Earlier this year, I wrote in these pages of the continuing relevance of the Federal Home Loan Bank System and its housing finance mission. I noted that the system combines the strength of product flexibility; a readiness to support community development with both advances and technical assistance; and, through its members, a local delivery network without peer in the U.S. housing finance system.

These characteristics have enabled the system to play a major role in housing finance for more than six decades, and they will be the basis for an expanded role in the future. That is the consensus after more than two years of studies and reports by government agencies, private-sector analysts, Home Loan bank stockholders, and the banks themselves. Recent trends support these conclusions:

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