(RECAP: The FHFA’s proposal to change membership requirements in the 12 Federal Home Loan Banks will devastate housing finance far beyond its affect on real estate investment trusts, some bankers are saying. The proposed rule changes, announced Tuesday, would revise FHFA’s existing membership regulation to require that members maintain a commitment to housing finance and that only eligible entities can gain access to bank advances and the benefits of membership. The most obvious effect would be dialing out REITs, but it goes further than that, said David Jeffers, executive vice president of policy and public affairs at the Council of Federal Home Loan Banks. “We see this as an anti-liquidity and anti-housing regulation, and a threat to the fundamental purpose of home loan banks.”)