Federal Home Loan Bank of Des Moines Home Loans Review

Aames Funding Corporation is based in Los Angeles, CA, and is also known as Aames Home Loan Corporation. They are a retail loan and broker company that provides sub-prime home mortgage equity loans. The company originates loans through its retail and broker office networks and through the Internet and telemarketing. Aames Funding is based in Los Angeles, California. The company is a subsidiary of Aames Financial Corp. and has no BBB profile or rating in spite of its alleged 68-year tenure as a business. They are listed in the Ripoff Report as a company that is designed to scam desperate homeowners that have gotten in over their heads by dangling unrealistic refinance possibilities and string the borrower along in order to extract fees for their “services.”

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Supporting Community Development

Federal Banks also enter the market and directly help their member institutions through their Community Investment Program advances (or loans) that allow members to fund affordable housing while maintaining profit margins and minimizing risk. Members can obtain discounted advances that are priced up to 10 basis points below regular commercial advances to support qualified affordable housing development. These programs in turn are offered to developers and home builders to create an incentive for the construction of low cost housing.

Supporting Affordable Housing

Each year the Federal Home Loan Bank of Des Moines provides grant funding through their Affordable Housing Products for the purchase, construction or rehabilitation of affordable housing. Since its inception in 1990, more than $500 million in grants have been awarded to create affordable housing opportunities for nearly 100,000 families in communities across the  district. Their programs include help first-time homebuyers fulfill the dream of owning a home, help veterans purchase or rehabilitate a home, and provide much needed resources to help developers create affordable housing for very low- to moderate- income families. In 2017, FHLB Des Moines members reserved up to $140,000 to promote Native American, Native Alaskan or Native Hawaiian homeownership in communities across the Bank’s district.  Members provide up to $15,000 per eligible household to assist with down payment, closing costs, homeownership counseling or home repairs associated with a home purchase and are reimbursed by the FHLB Des Moines after closing of the mortgage loan.

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