesBanco Bank and West Union Bank - are joining the Federal Home Loan Bank in returning the First Front Door program to West Virginia after a four-year absence.
The Federal Home Loan Bank of Pittsburgh returned to the black in the second quarter, posting a $32 million profit on Wednesday. The results, equal to 80 cents a share, compares to a loss of nearly $24 million in the first quarter.
The Federal Home Loan Bank of Pittsburgh posted a net loss of $40.4 million for the third quarter, according to preliminary results Thursday. The wholesale bank recorded net income of $96.8 million a year earlier. In the current period, the bank posted a charge of $93.3 million related to its mortgage-backed securities investments, which it attributed to "continued stress in the housing markets.
Since discovering that Mike Gray. of Mike Gray Contracting Inc., lives there, the contractor has helped Ansted with a project to provide affordable housing. "He was eager to be part of the project," Hobbs said. [...] that was just one of numerous resources Ansted leaders found with the help of a community resources survey they conducted as part of the Federal Home Loan Bank of Pittsburgh's Blueprint Communities Program.
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