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This report presents the results of Carmichael, Brasher, Tuvell and Company's (CBTC) audit of the Government National Mortgage Association's (Ginnie Mae) financial statements for the fiscal years ended September 30, 2010 and 2009. In CBTC's opinion, the financial statements present fairly, in all material respects, Ginnie Mae's financial position as of September 30, 2010 and September 30, 2009 and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

CBTC's report on internal control did not identify deficiencies internal control over financial reporting that might be considered significant deficiencies or material weaknesses. However, within 60 days of this report, CBTC expects to issue a separate letter to management dated November 5, 2010 regarding other less significant matters that came to its attention during the audit.