CHICAGO -The Federal Home Loan Bank System nearly quadrupled its purchases of home loans on the secondary market in the last year, according to figures released by the Federal Home Loan Bank of Chicago.
As of March 31, Home Loan banks had bought $15.7 billion of loans on the secondary market since it launched its Mortgage Partnership Finance Program, up from $4.4 billion a year earlier.
The number of banks in the program increased 67%, to 212. Over 100 banks are in the process of joining, and 200 more are in discussion to join, according to the Chicago bank.
This month, the San Francisco Home Loan Bank became the 10th of the 12 Home Loan banks to join the Mortgage Partnership Program.