Federal Home Loan Mortgage Corporation - Page 7

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          A.        Ginnie Mae Bonds                                                  
               Ginnie Mae Bonds G-15, G-16, and G-17 were mortgage-backed             
          bonds, which consisted of promissory notes secured by mortgage              
          loans owned by petitioner.  The underlying mortgages were held in           
          trust by petitioner as trustee as security for payment of the               
          bonds.  These mortgage-backed bonds were guaranteed as to                   
          principal and interest by the Government National Mortgage                  
          Association, a wholly owned corporation within the Department of            
          Housing and Urban Development.                                              
               B.   Notes Issued to Federal Home Loan Banks                           
               Notes F-8, F-12, F-15, F-18, F-11, and F-13 were promissory            
          notes payable to Federal Home Loan Banks (FHLB).  These notes               
          were passthroughs of the FHLBs’ own obligations.  Under the                 
          Federal Home Loan Mortgage Corporation Act, Pub. L. 91-351, sec.            
          303(a), 84 Stat. 452 (1970), petitioner was deemed to be a member           
          of each FHLB and was entitled to borrow from those institutions             
          subject to certain security requirements.                                   
               C.   Debenture                                                         
               Debenture D-2 was issued under section 306(a) of the Federal           
          Home Loan Mortgage Corporation Act.  This debenture was an                  
          unsecured general obligation of petitioner.                                 











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