The Federal Home Loan Bank of Pittsburgh lost $23.6 million for the first quarter of 2009, and as a consequence, it said it was unable to set aside any funds for affordable housing programs.

The loss is because of $30.5 million of other-than-temporary impairment charges on its held-to-maturity investment portfolio and the establishment of a $35.3 million reserve related to the Lehman Brothers Special Financing receivable associated with the Lehman Brothers Holding bankruptcy.

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