FEDERAL NATIONAL MORTGAGE ASSOCIATION Definition

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FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) is a private corporation chartered by the U.S. Government to provide mortgage money for home buyers. FNMA buys mortgages from lenders and sells mortgages to investors. FNMA guarantees the timely payment of both interest and principal. Also known as "Fannie Mae".

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TAKE OR PAY AGREEMENT is where a buyer must pay for the contracted amount of the contracted item(s) delivered whether or not he/she can take delivery.

STRANDED PLANT is a cost that has been incurred, but can not be reversed. Usually referred to as a sunk cost.

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