On September 29, 2025, the Federal Housing Finance Agency (FHFA) published data on the Federal Home Loan Banks’ (FHLBanks) 2024 mortgage purchases.[1] Since their inception in 1997, the FHLBanks’ Acquired Member Asset (AMA) programs have been a cornerstone of the FHLBanks’ mission to provide liquidity to members and support housing finance, and are an excellent example of how the FHLBank System turns capital into community impact. Through AMA programs, the FHLBanks acquire conforming and U.S. government-guaranteed residential, 1- to 4-unit residential mortgages from members institutions across the country.
These programs allow members to replenish the funds they use to originate mortgages, expanding capacity to originate additional home purchase and refinance loans for their customers. Programs in operation today include the Mortgage Partnership Finance® (MPF®) operated by Federal Home Loan Bank of Chicago[2], the Mortgage Purchase Program (MPP) operated by Federal Home Loan Bank of Cincinnati and Federal Home Loan Bank of Indianapolis, and the Mortgage Asset Program (MAP) operated by Federal Home Loan Bank of New York.[3]
AMA programs help members manage their balance sheets by reducing exposure to interest rate, prepayment, and credit risks, while allowing them to retain mortgage servicing, servicing income, and customer relationships. These programs exemplify the FHLBanks’ liquidity mission by converting illiquid mortgage assets into funding that supports the strength and stability of member institutions and the communities they serve.
In 2024, the FHLBanks’ AMA programs made a tangible difference for families and households across the United States by enabling participating members—nearly all of which are local community banks, credit unions, and community financial institutions (CFIs)—to sell qualifying mortgage loans to their FHLBank, freeing up balance sheet capacity and obtaining liquidity that is often invested right back into their communities.[4]
This is mission alignment in action: providing liquidity that helps make homeownership achievable and affordable, particularly in underserved and rural markets.
Nationwide Reach, Local Impact
• In 2024, nine FHLBanks had active AMA programs and leveraged those programs to purchase mortgages hailing from 2,266 counties across all 50 states and the District of Columbia, Puerto Rico, and Guam.[5]
• Collectively, the FHLBanks purchased 46,981 mortgages, delivering over $14.6 billion in liquidity to member financial institutions—a funding increase of more than 40% from 2023.
Meeting the Needs of Families and First-time Homebuyers in 2024
• Approximately three quarters of AMA acquisitions were for home purchase, with the remainder helping sustain homeownership through affordable refinancing.
• One-in-four 2024 AMA purchases supported first-time homebuyers.
• 100% of AMA purchases were owner-occupied and over 91% were for principal residences.
• While mortgage purchases were primarily single-family detached homes, AMA programs in 2024 also funded townhouses, 2–4 units homes, condominiums, and manufactured homes.
• 100% of AMA mortgages had fixed interest rates—providing borrowers stability and assurance that mortgage principal and interest payments are fixed for the life of the loan.
Serving Households that Reflect America
According to the Federal Reserve Bank of St. Louis, the average U.S. family income in 2024 was $144,500. FHFA’s AMA data show that over 58% of AMA loans went to households earning less than that benchmark, and more than 87% of AMA purchases were in census tracts with median family income below the national income average. A clear demonstration that AMA programs expand access to homeownership where it is needed most.
A Complement to the Broader Housing Finance System
While a majority of Fannie Mae, Freddie Mac, and Ginnie Mae mortgage purchases in recent years have been from non-depository, independent mortgage banks, the FHLBanks provide a critical counterbalance. The FHLBanks’ AMA programs deliver liquidity that is nearly 100% for insured depositories and primarily through small-town lenders deeply embedded in their communities.
As 96% of FHLBank members are community banks or CFIs, the liquidity the FHLBanks provide helps ensure that local lenders can do what they do best: empower people, strengthen families, support small businesses, and move local economies forward.
From the rural prairies to the suburbs and urban core, AMA programs ensure that members keep the dream of homeownership within reach for families across America—underscoring the FHLBanks’ enduring role as partners in prosperity.
[1] https://www.fhfa.gov/data/pudb
[2] The following FHLBanks utilize the MPF program: Federal Home Loan Bank of Boston, Federal Home Loan Bank of Cincinnati, Federal Home Loan Bank of Dallas, Federal Home Loan Bank of Des Moines, Federal Home Loan Bank of Topeka
[3] https://fhlbanks.com/aquired-member-assets/
[4] FHFA published data on the FHLBanks’ AMA programs – https://www.fhfa.gov/data/pudb
[5] In 2024 the following FHLBanks had active AMA programs: Boston, Chicago, Cincinnati, Dallas, Des Moines, Indianapolis, New York, Pittsburgh, and Topeka.
