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. In the case of any Trust CLC Mortgage Loan, the
Mortgage Loan Age is the number of months that have elapsed after the expiration of the
Remaining Interest Only Period 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 and that the Trust CLC Mortgage Loans prepay at 0% CPR and 0% PLD until the Trust
CLCs convert to Ginnie Mae Project Loan Certificates, after which they prepay at 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.
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