Federal Home Loan Mortgage Corporation - Page 8

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               D.   Note Payable to North Dakota Bank                                 
               The note bearing code ND was a fixed-rate loan that                    
          petitioner issued in a private transaction to the Bank of North             
          Dakota.                                                                     
               E.   Capital Debentures                                                
               CD-1, CD-2, and CD-3 were capital debentures.  These capital           
          debentures were subordinated and junior in right of payment to              
          all obligations and liabilities of petitioner.                              
               F.   Zero Coupon Bonds                                                 
               Petitioner issued zero coupon bonds Z-2 and Z-3, which were            
          subordinated capital debentures junior in right of payment to all           
          senior obligations of petitioner.  Zero coupon bonds have no                
          stated interest rate but are issued at a substantial discount to            
          face value.  At maturity, the holder is entitled to receive the             
          face of amount of the bond.                                                 
               G.   Collateralized Mortgage Obligations (CMOs)                        
               CMO A-2, CMO A-3, and CMO C-4 were debt instruments secured            
          by mortgages which were outstanding on December 31, 1984.  These            
          CMOs were subject to put and call options; the call dates, put              
          dates, and final maturity dates were as follows:                            












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