Base Offering Circular - Single Family 2 OFFERING CIRCULAR SUPPLEMENT The Offering Circular Supplement relating to the Securities (or separate Classes of Securities) of a Series to be  offered  under  this  Offering  Circular  will,  among  other  things,  set  forth  with  respect  to  those  Securities,  as appropriate:  (a)  information  about  the  assets  comprising  the  related  Trust;  (b)  a  description  of  each  Class  of Securities in that Series and the Interest Rate or method of determining the amount of interest, if any, to be passed through to Holders of Securities of those Classes; (c) the Original Class Principal Balance or original Class Notional Balance of each of those Classes; (d) the method for determining the amount of principal, if any, to be distributed on each of those Classes on each Distribution Date; (e) additional information about the plan of distribution of those Securities;  (f)  information  about  the  Trustee;  (g)  designation  of  the  Securities  offered  pursuant  to  the  Offering Circular Supplement as Regular Interests or Residual Interests in a Trust REMIC; and (h) the circumstances, if any, under which the related Trust may be subject to early termination. DEFINED TERMS Capitalized terms used in this Base Offering Circular and any Offering Circular Supplement shall have the meanings assigned in the glossary included in Appendix II, unless otherwise specified.  Capitalized terms used only in  “Certain  Federal  Income  Tax  Consequences”  in  this  Base  Offering  Circular  and  in  the  Offering  Circular Supplement will be defined within those sections. This  Base  Offering  Circular,  together  with  the  Offering  Circular  Supplement  for  each  Series, constitutes an offer to sell only that Series of Securities.  No broker, dealer, salesperson, or other person has been authorized to provide any information or to make any statements or representations other than those contained in this Base Offering Circular and the related Offering Circular Supplement.  Investors must not rely upon any other such information, statements or representations.  Neither this Base Offering Circular nor any Offering Circular Supplement constitutes an offer to sell or a solicitation of an offer to buy any Securities in any jurisdiction in which such an offer or solicitation would be unlawful.