WASHINGTON – The Federal Housing Finance Board yesterday approved a new program by the FHLB Atlanta which will direct credit union and bank members to a conduit to sell their loan on the secondary market. The Global Mortgage Alliance Program will not buy the loans themselves, like the FHLBs’ Mortgage Partnership Finance program. The program will deal only with fixed-rate, 30-year mortgages. The Atlanta Bank will provide back-office and marketing services. The Atlanta Bank has the most members of any of the 12 FHLBs, with almost 1,300, 135 of which are credit unions.
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