-------- -------------- -------------------------------- -------------- ----------- --------------
  **AN     10-17-06       SFHGLP Liquidation Value         10-31-07       AN 4121     11-5-05
  4220**                  Appraisals - Definition of Value                            
                          Type and Procedure**\*\***                                  

  **AN     1-25-07        Utilizing Credit Scores for      2-29-08        AN 4171     4-13-06
  4237**                  Underwriting SFHGLP                                         

  **AN     2-2-07         SFHGLP Refinancing of Section    2-28-08        AN 4137     1-31-06
  4238**                  502 Direct Loans with Section                               
                          502 Guaranteed Loans                                        

  **AN     2-2-07         SFHGLP Refinancing of SFHGL      2-28-08        AN 4134     1-31-06
  4239**                                                                              

  **WY AN  **02-02-07**   **Wyoming Dealer-Contractors for **04-30-08**   **WY AN     **02-07-06**
  1804**                  Manufactured Housing**                          1786**      

  **AN     2-23-07        SFHGLP Conditional Commitment    2-28-08        AN 4143     2-28-07
  4249**                  for Loan Note Guarantee Proposed                            
                          New Construction                                            
  -------- -------------- -------------------------------- -------------- ----------- --------------

+-----+-----+--------------------------------+------+----------+-----+
| *   | 3   | SFHGLP Acceptable Foreclosure  | 3-3  | AN 4168  | 3   |
| *AN | -21 | Time Frames\*\*                | 1-08 |          | -31 |
| 425 | -07 |                                |      |          | -07 |
| 7** |     |                                |      |          |     |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 3   | SFHGLP Acceptable Liquidation  | 3-3  | AN 4169  | 3   |
| *AN | -21 | Fees and Costs**\*\***         | 1-08 |          | -29 |
| 425 | -07 |                                |      |          | -06 |
| 8** |     |                                |      |          |     |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 3   | SFHGLP                         | 3-3  | AN 4150  | 3   |
| *AN | -27 | [Foreclosure]{.underline} Sale | 1-08 |          | -10 |
| 425 | -07 | Bids**\*\***                   |      |          | -06 |
| 9** |     |                                |      |          |     |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 3   | SFHGLP Existing Dwell          | 4-3  | AN 4145  | 2   |
| *AN | -29 | Inspection Requirements;       | 0-08 |          | -25 |
| 426 | -07 | Acceptable Origination         |      |          | -06 |
| 0** |     | Appraisal Form                 |      |          |     |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 3   | SFHGLP Approved Lender         | 3-3  | AN 4162  | 3   |
| *AN | -30 | Underwriting Guidelines, Debt  | 1-08 |          | -29 |
| 426 | -07 | Ratio Waivers, Payment Shock,  |      | AN 4163  | -06 |
| 2** |     | and Collection Accounts        |      |          |     |
|     |     |                                |      | AN 4216  | 3   |
|     |     |                                |      |          | -29 |
|     |     |                                |      |          | -06 |
|     |     |                                |      |          |     |
|     |     |                                |      |          | 3   |
|     |     |                                |      |          | -29 |
|     |     |                                |      |          | -06 |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 4   | SFHGLP Appraisals in Remote    | 4-3  | AN 4177  | 4   |
| *AN | -10 | Rural Areas                    | 0-08 |          | -26 |
| 426 | -07 |                                |      |          | -06 |
| 3** |     |                                |      |          |     |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 4   | SFHGLP Determining Repayment   | 4-3  | AN 4178  | 4   |
| *AN | -11 | Income for Self Employed       | 0-08 |          | -28 |
| 426 | -07 | Applicants                     |      |          | -06 |
| 6** |     |                                |      |          |     |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 4   | SFHGLP Applicant Credit        | 4-3  | AN 4170  | 4   |
| *AN | -19 | History Verification           | 0-08 |          | -13 |
| 426 | -07 |                                |      |          | -06 |
| 8** |     |                                |      |          |     |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 4   | SFHGLP Acceptable Alternative  | 4-3  | AN 4179  | 4   |
| *AN | -19 | Documentation to Verify the    | 0-08 |          | -28 |
| 426 | -07 | Applicant's Income             |      |          | -06 |
| 9** |     |                                |      |          |     |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 4   | Guaranteed Underwriting System | 4-3  | No       |     |
| *AN | -24 |                                | 0-08 | previous |     |
| 427 | -07 |                                |      | AN on    |     |
| 3** |     |                                |      | this     |     |
|     |     |                                |      | issue    |     |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 5   | SFHGLP Official Record --      | 5-3  | AN 4187  | 5   |
| *AN | -10 | Minimal Essential Documents    | 1-08 |          | -19 |
| 427 | -07 |                                |      |          | -06 |
| 8** |     |                                |      |          |     |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 6   | SFHGLP Lender Real Estate      | 6-3  | AN 4184  | 5   |
| *AN | -14 | Owned Property Disposition     | 0-08 |          | -12 |
| 428 | -07 | Plans**\*\***                  |      | AN 4122  | -06 |
| 7** |     |                                |      |          |     |
|     |     |                                |      |          | 1   |
|     |     |                                |      |          | 1-9 |
|     |     |                                |      |          | -05 |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 7-9 | SFHGLP Section 8 Homeownership | 7-3  | AN 4199  | 7   |
| *AN | -07 | Vouchers                       | 1-08 |          | -21 |
| 429 |     |                                |      |          | -06 |
| 3** |     |                                |      |          |     |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 7   | SFHGLP Loss Claim and Future   | 8-3  | AN 4138  | 2-1 |
| *AN | -25 | Recovery Processing            | 1-08 | &        | -06 |
| 430 | -07 |                                |      |          |     |
| 0** |     |                                |      | AN 4210  | 8   |
|     |     |                                |      |          | -31 |
|     |     |                                |      |          | -06 |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 07  | SFHGLP Eligibility of Non-U.S. | 8-3  | AN 4200  | 07  |
| *AN | -31 | Citizens for Program           | 1-08 |          | -26 |
| 430 | -07 | Assistance and Systematic      |      |          | -06 |
| 2** |     | Alien Verification for         |      |          |     |
|     |     | Entitlements (SAVE)            |      |          |     |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 08  | SFHGLP Condominium             | 8-3  | AN 4196  | 07  |
| *AN | -13 | Requirements                   | 1-08 |          | -10 |
| 430 | -07 |                                |      |          | -06 |
| 3** |     |                                |      |          |     |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 09  | SFHGLP Form RD 1980-17, "Loan  | 09-3 | AN 4202  | 08  |
| *AN | -11 | Note Guarantee"                | 0-08 |          | -05 |
| 430 | -07 |                                |      |          | -06 |
| 5** |     |                                |      |          |     |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 09  | SFHGLP RD Instruction 1980-D,  | 09-3 | AN 4217  | 09  |
| *AN | -10 | section 1980.324 Lender        | 0-08 |          | -26 |
| 430 | -07 | Charges and Fees               |      |          | -06 |
| 7** |     |                                |      |          |     |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 10  | SFHGLP requirements related    | 11-3 | AN 4221  | 10  |
| *AN | -31 | to:                            | 0-08 |          | -17 |
| 431 | -07 |                                |      |          | -06 |
| 3** |     | • New Construction             |      |          |     |
|     |     |                                |      |          |     |
|     |     | • Homes in Planned Unit        |      |          |     |
|     |     | Developments                   |      |          |     |
+-----+-----+--------------------------------+------+----------+-----+
| *   | 1   | SFHGLP Correction of Date of   | 10-3 | AN 4219  | 10  |
| *AN | 1-2 | Obligation, Increase or        | 1-08 |          | -12 |
| 431 | -07 | Decrease of Obligation Amount  |      |          | -06 |
| 4** |     | for the Current or Prior       |      |          |     |
|     |     | Fiscal Year                    |      |          |     |
+-----+-----+--------------------------------+------+----------+-----+

**\*\* (Servicing Announcements)**