Base Offering Circular January 1, 2002 Government National Mortgage Association GINNIE MAE^® Guaranteed REMIC Pass-Through Securities (Issuable in Series) The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities, which will be sold from time to  time  in  one  or  more  series,  represent  interests  in  separate  Ginnie  Mae  REMIC  Trusts  established  from  time  to  time.    The Government  National  Mortgage  Association  (“Ginnie  Mae”),  a  wholly-owned  corporate  instrumentality  of  the  United  States  of America within the U.S. Department of Housing and Urban Development, guarantees the timely payment of principal and interest on each Class of Securities.  The Ginnie Mae Guaranty is backed by the full faith and credit of the United States of America. The terms of each Series will be described in an Offering Circular Supplement.  Each Trust will be comprised primarily of (i) “fully modified pass-through” mortgage-backed certificates as to which Ginnie Mae has guaranteed the timely payment of principal and  interest  pursuant  to  the  Ginnie  Mae  I  Program  or  the  Ginnie  Mae  II  Program,  (ii)  certificates  backed  by  Ginnie  Mae  MBS Certificates as to which Ginnie Mae has guaranteed the timely payment of principal and interest pursuant to the Ginnie Mae Platinum Program,  or  (iii)  previously  issued  REMIC  or  comparable  mortgage  certificates  or  Underlying  Callable  Securities,  in  each  case, evidencing interests in trusts consisting primarily of direct or indirect interests in Ginnie Mae Certificates, as further described in the related  Offering  Circular  Supplement.    The  mortgage  loans  underlying  the  Ginnie  Mae  Certificates  consist  of  one-  to  four-family residential mortgage loans that are insured or guaranteed by the Federal Housing Administration (“FHA”), the U.S. Department of Veterans Affairs (“VA”), the U.S. Department of Housing and Urban Development (“HUD”) or the Rural Housing Service (“RHS”), formerly the Farmers Home Administration.  See “The Ginnie Mae Certificates.” Each Series will be issued in two or more Classes.  Each Class of Securities of a Series will evidence an interest in future principal payments and/or an interest in future interest payments on the Trust Assets included in the related Trust or a group of Trust Assets in the related Trust.  The Holders of one or more Classes of Securities of a Series may be entitled to receive distributions of principal, interest, other revenues or any combination thereof prior to the Holders of one or more other Classes of Securities of that Series or after the occurrence of specified events, in each case, as specified in the related Offering Circular Supplement. The  Weighted  Average  Life  of  each  Class  of  Securities  of  a  Series  may  be  affected  by  the  rate  of  payment  of  principal (including prepayments and payments of certain other amounts resulting from defaults) on the Mortgage Loans underlying the related Trust  Assets  and  the  timing  of  receipt  of  those  payments,  as  described  in  this  Base  Offering  Circular  and  in  the  related  Offering Circular  Supplement.    The  Ginnie  Mae  Guaranty  of  timely  payment  of  principal  and  interest  is  not  a  guarantee  of  the  Weighted Average Life of a Class of Securities or of any particular rate of principal prepayments with respect to the Mortgage Loans underlying the Trust Assets or any Trust Asset Group.  A Trust may be subject to early termination under the circumstances described in the related Offering Circular Supplement. An election will be made to treat each Trust or certain assets of each Trust as one or more real estate mortgage investment conduits for federal income tax purposes.  See “Certain Federal Income Tax Consequences” in this Base Offering Circular. THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GUARANTEES THE TIMELY PAYMENT OF PRINCIPAL AND INTEREST ON THE SECURITIES.  THE GINNIE MAE GUARANTY IS BACKED BY THE FULL FAITH AND CREDIT OF THE UNITED STATES OF AMERICA.  THE SECURITIES ARE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933 AND CONSTITUTE EXEMPTED SECURITIES UNDER THE SECURITIES EXCHANGE ACT OF 1934. Offers of the Securities may be made through one or more different methods, including offerings through the Sponsor, as more fully described in the related Offering Circular Supplement.  This Base Offering Circular may not be used to consummate sales of Securities unless you have received the related Offering Circular Supplement.   The date of this Base Offering Circular is January 1, 2002. Base Offering Circular - Single Family RICHMOND 649290v15