Business and Personal Finance Dictionary

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• FEDERAL HOME LOAN BANKS (FHLB)
  
  Supervised by the Federal Home Loan Bank Board, this agency is backs up the nations savings and loan institutions. Over 98% of the total assets of all Savings & Loans in the country are held by these banks. The FHLB's loans to member banks to augment their deposits. Simply put, the FHLB issues debt securities in the open market to loan to the S&L's who loan this money to their customer's to buy homes. Interest received by investors is free from state and local taxes but not federal income tax.
  
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