The group's principal activity is regional home loan banking services. The San Franciscoare branch of the group is a separate entity with its own Board of Directors, management, and employees. The branch operates under a federal charter and is a government-sponsored enterprise. The branch is regulated by the Federal Housing Finance Board and is not a government agency and does not receive financial support from taxpayers. The U.S. government does not guarantee, directly or indirectly, the debt securities or other obligations of the branch.
