Offering Circular Supplement
(To Base Offering Circular dated October 1, 2004)
$768,700,773
Government National Mortgage Association
GINNIE MAE®
Guaranteed REMIC Pass-Through Securities
and MX Securities
Ginnie Mae REMIC Trust 2007-037
The Securities
The Trust will issue the Classes of
Securities listed on the front cover
of this offering circular supplement.
The Ginnie Mae Guaranty
Ginnie Mae will guarantee the
timely payment of principal and
interest on the securities. The Gin-
nie Mae Guaranty is backed by the
full faith and credit of the United
States of America.
The Trust and its Assets
The Trust will own (1) Ginnie
Mae Certificates and (2) certain
previously issued certificates.
The securities may not be suit-
able investments for you. You
should consider carefully the
risks of investing in them.
See "Risk Factors" beginning
on page S-9 which highlights
some of these risks.
The Sponsor and the Co-Sponsor
will offer the securities from time
to time in negotiated transactions
at varying prices. We expect the
closing date to be June 28, 2007.
You should read the Base Offering
Circular as well as this Supplement.
The securities are exempt from re-
gistration under the Securities Act
of 1933 and are "exempted securi-
ties" under the Securities Ex-
change Act of 1934.
Class of
REMIC Securities
Original
Principal
Balance(2)
Interest
Rate
Principal
Type(3)
Interest
Type(3)
CUSIP
Number
Final
Distribution
Date(4)
Security Group 1
LA .................................... $ 50,000,000
5.5%
SEQ
FIX
38375KLB6
June 2035
LB ....................................
8,088,511
5.5
SEQ
FIX
38375KLC4
June 2037
Security Group 2
F ........................................
26,923,866
(5)
SC/SEQ
FLT
38375KLD2
April 2037
PG ....................................
2,866,586
5.5
SC/SEQ
FIX
38375KLE0
April 2037
S ........................................
7,342,873
(5)
SC/SEQ
INV
38375KLF7
April 2037
Security Group 3
FM ....................................
105,000,000
(5)
PT
FLT
38375KLG5
June 2037
KI(1)
..............................
23,673,856
(5)
NTL(SUP)
INV/IO
38375KLH3
June 2037
KO(1) ..............................
2,959,232
0.0
SUP
PO
38375KPC0
June 2037
PI(1)
..............................
81,326,144
(5)
NTL(PAC)
INV/IO
38375KLJ9
June 2037
PO(1) ..............................
10,165,768
0.0
PAC
PO
38375KLK6
June 2037
Security Group 4
FG ....................................
10,000,000
(5)
PT
FLT
38375KLL4
June 2037
GO(1) ..............................
1,250,000
0.0
PT
PO
38375KLM2
June 2037
SG(1) ..............................
10,000,000
(5)
NTL(PT)
INV/IO
38375KLN0
June 2037
Security Group 5
FK ....................................
100,000,000
(5)
PT
FLT
38375KLP5
June 2037
SU(1) ..............................
77,365,906
(5)
NTL(PAC)
INV/IO
38375KLQ3
June 2037
SV(1) ..............................
22,634,093
(5)
NTL(SUP)
INV/IO
38375KLR1
June 2037
UO(1) ..............................
12,894,318
0.0
PAC
PO
38375KLS9
June 2037
VO(1) ..............................
3,772,349
0.0
SUP
PO
38375KLT7
June 2037
Security Group 6
MT ....................................
8,306,837
(5)
SC/PT
FLT/INV/SP(6) 38375KLU4
April 2037
Security Group 7
AI(1)
............................
177,857,383
(5)
NTL(PAC)
INV/IO
38375KLV2
June 2037
AO(1) ..............................
29,642,898
0.0
PAC
PO
38375KLW0
June 2037
FD(1) ..............................
100,000,000
(5)
SEQ
FLT
38375KLX8 January 2037
FE(1) ..............................
40,000,000
(5)
SEQ
FLT
38375KLY6 January 2037
FH(1) ..............................
8,809,293
(5)
SEQ
FLT
38375KLZ3
June 2037
FT(1) ..............................
81,547,849
(5)
SEQ
FLT
38375KMA7 January 2037
HI(1) ..............................
52,499,758
(5)
NTL(SUP)
INV/IO
38375KMB5
June 2037
HO(1) ..............................
8,749,960
0.0
SUP
PO
38375KMC3
June 2037
Security Group 8
EO(1) ..............................
14,171,918
0.0
PAC
PO
38375KMD1
June 2037
FL ......................................
110,000,000
(5)
PT
FLT
38375KME9
June 2037
SE(1) ..............................
85,031,504
(5)
NTL(PAC)
INV/IO
38375KMF6
June 2037
WO(1) ..............................
4,161,416
0.0
SUP
PO
38375KMG4
June 2037
WS(1) ..............................
24,968,495
(5)
NTL(SUP)
INV/IO
38375KMH2
June 2037
Security Group 9
SA(1) ..............................
9,811,425
(5)
SC/TAC
INV
38375KMJ8
March 2037
SB(1) ..............................
5,283,075
(5)
SC/SUP
INV
38375KMK5 March 2037
Security Group 10
CO(1)................................
6,952,599
0.0
SC/PT
PO
38375KML3
April 2037
SC(1) ................................
24,334,096
(5)
NTL(SC/PT)
INV/IO
38375KMM1
April 2037
Residual
RR ....................................
0
0.0
NPR
NPR
38375KMN9
June 2037
(1) These Securities may be exchanged for MX Securities described in Schedule I.
(2) Subject to increase as described under "Increase in Size" in this Supplement. The amount shown for each Notional
Class (indicated by "NTL" under Principal Type) is its original Class Notional Balance and does not represent
principal that will be paid.
(3) As defined under "Class Types" in Appendix I to the Base Offering Circular. The type of Class with which the Class
Notional Balance of each Notional Class will be reduced is indicated in parentheses.
(4) See "Yield, Maturity and Prepayment Considerations – Final Distribution Date" in this Supplement.
(5) See "Terms Sheet – Interest Rates" in this Supplement.
(6) Class MT has the SP ("Special") designation in its Interest Type because its interest rate will change significantly at
a specified level of LIBOR. See "Terms Sheet – Interest Rates" in this Supplement.
Merrill Lynch & Co.
Myerberg & Company, L.P.
The date of this Offering Circular Supplement is June 21, 2007.
B-10
