Securities backed by agencies and government-sponsored enterprises (GSEs) are debt securities issued by budget agencies, government-sponsored enterprises (GSEs), and agency- and GSE-backed mortgage pools. Only the budget agency issues are considered officially to be part of the total borrowing of the federal government.
Budget agencies are federal agencies that are part of the budget of the U.S. government under special financing authorities and include the Tennessee Valley Authority, the Federal Housing Administration, the Federal Communications Commission, the Architect of the Capitol, and the National Archives and Records Administration. Previously, certificates of interest issued by the Commodity Credit Corporation and loan participation certificates were included in agency- and GSE-backed securities, but both were discontinued many years ago.
GSEs include the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal Agricultural Mortgage Corporation (Farmer Mac), the Farm Credit System, the Financing Corporation (FICO), and the Resolution Funding Corporation (REFCORP). The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in the fourth quarter of 2004.
Agency- and GSE-backed mortgage pools are issued by the Government National Mortgage Association (Ginnie Mae), Fannie Mae, Freddie Mac, and Farmer Mac. The Farmers Home Administration (FmHA) was also included until the end of the 1990s.
Data on holdings of agency- and GSE-backed securities by most sectors are compiled from available data while holdings by the sector for households and nonprofit organizations are calculated residually from total liabilities.