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Loan and Mortgage Terms Glossary

Consolidated Obligations:

Debt instruments (bonds and discount notes) sold by the federal home loan banks through the office of finance. The obligations consolidate the borrowing needs of all 12 banks into joint securities offerings sold in the capital markets. The banks share the funds raised by the sale of the securities, and they share the obligation to repay the debt. Thus each bank is legally responsible for repayment of its own debt plus the debt of all other federal home loan banks.

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