Financial Annual Report 2007

FL FULL CI LE CI LE CIRCLE When President Herber t Hoover signed the Federal Home Loan Bank Act into law in 1932, the countr y was in the middle of a devastating housing finance crisis. In 2007, we again experienced a massive credit crunch and a turbulent mortgage market. For 75 years, the Federal Home Loan Bank System has supported the American dream of owning your own home through ordinary and extraordinar y times. As we look back at 2007 and the Bank’s 75-year histor y, it is dif ficult to find a time that more closely resembles FHLB Des Moines early days. The historical significance of the Home Loan Bank System has been dramatically demonstrated in the last half of 2007. Housing prices have fallen, foreclosure rates are up and the government is looking at ways to work with the private sector to achieve economic growth and collective prosperity. Our country faces many of the same issues today that the Bank was created to address in 1932 – we have come full circle. Designed to be a source of liquidity for financial institutions to suppor t housing finance and community development, the Bank has quickly and predictably advanced funds to its members to record setting levels. The Bank’s 1,243 members have recognized the stability and reliability of Bank funding, have taken advantage of its cooperative str ucture and have benefited from its convenience and accessibility. Our full circle encompasses how the Bank delivers value to our members and how our members provide value to their communities. 4 60.8 TOTAL ASSETS AT 12/31/07

Table of Contents Feed for the Digital Edition of Financial Annual Report 2007

Financial Annual Report 2007 Contents Introduction Letter To Our Members Financial Highlights Member Highlight: Chillicothe, MO Member Highlight: Bloomington, MN Statements of Condition Statements of Income Board of Directors

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