If the related Mortgage Loans prepay at rates that are generally above the Effective Range
for any PAC or Scheduled Class, its supporting Classes and Components may be retired earlier
than that PAC or Scheduled Class, and its Weighted Average Life may be shortened, perhaps
significantly.
Assumability
Each Mortgage Loan may be assumed, subject to HUD review and approval, upon the sale
of the related Mortgaged Property. See "Yield, Maturity and Prepayment Considerations –
Assumability of Government Loans" in the Base Offering Circular.
Final Distribution Date
The Final Distribution Date for each Class, which is set forth on the inside cover page of
this Supplement or on Schedule I to this Supplement, is the latest date on which the related
Class Principal Balance or Class Notional Balance will be reduced to zero.
• The actual retirement of any Class may occur earlier than its Final Distribution Date.
• According to the terms of the Ginnie Mae Guaranty, Ginnie Mae will guarantee payment
in full of the Class Principal Balance of each Class of Securities no later than its Final
Distribution Date.
Modeling Assumptions
Unless otherwise indicated, the tables that follow have been prepared on the basis of the
characteristics of the Underlying Certificates, the priorities of distributions on the Underlying
Certificates and the following assumptions (the "Modeling Assumptions"), among others:
1. The Mortgage Loans underlying the Group 1, 2, 5 and 6 Trust Assets have the assumed
characteristics shown under "Assumed Characteristics of the Mortgage Loans Underlying the
Group 1, 2, 5 and 6 Trust Assets" in the Terms Sheet, except in the case of information set forth
under the 0% PSA Prepayment Assumption Rate, for which each Mortgage Loan underlying a
Group 1, 2, 5 and 6 Trust Asset is assumed to have an original and a remaining term to maturity
of 360 months, and each Mortgage Loan underlying a Group 2 Trust Asset is assumed to have a
Mortgage Rate of 1.50% per annum higher than the related Certificate Rate.
2. The Mortgage Loans prepay at the constant percentages of PSA (described below)
shown in the related table.
3. Distributions on the Group 1, 5 and 6 Securities are always received on the 16th day of
the month, distributions on the Group 4 and 12 Securities are always received on the 17th day
of the month and distributions on the Groups 2, 3, 7, 8, 9, 10, 11 and 13 Securities are always
received on the 20th day of the month, in each case, whether or not a Business Day,
commencing in June 2004.
4. A termination of the Trust or the Underlying Trusts does not occur.
5. The Closing Date for the Securities is May 28, 2004.
6. No expenses or fees are paid by the Trust other than the Trustee Fee.
7. Distributions on the Underlying Certificates are made as described in the related
Underlying Certificate Disclosure Documents.
8. Each Class is held from the Closing Date and is not exchanged in whole or in part.
When reading the tables and the related text, investors should bear in mind that the
Modeling Assumptions, like any other stated assumptions, are unlikely to be entirely consistent
with actual experience.
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