PITTSBURGH – The Federal Home Loan Bank of Pittsburgh, buried by toxic mortgage-backed securities, announced a loss of $37.4 million for last year, compared to a net of $56.8 million for 2008.
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The Pittsburgh Bank is one of only a few FHLBs to report losses for 2009, with most of the 12 FHLBs having bounced back from 2008 losses.
For the Pittsburgh Bank, other-than-temporary impairment charges on its private-label MBSs amounted to $228.5 million for 2009.
Because of the losses, the FHLB is not required to set aside any funds for its affordable housing program for 2010, but said it plans to provide $2 million in AHP grants anyway.
