Atlanta

Schumer: Feds Need to Investigate Countrywide’s FHLB Advances 

U.S. Senator Charles Schumer (D-NY) on Monday called for federal regulators to probe billions of dollars of loans made by the Federal Home Loan Bank of Atlanta to Countrywide Financial. By the end of September, Countrywide had borrowed $51.4 billion from the FHLB system, 37 percent of the Atlanta bank’s outstanding advances, leading Schumer to charge the Calabasas, Calif.-based lender with using the government-backed lending programs “like its personal ATM.”