Federal Home Loan Bank Act
Encyclopedia
The Federal Home Loan Bank Act, , is a United States federal law passed under President Herbert Hoover
in order to lower the cost of home ownership.
It established the Federal Home Loan Bank Board
to charter and supervise federal savings and loan institutions. It also created the Federal Home Loan Banks which lend to S&Ls in order to finance home mortgage
s.
The act was notably amended by Financial Institutions Reform, Recovery and Enforcement Act of 1989
, which transferred regulation of thrift
s to the Office of Thrift Supervision
.
Herbert Hoover
Herbert Clark Hoover was the 31st President of the United States . Hoover was originally a professional mining engineer and author. As the United States Secretary of Commerce in the 1920s under Presidents Warren Harding and Calvin Coolidge, he promoted partnerships between government and business...
in order to lower the cost of home ownership.
It established the Federal Home Loan Bank Board
Federal Home Loan Bank Board
The Federal Home Loan Bank Board was a board created by the Federal Home Loan Bank Act of 1932 that created and oversaw the Federal Home Loan Banks also created by the act. It was superseded by the Federal Housing Finance Board and the Office of Thrift Supervision in the Financial Institutions...
to charter and supervise federal savings and loan institutions. It also created the Federal Home Loan Banks which lend to S&Ls in order to finance home mortgage
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
s.
The act was notably amended by Financial Institutions Reform, Recovery and Enforcement Act of 1989
Financial Institutions Reform, Recovery and Enforcement Act of 1989
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 , , is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s....
, which transferred regulation of thrift
Savings and loan association
A savings and loan association , also known as a thrift, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans...
s to the Office of Thrift Supervision
Office of Thrift Supervision
The Office of Thrift Supervision was a United States federal agency under the Department of the Treasury that charters, supervises, and regulates all federally- and state-chartered savings banks and savings and loans associations. It was created in 1989 as a renamed version of another federal agency...
.