FANNIE MAE Definition

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FANNIE MAE (FNMA) see FEDERAL NATIONAL MORTGAGE ASSOCIATION.

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AUTHORIZE / AUTHORIZATION is to give permission for. For example, a manager authorizes a transaction by signing a voucher authorizing the disbursement.

LETTER OF GUARANTEE is a written promise issued by a bank to compensate (pay a sum of money) to the beneficiary (third party, local or foreign) in the event that the obligor (customer) fails to honor its obligations in accordance with the terms and conditions of the guarantee/agreement/contract.

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