7. A termination of the Trust does not occur.
8. The Closing Date for the Securities is May 29, 2008.
9. No expenses or fees are paid by the Trust other than the Trustee Fee.
When reading the tables and the related text, investors should bear in mind that the Modeling
Assumptions, like any other stated assumptions, are unlikely to be entirely consistent with actual
experience.
• For example, many Distribution Dates will occur on the first Business Day after the 16th of the
month, prepayments may not occur during the Prepayment Penalty Period, and the Trustee may
cause a termination of the Trust as described under “Description of the Securities — Termina-
tion” in this Supplement.
• In addition, distributions on the Securities are based on Certificate Factors, Corrected Certificate
Factors, and Calculated Certificate Factors, if applicable, which may not reflect actual receipts on
the Trust Assets.
See “Description of the Securities — Distributions” in the Multifamily Base Offering Circular.
Prepayment Assumptions
Prepayments of mortgage loans are commonly measured by a prepayment standard or model. One
of the models used in this Supplement is the constant prepayment rate (“CPR”) model, which represents
an assumed constant rate of voluntary prepayment each month relative to the then outstanding principal
balance of the Mortgage Loans to which the model is applied. See “Yield, Maturity and Prepayment
Considerations — Prepayment Assumption Models” in the Multifamily Base Offering Circular.
In addition, this Supplement uses another model to measure involuntary prepayments. This model is
the Project Loan Default or PLD model provided by the Sponsor. The PLD model represents an assumed
rate of involuntary prepayments each month as specified in the table below (the “PLD Model Rates”), in
each case expressed as a per annum percentage of the then-outstanding principal balance of each of the
Mortgage Loans in relation to its loan age. For example, 0% PLD represents 0% of such assumed rate of
involuntary prepayments; 50% PLD represents 50% of such assumed rate of involuntary prepayments;
100% PLD represents 100% of such assumed rate of involuntary prepayments; and so forth.
The following PLD model table was prepared on the basis of 100% PLD. Ginnie Mae had no part in
the development of the PLD model and makes no representation as to the accuracy or reliability of the
PLD model.
Project Loan Default
Mortgage Loan Age
(in months)(1)
Involuntary Prepayment
Default Rate(2)
1-12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.30%
13-24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.47
25-36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.51
37-48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.20
49-60 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.13
61-72 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.46
73-84 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.26
85-96 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.80
97-108 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.57
109-168 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.50
169-240 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.25
241-maturity. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.00
(1) For purposes of the PLD model, Mortgage Loan Age means the number of months elapsed since the Issue
Date indicated on Exhibit A.
(2) Assumes that involuntary prepayments start immediately.
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