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To: ild who wrote (241095)	5/16/2003 11:24:49 AM
From: orkrious	Read Replies (1) \| Respond to of 436258

lot of people buying calls for the rally cboe.com

To: ild who wrote (241095)	5/16/2003 11:38:19 AM
From: Perspective	Respond to of 436258

FNM and FRE didn't increase their issuance all that much: Fannie Mae's long-term debt issuance in the first quarter of this year was $ 76.5 billion, up 23.6% from $61.9 billion in the same period a year ago, the report said. Fannie Mae also is a housing-related GSE, as is Freddie Mac. Freddie Mac's long-term debt issuance declined 11.5% in the first quarter of this year compared with the same period a year ago, with $66.8 billion issued in the first three months of this year, down from $75.5 billion during the first quarter of last year. The surge came from the FHLB: The Federal Home Loan Bank System led the way with $176.9 billion in new-issue long-term debt sales in the first quarter of 2003, compared with $90.6 billion during the first quarter of last year, the report said. So, what exactly is the FHLB? They seem to be responsible for the bulk of the explosion in the past year. Who are they? BC