Base Offering Circular – Multifamily iii 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.  GINNIE MAE DOES NOT GUARANTEE THE PAYMENT OF PREPAYMENT PENALTIES. 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 Multifamily 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 Multifamily Base Offering Circular is October 1, 2004.