(To Prospectus dated December 29, 1992) $500,000,000 Federal …€¦ · N.W., Area 2H-2N,...

Prospectus Supplement(To Prospectus dated December 29, 1992)

$500,000,000Federal National Mortgage Association

rstuvGuaranteed REMIC Pass-Through CertiÑcates

Fannie Mae REMIC Trust 1993-203

The Guaranteed REMIC Pass-Through CertiÑcates oÅered hereby (the ""CertiÑcates'') will represent beneÑcial ownership interests inone of two trust funds. The CertiÑcates, other than the RL Class, will represent beneÑcial ownership interests in Fannie Mae REMICTrust 1993-203 (the ""Trust''). The assets of the Trust will consist of the ""regular interests'' in a separate trust fund (the ""Lower TierREMIC''). The assets of the Lower Tier REMIC will consist of Fannie Mae Guaranteed Mortgage Pass-Through CertiÑcates (the""MBS''), each of which will represent a beneÑcial interest in a pool (the ""Pool'') of Ñrst lien, single-family, Ñxed-rate residentialmortgage loans (the ""Mortgage Loans'') having the characteristics described herein. The CertiÑcates will be issued and guaranteed asto timely distribution of principal and interest by Fannie Mae and oÅered by Fannie Mae pursuant to its Prospectus for GuaranteedMortgage Pass-Through CertiÑcates (the ""MBS Prospectus''), available as described herein, and its Prospectus for GuaranteedREMIC Pass-Through CertiÑcates (the ""REMIC Prospectus''), accompanying this Prospectus Supplement.

Elections will be made to treat the Lower Tier REMIC and the Trust as ""real estate mortgage investment conduits'' (""REMICs'') pursuant to theInternal Revenue Code of 1986, as amended (the ""Code''). The R and RL Classes will be subject to transfer restrictions. See ""Description of theCertiÑcatesÌCharacteristics of the R and RL Classes'' and ""Certain Additional Federal Income Tax Consequences'' herein, and ""Description of theCertiÑcatesÌAdditional Characteristics of Residual CertiÑcates'' and ""Certain Federal Income Tax Consequences'' in the REMIC Prospectus.

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THE CERTIFICATES, TOGETHER WITH ANY INTEREST THEREON, ARE NOT GUARANTEED BY THE UNITED STATES. THEOBLIGATIONS OF FANNIE MAE UNDER ITS GUARANTY OF THE CERTIFICATES ARE OBLIGATIONS SOLELY OF

FANNIE MAE AND DO NOT CONSTITUTE AN OBLIGATION OF THE UNITED STATES OR ANY AGENCY ORINSTRUMENTALITY THEREOF OTHER THAN FANNIE MAE. THE CERTIFICATES ARE EXEMPT FROM THE

REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933 AND ARE ""EXEMPTED SECURITIES''WITHIN THE MEANING OF THE SECURITIES EXCHANGE ACT OF 1934.

Original Final Original FinalPrincipal Principal Interest Interest Distribution Principal Principal Interest Interest Distribution

Class Balance Type(1) Rate Type(1) Date Class Balance Type(1) Rate Type(1) Date

PA ÏÏÏÏÏÏ $36,825,000 PAC 4.00% FIX August 2005 A ÏÏÏÏÏÏ $22,748,000 SCH 6.50% FIX March 2023PB ÏÏÏÏÏÏ 22,113,000 PAC 4.50% FIX April 2009 B ÏÏÏÏÏÏ 22,256,000 SCH 6.50% FIX October 2023PM ÏÏÏÏÏÏ (2) NTL 6.50% FIX/IO April 2009 F ÏÏÏÏÏÏ 21,378,500 SCH (3) FLT October 2023PC ÏÏÏÏÏÏ 39,389,000 PAC 4.75% FIX November 2013 SD ÏÏÏÏÏÏ 2,894,320 SCH (3) INV October 2023PD ÏÏÏÏÏÏ 19,413,000 PAC 5.25% FIX August 2015 SB ÏÏÏÏÏÏ 3,782,350 SCH (3) INV October 2023PE ÏÏÏÏÏÏ 61,820,000 PAC 5.50% FIX September 2019 S ÏÏÏÏÏÏ 4,834,830 SCH (3) INV October 2023PH ÏÏÏÏÏ (2) NTL 6.50% FIX/IO September 2019 SC ÏÏÏÏÏÏ (2) NTL (3) INV/IO October 2023PG ÏÏÏÏÏÏ 37,450,000 PAC 6.50% FIX September 2021 FA ÏÏÏÏÏÏ 67,863,611 SUP (3) FLT October 2023PJ ÏÏÏÏÏÏ 50,528,000 PAC 6.50% FIX October 2023 SA ÏÏÏÏÏÏ 26,101,389 SUP (3) INV October 2023PK ÏÏÏÏÏÏ 37,931,000 PAC 6.50% FIX February 2023 R ÏÏÏÏÏÏ 0 NPR 0 NPR October 2023PL ÏÏÏÏÏÏ 22,672,000 PAC 6.50% FIX October 2023 RL ÏÏÏÏÏÏ 0 NPR 0 NPR October 2023

(1) See ""Description of the CertiÑcatesÌClass DeÑnitions and Abbreviations'' in the REMIC Prospectus and ""Description of the CertiÑcatesÌDistributions of Interest'' and ""ÌDistributions of Principal'' herein.

(2) The PM, PH and SC Classes will be Notional Classes, will have no principal balances and will bear interest on their notional principal balances(initially, $20,967,461, $23,848,769 and $2,466,750, respectively). The notional principal balances of the PM and PH Classes will be calculatedbased on the principal balances of certain PAC Classes. The notional principal balance of the SC Class will be calculated based on the principalbalance of a Scheduled Class. See ""Description of the CertiÑcatesÌGeneralÌNotional Classes'' herein.

(3) The F, SD, SB, S, SC, FA and SA Classes will bear interest based on ""LIBOR'', as described under ""Description of the CertiÑcatesÌDistributionsof Interest'' herein and ""Description of the CertiÑcatesÌIndices Applicable to Floating Rate and Inverse Floating Rate Classes'' in the REMICProspectus.

The CertiÑcates are being oÅered by The Nikko Securities Co. International, Inc. (the ""Dealer'') from time to time in negotiatedtransactions, at varying prices to be determined at the time of sale.

The CertiÑcates are oÅered by the Dealer, subject to issuance by Fannie Mae, to prior sale or to withdrawal or modiÑcation of theoÅer without notice, when, as and if delivered to and accepted by the Dealer, and subject to approval of certain legal matters bycounsel. It is expected that the CertiÑcates, except for the R and RL Classes, will be available through the book-entry system of theFederal Reserve Banks on or about October 29, 1993 (the ""Settlement Date''). It is expected that the R and RL Classes in registered,certiÑcated form will be available for delivery at the oÇces of the Dealer in New York, New York, on or about the Settlement Date.

The Nikko Securities Co. International, Inc.September 9, 1993

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THE CERTIFICATES MAY NOT BE SUITABLE INVESTMENTS FOR ALL INVESTORS. NOINVESTOR SHOULD PURCHASE CERTIFICATES UNLESS SUCH INVESTOR UNDERSTANDS ANDIS ABLE TO BEAR THE PREPAYMENT, YIELD, LIQUIDITY AND OTHER RISKS ASSOCIATEDWITH SUCH CERTIFICATES.

The yield to investors in each Class will be sensitive in varying degrees to the rate of principalpayments of the Mortgage Loans, the characteristics of the Mortgage Loans actually included in the Pool,the purchase price paid for the related Class and, in the case of any Floating Rate and Inverse FloatingRate Classes, the level of the applicable Index (as deÑned herein). Accordingly, investors should considerthe following risks:

‚ The Mortgage Loans generally may be prepaid at any time without penalty, and, accordingly,the rate of principal payments thereon is likely to vary considerably from time to time.

‚ Slight variations in Mortgage Loan characteristics could substantially aÅect the weightedaverage lives and yields of some or all of the Classes.

‚ In the case of any CertiÑcates purchased at a discount to their principal amounts, a slower thananticipated rate of principal payments is likely to result in a lower than anticipated yield.

‚ In the case of any CertiÑcates purchased at a premium to their principal amounts, a faster thananticipated rate of principal payments is likely to result in a lower than anticipated yield.

‚ In the case of any Interest Only Class, a faster than anticipated rate of principal payments islikely to result in a lower than anticipated yield and, in certain cases, an actual loss on theinvestment.

‚ The yield on any Floating Rate or Inverse Floating Rate Class will be sensitive to the level ofthe applicable Index, particularly if the interest rate thereon Öuctuates as a multiple of suchIndex.

See ""Description of the CertiÑcatesÌYield Considerations'' herein.

In addition, investors should purchase CertiÑcates only after considering the following:

‚ The actual Ñnal payment of any Class will likely occur earlier, and could occur much earlier,than the Final Distribution Date for such Class speciÑed on the cover page. See ""Description ofthe CertiÑcatesÌWeighted Average Lives of the CertiÑcates'' herein and ""Description of theCertiÑcatesÌWeighted Average Life and Final Distribution Dates'' in the REMIC Prospectus.

‚ The rate of principal distributions of the CertiÑcates is uncertain and investors may be unableto reinvest the distributions thereon at yields equaling the yields on the CertiÑcates. See""Description of the CertiÑcatesÌReinvestment Risk'' in the REMIC Prospectus.

‚ Investors whose investment activities are subject to legal investment laws and regulations or toreview by regulatory authorities may be subject to restrictions on investment in certain Classesof the CertiÑcates. Investors should consult their legal advisors to determine whether and towhat extent the CertiÑcates constitute legal investments or are subject to restrictions oninvestment. See ""Legal Investment Considerations'' in the REMIC Prospectus.

The Dealer intends to make a market for the CertiÑcates but is not obligated to do so. There can be no assurancethat such a secondary market will develop or, if developed, that it will continue. Thus, investors may not be able to selltheir CertiÑcates readily or at prices that will enable them to realize their anticipated yield. No investor shouldpurchase CertiÑcates unless such investor understands and is able to bear the risk that the value of the CertiÑcates willÖuctuate over time and that the CertiÑcates may not be readily salable.

These securities have not been approved or disapproved by the Securities and Exchange Commission or any statesecurities commission nor has the Securities and Exchange Commission or any state securities commission passedupon the accuracy or adequacy of this Prospectus Supplement, the REMIC Prospectus or the MBS Prospectus. Anyrepresentation to the contrary is a criminal oÅense.

This Prospectus Supplement does not contain complete information about the CertiÑcates. Investors shouldpurchase CertiÑcates only after reading this Prospectus Supplement, the REMIC Prospectus, the MBS Prospectusdated May 1, 1993 and the Fannie Mae Information Statement dated February 16, 1993 and any supplements thereto(the ""Information Statement''). The MBS Prospectus and the Information Statement are incorporated herein byreference and may be obtained from Fannie Mae by writing or calling its MBS Helpline at 3900 Wisconsin Avenue,N.W., Area 2H-2N, Washington, D.C. 20016 (telephone 1-800-BEST-MBS or 202-752-6547). Such documents mayalso be obtained from The Nikko Securities Co. International, Inc. by writing or calling its Prospectus Department at200 Liberty Street, New York, New York 10281 (telephone 212-416-5660).

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TABLE OF CONTENTS

Page Page

Description of the CertiÑcates ÏÏÏÏÏÏ S- 4 Structuring Assumptions ÏÏÏÏÏÏÏÏÏÏÏÏ S- 9

GeneralÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 4 Pricing Assumptions ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 9

Structure ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 4 PSA Assumptions ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 9

MBS DistributionsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 4 Principal Balance Schedules ÏÏÏÏÏÏÏÏÏ S-11

Fannie Mae GuarantyÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 4 Characteristics of the R and RL ClassesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-20Characteristics of CertiÑcates ÏÏÏÏÏÏ S- 4

Yield Considerations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-20Notional ClassesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 5

GeneralÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-20Authorized Denominations ÏÏÏÏÏÏÏÏ S- 5

The Interest Only Classes ÏÏÏÏÏÏÏÏÏ S-21Distribution Dates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 5

The Inverse Floating Rate Classes ÏÏÏ S-21Calculation of DistributionsÏÏÏÏÏÏÏÏ S- 5

Weighted Average Lives of theRecord DateÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 6CertiÑcatesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-23

REMIC Trust FactorsÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 6Decrement Tables ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-24

Optional Termination ÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 6Certain Additional Federal IncomeThe MBSÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 6

Tax Consequences ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-27Distributions of InterestÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 7

REMIC Elections and Special TaxCategories of Classes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 7 AttributesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-27

GeneralÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 7 Taxation of BeneÑcial Owners ofRegular CertiÑcates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-27Interest Accrual PeriodsÏÏÏÏÏÏÏÏÏÏÏ S- 7

Taxation of BeneÑcial Owners ofFloating Rate and Inverse FloatingResidual CertiÑcates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-28Rate ClassesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 7

Plan of Distribution ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-28Calculation of LIBORÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 8

General ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-28Distributions of Principal ÏÏÏÏÏÏÏÏÏÏÏ S- 8

Increase in CertiÑcates ÏÏÏÏÏÏÏÏÏÏÏÏ S-28Categories of Classes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 8

Principal Distribution AmountÏÏÏÏÏ S- 8 Legal MattersÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-28

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DESCRIPTION OF THE CERTIFICATES

The following summaries describing certain provisions of the CertiÑcates do not purport to becomplete and are subject to, and are qualiÑed in their entirety by reference to, the REMIC Prospectus,the MBS Prospectus and the provisions of the Trust Agreement (deÑned below). Capitalized termsused and not otherwise deÑned in this Prospectus Supplement have the respective meanings assignedto such terms in the REMIC Prospectus (including the Glossary contained therein), the MBSProspectus or the Trust Agreement (as the context may require).

General

Structure. The Trust and the Lower Tier REMIC will be created pursuant to a trust agreementdated as of October 1, 1993 (the ""Trust Agreement''), executed by the Federal National MortgageAssociation (""Fannie Mae'') in its corporate capacity and in its capacity as Trustee, and theCertiÑcates in the Classes and aggregate original principal balances set forth on the cover hereof willbe issued by Fannie Mae pursuant thereto. A description of Fannie Mae and its business, togetherwith certain Ñnancial statements and other Ñnancial information, is contained in the InformationStatement.

The CertiÑcates (other than the R and RL Classes) will be designated as the ""regular interests,''and the R Class will be designated as the ""residual interest,'' in the REMIC constituted by the Trust.The interests in the Lower Tier REMIC other than the RL Class (the ""Lower Tier RegularInterests'') will be designated as the ""regular interests,'' and the RL Class will be designated as the""residual interest,'' in the Lower Tier REMIC.

The assets of the Trust will consist of the Lower Tier Regular Interests, and the CertiÑcates,other than the RL Class, will evidence the entire beneÑcial ownership interest in the distributions ofprincipal and interest on the Lower Tier Regular Interests.

The assets of the Lower Tier REMIC will consist of the MBS, and the Lower Tier RegularInterests and the RL Class (collectively, the ""Lower Tier Interests'') will in the aggregate evidence theentire beneÑcial ownership interest in the distributions of principal and interest on the MBS.

MBS Distributions. The MBS will provide that principal and interest on the underlyingMortgage Loans will be passed through monthly, commencing on the 25th day of the month followingthe month of the initial issuance of the MBS (or, if such 25th day is not a business day, on the Ñrstbusiness day next succeeding such 25th day).

Fannie Mae Guaranty. Fannie Mae guarantees to each holder of an MBS the timely payment ofscheduled installments of principal of and interest on the underlying Mortgage Loans, whether or notreceived, together with the full principal balance of any foreclosed Mortgage Loan, whether or notsuch balance is actually recovered. In addition, Fannie Mae will be obligated to distribute on a timelybasis to the Holders of CertiÑcates required installments of principal and interest and to distribute theprincipal balance of each Class of CertiÑcates in full no later than the applicable Final DistributionDate, whether or not suÇcient funds are available in the MBS Account. The guaranties of FannieMae are not backed by the full faith and credit of the United States. See ""Description of theCertiÑcatesÌFannie Mae's Guaranty'' in the REMIC Prospectus and ""Description of CertiÑcatesÌThe Corporation's Guaranty'' in the MBS Prospectus.

Characteristics of CertiÑcates. The CertiÑcates, other than the R and RL CertiÑcates, will beissued and maintained and may be transferred by Holders only on the book-entry system of theFederal Reserve Banks. Such entities whose names appear on the book-entry records of a FederalReserve Bank as the entities for whose accounts such CertiÑcates have been deposited are hereinreferred to as ""Holders'' or ""CertiÑcateholders.'' A Holder is not necessarily the beneÑcial owner of abook-entry CertiÑcate. BeneÑcial owners will ordinarily hold book-entry CertiÑcates through one ormore Ñnancial intermediaries, such as banks, brokerage Ñrms and securities clearing organizations.See ""Description of the CertiÑcatesÌDenominations, Book-Entry Form'' in the REMIC Prospectus.

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The R and RL CertiÑcates will not be issued in book-entry form but will be issued in fullyregistered, certiÑcated form. As to the R or RL CertiÑcate, ""Holder'' or ""CertiÑcateholder'' refers tothe registered owner thereof. The R and RL CertiÑcates will be transferable at the corporate trustoÇce of the Transfer Agent, or at the agency of the Transfer Agent in New York, New York. TheTransfer Agent initially will be State Street Bank and Trust Company in Boston, Massachusetts(""State Street''). A service charge may be imposed for any registration of transfer of the R orRL CertiÑcate and Fannie Mae may require payment of a sum suÇcient to cover any tax or othergovernmental charge. See also ""Characteristics of the R and RL Classes'' herein.

The distribution to the Holder of the R or RL CertiÑcate of the proceeds of any remaining assetsof the Trust or the Lower Tier REMIC, as applicable, will be made only upon presentation andsurrender of the related CertiÑcate at the oÇce of the Paying Agent. The Paying Agent initially will beState Street.

Notional Classes. The PM, PH and SC Classes will be Notional Classes. A Notional Class willhave no principal balance and will bear interest at the per annum interest rate set forth on the cover ordescribed herein during each Interest Accrual Period on the related notional principal balance. Thenotional principal balance of each Notional Class will be equal to the indicated percentages of theoutstanding principal balances of the following Classes immediately prior to the related DistributionDate:

Percentage ofPrincipal Balance

Class of SpeciÑed Class

PM ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 38.4615384615% of PA Class30.7692307692% of PB Class

PH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 26.9230769231% of PC Class19.2307692308% of PD Class15.3846153846% of PE Class

SC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 11.5384615385% of F Class

The notional principal balance of a Notional Class is used for purposes of the determination ofinterest distributions thereon and does not represent an interest in the principal distributions of theMBS or the underlying Mortgage Loans. Although a Notional Class will not have a principal balance,a REMIC Trust Factor (as described herein) will be published with respect to any such Class that willbe applicable to the notional principal balance thereof, and references herein to the principal balancesof the CertiÑcates generally shall be deemed to refer also to the notional principal balance of anyNotional Class.

Authorized Denominations. The CertiÑcates, other than the R and RL CertiÑcates, will beissued in minimum denominations of $1,000 and integral multiples of $1 in excess thereof. Each ofthe R and RL Classes will be issued as a single certiÑcate and will not have a principal balance.

Distribution Dates. Distributions on the CertiÑcates will be made on the 25th day of each month(or, if such 25th day is not a business day, on the Ñrst business day next succeeding such 25th day),commencing in the month following the Settlement Date.

Calculation of Distributions. Interest on the interest-bearing CertiÑcates is calculated on thebasis of a 360-day year consisting of twelve 30-day months and is distributable monthly on eachDistribution Date, commencing (except with respect to the Accrual Classes, if any) in the month afterthe Settlement Date. Interest to be distributed or, in the case of any Accrual Classes, added toprincipal on each interest-bearing CertiÑcate on a Distribution Date will consist of one month'sinterest on the outstanding principal balance of such CertiÑcate immediately prior to such Distribu-tion Date. Interest to be distributed or, in the case of any Accrual Classes, added to principal on aDistribution Date will accrue on the interest-bearing CertiÑcates during the one month periods setforth herein under ""Distributions of InterestÌInterest Accrual Periods.'' Principal on the CertiÑcates

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will be distributed on each Distribution Date in an amount equal to the sum of the aggregatedistributions of principal concurrently made on the MBS and any interest accrued and added on suchDistribution Date to the principal balances of the Accrual Classes, if any. See ""Distributions ofPrincipal'' herein.

Record Date. Each monthly distribution on the CertiÑcates will be made to Holders of record onthe last day of the preceding month.

REMIC Trust Factors. As soon as practicable following the eleventh calendar day of eachmonth, Fannie Mae will publish or otherwise make available for each Class of CertiÑcates the factor(carried to eight decimal places) which, when multiplied by the original principal balance of aCertiÑcate of such Class, will equal the remaining principal balance of such CertiÑcate after givingeÅect to the distribution of principal to be made on the following Distribution Date and any interest tobe added as principal to the principal balances of any Accrual Classes on such Distribution Date.

Optional Termination. Consistent with its policy described under ""Description of CertiÑcatesÌTermination'' in the MBS Prospectus, Fannie Mae will agree not to eÅect indirectly an earlytermination of the Trust or the Lower Tier REMIC through the exercise of its right to repurchase theMortgage Loans underlying any MBS unless only one Mortgage Loan remains in the related Pool orthe principal balance of such Pool at the time of repurchase is less than one percent of the originalprincipal balance thereof.

The MBS

The MBS underlying the CertiÑcates will have the aggregate unpaid principal balance and Pass-Through Rate set forth below and the general characteristics described in the MBS Prospectus. TheMortgage Loans will be conventional Level Payment Mortgage Loans secured by a Ñrst mortgage ordeed of trust on a one- to four-family (""single-family'') residential property and having an originalmaturity of up to 30 years, as described under ""The Mortgage Pools'' and ""Yield Considerations'' inthe MBS Prospectus. The characteristics of the MBS and Mortgage Loans as of October 1, 1993 (the""Issue Date'') are expected to be as follows:

Aggregate Unpaid Principal Balance ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $500,000,000MBS Pass-Through Rate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6.50%Range of WACs (per annum percentages) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6.75% to 9.00%Range of WAMsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 241 months to 360 monthsApproximate Weighted Average WAM ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 359 monthsApproximate Weighted Average CAGE ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 month

Following the issuance of the CertiÑcates, Fannie Mae will prepare a Final Data Statement settingforth the Pool number, the current WAC (or original WAC, if the current WAC is not available) andthe current WAM (or Adjusted WAM, if the current WAM is not available) of the Mortgage Loansunderlying each MBS, along with the weighted average of all the current or original WACs and theweighted average of all the current or Adjusted WAMs, based on the current unpaid principal balancesof the Mortgage Loans underlying the MBS as of the Issue Date. The Final Data Statement will notaccompany this Prospectus Supplement but will be made available by Fannie Mae. To request theFinal Data Statement, telephone Fannie Mae at 1-800-BEST-MBS or 202-752-6547. The contents ofthe Final Data Statement and other data speciÑc to the CertiÑcates are available in electronic form bycalling Fannie Mae at 1-800-752-6440 or 202-752-6000.

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Distributions of Interest

Categories of Classes

For the purpose of payments of interest, the Classes will be categorized as follows:

Interest Type* Classes

Fixed Rate All Classes except the Floating Rate, Inverse FloatingRate, R and RL Classes

Floating Rate F and FA

Inverse Floating Rate SD, SB, S, SC and SA

Interest Only PM, PH and SC

No Payment Residual R and RL

* See ""Description of the CertiÑcatesÌClass DeÑnitions and Abbreviations'' in the REMIC Prospectus.

General. The interest-bearing CertiÑcates will bear interest at the respective per annum interestrates set forth on the cover or described herein. Interest on the interest-bearing CertiÑcates iscalculated on the basis of a 360-day year consisting of twelve 30-day months and is distributablemonthly on each Distribution Date, commencing (except with respect to any Accrual Classes) in themonth after the Settlement Date. Interest to be distributed or, in the case of any Accrual Classes,added to principal on each interest-bearing CertiÑcate on a Distribution Date will consist of onemonth's interest on the outstanding principal balance of such CertiÑcate immediately prior to suchDistribution Date.

Interest Accrual Periods. Interest to be distributed or added to principal on a Distribution Datewill accrue on the interest-bearing CertiÑcates during the one-month periods set forth below (each, an""Interest Accrual Period'').

Classes Interest Accrual Period

F, SD, SB, S, SC, FA and SA (collectively, One month period beginning on the 25ththe ""No Delay Classes'') day of the month preceding the month of

the Distribution Date and ending on the24th day of the month of the DistributionDate

All other interest-bearing Classes (collec- Calendar month preceding the month intively, the ""Delay Classes'') which the Distribution Date occurs

See ""Yield Considerations'' herein.

Floating Rate and Inverse Floating Rate Classes. Each of the following Classes will bear interestduring its initial Interest Accrual Period at the Initial Interest Rate set forth below, and will bearinterest during each Interest Accrual Period thereafter, subject to the applicable Maximum andMinimum Interest Rates, at the rate determined as described below:

Initial Maximum Minimum Formula forInterest Interest Interest Calculation of

Class Rate Rate Rate Interest Rate

F ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3.825% 10.000% 0.70% LIBOR ° 70 basis pointsSD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 12.926% 22.159% 0.00% 22.15909% ¿ (2.954545 £ LIBOR)SB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9.000% 9.000% 0.00% 46.5% ¿ (5 £ LIBOR)S ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9.375% 16.071% 0.00% 16.07143% ¿ (2.142857 £ LIBOR)SC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6.175% 9.300% 0.00% 9.3% ¿ LIBORFA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4.375% 9.000% 1.25% LIBOR ° 125 basis pointsSA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 12.025% 20.150% 0.00% 20.15% ¿ (2.6 £ LIBOR)

The yields with respect to such Classes will be aÅected by changes in the applicable index as setforth in the table above (the ""Index''), which changes may not correlate with changes in mortgageinterest rates. It is possible that lower mortgage interest rates could occur concurrently with an

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increase in the level of the Index. Conversely, higher mortgage interest rates could occur concurrentlywith a decrease in the level of the Index.

The Index value will be established as described herein by Fannie Mae two business days prior tothe commencement of the related Interest Accrual Period. The establishment of the Index value byFannie Mae and Fannie Mae's determination of the rate of interest for the applicable Classes for therelated Interest Accrual Period shall (in the absence of manifest error) be Ñnal and binding. Eachsuch rate of interest may be obtained by telephoning Fannie Mae at 1-800-BEST-MBS or202-752-6547.

Calculation of LIBOR

On each LIBOR Determination Date, until the principal balances of the F, SD, SB, S, SC, FA andSA Classes (the ""LIBOR Classes'') have been reduced to zero, Fannie Mae will establish LIBOR forthe related Interest Accrual Period in the manner described in the REMIC Prospectus under""Description of the CertiÑcatesÌIndices Applicable to Floating Rate and Inverse Floating RateClassesÌLIBOR.''

If on the initial LIBOR Determination Date, Fannie Mae is unable to determine LIBOR in themanner speciÑed in the REMIC Prospectus, LIBOR for the next succeeding Interest Accrual Periodwill be 3.125%.

Distributions of Principal

Categories of Classes

For the purpose of payments of principal, the Classes will be categorized as follows:

Principal Type* Classes

PAC PA, PB, PC, PD, PE, PG, PJ, PK and PLScheduled I A and BScheduled II F, SD, SB and SNotional PM, PH and SCSupport FA and SANo Payment Residual R and RL

* See ""Description of the CertiÑcatesÌClass DeÑnitions and Abbreviations'' in the REMIC Prospectus.

Principal Distribution Amount

Principal will be distributed monthly on the CertiÑcates in an amount (the ""Principal Distribu-tion Amount'') equal to the aggregate distributions of principal concurrently made on the MBS.

On each Distribution Date, the Principal Distribution Amount will be distributed as principal ofthe Classes in the following order of priority:

(i) sequentially, to the PA, PB, PC, PD, PE, PG, PJ, PK and PL Classes, in that EPACorder, until the principal balances thereof are reduced to their respective Planned FClasses

Balances for such Distribution Date; H

E(ii) sequentially, to the A and B Classes, in that order, until the principal balances Scheduled IFClassesthereof are reduced to their respective Scheduled Balances for such Distribution Date; H

(iii) concurrently, to the F, SD, SB and S Classes, in proportion to their original Eprincipal balances (or 65.0%, 8.8%, 11.5% and 14.7%, respectively), until the principal Scheduled IIFClassesbalances thereof are reduced to their respective Scheduled Balances for such Distribu-tion Date; H

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E(iv) concurrently, to the FA and SA Classes, in proportion to their originalSupportFClassesprincipal balances (or 72.222222104% and 27.777777896%, respectively), until the

principal balances thereof are reduced to zero; H

E(v) concurrently, to the Scheduled II Classes, in the proportions set forth inScheduled IIFClassesclause (iii) above, without regard to the Scheduled Balances and until the respective

principal balances thereof are reduced to zero; H

E(vi) sequentially, to the A and B Classes, in that order, without regard to theScheduled IFClassesScheduled Balances and until the respective principal balances thereof are reduced to

zero; and H

E(vii) sequentially, to the PK, PL, PA, PB, PC, PD, PE, PG and PJ Classes, inPACthat order, without regard to the Planned Balances and until the respective principal FClasses

balances thereof are reduced to zero. H

Structuring Assumptions

Pricing Assumptions. Unless otherwise speciÑed, the information in the tables in this Prospec-tus Supplement has been prepared on the basis of the following assumptions (the ""PricingAssumptions''):

‚ each Mortgage Loan bears interest at a rate of 7.10% per annum and has an original termto maturity of 360 months, a CAGE of 1 month and a remaining term to maturity of359 months;

‚ the Mortgage Loans prepay at the constant percentages of PSA speciÑed in the relatedtable;

‚ the closing date for the sale of the CertiÑcates is the Settlement Date; and

‚ the Ñrst Distribution Date for the CertiÑcates occurs in the month following the Settle-ment Date.

PSA Assumptions. Prepayments of mortgage loans commonly are measured relative to aprepayment standard or model. The model used in this Prospectus Supplement is the PublicSecurities Association's standard prepayment model (""PSA''). To assume a speciÑed rate of PSA(for example, 200% PSA) is to assume a speciÑed rate of prepayment each month of the thenoutstanding principal balance of a pool of new mortgage loans computed as described under""Description of the CertiÑcatesÌPrepayment Considerations and Risks'' in the REMIC Prospectus.There is no assurance that prepayments will occur at any PSA rate or at any other constant rate.

The Principal Balance Schedules have been prepared on the basis of the Pricing Assumptions andthe assumption that the Mortgage Loans prepay at the approximate constant levels set forth in thefollowing table.

Principal BalanceSchedule References Related Classes PSA Levels

Planned Balances PAC Between 95% and 250%Scheduled Balances Scheduled I Between 115% and 210%Scheduled Balances Scheduled II Between 145% and 200%

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There is no assurance that the principal balances of the Classes listed above will conform on anyDistribution Date to the applicable balances speciÑed for such Distribution Date in the PrincipalBalance Schedules below, or that distributions of principal on the related Classes will begin or end onthe respective Distribution Dates speciÑed therein. Because any excess of the principal available fordistribution on any Distribution Date over the amount necessary to reduce the principal balances ofthe applicable Classes to their respective scheduled balances will be distributed, the ability to so reducethe principal balances of such Classes will not be enhanced by the averaging of high and low principalpayments. In addition, even if prepayments remain within the ranges speciÑed above, the principalavailable for distribution may be insuÇcient to reduce the applicable Classes to such respectivebalances, if prepayments do not occur at a constant PSA rate. Moreover, because of the diverseremaining terms to maturity of the Mortgage Loans (which may include recently originated MortgageLoans), the Classes speciÑed above may not be reduced to their respective scheduled amounts, even ifprepayments occur at a constant level within the ranges speciÑed above.

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Principal Balance Schedules

PA Class PB Class PC Class PD Class PE Class PG Class PJ Class PK ClassDistribution Planned Planned Planned Planned Planned Planned Planned Planned

Date Balance Balance Balance Balance Balance Balance Balance Balance

Initial Balance ÏÏÏÏÏÏÏ $36,825,000.00 $22,113,000.00 $39,389,000.00 $19,413,000.00 $61,820,000.00 $37,450,000.00 $50,528,000.00 $37,931,000.00

November 1993 ÏÏÏÏÏÏ 36,261,989.52 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

December 1993 ÏÏÏÏÏÏ 35,617,535.23 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

January 1994 ÏÏÏÏÏÏÏÏ 34,891,782.07 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

February 1994 ÏÏÏÏÏÏÏ 34,084,914.91 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

March 1994 ÏÏÏÏÏÏÏÏÏ 33,197,158.53 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

April 1994ÏÏÏÏÏÏÏÏÏÏÏ 32,228,777.61 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

May 1994 ÏÏÏÏÏÏÏÏÏÏÏ 31,180,076.58 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

June 1994 ÏÏÏÏÏÏÏÏÏÏÏ 30,051,399.59 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

July 1994 ÏÏÏÏÏÏÏÏÏÏÏ 28,843,130.33 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

August 1994 ÏÏÏÏÏÏÏÏÏ 27,555,691.84 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

September 1994ÏÏÏÏÏÏ 26,189,546.34 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

October 1994 ÏÏÏÏÏÏÏÏ 24,745,194.96 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

November 1994 ÏÏÏÏÏÏ 23,223,177.50 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

December 1994 ÏÏÏÏÏÏ 21,624,072.07 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

January 1995 ÏÏÏÏÏÏÏÏ 19,948,494.82 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

February 1995 ÏÏÏÏÏÏÏ 18,197,099.53 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

March 1995 ÏÏÏÏÏÏÏÏÏ 16,370,577.21 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

April 1995ÏÏÏÏÏÏÏÏÏÏÏ 14,469,655.71 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

May 1995 ÏÏÏÏÏÏÏÏÏÏÏ 12,495,099.19 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

June 1995 ÏÏÏÏÏÏÏÏÏÏÏ 10,447,707.69 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

July 1995 ÏÏÏÏÏÏÏÏÏÏÏ 8,328,316.57 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

August 1995 ÏÏÏÏÏÏÏÏÏ 6,137,795.98 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

September 1995ÏÏÏÏÏÏ 3,877,050.27 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

October 1995 ÏÏÏÏÏÏÏÏ 1,547,017.37 22,113,000.00 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

November 1995 ÏÏÏÏÏÏ 0.00 21,261,668.17 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

December 1995 ÏÏÏÏÏÏ 0.00 18,796,005.84 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

January 1996 ÏÏÏÏÏÏÏÏ 0.00 16,264,065.15 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

February 1996 ÏÏÏÏÏÏÏ 0.00 13,666,911.73 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

March 1996 ÏÏÏÏÏÏÏÏÏ 0.00 11,005,641.36 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

April 1996ÏÏÏÏÏÏÏÏÏÏÏ 0.00 8,356,908.11 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

May 1996 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 5,720,650.35 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

June 1996 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 3,096,806.77 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

July 1996 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 485,316.36 39,389,000.00 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

August 1996 ÏÏÏÏÏÏÏÏÏ 0.00 0.00 37,275,118.40 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

September 1996ÏÏÏÏÏÏ 0.00 0.00 34,688,152.45 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

October 1996 ÏÏÏÏÏÏÏÏ 0.00 0.00 32,113,358.38 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

November 1996 ÏÏÏÏÏÏ 0.00 0.00 29,550,676.37 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

December 1996 ÏÏÏÏÏÏ 0.00 0.00 27,000,046.86 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

January 1997 ÏÏÏÏÏÏÏÏ 0.00 0.00 24,461,410.60 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

February 1997 ÏÏÏÏÏÏÏ 0.00 0.00 21,934,708.62 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

March 1997 ÏÏÏÏÏÏÏÏÏ 0.00 0.00 19,419,882.24 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

April 1997ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 16,916,873.06 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

May 1997 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 14,425,622.97 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

June 1997 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 11,946,074.16 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

July 1997 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 9,478,169.06 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

August 1997 ÏÏÏÏÏÏÏÏÏ 0.00 0.00 7,021,850.42 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

September 1997ÏÏÏÏÏÏ 0.00 0.00 4,577,061.26 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

October 1997 ÏÏÏÏÏÏÏÏ 0.00 0.00 2,143,744.85 19,413,000.00 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

November 1997 ÏÏÏÏÏÏ 0.00 0.00 0.00 19,134,844.78 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

December 1997 ÏÏÏÏÏÏ 0.00 0.00 0.00 16,724,304.87 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

January 1998 ÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 14,325,069.26 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

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February 1998 ÏÏÏÏÏÏÏ $ 0.00 $ 0.00 $ 0.00 $11,937,082.32 $61,820,000.00 $37,450,000.00 $50,528,000.00 $37,931,000.00

March 1998 ÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 9,560,288.72 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

April 1998ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 7,194,633.38 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

May 1998 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 4,840,061.50 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

June 1998 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 2,496,518.54 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

July 1998 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 163,950.24 61,820,000.00 37,450,000.00 50,528,000.00 37,931,000.00

August 1998 ÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 59,662,302.59 37,450,000.00 50,528,000.00 37,931,000.00

September 1998ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 57,351,521.84 37,450,000.00 50,528,000.00 37,931,000.00

October 1998 ÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 55,051,554.51 37,450,000.00 50,528,000.00 37,931,000.00

November 1998 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 52,762,347.38 37,450,000.00 50,528,000.00 37,931,000.00

December 1998 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 50,483,847.49 37,450,000.00 50,528,000.00 37,931,000.00

January 1999 ÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 48,216,002.14 37,450,000.00 50,528,000.00 37,931,000.00

February 1999 ÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 45,958,758.87 37,450,000.00 50,528,000.00 37,931,000.00

March 1999 ÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 43,712,065.50 37,450,000.00 50,528,000.00 37,931,000.00

April 1999ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 41,475,870.09 37,450,000.00 50,528,000.00 37,931,000.00

May 1999 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 39,250,120.95 37,450,000.00 50,528,000.00 37,931,000.00

June 1999 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 37,034,766.64 37,450,000.00 50,528,000.00 37,931,000.00

July 1999 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 34,829,756.00 37,450,000.00 50,528,000.00 37,931,000.00




November 1999 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 26,112,135.02 37,450,000.00 50,528,000.00 37,931,000.00

December 1999 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 23,958,083.60 37,450,000.00 50,528,000.00 37,931,000.00

January 2000 ÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 21,814,073.93 37,450,000.00 50,528,000.00 37,931,000.00

February 2000 ÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 19,680,056.54 37,450,000.00 50,528,000.00 37,931,000.00

March 2000 ÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 17,555,982.22 37,450,000.00 50,528,000.00 37,931,000.00

April 2000ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 15,441,801.99 37,450,000.00 50,528,000.00 37,931,000.00

May 2000 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 13,337,467.09 37,450,000.00 50,528,000.00 37,931,000.00

June 2000 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 11,242,929.02 37,450,000.00 50,528,000.00 37,931,000.00

July 2000 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 9,158,139.51 37,450,000.00 50,528,000.00 37,931,000.00




November 2000 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 915,509.87 37,450,000.00 50,528,000.00 37,931,000.00

December 2000 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 36,328,747.28 50,528,000.00 37,931,000.00

January 2001 ÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 34,301,448.53 50,528,000.00 37,931,000.00

February 2001 ÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 32,283,566.95 50,528,000.00 37,931,000.00

March 2001 ÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 30,275,056.14 50,528,000.00 37,931,000.00

April 2001ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 28,275,869.88 50,528,000.00 37,931,000.00

May 2001 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 26,285,962.22 50,528,000.00 37,931,000.00

June 2001 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 24,305,287.40 50,528,000.00 37,931,000.00

July 2001 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 22,333,799.89 50,528,000.00 37,931,000.00

August 2001 ÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 20,371,454.40 50,528,000.00 37,931,000.00

September 2001ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 18,418,205.84 50,528,000.00 37,931,000.00

October 2001 ÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 16,474,009.34 50,528,000.00 37,931,000.00

November 2001 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 14,538,820.27 50,528,000.00 37,931,000.00

December 2001 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 12,612,594.19 50,528,000.00 37,931,000.00

January 2002 ÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 10,695,286.90 50,528,000.00 37,931,000.00

February 2002 ÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 8,786,854.39 50,528,000.00 37,931,000.00

March 2002 ÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 6,887,252.88 50,528,000.00 37,931,000.00

April 2002ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 4,996,438.81 50,528,000.00 37,931,000.00

May 2002 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 3,114,368.82 50,528,000.00 37,931,000.00

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June 2002 ÏÏÏÏÏÏÏÏÏÏÏ $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 1,240,999.77 $50,528,000.00 $37,931,000.00

July 2002 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 49,904,288.71 37,931,000.00

August 2002 ÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 48,048,192.92 37,931,000.00

September 2002ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 46,200,669.88 37,931,000.00

October 2002 ÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 44,361,677.28 37,931,000.00

November 2002 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 42,531,173.01 37,931,000.00

December 2002 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 40,709,115.18 37,931,000.00

January 2003 ÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 38,898,752.99 37,931,000.00

February 2003 ÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 37,114,326.86 37,931,000.00

March 2003 ÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 35,355,475.87 37,931,000.00

April 2003ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 33,621,844.00 37,931,000.00

May 2003 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 31,913,080.13 37,931,000.00

June 2003 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 30,228,837.97 37,931,000.00





November 2003 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 22,163,660.76 37,931,000.00

December 2003 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 20,619,537.82 37,931,000.00



March 2004 ÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 16,119,294.68 37,931,000.00

April 2004ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 14,662,236.05 37,931,000.00

May 2004 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 13,226,189.38 37,931,000.00

June 2004 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 11,810,861.24 37,931,000.00





November 2004 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 5,035,008.61 37,931,000.00

December 2004 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 3,738,052.11 37,931,000.00



March 2005 ÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 37,889,782.68

April 2005ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 36,666,362.65

May 2005 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 35,460,687.94

June 2005 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 34,272,510.04

July 2005 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 33,101,583.84

August 2005 ÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 31,947,667.63

September 2005ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 30,810,522.98

October 2005 ÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 29,689,914.80

November 2005 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 28,585,611.17

December 2005 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 27,497,383.42

January 2006 ÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26,425,005.99

February 2006 ÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 25,368,256.43

March 2006 ÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 24,326,915.37


May 2006 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 22,289,596.29





S-13



October 2006 ÏÏÏÏÏÏÏÏ $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $17,451,162.02

November 2006 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 16,525,545.22

December 2006 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15,613,493.61



March 2007 ÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12,956,833.38


May 2007 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11,250,121.08





October 2007 ÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7,198,326.80

November 2007 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,423,450.78

December 2007 ÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,660,014.56



March 2008 ÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,436,739.57


May 2008 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,008,851.08


July 2008 ÏÏÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 622,976.42

August 2008 andthereafter ÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

S-14

PL Class A Class B Class F Class SD Class SB Class S ClassDistribution Planned Scheduled Scheduled Scheduled Scheduled Scheduled Scheduled

Date Balance Balance Balance Balance Balance Balance Balance

Initial Balance ÏÏÏÏÏÏÏ $22,672,000.00 $22,748,000.00 $22,256,000.00 $21,378,500.00 $2,894,320.00 $3,782,350.00 $4,834,830.00

November 1993 ÏÏÏÏÏÏ 22,672,000.00 22,714,564.89 22,256,000.00 21,345,870.72 2,889,902.50 3,776,577.13 4,827,450.76

December 1993 ÏÏÏÏÏÏ 22,672,000.00 22,664,418.42 22,256,000.00 21,296,918.35 2,883,275.10 3,767,916.32 4,816,380.00

January 1994 ÏÏÏÏÏÏÏÏ 22,672,000.00 22,597,584.28 22,256,000.00 21,231,661.66 2,874,440.35 3,756,370.91 4,801,621.94

February 1994 ÏÏÏÏÏÏÏ 22,672,000.00 22,514,104.18 22,256,000.00 21,150,141.12 2,863,403.72 3,741,948.04 4,783,185.76

March 1994 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 22,414,037.92 22,256,000.00 21,052,418.98 2,850,173.65 3,724,658.74 4,761,085.52

April 1994ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 22,297,463.39 22,256,000.00 20,938,579.22 2,834,761.49 3,704,517.86 4,735,340.22

May 1994 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 22,164,476.52 22,256,000.00 20,808,727.63 2,817,181.59 3,681,544.12 4,705,973.79

June 1994 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 22,015,191.28 22,256,000.00 20,662,991.69 2,797,451.18 3,655,760.07 4,673,015.04

July 1994 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 21,849,739.55 22,256,000.00 20,501,520.49 2,775,590.47 3,627,192.09 4,636,497.71

August 1994 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 21,668,271.07 22,256,000.00 20,324,484.65 2,751,622.54 3,595,870.36 4,596,460.38

September 1994ÏÏÏÏÏÏ 22,672,000.00 21,470,953.32 22,256,000.00 20,132,076.12 2,725,573.38 3,561,828.85 4,552,946.45

October 1994 ÏÏÏÏÏÏÏÏ 22,672,000.00 21,257,971.33 22,256,000.00 19,924,507.99 2,697,471.85 3,525,105.26 4,506,004.12

November 1994 ÏÏÏÏÏÏ 22,672,000.00 21,029,527.55 22,256,000.00 19,702,014.27 2,667,349.62 3,485,740.99 4,455,686.30

December 1994 ÏÏÏÏÏÏ 22,672,000.00 20,785,841.65 22,256,000.00 19,464,849.61 2,635,241.18 3,443,781.08 4,402,050.60



March 1995 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 19,965,781.37 22,256,000.00 18,668,179.45 2,527,384.30 3,302,831.75 4,221,880.58


May 1995 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 19,347,644.23 22,256,000.00 18,069,278.49 2,446,302.32 3,196,872.35 4,086,436.83






November 1995 ÏÏÏÏÏÏ 22,672,000.00 17,178,600.63 22,256,000.00 15,980,157.95 2,163,467.54 2,827,258.71 3,613,974.18

December 1995 ÏÏÏÏÏÏ 22,672,000.00 16,775,041.43 22,256,000.00 15,593,797.73 2,111,160.31 2,758,902.67 3,526,597.33



March 1996 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 15,500,379.78 22,256,000.00 14,378,707.51 1,946,655.79 2,543,925.17 3,251,800.01


May 1996 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 14,647,741.59 22,256,000.00 13,571,395.97 1,837,358.22 2,401,093.13 3,069,223.40






November 1996 ÏÏÏÏÏÏ 22,672,000.00 12,227,212.93 22,256,000.00 11,307,686.62 1,530,886.80 2,000,590.71 2,557,276.82

December 1996 ÏÏÏÏÏÏ 22,672,000.00 11,843,340.45 22,256,000.00 10,952,752.00 1,482,834.12 1,937,794.58 2,477,006.99



March 1997 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 10,724,329.14 22,256,000.00 9,924,921.16 1,343,681.63 1,755,947.59 2,244,559.09


May 1997 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 10,005,050.10 22,256,000.00 9,269,858.99 1,254,996.29 1,640,051.97 2,096,414.26






November 1997 ÏÏÏÏÏÏ 22,672,000.00 7,971,694.41 22,256,000.00 7,443,848.46 1,007,782.56 1,316,988.57 1,683,454.96

December 1997 ÏÏÏÏÏÏ 22,672,000.00 7,650,510.07 22,256,000.00 7,159,161.90 969,240.38 1,266,620.95 1,619,072.00

January 1998 ÏÏÏÏÏÏÏÏ 22,672,000.00 7,334,274.25 22,256,000.00 6,879,928.43 931,436.46 1,217,218.11 1,555,922.27

S-15



February 1998 ÏÏÏÏÏÏÏ $22,672,000.00 $ 7,022,945.99 $22,256,000.00 $ 6,606,089.02 $ 894,362.82 $1,168,769.60 $1,493,992.44

March 1998 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 6,716,484.67 22,256,000.00 6,337,585.19 858,011.53 1,121,265.07 1,433,269.27

April 1998ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 6,414,849.95 22,256,000.00 6,074,359.01 822,374.76 1,074,694.29 1,373,739.65

May 1998 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 6,118,001.80 22,256,000.00 5,816,353.06 787,444.72 1,029,047.08 1,315,390.61

June 1998 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 5,825,900.48 22,256,000.00 5,563,510.48 753,213.73 984,313.39 1,258,209.29

July 1998 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 5,538,506.56 22,256,000.00 5,315,774.94 719,674.15 940,483.26 1,202,182.95

August 1998 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 5,255,780.87 22,256,000.00 5,073,090.63 686,818.42 897,546.80 1,147,298.96

September 1998ÏÏÏÏÏÏ 22,672,000.00 4,977,684.56 22,256,000.00 4,835,402.26 654,639.08 855,494.25 1,093,544.82

October 1998 ÏÏÏÏÏÏÏÏ 22,672,000.00 4,704,179.05 22,256,000.00 4,602,655.05 623,128.68 814,315.89 1,040,908.14

November 1998 ÏÏÏÏÏÏ 22,672,000.00 4,435,226.06 22,256,000.00 4,374,794.75 592,279.90 774,002.15 989,376.66

December 1998 ÏÏÏÏÏÏ 22,672,000.00 4,170,787.59 22,256,000.00 4,151,767.59 562,085.46 734,543.50 938,938.21

January 1999 ÏÏÏÏÏÏÏÏ 22,672,000.00 3,910,825.92 22,256,000.00 3,933,520.34 532,538.14 695,930.52 889,580.75

February 1999 ÏÏÏÏÏÏÏ 22,672,000.00 3,655,303.61 22,256,000.00 3,720,000.24 503,630.80 658,153.89 841,292.36

March 1999 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 3,404,183.50 22,256,000.00 3,511,155.02 475,356.37 621,204.35 794,061.21

April 1999ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 3,157,428.70 22,256,000.00 3,306,932.93 447,707.84 585,072.75 747,875.60

May 1999 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 2,915,002.61 22,256,000.00 3,107,282.67 420,678.27 549,750.01 702,723.93

June 1999 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 2,676,868.90 22,256,000.00 2,912,153.45 394,260.78 515,227.15 658,594.70

July 1999 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 2,442,991.49 22,256,000.00 2,721,494.95 368,448.55 481,495.26 615,476.55

August 1999 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 2,213,334.60 22,256,000.00 2,535,257.31 343,234.84 448,545.52 573,358.19

September 1999ÏÏÏÏÏÏ 22,672,000.00 1,987,862.69 22,256,000.00 2,353,391.16 318,612.96 416,369.20 532,228.46

October 1999 ÏÏÏÏÏÏÏÏ 22,672,000.00 1,766,540.49 22,256,000.00 2,175,847.56 294,576.29 384,957.65 492,076.30

November 1999 ÏÏÏÏÏÏ 22,672,000.00 1,549,333.02 22,256,000.00 2,002,578.08 271,118.26 354,302.28 452,890.74

December 1999 ÏÏÏÏÏÏ 22,672,000.00 1,336,205.53 22,256,000.00 1,833,534.72 248,232.39 324,394.60 414,660.93

January 2000 ÏÏÏÏÏÏÏÏ 22,672,000.00 1,127,123.54 22,256,000.00 1,668,669.92 225,912.24 295,226.22 377,376.12

February 2000 ÏÏÏÏÏÏÏ 22,672,000.00 922,052.83 22,256,000.00 1,507,936.59 204,151.41 266,788.78 341,025.66

March 2000 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 720,959.44 22,256,000.00 1,351,288.07 182,943.62 239,074.04 305,598.99

April 2000ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 523,809.66 22,256,000.00 1,198,678.16 162,282.58 212,073.83 271,085.68

May 2000 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 330,570.03 22,256,000.00 1,050,061.08 142,162.12 185,780.04 237,475.35

June 2000 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 141,207.35 22,256,000.00 905,391.51 122,576.08 160,184.65 204,757.77

July 2000 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 22,211,688.65 764,624.50 103,518.39 135,279.72 172,922.77

August 2000 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 22,029,981.24 627,715.60 84,983.04 111,057.38 141,960.30

September 2000ÏÏÏÏÏÏ 22,672,000.00 0.00 21,852,052.64 494,620.74 66,964.04 87,509.82 111,860.38

October 2000 ÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 21,677,870.63 365,296.26 49,455.49 64,629.34 82,613.15

November 2000 ÏÏÏÏÏÏ 22,672,000.00 0.00 21,507,403.25 239,698.95 32,451.55 42,408.28 54,208.84

December 2000 ÏÏÏÏÏÏ 22,672,000.00 0.00 21,340,618.75 117,785.99 15,946.41 20,839.06 26,637.75

January 2001 ÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 21,177,485.64 0.00 0.00 0.00 0.00

February 2001 ÏÏÏÏÏÏÏ 22,672,000.00 0.00 21,017,972.65 0.00 0.00 0.00 0.00

March 2001 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 20,862,048.77 0.00 0.00 0.00 0.00

April 2001ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 20,709,683.19 0.00 0.00 0.00 0.00

May 2001 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 20,560,845.37 0.00 0.00 0.00 0.00

June 2001 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 20,415,504.98 0.00 0.00 0.00 0.00

July 2001 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 20,273,631.91 0.00 0.00 0.00 0.00

August 2001 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 20,135,196.30 0.00 0.00 0.00 0.00

September 2001ÏÏÏÏÏÏ 22,672,000.00 0.00 20,000,168.51 0.00 0.00 0.00 0.00

October 2001 ÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 19,868,519.11 0.00 0.00 0.00 0.00

November 2001 ÏÏÏÏÏÏ 22,672,000.00 0.00 19,740,218.91 0.00 0.00 0.00 0.00

December 2001 ÏÏÏÏÏÏ 22,672,000.00 0.00 19,615,238.93 0.00 0.00 0.00 0.00



March 2002 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 19,259,933.85 0.00 0.00 0.00 0.00


May 2002 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 19,039,143.51 0.00 0.00 0.00 0.00

S-16



June 2002 ÏÏÏÏÏÏÏÏÏÏÏ $22,672,000.00 $ 0.00 $18,933,488.57 $ 0.00 $ 0.00 $ 0.00 $ 0.00





November 2002 ÏÏÏÏÏÏ 22,672,000.00 0.00 18,451,523.70 0.00 0.00 0.00 0.00

December 2002 ÏÏÏÏÏÏ 22,672,000.00 0.00 18,364,204.77 0.00 0.00 0.00 0.00



March 2003 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 18,058,150.38 0.00 0.00 0.00 0.00


May 2003 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 17,817,214.64 0.00 0.00 0.00 0.00






November 2003 ÏÏÏÏÏÏ 22,672,000.00 0.00 17,031,526.53 0.00 0.00 0.00 0.00

December 2003 ÏÏÏÏÏÏ 22,672,000.00 0.00 16,892,323.92 0.00 0.00 0.00 0.00



March 2004 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 16,462,204.09 0.00 0.00 0.00 0.00


May 2004 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 16,165,800.16 0.00 0.00 0.00 0.00






November 2004 ÏÏÏÏÏÏ 22,672,000.00 0.00 15,236,588.97 0.00 0.00 0.00 0.00

December 2004 ÏÏÏÏÏÏ 22,672,000.00 0.00 15,076,598.44 0.00 0.00 0.00 0.00



March 2005 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 14,589,115.84 0.00 0.00 0.00 0.00


May 2005 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 14,258,462.56 0.00 0.00 0.00 0.00






November 2005 ÏÏÏÏÏÏ 22,672,000.00 0.00 13,244,206.58 0.00 0.00 0.00 0.00

December 2005 ÏÏÏÏÏÏ 22,672,000.00 0.00 13,072,458.42 0.00 0.00 0.00 0.00



March 2006 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 12,553,547.33 0.00 0.00 0.00 0.00


May 2006 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 12,205,004.13 0.00 0.00 0.00 0.00





S-17



October 2006 ÏÏÏÏÏÏÏÏ $22,672,000.00 $ 0.00 $11,327,016.10 $ 0.00 $ 0.00 $ 0.00 $ 0.00

November 2006 ÏÏÏÏÏÏ 22,672,000.00 0.00 11,150,600.32 0.00 0.00 0.00 0.00

December 2006 ÏÏÏÏÏÏ 22,672,000.00 0.00 10,973,999.77 0.00 0.00 0.00 0.00



March 2007 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 10,443,444.04 0.00 0.00 0.00 0.00


May 2007 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 10,089,451.39 0.00 0.00 0.00 0.00






November 2007 ÏÏÏÏÏÏ 22,672,000.00 0.00 9,028,859.86 0.00 0.00 0.00 0.00

December 2007 ÏÏÏÏÏÏ 22,672,000.00 0.00 8,852,603.16 0.00 0.00 0.00 0.00



March 2008 ÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 8,325,244.37 0.00 0.00 0.00 0.00


May 2008 ÏÏÏÏÏÏÏÏÏÏÏ 22,672,000.00 0.00 7,975,096.81 0.00 0.00 0.00 0.00






November 2008 ÏÏÏÏÏÏ 20,644,576.10 0.00 6,933,512.67 0.00 0.00 0.00 0.00

December 2008 ÏÏÏÏÏÏ 20,006,428.05 0.00 6,761,428.58 0.00 0.00 0.00 0.00



March 2009 ÏÏÏÏÏÏÏÏÏ 18,148,472.86 0.00 6,248,157.24 0.00 0.00 0.00 0.00


May 2009 ÏÏÏÏÏÏÏÏÏÏÏ 16,955,584.76 0.00 5,908,637.28 0.00 0.00 0.00 0.00






November 2009 ÏÏÏÏÏÏ 13,585,326.51 0.00 4,904,270.39 0.00 0.00 0.00 0.00

December 2009 ÏÏÏÏÏÏ 13,052,729.22 0.00 4,739,099.85 0.00 0.00 0.00 0.00



March 2010 ÏÏÏÏÏÏÏÏÏ 11,502,506.17 0.00 4,247,666.72 0.00 0.00 0.00 0.00


May 2010 ÏÏÏÏÏÏÏÏÏÏÏ 10,507,543.86 0.00 3,923,563.38 0.00 0.00 0.00 0.00






November 2010 ÏÏÏÏÏÏ 7,698,090.58 0.00 2,969,092.96 0.00 0.00 0.00 0.00

December 2010 ÏÏÏÏÏÏ 7,254,350.00 0.00 2,812,717.44 0.00 0.00 0.00 0.00


S-18



February 2011 ÏÏÏÏÏÏÏ $ 6,386,977.52 $ 0.00 $ 2,502,361.06 $ 0.00 $ 0.00 $ 0.00 $ 0.00

March 2011 ÏÏÏÏÏÏÏÏÏ 5,963,154.11 0.00 2,348,395.80 0.00 0.00 0.00 0.00


May 2011 ÏÏÏÏÏÏÏÏÏÏÏ 5,134,764.07 0.00 2,042,927.69 0.00 0.00 0.00 0.00






November 2011 ÏÏÏÏÏÏ 2,797,151.10 0.00 1,146,687.86 0.00 0.00 0.00 0.00

December 2011 ÏÏÏÏÏÏ 2,428,152.77 0.00 1,000,315.36 0.00 0.00 0.00 0.00

January 2012 ÏÏÏÏÏÏÏÏ 2,064,816.94 0.00 854,813.64 0.00 0.00 0.00 0.00

February 2012 ÏÏÏÏÏÏÏ 1,707,062.09 0.00 710,187.14 0.00 0.00 0.00 0.00

March 2012 ÏÏÏÏÏÏÏÏÏ 1,354,807.88 0.00 566,440.02 0.00 0.00 0.00 0.00

April 2012ÏÏÏÏÏÏÏÏÏÏÏ 1,007,975.08 0.00 423,576.22 0.00 0.00 0.00 0.00

May 2012 ÏÏÏÏÏÏÏÏÏÏÏ 666,485.55 0.00 281,599.41 0.00 0.00 0.00 0.00

June 2012 ÏÏÏÏÏÏÏÏÏÏÏ 330,262.25 0.00 140,513.04 0.00 0.00 0.00 0.00

July 2012 andthereafter ÏÏÏÏÏÏÏÏÏ 0.00 0.00 0.00 0.00 0.00 0.00 0.00

S-19

Characteristics of the R and RL Classes

The R and RL CertiÑcates will not have principal balances and will not bear interest. The Holderof the R CertiÑcate will be entitled to receive the proceeds of the remaining assets of the Trust, if any,after the principal balances of all Classes have been reduced to zero, and the Holder of theRL CertiÑcate will be entitled to receive the proceeds of the remaining assets of the Lower TierREMIC, if any, after the principal balances of the Lower Tier Interests have been reduced to zero. Itis not anticipated that there will be any material assets remaining in either such circumstance.

The R Class and the RL Class will be subject to certain transfer restrictions. No transfer ofrecord or beneÑcial ownership of an R or RL CertiÑcate will be allowed to a ""disqualiÑed organiza-tion.'' In addition, no transfer of record or beneÑcial ownership of an R or RL CertiÑcate will beallowed to any person that is not a ""U.S. Person'' without the written consent of Fannie Mae. Underregulations issued by the Treasury Department on December 23, 1992 (the ""Regulations''), a transferof a ""noneconomic residual interest'' to a U.S. Person will be disregarded for all federal tax purposesunless no signiÑcant purpose of the transfer is to impede the assessment or collection of tax. The Rand RL CertiÑcates will constitute noneconomic residual interests under the Regulations. Anytransferee of an R or RL CertiÑcate must execute and deliver an aÇdavit and an Internal RevenueService Form W-9 on which the transferee provides its taxpayer identiÑcation number. See""Description of the CertiÑcatesÌAdditional Characteristics of Residual CertiÑcates'' and ""CertainFederal Income Tax ConsequencesÌTaxation of BeneÑcial Owners of Residual CertiÑcates'' in theREMIC Prospectus. Transferors of an R or RL CertiÑcate should consult with their own tax advisorsfor further information regarding such transfers.

The Holder of the R CertiÑcate will be considered to be the holder of the ""residual interest'' in theREMIC constituted by the Trust, and the Holder of the RL CertiÑcate will be considered to be theholder of the ""residual interest'' in the REMIC constituted by the Lower Tier REMIC. See ""CertainFederal Income Tax Consequences'' in the REMIC Prospectus. Pursuant to the Trust Agreement,Fannie Mae will be obligated to provide to such Holders (i) such information as is necessary to enablethem to prepare their federal income tax returns and (ii) any reports regarding the CertiÑcates thatmay be required under the Code.

Yield Considerations

General. There can be no assurance that the Mortgage Loans will have the characteristicsassumed herein or will prepay at any of the rates assumed herein or at any other particular rate, thatthe pre-tax yields on the CertiÑcates will correspond to any of the pre-tax yields shown herein or thatthe aggregate purchase prices of the CertiÑcates will be as assumed. In addition, there can be noassurance that the applicable Index will correspond to the levels shown herein. Because the rate ofprincipal distributions on the CertiÑcates will be related to the amortization of the Mortgage Loans ineach Pool, which are likely to include Mortgage Loans that have remaining terms to maturity shorteror longer than those assumed and interest rates higher or lower than those assumed, the principaldistributions on the CertiÑcates are likely to diÅer from those assumed, even if all Mortgage Loansprepay at the indicated constant percentages of PSA. In addition, it is not likely that the MortgageLoans will prepay at a constant PSA rate until maturity, that all of such Mortgage Loans will prepayat the same rate or that the level of the applicable Index will remain constant.

The timing of changes in the rate of prepayments or the level of the applicable Index maysigniÑcantly aÅect the actual yield to maturity to investors, even if the average rate of principalprepayments or the average level of such Index is consistent with the expectations of investors. Ingeneral, the earlier the payment of principal of the Mortgage Loans or change in the level of an Index,the greater the eÅect on an investor's yield to maturity. As a result, the eÅect on an investor's yield ofprincipal prepayments or the level of an Index occurring at a rate or level higher (or lower) than therate or level anticipated by the investor during the period immediately following the issuance of the

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CertiÑcates will not be oÅset by a subsequent like reduction (or increase) in the rate of principalprepayments or level of such Index.

The eÅective yield on the Delay Classes will be reduced below the yield otherwise producedbecause principal and interest payable on a Distribution Date will not be distributed until the 25th dayfollowing the end of the related Interest Accrual Period and will not bear interest during such delay.No interest at all will be paid on any Class after its principal balance has been reduced to zero. As aresult of the foregoing, the market value of the Delay Classes will be lower than would have been thecase if there were no such delay. Investors must make their own decisions as to the appropriateassumptions, including prepayment assumptions, to be used in deciding whether to purchase theCertiÑcates.

The tables below indicate the sensitivity of the pre-tax corporate bond equivalent yields tomaturity of certain Classes to various constant percentages of PSA and, where speciÑed, to changes inan Index. The yields set forth in the tables were calculated by determining the monthly discount ratesthat, when applied to the assumed streams of cash Öows to be paid on the applicable Classes, wouldcause the discounted present value of such assumed streams of cash Öows to equal the assumedaggregate purchase prices of such Classes and converting such monthly rates to corporate bondequivalent rates. Such calculations do not take into account variations that may occur in the interestrates at which investors may be able to reinvest funds received by them as distributions on theCertiÑcates and consequently do not purport to reÖect the return on any investment in the CertiÑcateswhen such reinvestment rates are considered.

The Interest Only Classes. As indicated in the table below, the yields to investors in thePM and PH Classes will be sensitive in varying degrees to the rate of principal payments(including prepayments) of the Mortgage Loans, which generally can be prepaid at anytime. On the basis of the assumptions described below, the yield to maturity on the PM andPH Classes would be 0% if prepayments were to occur at constant rates of approximately1,013% PSA and 659% PSA, respectively. If the actual prepayment rate of the MortgageLoans were to exceed any of the foregoing levels for as little as one month while equalingsuch level for the remaining months, the investors in the PM and PH Classes, as applicable,would not fully recoup their initial investments.

The information set forth in the following table was prepared on the basis of the PricingAssumptions and the assumption that the aggregate purchase prices of the PM and PH Classes(expressed as percentages of original principal balance) are as follows:

Class Price*

PM ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9.78125%PH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 22.59375%

* The prices do not include accrued interest. Accrued interest has been added to such prices incalculating the yields set forth in the table below.

Sensitivity of the PM and PH Classes to Prepayments(Pre-Tax Yields to Maturity)

PSA Prepayment Assumption

Class 50% 95% 200% 250% 500%

PMÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 27.2% 5.1% 5.1% 5.1% 5.1%PH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 21.2% 11.3% 11.3% 11.3% 8.5%

The Inverse Floating Rate Classes. The yields to investors in the Inverse Floating RateClasses will be sensitive in varying degrees to the level of the applicable Index and to therate of principal payments (including prepayments) of the Mortgage Loans, which gener-ally can be prepaid at any time. As indicated in the tables below, a high level of the

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applicable Index will have a negative eÅect on the yields to investors in the InverseFloating Rate Classes. It is possible that, under certain Index or prepayment scenarios,investors in the SC Class would not fully recoup their initial investments.

Changes in an Index may not correlate with changes in prevailing mortgage interest rates. It ispossible that lower prevailing mortgage interest rates, which might be expected to result in fasterprepayments, could occur concurrently with an increased level of such Index.

The information set forth in the following tables was prepared on the basis of the PricingAssumptions and the assumptions that (i) the interest rates applicable to the Inverse Floating RateClasses for each Interest Accrual Period subsequent to their initial Interest Accrual Period will bebased on the indicated level of the applicable Index and (ii) the aggregate purchase prices of theInverse Floating Rate Classes (expressed as percentages of original principal balance) are as follows:

Class Price*

SC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 10.37500%S ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 92.78125%SD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 98.90625%SB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 99.36300%SA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 96.03125%

* The prices do not include accrued interest. Accrued interest has been added to such prices incalculating the yields set forth in the tables below.

Sensitivity of the SC Class to Prepayments and LIBOR(Pre-Tax Yields to Maturity)


LIBOR 50% 95% 145% 200% 250% 500%

1.125% ÏÏÏÏÏÏÏÏÏÏÏÏ 91.5% 91.5% 71.2% 71.2% 71.2% 50.5%3.125% ÏÏÏÏÏÏÏÏÏÏÏÏ 67.4% 67.4% 44.8% 44.8% 44.8% 18.9%5.125% ÏÏÏÏÏÏÏÏÏÏÏÏ 44.4% 44.4% 18.0% 18.0% 18.0% (15.2)%7.125% ÏÏÏÏÏÏÏÏÏÏÏÏ 22.4% 22.0% (11.9)% (11.9)% (11.9)% (55.6)%9.300% ÏÏÏÏÏÏÏÏÏÏÏÏ * * * * * *

* The pre-tax yield to maturity would be less than (99.9)%.

Sensitivity of the S Class to Prepayments and LIBOR(Pre-Tax Yields to Maturity)


LIBOR 50% 95% 145% 200% 250% 500%

1.125% ÏÏÏÏÏÏÏÏÏÏÏÏ 15.2% 15.2% 17.0% 17.0% 17.0% 18.4%3.125% ÏÏÏÏÏÏÏÏÏÏÏÏ 10.4% 10.5% 12.4% 12.4% 12.4% 13.8%5.125% ÏÏÏÏÏÏÏÏÏÏÏÏ 5.7% 5.8% 7.8% 7.8% 7.8% 9.3%7.500% and above ÏÏ 0.4% 0.4% 2.4% 2.4% 2.4% 4.1%

Sensitivity of the SD Class to Prepayments and LIBOR(Pre-Tax Yields to Maturity)


LIBOR 50% 95% 145% 200% 250% 500%

1.125% ÏÏÏÏÏÏÏÏÏÏÏÏ 19.7% 19.7% 19.9% 19.9% 19.9% 20.0%3.125% ÏÏÏÏÏÏÏÏÏÏÏÏ 13.4% 13.4% 13.7% 13.7% 13.7% 13.9%5.125% ÏÏÏÏÏÏÏÏÏÏÏÏ 7.3% 7.3% 7.6% 7.6% 7.6% 8.0%7.500% and above ÏÏ 0.1% 0.1% 0.6% 0.6% 0.6% 1.0%

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Sensitivity of the SB Class to Prepayments and LIBOR(Pre-Tax Yields to Maturity)


LIBOR 50% 95% 145% 200% 250% 500%

7.5% and belowÏÏÏÏÏ 9.2% 9.2% 9.4% 9.4% 9.4% 9.5%8.4% ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4.6% 4.6% 4.9% 4.9% 4.9% 5.0%9.3% ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.1% 0.1% 0.4% 0.4% 0.4% 0.6%

Sensitivity of the SA Class to Prepayments and LIBOR(Pre-Tax Yields to Maturity)


LIBOR 50% 95% 200% 250% 500%

1.125% ÏÏÏÏÏÏÏÏÏÏÏÏ 18.6% 18.6% 18.9% 19.6% 21.3%3.125% ÏÏÏÏÏÏÏÏÏÏÏÏ 12.9% 12.9% 13.3% 14.0% 15.9%5.125% ÏÏÏÏÏÏÏÏÏÏÏÏ 7.3% 7.3% 7.7% 8.6% 10.6%7.750% ÏÏÏÏÏÏÏÏÏÏÏÏ 0.2% 0.2% 0.5% 1.6% 3.7%

Weighted Average Lives of the CertiÑcates

The weighted average life of a CertiÑcate is determined by (a) multiplying the amount of thereduction, if any, of the principal balance of such CertiÑcate from one Distribution Date to the nextDistribution Date by the number of years from the Settlement Date to the second such DistributionDate, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions inprincipal balance of such CertiÑcate referred to in clause (a). For a description of the factors whichmay inÖuence the weighted average life of a CertiÑcate, see ""Description of the CertiÑcatesÌWeighted Average Life and Final Distribution Dates'' in the REMIC Prospectus.

In general, the weighted average lives of the CertiÑcates will be shortened if the level ofprepayments of principal of the Mortgage Loans increases. However, the weighted average lives willdepend upon a variety of other factors, including the timing of changes in such rate of principalpayments, the priority sequence of distributions of principal of the Classes and the distribution ofprincipal of certain Classes in accordance with the Principal Balance Schedules herein. In particular,if the amount distributable as principal of the CertiÑcates on any Distribution Date exceeds theamount required to reduce the principal balances of certain Classes with higher principal paymentpriorities to their respective scheduled amounts as set forth in the Principal Balance Schedules, suchexcess principal will be distributed on the remaining Classes on such Distribution Date. Conversely, ifthe principal distributable on any Distribution Date is less than the amount so required to reducecertain Classes to their respective scheduled amounts, no principal will be distributed on theremaining Classes on such Distribution Date. Accordingly, the rate of principal payments on theMortgage Loans is expected to have a greater eÅect on the weighted average lives of the SupportClasses and, under certain prepayment scenarios, the Scheduled II and Scheduled I Classes, than onthe weighted average lives of the PAC Classes. See ""Distributions of Principal'' herein.

The interaction of the foregoing factors may have diÅerent eÅects on various Classes and theeÅects on any Class may vary at diÅerent times during the life of such Class. Accordingly, noassurance can be given as to the weighted average life of any Class. Further, to the extent the prices ofthe CertiÑcates represent discounts or premiums to their respective original principal balances,variability in the weighted average lives of such Classes of CertiÑcates could result in variability in therelated yields to maturity. For an example of how the weighted average lives of the Classes may beaÅected at various constant prepayment rates, see the Decrement Tables below.

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Decrement Tables

The following tables indicate the percentages of original principal balances of the speciÑed Classesthat would be outstanding after each of the dates shown at various constant PSA levels and thecorresponding weighted average lives of such Classes. The tables have been prepared on the basis ofthe Pricing Assumptions, except that with respect to the information set forth for each such Classunder 0% PSA it has been assumed that each underlying Mortgage Loan bears an interest rate of9.00% per annum and has an original and remaining term to maturity of 360 months. It is not likelythat (i) all of the underlying Mortgage Loans will have the interest rates, CAGEs or remaining termsto maturity assumed or (ii) the underlying Mortgage Loans will prepay at a constant PSA level. Inaddition, the diverse remaining terms to maturity of the Mortgage Loans (which will include recentlyoriginated Mortgage Loans) could produce slower or faster principal distributions than indicated inthe tables at the speciÑed constant PSA levels, even if the weighted average remaining term tomaturity and the weighted average CAGE of the Mortgage Loans are identical to the remaining termto maturity and CAGE speciÑed in the Pricing Assumptions.

Percent of Original Principal Balances Outstanding

PA Class PB Class PM‰ Class

PSA Prepayment PSA Prepayment PSA PrepaymentAssumption Assumption Assumption

Date 0% 95% 200% 250% 500% 0% 95% 200% 250% 500% 0% 95% 200% 250% 500%

Initial PercentÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100October 1994ÏÏÏÏÏÏÏÏÏÏ 91 67 67 67 67 100 100 100 100 100 94 78 78 78 78October 1995ÏÏÏÏÏÏÏÏÏÏ 81 4 4 4 4 100 100 100 100 100 87 35 35 35 35October 1996ÏÏÏÏÏÏÏÏÏÏ 69 0 0 0 0 100 0 0 0 0 79 0 0 0 0October 1997ÏÏÏÏÏÏÏÏÏÏ 57 0 0 0 0 100 0 0 0 0 71 0 0 0 0October 1998ÏÏÏÏÏÏÏÏÏÏ 44 0 0 0 0 100 0 0 0 0 62 0 0 0 0October 1999ÏÏÏÏÏÏÏÏÏÏ 30 0 0 0 0 100 0 0 0 0 52 0 0 0 0October 2000ÏÏÏÏÏÏÏÏÏÏ 14 0 0 0 0 100 0 0 0 0 42 0 0 0 0October 2001ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 94 0 0 0 0 30 0 0 0 0October 2002ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 62 0 0 0 0 20 0 0 0 0October 2003ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 28 0 0 0 0 9 0 0 0 0October 2004ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2005ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2006ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2007ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2008ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2009ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2010ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2011ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2012ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2013ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2014ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2015ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2016ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2017ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2018ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2019ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2020ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2021ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2022ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2023ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Weighted Average

Life (years)** ÏÏÏÏÏÏ 4.4 1.3 1.3 1.3 1.3 9.4 2.4 2.4 2.4 2.4 6.0 1.7 1.7 1.7 1.7

** The weighted average life of a REMIC CertiÑcate is determined as speciÑed under ""Weighted Average Lives of the REMICCertiÑcates'' herein.

‰ In the case of a Notional Class, the Decrement Table indicates the percentage of the original notional principal balanceoutstanding.

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PC Class PD Class PE Class


Date 0% 95% 200% 250% 500% 0% 95% 200% 250% 500% 0% 95% 200% 250% 500%

Initial PercentÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100October 1994ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100October 1995ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100October 1996ÏÏÏÏÏÏÏÏÏÏ 100 82 82 82 82 100 100 100 100 100 100 100 100 100 100October 1997ÏÏÏÏÏÏÏÏÏÏ 100 5 5 5 5 100 100 100 100 100 100 100 100 100 100October 1998ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 100 0 0 0 0 100 89 89 89 54October 1999ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 100 0 0 0 0 100 46 46 46 0October 2000ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 100 0 0 0 0 100 5 5 5 0October 2001ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 100 0 0 0 0 100 0 0 0 0October 2002ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 100 0 0 0 0 100 0 0 0 0October 2003ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 100 0 0 0 0 100 0 0 0 0October 2004ÏÏÏÏÏÏÏÏÏÏ 94 0 0 0 0 100 0 0 0 0 100 0 0 0 0October 2005ÏÏÏÏÏÏÏÏÏÏ 71 0 0 0 0 100 0 0 0 0 100 0 0 0 0October 2006ÏÏÏÏÏÏÏÏÏÏ 46 0 0 0 0 100 0 0 0 0 100 0 0 0 0October 2007ÏÏÏÏÏÏÏÏÏÏ 18 0 0 0 0 100 0 0 0 0 100 0 0 0 0October 2008ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 74 0 0 0 0 100 0 0 0 0October 2009ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 7 0 0 0 0 100 0 0 0 0October 2010ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 79 0 0 0 0October 2011ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 54 0 0 0 0October 2012ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 26 0 0 0 0October 2013ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2014ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2015ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2016ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2017ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2018ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2019ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2020ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2021ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2022ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2023ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Weighted Average


PH‰ Class PG Class PJ Class


Date 0% 95% 200% 250% 500% 0% 95% 200% 250% 500% 0% 95% 200% 250% 500%

Initial PercentÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100October 1994ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100October 1995ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100October 1996ÏÏÏÏÏÏÏÏÏÏ 100 92 92 92 92 100 100 100 100 100 100 100 100 100 100October 1997ÏÏÏÏÏÏÏÏÏÏ 100 58 58 58 58 100 100 100 100 100 100 100 100 100 100October 1998ÏÏÏÏÏÏÏÏÏÏ 100 36 36 36 22 100 100 100 100 100 100 100 100 100 100October 1999ÏÏÏÏÏÏÏÏÏÏ 100 18 18 18 0 100 100 100 100 89 100 100 100 100 100October 2000ÏÏÏÏÏÏÏÏÏÏ 100 2 2 2 0 100 100 100 100 19 100 100 100 100 100October 2001ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 100 44 44 44 0 100 100 100 100 78October 2002ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 100 0 0 0 0 100 88 88 88 54October 2003ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 100 0 0 0 0 100 47 47 47 37October 2004ÏÏÏÏÏÏÏÏÏÏ 97 0 0 0 0 100 0 0 0 0 100 13 13 13 25October 2005ÏÏÏÏÏÏÏÏÏÏ 87 0 0 0 0 100 0 0 0 0 100 0 0 0 17October 2006ÏÏÏÏÏÏÏÏÏÏ 76 0 0 0 0 100 0 0 0 0 100 0 0 0 12October 2007ÏÏÏÏÏÏÏÏÏÏ 63 0 0 0 0 100 0 0 0 0 100 0 0 0 8October 2008ÏÏÏÏÏÏÏÏÏÏ 51 0 0 0 0 100 0 0 0 0 100 0 0 0 5October 2009ÏÏÏÏÏÏÏÏÏÏ 41 0 0 0 0 100 0 0 0 0 100 0 0 0 4October 2010ÏÏÏÏÏÏÏÏÏÏ 31 0 0 0 0 100 0 0 0 0 100 0 0 0 2October 2011ÏÏÏÏÏÏÏÏÏÏ 21 0 0 0 0 100 0 0 0 0 100 0 0 0 2October 2012ÏÏÏÏÏÏÏÏÏÏ 10 0 0 0 0 100 0 0 0 0 100 0 0 0 1October 2013ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 92 0 0 0 0 100 0 0 0 1October 2014ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 38 0 0 0 0 100 0 0 0 *October 2015ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 83 0 0 0 *October 2016ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 35 0 0 0 *October 2017ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 *October 2018ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 *October 2019ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 *October 2020ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 *October 2021ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 *October 2022ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 *October 2023ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Weighted Average


* Indicates an amount above zero and less than 0.5% of the original principal balance is outstanding.** The weighted average life of a REMIC CertiÑcate is determined as speciÑed under ""Weighted Average Lives of the REMIC

CertiÑcates'' herein.‰ In the case of a Notional Class, the Decrement Table indicates the percentage of the original notional principal balance

outstanding.

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PK Class PL Class A Class


Date 0% 95% 200% 250% 500% 0% 95% 200% 250% 500% 0% 95% 115% 200% 210% 250% 500%

Initial PercentÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100October 1994ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 100 100 100 100 100 100 93 93 93 93 93October 1995ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 100 100 100 100 100 100 77 77 77 77 77October 1996ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 81 100 100 100 100 100 100 100 55 55 55 55 0October 1997ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 0 100 100 100 100 21 100 100 36 36 36 36 0October 1998ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 0 100 100 100 100 0 100 100 21 21 21 21 0October 1999ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 0 100 100 100 100 0 100 100 8 8 8 8 0October 2000ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 0 100 100 100 100 0 100 100 0 0 0 0 0October 2001ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 0 100 100 100 100 0 100 100 0 0 0 0 0October 2002ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 0 100 100 100 100 0 100 100 0 0 0 0 0October 2003ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 0 100 100 100 100 0 100 97 0 0 0 0 0October 2004ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 0 100 100 100 100 0 100 84 0 0 0 0 0October 2005ÏÏÏÏÏÏÏÏÏÏ 100 78 78 78 0 100 100 100 100 0 100 64 0 0 0 0 0October 2006ÏÏÏÏÏÏÏÏÏÏ 100 46 46 46 0 100 100 100 100 0 100 38 0 0 0 0 0October 2007ÏÏÏÏÏÏÏÏÏÏ 100 19 19 19 0 100 100 100 100 0 100 7 0 0 0 0 0October 2008ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 100 94 94 94 0 100 0 0 0 0 0 0October 2009ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 100 62 62 62 0 100 0 0 0 0 0 0October 2010ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 100 36 36 36 0 100 0 0 0 0 0 0October 2011ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 100 14 14 14 0 100 0 0 0 0 0 0October 2012ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 100 0 0 0 0 100 0 0 0 0 0 0October 2013ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 100 0 0 0 0 100 0 0 0 0 0 0October 2014ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 100 0 0 0 0 100 0 0 0 0 0 0October 2015ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 100 0 0 0 0 100 0 0 0 0 0 0October 2016ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 100 0 0 0 0 100 0 0 0 0 0 0October 2017ÏÏÏÏÏÏÏÏÏÏ 76 0 0 0 0 100 0 0 0 0 100 0 0 0 0 0 0October 2018ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 97 0 0 0 0 100 0 0 0 0 0 0October 2019ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 55 0 0 0 0 0 0October 2020ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2021ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2022ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2023ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Weighted Average

Life (years)** ÏÏÏÏÏÏ 24.4 13.0 13.0 13.0 3.2 25.4 16.6 16.6 16.6 3.9 26.1 12.4 3.4 3.4 3.4 3.4 2.2

B Class F, SD, SB , S and SC‰ Classes FA and SA Classes


Date 0% 95% 115% 200% 210% 250% 500% 0% 95% 145% 200% 250% 500% 0% 95% 200% 250% 500%

Initial PercentÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100October 1994ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 100 100 100 93 93 93 93 100 100 96 92 72October 1995ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 100 100 100 77 77 77 77 100 100 85 72 7October 1996ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 0 100 100 55 55 55 0 100 100 72 47 0October 1997ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 0 100 100 36 36 36 0 100 100 61 28 0October 1998ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 0 100 100 22 22 22 0 100 100 54 16 0October 1999ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 0 100 100 10 10 10 0 100 100 48 7 0October 2000ÏÏÏÏÏÏÏÏÏÏ 100 100 97 97 97 97 0 100 100 2 2 2 0 100 100 45 3 0October 2001ÏÏÏÏÏÏÏÏÏÏ 100 100 89 89 89 89 0 100 100 0 0 0 0 100 100 42 0 0October 2002ÏÏÏÏÏÏÏÏÏÏ 100 100 83 83 83 80 0 100 100 0 0 0 0 100 100 40 0 0October 2003ÏÏÏÏÏÏÏÏÏÏ 100 100 77 77 77 80 0 100 100 0 0 0 0 100 100 40 0 0October 2004ÏÏÏÏÏÏÏÏÏÏ 100 100 69 69 69 80 0 100 100 0 0 0 0 100 100 39 0 0October 2005ÏÏÏÏÏÏÏÏÏÏ 100 100 60 60 60 80 0 100 100 0 0 0 0 100 100 39 0 0October 2006ÏÏÏÏÏÏÏÏÏÏ 100 100 51 51 51 80 0 100 100 0 0 0 0 100 100 38 0 0October 2007ÏÏÏÏÏÏÏÏÏÏ 100 100 41 41 41 80 0 100 100 0 0 0 0 100 100 38 0 0October 2008ÏÏÏÏÏÏÏÏÏÏ 100 73 32 32 32 80 0 100 100 0 0 0 0 100 100 37 0 0October 2009ÏÏÏÏÏÏÏÏÏÏ 100 36 23 23 23 80 0 100 100 0 0 0 0 100 100 36 0 0October 2010ÏÏÏÏÏÏÏÏÏÏ 100 14 14 14 14 80 0 100 88 0 0 0 0 100 100 36 0 0October 2011ÏÏÏÏÏÏÏÏÏÏ 100 6 6 6 6 80 0 100 67 0 0 0 0 100 100 35 0 0October 2012ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 76 0 100 40 0 0 0 0 100 100 33 0 0October 2013ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 60 0 100 2 0 0 0 0 100 100 27 0 0October 2014ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 48 0 100 0 0 0 0 0 100 88 22 0 0October 2015ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 37 0 100 0 0 0 0 0 100 76 18 0 0October 2016ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 28 0 100 0 0 0 0 0 100 65 14 0 0October 2017ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 21 0 100 0 0 0 0 0 100 54 11 0 0October 2018ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 16 0 100 0 0 0 0 0 100 44 8 0 0October 2019ÏÏÏÏÏÏÏÏÏÏ 100 0 0 0 0 11 0 100 0 0 0 0 0 100 34 6 0 0October 2020ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 7 0 99 0 0 0 0 0 100 25 4 0 0October 2021ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 4 0 0 0 0 0 0 0 94 16 2 0 0October 2022ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 2 0 0 0 0 0 0 0 49 7 1 0 0October 2023ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Weighted Average

Life (years)** ÏÏÏÏÏÏ 26.7 15.8 13.0 13.0 13.0 19.5 2.8 27.5 18.5 3.5 3.5 3.5 2.0 29.0 24.6 10.8 3.2 1.3

** Determined as speciÑed under ""Weighted Average Lives of the CertiÑcates'' herein.‰ In the case of an Interest Only Class, the Decrement Table indicates the percentage of the original notional principal balance

outstanding.

S-26

CERTAIN ADDITIONAL FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion, when read in conjunction with the discussion of ""Certain FederalIncome Tax Consequences'' in the REMIC Prospectus, describes the current federal income taxtreatment of investors in the CertiÑcates. These two tax discussions do not purport to deal with allfederal tax consequences applicable to all categories of investors, some of which may be subject tospecial rules. Investors should consult their own tax advisors in determining the federal, state, localand any other tax consequences to them of the purchase, ownership and disposition of the CertiÑcates.

REMIC Elections and Special Tax Attributes

Elections will be made to treat the Lower Tier REMIC and the Trust as REMICs for federalincome tax purposes. The CertiÑcates, other than the R and RL Classes, will be designated as the""regular interests,'' and the R Class will be designated as the ""residual interest,'' in the REMICconstituted by the Trust. The Lower Tier Regular Interests will be designated as the ""regularinterests,'' and the RL Class will be designated as the ""residual interest,'' in the Lower Tier REMIC.

As a consequence of the qualiÑcation of the Trust and the Lower Tier REMIC as REMICs, theCertiÑcates generally will be treated as ""qualifying real property loans'' for mutual savings banks anddomestic building and loan associations, ""regular or residual interests in a REMIC'' for domesticbuilding and loan associations, ""real estate assets'' for real estate investment trusts, and, except forthe R and RL Classes, as ""qualiÑed mortgages'' for other REMICs. See ""Certain Federal Income TaxConsequencesÌSpecial Tax Attributes'' in the REMIC Prospectus.

Taxation of BeneÑcial Owners of Regular CertiÑcates

The Notional Classes will be, and certain other Classes of CertiÑcates may be, issued with originalissue discount for federal income tax purposes, which generally will result in recognition of sometaxable income in advance of the receipt of the cash attributable to such income. The PrepaymentAssumption that will be used in determining the rate of accrual of original issue discount will be 200%PSA. See ""Certain Federal Income Tax ConsequencesÌTaxation of BeneÑcial Owners of RegularCertiÑcatesÌOriginal Issue Discount'' in the REMIC Prospectus. No representation is made as towhether the Mortgage Loans underlying the MBS will prepay at that or any other rate. See""Description of the CertiÑcatesÌWeighted Average Lives of the CertiÑcates'' herein and ""Descriptionof the CertiÑcatesÌWeighted Average Life and Final Distribution Dates'' in the REMIC Prospectus.In addition, certain Classes of CertiÑcates may be treated as having been issued at a premium forfederal income tax purposes. See ""Certain Federal Income Tax ConsequencesÌTaxation of BeneÑ-cial Owners of Regular CertiÑcatesÌCertiÑcates Purchased at a Premium'' in the REMIC Prospectus.

The initial interest rate on the SB Class is the maximum stated interest rate for such Class. Theproposed original issue discount regulations that were published on December 22, 1992 (the ""1992Proposed OID Regulations'') provide, in eÅect, that a debt instrument bearing interest at a variablerate with a restriction on its minimum or maximum stated interest rate will be treated as a contingentdebt instrument if the restriction is very likely to cause the interest rate during one or more accrualperiods to be signiÑcantly greater or less, respectively, than the instrument's overall expected return.The 1992 Proposed OID Regulations are proposed to be eÅective for debt instruments issued on orafter the date that is 60 days after the regulations are issued in Ñnal form. Although it is possible thatthe principles contained in the 1992 Proposed OID Regulations would be applied to debt instrumentsissued prior to that date, it is not clear whether those principles would apply to the SB Class. FannieMae, therefore, intends to treat the SB Class as a variable rate debt instrument and not as acontingent debt instrument. Investors are urged to consult with their own tax advisors regarding thepossible treatment of the SB Class as a variable rate or contingent debt instrument and theconsequences of either such treament.

S-27

Taxation of BeneÑcial Owners of Residual CertiÑcates

Under the Regulations, neither the R nor the RL CertiÑcate will have signiÑcant value. As aresult, an organization to which section 593 of the Code applies and which is the beneÑcial owner ofthe R or RL CertiÑcate may not use its allowable deductions to oÅset any ""excess inclusions'' withrespect to such CertiÑcate. See ""Certain Federal Income Tax ConsequencesÌTaxation of BeneÑcialOwners of Residual CertiÑcatesÌExcess Inclusions'' in the REMIC Prospectus.

For purposes of determining the portion of the taxable income of the Trust (or the Lower TierREMIC) that generally will not be treated as excess inclusions, the rate to be used is 120% of the""federal long-term rate.'' The rate will be published on or about September 20, 1993. See ""CertainFederal Income Tax ConsequencesÌTaxation of BeneÑcial Owners of Residual CertiÑcatesÌExcessInclusions'' and ""ÌForeign InvestorsÌResidual CertiÑcates'' in the REMIC Prospectus. The federalincome tax consequences of any consideration paid to a transferee on the transfer of the R orRL CertiÑcate are unclear; any transferee receiving such consideration should consult its own taxadvisors.

Under the proposed IRS regulations relating to original issue discount, the Lower Tier RegularInterests would be treated as a single debt instrument for original issue discount purposes because theywere issued to the Trust in a single transaction. Although there can be no assurance that Ñnalregulations will apply this aggregation rule to the Lower Tier Regular Interests, Fannie Mae intends tocalculate the taxable income (or net loss) of the Trust and of the Lower Tier REMIC (and to reportto the R and RL CertiÑcateholders) by treating the Lower Tier Regular Interests as a single debtinstrument. A failure of the Lower Tier Regular Interests to qualify as a single debt instrument fororiginal issue discount purposes could result in material adverse tax consequences to the beneÑcialowners of the RL Class.

PLAN OF DISTRIBUTION

General. The Dealer will receive the CertiÑcates in exchange for the MBS pursuant to a FannieMae commitment. The Dealer proposes to oÅer the CertiÑcates directly to the public from time totime in negotiated transactions at varying prices to be determined at the time of sale. The Dealer mayeÅect such transactions to or through dealers.

Increase in CertiÑcates. Fannie Mae and the Dealer may agree to oÅer hereby CertiÑcates inaddition to those contemplated as of the date hereof. In such event, the MBS will be increased inprincipal balance, but it is expected that all additional MBS will have the same characteristics asdescribed herein under ""Description of the CertiÑcatesÌThe MBS.'' The proportion that the originalprincipal balance of each Class bears to the aggregate original principal balance of all the CertiÑcateswill remain the same. The dollar amounts reÖected in the Principal Balance Schedules will beincreased in pro rata amounts that correspond to the increase of the principal balance of theCertiÑcates.

LEGAL MATTERS

Certain legal matters will be passed upon for the Dealer by Morgan, Lewis & Bockius, New York,New York. Morgan, Lewis & Bockius from time to time performs legal services for Fannie Mae.

S-28

No dealer, salesman or other person hasbeen authorized to give any information orto make any representations in connection $500,000,000with this oÅering other than those con-tained in this Prospectus Supplement, theREMIC Prospectus, the MBS Prospectusand the Information Statement and, ifgiven or made, such information or repre- Federal Nationalsentations must not be relied upon as hav- Mortgage Associationing been authorized. This ProspectusSupplement and the aforementioned docu-ments do not constitute an oÅer to sell or asolicitation of an oÅer to buy any of theCertiÑcates oÅered hereby in any state toany person to whom it is unlawful to makesuch oÅer or solicitation in such state. The rstuvdelivery of this Prospectus Supplement andthe aforementioned documents at any timedoes not imply that the information con-

Guaranteed REMICtained herein or therein is correct as of anytime subsequent to the date hereof or Pass-Through CertiÑcatesthereof. Fannie Mae REMIC

Trust 1993-203

PROSPECTUS SUPPLEMENTTABLE OF CONTENTS

Page

Prospectus Supplement

Table of Contents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 3Description of the CertiÑcates ÏÏÏÏÏÏÏÏ S- 4Certain Additional Federal Income Tax

Consequences ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-27Plan of Distribution ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-28Legal MattersÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-28

The Nikko Securities Co.REMIC Prospectus International, Inc.

Prospectus Supplement ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2Summary of ProspectusÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3Description of the CertiÑcates ÏÏÏÏÏÏÏÏ 7The Trust AgreementÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20Certain Federal Income Tax

Consequences ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 22Legal Investment ConsiderationsÏÏÏÏÏÏ 32Legal OpinionÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 33

September 9, 1993ERISA Considerations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 33GlossaryÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 34

(To Prospectus dated December 29, 1992) $500,000,000 Federal …€¦ · N.W., Area 2H-2N,...

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Transcript of (To Prospectus dated December 29, 1992) $500,000,000 Federal …€¦ · N.W., Area 2H-2N,...