Offering Circular Supplement
(To Base Offering Circular dated October 1, 2004)
$975,162,303
Government National Mortgage Association
GINNIE MAE®
Guaranteed REMIC Pass-Through Securities
and MX Securities
Ginnie Mae REMIC Trust 2007-040
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 suitable investments for you. You should consider carefully the risks of
investing in them.
See "Risk Factors" beginning on page S-8 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 July 30, 2007.
You should read the Base Offering Circular as well as 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.
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
FT(1) ........................ $448,275,861
(5)
PT
FLT
38375KYR7
July 2037
FW ............................
113,031,429
(5)
TAC/AD
FLT
38375KYS5
July 2037
MT(1) ......................
16,009,852
(5)
PT
FLT/INV/SP(6) 38375KYT3
July 2037
SB(1) ........................
100,000,000
(5)
NTL(PT)
INV/IO
38375KA77
July 2037
SC(1) ........................
121,428,571
(5)
NTL(PT)
INV/IO
38375KA85
July 2037
SD(1) ........................
121,428,571
(5)
NTL(PT)
INV/IO
38375KA93
July 2037
SE(1) ......................
121,428,571
(5)
NTL(PT)
INV/IO
38375KB27
July 2037
SW ............................
113,031,429
(5)
NTL(TAC/AD)
INV/IO
38375KB76
July 2037
ZA..............................
2,940,000
4.5%
SUP/AD
FIX/Z
38375KYZ9
July 2037
ZB ..............................
100,000
4.5
SEQ
FIX/Z
38375KA51
July 2037
Security Group 2
FK(1) ........................
232,142,857
(5)
PT
FLT
38375KZA3
July 2037
GO(1) ......................
17,857,143
0.0
PT
PO
38375KZB1
July 2037
KI(1) ........................
232,142,857
(5)
NTL(PT)
INV/IO
38375KA44
July 2037
SG(1)........................
124,999,999
(5)
NTL(PT)
INV/IO
38375KB35
July 2037
SN(1)........................
107,142,858
(5)
NTL(PT)
INV/IO
38375KB68
July 2037
Security Group 3
FN(1)........................
72,500,000
(5)
PT
FLT
38375KZF2
July 2037
FY ..............................
10,000,000
(5)
PT
FLT
38375KZG0
July 2037
IN(1) ........................
72,500,000
(5)
NTL(PT)
INV/IO
38375KA28
July 2037
IY ..............................
10,000,000
(5)
NTL(PT)
FLT/IO
38375KA36
July 2037
SJ ..............................
22,500,000
(5)
PT
INV
38375KB43
July 2037
Security Group 4
JA ..............................
1,375,000
6.0
SC/PT/CC
FIX
38375KZL9
May 2037
JO ..............................
125,000
0.0
SC/PT/CC
PO
38375KZM7
May 2037
Security Group 5
OC(1)........................
13,452,412
0.0
SC/SUP
PO
38375KZN5
June 2037
OP(1) ........................
24,852,749
0.0
SC/PAC
PO
38375KZP0
June 2037
Residual
RR..............................
0
0.0
NPR
NPR
38375KZQ8
July 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 July 23, 2007.
B-2
