1、581 PART 300GENERAL Sec. 300.1 Scope of chapter. 300.3 Description. 300.5 Creation and status. 300.7 Area of operations. 300.9 Office. 300.11 Authority of officers. 300.13 Power of attorney. 300.15 Exceptions. 300.17 Audits and reports. AUTHORITY: 12 U.S.C. 1723a, unless other-wise noted, and 42 U.S
2、.C. 3535(d). SOURCE: 60 FR 42015, Aug. 14, 1995, unless otherwise noted. 300.1 Scope of chapter. This chapter consists of general in-formation and does not purport to set forth all of the procedures and require-ments that apply to the operations of the Association. Complete specific in-formation as
3、to any aspect of such op-erations may be obtained from the of-fice listed in 300.9. 300.3 Description. The Government National Mortgage Association (hereinafter in this chapter called the Association, GNMA or Ginnie Mae) furnishes fiduciary serv-ices to itself and other departments and agencies of t
4、he Government, and guarantees privately issued securities backed by trusts or pools of mortgages or loans which are insured or guaran-teed by the Federal Housing Adminis-tration (FHA), the Department of Vet-erans Affairs (VA) or the Rural Hous-ing Service (RHS) and certain other loans or mortgages g
5、uaranteed or in-sured by the Government. In the course of its business, the Association is re-ferred to as GNMA or Ginnie Mae. 66 FR 44265, Aug. 22, 2001 300.5 Creation and status. The Association is a Government cor-poration in the Department of Housing and Urban Development. It is derived from the
6、 Federal National Mortgage Association, which was partitioned by the Congress into two corporations ef-fective September 1, 1968, one of which is the Association. The operations of the Association are conducted under its statutory charter contained in title III of the National Housing Act, 12 U.S.C.
7、 1716, et seq. 300.7 Area of operations. The Association is authorized to con-duct its business in any State of the United States, the District of Colum-bia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, and the territories and possessions of the United States. 3
8、00.9 Office. The Association directs its oper-ations from its office located at 451 Seventh Street, SW., Washington DC 20410. 300.11 Authority of officers. The President, each Vice President, and each Assistant Vice President of the Association are severally expressly empowered in the name of the As
9、socia-tion to sign all contracts and other documents, instruments, and writings which call for execution by the Asso-ciation in the conduct of its business and affairs, and to encumber, mort-gage, pledge, convey or otherwise alien any property which the Association may own or in which it may have an
10、 estate, right, title or interest. In addi-tion, the President, each Vice Presi-dent, each Assistant Vice President, the Secretary of the Association, each Assistant Secretary, the Treasurer and the Controller shall have the authority as may be provided in the Bylaws of the Association or as may be
11、delegated to them in a manner not inconsistent with the Bylaws. 300.13 Power of attorney. In order to efficiently carry out the purposes of the Association, the Asso-ciation may appoint any person its true and lawful attorney-in-fact by publication in the FEDERAL REGISTER or by appointment from the
12、President of the Association in writing. Any such attorney-in-fact shall have the power outlined in the publication or appoint-ment. 300.15 Exceptions. In the conduct of its affairs, in indi-vidual cases or classes of cases, the As-sociation reserves the right, consistent with law, without prior not
13、ice and at VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00591 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-582 24 CFR Ch. III (4111 Edition) 300.17 any
14、 time, to alter or waive any of the requirements contained in this chapter or elsewhere or to impose other and ad-ditional requirements; it further re-serves the right, without prior notice and at any time, to amend or rescind any or all of the material set forth herein. 300.17 Audits and reports. T
15、he Association and its designees may at any reasonable time audit the books and examine the records of any issuer, mortgage servicer, trustee, agent or other person bearing on com-pliance with the requirements of the Associations programs, and the Asso-ciation may require reasonable and necessary re
16、ports from such persons. PART 310BYLAWS OF THE GOV-ERNMENT NATIONAL MORTGAGE ASSOCIATION AUTHORITY: 12 U.S.C. 1723 and 42 U.S.C. 3535(d). SOURCE: 60 FR 42015, Aug. 14, 1995, unless otherwise noted. 310.1 Bylaws of the Association. The bylaws of the Association shall be duly adopted by the Secretary
17、of Housing and Urban Development pur-suant to section 308 of the National Housing Act (12 U.S.C. 1723) and shall govern the performance of the powers and duties granted to or imposed upon the Association by law. PART 320GUARANTY OF MORTGAGE-BACKED SECURITIES Subpart APass-Through Type Securities Sec
18、. 320.1 General. 320.3 Eligible issuers of securities. 320.5 Securities. 320.7 Mortgages. 320.8 Excess Yield Securities. 320.9 Pool administration. 320.10 Financial reporting. 320.11 Insurance coverage. 320.12 Integrity. 320.13 Guaranty. 320.15 Default. 320.17 Fees. Subpart BBond-Type Securities 320
19、.21 General. 320.23 Eligible issuers. 320.25 Securities. 320.27 Mortgages. 320.29 Guaranty. 320.31 Default. 320.33 Fees. AUTHORITY: 12 U.S.C. 1721(g) and 1723a(a); and 42 U.S.C. 3535(d). SOURCE: 60 FR 42015, Aug. 14, 1995, unless otherwise noted. Subpart APass-Through Type Securities 320.1 General.
20、The Association is authorized by sec-tion 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
21、which are insured or guaranteed by FHA, FmHA or VA. The Associations guar-anty of mortgage-backed securities is backed by the full faith and credit of the United States. This subpart is lim-ited to modified pass-through securi-ties, and does not purport to set forth all the procedures and requiremen
22、ts that apply to the issuance and guar-anty of such securities. All such trans-actions are governed by the specific terms and provisions of the Associa-tions Mortgage-Backed Securities Guides (MBS Guides) and contracts en-tered into by the parties. 320.3 Eligible issuers of securities. (a) Eligibili
23、ty requirements. A mort-gage lender, including an instrumen-tality of a State or local government, to be eligible to issue or service mort-gage-backed securities guaranteed by the Association must satisfy all of the following standards: (1) Be in good standing as a mort-gagee approved by the FHA; (2
24、) Be in good standing as a mortgage seller or servicer approved by the Fed-eral National Mortgage Association (FNMA), the Federal Home Loan Mort-gage Corporation (FHLMC), or the As-sociation. Loss of either FNMA ap-proval or FHLMC approval may cause VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00592 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-
