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FEDERAL HOME LOAN MORTGAGE CORPORATION Definition
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) is a private corporation chartered by the U.S. Government that issues pass-through securities, known as participation certificates, based on conventional mortgages. FHLMC pass-throughs are traded in a very liquid market and are used as collateral for other activities such as repurchase agreements. FHLMC guarantees the timely payment of interest and ultimate payment of principal. FHLMC is commonly called "Freddie Mac".
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OJT see ON-THE-JOB TRAINING.
MISCELLANEOUS INCOME is that income realized that is not directly related to the sale of standard products and services.
