Stripped Mortgage-Backed Securities (SMBS)
Stripped Mortgage-Backed Securities (SMBS), which will be sold from time to time in one or more series, represent interests in separate Ginnie Mae SMBS Trusts. Ginnie Mae guarantees the timely payment of principal and interest on each class of SMBS.
Each Trust will be comprised primarily of:
Fully modified pass-through mortgage-backed certificates as to which Ginnie Mae has guaranteed the timely payment of principal and interest pursuant to the Ginnie Mae I Program or the Ginnie Mae II Program,
Certificates backed by Ginnie Mae MBS certificates as to which Ginnie Mae has guaranteed the timely payment of principal and interest pursuant to the Ginnie Mae Platinum Program,
REMIC or comparable mortgage certificates, or
Previously issued Ginnie Mae guaranteed SMBS, in each case, evidencing interests in Trusts consisting primarily of direct or indirect interests in Ginnie Mae Certificates, as further described in the related Offering Circular Supplement.
Each series will be issued in two or more classes. Each class of securities of a series will evidence an interest in future principal payments and/or an interest in future interest payments on the Trust assets included in the related Trust. The Trust created for each issue of SMBS will be classified as a Grantor Trust.