To date, the 12 Federal Home Loan Banks have recognized more than $4.4 billion of losses on their investments in private-label mortgage-backed securities, according to the Federal Housing Finance Agency.

The GSE regulator released the information in response to an audit by the FHFA Office of Inspector General that is critical of the agency's supervisory approach in dealing with four of the 12 FHLBs that incurred the largest losses.

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