Business and Personal Finance Dictionary

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• FEDERAL LAND BANKS
  
  The Farm Credit Association supervises these. Loans are made to farmers and ranchers. They are secured by mortgages made by Federal Land Banks through the Federal Land Banks Association. These are not direct obligations of the U.S. government. They are, however, considered moral obligations of the U.S. government. Interest received by investors is free from state and local taxes but not federal income tax.
  
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