Project loan certificate
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Project loan certificate (PLC)
A primary program of
Ginnie Mae for
securitizing FHA-insured and coinsured multifamily, hospital, and nursing home loans.
Project Loan Security
A
mortgage-backed security issued by
Ginnie Mae on
mortgages for larger properties. As with all mortgage-backed securities, the
coupons on guaranteed mortgage securities are paid out of the
principal and
interest on a
pool of mortgages underlying the securities. Project loan securities are issued on mortgages on multi-family homes or large construction projects.
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