CFR > Title 24 - Housing and Urban Development > SUBTITLE B—Regulations Relating to Housing and Urban Development > CHAPTER III—GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (parts 300 to 351) > PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES > SUBPART A—Pass-Through Type Securities (§320.1 to §320.17) > 320.8—Excess Yield Securities.

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.

Code of Federal Regulations

[71 FR 32389, June 5, 2006]