The Government National Mortgage Association (the ``Association'' or ``GNMA'') is revising its regulations to remove references to terminated programs, place proper emphasis on the Association's current programs, remove obsolete references and simplify the language of all remaining sections. In addition, this publication implements a revision to the regulations that prescribe the standards by which issuers are approved to participate in the Association's Mortgage-Backed Securities (MBS) program, and by which approved issuers maintain their approval status, which was initiated by a proposed rule published in 1993.