BILLINGS Definition

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BILLINGS, generally, is the request for payment of a debt. In accounting, it is sales for which invoicing has been issued.

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MANNING see LIMIT ORDER PROTECTION RULE.

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) is a corporation owned by the U.S. Government within the Department of Housing and Urban Develop­ment with the authority to fully guarantee the timely payment of principal and interest on securities collateral­ized by FHA-insured or VA-guaranteed mortgages. GNMA is commonly called "Ginnie Mae:' GNMA I securities are single-issuer pools. GNMA II securities are collateralized by multiple-issuer pools or custom pools (one issuer but different interest rates that may vary within one percentage point). Multiple-issuer pools are known as "Jumbos:' Standard GNMAs have a stated maturity of 30 years.

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