Federal Home Loan Bank（FHLB)サンフランシスコ、シアトルが配当の支払いと自己株式取得を延期しているという。このFHLBシステムは、米政府に次ぐ$1.25 trillion（約110兆円）という巨額の負債を抱えているという（※１）。FHLBは、金融機関に住宅ローン用の資金を提供する銀行で、直接個人へのローン提供は行っていないようだ。
すでにRoubini教授は昨年2月に警告していたようだが、政府保証のない住宅ローンの未実現の損失により、資金が回らなくなっている様だ。
このFHLBシステムの救済が今後の焦点として上がってくる可能性が高いだろうが、規模が大きいだけに、今の政府の金融救済スキームだけで足りるのかどうかが焦点となってこよう。
ちなみに、一連の金融救済策の効果で、米国の金融緊張状態は大分改善してきたようである（※３）。
※１ Federal Home Loan Bank of Seattle Suspends Dividend
http://www.calculatedriskblog.com/2009/01/federal-home-loan-bank-of-seattle.html
From Bloomberg:
The Federal Home Loan Bank of Seattle joined its San Francisco counterpart in suspending dividends and “excess” stock repurchases, after the declining value of mortgage bonds likely led to a regulatory capital shortfall.
The shortfall is being caused by “unrealized market value losses” on home-loan securities without government backing, the Seattle bank cooperative said in a filing with the U.S. Securities and Exchange Commission today.
...
The FHLB system has $1.25 trillion of debt, making it the largest U.S. borrower after the federal government.・・・・・From Roubini's testimony to Congress on February 26th, 2008:
・・・・・・A system that usually provides a lending stock of about $150 billion has forked out loans amounting to over $750 billion in the last year with very little oversight of such staggering lending. The risk that this stealth bailout of many insolvent mortgage lenders will end up costing massive amounts of public money is now rising.
※２ http://en.wikipedia.org/wiki/Federal_Home_Loan_Bank
The Federal Home Loan Banks provide stable, on-demand, low-cost funding to American financial institutions for home mortgage loans, small business, rural, agricultural, and economic development lending. With their members, the FHLBank System represents the largest collective source of home mortgage and community credit in the United States. The banks do not provide loans directly to individuals, only to other banks.
※３ http://www.calculatedriskblog.com/2009/01/credit-crisis-indicators-ted-spread.html