Security Group 2
CPR Prepayment Assumption Rates
Class MA
Class MB
Class MC
Distribution Date
0%
5%
15%
25%
40%
0%
5%
15%
25%
40%
0%
5%
15%
25%
40%
Initial Percent ..................
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
June 2008 ..........................
90
84
73
61
43
100
100
100
100
100
100
100
100
100
100
June 2009 ..........................
79
63
33
1
0
100
100
100
100
72
100
100
100
100
100
June 2010 ..........................
68
41
0
0
0
100
100
90
60
4
100
100
100
100
100
June 2011 ..........................
59
22
0
0
0
100
100
62
7
0
100
100
100
100
19
June 2012 ..........................
50
0
0
0
0
100
97
25
0
0
100
100
100
46
0
June 2013 ..........................
43
0
0
0
0
100
76
0
0
0
100
100
88
10
0
June 2014 ..........................
36
0
0
0
0
100
62
0
0
0
100
100
55
0
0
June 2015 ..........................
23
0
0
0
0
100
48
0
0
0
100
100
29
0
0
June 2016 ..........................
9
0
0
0
0
100
33
0
0
0
100
100
11
0
0
June 2017 ..........................
0
0
0
0
0
95
14
0
0
0
100
100
0
0
0
June 2018 ..........................
0
0
0
0
0
84
4
0
0
0
100
100
0
0
0
June 2019 ..........................
0
0
0
0
0
72
0
0
0
0
100
92
0
0
0
June 2020 ..........................
0
0
0
0
0
59
0
0
0
0
100
77
0
0
0
June 2021 ..........................
0
0
0
0
0
47
0
0
0
0
100
63
0
0
0
June 2022 ..........................
0
0
0
0
0
43
0
0
0
0
100
49
0
0
0
June 2023 ..........................
0
0
0
0
0
40
0
0
0
0
100
36
0
0
0
June 2024 ..........................
0
0
0
0
0
37
0
0
0
0
100
27
0
0
0
June 2025 ..........................
0
0
0
0
0
32
0
0
0
0
100
20
0
0
0
June 2026 ..........................
0
0
0
0
0
27
0
0
0
0
100
13
0
0
0
June 2027 ..........................
0
0
0
0
0
21
0
0
0
0
100
6
0
0
0
June 2028 ..........................
0
0
0
0
0
14
0
0
0
0
100
0
0
0
0
June 2029 ..........................
0
0
0
0
0
5
0
0
0
0
100
0
0
0
0
June 2030 ..........................
0
0
0
0
0
0
0
0
0
0
95
0
0
0
0
June 2031 ..........................
0
0
0
0
0
0
0
0
0
0
79
0
0
0
0
June 2032 ..........................
0
0
0
0
0
0
0
0
0
0
62
0
0
0
0
June 2033 ..........................
0
0
0
0
0
0
0
0
0
0
46
0
0
0
0
June 2034 ..........................
0
0
0
0
0
0
0
0
0
0
35
0
0
0
0
June 2035 ..........................
0
0
0
0
0
0
0
0
0
0
24
0
0
0
0
June 2036 ..........................
0
0
0
0
0
0
0
0
0
0
12
0
0
0
0
June 2037 ..........................
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
June 2038 ..........................
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
June 2039 ..........................
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
June 2040 ..........................
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
June 2041 ..........................
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
June 2042 ..........................
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
June 2043 ..........................
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
June 2044 ..........................
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
June 2045 ..........................
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
June 2046 ..........................
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
June 2047 ..........................
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
June 2048 ..........................
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Weighted Average
Life (years) ..................
5.0
2.6
1.6
1.2
0.9
15.3
7.8
4.3
3.1
2.3
26.1
15.3
7.4
5.0
3.6
Yield Considerations
An investor seeking to maximize yield should make a decision whether to invest in any
Class based on the anticipated yield of that Class resulting from its purchase price, the
investor's own projection of Mortgage Loan prepayment rates under a variety of scenarios and
the investor's own projection of the likelihood of extensions of the maturity of any Trust CLC or
delays with respect to the conversion of a Trust CLC to a Ginnie Mae Project Loan Certificate.
No representation is made regarding Mortgage Loan prepayment rates, the occurrence
and duration of extensions, if any, the timing of conversions, if any, Underlying
Certificate payment rates or the yield of any Class.
Prepayments: Effect on Yields
The yields to investors will be sensitive in varying degrees to the rate of prepayments on
the related Mortgage Loans.
• In the case of Regular Securities purchased at a premium (especially the Interest Only
Class), faster than anticipated rates of principal payments could result in actual yields to
investors that are lower than the anticipated yields.
S-31