The facts as set forth in your ruling request are as follows.
Parent is a mutual holding company organized under Massachusetts law.
Bank is a stock savings bank chartered in Massachusetts. All Interests acquired from an Affiliate will have been purchased originally in the open market. Moreover, no Interest will have been originated by an Affiliate, and no Interest will be backed by loans or mortgages entered into by an Affiliate. GNMAs are shares in pools of mortgages underwritten by federal agencies. They are issued by federally approved institutions and are fully guaranteed by Ginnie Mae.