example, 0% PLD represents 0% of such assumed rate of involuntary prepayments; 50% PLD
represents 50% of such assumed rate of involuntary prepayments; 100% PLD represents 100% of
such assumed rate of involuntary prepayments; and so forth.
The following PLD model table was prepared on the basis of 100% PLD. Ginnie Mae had no
part in the development of the PLD model and makes no representation as to the accuracy or
reliability of the PLD model.
Project Loan Default
Mortgage Loan Age
(in months)(1)
Involuntary Prepayment
Default Rate(2)
1-12................................................................................
1.30%
13-24..............................................................................
2.47
25-36..............................................................................
2.51
37-48..............................................................................
2.20
49-60..............................................................................
2.13
61-72..............................................................................
1.46
73-84..............................................................................
1.26
85-96..............................................................................
0.80
97-108 ..........................................................................
0.57
109-168 ........................................................................
0.50
169-240 ........................................................................
0.25
241-maturity ................................................................
0.00
(1) For purposes of the PLD model, Mortgage Loan Age means the number of months elapsed since
the Issue Date indicated on Exhibit A.
(2) Assumes that involuntary prepayments start immediately.
The decrement tables set forth below are based on the assumption that the Mortgage Loans
prepay at the indicated percentages of CPR (the "CPR Prepayment Assumption Rates") and
100% PLD. It is unlikely that the Mortgage Loans will prepay at any of the CPR
Prepayment Assumption Rates or PLD Model Rates and the timing of changes in the
rate of prepayments actually experienced on the Mortgage Loans is unlikely to follow
the pattern described for the CPR Prepayment Assumption Rates or PLD Model Rates.
Decrement Tables
The decrement tables set forth below illustrate the percentage of the Original Class Princi-
pal Balance (or, in the case of the Notional Class, the original Class Notional Balance) that
would remain outstanding following the distribution made each specified month for each
Regular Class, based on the assumption that the Mortgage Loans prepay at the CPR Prepayment
Assumption Rates and 100% PLD. The percentages set forth in the following decrement tables
have been rounded to the nearest whole percentage (including rounding down to zero).
The decrement tables also indicate the Weighted Average Life of each Class under each
CPR Prepayment Assumption Rate and 100% PLD. The Weighted Average Life of each Class is
calculated by:
(a) multiplying the net reduction, if any, of the Class Principal Balance (or the net
reduction of the Class Notional Balance, in the case of the Notional Class) from one
Distribution Date to the next Distribution Date by the number of years from the date of issuance
thereof to the related Distribution Date,
(b) summing the results, and
(c) dividing the sum by the aggregate amount of the assumed net reductions in principal
balance or notional amount, as applicable, referred to in clause (a).
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