Of the mortgage pass-through securities guaranteed by one of the three agencies, only those guaranteed by Ginnie Mae carry the full faith and credit of the U.S. government; nonagency pass-through securities are rated by a commercial rating company, and often they are supported by credit enhancements so that they can obtain a high rating.

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This statement is true. Only Ginnie Mae pass-through securities carry the full faith and credit of the U.S. government, while nonagency pass-through securities are rated by commercial rating agencies and may have credit enhancements to obtain a high rating.

Of the Mortgage Pass-Through Securities Guaranteed by One of the Three