As the GSEs struggle to preserve capital and indicate that they are not likely to be growing their portfolios, the Federal Home Loan Banks' (FHLB) agency portfolio growth has remained strong, Lehman Brothers said in a recent report. 

Analysts noted that, while asset growth slowed in 2Q08 to $22 billion compared with $51 billion in the first quarter, these agencies added $15.1 billion in agency MBS, dipping just just slightly from $16.5 billion. 

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