Appendix III-1 Master Servicing Agreement

M aster Servicing Agreement

Initial Renewal

U.S. Department of Housing

and Urban Development

Government National Mortgage Association

OMB Approval No. 2503-0033 (Exp.11/30/2008)

Public reporting burden for this collection of information is estimated to average 1 minute per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. This agency may not collect this information, and you are not required to complete this form, unless it displays a currently valid OMB control number.

The information is required by Sec. 306(g) of the National Housing Act or by Ginnie Mae Handbook 5500.3, Rev. 1. The information collected is to provide assurance to Ginnie Mae that the servicing of mortgages for each of the issuer’s Ginnie Mae MBS is performed in accordance with acceptable standards of mortgage servicing. The information will not be disclosed except as permitted by law. Issuers must renew this form annually.

I ssuer ID Number The attached list of Pools and Loan Packages is covered by this Agreement

T he Issuer:

w ill service the mortgages subject to the referenced Ginnie Mae pool/Loan Package Numbers as designated on the form HUD-11705, for each securities issue.

w ill not service the mortgages subject to the referenced Ginnie Mae Pool/Loan Package Numbers as designated on the form HUD-11705, for each securities issue, and has arranged with a subcontract servicer for the servicing of the mortgages.

It is agreed that the mortgages submitted with each Schedule of Pooled Mortgages are to be serviced, whether by the Issuer or by a subcontract servicer in accordance with the requirements set forth in the Ginnie Mae Mortgage-Backed Securities Guide, Rev. 1. The Issuer agrees to be responsible and liable for servicing the mortgages, including any acts or omissions of any subcontract servicer in connection therewith.

Name of Issuer By

D ate Title

Any servicing agreement between the Issuer and a subcontract servicer shall be subject to and subordinate to the Guaranty Agreement between the Issuer and Ginnie Mae. It is certified that the subcontract servicer satisfies the requirements contained in the Ginnie Mae Mortgage-Backed Securities Guide, Rev. 1 and will perform only those functions that are permitted by the Guide.

Subcontract Servicer By

D ate Title

Ginnie Mae Issuer ID Number

_

form HUD-11707 (01/2006)

Previous editions are obsolete; replaces HUD-11707-M Page 1 of 1 ref. Ginnie Mae Handbook 5500.3, Rev. 1