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Published on:

11th Apr 2026

[Series 65] 19, Government Agency Securities

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The key difference in government backing between GNMA (full faith and credit) and FNMA/FHLMC (implicit guarantee). - How mortgage-backed securities and pass-through certificates are structured to provide monthly income to investors. - The direct relationship between falling interest rates and increased prepayment risk for holders of mortgage-backed securities. - Common exam questions and trick wording related to government agency securities and prepayment risk on the Series 65 exam. - A mnemonic to help you remember the level of government backing for each of the three main housing agencies. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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Open Exam Prep
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Open Exam Prep: Mastering Financial Exams

The path to becoming a certified financial professional is known for its difficulty, and finding high-quality, accessible study material shouldn't be the hardest part.

Created by Ran Chen—an AI application enthusiast, Financial Advisor, and holder of the EA (Tax), Life Insurance, Series 6/63/65, and CFP® designations—this podcast was born from personal experience. Having navigated these challenging exams himself, Ran realized the need for better resources and created Open Exam Prep as a free solution for aspiring professionals.

Each episode breaks down complex major exam topics into clear, digestible lessons, covering everything from tax planning and estate strategies to retirement solutions and investment principles. Whether you’re studying during your commute, workout, or downtime, we are here to guide you—one question, one topic, one victory at a time.

Visit for more content: https://open-exam-prep.com/
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