Offering Circular Supplement
(To Base Offering Circular dated October 1, 2004)
$493,454,654
Government National Mortgage Association
GINNIE MAE®
Guaranteed REMIC Pass-Through Securities
and MX Securities
Ginnie Mae REMIC Trust 2007-049
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-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 August 30, 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
BD(1).................................... $ 3,400,000
6.50%
SUP
FIX
38375L AA8
August 2037
BG(1)....................................
12,515,164
6.50
SUP
FIX
38375L AB6
March 2036
BH(1) ..................................
14,463,685
6.50
SUP
FIX
38375L AC4 December 2036
BI(1) ....................................
8,880,000
(5)
NTL (PAC III/AD) FLT/IO/DLY 38375L AD2
August 2037
BN ........................................
10,418,415
6.00
SUP
FIX
38375L AE0
August 2037
BS ..........................................
33,300,000
(5)
PAC III/AD
INV/DLY
38375L AF7
August 2037
BW ........................................
500,000
6.25
SUP
FIX
38375L AG5 December 2036
BZ..........................................
1,304
6.00
PAC III
FIX/Z
38375L AH3
August 2037
CI(1) ....................................
2,833,333
(5)
NTL (PAC III/AD) FLT/IO/DLY 38375L AJ9
August 2037
CS..........................................
10,000,000
(5)
PAC III/AD
INV/DLY
38375L AK6
August 2037
FB ..........................................
18,500,000
(5)
SUP
FLT/DLY
38375L AL4
August 2037
FE(1) ....................................
20,681,518
(5)
NTL (PAC I)
FLT/IO/DLY 38375L AM2
August 2037
ND ........................................
31,587,670
6.00
PAC I
FIX
38375L AN0
January 2037
NF.......................................... 163,504,580
(5)
PAC I
FLT
38375L AP5 December 2035
NO(1) ..................................
34,063,454
0.00
PAC I
PO
38375L AQ3 December 2035
NY(1) .................................. 163,504,580
(5)
NTL (PAC I)
INV/IO
38375L AR1 December 2035
OB(1)....................................
8,880,000
0.00
PAC III/AD
PO
38375L AS9
August 2037
OC(1) ..................................
2,833,333
0.00
PAC III/AD
PO
38375L AT7
August 2037
OD(1) ..................................
283,333
0.00
SUP
PO
38375L AU4
August 2037
OE(1)....................................
20,681,518
0.00
PAC I
PO
38375L AV2
August 2037
OG(1) ..................................
1,042,930
0.00
SUP
PO
38375L AW0
March 2036
OH(1) ..................................
1,226,140
0.00
SUP
PO
38375L DL1 December 2036
QB(1)....................................
14,469,367
5.00
PAC II
FIX
38375L AX8
August 2037
QI(1) ....................................
2,411,561
6.00
NTL (PAC II)
FIX/IO
38375L AY6
August 2037
SB ..........................................
3,083,333
(5)
SUP
INV/DLY
38375L AZ3
August 2037
SE(1) ....................................
20,681,518
(5)
NTL (PAC I)
INV/IO/DLY 38375L BA7
August 2037
Security Group 2
FA..........................................
41,710,659
(5)
SC/PT
FLT
38375L BB5 September 2036
LO(1)....................................
6,951,776
0.00
SC/PT
PO
38375L BC3 September 2036
SY(1)....................................
41,710,659
(5)
NTL (SC/PT)
INV/IO
38375L BD1 September 2036
Security Group 3
CA ........................................
3,500,000
5.50
SC/SEQ
FIX
38375L BE9 November 2032
CB..........................................
3,000,000
5.50
SC/SEQ
FIX
38375L BF6 November 2032
CD ........................................
2,000,000
5.50
SC/SEQ
FIX
38375L BG4 November 2032
CG ........................................
1,500,000
5.50
SC/SEQ
FIX
38375L BH2 November 2032
Security Group 4
BP ..........................................
4,917,326
6.00
SC/SUP
FIX
38375L BK5
August 2037
BT ..........................................
1,700,000
6.00
SC/SEQ
FIX
38375L BL3
August 2037
UI(1) ....................................
9,804,667
(5)
NTL (SC/SCH)
FLT/IO/DLY 38375L BM1
August 2037
UO(1) ..................................
9,804,667
0.00
SC/SCH
PO
38375L BJ8
August 2037
US..........................................
33,616,000
(5)
SC/SCH
INV/DLY
38375L BN9
August 2037
Residual
RR1 ......................................
0
0.00
NPR
NPR
38375L BP4
August 2037
RR2 ......................................
0
0.00
NPR
NPR
38375L BQ2
August 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.
Citi
GARDNER RICH, LLC
The date of this Offering Circular Supplement is August 23, 2007.
B-11
