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These excerpts taken from the FNM 10-K filed Feb 26, 2009. Mortgage
Acquisitions
We acquire single-family mortgage loans for securitization or
for our investment portfolio through either our flow or bulk
transaction channels. In our flow business, we enter into
agreements that generally set
agreed-upon
guaranty fee prices for a lender’s future delivery of
individual loans to us over a specified time period. Our bulk
business generally consists of transactions in which a defined
set of loans are to be delivered to us in bulk, and we have the
opportunity to review the loans for eligibility and pricing
prior to delivery in accordance with the terms of the applicable
contracts. Guaranty fees and other contract terms for our bulk
mortgage acquisitions are typically negotiated on an individual
transaction basis.
Mortgage
Acquisitions
Our HCD business acquires multifamily mortgage loans for
securitization or for our investment portfolio through either
our flow or bulk transaction channels, in substantially the same
manner as described under “Single-Family Credit Guaranty
Business—Mortgage Acquisitions.”
Table of Contents
This excerpt taken from the FNM 10-Q filed Nov 10, 2008. Mortgage
Acquisitions
Our HCD business acquires multifamily mortgage loans for
securitization or for our investment portfolio through either
our flow or bulk transaction channels, in substantially the same
manner as described under “Single-Family Credit Guaranty
Business—Mortgage Acquisitions.” In recent years, the
percentage of our multifamily business activity that has
consisted of purchases for our investment portfolio has
increased relative to our securitization activity.
This excerpt taken from the FNM 10-K filed Feb 27, 2008. Mortgage
Acquisitions
Our HCD business acquires multifamily mortgage loans for
securitization or for our investment portfolio through either
our flow or bulk transaction channels, in substantially the same
manner as described under “Single-Family Credit Guaranty
Business—Mortgage Acquisitions.” In recent years, the
percentage of our multifamily business activity that has
consisted of purchases for our investment portfolio has
increased relative to our securitization activity.
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