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Debenture
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| a type of long-term bond or note given as evidence of debt. unlike a mortgage note, a debenture is not secured by a specific property. fannie mae issues debentures to finance the acquisition of mortgages in the secondary mortgage market. if a borrower defaults on an fha loan, the government gives interest-bearing debentures to the mortgagee after the Title is transferred to fha. (also see: fannie mae, fha)
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