HUD 24 CFR PART 330-2011 GUARANTY OF MULTICLASS SECURITIES《多级证券担保品》.pdf

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1、587 Government National Mortgage Association, HUD 330.5 the aggregate unpaid principal bal-ances 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 se-cu

2、rities 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 ap-proval of the Secretary of the Treas-ury. 320.27 Mortgages. Guaranteed securities issued under these provisi

3、ons 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. 320.29 Guaranty. With respect to bond-type securities, the Association will guarantee the timely payment of principal of and in-t

4、erest on such securities, subject to the terms and conditions of the securities. The Associations guaranty is backed by the full faith and credit of the United States. 320.31 Default. Upon default of the issuer, the Asso-ciation has the right, pursuant to sec-tion 306(g) of the National Housing Act

5、(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 sat-isfy its own claims and the rights of the holders of securities then out-standing. Such action by the Assoc

6、ia-tion shall be taken subject to an ac-counting to the issuer. 320.33 Fees. The Association may impose applica-tion and guaranty fees, which may vary with relation to the size or risk of the guaranty transaction undertaken. PART 330GUARANTY OF MULTICLASS SECURITIES Sec. 330.1 Scope of part. 330.5 D

7、efinitions. 330.10 Eligible collateral. 330.15 Participation requirements. 330.20 Eligible participants. 330.25 Fees. 330.30 GNMA guaranty. 330.35 Investors. 330.40 Consultation. 330.45 Limitation on GNMA liability. 330.50 Administration of multiclass securi-ties. 330.55 Basis for removal from parti

8、cipation. 330.60 Removal procedure. AUTHORITY: 12 U.S.C. 1721(g) and 1723a(a); and 42 U.S.C. 3535(d). SOURCE: 60 FR 42018, Aug. 14, 1995, unless otherwise noted. 330.1 Scope of part. This part is limited to multiclass se-curities. It does not purport to set forth all the procedures and require-ments

9、 that apply to the issuance and guaranty of such securities. All such transactions are governed by the spe-cific terms and provisions of the con-tracts entered into by the parties and by the GNMA Multiclass Securities Guide (Multiclass Guide). 330.5 Definitions. As used in this part, the following t

10、erms shall have the meanings indi-cated: Consolidated securities. A series of multiclass securities, each class of which provides for payments propor-tionate with payments on the under-lying eligible collateral. Depositor. The entity that deposits, or executes an agreement to deposit, as contained i

11、n the Multiclass Guide, eli-gible collateral into a trust in ex-change for consolidated securities. Depository. A clearing corporation within the meaning of Article 8 of the Uniform Commercial Code, including any Federal Reserve Bank, that main-tains systems by which ownership and transfer of intere

12、sts in Ginnie Mae multiclass securities are made through entries on the books of such clearing corporation. VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00597 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction

13、or networking permitted without license from IHS-,-,-588 24 CFR Ch. III (4111 Edition) 330.10 GNMA electronic bulletin board. An in-formation distribution system estab-lished by the Association for the Multiclass Securities program. GNMA MBS certificates. The guaran-teed mortgage-backed securities i

14、ssued under part 320 of this chapter. Government mortgages. Mortgages that are eligible under section 306(g) of the National Housing Act (12 U.S.C. 1721(g) for inclusion in GNMA mortgage- backed securities pools. Multiclass Registrar. The institution that is specified by the Association as the regis

15、trar of the related class and series of multiclass securities. Participant. For structured securities, the sponsor, co-sponsor, trustee, trust counsel, and accounting firm. For con-solidated securities, the depositor. Other entities may be designated as participants in the Multiclass Guide. Sponsor.

16、 With respect to structured securities, the entity that establishes the required trust executing the trust agreement and depositing the eligible collateral in the trust in exchange for the structured securities. Structured securities. Securities of a series at least one class of which pro-vides for

17、payments of principal or in-terest disproportionately from pay-ments on the underlying eligible col-lateral. 66 FR 44265, Aug. 22, 2001 330.10 Eligible collateral. The Association, in its discretion, shall determine what collateral is eli-gible for inclusion in the Multiclass Se-curities program. El

18、igible collateral may include GNMA MBS certificates, government mortgages, consolidated securities, and other securities ap-proved by the Association. Categories of these GNMA MBS certificates, gov-ernment mortgages, consolidated secu-rities, and other securities as approved by the Association becom

19、e eligible col-lateral when they are published as eli-gible collateral in the Multiclass Guide or on the GNMA electronic bulletin board. Eligible collateral may differ for various Association guaranteed multiclass securities. 330.15 Participation requirements. To participate in the Multiclass Se-cur

20、ities program, a participant must meet the following criteria: (a) Certification. A participant must submit such certifications and other documents as are required by the Multiclass Guide. (b) Compliance with Multiclass Guide. By completing a multiclass securities transaction, a participant is deeme

21、d to have represented and warranted to the Association that it has complied with, and that it agrees to comply with, the Multiclass Guide in effect as of the date that the Associations guaranty is placed on the securities. (c) Material changes in status. A par-ticipant must report, as required in th

22、e Multiclass Guide, material adverse changes in status including voluntary and non-voluntary termination, de-faults, fines and findings of material non-conformance with rules and poli-cies of state and federal agencies and federal government sponsored enter-prises. (d) Integrity. The participant mus

23、t conduct its business operations in ac-cordance with industry practices, eth-ics and standards, and maintain its books and records in an appropriate manner, as determined by the Associa-tion. (Approved by the Office of Management and Budget under control number 25030030) 330.20 Eligible participant

24、s. In addition to requirements set forth in this part, a participant must meet the following requirements. (a) Structured securities(1) Descrip-tion. The Association guarantees the payment of principal and interest on structured securities issued by trusts organized by sponsors in accordance with pr

25、ocedures established and ap-proved by the Association. The struc-tured securities are backed by eligible collateral, as described in this part, held by the trustee. (2) Eligibility requirements for partici-pants(i) Sponsors. A sponsor must: (A) Apply and be approved by the As-sociation; VerDate Mar2

26、010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00598 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-,-,-589 Government National Mortgage Association, HUD 330.30 (B) Demons

27、trate to the satisfaction of the Association its capacity to accu-mulate the eligible collateral, as de-scribed in this part, needed for a pro-posed structured securities issuance; (C) Be in good standing with and ei-ther have been responsible for at least one structured securities transaction with

28、FNMA or FHLMC, or have dem-onstrated to the Associations satisfac-tion its capability to act as sponsor of GNMA guaranteed structured securi-ties; (D) Have the minimum required amount, as set forth in the Multiclass Guide, in shareholders equity or part-ners capital, evidenced by the spon-sors audit

29、ed financial statements, which must have been issued within the preceding 12-month period; (E) Represent the structural integ-rity of the issuance under all cash flow scenarios and demonstrate to the Asso-ciations satisfaction its ability to in-demnify the Association for a breach of this representa

30、tion; (F) Comply with the Associations policies regarding participation by mi-nority and/or women-owned businesses and take appropriate measures to as-sure compliance by the other partici-pants as specified in the Multiclass Guide; and (G) Provide the Association with the opinions of trust counsel a

31、nd account-ing firms which are acceptable to the Association and on which the Associa-tion may rely. (ii) Co-sponsors. A Co-sponsor must submit to the Association an applica-tion and a certification, as set forth in the Multiclass Guide, as to its status as a minority and/or women-owned business. (i

32、ii) Trustees. A trustee is selected by the Sponsor from institutions approved by the Association using such proce-dures as the Association deems appro-priate. (b) Consolidated securities(1) Descrip-tion. A Depositor delivers, or executes an agreement to deliver, eligible col-lateral to a trust in ex

33、change for a sin-gle Association guaranteed multiclass security, as set forth in the Multiclass Guide. (2) Eligibility requirements for partici-pant. A Depositor must certify that: (i) It is an accredited investor within the meaning of 17 CFR 230.501(a)(1), (a)(3) or (a)(7); (ii) It has authority to

34、 deliver, and will deliver, the collateral to the trust-ee and that the collateral is free and clear of all liens and encumbrances; and (iii) The information set forth by the depositor regarding the eligible collat-eral is true and correct. (c) Other types of Association guaran-teed multiclass secur

35、ities. The Associa-tion will set forth the requirements for the guaranty by the Association of other types of multiclass securities, and the eligibility requirements for the appropriate participants, in the Multiclass Guide or on the GNMA elec-tronic bulletin board. 330.25 Fees. The Association, in

36、its discretion, through publication in the Multiclass Guide or on the GNMA electronic bul-letin board, may impose fees for appli-cation, guaranty, transfer, change from book entry to certificated form, or other related fees. Fees may vary, at the Associations discretion, depending upon, but not limi

37、ted to, such factors as size, collateral characteristics, ex-pense or risk of the guaranty trans-action undertaken. 330.30 GNMA Guaranty. (a) Securities held by Depositories. Ownership of multiclass securities reg-istered in the name of a Depository shall be conclusively established by registration

38、in the name of the Deposi-tory as owner on the books and records of the Multiclass Registrar, and it shall be unnecessary for a Depository to maintain custody of any physical cer-tificates evidencing such ownership. (b) Guaranty. The Associations guar-anty is a guaranty that payment will be made to

39、the registered owner of se-curities as reflected on the books and records of the Multiclass Registrar. (1) The Association makes no other guaranty, including any guaranty that a Depository will appropriately credit payments to beneficial owners of GNMA multiclass securities. The Asso-ciations guaran

40、tee of securities pay-able to a Depository or its nominee be-comes effective when the Depository or VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00599 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or netwo

41、rking permitted without license from IHS-,-,-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

42、 the terms of the multiclass security. The Associations 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 secu

43、rities of any class unless the investor understands, 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. 3

44、30.40 Consultation. The Association may consult 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 undert

45、akes no obligation and as-sumes no liability 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

46、 be administered in accord-ance with the Associations 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-ist

47、s or has occurred: (a) The participant, at any 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 re

48、quired; and (d) Such further reasons as the Asso-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 pr

49、ogram upon written notice from the Association, 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 length, time for sub-mission, or otherwise. A determination by the President of the Ass