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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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