Mortgage Loans Held for Portfolio

9 Months Ended

Sep. 30, 2012

Mortgage Loans Held For Portfolio [Abstract]

Under the MPF Program, the Bank invests in mortgage loans, which it purchases from its participating members and housing associates. Under the MPF Program, the Bank’s participating members originate, service, and credit enhance residential mortgage loans that are then sold to the Bank. In the past, the Bank has sold participation interests in some of its MPF Program loans to other FHLBanks and purchased participation interests from other FHLBanks. See Note 13 for further information regarding transactions with related parties.

The following table presents balances as of September 30, 2012 and December 31, 2011 for mortgage loans held for portfolio.



(in thousands)	September 30, 2012			December 31, 2011
Fixed medium-term single-family mortgages⁽¹⁾	$	555,334		$	601,104
Fixed long-term single-family mortgages⁽¹⁾	2,983,781			3,252,150
Total par value	3,539,115			3,853,254
Premiums	47,800			41,904
Discounts	(9,076		)	(11,555		)
Hedging adjustments	15,298			13,868
Total mortgage loans held for portfolio	$	3,593,137		$	3,897,471

Note:

⁽¹⁾Medium-term is defined as a term of 15 years or less. Long-term is defined as greater than 15 years.

The following table details the par value of mortgage loans held for portfolio outstanding categorized by type and by maturity as of September 30, 2012 and December 31, 2011.



(in thousands)	September 30, 2012		December 31, 2011
Government-guaranteed/insured loans	$	355,896	$	345,346
Conventional loans	3,183,219		3,507,908
Total par value	$	3,539,115	$	3,853,254
Year of maturity
Due within one year	$	160	$	99
Due after one year through five years	15,772		5,006
Due after five years	3,523,183		3,848,149
Total par value	$	3,539,115	$	3,853,254

See Note 9 for information related to the Banks' credit risk on mortgage loans and allowance for credit losses.