Ginnie Mae last week affirmed its authority to guarantee interest-only securities backed by excess servicing income on Ginnie II fixed-rate mortgage-backed securities, which would allow major issuers to pare massive amounts of mortgage servicing rights off their books. The Department of Housing and Urban Development’s publication of a proposal in the Sept. 14 Federal Register is the first step in freeing the fledging program from a logjam that was created last year after HUD’s