This Multifamily Base Offering Circular, together with the Offering Circular Supplement for each Series, constitutes an offer to sell only that Series of Securities. No broker, dealer, salesperson, or other person has been authorized to provide any information or to make any statements or representations other than those contained in this Multifamily Base Offering Circular and the related Offering Circular Supplement.   Investors must not rely upon any other such information, statements or representations.   Neither this Multifamily Base Offering Circular nor any Offering Circular Supplement constitutes an offer to sell or a solicitation of an offer to buy any Securities in any jurisdiction in which such an offer or solicitation would be unlawful. TABLE OF CONTENTS Page OFFERING CIRCULAR SUPPLEMENT........................................................................................................... 1 DEFINED TERMS ............................................................................................................................................... 1 TABLE OF CONTENTS...................................................................................................................................... 2 DESCRIPTION OF THE SECURITIES.............................................................................................................. 4 General.................................................................................................................................................... 4 Forms of Securities; Book-Entry Procedures .................................................................................. 4 Minimum Denominations ................................................................................................................... 5 Standard Definitions and Abbreviations for Classes and Components ...................................... 5 Distributions.......................................................................................................................................... 6 Method of Distributions...................................................................................................................... 7 Interest Rate Indices............................................................................................................................. 8 Modification and Exchange ............................................................................................................... 12 THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION.............................................................. 15 GINNIE MAE GUARANTY ............................................................................................................................... 15 THE GINNIE MAE MULTIFAMILY CERTIFICATES ................................................................................... 15 General..................................................................................................................................................... 15 FHA Insurance Programs..................................................................................................................... 17 UNDERLYING CERTIFICATES........................................................................................................................ 18 YIELD, MATURITY AND PREPAYMENT CONSIDERATIONS ............................................................... 18 General.................................................................................................................................................... 18 Payment Delay....................................................................................................................................... 19 Assumability of FHA Loans .............................................................................................................. 19 Weighted Average Life....................................................................................................................... 19 Prepayment Assumption Models ...................................................................................................... 20 THE TRUSTS....................................................................................................................................................... 21 Certain Policies of the Trusts.............................................................................................................. 21 Amendment............................................................................................................................................ 21 The Trustee ........................................................................................................................................... 22 Tax Matters Person .............................................................................................................................. 22 Tax Administrator.................................................................................................................................. 22 REMIC Reporting.................................................................................................................................. 22 CERTAIN FEDERAL INCOME TAX CONSEQUENCES............................................................................... 23 General.................................................................................................................................................... 23 Base Offering Circular – Multifamily 482090 2