§320.8. Excess Yield Securities.
24 C.F.R. § 320.8
Definition. Excess Yield Securities are securities backed by the excess servicing income relating to mortgages underlying previously issued Ginnie Mae mortgage-backed securities.
GNMA guaranty. The Association guarantees the timely payment of interest as provided by the terms of the security.
Notes, amendments, and revision history
Amendments
[71 FR 32389, June 5, 2006]
Authority
Authority: 12 U.S.C. 1721(g) and 1723a(a); and 42 U.S.C. 3535(d).
Source
Source: 60 FR 42015, Aug. 14, 1995, unless otherwise noted.
Amendments
[71 FR 32389, June 5, 2006]