Prospectus - GNMA II MBS (Manufactured Home Loans)

• Legal Form Number: HUD-11728-II
• Issuer: Ginnie Mae
• Section: Ginnie Mae

Prospectus

Ginnie Mae II

Manufactured Home Loans

U.S. Department of Housing

and Urban Development

Government National Mortgage Association

Prospectus

Ginnie Mae II

Manufactured Home Loans

U.S. Department of Housing

and Urban Development

Government National Mortgage Association

$

Previous editions are obsolete. Page 1 of 9 form HUD 11728-II (01/2006)

Appendix IV-24 ref. Ginnie Mae Handbook 5500.3, Rev. 1

_____% Ginnie Mae II Mortgage-Backed Securities

(Manufactured Home Loans, including

Combination Loans on Manufactured Homes and Lots)

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)

Issued by:

Ginnie Mae Pool No: First Payment Due:

Issue Date: Maturity Date:

Depository: The Federal Reserve Bank of New Yor k Central 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 per annum rate

specified above; installments of principal will be payable in relation to payments of principal on

the underlying pool of loans described herein. The maturity date for the Securities is based on the

loan 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.

Ginnie Mae Guaranty

Ginnie Mae is a wholly-owned corporate instrumentality of the United States of America within

the Department of Housing and Urban Development with its principal office at 451 Seventh Street,

S.W., Washington, D.C. 20410. Timely payment of principal of and interest on the Securities is

guaranteed by Ginnie Mae pursuant to Section 306(g) of the National Housing Act of 1934, as

amended (the “National Housing Act”). Section 306(g) provides that “[t]he full faith and credit of

the United States is pledged to the payment of all amounts which may be required to be paid under

Previous editions are obsolete. Page 2 of 9 formHUD 11728-II (06/2024)

Appendix IV-24 ref. GinnieMae Handbook 5500.3, Rev. 1

any guaranty under this subsection.” An opinion, dated December 9, 1969, of William H.

Rehnquist, Assistant Attorney General of the United States, states that such guaranties under

Section 306(g) of mortgage-backed securities of thetype offered hereby are authorized to be made

by Ginnie Mae and “would constitute general obligations of the United States backed by its full

faith and credit.”

Borrowing Authority–United States Treasury

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

to the United States Treasury its general obligations in an amount outstanding at any one time

sufficient to enable Ginnie Mae, with no limitations as to amount, to performits obligations under

its guaranty of the timely payment of the principal of and interest on the Securities offered hereby.

The Treasury is authorized to purchase any obligations so issued.

The Treasury Department has indicated that it will make loans to Ginnie Mae, if needed, to

implement the aforementioned guaranty as stated in the following letter:

any guaranty under this subsection.” An opinion, dated December 9, 1969, of William H.

Rehnquist, Assistant Attorney General of the United States, states that such guaranties under

Section 306(g) of mortgage-backed securities of the type offered hereby are authorized to be made

by Ginnie Mae and “would constitute general obligations of the United States backed by its full

faith and credit.”

Borrowing Authority–United States Treasury

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

to the United States Treasury its general obligations in an amount outstanding at any one time

sufficient to enable Ginnie Mae, with no limitations as to amount, to perform its obligations under

its guaranty of the timely payment of the principal of and interest on the Securities offered hereby.

The Treasury is authorized to purchase any obligations so issued.

The Treasury Department has indicated that it will make loans to Ginnie Mae, if needed, to

implement the aforementioned guaranty as stated in the following letter:

The Secretary of the Treasury

Previous editions are obsolete. Page 2 of 9 form HUD 11728-II (06/2024)

Appendix IV-24 ref. Ginnie Mae Handbook 5500.3, Rev. 1

Washington February 13, 1970

Dear Mr. Secretary:

I wish to refer to your letter of November 14, 1969 asking whether the timely payment of principal and

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

Association under Section 306(g) of the National Housing Act under its management and liquidating function is a

function for which the Association may properly borrow from the T reasury.

It is the opinion of the Treasury Department that the Association may properly borrow from the Treasury for

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

securities as described in Chapter 3 paragraph 6 of the Mortgage-Backe d Securities Guide dated December 1969.

Accordingly, the Treasury will make loans to the Association for the foregoing purposes under the procedure provided

in subsection (d) of Section 306 of Title III of the National Housing A ct.

Sincerely,

DAVID M. KENNEDY

The Honorable George Romney

Secretary of the Department of

Housing and Urban Development

Washington, D.C. 20410

Manufactured Home Loans

The Securities are based on and backed by a pool of secured loans (the “Loans”) described below.

The Issuer has represented that each Loan is a manufactured home loan, or a combination loan

secured by a manufactured home and a developed manufactured home lot acquired in a single

transaction, that is insured by the Federal Housing Administration (“FHA”). The term “loan,” as

used herein, may include one or more of the following: a note, a security instrument that secures

the note or a retail installment sales contract.

The Issuer has also represented, except as otherwise disclosed in the “Annex — Special

Disclosure,” that (a) the first scheduled monthly payment for each Loan is not more than 48 months