By Makoto Itoh
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Extra resources for Value and Crises
As in the case of the acquisition of mortgages and MBSs by Fannie and Freddie, all other activities of the FHLBs would be terminated immediately under the plan, including the Mortgage Partnership Finance Program and all similar programs, acquisition of assets for investment portfolios (other than the collateralized loans discussed in the previous paragraph), offering financial guarantees, and advancing loans with maturities longer than five years from the date of enactment. The assets associated with these activities would be permitted to run off.
In order to protect a commercial bank, thrift institution, or bank or financial holding company from the activities of an MHS which might threaten the safe-and-sound operation or the solvency of the bank, thrift, or holding company, the parent of the MHS is barred from: (1) entering into any transaction with an MHS in which it has an equity ownership interest which would violate the provisions of sections 23A and 23B of the Federal Reserve Act; (2) guaranteeing or otherwise protecting from loss any debt, guarantee, or other obligation of any MHS which the bank, thrift, or holding company owns or controls or in which it holds an equity interest; or (3) making an equity investment in any MHS, after which investment the bank, thrift, or holding company would be less-than-well-capitalized, after applying the capital deduction rule specified in section 404 of this title.
Although in some circumstances this could be deemed to present a risk to the capital of the parent institution, the plan contemplates that the depository institution’s investment in an MHS will be fully deducted from the institution’s capital, so that it presents no risk to the capital position of its parent institution. Moreover, MHSs will not be permitted to accept deposits and thus will be funded entirely in the capital markets, eliminating any other rationale for applying banklike regulations.