Base Offering Circular – Multifamily 482090 4 DESCRIPTION OF THE SECURITIES General Ginnie Mae guarantees the timely payment of principal and interest on the Securities.   Ginnie Mae does not guarantee the payment of any Prepayment Penalties.  The full faith and credit of the United States of America stands behind each Ginnie Mae Guaranty.  Pursuant to a Trust Agreement, dated as of the related Closing Date, between the Sponsor and the Trustee, a separate Trust will issue each Series. Forms of Securities; Book-Entry Procedures Unless otherwise provided in the related Offering Circular Supplement, each Regular Security initially will be issued and maintained in Book-Entry Form through the facilities of the Mortgage-Backed Securities Division of The Depository Trust Company (the “MBS Division of DTC”), and each Residual Security will be issued in certificated, fully-registered form. Each Class of Book-Entry Securities initially will be represented by a certificate registered in the name of the nominee of the MBS Division of DTC (together with any successor or other depository selected by Ginnie Mae, the “Book-Entry Depository”).  Unless otherwise noted in an Offering Circular Supplement, the MBS Division of DTC has informed the Trustee of each Trust that its nominee will be MBSCC & Co.  Accordingly, the Register maintained by the Trustee (as Registrar) will reflect MBSCC & Co. as the initial registered holder of the Book- Entry Securities.  This Base Offering Circular refers to those whose names appear on the Register as registered holders of the Securities (which will include the Book-Entry Depository’s nominee, MBSCC & Co., and any registered holders of Certificated Securities) as “Holders” of those Securities. DTC is a limited-purpose trust company organized under the banking laws of the State of New York and is registered with the Securities and Exchange Commission as a clearing agency pursuant to section 17A of the Securities Exchange Act of 1934, as amended.  DTC performs services for its participants, some of which participants (themselves or through their representatives) own DTC.  In accordance with its normal procedures, DTC is expected to record the positions held by each of its participants in the Book-Entry Securities of any Series, whether held for that participant’s own account or as custodian for another person. In general, beneficial ownership of a Book-Entry Security will be subject to the rules and procedures governing the Book-Entry Depository and its participants as in effect from time to time. The Book-Entry Depository will maintain evidence of the interests of its participants in any Book-Entry Securities by appropriate entries in the Book-Entry Depository’s books and records.  Only participants of the MBS Division of DTC are eligible to maintain book-entry accounts directly with the Book-Entry Depository.  A Beneficial Owner that is not a participant of the MBS Division of DTC generally will evidence its interest in a Book-Entry Security by appropriate entries in the books and records of one or more financial intermediaries, including a participant of the MBS Division of DTC.  A Beneficial Owner of a Book-Entry Security must rely upon these procedures to evidence its beneficial ownership, and may transfer its beneficial