DRAFT Definition

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DRAFT, in import / export, is a contract between buyer and seller that the buyer will pay a certain amount of money, within a specified period of time, for the goods purchased.

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GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) is a corporation owned by the U.S. Government within the Department of Housing and Urban Develop­ment with the authority to fully guarantee the timely payment of principal and interest on securities collateral­ized by FHA-insured or VA-guaranteed mortgages. GNMA is commonly called "Ginnie Mae:' GNMA I securities are single-issuer pools. GNMA II securities are collateralized by multiple-issuer pools or custom pools (one issuer but different interest rates that may vary within one percentage point). Multiple-issuer pools are known as "Jumbos:' Standard GNMAs have a stated maturity of 30 years.

BEST ASK is the lowest quoted offer of all competing Market Makers to sell a particular stock at any given time.

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