Agency pass-throughs

Mortgage pass-through securities whose principal and interest payments are guaranteed by government agencies, such as the Government National Mortgage Association (Ginnie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), and Federal National Mortgage Association (Fannie Mae).

Agency Pass-Throughs

Mortgage-backed pass-through securities with principals and interest guaranteed by a U.S. Government agency. A pass-through security is backed by assets or debt; in an agency pass-through security, a government agency reduces the risk of default to the pass-through holder by guaranteeing payment. Ginnie Mae makes most of these guarantees, but Freddie Mac and Fannie Mae do as well.

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