EPISODE · Apr 12, 2026 · 1 MIN
[Series 65] 19, Government Agency Securities
from Open Exam Prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The key difference in government backing between GNMA (full faith and credit) and FNMA/FHLMC (implicit guarantee). - How mortgage-backed securities and pass-through certificates are structured to provide monthly income to investors. - The direct relationship between falling interest rates and increased prepayment risk for holders of mortgage-backed securities. - Common exam questions and trick wording related to government agency securities and prepayment risk on the Series 65 exam. - A mnemonic to help you remember the level of government backing for each of the three main housing agencies. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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[Series 65] 19, Government Agency Securities
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