PITTSBURGH – The Federal Home Loan Bank of Pittsburgh reported a $40.4 million third quarter loss yesterday due to write-downs on its mortgage-backed securities.
The loss, compared to a $96.8 million net for the same period last year, primarily was due to $93.3 million of credit loss charges taken on the Bank’s MBS.
The problems at some of the FHLBs are similar in nature to those at a handful of corporate credit unions, which are also holding large amounts of MBS.
The third quarter charges pushed the Pittsburgh Bank into the red to the tune of $31.9 million for the first nine months of 2009.
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