Base Offering Circular - Multifamily 482090 50 Residual Securities Under each Trust Agreement, transfers of Residual Securities to Non-U.S. Persons will be prohibited. Reporting and Tax Administration Regular Securities To the extent required by statute, regulation, or administrative ruling, reports will be made at least annually to Holders of record of Regular Securities and to the Service with respect to (i) interest paid or accrued on the Securities, (ii) OID, if any, accrued on the Securities, and (iii) information necessary to compute the accrual of any market discount or the amortization of any premium on the Securities. Residual Securities For purposes of federal income tax reporting and administration, a Trust REMIC generally will be treated as a partnership, and the related Residual Holders as its partners.  A Trust REMIC will file an annual return on Form 1066 and will be responsible for providing information to Residual Holders sufficient to enable them to report properly their shares of the REMIC’s taxable income or loss, although it is anticipated that such information actually will be supplied by the Tax Administrator.  The REMIC Regulations require reports to be made by a REMIC to its Residual Holders each calendar quarter in order to permit such Holders to compute their taxable income accurately.  A person that holds a Residual Security as a nominee for another person is required to furnish those quarterly reports to the person for whom it is a nominee within 30 days of receiving such reports.  A REMIC is required to file all such quarterly reports for a taxable year with the Service as an attachment to the REMIC’s income tax return for that year.  As required by the Code, a Trust REMIC’s taxable year will be the calendar year. Residual Holders should be aware that their responsibilities as Holders of the residual interest in a Trust REMIC, including the duty to account for their shares of the Trust REMIC’s income or loss on their returns, continue for the life of the Trust REMIC, even after the principal and interest on their Residual Securities have been paid in full. Under the REMIC Regulations, a Residual Holder must be designated as the REMIC’s tax matters person (“TMP”) if there is more than one such Holder.  The TMP generally has responsibility for overseeing and providing notice to the other Residual Holders of certain administrative and judicial proceedings regarding the REMIC’s tax affairs, although other Holders of the Residual Securities of the same REMIC would be able to participate in such proceedings in appropriate circumstances.  Ginnie Mae will obtain from the Residual Holders an irrevocable appointment to perform the functions of each Trust REMIC’s TMP.  Unless otherwise indicated in the related Offering Circular Supplement, Ginnie Mae will assign its rights and obligations under such appointment to the Tax Administrator for the related Trust REMIC. The Tax Administrator for a Trust REMIC will prepare and file the REMIC’s federal and state income tax and information returns.