Profiles of Existing Government Corporations - US Government ...

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c
m PND m: Nono
90
INTEREST PAID-: s1,422,000,0001
INTEREST RJKEIMD: S2,213,000,000m
NOTEE:
CORFORATION PROIILE
a. Additional accounting principlss:
--Ths sold csrtificatss, aortgaga participation csrtificatsm
(PCS), and guarantssd mortgags csrtificatss (CXCs) are accountsd
for as ma18 of assets and tha mortgage loans sold are sxcludsd
from ths corporation's rstainsd mortgage portfolio.
--PCs and GXCs are rsflsctsd in the balancs shsst as contingsnt
liabilitiss.
--Intsrsst margin is rscognizsd ms incoas over ths lifs of tha
rslatmd mortgage loans and is rsportsd as %ansgusnt and
guarantss income" in ths financial statsmsnts.
--FRLMC is sxsrpt from all taxation irpossd by any stats or
local authority, with ths sxcsptfon of any rsal propwty ovnsd by
ths Corporation. Tax lsgislation slininstsd F?IIMC's sxsmption
from fsdsral incors taxation sffsctivs January 1, 1985.
--Rsal sstats acquirsd in ssttlusnt of loans is rscordsd at
ths lover of fair urkst value or ths unpaid principal balancs
and accruad intsrsst upon Zorsclosurs. Comtm of improving rsal
sstats ovnsd srs capftalirsd. Lo8888 on sals of rsal **tat8
ownsd arm chargsd as incurrsd against tha approprists rsssrvs
bassd on vhsthsr ths rslatsd loan was sold or rstainsd by FWJK.
b. Rsvsnusm includs intsrsst and discount on mort9aqs loans,
intsrsst on temporary cash investmanta, umgusnt and
guarantss incom, and other incou.
C. l Expsnditurss includs long-tom dmbt sxpsnss, short-tsar dsbt
sxpanso, provision for mortqago-loan losss~, and
adrinistrativa sxpmnsss.
d. Income bsforo taxes %00,000,000
Incon tax88 -1
Not Incoro
-7
;4
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