1、590 24 CFR Ch. III (4111 Edition) 330.35 its nominee is registered as the reg-istered owner of the securities on the books and records of the Multiclass Registrar. (2) The Association guarantees the timely payment of principal and inter-est as provided by the terms of the multiclass security. The As
2、sociations guaranty is backed by the full faith and credit of the United States. 66 FR 44266, Aug. 22, 2001 330.35 Investors. Association guaranteed multiclass securities may not be suitable invest-ments for all investors. No investor should purchase securities of any class unless the investor under
3、stands, and is able to bear, the prepayment, yield, li-quidity and market risks associated with the class. The Association as-sumes no obligation or liability to any person with regard to determining the suitability of such securities for such investor. 330.40 Consultation. The Association may consu
4、lt with persons or entities in such manner as the Association deems appropriate to ensure the efficient commencement and operation of the Multiclass Securi-ties program. 330.45 Limitation on GNMA liability. Except for its guaranty, the Associa-tion undertakes no obligation and as-sumes no liability
5、to any person with regard to or on account of the exist-ence or operation of this part or the conduct of any participants in the Multiclass Securities program. 330.50 Administration of multiclass securities. The GNMA guaranteed multiclass se-curities will be administered in accord-ance with the Asso
6、ciations require-ments described in the Multiclass Guide. 330.55 Basis for removal from partici-pation. A participant may be removed from the Multiclass Securities program if the Association, in its discretion, de-termines that any of the following ex-ists or has occurred: (a) The participant, at an
7、y time, fails to meet any condition for eligibility; (b) The participant fails to comply with any provision of the Multiclass Guide or this part; (c) The participant is unable or fails to truthfully, correctly or fully submit such certifications as are required; and (d) Such further reasons as the A
8、sso-ciation determines necessary to pro-tect the safety and soundness of the Multiclass Securities program, as set out in the Multiclass Guide. 330.60 Removal procedure. (a) A participant may be suspended from participation in the Multiclass Securities program upon written notice from the Associatio
9、n, which shall in-clude the reasons for the suspension. The participant shall have the oppor-tunity to submit a written presen-tation to the President of the Associa-tion, or designee, in support of its rein-statement, subject to such limitations as the Association in its discretion may impose as to
10、 length, time for sub-mission, or otherwise. A determination by the President of the Association, or designee, shall exhaust the partici-pants administrative remedies. (b) If a participant is suspended from the Multiclass Securities program, the Association shall have no obligation to complete a pen
11、ding transaction involv-ing the participant. (c) After a participant has been re-moved from the Multiclass Securities program, the participant may request reinstatement. Approval of the rein-statement is at the sole discretion of the Association. PART 340FIDUCIARY ACTIVITIES Sec. 340.1 General. 340.
12、3 Appropriations. AUTHORITY: 12 U.S.C. 1723a and 42 U.S.C. 3535(d). SOURCE: 60 FR 42019, Aug. 14, 1995, unless otherwise noted. 340.1 General. The Association is authorized by sec-tion 302(c) of the National Housing Act (12 U.S.C. 1717(c) to create, accept, execute, and administer trusts and VerDate
13、 Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00600 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-,-,-591 Government National Mortgage Association, HUD 350.2 other
14、fiduciary undertakings appro-priate for financing purposes. Under this authority, the Association is au-thorized to acquire and otherwise deal in any mortgages or other types of ob-ligations in which any department or agency of the United States listed in section 302(c)(2) of such Act may have a fin
15、ancial interest. Under its fiduciary powers, the Association may create, accept, and administer trusts con-sisting of interests in mortgages and obligations, sell to private investors certificates of beneficial interest, or participations, in the mortgages or ob-ligations or in the interest and prin
16、-cipal payments derived therefrom, and provide for payment of interest and principal and for retirement of the par-ticipations. The Association, in its or-dinary corporate capacity as con-trasted to its fiduciary capacity, is ex-pressly authorized to guarantee the participations. 340.3 Appropriation
17、s. There is authority for Congress to appropriate such sums as may be nec-essary to enable the trustor of any trust (as described in 340.1) to pay to the Association, as trustee, any insuffi-ciency in aggregate receipts from the obligations subject to the trust to pro-vide for the timely payment by
18、the trustee of all interest or principal on the beneficial interests or participa-tions related to such trust. PARTS 341349 RESERVED PART 350BOOK-ENTRY PROCEDURES Sec. 350.1 Purpose. 350.2 Definitions. 350.3 Maintenance of Ginnie Mae Securities. 350.4 Law governing rights and obligations of United S
19、tates, and Federal Reserve Banks as Depositories; Rights of any Person against United States, and Fed-eral Reserve Banks as Depositories; Law Governing Other Interests. 350.5 Creation of Participants Security En-titlement; Security Interests. 350.6 Obligations of the Reserve Banks as Depositories; N
20、o Adverse Claims. 350.7 Authority of Federal Reserve Banks as Depositories. 350.8 Withdrawal of Eligible Book-entry Ginnie Mae Securities for Conversion to Definitive Form. 350.9 Waiver of Regulations. 350.10 Liability of Federal Reserve Banks as Depositories. 350.11 Notice of Attachment for Ginnie
21、Mae Securities in Book-entry System. AUTHORITY: 12 U.S.C. 1721(g) and 1723a(a); 42 U.S.C. 3535(d). SOURCE: 66 FR 44266, Aug. 22, 2001, unless otherwise noted. 350.1 Purpose. The purpose of this part is to achieve the efficiencies and fungibility through use of a single system for transferring intere
22、sts both in Ginnie Mae Securities and other United States Government securities and in mortgage-backed se-curities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. The Association only guarantees that pay-ments required to be made by issuers of Ginn
23、ie Mae Securities will be made to the registered owner of those Ginnie Mae Securities. The Association under-takes no other obligation. Under the Book-entry System, the Federal Re-serve Banks will be the registered owner of Book-entry Ginnie Mae Secu-rities, not the agent of the Association, and the
24、 Association makes no war-ranty or guaranty with respect to the maintenance of the Book-entry System by the Federal Reserve Banks. 350.2 Definitions. (a) Specified Terms. As used in this part, the following terms shall have the meanings indicated: Book-entry Ginnie Mae Security. A Ginnie Mae Securit
25、y issued or main-tained in the Book-entry System. Book-entry Ginnie Mae Security also means the separate interest and prin-cipal components of a Book-entry Ginnie Mae Security if such security has been designated by Ginnie Mae as eligible for division into such compo-nents and the components are mai
26、n-tained separately on the books of one or more Federal Reserve Banks. Book-entry System. The automated book-entry system operated by the Federal Reserve Banks acting as De-positories for Ginnie Mae, on which Book-entry Ginnie Mae Securities are VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00601 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-,-,-
