24 CFR § 320.8
Excess Yield Securities
February 22, 2021
(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]
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