24 CFR § 320.8 - Excess Yield Securities.

---
identifier: "/us/cfr/t24/s320.8"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "24 CFR § 320.8 - Excess Yield Securities."
title_number: 24
title_name: "Housing and Urban Development"
section_number: "320.8"
section_name: "Excess Yield Securities."
chapter_name: "GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT"
part_number: "320"
part_name: "GUARANTY OF MORTGAGE-BACKED SECURITIES"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 1721(g) and 1723a(a); and 42 U.S.C. 3535(d)."
regulatory_source: "60 FR 42015, Aug. 14, 1995, unless otherwise noted."
cfr_part: "320"
---


# 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.

[71 FR 32389, June 5, 2006]