In what is being described as an evolutionary process in the secondary mortgage market, three Federal Home Loan Banks are working on a new secondary market option for their member lenders.

The program is likened to the mortgage partnership finance pilot program that was created by the Chicago FHLBank. This new program, which does not have an official name yet, is being jointly developed by the Indianapolis, Cincinnati and Seattle FHLBanks and is designed to buy mortgages from their members.

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