§ 320.8. Excess Yield Securities.
48 words·~1 min read·
/us/cfr/t24/s§ 320.8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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. \[71 FR 32389, June 5, 2006\]