cfr_sections
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19 rows where part_number = 320 and title_number = 24 sorted by section_id
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| section_id ▼ | title_number | title_name | chapter | subchapter | part_number | part_name | subpart | subpart_name | section_number | section_heading | agency | authority | source_citation | amendment_citations | full_text |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 24:24:2.1.2.5.3.1.221.1 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | A | Subpart A—Pass-Through Type Securities | § 320.1 General. | HUD | The Association is authorized by section 306(g) of the National Housing Act (12 U.S.C. 1721(g)) upon such terms and conditions as it may deem appropriate, to guarantee the timely payment of principal of and interest on securities that are based on and backed by a trust or pool composed of mortgages which are insured or guaranteed by FHA, FmHA or VA. The Association's guaranty of mortgage-backed securities is backed by the full faith and credit of the United States. This subpart is limited to “modified pass-through” securities, and does not purport to set forth all the procedures and requirements that apply to the issuance and guaranty of such securities. All such transactions are governed by the specific terms and provisions of the Association's Mortgage-Backed Securities Guides (MBS Guides) and contracts entered into by the parties. | |||||
| 24:24:2.1.2.5.3.1.221.10 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | A | Subpart A—Pass-Through Type Securities | § 320.13 Guaranty. | HUD | [64 FR 34107, June 24, 1999] | The Association guarantees the timely payment, whether or not collected, of the interest on the outstanding balance and the specified principal installments on securities that are registered on Ginnie Mae's central registry. The Association's guaranty is backed by the full faith and credit of the United States. | ||||
| 24:24:2.1.2.5.3.1.221.11 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | A | Subpart A—Pass-Through Type Securities | § 320.15 Default. | HUD | (a) Issuer default. Any failure or inability of the issuer to make payments as due as well as such other events as may be identified by the Association and included in the applicable guaranty agreement, contractual agreement or MBS Guide, shall constitute a default of the issuer. (b) Action upon default. Upon any default by the issuer, the Association may: (1) Institute a claim against the issuer's insurance, bond or other coverage, as specified in § 320.11; (2) Pursuant to section 306(g) of the National Housing Act (12 U.S.C. 1721(g)), extinguish all the right, title, or other interest of the issuer in the pooled mortgages; and (3) Exercise such other rights and remedies as it may have. | |||||
| 24:24:2.1.2.5.3.1.221.12 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | A | Subpart A—Pass-Through Type Securities | § 320.17 Fees. | HUD | The Association may impose application fees, guaranty fees, securities transfer fees and other fees. | |||||
| 24:24:2.1.2.5.3.1.221.2 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | A | Subpart A—Pass-Through Type Securities | § 320.3 Eligible issuers of securities. | HUD | (a) Eligibility requirements. A mortgage lender, including an instrumentality of a State or local government, to be eligible to issue or service mortgage-backed securities guaranteed by the Association must satisfy all of the following standards: (1) Be in good standing as a mortgagee approved by the FHA; (2) Be in good standing as a mortgage seller or servicer approved by the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation (FHLMC), or the Association. Loss of either FNMA approval or FHLMC approval may cause the issuer to become ineligible to issue and service the Association's mortgage-backed securities and constitute a default under the applicable guaranty or contractual agreement whether or not the issuer qualified for new issuer approval on the basis of FNMA or FHLMC approval; (3) Have management with adequate experience, and access to adequate facilities to issue or service mortgage-backed securities, as determined by the Association; (4) Maintain the applicable minimum net worth discussed in paragraph (c) of this section; and (5) Meet the requirements, conditions, and limitations prescribed by the Association in this part or the applicable MBS Guides. (b) Time of eligibility. The Association shall not commit to guarantee, or guarantee any issue of mortgage-backed securities unless the mortgage lender requesting such commitment or guaranty qualifies as an eligible issuer both at the time of commitment approval and at the time of the issuance of the guaranty. (c) Net worth requirements. Issuers shall maintain at all times a net worth acceptable to the Association of not less than the applicable minimum amount. The applicable minimum amount shall be published in the MBS Guides. (d) Disqualification. A mortgage lender shall not qualify as an eligible issuer at any time in which: (1) The lending policies of the issuer permit any discrimination based on race, religion, color, national origin, age, or sex of a borrower; or (2) The issuer is not in complian… | |||||
| 24:24:2.1.2.5.3.1.221.3 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | A | Subpart A—Pass-Through Type Securities | § 320.5 Securities. | HUD | [60 FR 42015, Aug. 14, 1995, as amended at 63 FR 51251, Sept. 24, 1998; 64 FR 34106, June 24, 1999; 66 FR 44265, Aug. 22, 2001; 70 FR 33652, June 8, 2005; 72 FR 49125, Aug. 27, 2007] | (a) Instruments. Securities issued pursuant to the provisions of this subpart must be modified pass-through securities, that provide for payment, whether or not collected, of both specified principal installments and interest on the unpaid principal balance, with all prepayments and other unscheduled recoveries of principal being passed through to the holder. In the case of delinquent mortgages in a pool backing modified pass-through securities, the issuer is required to make advances if necessary to maintain the specified schedule of interest and principal payments to the holders, or at its option, at any time 90 days or more after default of any such mortgage, the issuer may repurchase such mortgage for an amount equal to the unpaid principal balance of the mortgage. The securities, if issued in certificated form, must specify the dates by which payments are to be made to the holders thereof, and must indicate the accounting period for collections on the pool's mortgages relating to each such payment, and the securities, if issued in certificated form, must also specify a date on which the entire principal will have been paid or will be payable. (b) Issue amount. Each issue of guaranteed securities must be in a minimum face amount as specified in the applicable MBS Guide. The total face amount of any issue of securities cannot exceed the aggregate unpaid principal balances of the mortgages in the pool. The Association may provide for issuers to submit packages of mortgages that may be consolidated, with other packages of similar types of mortgages, into multiple issuer pools. (c) [Reserved] (d) Transferability. Securities are transferable, but the share of the proceeds collected on account of the pool of mortgages is payable only to the registered holder of a security according to the policies established by the Association. (e) Issue Date. Securities backed by single-family mortgages with issue dates of October 1, 1998, or before, serial notes with issue dates of July 1, 2002, or before, and securi… | ||||
| 24:24:2.1.2.5.3.1.221.4 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | A | Subpart A—Pass-Through Type Securities | § 320.7 Mortgages. | HUD | Each issue of guaranteed securities must be backed by a separate pool of mortgages which meet the requirements of the applicable MBS Guide. | |||||
| 24:24:2.1.2.5.3.1.221.5 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | A | Subpart A—Pass-Through Type Securities | § 320.8 Excess Yield Securities. | HUD | [71 FR 32389, June 5, 2006] | (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. | ||||
| 24:24:2.1.2.5.3.1.221.6 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | A | Subpart A—Pass-Through Type Securities | § 320.9 Pool administration. | HUD | The Association will only guarantee securities if the issuer executes a guaranty agreement or contractual agreement in the form prescribed by the Association. Pool administration requirements are set forth in such agreements or the applicable MBS Guide. | |||||
| 24:24:2.1.2.5.3.1.221.7 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | A | Subpart A—Pass-Through Type Securities | § 320.10 Financial reporting. | HUD | [72 FR 49125, Aug. 27, 2007] | Issuers shall submit to the Association audited annual financial statements within 90 days of their fiscal year end. All financial statements shall include a balance sheet and a statement of operations and cash flows. The audit shall be conducted in accordance with the standards for financial audits of the U.S. Government Accountability Office's Government Auditing Standards, issued by the Comptroller General of the United States. | ||||
| 24:24:2.1.2.5.3.1.221.8 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | A | Subpart A—Pass-Through Type Securities | § 320.11 Insurance coverage. | HUD | The issuer shall maintain, for the benefit of the Association, insurance, errors and omissions, fidelity bond and other coverage as required by the Association and set forth in the appropriate MBS Guide. | |||||
| 24:24:2.1.2.5.3.1.221.9 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | A | Subpart A—Pass-Through Type Securities | § 320.12 Integrity. | HUD | (a) Background. Issuers shall disclose the background of all individuals serving on their Board of Directors and all individuals acting as authorized signatories. The disclosures shall include any prior convictions, fines or other adverse actions against these individuals by a Federal, state or local agency, or a government-related entity where the action is related to the responsibilities that are commensurate with those of the financial services industry. The term government-related entity includes, but is not limited to, FHA, VA, FmHA, FNMA, FHLMC, Office of Thrift Supervision, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and National Credit Union Administration. (b) Change in status. Issuers shall disclose material changes in their status with other government-related entities and regulatory agencies, or state or local agencies with similar authority, within 5 business days of their occurrence. The disclosures shall include, but not be limited to, voluntary and non-voluntary terminations, defaults, fines, and material non-compliance with agency rules and policies. Disclosures that are specifically prohibited by an agency are exempted from this section. | |||||
| 24:24:2.1.2.5.3.2.221.1 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | B | Subpart B—Bond-Type Securities | § 320.21 General. | HUD | In addition to the “pass-through” securities dealt with in subpart A of this part, the Association is authorized by section 306(g) of the National Housing Act, 12 U.S.C. 1721(g), upon such terms and conditions as it may deem appropriate, to guarantee the timely payment of principal of and interest on “bond-type” securities which are based on and backed by a trust or pool composed of mortgages which are insured or guaranteed by FHA, FmHA or the VA. The Association's guaranty of mortgage-backed securities is backed by the full faith and credit of the United States. This subpart deals with such “bond-type” securities and does not purport to set forth all the procedures and requirements that apply to the issuance and guaranty of such securities. All such transactions are governed by the specific terms and provisions of the contracts entered into by the parties and the Bond-Type Securities Guide (the “Bond Guide”). | |||||
| 24:24:2.1.2.5.3.2.221.2 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | B | Subpart B—Bond-Type Securities | § 320.23 Eligible issuers. | HUD | Any corporation, trust, partnership, or other entity with a net worth acceptable to the Association as set forth in the Bond Guide, which has the capability to assemble acceptable and eligible mortgages in sufficient quantity to support required minimum issuances of securities and which meets such other requirements as are set forth in the Bond Guide, may be approved to issue and service bond-type securities guaranteed by the Association. Further, the Association reserves the right to limit the number of issuers in the interest of conducting an orderly market of securities of this type. | |||||
| 24:24:2.1.2.5.3.2.221.3 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | B | Subpart B—Bond-Type Securities | § 320.25 Securities. | HUD | (a) Instruments. Securities to be issued pursuant to the provisions of this subpart B may be in registered or bearer form. Each security shall have terms acceptable to the Association as provided in the Bond Guide. (b) Issue amount. Each issue of guaranteed securities must be in a minimum face amount as specified in the Bond Guide. The total face amount of any issue of securities cannot exceed the aggregate unpaid principal balances of the mortgages in the pool. (c) Face amount of securities. The face amount of any security cannot be less than $25,000. (d) Transferability. Bearer securities are freely transferrable. Registered securities are transferable only on the books of an agent, as shall be agreed upon by the Association and the issuer. (e) Treasury approval. Issues of $100 million or larger will be subject to approval of the Secretary of the Treasury. | |||||
| 24:24:2.1.2.5.3.2.221.4 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | B | Subpart B—Bond-Type Securities | § 320.27 Mortgages. | HUD | Guaranteed securities issued under these provisions must be based on and backed by mortgages pooled under trust arrangements satisfactory to the Association. Such mortgages must meet the requirements of the Bond Guide. | |||||
| 24:24:2.1.2.5.3.2.221.5 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | B | Subpart B—Bond-Type Securities | § 320.29 Guaranty. | HUD | With respect to bond-type securities, the Association will guarantee the timely payment of principal of and interest on such securities, subject to the terms and conditions of the securities. The Association's guaranty is backed by the full faith and credit of the United States. | |||||
| 24:24:2.1.2.5.3.2.221.6 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | B | Subpart B—Bond-Type Securities | § 320.31 Default. | HUD | Upon default of the issuer, the Association has the right, pursuant to section 306(g) of the National Housing Act (12 U.S.C. 1721(g)), to take title to the mortgages and other assets that are subject to the trust arrangements, and to proceed against other assets of the issuer to the extent necessary to satisfy its own claims and the rights of the holders of securities then outstanding. Such action by the Association shall be taken subject to an accounting to the issuer. | |||||
| 24:24:2.1.2.5.3.2.221.7 | 24 | Housing and Urban Development | III | 320 | PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES | B | Subpart B—Bond-Type Securities | § 320.33 Fees. | HUD | The Association may impose application and guaranty fees, which may vary with relation to the size or risk of the guaranty transaction undertaken. |
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CREATE TABLE cfr_sections (
section_id TEXT PRIMARY KEY,
title_number INTEGER,
title_name TEXT,
chapter TEXT,
subchapter TEXT,
part_number TEXT,
part_name TEXT,
subpart TEXT,
subpart_name TEXT,
section_number TEXT,
section_heading TEXT,
agency TEXT,
authority TEXT,
source_citation TEXT,
amendment_citations TEXT,
full_text TEXT
);
CREATE INDEX idx_cfr_title ON cfr_sections(title_number);
CREATE INDEX idx_cfr_part ON cfr_sections(part_number);
CREATE INDEX idx_cfr_agency ON cfr_sections(agency);