warranties with respect to the Trust Assets. All Trust Assets will evidence, directly or indirectly, Ginnie Mae Certificates. The Trust MBS The Trust MBS are either: 1.  Ginnie Mae II MBS Certificates guaranteed by Ginnie Mae, or 2.  Ginnie  Mae  Platinum  Certificates  backed  by  Ginnie  Mae  II  MBS  Certificates  and guaranteed by Ginnie Mae. Each Mortgage Loan underlying a Ginnie Mae II MBS Certificate issued prior to July 1, 2003 bears interest at a Mortgage Rate 0.50% to 1.50% per annum greater than the related Certificate Rate. Each Mortgage Loan underlying a Ginnie Mae II MBS Certificate issued on or after July 1, 2003 bears interest at a Mortgage Rate 0.25% to 0.75% per annum greater than the related Certificate Rate. Ginnie Mae receives a fee (the "Ginnie Mae Certificate Guaranty Fee") for its guaranty  of  each  Ginnie  Mae  II  MBS  Certificate  of  0.06%  per  annum  of  the  outstanding principal balance of each related Mortgage Loan. The difference between (a) the Mortgage Rate and (b) the sum of the Certificate Rate and the Ginnie Mae Certificate Guaranty Fee is used to pay the related servicers of the Mortgage Loans a monthly servicing fee. The Mortgage Loans The  Mortgage  Loans  underlying  the  Trust  Assets  are  expected  to  have,  on  a  weighted average basis, the characteristics set forth in the Terms Sheet under "Assumed Characteristics of the Mortgage Loans Underlying the Trust Assets" and the general characteristics described in the Base Offering Circular. The Mortgage Loans will consist of first lien, single-family, fixed rate,  residential  mortgage  loans  that  are  insured  or  guaranteed  by  the  Federal  Housing Administration, the United States Department of Veterans Affairs, the Rural Housing Service or the United States Department of Housing and Urban Development ("HUD"). See "The Ginnie Mae Certificates – General" in the Base Offering Circular. Specific information regarding the characteristics of the Mortgage Loans underlying the Trust MBS is not available. For purposes of this Supplement, certain assumptions have been made regarding the remaining terms to maturity, loan ages and Mortgage Rates of the Mortgage Loans. However, the actual remaining terms to maturity, loan ages and Mortgage Rates of many of the Mortgage Loans will differ from the characteristics assumed, perhaps significantly. This will be the case even if the weighted average characteristics of the Mortgage Loans are the same as the assumed characteristics. Small differences in the characteristics of the Mortgage Loans can have a significant effect on the weighted average lives and yields of the Securities. See "Risk Factors" and "Yield, Maturity and Prepayment Considerations" in this Supplement. The Trustee Fee On each Distribution Date, the Trustee will retain a fixed percentage of all principal and interest distributions received on specified Trust Assets in payment of its fee. GINNIE MAE GUARANTY The Government National Mortgage Association ("Ginnie Mae"), a wholly-owned corpo- rate instrumentality of the United States of America within HUD, guarantees the timely payment of  principal  and  interest  on  the  Securities.  The  General  Counsel  of  HUD  has  provided  an opinion to the effect that Ginnie Mae has the authority to guarantee multiclass securities and S-9