Home loan bank CEO optimistic - Business First of Louisville:

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But Dorfman, who becamwe president and CEO of the Federal Home Loan Bank of Atlantas onJune 20, says he's optimistidc about the residential market and the bank'ds long-term viability. The Federal Home Loan Bank of Atlantw last yearissued $144 billiob to 1,200 member banks in seven Southeastern A federally chartered bank for it provides short-term cash to financiall institutions making home loans. Dorfman, a native New Yorker and 30-year veteran of mortgage finance businesses atand , said he objectsa to lenders and investors currently tryingf to avoid making bad loans above all "If you're in the risk-avoidance business, you'll have no he said.
From his new vantage point, Dorfmah said, he sees an opportunity in the mortgage markey for the local home loan bank to continuedto thrive, and provide cash to banksz looking to make home "We see the current difficulties in the market as an opportunitu to serve our members, our investors and the Dorfman said. He said the market, in his improperly reacted to recent news of rising home loandefault worries, and an increasing anxiety aboug an ailing mortgage industry plaguing the broade economy. "The markets have shown extreme volatility, with an inability or unwillingness to distinguish grades of he said. "It's had massive amounts of cash pullec out, with little put back in.
" In its latest quarterl y report, FHLBank Atlanta noted that its members had additiona cash needs during the second causing a dip inthe bank's overall Despite the turmoil nationally and internationallyt during the past few he said business is beginning to return to normak for the bank's membersz and investors. "It's a rough time, but we'rwe seeing signs in the markety of a more normal flow of Dorfman said. Long-term, Dorfman he views his job as managing the existing organizatioin place, rather than tryinvg to institute wholesale changes.
FHLBank Atlanta is regarded as the most innovatived homeloan bank, said Dan Immergluck, a Georgia Tech associatse professor of city and regional planning. "They have a nationao reputation for pushingthe envelope," he said. "Not from a risk or soundnesws standpoint. They're about innovation." The biggest changde under Dorfman's brief tenure, so far, has been the appointmentf of Steven Goldstein asFHLBank Atlanta' chief financial officer. Dorfman has big shoes to replacingthe bank's former high-profile CEO, Raymond Christman, who retiref in January.
Christman led the bank since during which time he triplexd its sizefrom $50 billion to $144 billionj in assets, and boosted the bank'sz payments to affordable housinyg projects. Industry observers noted the Federal Home Loan Banksw are playing an increasingly important role in keeping the mortgag industry from grinding to a halt as investors pull back from buying mortgages packagedas securities. "Today's headlines are underlyinfg their importance," said Dave Ledford, staff vice president of housin finance at the National Association of Home FHLBank Atlanta is one of 12 Federal Home LoanBankz nationwide.
Federally created, like Fannie Mae and Freddie Mac, the home loan bankz were established during the Depressiob to keep cash flowing to banks and otherfinanciall institutions, like credit unions, looking to make