HLB Bulletin No. 008
September 22, 2011
Member Products Guide
The Federal Home Loan Bank of New York (HLB) has updated its Member Products Guide (the Guide).
The Guide details the HLB’s credit and collateral standards and can assist you in finding helpful information on matters such as the requirements for advance borrowings, eligible collateral types, and service fee schedules.
The Guide can be found by signing on to 1Link, our internet banking system and clicking on the ‘Manuals and Guides’ tab. The Guide is updated as needed throughout the year. The newly published version of the Guide reflects changes to HLB products and services.
Below are brief descriptions of the more substantive changes to the Member Services Guide:
- Securities Collateral - Max Lendable Value Changes (pg 48):
- The HLB performs a quarterly price volatility analysis to ensure that the Max Lendable Values applied to pledged collateral are appropriate. Based on the last analysis performed the following security types Max Lendable Value were modified as outlined below. These changes will be effective Friday, September 23, 2011.
|Summary of Max Lendable Value*
||Change to Max Lendable Value
Max Lendable Value Applied to Market Value
|Agency and US Treasury Securities
|SBA Notes, Bonds and Participations
|FHLBNY Notes, Bonds and MBS
|Agency Z Bonds
* The Max Lendable Value may be decreased based on Member’s financial condition.
- Representations and Warranties Relating to Pledged Collateral (pg 44):
- Representation and Warranties language was further qualified to reflect today’s operating environment.
Credit questions may be directed to Jim Bernard, VP, Credit and Correspondent Services at
(212) 441-6721. Collateral questions may be directed to Mike Volpe, VP, Collateral Operations at (201) 356-1081, or Bryan Gallagher, VP, Collateral Valuations at (201) 356-1148. You may also contact your Calling Officer or Paul Héroux, Head of Member Services at (212) 441-6808.