FHLB Boston Plans More OTTI Write-Downs

Published March 31, 2009, 6:25 p.m. EDT

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Updated August 27, 2020, 12:45 a.m. EDT

1 Min Read

BOSTON – The Federal Home Loan Bank of Boston warned yesterday that it may need to take additional write-downs on certain mortgage-backed securities.

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The Boston Bank, which previously announced a $339.1 million write-down on the securities, resulting in a loss of $73.2 million for 2008, also said it was unable to meet its March 31 deadline for filing its annual form 10-K with the Securities and Exchange Commission because it hasn't finished assessing the need for write-downs.

Several of the 12 regional home loan banks have recorded large write-downs recently on mortgage securities that were packaged by Wall Street during the housing boom. For 2008, combined net income for the 12 home loan banks fell 56% from a year earlier to $1.25 billion

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