【正文】 dit to farmers and ranchers as well as rural homeowners, businesses, and munities. ? It does so by purchasing qualified loans from lenders in the same way as Freddie Mac and Fannie Mae. ? Farmer Mac raises funds by selling debentures and mortgagebacked securities backed by the loans purchased. The latter securities are called agricultural mortgagebacked securities (AMBS). 農業(yè)住房抵押支持證券 Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall 637 Federal Agency Securities (continued) ?FHLBanks ? The Federal Home Loan Bank System (FHLBanks) consists of the 12 district Federal Home Loan Banks and their member banks. ? The Federal Home Loan Bank Board was originally responsible for regulating all federally chartered savings and loan associations and savings banks, as well as statechartered institutions insured by the Federal Savings and Loan Insurance Corporation. ? These responsibilities have been curtailed since 1989. The major source of debt funding for the Federal Home Loan Banks is the issuance of consolidated debt obligations, which are joint and several obligations of the 12 Federal Home Loan Banks. Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall 638 Federal Agency Securities (continued) ?FHLBanks 聯邦住房貸款銀行系統(tǒng) ? The Federal Home Loan Bank System (FHLBanks) consists of the 12 district Federal Home Loan Banks and their member banks. ? The Federal Home Loan Bank Board was originally responsible for regulating all federally chartered savings and loan associations and savings banks, as well as statechartered institutions insured by the Federal Savings and Loan Insurance Corporation. ? These responsibilities have been curtailed since 1989. The major source of debt funding for the Federal Home Loan Banks is the issuance of consolidated debt obligations, which are joint and several obligations of the 12 Federal Home Loan Banks. Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall 639 Federal Agency Securities (continued) ?FFCBS聯邦農業(yè)信貸銀行系統(tǒng) ? The purpose of the Federal Farm Credit Bank System (FFCBS) is to facilitate adequate, dependable credit and related services to the agricultural sector of the economy. ? The Farm Credit Bank System consists of three entities: the Federal Land Banks, Federal Intermediate Credit Banks, and Banks for Cooperatives. i. Prior to 1979, each entity issued securities in its own name. ii. Starting in 1979, they began to issue debt on a consolidated basis as “joint and several obligations” of the FFCBS. Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall 640 Federal Agency Securities (continued) ? Resolution Trust Corporation ? The 1987 legislation that created FICO 融資公司 did not go far enough to resolve the problems facing the beleaguered savings and loan industry. ? In 1989, Congress passed more prehensive legislation, the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). ? Farm Credit Financial Assistance Corporation (FACO) 農業(yè)信貸財務援助公司 ? In the 1980s, the FACO faced financial difficulties because of defaults on loans made to farmers. ? The defaults were caused largely by high interest rates in the late 1970s and early 1980s and by depressed prices on agricultural products. Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall 641 Federal Agency Securities (continued) ? GSE Credit Risk 存在信用風險 ? With the exception of the securities issued by the Farm Credit Financial Assistance Corporation, GSE securities are not backed by the full faith and credit of the . government, as is the case with Treasury securities. ? Consequently, investors purchasing GSEs are exposed to credit risk. ? 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