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October 31, 2008
This brief executive summary outlines the provisions of the
Products Policy (the Policy) of the Federal Home Loan Bank
of Boston (the Bank). Please refer to the table of contents
and the body of the Policy for detail regarding the issues
explained and documented in the Policy. Please note that whenever
possible, the Bank wishes to conduct business with its member/shareholders.
The board of directors and management sincerely appreciate
your support of the Bank.
The Policy governs the extension of credit to members of
the Bank. It is established by the Bank's board of directors,
which reviews and re-adopts it on at least an annual basis.
The Policy ensures that the Bank's extensions of credit to
member institutions are in compliance with the regulations
of the Bank's regulator, the Federal Housing Finance Board,
as well as the Bank's credit underwriting and collateral requirements.
The Bank offers a variety of products and services to member
institutions. Its core products are short-, medium-, and long-term
loans (advances) with a variety of features, including fixed
or variable interest rates, embedded options, and various
prepayment options. In addition to advances, the Bank provides
members with the opportunity to sell eligible whole mortgage
loans through the Mortgage Partnership Finance® (MPF®)
program. The Bank also offers a variety of correspondent services.
For additional information on Bank products and services,
please contact your relationship manager at 1-888-595-8733,
or the Money Desk at 1-800-357-3452.
All extensions of credit to members by the Bank must be
secured by sufficient qualified collateral at all times.
In accordance with applicable federal regulations, the Bank
is not permitted to lend to members on an unsecured basis.
A detailed listing of the types of collateral that the Bank
is able to accept is included in Appendix A of the Policy,
on page 20. It is extremely important that you and your
staff understand the details of the types of collateral that
can be pledged to the Bank, since the amount of collateral
pledged establishes a ceiling on the member's borrowing capacity
with the Bank.
The Bank places members in one of three collateral categories
- blanket, listing, or delivery - based on the Bank's analysis
of their overall financial condition. Additional information
on the Bank's collateral categories is included on page
11 and page 12 of the Policy.
For additional information on the Bank's collateral requirements,
please contact the Collateral Department at 1-617-292-9729.
For more information on the Bank's analysis of the financial
condition of members, please contact the Credit Analysis Department
at 1-617-292-9705.
A complete list of Bank contacts is included on page 37
of the Products Policy.
"Mortgage Partnership Finance" and "MPF"
are registered trademarks of the Federal Home Loan Bank of
Chicago.
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