With the recent addition of the San Francisco branch to the Federal Home Loan Bank of Chicago's Mortgage Partnership Program - bringing the total to ten participants out of the twelve Federal Home Loan Banks - the spotlight is again focused on the program that a year ago almost brought Ginnie Mae down.

When the program's $9 billion cap was lifted last year, it coincided with market conditions that made buying FHA/VA loans through the MPF program much more attractive on an execution basis compared to purchasing these loans via Ginnie Mae.

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