Law Dictionary Definitions

Federal Housing Finance Board.A five-member independent federal board that supervises the 12 Federal Home Loan Banks. • Formerly known as the Federal Home Loan Bank Board, it was established by the Federal Home Loan Bank Act of 1932. That Act was amended by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.12 USCA §§…

Federal Housing Administration.The HUD division that encourages mortgage lending by insuring mortgage loans on homes meeting the agency’s standards. — Abbr. FHA. See DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. [Cases: United States 82(3.3).][Blacks Law 8th]

Federal Home Loan Mortgage Corporation.A corporation that purchases both conventional and federally insured first mortgages from members of the Federal Reserve System and other approved banks. — Abbr. FHLMC. — Also termed Freddie Mac.[Blacks Law 8th]

Federal Home Loan Bank Board.See FEDERAL HOUSING FINANCE BOARD.[Blacks Law 8th]

Federal Highway Administration.A unit in the U.S. Department of Transportation responsible for granting aid to states for highway construction and improvement; providing matching grants to states for highway-safety programs; seeking uniformity among the states in commercial motor-carrier registration and taxation; regulating the safety of motor carriers operating in interstate commerce; and training employees of state…

federal government.See GOVERNMENT.[Blacks Law 8th]

federal-funds rate.The interest rate at which banks lend to each other overnight. • The loans are usu. made by banks with excess reserves to those with temporarily insufficient reserves. — Also termed fed-funds rafederal-funds rate.The interest rate at which banks lend to each other overnight. • The loans are usu. made by banks with excess…

Federal Food Stamp Act.A federally funded program that provides needy families with financial assistance in obtaining a nutritionally adequate diet. • The Secretary of Agriculture administers the Act.[Blacks Law 8th]

federal farm credit system.The national cooperative system of banks and associations providing credit to farmers, agricultural concerns, and related businesses. • The system consists of the banks for cooperatives, the farm credit banks, and the Federal Farm Credit Banks Funding Corporation. It is supervised by the Farm Credit Administration and was originally capitalized by the…

Federal Farm Credit Banks Funding Corporation.A federal corporation that manages the sale of federal farm-credit-system securities in the money and capital markets and also provides advisory services to banks in the federal farm credit system.[Blacks Law 8th]