Business / Finance Glossary

Federal National Mortgage Association (Fannie Mae): A bank administered under the U.S. Farm Credit Administration that provides long-term mortgage credit to farmers for agriculture-related expenditures.

Federal Open Market Committee (FOMC): A 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 . . . View Full Definition

Federal Reserve Bank: The body that is responsible for setting the interest rates and credit policies of the Federal Reserve System.

Federal Reserve Board (FRB): One of the 12 member banks constituting the Federal Reserve System that is responsible for overseeing the commercial and savings banks of its region to ensure their compliance with regulation.

Federal Reserve System: The seven-member governing body of the Federal Reserve System, which is responsible for setting reserve requirements, and the discount rate, and making other key economic decisions.

Federal Savings And Loan Association: The monetary authority 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 . . . View Full Definition

Federally Related Institutions: An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans.

Fedwire: Arms of the federal government exempt from SEC registration whose securities are backed by the full faith and credit of the U.S. government (with the exception of the Tennessee Valley Authority).

FHA Prepayment Experience: A wire transfer system for high-value payments operated by the Federal Reserve System.

Fiat Money: 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.

Fictitious Credit: Nonconvertible paper money.

Field Warehouse: A margin account's credit balance. Fictitious credit exists after the proceeds from a short sale are accounted for with respect to the margin requirement. The proceeds from the short sale ar . . . View Full Definition

FIFO: Warehouse rented by a company on another firm's premises.

Figure: See first in, first out.

Figuring The Tail: Refers to details about price including the bid and ofter. See: Handle

Fill: Calculating the yield at which a future money market (one available some period hence) is purchased when that future security is created by buying an existing instrument and financing the in . . . View Full Definition

Fill Or Kill Order (FOK): The price at which an order is executed.

Filter: A trading order that is cancelled unless executed within a designated time period. A market or limited price order that is to be executed in its entirety as soon as it is represented in the . . . View Full Definition

Finance: A rule that stipulates when a security should be bought or sold according to its price action.

Finance Charge: A discipline concerned with determining value and making decisions. The finance function allocates resources, including the acquiring, investing, and managing of resources.

Finance Company: The total cost of credit a customer must pay on a consumer loan, including interest.

Financial Accounting Standards Board (FASB): A company whose business and primary function is to make loans to individuals, while not receiving deposits like a bank.

Financial Adviser: Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP).

Financial Analysis: A professional offering financial advice to clients for a fee and/or commission.

Financial Analysts: Analysis of a company's financial statement, often by financial analysts.

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