Federal Home Loan Bank of San Francisco releases May 1997 cost of funds index

Business Wire, June 30, 1997

SAN FRANCISCO--(BUSINESS WIRE)--June 30, 1997--The Federal Home Loan Bank of San Francisco announced June 30, 1997, that the monthly weighted average cost of funds index for 11th District savings institutions for May 1997 is 4.864%.

The index for April 1997 was 4.822%

The cost of funds index reflects the interest paid by savings institutions in Arizona, California, and Nevada on their various sources of mortgage money. Changes in interest rates on adjustable rate mortgage loans offered by many financial institutions are tied to changes in the index.

Although the Federal Home Loan Bank of San Francisco strives to ensure the accuracy of the COFI, the Bank does not examine the books and records of its member savings institutions and, therefore, the Bank does not warrant or guarantee the accuracy of the data received or the COFI calculated from that data. The Bank expressly disclaims all liability that may arise from its use of inaccurate data received from its member savings institutions in calculating the COFI.

The Bank accepts data for the monthly COFI from its member savings institutions until 12 p.m. Pacific time on the last business day of the following month and publishes the monthly COFI based on data received by that time. The Bank will not revise or republish the monthly COFI based on new or corrected data received after that time and expressly disclaims all liability that may arise as a result.

In addition, while the Bank makes every effort to publish the monthly COFI by 3 p.m. Pacific time on the last business day of the following month, it does not guarantee that it will always publish the monthly COFI by that date and time, and the Bank assumes no liability for any delay in publishing the monthly COFI.

CONTACT: Federal Home Loan Bank of San Francisco

Amy Stewart, 415/616-2605