FHLMC Security definition

FHLMC Security. A modified pass-through mortgage-backed participation certificate, evidenced by a book-entry credit made by a Securities Intermediary that is a participant of the Federal Reserve Bank of New York, issued and guaranteed, with respect to timely payment of interest and ultimate payment of principal, by FHLMC and backed by a pool of FHLMC Mortgage Loans, in substantially the principal amount and with substantially the other terms as specified with respect to such FHLMC Security in the related Takeout Commitment, if any.
View Source
FHLMC Security means a security representing an undivided fractional interest in a pool of Mortgage Loans, which security is issued and guaranteed as to full and timely payment of interest and full collection of principal by FHLMC.
View Source
FHLMC Security shall refer to a Mortgage Participation Certificate issued and guaranteed by FHLMC and backed by a pool of Mortgage Loans.
View Source

Examples of FHLMC Security in a sentence

  • Sellers, subject to the terms hereof, will cause (a) Mortgage Loans evidenced by a Participation Certificate to back a GNMA Security issued by Sellers and guaranteed by GNMA, a FNMA Security issued and guaranteed by FNMA or a FHLMC Security issued and guaranteed by FHLMC and (b) Delivery of such GNMA Security, FNMA Security or FHLMC Security by GNMA, FNMA or FHLMC to Participant or its designee, which GNMA Security, FNMA Security or FHLMC Security will be purchased by a Takeout Investor.

  • Seller, subject to the terms hereof, will cause (a) Mortgage Loans evidenced by a Participation Certificate to back a GNMA Security issued by Seller and guaranteed by GNMA, a FNMA Security issued and guaranteed by FNMA or a FHLMC Security issued and guaranteed by FHLMC and (b) Delivery of such GNMA Security, FNMA Security or FHLMC Security by GNMA, FNMA or FHLMC to Purchaser or its designee, which GNMA Security, FNMA Security or FHLMC Security will be purchased by a Takeout Investor.

  • Seller, subject to the terms hereof, will cause (a) Mortgage Loans evidenced by a Participation Certificate to back a GNMA Security issued by Seller and guaranteed by GNMA, a FNMA Security issued and guaranteed by FNMA or a FHLMC Security issued and guaranteed by FHLMC and (b) Delivery of such GNMA Security, FNMA Security or FHLMC Security by GNMA, FNMA or FHLMC to Participant or its designee, which GNMA Security, FNMA Security or FHLMC Security will be purchased by a Takeout Investor.


More Definitions of FHLMC Security

FHLMC Security means obligations or other securities which are or ever have been sold by the Federal Home Loan Mortgage Corporation pursuant to section 305 or 306 of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454 and 1455).
View Source
FHLMC Security a Mortgage-backed Security guaranteed by FHLMC.
View Source
FHLMC Security a Mortgage Participation Certificate issued and guaranteed by FHLMC and backed by a pool of Mortgage Loans;
View Source
FHLMC Security means a security issued or guaranteed by the Federal Home Loan Mortgage Corporation; (xiv) "FNMA and FHLMC Regulations" means the Secretary of HUD's Regulation of the Federal National Mortgage Association (▇▇▇▇▇▇ ▇▇▇) and the Federal Home Loan Mortgage Corporation (▇▇▇▇▇▇▇ ▇▇▇): Book-Entry Procedures, as set forth in 61 Fed. Reg. 63944 (Dec. 2, 1996), codified at 24 C.F.R. Part 81, as amended; (xv) "FNMA Security" means a security issued or guaranteed by the Federal National Mortgage Association; (xvi) "GNMA Security" means a security issued or guaranteed by the Government National Mortgage Association; (xvii) "Instrument" means an "instrument" (as defined in Section 9-105(1)(i) of the New York UCC); (xviii) "New York Fed" means the Federal Reserve Bank of New York; (xix) "New York UCC" means the Uniform Commercial Code as in effect on the date hereof in the State of New York; (xx) "Participant" means a Person (as defined in the Treasury Regulations) that maintains a Participant's Securities Account with the New York Fed; (xxi) "Participant's Securities Account" means an account in the name of a Participant of the New York Fed to which Book-Entry Securities held for a Participant are or may be credited; (xxii) "Secured Obligations" means the obligations of the Trust under the Indenture; (xxiii) "Securities Account" means the account established by the Custodian in connection with the transactions contemplated by the Indenture; (xxiv) "Securities Account Property" means Custodial Securities credited to the Securities Account; (xxv) "Securities Intermediary" means a person, including a bank or broker, that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity, and includes a "clearing corporation" (as defined in Section 8-102(a)(5) of the New York UCC); (xxvi) "Security Entitlement" means the rights and property interest of an Entitlement Holder with respect to (A) a financial asset specified in Part 5 of Article 8 of the New York UCC or (B) a Book-Entry Security specified in the Treasury Regulations; (xxvii) "Treasury Regulations" means the Regulations of the Department of the Treasury Governing Book-Entry Treasury Bonds, Notes and Bills, as set forth in 61 Fed. Reg. 43626 (Aug. 23, 1996), codified at 31 C.F.R. Part 357, as amended; and (xxviii) "Treasury Security" means a security issued or guaranteed by the U.S. Department of the Treasury.
View Source