Report to Congress: Examination of Financial Statements of Teh Federal Home Loan Mortgage Corporation for the Year Ended December 31, 19731974 - 15 sider |
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000 omitted ACCRUED INTEREST amortization of mortgage audit board of directors calendar year 1973 CERTIFICATE MANAGEMENT FEE changed its method commitment program commitments to purchase COMPTROLLER conventional whole loan Corporation changed Corporation purchases Corporation's financial statements debt expense December 31 discount on mortgage ENDED DECEMBER 31 estimated loss Federal Home Loan Federal Housing Administration fee and guarantees financial position FUNDS PROVIDED GNMA GNMA-guaranteed bonds Government National Mortgage groups of mortgages Home Loan Bank Home Loan Mortgage interest method investor issued July 24 Loan Bank System Loan Mortgage Corporation LOSSES ON MORTGAGE maximum fixed constant method of amortization mortgage purchase discount mortgage-backed bonds mortgages and participations National Mortgage Association net income notes following schedule outstanding commitments par value PARTICIPATION SALE CERTIFICATES participations in groups payment principal and interest principal balances program it purchases Provision for losses purchases mortgages Retained earnings sale of participation secondary market seller sum-of-the-digits method Total Veterans Administration
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Side 5 - Our examination was made in accordance with generally accepted auditing standards and included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
Side 1 - ... cash flow from the mortgage loans it holds. The mortgage loans FHLMC purchases are those originated by savings and loan associations and commercial banks in their lending territory. These sellers continue to act as the servicer of the loan in all cases as an agent for FHLMC. Purchases may only be made from members of the Federal Home Loan Bank System and from other financial institutions whose deposits or accounts are insured by agencies of the US Government. The FHLMC is a buyer and seller of...
Side 8 - STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEARS ENDED DECEMBER 31...
Side 8 - INCOME Interest and Discounts on Mortgage Loans Interest on Investments Other Income Total Income EXPENSES Interest on Borrowings and Related Costs...
Side 1 - GNMA mortgage-backed securities Securities whose principal and interest are guaranteed by the Government National Mortgage Association. GNMA securities are collateralized by pools of mortgages that are insured by the Federal Housing Administration or guaranteed by the Veterans Administration. GNMA securities are pass-through in nature (principal and interest payments and all prepayments are passed directly...