FFB – Surprise, we have a ‘secret’ bank
Editor’s Note – Much to the surprise of the media, and for that matter, the vast majority of Americans, we have discovered a here-to-fore unknown ‘secret’ bank. This bank, as we see below, is responsible for distributing funds that are guaranteed by other Federal Agencies as Gary H. Burner CFO of FFB indicates in this news release of the latest activity of the Federal Financing Bank we reported on this week.
FFB Logo
In this release from the FFB, take special note below the U.S. Postal Service listings. There you will find such guarantees as the Solyndra and other projects now squarely in the lime light. If not for the Solyndra debacle, would anyone in the media have even discovered this bank? Now that the deadline has passed on spending the remaining billions on such projects, SUA will be looking, will the main stream media? They have not until now, and the fourth estate has clearly dropped the ball again.
It would be interesting in the least to see just how well other gauranteed projects are faring, and who is behind each. How many more Solyndra’s are out there, and the rush to spend at the last minute almost guarantees more will emerge. Where is the oversight, and who is paying attention to the way our tax dollars are spent? The House of Representatives has much to investigate these days, and that steals from finding cures for the very real and dire fiscal problems our citizens face in this economic malaise.
Recent revelations of Nancy Pelosi’s in-law’s involvement with SolarReserve LLC raised many eyebrows as we reported this week. It is not certain to SUA if that group is part of any of the projects below, but we are certain that much will emerge from this list shortly.
Please review the Statement here:
AUGUST 2011 NEWS RELEASE
Gary H. Burner, Chief Financial Officer, Federal Financing Bank (FFB) announced the following activity for the month of July 2011.
FFB holdings of obligations issued, sold or guaranteed by other Federal agencies totaled $55.7 billion on July 31, 2011, posting an increase of $348.9 million from the level on June 30, 2011. This net change was the result of a decrease in net holdings of agency debt of $408.5 million and an increase in net holdings of government-guaranteed loans of $757.4 million. The FFB made 127 disbursements and received 11 prepayments in the month of July. The FFB also reset the interest rate for one loan guaranteed by the Department of Education and 13 loans issued by the HOPE for Homeowners program during the month.
Attached to this release are tables presenting FFB July loan activity and FFB holdings as of July 31, 2011.
JULY 2011 ACTIVITY
| Amount | Final | Interest | |||
|---|---|---|---|---|---|
| Borrower | Date | of Advance | Maturity | Rate | |
| AGENCY DEBT | |||||
| U.S. POSTAL SERVICE | |||||
| U.S. Postal Service | 7/01 | $1,580,000,000.00 | 7/05/11 | 0.135% | S/A |
| U.S. Postal Service | 7/01 | $395,400,000.00 | 7/05/11 | 0.135% | S/A |
| U.S. Postal Service | 7/05 | $1,348,000,000.00 | 7/06/11 | 0.135% | S/A |
| U.S. Postal Service | 7/05 | $371,300,000.00 | 7/06/11 | 0.135% | S/A |
| U.S. Postal Service | 7/06 | $1,041,000,000.00 | 7/07/11 | 0.135% | S/A |
| U.S. Postal Service | 7/06 | $296,000,000.00 | 7/07/11 | 0.135% | S/A |
| U.S. Postal Service | 7/07 | $904,000,000.00 | 7/08/11 | 0.135% | S/A |
| U.S. Postal Service | 7/07 | $239,700,000.00 | 7/08/11 | 0.156% | S/A |
| U.S. Postal Service | 7/08 | $1,900,000,000.00 | 7/11/11 | 0.135% | S/A |
| U.S. Postal Service | 7/08 | $288,900,000.00 | 7/11/11 | 0.156% | S/A |
| U.S. Postal Service | 7/11 | $2,100,000,000.00 | 7/12/11 | 0.156% | S/A |
| U.S. Postal Service | 7/11 | $275,500,000.00 | 7/12/11 | 0.145% | S/A |
| U.S. Postal Service | 7/12 | $1,889,000,000.00 | 7/13/11 | 0.156% | S/A |
| U.S. Postal Service | 7/12 | $260,200,000.00 | 7/13/11 | 0.135% | S/A |
| U.S. Postal Service | 7/13 | $800,000,000.00 | 9/15/11 | 0.148% | S/A |
| U.S. Postal Service | 7/13 | $300,000,000.00 | 9/15/11 | 0.148% | S/A |
| U.S. Postal Service | 7/13 | $700,000,000.00 | 7/14/11 | 0.145% | S/A |
| U.S. Postal Service | 7/13 | $230,000,000.00 | 7/14/11 | 0.135% | S/A |
| U.S. Postal Service | 7/14 | $500,000,000.00 | 7/15/11 | 0.135% | S/A |
| U.S. Postal Service | 7/14 | $265,700,000.00 | 7/15/11 | 0.135% | S/A |
| U.S. Postal Service | 7/15 | $2,548,000,000.00 | 7/18/11 | 0.135% | S/A |
| U.S. Postal Service | 7/15 | $293,500,000.00 | 7/18/11 | 0.145% | S/A |
| U.S. Postal Service | 7/18 | $2,362,000,000.00 | 7/19/11 | 0.135% | S/A |
| U.S. Postal Service | 7/18 | $290,900,000.00 | 7/19/11 | 0.135% | S/A |
| U.S. Postal Service | 7/19 | $2,100,000,000.00 | 7/20/11 | 0.145% | S/A |
| U.S. Postal Service | 7/19 | $309,800,000.00 | 7/20/11 | 0.145% | S/A |
| U.S. Postal Service | 7/20 | $1,944,000,000.00 | 7/21/11 | 0.135% | S/A |
| U.S. Postal Service | 7/20 | $306,600,000.00 | 7/21/11 | 0.135% | S/A |
| U.S. Postal Service | 7/21 | $1,786,000,000.00 | 7/22/11 | 0.145% | S/A |
| U.S. Postal Service | 7/21 | $298,900,000.00 | 7/22/11 | 0.166% | S/A |
| U.S. Postal Service | 7/22 | $2,818,000,000.00 | 7/25/11 | 0.135% | S/A |
| U.S. Postal Service | 7/22 | $318,400,000.00 | 7/25/11 | 0.176% | S/A |
| U.S. Postal Service | 7/25 | $3,054,000,000.00 | 7/26/11 | 0.166% | S/A |
| U.S. Postal Service | 7/25 | $294,600,000.00 | 7/26/11 | 0.176% | S/A |
| U.S. Postal Service | 7/26 | $2,875,000,000.00 | 7/27/11 | 0.176% | S/A |
| U.S. Postal Service | 7/26 | $274,500,000.00 | 7/27/11 | 0.196% | S/A |
| U.S. Postal Service | 7/27 | $2,717,000,000.00 | 7/28/11 | 0.176% | S/A |
| U.S. Postal Service | 7/27 | $324,600,000.00 | 7/28/11 | 0.206% | S/A |
| U.S. Postal Service | 7/28 | $2,568,000,000.00 | 7/29/11 | 0.196% | S/A |
| U.S. Postal Service | 7/28 | $291,800,000.00 | 7/29/11 | 0.227% | S/A |
| U.S. Postal Service | 7/29 | $3,219,000,000.00 | 8/01/11 | 0.206% | S/A |
| U.S. Postal Service | 7/29 | $264,400,000.00 | 8/01/11 | 0.298% | S/A |
| HOPE FOR HOMEOWNERS | |||||
| *HOPE Bonds | 7/15 | $29,535,000.00 | 10/17/11 | 0.010% | Qtr. |
| *HOPE Bonds | 7/15 | $62,028.36 | 10/17/11 | 0.010% | Qtr. |
| *HOPE Bonds | 7/15 | $1,084,546.89 | 10/17/11 | 0.010% | Qtr. |
| *HOPE Bonds | 7/15 | $145,483.86 | 10/17/11 | 0.010% | Qtr. |
| *HOPE Bonds | 7/15 | $209,680.01 | 10/17/11 | 0.010% | Qtr. |
| *HOPE Bonds | 7/15 | $461,000,000.00 | 10/17/11 | 0.010% | Qtr. |
| *HOPE Bonds | 7/15 | $226,957.01 | 10/17/11 | 0.010% | Qtr. |
| *HOPE Bonds | 7/15 | $89,335.75 | 10/17/11 | 0.010% | Qtr. |
| *HOPE Bonds | 7/15 | $61,915.09 | 10/17/11 | 0.010% | Qtr. |
| *HOPE Bonds | 7/15 | $198,881.68 | 10/17/11 | 0.010% | Qtr. |
| *HOPE Bonds | 7/15 | $189,973.48 | 10/17/11 | 0.010% | Qtr. |
| *HOPE Bonds | 7/15 | $183,417.52 | 10/17/11 | 0.010% | Qtr. |
| *HOPE Bonds | 7/15 | $178,609.95 | 10/17/11 | 0.010% | Qtr. |
| HOPE Bonds | 7/15 | $88,526.63 | 10/17/11 | 0.010% | Qtr. |
| GOVERNMENT-GUARANTEED LOANS | |||||
| DOE-ADV TECHNOLOGY VEHICLES MFG | |||||
| Ford Motor Company | 7/26 | $131,300,000.00 | 6/15/22 | 2.245% | Qtr. |
| Ford Motor Company | 7/26 | $31,500,000.00 | 6/15/22 | 2.245% | Qtr. |
| DOE-SECTION 1705 (RECOVERY) | |||||
| Solyndra | 7/14 | $2,965,920.08 | 8/15/16 | 0.885% | Qtr. |
| Abound Solar Mfg. | 7/15 | $12,490,856.00 | 3/09/22 | 2.777% | Qtr. |
| Kahuku Wind Power | 7/28 | $69,455.34 | 6/28/28 | 3.000% | Qtr. |
| Solar Partners VIII | 7/28 | $22,134,268.82 | 10/27/38 | 4.194% | S/A |
| Solar Partners I | 7/28 | $25,917,004.50 | 6/27/33 | 3.924% | S/A |
| Solar Partners II | 7/28 | $29,398,669.49 | 3/01/38 | 4.133% | S/A |
| Beacon | 7/29 | $147,672.73 | 6/17/30 | 3.074% | Qtr. |
| GENERAL SERVICES ADMINISTRATION | |||||
| San Francisco Bldg Lease | 7/07 | $124,357.26 | 8/01/35 | 3.802% | S/A |
| DEPARTMENT OF EDUCATION | |||||
| *Clark Atlanta University | 7/01 | $9,256,385.32 | 1/03/12 | 0.105% | S/A |
| Bennett College | 7/11 | $519,269.32 | 10/02/28 | 3.809% | S/A |
| Harris Stowe State Univ. | 7/19 | $1,390,241.61 | 7/02/40 | 3.888% | S/A |
| RURAL UTILITIES SERVICE | |||||
| Beartooth Elec. Coop. #2462 | 7/01 | $250,000.00 | 12/31/42 | 3.995% | Qtr. |
| Caddo Elec. Coop. #2904 | 7/01 | $6,275,000.00 | 1/02/46 | 4.075% | Qtr. |
| Frontier Power #2710 | 7/01 | $1,761,000.00 | 12/31/43 | 4.023% | Qtr. |
| GOLDEN VALLEY ASSOC. #2755 | 7/01 | $14,142,000.00 | 1/03/40 | 3.894% | Qtr. |
| Kennebec Telephone #2293 | 7/01 | $89,428.00 | 12/31/25 | 2.869% | Qtr. |
| Menard Elec. #2605 | 7/01 | $1,000,000.00 | 10/01/18 | 2.478% | Qtr. |
| Osage Valley Elec Coop #2949 | 7/01 | $6,400,000.00 | 1/02/46 | 3.911% | Qtr. |
| Partner Communications #2679 | 7/01 | $1,400,000.00 | 1/03/28 | 3.162% | Qtr. |
| Range Telephone #2783 | 7/01 | $584,000.00 | 1/03/28 | 3.173% | Qtr. |
| Wild Rice Elec. #2595 | 7/01 | $1,000,000.00 | 12/31/43 | 4.023% | Qtr. |
| Central Power Elec. #2529 | 7/05 | $9,389,000.00 | 1/03/12 | 0.105% | Qtr. |
| East Texas Elec Coop Inc #2954 | 7/05 | $129,516,740.00 | 12/31/40 | 3.960% | Qtr. |
| Hawkeye Tri-County Elec. #2930 | 7/05 | $3,258,000.00 | 1/02/46 | 3.931% | Qtr. |
| Howard Electric #2797 | 7/05 | $1,200,000.00 | 9/30/21 | 3.139% | Qtr. |
| Northeast Texas Electric #2955 | 7/05 | $90,171,402.00 | 12/31/40 | 3.960% | Qtr. |
| Washington Electric #2559 | 7/05 | $1,230,000.00 | 12/31/43 | 3.874% | Qtr. |
| Covington Electric Coop. #2490 | 7/06 | $8,000,000.00 | 1/03/39 | 3.848% | Qtr. |
| Consolidated Tel. Co. #2774 | 7/07 | $2,100,000.00 | 9/30/27 | 3.260% | Qtr. |
| C & L Electric #2935 | 7/08 | $6,000,000.00 | 1/02/46 | 4.066% | Qtr. |
| Baltic Telecom Coop. #810 | 7/11 | $772,529.00 | 12/31/19 | 1.793% | Qtr. |
| Ozark Electric #2918 | 7/11 | $2,500,000.00 | 1/02/46 | 3.955% | Qtr. |
| Sumter Elec. #2823 | 7/11 | $2,500,000.00 | 1/03/45 | 3.928% | Qtr. |
| Canoochee Elec. #2514 | 7/12 | $1,600,000.00 | 12/31/42 | 3.789% | Qtr. |
| Carroll Elec Coop Corp #2922 | 7/12 | $16,500,000.00 | 1/02/46 | 3.873% | Qtr. |
| Chariton Valley #2828 | 7/12 | $2,000,000.00 | 1/03/45 | 3.847% | Qtr. |
| Cherry-Todd Electric #2721 | 7/12 | $1,438,000.00 | 12/31/43 | 3.818% | Qtr. |
| Cullman Electric Coop. #2406 | 7/12 | $5,000,000.00 | 12/31/37 | 3.594% | Qtr. |
| FEM Electric #2925 | 7/12 | $1,075,000.00 | 1/02/46 | 3.873% | Qtr. |
| Fleming-Mason Energy #2515 | 7/12 | $2,000,000.00 | 1/03/12 | 0.066% | Qtr. |
| Holmes-Wayne Elec. #2859 | 7/12 | $2,000,000.00 | 1/02/46 | 3.873% | Qtr. |
| Indian Electric #2583 | 7/12 | $7,000,000.00 | 12/31/43 | 3.818% | Qtr. |
| Excelsior Elec. #2541 | 7/14 | $2,600,000.00 | 12/31/43 | 3.784% | Qtr. |
| Plumas-Sierra Elec. #2742 | 7/14 | $2,262,603.00 | 1/03/45 | 3.642% | Qtr. |
| E. Iowa Coop. #2808 | 7/18 | $10,000,000.00 | 12/31/43 | 3.858% | Qtr. |
| Fox Islands Elec. Coop. #2702 | 7/18 | $90,000.00 | 1/03/45 | 3.884% | Qtr. |
| Lewis County RECA #2832 | 7/18 | $1,000,000.00 | 12/31/41 | 3.795% | Qtr. |
| Randolph Electric #2907 | 7/18 | $7,900,000.00 | 1/03/12 | 0.046% | Qtr. |
| West Central Electric #2441 | 7/18 | $950,000.00 | 1/03/12 | 0.046% | Qtr. |
| Washington Electric #2809 | 7/18 | $500,000.00 | 1/03/45 | 3.886% | Qtr. |
| Bartlett Elec. #2469 | 7/21 | $373,500.00 | 12/31/42 | 3.825% | Qtr. |
| Bartlett Elec. #2824 | 7/21 | $694,164.06 | 1/03/45 | 3.885% | Qtr. |
| Meade County Elec. #2843 | 7/21 | $5,000,000.00 | 12/31/12 | 0.283% | Qtr. |
| Grundy Elec. Coop. #2944 | 7/22 | $350,000.00 | 1/03/12 | 0.083% | Qtr. |
| Lackawaxen Tel. Ser. Inc #2281 | 7/22 | $482,000.00 | 6/30/21 | 2.152% | Qtr. |
| Planters Electric #2888 | 7/22 | $4,000,000.00 | 1/03/45 | 3.947% | Qtr. |
| Sedgwick County Elec. #2811 | 7/22 | $1,000,000.00 | 1/03/45 | 3.945% | Qtr. |
| Tri-State #2298 | 7/22 | $19,474,000.00 | 12/31/37 | 3.687% | Qtr. |
| Tri-State #2606 | 7/22 | $75,000.00 | 1/03/40 | 3.776% | Qtr. |
| Trico Electric Coop. #2402 | 7/22 | $15,000,000.00 | 12/31/36 | 3.638% | Qtr. |
| Benton Rural Electric #2752 | 7/25 | $700,000.00 | 1/03/45 | 3.893% | Qtr. |
| Lumbee River Elec. #2363 | 7/25 | $10,000,000.00 | 12/31/42 | 3.836% | Qtr. |
| Lyon-Lincoln Electric #2813 | 7/25 | $2,600,000.00 | 1/03/45 | 3.895% | Qtr. |
| South Miss. Elec. #2714 | 7/25 | $41,600,000.00 | 12/31/40 | 3.766% | Qtr. |
| Victory Electric #2510 | 7/25 | $2,329,350.00 | 12/31/42 | 3.836% | Qtr. |
| Victory Electric #2551 | 7/25 | $1,664,200.00 | 12/31/37 | 3.637% | Qtr. |
| Western Indiana #2367 | 7/25 | $1,000,000.00 | 12/31/42 | 3.836% | Qtr. |
| West River Elec. #2731 | 7/25 | $6,602,000.00 | 1/03/45 | 3.893% | Qtr. |
| Cumberland Valley #2358 | 7/26 | $4,000,000.00 | 1/03/12 | 0.087% | Qtr. |
| Central Electric Coop. #2633 | 7/26 | $700,000.00 | 1/03/12 | 0.087% | Qtr. |
| East Central Energy #2472 | 7/26 | $3,708,000.00 | 12/31/42 | 3.888% | Qtr. |
| Verendrye Elec. #2451 | 7/26 | $647,000.00 | 12/31/42 | 3.888% | Qtr. |
| Harrison County Rural #2726 | 7/27 | $1,000,000.00 | 1/03/45 | 3.910% | Qtr. |
| Concordia Electric #2957 | 7/28 | $3,594,138.00 | 1/02/46 | 3.952% | Qtr. |
| Craighead Electric Coop #2743 | 7/28 | $9,825,000.00 | 1/03/45 | 3.922% | Qtr. |
| Owen Electric #2691 | 7/28 | $3,750,000.00 | 12/31/43 | 3.894% | Qtr. |
| Wilkes Tele. & Elec. #851 | 7/28 | $130,901.00 | 12/31/18 | 1.557% | Qtr. |
| Crawford Elec Coop, Inc #2858 | 7/29 | $5,000,000.00 | 1/02/46 | 3.924% | Qtr. |
| Dairyland Power #2607 | 7/29 | $1,296,000.00 | 1/03/34 | 3.421% | Qtr. |
| Gascosage Electric #2466 | 7/29 | $1,377,000.00 | 12/31/37 | 3.637% | Qtr. |
| Roosevelt County Elec. #2861 | 7/29 | $1,052,307.49 | 1/03/45 | 3.898% | Qtr. |
| Sho-Me Power #2615 | 7/29 | $2,500,000.00 | 12/31/43 | 3.867% | Qtr. |
| Springer Electric Coop. #2421 | 7/29 | $1,000,000.00 | 12/31/42 | 3.837% | Qtr. |
S/A is a Semiannual rate
Qtr. is a Quarterly rate
* maturity extension or interest rate reset or principal rollover
(in millions of dollars)
| Monthly | Fiscal Year | |||
|---|---|---|---|---|
| Net Change | Net Change | |||
| Program | July 31, 2011 | June 30, 2011 | 7/01/11- 7/31/11 | 10/01/10- 7/31/11 |
| Agency Debt | ||||
| U.S. Postal Service | $12,283.4 | $12,692.0 | -$408.6 | $283.4 |
| National Credit Union Adm.-CLF | $0.0 | $0.0 | $0.0 | -$10,100.7 |
| Federal Deposit Insurance Corp. | $0.0 | $0.0 | $0.0 | $0.0 |
| HOPE for Homeowners Bonds | $493.3 | $493.2 | $0.1 | $0.6 |
| Subtotal* | $12,776.7 | $13,185.2 | -$408.5 | -$9,816.7 |
| Agency Assets | ||||
| Rural Utilities Service-CBO | $1,977.9 | $1,977.9 | $0.0 | -$380.0 |
| Subtotal* | $1,977.9 | $1,977.9 | $0.0 | -$380.0 |
| Government-Guaranteed Lending | ||||
| DOD-Foreign Military Sales | $345.0 | $345.0 | $0.0 | -$72.2 |
| DoEd-HBCU+ | $704.5 | $705.1 | -$0.6 | $92.8 |
| DOE-Adv Technology Vehicles Mfg | $4,419.0 | $4,256.2 | $162.8 | $1,951.6 |
| DOE-Section 1703 (Non-Recovery) | $0.0 | $0.0 | $0.0 | $0.0 |
| DOE-Section 1705 (Recovery) | $1,624.3 | $1,531.2 | $93.1 | $1,160.7 |
| General Services Administration+ | $1,913.4 | $1,917.2 | -$3.8 | -$53.3 |
| Rural Utilities Service | $28,807.8 | $28,301.9 | $506.0 | $2,901.9 |
| Rural Utilities Service-GETP | $3,150.0 | $3,150.0 | $0.0 | $150.0 |
| SBA-State/Local Development Cos. | $0.6 | $0.7 | -$0.1 | -$1.5 |
| DOT-Section 511 | $1.3 | $1.3 | $0.0 | -$0.2 |
| VA Homeless Veterans Housing+ | $4.8 | $4.8 | $0.0 | $0.0 |
| Federal Family Ed. Loan Conduit | $0.0 | $0.0 | $0.0 | $0.0 |
| Subtotal* | $40,970.9 | $40,213.5 | $757.4 | $6,129.7 |
| ========= | ========= | ========= | ========= | |
| Grand total* | $55,725.4 | $55,376.5 | $348.9 | -$4,067.0 |
| _______________________________________ | ||||
| * figures may not total due to rounding | ||||
| + does not include capitalized interest |
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3 Responses to FFB – Surprise, we have a ‘secret’ bank
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SUA SHOWCASE – Aaron Vaughn R.I.P.
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Two failed policies that have not kept pace with the world is energy and the postal system, so the Secret bank….well proves it.
I thought Ford didn’t take federal funds?
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Ford didn’t take bailout money – that’s for a “federally guaranteed” loan.