La. Admin. Code tit. 7, pt. III, ch. 1, III-138, exh. III-F

Current through Register Vol. 50, No. 11, November 20, 2024

Exhibit III-F - ELIGIBLE COLLATERAL AND COLLATERAL LEVELS

REPURCHASE OBLIGATIONS

Type of Collateral Security	Percentage of Market Value to be Sold
FHLMC Participation Certificates1	158.0%
GNMA Pass-Through Certificates1	147.0%
FNMA Pass-Through Certificates1	158.0%
Cash and Federal Funds	100.0%
Government Securities2 with a remaining term to Maturity of up to and including:
one year	108.0%
five years	128.0%
ten years	135.0%
fifteen years	140.0%
thirty years	150.0%

LETTERS OF CREDIT/GUARANTIES

Type of Collateral Security	Percentage of Market Value to be Pledged
FHLMC Participation Certificates1	158.0%
GNMA Pass-Through Certificates1	147.0%
FNMA Pass-Through Certificates1	158.0%
Cash and Federal Funds	100.0%
Government Securities2 with a remaining term to Maturity of up to and including:
one year	108.0%
five years	128.0%
ten years	135.0%
fifteen years	140.0%
thirty years	150.0%
FHA/VA Mortgage Notes3	150.0%
Conventional Mortgage Notes3	150.0%
Conventional Mortgage Notes-ARMS3	170.0%
FHA/VA Mortgage Notes-ARMS3	170.0%

¹ Assumptions:

1. Certificates represent undivided interest in pool of fixed-rate single family mortgage loans with no further negative amortization.

2. Registered in name of, and held by, bond trustee.

3. Collateral cash flow released to collateral provider so long as requisite collateral level maintained.

4. Collateral levels assume collateral proceeds will cover up to six months of accrued interest at maximum rate of 12 percent/annum.

5. Collateral securities marked to market on a monthly basis.

6. Collateral provider has two business days to cause any deficiency in collateral level requirement.

7. Collateral cannot be valued in an amount greater then the lesser of

a. 100 percent of its redemption value of

b. 100 percent of its maturity value.

² Assumptions:

1. "Government Securities" are obligations which are direct obligations or which are fully guaranteed by the full faith and credit, of the United States of America which pay periodic interest and pay principal at maturity or call.

2. The assumptions in 3, 4, 5, 6, and 7 in Footnote 1 above apply to Government Securities.

³ Assumptions:

1. Mortgage loans meet the requirements of a prime collateral pool.

2. The assumptions in 3, 4, 5, 6, and 7 in Footnote 1 above apply to Conventional/FHA/VA Mortgages.

La. Admin. Code tit. 7, pt. III, ch. 1, III-138, exh. III-F

Promulgated by the Department of Agriculture and Forestry, Agricultural Finance Authority, LR 17:167 (February 1991).

AUTHORITY NOTE: Promulgated in accordance with R.S. 3:266(4).