Base Offering Circular - Multifamily 482090 15 · collection of all principal and interest payments, Prepayment Penalties, if any,  and  payments  made  by  the  borrower  or  borrowers  toward  escrows established for taxes, insurance premiums and reserves for replacement; · maintenance of necessary hazard insurance policies; · institution   of   all   actions   necessary   to   foreclose   on,   or   take   other appropriate action with respect to, loans in default; and · collection of insurance and guaranty benefits. The Trust Asset Depository or its nominee, as registered holder (on behalf of the Trustee) of the Trust MBS securing a Series (or a Security Group), will have the right to proceed directly against Ginnie Mae under the terms of the Trust MBS for any amounts that are not paid when due. FHA Insurance Programs The FHA is an organizational unit within the Department of Housing and Urban Development.  FHA was established to encourage improvement in housing standards and conditions, to provide an adequate home financing system by insuring housing mortgages and credit and to exert a stabilizing influence on the mortgage market. FHA multifamily insurance programs generally are designed to assist private and public mortgagors in obtaining insured financing for the construction, purchase or rehabilitation of multifamily housing pursuant to the Housing Act or, with respect to a risk sharing pilot program, the Housing and Community Development Act of 1992, as amended.  Mortgages are provided by FHA-approved institutions, which include mortgage banks, commercial banks, savings and loan associations, trust companies, insurance companies, pension funds, state and local housing finance agencies and certain other approved entities. Mortgages insured under the programs described in the related Offering Circular Supplement have such maturities and amortization features as the FHA may approve.  Generally the minimum mortgage term is at least ten years, and the maximum mortgage term does not exceed the lesser of 40 years and 75 percent of the estimated remaining economic life of the improvements on the mortgaged property. Tenant eligibility for FHA-insured projects generally is not restricted by income, except for projects as to which rental subsidies are made available with respect to some of or all the units therein or to specified tenants. The principal characteristics of the FHA Loans underlying the Ginnie Mae Multifamily Certificates in a particular Trust, and the FHA Programs under which each FHA Loan is insured, will be described in the related Offering Circular Supplement.