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by the GNMA C-uide. At any time, GNMA may enter- into an agro,e--nt <br />vrith an institution approved by GWWA under which such institution <br />undertakes and agrees to assume any part or all of such duties, and <br />no such aq_r•CeTent will detract from or diminish the <br />1',e.sponsibilitres, duties or liabilities of GNMA .in its capacity as <br />(,guarantor. <br />Payment of Principal of and Interest on <br />t;he Series A GNMA Certificates <br />Regular monthly amortization installments on each Series A <br />GNKA Certificate are required to begin no later than the month <br />immediately following the date of issuance of such Series A GNMA <br />Certificate and will be equal to the aggregate amount of the <br />fbcheduled monthly principal and interest payments on each Series A <br />1,1ortgage Loan in the GNMA Pool backing the Series A GNMA <br />Certificate, less the servicing and guaranty fee of 0.501; per annum <br />of the outstanding principal balance of the Series A GNMA <br />Certificate and less the Excess Service Fee, if any. The Series A <br />P1ortgage Loans in the GNMA Pools will bear interest at 6.65# per <br />Annum (except as otherwise described under the heading "THE PROGRAM <br />— Interest Rates on the Series A Mortgage Loans") and the Series <br />h GN"MA Certificates will bear interest at the Pass -Through Rate of <br />6.15% per annum, the difference being equal to the GNMA servicing <br />And guaranty fees and the Excess Service Fees, if any. In <br />Addition, each payment is required to include any prepayments of <br />principal on Series A Mortgage Loans underlying the Series A GNMA <br />Certificate and liquidation proceeds in the event of a foreclosure <br />or other disposition of any Series A Mortgage Loan. <br />FEDERAL NATIONAL MORTGAGE ASSOCIATION PROGRAM <br />Wortgage-Hacked Securities Program <br />Fannie Mae is a federally chartered and stockholder -owned <br />itorporation organized and existing under the Federal National <br />Mortgage Association Charter Act (12 U.S.C. 5 1.716 et sea._). <br />(Fannie Mae was originally established in 1938 an a United States <br />government agency to provide supplemental liquidity to the mortgage <br />warftiet, and was transfntrr*-d into a stockholder -owned and privately <br />managed corporation by legislation enacted in 1968. The Secretary <br />a*f Rotolag and Urban I;rvelopm¢nt rxerciaes general rrqulatory power <br />uwmr Fannie Has. panni* Mae provides funds to the ntoit:gage market <br />]puevhas i coq mor t gage 1 cares from lenders. thereby replenishing <br />!t r fun" ?tor additional iendiag. Fannie Hae acquires funds to <br />purchase mortgege loans tetaa marry capital market investors that may <br />isnot ordinarily invest to moctgoge Ic-ns, thereby expanding the <br />'total amount of funds av atlable far h, , i nq . In addition. Fannie <br />Mas iseseste b�scload eeomrit tel I , : mar t l y in emebaage for <br />Iooele ce am , - SaLir tcvs Odes . <br />Altfateo Un qualetser d the Ti r of the Suited itateg <br />hes osemis M-sese &GOWT astlwrity ':ase abl iget iasis of <br />JK <br />