Secured Loans
The institutions that regulate and lend to savings and loan associations. The
Federal Home Loan Banks play a role analogous to that played by the Federal
Reserve Banks vis-à-vis member commercial banks.
Federally related institutions
Arms of the federal government that are exempt from S.E.C. registration and
whose securities are backed by the full faith and credit of the U.S. government
(with the exception of the Tennessee Valley Authority).
Federal National Mortgage Association (Fannie Mae)
The publicly-owned, government-sponsored corporation chartered in 1938 to
purchase mortgages from lenders and resell them to investors. Known by the
nickname Fannie Mae, it packages mortgages backed by the Federal Housing
Administration, but also sells some non-governmentally backed mortgages.
Federal Reserve System
The central bank of the U.S., established in 1913, and governed by the Federal
Reserve Board located in Washington, D.C. The system includes 12 Federal
Reserve Banks and is authorized to regulate monetary policy in the U.S. as well
as to supervise Federal Reserve member banks, bank holding companies,
international operations of U.S. banks, and U.S. operations of foreign banks.
Fedwire
A wire transfer system for high-value payments operated by the Federal Reserve
System.
FFO
See: Funds from operations
FHA prepayment experience
The percentage of loans in a pool of mortgages outstanding at the origination
anniversary, based on annual statistical historic survival rates for FHA-insured
mortgages.
Fiat money
Nonconvertible paper money.
Field warehouse
