A House FinServ Subcommittee yesterday held a hearing on the FHLBs that, as far as we can tell, recognized their existence, noted various contradictions in current operations and, then, moved on. From this we infer nothing much will affect the Home Loan Banks unless or until the Administration and/or FHFA do some of what they say they plan or the still-parlous problems at one or more of the FHLBs forces Congress’ hand.

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