Offering Circular Supplement (To Base Offering Circular dated October 1, 2004) $180,031,998 Government National Mortgage Association GINNIE MAE® Guaranteed Multifamily REMIC Pass-Through Securities Ginnie Mae REMIC Trust 2006-046 The securities may not be suitable investments for you. You should consider carefully the risks of investing in them. See "Risk Factors" beginning on page S-7, which highlights some of these risks. The Securities The Trust will issue the Classes of Securities listed on the inside front cover. The Ginnie Mae Guaranty Ginnie Mae will guarantee the timely payment of principal and interest on the securities. The Ginnie Mae Guaranty is backed by the full faith and credit of the United States of America. Ginnie Mae  does  not  guarantee  the  payment  of  any  prepayment penalties. The Trust and its Assets The  Trust  will  own  the  Ginnie  Mae  Multifamily  Certificates described on Exhibit A. The Sponsor and the Co-Manager will offer the securities from time to time in negotiated transactions at varying prices. We expect the closing date to be August 30, 2006. You should read the Base Offering Circular for Guaranteed Multifamily REMIC Pass- Through Securities and this Supplement. The  securities  are  exempt  from  registration  under  the  Securities  Act  of  1933  and  are "exempted securities" under the Securities Exchange Act of 1934. Deutsche Bank Securities Banc of America Securities LLC Utendahl Capital Partners, L.P. The date of this Offering Circular Supplement is August 23, 2006. C-28