Annual report pursuant to Section 13 and 15(d)

Federal Home Loan Bank of Des Moines Membership Federal Home Loan Bank of Des Moines Membership (Notes)

v2.4.0.8
Federal Home Loan Bank of Des Moines Membership Federal Home Loan Bank of Des Moines Membership (Notes)
 12 Months Ended
Dec. 31, 2013
Federal Home Loan Bank of Des Moines Membership [Abstract]  
Federal Home Loan Bank Advances, Disclosure [Text Block]
Federal Home Loan Bank of Des Moines Membership
In December 2013, our wholly owned subsidiary, TH Insurance Holdings Company LLC, or TH Insurance Holdings, was accepted for membership in the Federal Home Loan Bank of Des Moines, or the FHLB. As a member of the FHLB, TH Insurance Holdings has access to a variety of products and services offered by the FHLB, including secured advances. As of December 31, 2013, TH Insurance Holdings had not requested any secured advances and had $1.0 billion of available uncommitted credit for borrowings, which amount may be adjusted at the sole discretion of the FHLB.
The ability to borrow from the FHLB is subject to our continued creditworthiness, pledging of sufficient eligible collateral to secure advances, and compliance with certain agreements with the FHLB. Each advance will require approval by the FHLB and will be secured by collateral in accordance with the FHLB’s credit and collateral guidelines, as may be revised from time to time by the FHLB. Eligible collateral may include conventional 1-4 family residential loans, Agency RMBS and non-Agency RMBS with an A rating and above.
In addition, as a condition to membership in the FHLB, the Company is required to purchase and hold a certain amount of FHLB stock, which is based, in part, upon the outstanding principal balance of advances from the FHLB. At December 31, 2013, the Company had stock in the FHLB totaling $10,000, which is included in other assets on the consolidated balance sheet at December 31, 2013.