Prospectus - GNMA II MBS (Adjustable Rate Mortgages)

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Cited in

Legal Form Number	HUD-11772-II
Issuer	Ginnie Mae
Section	Ginnie Mae

e e

____

____ ____

____

Prospectus

Ginnie Mae II

Adjustable Rate Mortgages

____

U.S. Department of Housing

and Urban Development

Prospectus

Ginnie Mae II

Adjustable Rate Mortgages

Issued by:

Government National Mortgage Association

% Initial Security Interest Rate

Ginnie Mae II Mortgage-Backed Securities

(Adjustable Rate Mortgages)

Guaranteed as to the Timely Payment of Principal and Interest

By the Government National Mortgage Association

(Backed by the Full Faith and Credit of the United States)

Index:Ginnie Mae Pool No.:First Payment Due:

Issue Date:Maturity Date:

Mortgage Interest and Security

Interest Adjustment Date:Security Payment Adjustment

Date:

Mortgage Payment Adjustment Date:Security Margin:

Depository: The Federal Reserve Bank of New YorkCentral Paying and Transfer Agent:

The securities offered hereby (the “Securities”) provide for the timely payment of principal and

interest on the twentieth day of each month, except as stated herein, commencing in the month

following the month of issuance. Interest will accrue on the Securities at the initial per annum rate

specified above until the first security interest adjustment date and thereafter at a per annum rate

that will be adjusted annually as described in this prospectus; installments of principal will be

payable in relation to payments of principal on the underlying pool of mortgages described

herein. The maturity date for the Securities is based on the mortgage with the latest maturity. See

“Maturity, Prepayment, and Yield” herein for a discussion of certain significant factors that

should be considered by prospective investors in the Securities offered hereby.

The Government National Mortgage Association (“Ginnie Mae”) guarantees the timely payment

of principal and interest on the Securities. The Ginnie Mae guaranty is backed by the full faith

and credit of the United States of America.

The Securities are exempt from the registration requirements of the Securities Act of 1933, as

amended, and are “exempted securities” within the meaning of the Securities Exchange Act of

1934, as amended.

Appendix IV

ref. Ginnie Mae Handbook 5500.3, Rev. 1

Ginnie Mae Guaranty

d y

n s

d y tes

GinnieMaeis awholly-owned corporateinstrumentality oftheUnitedStates ofAmerica

within the DepartmentofHousing andUrban Development with its principal officeat451

h Seventh Street, S.W., Washington,

on by on

s nd o

y d d s n

d 1969, , y

s s on s

by o by

on s by

ng d on

s nd

y d d s

d 1969, . ,

s s on

by o by d

intereston theSecurities is guaranteed by GinnieMaepursuantto Section 306(g)ofthe

NationalHousing Actof1934, as amended (the“NationalHousing Act”). Section 306(g)

provides that“[t]he fullfaith and creditof the United States is pledged to the payment ofall

amounts which may berequired tobepaid under anyguarantyunderthis subsection.”An

opinion, dated December9, 1969, of William H. Rehnquist, Assistant Attorney General ofthe

United States, states that such guaranties underSection 306(g) ofmortgage-backed securities

ofthe typeoffered hereby are authorized to bemadeby GinnieMaeand “would constitute

general obligations of the United States backed by its full faith and credit.”

y y D.C. 20410. Timely paymentoftheprincipalofand

Borrowing Authority

–

United States Treasury

s y on

o d s n ng

ble h o s

ons y nd

s y on ,

o d s n ny

ble h o o

ons y nd on

Ginnie Mae, in its corporate capacity under Section 306(d) ofthe National Housing Act, may

issue to the United States Treasury its general obligations in an amount outstanding atany one

timesufficientto enable GinnieMae, with nolimitations asto amount, to performits

obligations underits guaranty of thetimelypaymentof theprincipalof and interest on the

Securities offered hereby. The Treasury is authorized to purchase any obligations so issued.

y t o y t o The Treasury Departmenthas indicated that it willmake loansto GinnieMae,

implement the aforementioned guaranty as stated in the following letter:

f The Secretary of the Treasury

Washington

ifneeded, to

February

13, 1970

r Dear Mr. Secretary:

r r r r

I r r r I wish to refer to your letter of November 14, 1969 asking whether the timely payment of p rincipal and interest on

mortgage-backed securities of the pass-through type guaranteed by the Government National

r r

r r r Mortgage Associationunder Section306(g) ofthe NationalHousing Act under its managementand liquidatingfunction isa

function for which the Association may properly borrow from the Treasury.

f r It isthe opinion of the Treasury Department thatthe Association mayproperly borrow fromthe Treasury for the

purpose of assuring the timely payment of principal and interest on guaranteed pass-through type

f r r mortgage-backed securitiesas describedin Chapter 3 paragraph 6of theMortgage-Backed Securities Guidedated December

1969. Accordingly, the Treasury will make loans to the Association for the foregoing purposes

r f f I f under the procedure provided in subsection (d) of Section 306 of Title III of the National Housing Act.

Sincerely, DAVI

D M

KENN

EDY

The Honorable George Romney

Secretary of the Department of

Housing and Urban Development

Washington, D.C. 20410

Ginnie Mae Guaranty

d y tes

n s

y GinnieMaeis awholly-owned corporateinstrumentality oftheUnitedStates ofAmerica

within the DepartmentofHousingandUrban Development with its principalofficeat451

h Seventh Street, S.W., Washington,

on by on

s nd o

y d d s n

d 1969, , y

s s on s

by o by

h o

intereston theSecurities is guaranteed by GinnieMaepursuantto Section 306(g)ofthe

NationalHousing Actof1934, as amended (the“NationalHousing Act”). Section 306(g)

provides that“[t]hefullfaith and creditoftheUnited States is pledged to thepaymentofall

amounts which may berequired tobepaid underanyguarantyunderthis subsection.”An

opinion, dated December9, 1969, ofWilliam H. Rehnquist, Assistant Attorney Generalof the

United States, states that such guaranties underSection 306(g) ofmortgage-backed securities

ofthetypeoffered hereby areauthorized to bemadeby GinnieMaeand “would constitute

general obligations of the United States backed by its full faith and credit.”

y D.C. 20410. Timely paymentoftheprincipalofand

Borrowing Authority

–

United States Treasury

s y on

o d s n ng

ble h o s

ons y nd

, n y

Ginnie Mae, in its corporate capacity under Section 306(d) ofthe NationalHousing Act, may

issue to the United States Treasury its general obligations in an amount outstanding atany one

timesufficientto enable GinnieMae, with nolimitations asto amount, to performits

obligations underits guaranty ofthetimelypaymentoftheprincipalofand intereston the

Securities offered hereby. The Treasury is authorized to purchase any obligations so issued.

y t o The Treasury Departmenthas indicated that it willmake loansto Ginnie Mae,

implement the aforementioned guaranty as stated in the following letter:

f The Secretary of the Treasury

Washington

ifneeded, to

February

13, 1970

Dear Mr. Secretary:

I r r r r

I wish to refer to your letter of November 14, 1969 asking whether the timely payment of p rincipal and interest on

mortgage-backed securities of the pass-through type guaranteed by the Government National

r r

r r r Mortgage Associationunder Section306(g) ofthe NationalHousing Act under its managementand liquidatingfunction isa

function for which the Association may properly borrow from the Treasury.

f It isthe opinion of the Treasury Department thatthe Association mayproperly borrow fromthe Treasury for the

purpose of assuring the timely payment of principal andinterest on guaranteed pass-through type

f r r mortgage-backed securitiesas describedin Chapter 3 paragraph 6of theMortgage-Backed Securities Guidedated December

1969. Accordingly, the Treasury will make loans to the Association for the foregoing purposes

r f f I f under the procedure provided in subsection (d) of Section 306 of Title III of the National Housing Act.

Sincerely, DAVI

D M

KENN

EDY

The Honorable George Romney

Secretary of the Department of

Housing and Urban Development

Washington, D.C. 20410

Ginnie Mae Guaranty

s ad y tes

n n nt h s

h , ., on, . 0. y nd

on s s d by o on

ng 1934, s d ng . on

s h nd d tes s d o

s h y d d s n

on, d 9, 1969, . , y

d s, s h s on d s

d by d o by nd d

ons of thed Ss d by s h and c

GinnieMaeis wholly-owned corporateinstrumentality oftheUnitedStates ofAmerica

within the DepartmentofHousingandUrban Development with its principalofficeat451

Seventh Street, S.W., Washington, D.C. 20410. Timely paymentoftheprincipalofand