FINANCIAL                                                 FINANCIAL GUARANTY
SECURITY                                                  INSURANCE POLICY
ASSURANCE(R)

Trust:  As described in Endorsement No. 1
Policy No.: 50946-N
Certificates: $15,300,000 Original Principal Amount GMACM Mortgage
Dateof Issuance: 6/27/2000
            Pass-Through Certificates, Series 2000-J2, Class A-3

               FINANCIAL SECURITY  ASSURANCE INC.  ("Financial  Security"),  for
consideration received, hereby UNCONDITIONALLY AND IRREVOCABLY GUARANTEES to the
Trustee for the benefit of each Holder, subject only to the terms of this Policy
(which  includes  each  endorsement  hereto),  the full and complete  payment of
Guaranteed  Distributions with respect to the Certificates of the Trust referred
to above.

        For  the  further   protection  of  each  Holder,   Financial   Security
irrevocably  and  unconditionally  guarantees  payment  of  the  amount  of  any
distribution  of principal or interest  with  respect to the  Certificates  made
during the Term of this Policy to such Holder  that is  subsequently  avoided in
whole or in part as a preference payment under applicable law.

        Payment of any amount required to be paid under this Policy will be made
following  receipt by Financial  Security of notice as described in  Endorsement
No. 1 hereto.

        Financial  Security  shall be subrogated to the rights of each Holder to
receive  distributions  with respect to each  Certificate held by such Holder to
the extent of any payment by Financial Security hereunder.

        Except to the extent expressly modified by Endorsement No. 1 hereto, the
following  terms  shall have the  meanings  specified  for all  purposes of this
Policy.  "Holder" means the registered  owner of any Certificate as indicated on
the  registration  books  maintained  by or on  behalf of the  Trustee  for such
purpose or, if the Certificate is in bearer form, the holder of the Certificate.
"Trustee",  "Guaranteed  Distributions" and "Term of this Policy" shall have the
meanings set forth in Endorsement No. 1 hereto.

        This Policy sets forth in full the  undertaking  of Financial  Security,
and shall not be  modified,  altered  or  affected  by any  other  agreement  or
instrument,  including  any  modification  or amendment  thereto.  Except to the
extent expressly modified by an endorsement hereto, the premiums paid in respect
of this Policy are nonrefundable for any reason whatsoever.  This Policy may not
be canceled or revoked during the Term of this Policy.  An acceleration  payment
shall not be due under  this  Policy  unless  such  acceleration  is at the sole
option   of   Financial   Security.   THIS   POLICY  IS  NOT   COVERED   BY  THE
PROPERTY/CASUALTY  INSURANCE  SECURITY  FUND  SPECIFIED IN ARTICLE 76 OF THE NEW
YORK INSURANCE LAW.

     In witness  whereof,  FINANCIAL  SECURITY  ASSURANCE  INC.  has caused this
Policy to be executed on its behalf by its Authorized Officer.

                                          FINANCIAL SECURITY ASSURANCE INC.

                                          By ___________________________________
                                             AUTHORIZED OFFICER


   A subsidiary of Financial Security Assurance Holdings Ltd.
350 Park Avenue, New York, N.Y. 10022-6022                       (212)826-0100

Form 101NY (5/89)





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                              ENDORSEMENT NO. 1 TO
                       FINANCIAL GUARANTY INSURANCE POLICY

FINANCIAL SECURITY ASSURANCE INC.

TRUST: The  Trust  Fund held by the  Trustee  under the  Pooling  and  Servicing
     Agreement,  dated  as of June  27,  2000,  among  Norwest  Bank  Minnesota,
     National  Association,  as Trustee,  Residential  Asset Mortgage  Products,
     Inc., and GMAC Mortgage Corporation, as Servicer.

CERTIFICATES: $15,300,000 Original Principal Amount GMACM Mortgage Pass- Through
     Certificates, Series 2000-J2, Class A-3.

POLICY NO.:           50946-N

DATE OF ISSUANCE:     June 27, 2000

     1. Definitions.  For all purposes of this Policy, the terms specified below
shall have the meanings or constructions provided below.  Capitalized terms used
herein and not otherwise  defined herein shall have the meanings provided in the
Pooling and Servicing Agreement unless the context shall otherwise require.

        "Accrued Certificate  Interest" has the meaning set forth in the Pooling
and  Servicing  Agreement,  provided,  however,  that,  for all purposes of this
Policy,  Accrued  Certificate  Interest  on the  Certificates  will be deemed to
include any portion of the amounts  allocated to the  Certificates  described in
clause (i) of the definition  thereof (to the extent such amounts are not offset
by payments made by the Master Servicer or from the Insured Reserve  Withdrawal)
and clauses (ii) through (iv) of the  definition  thereof (in each case,  to the
extent  such  shortfalls  are not covered by the  subordination  provided by the
Class M and  Class B  Certificates  or by  payments  from  the  Insured  Reserve
Withdrawal).

        "Business  Day" means any day other than (i) a  Saturday  or Sunday,  or
(ii) a day on which banking  institutions in the City of New York or in the city
in which the corporate  trust office of the Trustee is located are authorized or
obligated by law or executive order to be closed.

        "Guaranteed  Distributions"  means,  with  respect to each  Distribution
Date, the distribution to be made to Holders of the Certificates in an aggregate
amount equal to the sum of (1) the Accrued Certificate Interest thereon, (2) the
principal  portion of any Realized Losses  allocable to the Certificates on such
Distribution   Date,  and  (3)  the  Certificate   Principal   Balances  of  the
Certificates  to the  extent  unpaid on the final  Distribution  Date or earlier
termination of the Trust Fund pursuant to the terms of the Pooling and Servicing
Agreement, in accordance with the original terms of the Certificates when issued
and without regard to any amendment or modification  of the  Certificates or the
Pooling and Servicing  Agreement  except  amendments or  modifications  to which
Financial Security has given its prior written consent. Guaranteed Distributions
shall not include,  nor shall  coverage be provided under this Policy in respect
of,  any  taxes,  withholding  or  other  charge  imposed  by  any  governmental
authority.

        "Policy" means this  Financial  Guaranty  Insurance  Policy and includes
each endorsement thereto.



<PAGE>



Policy No.: 50946-N                      Date of Issuance: June 27, 2000

        "Pooling  and  Servicing  Agreement"  means the  Pooling  and  Servicing
Agreement,  dated as of June 27, 2000,  among Norwest Bank  Minnesota,  National
Association,  as Trustee,  Residential Asset Mortgage  Products,  Inc., and GMAC
Mortgage Corporation, as Servicer, relating to the Certificates, as amended from
time to time with the consent of Financial Security.

        "Receipt" and "Received" mean actual delivery to Financial  Security and
to the Fiscal Agent (as defined  below),  if any,  prior to 12:00 noon, New York
City time,  on a Business Day;  delivery  either on a day that is not a Business
Day, or after 12:00 noon,  New York City time,  shall be deemed to be receipt on
the next succeeding  Business Day. If any notice or certificate  given hereunder
by the Trustee is not in proper form or is not properly  completed,  executed or
delivered,  it shall be deemed not to have been Received, and Financial Security
or its Fiscal  Agent  shall  promptly  so advise the Trustee and the Trustee may
submit an amended notice.

        "Term of This Policy"  means the period from and  including  the Date of
Issuance to and including the date on which the Certificate Principal Balance on
the Certificates is zero.

        "Trustee"  means Norwest Bank  Minnesota,  National  Association  in its
capacity as Trustee under the Pooling and Servicing  Agreement and any successor
in such capacity.

        2. Deletions from Policy. The second paragraph of the Financial Guaranty
Insurance Policy to which this Endorsement  relates  (regarding  Policy payments
subsequently  avoided  in  whole  or  in  part  as a  preference  payment  under
applicable law) is hereby deleted.

        3.  Notices  and   Conditions   to  Payment  in  Respect  of  Guaranteed
Distributions.   Following  Receipt  by  Financial  Security  of  a  notice  and
certificate  from  the  Trustee  in the  form  attached  as  Exhibit  A to  this
Endorsement, Financial Security will pay any amount payable hereunder in respect
of Guaranteed  Distributions out of the funds of Financial Security on the later
to occur of (a) 12:00 noon,  New York City time,  on the Business Day  following
such Receipt;  and (b) 12:00 noon, New York City time, on the Distribution  Date
to which such claim  relates.  Payments due  hereunder in respect of  Guaranteed
Distributions will be disbursed by wire transfer of immediately  available funds
to the FSA Policy  Payments  Account  established  pursuant  to the  Pooling and
Servicing  Agreement  or,  if no such  FSA  Policy  Payments  Account  has  been
established, to the Trustee for deposit to the Certificate Account.

        Financial  Security  shall be entitled to pay, at any time after a claim
is made  under the  Policy,  any  amount  hereunder  in  respect  of  Guaranteed
Distributions, including any acceleration payment, whether or not any notice and
certificate  shall have been Received by Financial  Security as provided  above,
provided  however,  that by  acceptance  of this  Policy the  Trustee  agrees to
provide upon request to Financial  Security a notice and  certificate in respect
of any  such  payments  made by  Financial  Security.  Guaranteed  Distributions
insured  hereunder  shall not include  interest,  in respect of  principal  paid
hereunder on an accelerated basis,  accruing from after the date of such payment
of principal. Financial Security's obligations hereunder in respect





                                        2



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of  Guaranteed  Distributions  shall  be  discharged  to the  extent  funds  are
disbursed by Financial Security as provided herein whether or not such funds are
properly applied by the Trustee.

     4.  Governing  Law.  This  Policy  shall be governed  by and  construed  in
accordance with the laws of the State of New York,  without giving effect to the
conflict of laws principles thereof.

        5. Fiscal Agent.  At any time during the Term of this Policy,  Financial
Security may appoint a fiscal  agent (the  "Fiscal  Agent") for purposes of this
Policy by written notice to the Trustee at the notice  address  specified in the
Pooling and Servicing  Agreement  specifying  the name and notice address of the
Fiscal Agent.  From and after the date of receipt of such notice by the Trustee,
(i) copies of all notices and  documents  required to be  delivered to Financial
Security pursuant to this Policy shall be simultaneously delivered to the Fiscal
Agent and to Financial  Security and shall not be deemed Received until Received
by both and (ii) all payments  required to be made by Financial  Security  under
this Policy may be made directly by Financial Security or by the Fiscal Agent on
behalf  of  Financial  Security.  The  Fiscal  Agent is the  agent of  Financial
Security only and the Fiscal Agent shall in no event be liable to any Holder for
any acts of the Fiscal Agent or any failure of Financial Security to deposit, or
cause to be deposited, sufficient funds to make payments due under this Policy.

        6. Waiver of Defenses.  To the fullest  extent  permitted by  applicable
law, Financial Security agrees not to assert, and hereby waives, for the benefit
of each Holder of any Certificates, all rights (whether by counterclaim, set off
or  otherwise)  and  defenses  (including,  without  limitation,  the defense of
fraud), whether acquired by subrogation,  assignment or otherwise, to the extent
that such rights and defenses  may be  available to Financial  Security to avoid
payment of its  obligations  under this  Policy in  accordance  with the express
provisions of this Policy.

     7. Notices.  All notices to be given  hereunder shall be in writing (except
as otherwise  specifically  provided  herein) and shall be mailed by  registered
mail or personally delivered or telecopied to Financial Security as follows:

                      Financial Security Assurance Inc.
350 Park Avenue
New York, New York 10022
Attention: Senior Vice President - Surveillance
Re:     GMACM Mortgage Pass-Through Certificates
Series 2000-J2, Class A-3
Telecopy No.: (212) 339-3518
Confirmation: (212) 826-0100

Financial  Security  may specify a  different  address or  addresses  by writing
mailed or delivered to the Trustee.

     8.  Priorities.  In the  event  any term or  provision  of the face of this
Policy is inconsistent with the provisions of this  Endorsement,  the provisions
of this Endorsement shall take precedence and shall be binding.

                                        3



<PAGE>


        9. Exclusions From Insurance  Guaranty Funds. This Policy is not covered
by the Property/Casualty  Insurance Security Fund specified in Article 76 of the
New York  Insurance  Law.  This Policy is not  covered by the Florida  Insurance
Guaranty  Association  created  under  Part  II of  Chapter  631 of the  Florida
Insurance Code. In the event Financial  Security were to become  insolvent,  any
claims  arising under this Policy are excluded  from coverage by the  California
Insurance Guaranty Association,  established pursuant to Article 14.2 of Chapter
1 of Part 2 of Division 1 of the California Insurance Code.

     10.  Surrender  of Policy.  The  Trustee  shall  surrender  this  Policy to
Financial Security for cancellation upon expiration of the Term of this Policy.

     IN WITNESS  WHEREOF,  FINANCIAL  SECURITY  ASSURANCE  INC.  has caused this
Endorsement No. 1 to be executed by its Authorized Officer.

                            FINANCIAL SECURITY ASSURANCE INC.

                            By     ________________________________
                                          Authorized Officer















                                        4





                                                         Exhibit A
                                                         To Endorsement 1

                         NOTICE OF CLAIM AND CERTIFICATE

Financial Security Assurance Inc.
          350 Park Avenue
        New York, NY 10022

        The  undersigned,  a duly authorized  officer of Norwest Bank Minnesota,
National  Association  (the "Trustee"),  hereby certifies to Financial  Security
Assurance Inc.  ("Financial  Security"),  with  reference to Financial  Guaranty
Insurance  Policy No.  50946-N  dated  June 27,  2000 (the  "Policy")  issued by
Financial Security in respect of the GMACM Mortgage  Pass-Through  Certificates,
Series 2000-J2, Class A-3 (the " Certificates"), that:

          (i) The  Trustee  is the  Trustee  under  the  Pooling  and  Servicing
     Agreement for the Holders of the Certificates.

             (ii) The sum of all  amounts  on  deposit  (or  scheduled  to be on
      deposit)  in  the   Certificate   Account  (after  giving  effect  to  any
      applications  of funds from the Insured  Reserve  Fund) and  available for
      distribution  to  the  Holders  pursuant  to  the  Pooling  and  Servicing
      Agreement will be $_______(the  "Shortfall")  less than the sum of (a) the
      Guaranteed   Distributions   with   respect  to  the   Distribution   Date
      ($__________)  and (b) the aggregate amount on deposit (or scheduled to be
      on  deposit)  in the  Certificate  Account  (after  giving  effect  to any
      applications  of funds from the Insured Reserve Fund) that will be applied
      to make payments of principal  (other than principal  amounts due pursuant
      to clause (3) of the  definition  of  "Guaranteed  Distributions")  on the
      Certificates  on  such  Distribution  Date  pursuant  to the  Pooling  and
      Servicing Agreement,  but without giving effect to any payments to be made
      under the Policy.

             (iii) The Trustee is making a claim under the Policy for the lesser
      of (a) the Shortfall and (b) the Guaranteed  Distributions with respect to
      the  Distribution  Date,  to be applied to  distributions  of principal or
      interest or both with respect to the Certificates.

             (iv) The  Trustee  agrees  that,  following  receipt  of funds from
      Financial Security,  it shall (a) hold such amounts in trust and apply the
      same  directly  to  the  payment  of  Guaranteed   Distributions   on  the
      Certificates when due; (b) not apply such funds for any other purpose; (c)
      not  commingle  such funds with other  funds held by the  Trustee  and (d)
      maintain  an  accurate  record  of  such  payments  with  respect  to each
      Certificate and the corresponding claim on the Policy and proceeds thereof
      and, if the  Certificate  is required to be  presented  for such  payment,
      shall  stamp on each such  Certificate  the  legend  "$[insert  applicable
      amount]  paid by  Financial  Security  and the  balance  hereof  has  been
      canceled  and  reissued"  and  then  shall  deliver  such  Certificate  to
      Financial Security.

                                                 A-1

             (v) The  Trustee,  on  behalf of the  Holders,  hereby  assigns  to
      Financial  Security  the  rights  of  the  Holders  with  respect  to  the
      Certificates  to the extent of any payments  under the Policy,  including,
      without  limitation,  any  amounts  due  to  the  Holders  in  respect  of
      securities  law  violations  arising  from  the  offer  and  sale  of  the
      Certificates.  The  foregoing  assignment  is in  addition  to, and not in
      limitation  of,  rights of  subrogation  otherwise  available to Financial
      Security in respect of such  payments.  The Trustee shall take such action
      and deliver such instruments as may be reasonably requested or required by
      Financial  Security to effectuate the purpose or provisions of this clause
      (v).

             (vi) The  Trustee,  on its  behalf  and on behalf  of the  Holders,
      hereby appoints Financial Security as agent and  attorney-in-fact  for the
      Trustee and each such Holder in any legal  proceeding  with respect to the
      Certificates.  The  Trustee  hereby  agrees  that,  so long as a Financial
      Security  Default  shall not  exist,  Financial  Security  may at any time
      during the  continuation of any proceeding by or against the Company under
      the United  States  Bankruptcy  Code or any other  applicable  bankruptcy,
      insolvency,  receivership,  rehabilitation  or similar law (an "Insolvency
      Proceeding")  direct all matters  relating to such  Insolvency  Proceeding
      with respect to the Certificates.  In addition,  the Trustee hereby agrees
      that  Financial  Security  shall be subrogated  to, and the Trustee on its
      behalf and on behalf of each Holder,  hereby delegates and assigns, to the
      fullest extent permitted by law, the rights of the Trustee and each Holder
      in  the  conduct  of  any  Insolvency   Proceeding,   including,   without
      limitation,  all rights of any party to an adversary  proceeding or action
      with  respect  to any  court  order  issued  in  connection  with any such
      Insolvency Proceeding.

             (vii) Payments should be made by wire transfer directed to [SPECIFY
      FSA POLICY PAYMENTS ACCOUNT OR CERTIFICATE ACCOUNT].

        Unless the context  otherwise  requires,  capitalized terms used in this
Notice of Claim and  Certificate  and not defined herein shall have the meanings
provided in the Policy.


                                       A-2





<PAGE>




        IN WITNESS  WHEREOF,  the Trustee has executed and delivered this Notice
of Claim and Certificate as of the _______day of ________ , _________.

                         NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION

                             By:  ________________________________________
                             Title: _______________________________________


______________________________________________________________________________


For Financial Security or Fiscal Agent Use Only

Wire transfer sent on _____________________________by ________________________
Confirmation Number ___________________________________________________________



                                       A-3

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