Government-sponsored enterprises: changes in securities distribution process and use of derivative products : briefing report to the Chairman, Subcommittee on Telecommunications and Finance, Committee on Energy and Commerce, House of Representatives
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advertising allocated AVAILABLE TO INVESTORS CMOs compliance concerning GSE derivative counterparty credit risk customer orders distribution process Estate Mortgage Investment extension risk FHLBS Financial Institutions five GSEs Freddie Mac funds Government Securities Act group member's independent GSE derivative products GSE derivative securities GSE securities market GSEs announce GSEs require higher risk REMIC including GSE derivative institutional investors interest payments interest rate risk Interest rate swaps internal procedures issue issuer maturity member's independent auditor Mortgage Investment Conduits mortgage-backed securities NASD officials NASD's NYSE objectives and financial officials told participate portfolio prepayment rate prepayment risk Real Estate Mortgage reinvest require selling group risk and prepayment risk characteristics risk REMIC class RISKS OF GSE sale of GSE sales practice abuses sales practice rules Sallie Mae Securities Exchange Act selling group agreement selling group members senior officer stripped MBS transactions underlying mortgages volatile yield zero coupon bonds