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Federal Home Loan Bank of Pittsburgh (the Bank) is a cooperative institution, owned by financial institutions that are also its primary customers. The Bank is one of 12 Federal Home Loan Banks (FHLBanks). The Bank’s primary business is to intermediate between the capital markets and the housing market through member financial institutions. The Bank provides credit for housing and community development through two primary programs. First, it provides members with loans against the security of residential mortgages and other types of collateral. Secondly, the Bank purchases residential mortgage loans originated by or through member institutions. The Bank also offers other types of credit and non-credit products and services to member institutions. These include letters of credit, interest rate exchange agreements (interest rate swaps, caps, collars, floors, swaptions and similar transactions), affordable housing grants, securities safekeeping, and deposit products and services.(Source: 10-K)