In the famous words of Inigo Montoya, I don’t think that word means what you think it means. That word: “products”.
In the link you furnished to HERA, Page 37 of 261 amends section 1321 of the Safety & Soundness act; most importantly, it cites certain parts of FnF’s respective charter acts. These certain parts must be read to understand the meaning of “products”. Have you read them?
For example, for Freddie, Section 1321 specifies that “products” (emphasis) must be authorized under “paragraph (1),(4) or (5) of Section 305(a)” of Freddie’s charter act. In the link below, paragraphs (1), (4) and (5) of 305(a) appear on pages 7-9 of 23.
Note first that Section 305(a) is entitled “Mortgage Operations”. Note further that 305 (1) states Freddie is authorized to “purchase …hold…and sell…residential mortgages”. Similarly, 305 (5) refers to conducting “operations” in the “secondary mortgage market”. Thus, “products” simply means the result of action in the secondary mortgage market.
The notion that products magically also refers to capital market instruments like debt and equity is not quite inconceivable, but it’s not far off.
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