C.F.R. » Title 24 » CHAPTER III—GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT › PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES › Subpart A—Pass-Through Type Securities

24 C.F.R. § 320.8

Excess Yield Securities

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(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]