Base Offering Circular - Multifamily 482090 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 (a “Trust Asset Group”) 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, any particular rate of principal prepayments with respect to the Mortgage Loans underlying the related Ginnie Mae Multifamily Certificates or any prepayment penalties due with respect to the Mortgage Loans.  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 (each, a “REMIC”) for federal income tax purposes. See “Certain Federal Income Tax Consequences.” _______________