Glossary of Municipal Securities Terms


A term for securities issued by a federal agency or certain federally chartered entities (often referred to as government-sponsored enterprises or GSEs). Agency securities typically are not guaranteed by the federal government, particularly those of GSEs. Agency securities also are generally exempt from the registration and prospectus requirements of the Securities Act of 1933. Securities of the following entities are generally considered agency securities although the terms of a bond contract or escrow deposit agreement may further limit what are considered to be agency securities for purposes of that contract or agreement: Federal Agricultural Mortgage Corporation (Farmer Mac); Federal Farm Credit Banks Funding Corporation (FFCB or Farm Credit); Federal Home Loan Bank System (FHLB or Home Loan); Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac); Federal Housing Administration (FHA); Federal National Mortgage Association (FNMA or Fannie Mae); Government National Mortgage Association (GNMA or Ginnie Mae); and Tennessee Valley Authority (TVA). Compare: TREASURY SECURITIES.

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