Mae to support the FHA-insured mortgages, as well as Veterans Administration (VA) and Farmers Home Administration (FmHA) insured mortgages, with the full faith and credit of the US government. In 1970, the federal government authorized Fannie Mae to purchase private mortgages—that is, those not insured by the FHA, VA, or FmHA, and created Freddie Mac to perform a role similar to that of Fannie Mae. Ginnie Mae does not invest in private mortgages. Securitization Ginnie Mae guaranteed the first mortgage pass-through security of an approved lender in 1968. In 1971, Freddie Mac issued its first mortgage pass-through, called a participation certificate, composed primarily of private mortgages. In 1981, Fannie Mae issued its first mortgage pass-through, called a mortgage-backed security. In 1983, Freddie Mac issued the first collateralized mortgage obligation. In 1960 the government enacted the Real Estate Investment Trust Act to allow the creation of the real estate investment trust (REIT) to encourage real estate investment, and in 1977 Bank of America issued the first private label pass-through. In 1983 the Federal Reserve Board amended Regulation T to allow broker-dealers to use pass-throughs as margin collateral, equivalent to over-the-counter non-convertible bonds. In 1984 the government passed the Secondary Mortgage Market Enhancement Act to improve the marketability of private label pass-throughs, which declared nationally recognized statistical rating organization AA-rated mortgage-backed securities to be legal investments equivalent to Treasury securities and other federal government bonds for federally chartered banks (such as federal savings banks and federal savings associations), state-chartered financial institutions (such as depository banks and insurance companies) unless overridden by state law before October 1991 (which 21 states did), and Department of Labor–regulated pension funds. The Tax Reform Act of 1986 allowed the creation of the tax-exempt real estate mortgage investment conduit (REMIC) special purpose vehicle for the express purpose of issuing pass-throughs. The Tax Reform Act may have contributed to the savings and loan crisis of the 1980s and 1990s that resulted in the Financial Institutions Reform, Recovery and Enforcement Act of 1989, which dramatically changed the savings and loan industry and its federal regulation, encouraging loan origination. Nevertheless, probably the most influential action that encouraged the subprime mortgage crisis of 2008 (other than the neglectful actions of banking institutions) was the Financial Services Moderation Act (also called the Gramm–Leach–Bliley Act). It was signed into law in 1999 by President Clinton, and allowed sole, in-house creation (by solitary banking institutions)