SECONDARY MARKET............................................................................................................57

Base Offering Circular – Multifamily 930060 3 REMIC Reporting...........................................................................................................24 CERTAIN FEDERAL INCOME TAX CONSEQUENCES .............................................................25 General..........................................................................................................................25 Tax Treatment of Regular Securities.................................................................................26 Tax Treatment of Residual Securities................................................................................39 REMIC Qualification.......................................................................................................50 Tax Treatment of MX Securities ......................................................................................51 Exchanges of MX Classes and Regular Classes..................................................................53 Taxation of Foreign Holders of REMIC Securities and MX Securities...................................53 Reporting and Tax Administration ....................................................................................54 Backup Withholding........................................................................................................55 STATE TAX CONSIDERATIONS .............................................................................................55 ERISA CONSIDERATIONS ......................................................................................................56 LEGAL INVESTMENT CONSIDERATIONS ..............................................................................57 APPENDIX I--Class Types APPENDIX II--Glossary