The president of the Federal Home Loan Bank of New York, Alfred A. DelliBovi, said in a recent interview that he received a "gift from heaven" on his latest visit to Washington.

Preparing to dash to the airport July 7 for a flight back to New York, Mr. DelliBovi was feeling upbeat about three hours of negotiations the day before with Federal Housing Finance Board Chairman Bruce A. Morrison on Home Loan bank reform when he received an unexpected phone call at his hotel.

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