United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2001_register executive 2010-09-24 article Part IV Rules and Regulations D09002ee1c81d4467 D09002ee1c81d4552 United States Department of Housing and Urban Development originator org United States Government Agency or Subagency This final rule issued by the Government National Mortgage Association (the "Association" or "Ginnie Mae") will govern payments on Ginnie Mae I and Ginnie Mae II Pass-Through Securities ("Ginnie Mae MBS") registered in the name of a securities intermediary and clearing corporation (a "Depository"). The rule requires that payments on Ginnie Mae MBS due to Depositories be made in immediately available funds and supersedes any current provisions allowing those payments to be made by check. Payments to other security holders may be made by check or other means provided the check is received by the security holder not later than the applicable payment date specified in the Ginnie Mae Mortgage-Backed Securities Guide (the "Ginnie Mae MBS Guide" or the "Guide"). The final rule eliminates any requirement that a physical certificate representing a Ginnie Mae MBS or, for consistency, a Ginnie Mae multiclass security ("Ginnie Mae Multiclass Securities," and together with Ginnie Mae MBS, "Ginnie Mae Securities") be maintained by a Depository. In addition, in the final rule, because the Federal Reserve Banks are expected to become Depositories for all book-entry Ginnie Mae Securities, Ginnie Mae is, consistent with the practices of other Federal entities with securities on the Fedwire Book-Entry Securities System, adopting an appropriate version of the standard technical rules under which book-entry Ginnie Mae Securities will be held and transferred on such system. The final rule follows publication of a February 26, 2001 proposed rule, takes into consideration public comment on the proposed rule, and make certain changes at this final rule stage. 66 FR 44258 https://www.govinfo.gov/app/details/FR-2001-08-22/01-21109 01-21109 fr22au01-27 RIN 2503-AA16 4210-66-P Docket No. FR-4629-F-02 https://www.govinfo.gov/app/details/FR-2001-08-22/01-21109 https://www.govinfo.gov/content/pkg/FR-2001-08-22/html/01-21109.htm https://www.govinfo.gov/content/pkg/FR-2001-08-22/pdf/01-21109.pdf Mortgages Securities 11 p. 44258 44268 66 FR 44258 Title 24 Part 300 24 CFR Part 300 Title 24 Part 320 24 CFR Part 320 Title 24 Part 330 24 CFR Part 330 Title 24 Part 350 24 CFR Part 350 RIN 2503-AA16 Government National Mortgage Association Mortgage-Backed Securities Program-Payments to Securityholders; Book-Entry Procedures; Federal Register Vol. 66, Issue RULE 01-21109 IV DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT 2001-10-01 Docket No. FR-4629-F-02 4210-66-P 01-21109 Final rule.

This final rule issued by the Government National Mortgage Association (the "Association" or "Ginnie Mae") will govern payments on Ginnie Mae I and Ginnie Mae II Pass-Through Securities ("Ginnie Mae MBS") registered in the name of a securities intermediary and clearing corporation (a "Depository"). The rule requires that payments on Ginnie Mae MBS due to Depositories be made in immediately available funds and supersedes any current provisions allowing those payments to be made by check. Payments to other security holders may be made by check or other means provided the check is received by the security holder not later than the applicable payment date specified in the Ginnie Mae Mortgage-Backed Securities Guide (the "Ginnie Mae MBS Guide" or the "Guide"). The final rule eliminates any requirement that a physical certificate representing a Ginnie Mae MBS or, for consistency, a Ginnie Mae multiclass security ("Ginnie Mae Multiclass Securities," and together with Ginnie Mae MBS, "Ginnie Mae Securities") be maintained by a Depository. In addition, in the final rule, because the Federal Reserve Banks are expected to become Depositories for all book-entry Ginnie Mae Securities, Ginnie Mae is, consistent with the practices of other Federal entities with securities on the Fedwire Book-Entry Securities System, adopting an appropriate version of the standard technical rules under which book-entry Ginnie Mae Securities will be held and transferred on such system. The final rule follows publication of a February 26, 2001 proposed rule, takes into consideration public comment on the proposed rule, and make certain changes at this final rule stage.

October 1, 2001. This rule is applicable to electronic payments covered by Sec. 320.5(h)(1) , beginning with payments due on and after October 1, 2001. For the elimination of certificates covered by Sec. 320.5(g), the rule is applicable on the date on which each issue is first registered in the name of a Federal Reserve Bank. In no event, however, shall the applicability of the final rule with respect to any issue of Ginnie Mae Securities be earlier than October 1, 2001. Thomas R. Weakland, Vice President, Office of Program Administration, Government National Mortgage Association, Department of Housing and Urban Development, Room 6204, 451 Seventh Street, SW., Washington, DC 20410, telephone (202) 708- 2884. A telecommunications device for hearing-impaired persons (TTY) is available at (202) 708-9300. (The telephone numbers are not toll-free.) Mortgages Securities Government National Mortgage Association (Ginnie Mae): Mortgage-backed securities program; payments to security holders, http://www.ginniemae.gov Vol. 66, no. 163 Office of the Federal Register, National Archives and Records Administration 2001-08-22 continuing daily deposited born digital 275 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2001-08-22 P0b002ee180a16761 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr22au01 https://www.govinfo.gov/app/details/FR-2001-08-22 https://www.govinfo.gov/content/pkg/FR-2001-08-22/pdf/FR-2001-08-22.pdf https://www.govinfo.gov/content/pkg/FR-2001-08-22/xml/FR-2001-08-22.xml fdlp 44025 44289 DGPO 2010-09-24 2024-06-08 FR-2001-08-22 machine generated eng FR FR-2001-08-22 66 163