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11lie Mae, neither the United States nor any agency or
<br />lltrumentality thereof is obligated to
<br />insural under th-7 I
<br />finance Fannie Mae's
<br />or assist Fannie
<br />c..��nfo€+a to tart CO't!
<br />,ligations Mae in any manner.
<br />see 'THE pjtoOPAM•
<br />Fannie Mae has implemented -A mortgage-backed securities
<br />Communi-ty Now* Burl
<br />tinam pursuant to which: Fannie Mae issues securities backed by
<br />1.t
<br />Pursuant to tl
<br />of moriaaye loans (the "MHS Program"). The obligations of
<br />tale Mae, including its obligations under Fannie
<br />January 1, 1995,
<br />Mae Securities,
<br />obligations solely of Fannie Mae and are not backed by, or
<br />Conventional Mortga
<br />$207,000 to be eli<
<br />iJtled to, the full faith and credit of the United States.
<br />Mortgage Loans eats
<br />The terms of the MHS Program are governed by Fannie Mae
<br />ling and Servicing Guides "Fannie
<br />value ratios not it
<br />under the Fool Pur
<br />(the Mae Guides"), as modified
<br />the Pool Purchase Contract (herein, defined),
<br />with loan -to -value
<br />and in the case of
<br />tG�age loans such as Series A Mortgage Loans,
<br />of primary mortgag
<br />a Trust Indenture
<br />erg as of November 1, 1981, as amended (the "Trust Indenture"),
<br />the Fannie Mae Gui'
<br />be acceptable to F,
<br />.a supplement thereto to be issued by Fannie Mae in connection
<br />h.
<br />each pool. The MBS Program is further described in a
<br />Under the Fc
<br />spectus issued by Fannie Mae (the "Fannie Mae Prospectus,,). The
<br />limitation for Seri
<br />t recent Fannie Mae Prospectus is dated January 1, 1994 and is
<br />of (1) the acquisit
<br />aged from time to time.
<br />home, or (2) the aF
<br />Copies of the Fannie Mae Prospectus and Fannie Mae's most
<br />rehabilitation. T'
<br />951 where su'oordin
<br />exit annual and quarterly reports and proxy statements are
<br />illable without charge from Ellen Goldberg, Vice President
<br />a variance under t
<br />for
<br />Brltor Relations, Federal National Mortgage Association, 3900
<br />Contract also provi
<br />Fannie Mae (,,—rminO
<br />:ionsin Avenue, N.W., Washington, D.C. 20016 (telephone:
<br />/"052-6724).
<br />be made from the r
<br />for and detetminil
<br />The summary of the MBS program :;et forth herein does not
<br />requirements for n
<br />:)nrt to be comprehensive and is qualified in its entirety by
<br />'Fannie
<br />The Fool P;lzc-
<br />at'ence to the Mae Guides, the Fannie Mae Prospectus and
<br />,either documents
<br />the Serie: A v tr•t
<br />referred to herein.
<br />the F.ar;ni,- bias' ,-..
<br />L Purchase Contract
<br />Series A Fannie Ka
<br />IC is f!xpected that F.annir_ Mae and the Servicer will enter
<br />Sacci series A
<br />a Pool PurCharse Contractinterest
<br />ribs ^icol Purchase Contrast"),
<br />in a ap
<br />riaant to which the Servic_crr will ix- p,!rmitted to deliver, and
<br />Flt' Mae will
<br />by
<br />Purchased Fai+
<br />agree to pure h:,:,.. <�c:rrventional Mortgage "no in
<br />nn
<br />mi€tained Pai
<br />dings for' Series, A Fanni,, Mal: Stec -unities. The purpose of the
<br />xeh seri" A Par
<br />Purchase Contract i:: lu provide for certain additions,
<br />tions and changes to t1,._'
<br />;?S0,000. Tt- Cor
<br />Fannie Mae Guides relating to the-
<br />-lease of Conventional M<,rtgage
<br />famle rise se—rit
<br />Loans. in the event of a
<br />list between the pool purchase Contract and the Fannie Mae
<br />--m"ding *Tom FSCYM/
<br />ime~ at 4,40.t I
<br />"'s' t hr Po*1 ft Ca>tttt rajc-t will control. The description
<br />Cort
<br />' ntereat at 4.1%1
<br />t h t,e i ov asr€e�s t h., t 1 t„ - r , .. ! Pur'chass Cunt r act v i l l be
<br />41 i t ei irres Dat trate
<br />'Itted subatantfaIIV !n + r..• 1, ;+entad by Fannia rias to the-
<br />rlivor
<br />as of t b. dat . ham•, , „t
<br />Fails&• Mrs wi 11 pencils..
<br />'�.,`l•- .. ri igib�le iurdsa tka quadelioso set
<br />' i -MTwOut itstlaI Stott Sage LOane
<br />
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