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SF NIBP Policy Issues for Treasury Input/Decision       3.12.2010

Introduction:  In recent discussions some HFAs have emphasized the challenges they face in launching their loan programs and coordinating the administration of those programs with the issuance of Market Bonds and withdrawal of escrowed Program Bond proceeds.  In general these HFAs are attempting to balance the interest rate risk present in originating loans ahead of Market Bond issuance/Program Bond escrow release and the negative arbitrage and non-origination risk present to the extent originations occur only after Market Bond issuance/Program Bond escrow release.  The following are approaches to addressing those risks which the GSEs find reasonable and consistent with the goals of the NIBP.

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