1. Regulations
  2. title 24
  3. chapter III
  4. part 320
  5. subpart A
  6. § 320.8

View all text of Subpart A [§ 320.1 - § 320.17]

§ 320.8 - Excess Yield Securities.

(a) Definition. Excess Yield Securities are securities backed by the excess servicing income relating to mortgages underlying previously issued Ginnie Mae mortgage-backed securities.

(b) GNMA guaranty. The Association guarantees the timely payment of interest as provided by the terms of the security.

[71 FR 32389, June 5, 2006]

AUTHORITY: 12 U.S.C. 1721(g) and 1723a(a); and 42 U.S.C. 3535(d).

SOURCE: 60 FR 42015, Aug. 14, 1995, unless otherwise noted.

CITE AS: 24 CFR 320.8