Report to Congress: Examination of Financial Statements of the Federal National Mortgage Association Fiscal Year 19681969 - 53 pages |
Common terms and phrases
Accrued interest allocated Assets Financing Trust Assets Liquidation Trust BALANCE SHEET commissions paid common stock cost of trust debentures December 11 Dividends ended June 30 FALT and FAFT Federal Assets Financing Federal Assets Liquidation Federal Housing Administration Federal income tax Federal National Mortgage FHDA financial statements fiscal year 1968 fiscal year ended FNMA as trustee FNMA's GNMA Government Mortgage Liquidation income and expense income tax equivalent issued liabilities liquidating functions Liquidation Trust participations management and liquidating ment million Mortgage Liquidation Trust mortgages subject National Mortgage Association Net income obligations subject Outstanding at June participation certificates percent preferred equity preferred stock Receivable from trustors sale of participation SBOT secondary market operations Service fees SOURCES AND APPLICATION special assistance functions Statement of sources statements of income subject to trust subordinated reversionary interest surplus tion totaling treasury stock Trust Federal trust operations U.S. Treasury unpaid principal balances VA-guaranteed mortgages Veterans Administration
Popular passages
Page 21 - 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.
Page 2 - Such obligations shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average rate on outstanding marketable obligations of the United States as of the last day of the month preceding the issuance of the obligations. The Secretary of the Treasury...
Page 1 - ... home mortgages generally as a means of retarding or stopping a decline in mortgage lending and home building activities which threatens materially the stability of a high level national economy...
Page 26 - Association is responsible for the payment by servicing institutions for taxes, insurance, etc., (out of funds received from mortgagors and held in escrow for that purpose) in the amount of $60,943,380 at June 30, 1968, $43,251,033 at December 31, 1967 and $44,772,877 at June 30, 1067.
Page 11 - Association shall be available to retire the preferred stock held by the Secretary of the Treasury as rapidly as the Association shall deem feasible.
Page 4 - ... (c) manage and liquidate the existing mortgage portfolio of the Federal National Mortgage Association in an orderly manner, with a minimum of adverse effect upon the home mortgage market and minimum loss to the Federal Government. CREATION OF ASSOCIATION SEC. 302. (a) There is hereby created a body corporate to be known as the "Federal National Mortgage Association" (hereinafter referred to as the "Association"), which shall be a constituent agency of the Housing and Home Finance Agency.
Page 1 - ... (b) provide special assistance (when, and to the extent that, the President has determined that it is in the public interest) for the financing of (1) selected types of home mortgages (pending the establishment of their marketability) originated under special housing programs designed to provide housing of acceptable standards at full economic costs for segments of the national population which are unable to obtain adequate housing under established home financing programs...
Page 7 - The Housing Act of 1964 and the Participation Sales Act of 1966...
Page 1 - ... for special assistance through the purchase of home mortgages generally as a means of retarding or stopping a decline in mortgage lending...