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Bulletin 19

Update to Collateral Eligibility Requirements for All Member Financial Institutions

The Federal Home Loan Bank of New York (FHLBNY) is pleased to announce a change to our collateral eligibility requirements for all member financial institutions.

The FHLBNY will accept split-rated, private label commercial mortgage backed securities (PL CMBS) as collateral to secure all extensions of credit. Previously, the FHLBNY’s eligibility criteria for PL CMBS collateral required a minimum “AAA” rating across all nationally recognized statistical rating organizations (NRSROs).

Eligible split-rated PL CMBS must carry at least one “AAA” rating and a minimum rating of any form of “AA” (i.e., AA+/-). The FHLBNY acknowledges ratings from Fitch, Moody’s, Standard & Poors, DBRS, Morningstar and Kroll. Additionally, split-rated PL CMBS will be subject to a pipeline delinquency screen and must carry a readily ascertainable price.

If you would like more information on PL CMBS eligibility or to learn more about pledging these types of securities, please visit the collateral guide or contact a Relationship Manager at (212) 441-6700.

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