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A recent ruling by a federal judge in Austin, Texas, upholding the Federal Housing Finance Board’s approval of a controversial pilot program by the Federal Home Loan Bank of Chicago has been appealed to the U.S. Court of Appeals in New Orleans. The Chicago pilot program was challenged last year by several thrifts and groups representing thrifts. Under the $750 million pilot program, member financial institutions market and originate home mortgage loans and are responsible for all functions involving customer relationships.
