So just to set the background, for those unfamiliar with the federal home loan bank system, can you just give us a brief overview of how it works and how it's evolved to become sort of a lender of last resort?

Sure.

And that's a great question because many people really don't understand the home loan bank system.

And if I start at the beginning, Congress actually created the home loan bank system in 1932 during the Great Depression.

And they were essentially a source of funding for institutions who were originating long-term mortgages, which primarily were thrifts.

And at the time, their purpose was pretty straightforward.

It was to provide liquidity to financial institutions so that they could continue lending because during the Great Depression, the mortgage market was devastated and housing in particular.

And what recommendations would you have to try to help with home ownership in the country?