================================================================================

                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,

                                     Trustee

                               SERIES SUPPLEMENT,

                           DATED AS OF APRIL 1, 2003,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT
                            dated as of March 1, 2003

                 Mortgage Asset-Backed Pass-Through Certificates

                                 Series 2003-QS8


================================================================================


<PAGE>


<TABLE>
<CAPTION>


<S>                                                                                        <C>
Article I    DEFINITIONS....................................................................4

        Section 1.01.  Definitions..........................................................4
        Section 1.02.  Use of Words and Phrases............................................18
        Section 1.03.  Determination of LIBOR..............................................18

Article II   CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES...............20

        Section 2.01.   Conveyance of Mortgage Loans.  (See Section 2.01 of the Standard
                      Terms)...............................................................20
        Section 2.02.   Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)...20
        Section 2.03.   Representations, Warranties and Covenants of the Master
                      Servicer        and the Company......................................20
        Section 2.04.   Representations and Warranties of Sellers. (See Section 2.04 of the
                      Standard Terms)......................................................23
        Section 2.05.   Execution and Authentication of Certificates/Issuance of Certificates
                      Evidencing Interests in REMIC I Certificates.........................23
        Section 2.06.   Conveyance of Uncertificated REMIC I and REMIC II Regular
                      Interests; Acceptance by the Trustee.................................23
        Section 2.07.   Issuance of Certificates Evidencing Interest in REMIC II...........23
        Section 2.08.   Purposes and Powers of the Trust (See Section 2.08 of the Standard
                      Terms)...............................................................23

Article III  ADMINISTRATION AND SERVICING OF MORTGAGE LOANS................................24

        Section 3.01.   Master Servicer to Act as Servicer. (See Section 3.01 of the Standard
                      Terms)...............................................................24
        Section 3.02.   Subservicing Agreements Between Master Servicer and Subservicers;
                      Enforcement of Subservicers' and Sellers' Obligations. (See Section
                      3.02 of the Standard Terms)..........................................24
        Section 3.03.   Successor Subservicers. (See Section 3.03 of the Standard Terms)...24
        Section 3.04.   Liability of the Master Servicer. (See Section 3.04 of the
                      Standard    Terms)...................................................24
        Section 3.05.   No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders.  (See  Section  3.05  of the  Standard
        Terms).........24   Section   3.06.   Assumption   or   Termination   of
        Subservicing Agreements by Trustee.
                      (See Section 3.06 of the Standard Terms).............................24
        Section 3.07.   Collection of Certain Mortgage Loan Payments;  Deposits to
                      Custodial Account...................................................24
        Section 3.08.   Subservicing Accounts; Servicing Accounts. (See Section 3.08
                      of            the Standard Terms)....................................25
        Section 3.09    Access to Certain Documentation and  Information Regarding the
                      Mortgage Loans. (See Section 3.09 of the Standard Terms).............25
        Section 3.10.   Permitted Withdrawals from the Custodial Account. (See
                      Section         3.10 of the Standard Terms)..........................25
        Section 3.11.   Maintenance of the Primary Insurance  Policies; Collections
                      Thereunder.    (See   Section   3.11   of   the   Standard
        Terms).................25  Section 3.12.  Maintenance  of Fire Insurance
        and Omissions and Fidelity Coverage.
                      (See Section 3.12 of the Standard Terms).............................25
        Section 3.13.   Enforcement of Due-on-Sale Clauses; Assumption and  Modification
                      Agreements; Certain Assignments. (See Section 3.13 of the Standard
                      Terms)...............................................................26
        Section 3.14.   Realization Upon Defaulted Mortgage Loans. (See Section
                      3.14               of the Standard Terms)...........................26
        Section 3.15.   Trustee to Cooperate; Release of Mortgage Files.  (See Section
                      3.15        of the Standard
                      Terms)...................................26
        Section 3.16.   Servicing and Other Compensation; Compensating Interest. (See
                      Section 3.16 of the Standard Terms)..................................26
        Section 3.17.   Reports to the Trustee and the Company.  (See Section 3.17 of the
                      Standard Terms)......................................................26
        Section 3.18.   Annual Statement as to Compliance..................................26
        Section 3.19.   Annual Independent Public Accountants' Servicing Report. (See
                      Section 3.19 of the Standard Terms)..................................27
        Section 3.20.   Rights of the Company in Respect of the Master Servicer. (See
                      Section 3.20 of the Standard Terms)..................................27
        Section 3.21.   Administration of Buydown Funds (See Section 3.21 of the Standard
                      Terms)...............................................................27

Article IV  PAYMENTS TO CERTIFICATEHOLDERS.................................................28

        Section 4.01.  Certificate Account.  (See Section 4.01 of the Standard Terms)......28
        Section 4.02.  Distributions. .....................................................28
        Section 4.03.  Statements to Certificateholders; Exchange Act Reporting............37
        Section 4.04.  Distribution of Reports to the Trustee and the Company;
                     Advances          by the Master Servicer..............................38
        Section 4.05.  Allocation of Realized Losses. .....................................38
        Section 4.06.  Reports of Foreclosures and Abandonment of Mortgaged Property.
                     (See Section 4.06 of the Standard Terms)..............................40
        Section 4.07.  Optional Purchase of Defaulted Mortgage Loans.  (See Section
                     4.07         of the Standard Terms)...................................40
        Section 4.08.   Surety Bond. (See Section 4.08 of the Standard Terms)..............40
        Section 4.09.   Reserve Fund.......................................................40
        Section 4.10.   Rounding Account...................................................41
        Section 4.11.   Principal Distributions on the Retail Certificates.................41

Article V  THE CERTIFICATES................................................................46

Article VI    THE COMPANY AND THE MASTER SERVICER..........................................47

Article VII   DEFAULT......................................................................48

Article VIII  CONCERNING THE TRUSTEE.......................................................49

Article IX    TERMINATION..................................................................50

Article X      REMIC PROVISIONS............................................................51

        Section 10.01.  REMIC Administration.  (See Section 10.01 of the Standard Terms)...51
        Section 10.02.  Master Servicer; REMIC Administrator and Trustee Indemnification.
                       (See Section 10.02 of the Standard Terms)...........................51
        Section 10.03.  Designation of REMICs..............................................51
        Section 10.04.  Distributions on the Uncertificated REMIC I and REMIC II Regular
                       Interests...........................................................51
        Section 10.05.  Compliance with Withholding Requirements...........................53

Article XI   MISCELLANEOUS PROVISIONS......................................................54

        Section 11.01.  Amendment.  (See Section 11.01 of the Standard Terms)..............54
        Section 11.02.  Recordation of Agreement;  Counterparts.  (See Section 11.02 of the
                       Standard Terms).....................................................54
        Section 11.03.  Limitation on Rights of Certificateholders.  (See Section 11.03 of
                      the Standard Terms)..................................................54
        Section 11.04.  Governing Laws.  (See Section 11.04 of the Standard Terms).........54
        Section 11.05.  Notices............................................................54
        Section 11.06.  Required Notices to Rating Agency and Subservicer..................55
        Section 11.07.  Severability of Provisions. (See Section 11.07 of
                       the                       Standard Terms)...........................56
        Section 11.08.  Supplemental Provisions for Resecuritization.  (See Section
                       11.08           of the Standard Terms)..............................56
        Section 11.09.  Allocation of Voting Rights........................................56
        Section 11.10.  No Petition........................................................56

Article XII    CERTAIN MATTERS REGARDING THE CERTIFICATE INSURER...........................57

        Section 12.01.   Rights of the Certificate Insurer to Exercise Rights of Retail
                       Certificateholders..................................................57
        Section 12.02.   Claims Upon the Certificate Policy; Certificate Insurance Account.57
        Section 12.03.   Effect of Payments by the Certificate Insurer; Subrogation........58
        Section 12.04.   Notices and Information to the Certificate Insurer................59
        Section 12.05.   Trustee to Hold Certificate Policy................................59
        Section 12.06.   Ratings...........................................................59
        Section 12.07.   Third-Party Beneficiary...........................................59



<PAGE>


                                    EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement Dated as of March 1, 2003
Exhibit Five:         Certificate Policy of MBIA Insurance Corporation


</TABLE>

<PAGE>



        This is a Series  Supplement,  dated as of April 1,  2003  (the  "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of March 1, 2003 and attached as Exhibit Four hereto (the "Standard  Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among RESIDENTIAL  ACCREDIT LOANS, INC., as the company (together
with its permitted successors and assigns,  the "Company"),  RESIDENTIAL FUNDING
CORPORATION,  as master  servicer  (together  with its permitted  successors and
assigns,  the "Master Servicer"),  and DEUTSCHE BANK TRUST COMPANY AMERICAS,  as
Trustee (together with its permitted successors and assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

        The  Company   intends  to  sell  mortgage   asset-backed   pass-through
certificates  (collectively,  the  "Certificates"),  to be issued  hereunder  in
multiple  classes,  which in the aggregate  will evidence the entire  beneficial
ownership  interest  in the  Mortgage  Loans.  As  provided  herein,  the  REMIC
Administrator  will make an  election  to treat the  entire  segregated  pool of
assets  described in the definition of Trust Fund, and subject to this Agreement
(including  the Mortgage  Loans but  excluding  the Reserve  Fund),  as two real
estate  mortgage  investment  conduits  (each, a "REMIC") for federal income tax
purposes.

        The terms and provisions of the Standard  Terms are hereby  incorporated
by reference herein as though set forth in full herein. If any term or provision
contained  herein shall  conflict  with or be  inconsistent  with any  provision
contained  in the  Standard  Terms,  the terms  and  provisions  of this  Series
Supplement  shall govern.  All  capitalized  terms not otherwise  defined herein
shall  have the  meanings  set forth in the  Standard  Terms.  The  Pooling  and
Servicing Agreement shall be dated as of the date of this Series Supplement.


                                       1
<PAGE>


        The following table sets forth the designation, type, Pass-Through Rate,
aggregate Initial Certificate Principal Balance,  Maturity Date, initial ratings
and certain features for each Class of Certificates  comprising the interests in
the Trust Fund created hereunder.
<TABLE>
<CAPTION>

                             AGGREGATE
                              INITIAL
                            CERTIFICATE
               PASS-THROUGH    PRINCIPAL                             MATURITY     STANDARD &      MINIMUM
 DESIGNATION     RATE         BALANCE       FEATURES1                DATE      POOR'S/FITCH  DENOMINATIONS2

                 5.50%                       Senior/Fixed Rate     April 25,
<S>     <C>               <C>                                        <C>                       <C>
Class A-1                 $147,425,180.00                            2033        AAA/AAA       $25,000.00
Class A-2        4.75%                       Senior/Fixed Rate     April 25,
                          $73,712,590.00                             2033        AAA/AAA       $25,000.00
Class A-3        5.20%                      Senior/Retail/Insured/ April 25,
                           $6,500,000.00         Fixed Rate          2033      AAA/AAA3        $1,000.00

Class A-4      Adjustable                   Senior/Floater/AdjustabApril 25,
               Rate4      $46,255,230.00            Rate             2033        AAA/AAA       $25,000.00
Class A-5      Adjustable          $0.005      Senior/Inverse     April 25,                  $2,000,000.00
                 Rate4                        Floater/Interest    2033
                                            Only/Adjustable Rate
                                                                                 AAA/AAA
Class A-6        5.25%    $24,000,000.00    Senior/Lockout/Super   April 25,
                                             Senior/Fixed Rate       2033        AAA/AAA       $25,000.00
Class A-7        5.25%                      Senior/Lockout/Senior  April 25,                   $25,000.00
                           $2,766,000.00     Support/Fixed Rate      2033        AAA/AAA
Class A-P        0.00%                        Senior/Principal     April 25,                   $25,000.00
                           $1,546,602.28            Only             2033        AAA/AAA
Class A-V      Variable            $0.00      Senior/Interest      April 25,                 7
               Rate6                         Only/Variable Rate      2033        AAA/AAA




1    The Certificates,  other than the Class A-P, Class A-V, Class B and Class R
     Certificates  shall be Book-Entry  Certificates.  The Class A-P, Class A-V,
     Class B and Class R Certificates  shall be delivered to the holders thereof
     in physical form.

2    The Certificates,  other than the Class A-V and Class R Certificates, shall
     be  issuable  in  minimum  dollar  denominations  as  indicated  above  (by
     Certificate  Principal  Balance or  Notional  Amount,  as  applicable)  and
     integral  multiples  of $1 (or $1,000 in the case of the Class  A-3,  Class
     A-P, Class B-1, Class B-2 and Class B-3  Certificates)  in excess  thereof,
     except that one  Certificate  of any of the Class A-P and Class B-1,  Class
     B-2 and Class B-3  Certificates  that contain an uneven  multiple of $1,000
     shall be issued in a denomination  equal to the sum of the related  minimum
     denomination set forth above and such uneven multiple for such Class or the
     sum  of  such   denomination   and  an   integral   multiple   of   $1,000.


3    The  ratings on the Class A-3  Certificates  have been  determined  without
     regard to the Certificate Policy issued by the Certificate Insurer.


4
-------------------- ---------------- -------------- ---------- ------------
Adjustable Rates:    Initial          Formula        Maximum    Minimum
-------------------- ---------------- -------------- ---------- ------------
-------------------- ---------------- -------------- ---------- ------------
Class A-4            1.905%           LIBOR + 0.60%  8.50%      0.60%
-------------------- ---------------- -------------- ---------- ------------
-------------------- ---------------- -------------- ---------- ------------
Class A-5            6.595%           7.90% - LIBOR  7.90%      0.00%



                                       2
<PAGE>


                             AGGREGATE
                              INITIAL
                            CERTIFICATE
               PASS-THROUGH    PRINCIPAL                             MATURITY     STANDARD &      MINIMUM
 DESIGNATION     RATE         BALANCE       FEATURES1                DATE      POOR'S/FITCH  DENOMINATIONS2



Class R-I        5.75%           $100.00      Senior/Residual      April 25,                 8
                                                                     2033        AAA/AAA
Class R-II       5.75%           $100.00      Senior/Residual      April 25,                       8
                                                                     2033        AAA/AAA
Class M-1        5.75%                           Mezzanine         April 25,      AA/NA        $25,000.00
                           $7,634,500.00                             2033
Class M-2        5.75%                           Mezzanine         April 25,       A/NA       $250,000.00
                           $3,022,100.00                             2033
Class M-3        5.75%                           Mezzanine         April 25,      BBB/NA      $250,000.00
                           $2,226,800.00                             2033
Class B-1        5.75%                          Subordinate        April 25,      BB/NA       $250,000.00
                             $954,400.00                             2033
Class B-2        5.75%                          Subordinate        April 25,       B/NA       $250,000.00
                           $1,113,400.00                             2033
Class B-3        5.75%                          Subordinate        April 25,      NA/NA       $250,000.00
                             $954,408.52                             2033
</TABLE>

_________________

5    The Class A-5 Certificates do not have a principal balance. For the purpose
     of calculating  interest  payments,  interest on the Class A-5 Certificates
     will accrue on a notional amount equal to the Certificate Principal Balance
     of the Class A-4 Certificates.

6    The initial Pass-Through Rate on the Class A-V Certificates is 0.3028%.

7    The Class A-V  Certificates  shall be issuable in minimum  denominations of
     not less than a 20% Percentage Interest.

8    Each  Class of the  Class R  Certificates  shall  be  issuable  in  minimum
     denominations  of  not  less  than  a 20%  Percentage  Interest;  provided,
     however,  that one Class R  Certificate  of each Class will be  issuable to
     Residential  Funding as "tax matters person"  pursuant to Section  10.01(c)
     and (e) in a minimum denomination representing a Percentage Interest of not
     less than 0.01%.

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $318,111,410.80.

        In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:

                                       3
<PAGE>

                                   ARTICLE I
                                   DEFINITIONS

Section 1.01...Definitions.

        Whenever used in this Agreement, the following words and phrases, unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.

          Adjustable  Rate  Certificates:  Any of the  Class  A-4 or  Class  A-5
     Certificates.

        Bankruptcy  Amount:  As of any date of determination  prior to the first
anniversary  of the Cut-off Date, an amount equal to the excess,  if any, of (A)
$101,287 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

               (1) the lesser of (a) the Bankruptcy  Amount calculated as of the
        close of business on the Business  Day  immediately  preceding  the most
        recent anniversary of the Cut-off Date coinciding with or preceding such
        date  of  determination  (or,  if  such  date  of  determination  is  an
        anniversary of the Cut-off Date, the Business Day immediately  preceding
        such  date of  determination)  (for  purposes  of this  definition,  the
        "Relevant Anniversary") and (b) the greater of

(A)            the greater of (i) 0.0006 times the aggregate  principal  balance
               of all the Mortgage Loans in the Mortgage Pool as of the Relevant
               Anniversary  having a Loan-to-Value  Ratio (other than Additional
               Collateral  Loans)  at  origination  which  exceeds  75% and (ii)
               $100,000; and

(B)  the  greater  of (i) the  product  of (x) an  amount  equal to the  largest
     difference in the related  Monthly  Payment for any  Non-Primary  Residence
     Loan  remaining  in the  Mortgage  Pool (other than  Additional  Collateral
     Loans)  which had an original  Loan-to-Value  Ratio of 80% or greater  that
     would  result if the Net  Mortgage  Rate  thereof was equal to the weighted
     average  (based on the  principal  balance of the Mortgage  Loans as of the
     Relevant Anniversary) of the Net Mortgage Rates of all Mortgage Loans as of
     the Relevant  Anniversary  less 1.25% per annum,  (y) a number equal to the
     weighted average remaining term to maturity,  in months, of all Non-Primary
     Residence  Loans  remaining  in  the  Mortgage  Pool  as  of  the  Relevant
     Anniversary, and (z) one plus the quotient of the number of all Non-Primary
     Residence  Loans remaining in the Mortgage Pool divided by the total number
     of  Outstanding  Mortgage  Loans in the  Mortgage  Pool as of the  Relevant
     Anniversary, and (ii) $50,000,

               over (2) the  aggregate  amount of  Bankruptcy  Losses  allocated
        solely to one or more  specific  Classes of  Certificates  in accordance
        with Section 4.05 since the Relevant Anniversary.

                                       4
<PAGE>

        The  Bankruptcy  Amount  may be further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency  (without
giving effect to the Certificate Policy in the case of the Retail  Certificates)
below  the  lower of the  then-current  rating or the  rating  assigned  to such
Certificates  as of the Closing  Date by such Rating  Agency and (ii)  provide a
copy of such written confirmation to the Trustee and to the Certificate Insurer.

        Certificate:  Any Class A, Class M, Class B or Class R Certificate.

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled  "Deutsche Bank Trust Company  Americas,  as trustee,  in trust for the
registered holders of Residential  Accredit Loans, Inc.,  Mortgage  Asset-Backed
Pass-Through  Certificates,  Series  2003-QS8"  and  which  must be an  Eligible
Account.

        Certificate  Insurance  Account:  The  account  established  pursuant to
Section 12.02(b) of this Series Supplement, which shall be entitled "Certificate
Insurance  Account,  Deutsche  Bank Trust Company  Americas,  as trustee for the
registered holders of Residential  Accredit Loans, Inc.,  Mortgage  Asset-Backed
Pass-Through Certificates, Series 2003-QS8, Class A-3."

        Certificate  Insurance  Payment:  Any  payment  made by the  Certificate
Insurer with respect to any Retail Certificates under the Certificate Policy.

        Certificate  Insurer:  MBIA  Insurance  Corporation,  a stock  insurance
company  organized and created under the laws of the State of New York,  and any
successors thereto, and issuer of the Certificate Policy.

        Certificate Insurer Default:  The existence and continuance of a failure
by the  Certificate  Insurer to make a payment  required  under the  Certificate
Policy in accordance with its terms.

     Certificate  Policy: The Certificate  Guaranty Insurance Policy (No. 41091)
issued by the  Certificate  Insurer for the benefit of the Holders of any Retail
Certificates,  including any  endorsements  thereto,  attached hereto as Exhibit
Five.

     Certificate Principal Balance: With respect to each Certificate (other than
any Interest Only  Certificate),  on any date of determination,  an amount equal
to:

         (i)   the Initial Certificate  Principal Balance of such Certificate as
               specified on the face thereof, plus

         (ii)  any  Subsequent  Recoveries  added to the  Certificate  Principal
               Balance of such Certificate pursuant to Section 4.02, minus

        (iii)  the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal


                                       5
<PAGE>

               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05;

provided,  however,  that solely for the purpose of determining  the Certificate
Insurer's rights as subrogee to the Retail  Certificateholders,  the Certificate
Principal Balance of any Retail Certificate shall be deemed to not be reduced by
any  principal  amounts paid to the Holder  thereof from  Certificate  Insurance
Payments,  unless such amounts have been reimbursed to the  Certificate  Insurer
pursuant to Section  4.02(a)(xvi);  and provided,  further, that the Certificate
Principal  Balance of each Certificate of the Class of Subordinate  Certificates
with the Lowest Priority at any given time shall be further reduced by an amount
equal to the Percentage Interest  represented by such Certificate  multiplied by
the excess, if any, of (A) the then aggregate  Certificate  Principal Balance of
all Classes of Certificates  then outstanding over (B) the then aggregate Stated
Principal  Balance of the  Mortgage  Loans,  not taking into  consideration  any
reduction in the Certificate Principal Balance of the Retail Certificates due to
withdrawals of funds from the Rounding Account.

        Class A  Certificate:  Any one of the Class A-1,  Class A-2,  Class A-3,
Class A-4, Class A-5, Class A-6, Class A-7, Class A-V or Class A-P Certificates,
executed  by  the  Trustee  and  authenticated  by  the  Certificate   Registrar
substantially in the form annexed to the Standard Terms as Exhibit A.

        Class R  Certificate:  Any one of the Class R-I  Certificates  and Class
R-II Certificates.

        Class R-I Certificate: Any one of the Class R-I Certificates executed by
the Trustee and authenticated by the Certificate Registrar  substantially in the
form  annexed to the  Standard  Terms as Exhibit D and  evidencing  an  interest
designated  as a  "residual  interest"  in  REMIC I for  purposes  of the  REMIC
Provisions.

        Class R-II Certificate:  Any one of the Class R-II Certificates executed
by the Trustee and authenticated by the Certificate  Registrar  substantially in
the form annexed to the Standard  Terms as Exhibit D and  evidencing an interest
designated  as a  "residual  interest"  in REMIC II for  purposes  of the  REMIC
Provisions.

        Closing Date:  April 29, 2003.

     Commitment  Letter:   The  letter,   dated  April  28,  2003,  between  the
Certificate  Insurer and the Senior  Underwriter,  relating  to the  Certificate
Policy.

     Corporate Trust Office: The principal office of the Trustee at which at any
particular  time its corporate  trust  business  with respect to this  Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument  is  located at 1761 East St.  Andrew  Place,  Santa Ana,  California
92705-4934, Attention: Residential Funding Corporation Series 2003-QS8.

        Cumulative  Insurance  Payments:  As of any time of  determination,  the
aggregate  of  all  Certificate   Insurance  Payments  previously  made  by  the
Certificate  Insurer  under the  Certificate  Policy minus the  aggregate of all
payments  previously  made  to the  Certificate  Insurer  pursuant  to  Sections
4.02(a)(xvi)  of  this  Series   Supplement  as  reimbursement  for  Certificate
Insurance Payments.

                                       6
<PAGE>

        Cut-off Date:  April 1, 2003.

        Deceased Holder: A Certificate  Owner of a Retail  Certificate who was a
natural  person  living  at the  time  such  interest  was  acquired  and  whose
authorized personal representative,  surviving tenant by the entirety, surviving
joint tenant or surviving  tenant in common or other person  empowered to act on
behalf of a deceased  Certificate Owner causes to be furnished to the Depository
Participant evidence of death satisfactory to the Depository Participant and any
tax waivers requested by the Depository Participant.

        Deficiency Amount: With respect to the Retail Certificates and as of any
Distribution  Date, an amount equal to (a) any interest  shortfall  allocated to
the Retail  Certificates,  except for any Prepayment Interest Shortfalls and any
Relief Act Shortfalls  allocated to the Retail  Certificates,  (b) the principal
portion of any Realized Losses allocated to the Retail  Certificates and (c) the
Certificate Principal Balance of the Retail Certificates to the extent unpaid on
the Scheduled Final Distribution Date.

        Determination  Date: With respect to any  Distribution  Date, the second
Business Day prior to each Distribution Date.

        Discount Net Mortgage Rate:  5.75% per annum.

     Due Period:  With respect to each Distribution  Date, the calendar month in
which such Distribution Date occurs.

        Eligible Funds: On any  Distribution  Date, the portion,  if any, of the
Available  Distribution  Amount  remaining after reduction by the sum of (i) the
aggregate  amount of Accrued  Certificate  Interest on the Senior  Certificates,
(ii) the Senior  Principal  Distribution  Amount  (determined  without regard to
Section  4.02(a)(ii)(Y)(D)  hereof),  (iii) the Class A-P Principal Distribution
Amount (determined without regard to Section  4.02(b)(i)(E) hereof) and (iv) the
aggregate amount of Accrued  Certificate  Interest on the Class M, Class B-1 and
Class B-2 Certificates.

        Floater Certificates:  Any one of the Class A-4 Certificates.

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date, an amount equal to: (X) prior to the first anniversary of the Cut-off Date
an amount equal to 2.00% of the aggregate  outstanding  principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of determination and (Y) from the first to, but not including,  the
fifth  anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a)
the Fraud Loss Amount as of the most recent  anniversary of the Cut-off Date and
(b) 1.00% of the aggregate  outstanding principal balance of all of the Mortgage


                                       7
<PAGE>

Loans as of the most  recent  anniversary  of the  Cut-off  Date  minus  (2) the
aggregate  amount  of Fraud  Losses  allocated  solely  to one or more  specific
Classes of  Certificates  in accordance  with Section 4.05 since the most recent
anniversary of the Cut-off Date up to such date of  determination.  On and after
the fifth anniversary of the Cut-off Date, the Fraud Loss Amount shall be zero.

        The Fraud  Loss  Amount may be  further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency  (without
giving effect to the Certificate Policy in the case of the Retail  Certificates)
below  the  lower of the  then-current  rating or the  rating  assigned  to such
Certificates  as of the Closing  Date by such Rating  Agency and (ii)  provide a
copy of such written confirmation to the Trustee and the Certificate Insurer.

     Individual Retail  Certificate:  A Retail Certificate that evidences $1,000
Initial Certificate Principal Balance.

        Initial Monthly Payment Fund: $247,740, representing scheduled principal
amortization  and interest at the Net Mortgage Rate payable  during the May 2003
Due Period,  for those Mortgage Loans for which the Trustee will not be entitled
to receive such payment.

        Initial  Notional  Amount:  With respect to the Class A-5  Certificates,
$46,255,230.  With  respect to the Class A-V  Certificates  or Subclass  thereof
issued pursuant to Section 5.01(c), the aggregate Cut-off Date Principal Balance
of the  Mortgage  Loans  corresponding  to the  Uncertificated  REMIC I  Regular
Interests Z represented by such Class or Subclass on such date.

        Initial  Subordinate  Class  Percentage:  With  respect to each Class of
Subordinate  Certificates,  an amount  which is equal to the  initial  aggregate
Certificate Principal Balance of such Class of Subordinate  Certificates divided
by the aggregate  Stated  Principal  Balance of all the Mortgage Loans as of the
Cut-off Date as follows:

        Class M-1:  2.40%           Class B-1:  0.30%
        Class M-2:  0.95%           Class B-2:  0.35%
        Class M-3:  0.70%           Class B-3:  0.30%

        Insurance  Premium:  With  respect  to the  Certificate  Policy  and any
Distribution  Date, an amount equal to the product of one-twelfth  (1/12) of the
"Premium  Percentage"  set forth in the  Commitment  Letter and the  Certificate
Principal  Balance  of  the  Retail  Certificates   immediately  prior  to  such
Distribution Date.

        Insured Payment: With respect to any Retail Certificates,  (a) as of any
Distribution Date, any Deficiency Amount and (b) any Preference Amount.

        Interest  Accrual  Period:  With  respect  to any Class of  Certificates
(other than the Floater  Certificates and the Inverse Floater  Certificates) and
any  Distribution  Date,  the calendar  month  preceding the month in which such
Distribution   Date  occurs.   The  Interest  Accrual  Period  for  the  Floater
Certificates and the Inverse Floater  Certificates for any Distribution  Date is
the period  beginning on the 25th day of the month  preceding the month in which
such  Distribution  Date occurs and ending on the 24th day of the month in which
such Distribution Date occurs.

                                       8
<PAGE>

        Interest Only  Certificates:  Any one of the Class A-5  Certificates  or
Class A-V Certificates.  The Interest Only Certificates will have no Certificate
Principal Balance.

        Inverse Floater Certificates:  Any one of the Class A-5 Certificates.

        Lockout  Certificates:Any  of the  Class A-6  Certificates  or Class A-7
Certificates.

        Lockout  Percentage:  For any  Distribution  Date occurring prior to the
Distribution Date in May 2008, 0%, and for any Distribution Date thereafter,  as
follows:  30% for any  Distribution  Date on or after  May 2008 and prior to May
2009; 40% for any Distribution  Date on or after May 2009 and prior to May 2010;
60% for any  Distribution  Date on or after May 2010 and prior to May 2011;  80%
for any  Distribution  Date on or after May 2011 and prior to May 2012; and 100%
for any Distribution Date thereafter.

        Maturity  Date:  April  25,  2033,  the  Distribution  Date  immediately
following the latest scheduled maturity date of any Mortgage Loan.

        Mortgage Loan Schedule: The list or lists of the Mortgage Loans attached
hereto as Exhibit One (as amended  from time to time to reflect the  addition of
Qualified  Substitute  Mortgage Loans),  which list or lists shall set forth the
following information as to each Mortgage Loan:

(i)               the Mortgage Loan identifying number ("RFC LOAN #");

(ii)              the maturity of the Mortgage Note ("MATURITY DATE");

(iii)             the Mortgage Rate ("ORIG RATE");

(iv)              the Subservicer pass-through rate ("CURR NET");

(v)               the Net Mortgage Rate ("NET MTG RT");

(vi)              the Pool Strip Rate ("STRIP");

(vii)             the initial  scheduled  monthly payment of principal,  if any,
                  and interest ("ORIGINAL P & I");

(viii)            the Cut-off Date Principal Balance ("PRINCIPAL BAL");

(ix)              the Loan-to-Value Ratio at origination ("LTV");

(x)               the rate at which the Subservicing Fee accrues ("SUBSERV FEE")
                  and at which the Servicing Fee accrues ("MSTR SERV FEE");

(xi)              a code  "T,"  "BT" or "CT"  under  the  column  "LN  FEATURE,"
                  indicating  that the  Mortgage  Loan is secured by a second or
                  vacation residence; and

(xii)             a code "N" under the column "OCCP CODE,"  indicating  that the
                  Mortgage Loan is secured by a non-owner occupied residence.

                                       9
<PAGE>

Such schedule may consist of multiple reports that collectively set forth all of
the information required.

        Notional Amount:  As of any  Distribution  Date, (i) with respect to the
Class A-5 Certificates,  an amount equal to the Certificate Principal Balance of
the Class A-4 Certificates  immediately prior to such date and (ii) with respect
to any Class A-V  Certificates  or Subclass  thereof issued  pursuant to Section
5.01(c),   the  aggregate  Stated  Principal   Balance  of  the  Mortgage  Loans
corresponding to the  Uncertificated  REMIC I Regular Interests Z represented by
such Class or Subclass immediately prior to such date.

        Pass-Through Rate: With respect to the Senior  Certificates  (other than
the Floater Certificates,  Inverse Floater Certificates,  Class A-V Certificates
and Class A-P  Certificates),  Class M Certificates and Class B Certificates and
any  Distribution  Date,  the per  annum  rates  set  forth  in the  Preliminary
Statement hereto.

o              With respect to the Floater Certificates and the initial Interest
               Accrual Period,  1.905% per annum, and as to any Interest Accrual
               Period  thereafter,  a per annum rate equal to LIBOR plus  0.60%,
               subject to a maximum  rate of 8.50% per annum and a minimum  rate
               of 0.60% per annum.

o              With respect to the Inverse Floater  Certificates and the initial
               Interest Accrual Period, 6.595% per annum, and as to any Interest
               Accrual Period thereafter,  a per annum rate equal to 7.90% minus
               LIBOR, subject to a maximum rate of 7.90% per annum and a minimum
               rate of 0.00% per annum.

With respect to the Class A-V Certificates (other than any Subclass thereof) and
any  Distribution  Date,  a rate equal to the weighted  average,  expressed as a
percentage,  of the Pool Strip Rates of all Mortgage Loans as of the Due Date in
the related Due Period, weighted on the basis of the respective Stated Principal
Balances  of such  Mortgage  Loans  as of the  day  immediately  preceding  such
Distribution  Date (or,  with respect to the initial  Distribution  Date, at the
close  of  business  on  the  Cut-off  Date).  With  respect  to the  Class  A-V
Certificates and the initial Distribution Date the Pass-Through Rate is equal to
0.3028% per annum.  With respect to any Subclass of Class A-V  Certificates  and
any  Distribution  Date,  a rate equal to the weighted  average,  expressed as a
percentage,  of the Pool Strip Rates of all Mortgage Loans  corresponding to the
Uncertificated  REMIC I Regular  Interests Z represented  by such Subclass as of
the Due Date in the related Due Period,  weighted on the basis of the respective
Stated  Principal  Balances  of such  Mortgage  Loans as of the day  immediately
preceding such  Distribution  Date (or with respect to the initial  Distribution
Date,  at the  close of  business  on the  Cut-off  Date).  The  Principal  Only
Certificates  have  no  Pass-Through  Rate  and  are  not  entitled  to  Accrued
Certificate Interest.

        Preference Amount:  As defined in the Certificate Policy.

        Prepayment  Assumption:   The  prepayment  assumption  to  be  used  for
determining  the  accrual of  original  issue  discount  and  premium and market
discount on the  Certificates  for federal income tax purposes,  which assumes a
constant  prepayment  rate of 6.0% per annum of the then  outstanding  principal
balance of the  related  Mortgage  Loans in the first  month of the life of such


                                       10
<PAGE>

Mortgage Loans and an additional approximately 1.090909% per annum in each month
thereafter  until the twelfth  month,  and beginning in the twelfth month and in
each  month  thereafter  during  the  life of the  Mortgage  Loans,  a  constant
prepayment rate of 18.0% per annum.

        Prepayment  Distribution  Percentage:  With respect to any  Distribution
Date  and  each  Class  of  Subordinate   Certificates,   under  the  applicable
circumstances set forth below, the respective percentages set forth below:

        (i)    For any Distribution  Date prior to the Distribution  Date in May
               2008  (unless the  Certificate  Principal  Balances of the Senior
               Certificates  (other than the Class A-P Certificates),  have been
               reduced to zero), 0%.

        (ii)   For any  Distribution  Date not  discussed in clause (i) above on
               which any Class of Subordinate Certificates are outstanding:

                      (a) in the case of the Class of  Subordinate  Certificates
               then  outstanding  with the Highest Priority and each other Class
               of  Subordinate  Certificates  for which the  related  Prepayment
               Distribution Trigger has been satisfied, a fraction, expressed as
               a percentage, the numerator of which is the Certificate Principal
               Balance  of such  Class  immediately  prior to such  date and the
               denominator  of  which  is the sum of the  Certificate  Principal
               Balances  immediately  prior  to such  date of (1) the  Class  of
               Subordinate   Certificates  then  outstanding  with  the  Highest
               Priority and (2) all other  Classes of  Subordinate  Certificates
               for which the respective  Prepayment  Distribution  Triggers have
               been satisfied; and

                      (b) in  the  case  of  each  other  Class  of  Subordinate
               Certificates for which the Prepayment  Distribution Triggers have
               not been satisfied, 0%; and

(iii)Notwithstanding  the  foregoing,   if  the  application  of  the  foregoing
     percentages  on any  Distribution  Date as provided in Section 4.02 of this
     Series  Supplement  (determined  without  regard  to  the  proviso  to  the
     definition of "Subordinate  Principal Distribution Amount") would result in
     a  distribution  in  respect  of  principal  of any  Class  or  Classes  of
     Subordinate   Certificates   in  an  amount   greater  than  the  remaining
     Certificate Principal Balance thereof (any such class, a "Maturing Class"),
     then:  (a) the  Prepayment  Distribution  Percentage of each Maturing Class
     shall be reduced to a level that,  when applied as described  above,  would
     exactly reduce the Certificate Principal Balance of such Class to zero; (b)
     the Prepayment  Distribution  Percentage of each other Class of Subordinate
     Certificates (any such Class, a "Non-Maturing Class") shall be recalculated
     in  accordance  with the  provisions  in  paragraph  (ii) above,  as if the
     Certificate  Principal  Balance of each Maturing  Class had been reduced to
     zero (such percentage as recalculated,  the "Recalculated Percentage"); (c)
     the  total  amount  of  the  reductions  in  the  Prepayment   Distribution
     Percentages of the Maturing Class or Classes pursuant to clause (a) of this
     sentence,  expressed as an aggregate  percentage,  shall be allocated among
     the  Non-Maturing  Classes in proportion to their  respective  Recalculated


                                       11
<PAGE>

     Percentages  (the portion of such  aggregate  reduction so allocated to any
     Non-Maturing Class, the "Adjustment  Percentage");  and (d) for purposes of
     such  Distribution  Date,  the Prepayment  Distribution  Percentage of each
     Non-Maturing  Class  shall  be  equal  to the  sum of  (1)  the  Prepayment
     Distribution   Percentage  thereof,   calculated  in  accordance  with  the
     provisions in paragraph (ii) above as if the Certificate  Principal Balance
     of each Maturing  Class had not been reduced to zero,  plus (2) the related
     Adjustment Percentage.

        Principal Only Certificates:  Any one of the Class A-P Certificates.

        Random Lot: With respect to any  Distribution  Date, the method by which
the Depository will determine which Retail  Certificates will be paid, using its
established  random lot procedures or, if the Retail  Certificates are no longer
represented by a Book-Entry Certificate, using the Trustee's procedures.

        Record Date:  With respect to each  Distribution  Date and each Class of
Certificates  (other than the Adjustable Rate  Certificates  that are Book-Entry
Certificates),  the  close of  business  on the last  Business  Day of the month
preceding the month in which the related  Distribution Date occurs. With respect
to each  Distribution Date and the Adjustable Rate Certificates (so long as they
are Book-Entry Certificates), the close of business on the Business Day prior to
such Distribution Date.

        Related  Classes:  As to any  Uncertificated  REMIC I Regular  Interest,
those classes of Certificates identified as "Related Classes of Certificates" to
such Uncertificated REMIC I Regular Interest in the definition of Uncertificated
REMIC I Regular Interest.

        Relief Act:  The  Soldiers'  and Sailors'  Civil Relief Act of 1940,  as
amended, or similar legislation or regulations as in effect from time to time.

        Relief Act  Shortfalls:  Shortfalls  in interest  payable by a Mortgagor
that is not collectible from the Mortgagor pursuant to the Relief Act.

        REMIC I: The  segregated  pool of assets,  with respect to which a REMIC
election is to be made, consisting of:

               (i)    the Mortgage Loans and the related Mortgage Files,

          (ii) all payments and collections in respect of the Mortgage Loans due
               after the Cut-off  Date (other than  Monthly  Payments due in the
               month  of  the  Cut-off  Date)  as  shall  be on  deposit  in the
               Custodial  Account or in the Certificate  Account (but not in the
               Reserve  Fund) and  identified  as  belonging  to the Trust Fund,
               including  the  proceeds  from  the   liquidation  of  Additional
               Collateral for any Additional  Collateral Loan, but not including
               amounts on deposit in the Initial Monthly Payment Fund,

               (iii)  property  which secured a Mortgage Loan and which has been
                      acquired  for the  benefit  of the  Certificateholders  by
                      foreclosure or deed in lieu of foreclosure,

                                       12
<PAGE>

               (iv)   the  hazard  insurance   policies  and  Primary  Insurance
                      Policies,  if any, the Pledged Assets with respect to each
                      Pledged  Asset  Mortgage  Loan,  and the  interest  in the
                      Surety Bond transferred to the Trustee pursuant to Section
                      2.01 herein,

               (v)    with  respect  to  the  Retail   Certificates   only,  the
                      Certificate Policy and the Rounding Account; and

               (vi)   all proceeds of clauses (i) through (v) above.

        REMIC I Certificates:  The Class R-I Certificates.

        REMIC II: The segregated pool of assets consisting of the Uncertificated
REMIC I Regular  Interests  conveyed  in trust to the Trustee for the benefit of
the  holders  of  each  Class  of   Certificates   (other  than  the  Class  R-I
Certificates)  pursuant to Section 2.06,  with respect to which a separate REMIC
election is to be made.

        REMIC II Certificates:  Any Class of Certificates  (other than the Class
R-I Certificates).

        Reserve  Fund:  Any one or  more  segregated  trust  accounts  that  are
Eligible  Accounts,  which shall be titled  "Reserve  Fund,  Deutsche Bank Trust
Company Americas,  as trustee for the registered holders of Residential Accredit
Loans, Inc., Mortgage Asset-Backed Pass-Through  Certificates,  Series 2003-QS8,
Class A-3."

        Reserve Fund Deposit:  $15,000.

        Reserve Fund Withdrawal:  As defined in Section 4.09.

        Retail Certificates:  Any of the Class A-3 Certificates.

     Rounding  Account:  With  respect to the Retail  Certificates,  the account
created and maintained for such Retail Certificates pursuant to Section 4.10.

        Rounding  Amount:  With respect to the Rounding  Account,  the amount of
funds,  if any,  needed  to be  withdrawn  and used to round  the  amount of any
distributions  in reduction of the Certificate  Principal  Balance of the Retail
Certificates upward to the next higher integral multiple of $1,000.

        Scheduled Final Distribution Date:  April 25, 2033.

        Senior  Certificate:  Any one of the  Class A  Certificates  or  Class R
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed to the Standard Terms as Exhibit A
and Exhibit D.

        Senior Percentage: As of any Distribution Date, the lesser of 100% and a
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Certificate  Principal Balance of the Senior  Certificates (other than the Class
A-P   Certificates)   immediately  prior  to  such  Distribution  Date  and  the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

                                       13
<PAGE>

        Senior Principal Distribution Amount: As to any Distribution Date before
the  Credit  Support  Depletion  Date,  the  lesser  of (a) the  balance  of the
Available  Distribution  Amount  remaining after the distribution of all amounts
required  to  be  distributed   pursuant  to  Section   4.02(a)(i)  and  Section
4.02(a)(ii)(X) of this Series Supplement and (b) the sum of the amounts required
to be distributed to the Senior  Certificateholders  on such  Distribution  Date
pursuant to Sections  4.02(a)(ii)(Y),  4.02(a)(xvii) and  4.02(a)(xviii) of this
Series  Supplement.  As to any Distribution  Date on or after the Credit Support
Depletion  Date,  the lesser of (a) the  balance of the  Available  Distribution
Amount  remaining  after the  distribution  of (i) all  amounts  required  to be
distributed  pursuant to Section  4.02(a)(i) and (ii) the amount  required to be
distributed to the Class A-P  Certificateholders  pursuant to Section 4.02(c) of
this  Series  Supplement,  and  (b)  the  sum  of  the  amounts  required  to be
distributed to the Senior  Certificateholders on such Distribution Date pursuant
to Sections  4.02(a)(ii)(Y),  4.02(a)(xvii)  and  4.02(a)(xviii)  of this Series
Supplement.

        Senior Support Certificates: Any one of the Class A-7 Certificates.

        Senior Underwriter:  Bear, Stearns & Co. Inc.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$3,181,114  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated.  For each anniversary of the Cut-off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the greater of (A) the greatest of (i) twice the outstanding  principal  balance
of the  Mortgage  Loan in the  Trust  Fund  which  has the  largest  outstanding
principal   balance  on  the  Distribution   Date  immediately   preceding  such
anniversary,  (ii) the product of 1.00% multiplied by the outstanding  principal
balance of all Mortgage Loans on the  Distribution  Date  immediately  preceding
such anniversary and (iii) the aggregate  outstanding  principal  balance (as of
the immediately preceding Distribution Date) of the Mortgage Loans in any single
five-digit California zip code area with the largest amount of Mortgage Loans by
aggregate  principal  balance as of such  anniversary and (B) the greater of (i)
the product of 0.50%  multiplied  by the  outstanding  principal  balance of all
Mortgage Loans on the Distribution  Date immediately  preceding such anniversary
multiplied  by a  fraction,  the  numerator  of which is equal to the  aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date) of all of the Mortgage  Loans secured by Mortgaged  Properties  located in
the State of California divided by the aggregate  outstanding  principal balance
(as of the  immediately  preceding  Distribution  Date)  of all of the  Mortgage
Loans, expressed as a percentage, and the denominator of which is equal to 39.6%
(which  percentage  is equal to the  percentage  of Mortgage  Loans by aggregate
principal balance initially secured by Mortgaged Properties located in the State
of California) and (ii) the aggregate  outstanding  principal balance (as of the
immediately preceding Distribution Date) of the largest Mortgage Loan secured by
a Mortgaged  Property  (or,  with  respect to a  Cooperative  Loan,  the related
Cooperative Apartment) located in the State of California.

                                       14
<PAGE>

        The Special Hazard Amount may be further  reduced by the Master Servicer
(including  accelerating the manner in which coverage is reduced)  provided that
prior to any such  reduction,  the  Master  Servicer  shall (i)  obtain  written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency  (without
giving effect to the Certificate Policy in the case of the Retail  Certificates)
below  the  lower of the  then-current  rating or the  rating  assigned  to such
Certificates  as of the Closing  Date by such Rating  Agency and (ii)  provide a
copy of such written confirmation to the Trustee and the Certificate Insurer.

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related  Subordinate  Class Percentage for such Class and
(y) the  aggregate  of the  amounts  calculated  (without  giving  effect to the
related Senior  Percentages) for such  Distribution  Date under clauses (1), (2)
and (3) of Section 4.02(a)(ii)(Y)(A); (ii) such Class's pro rata share, based on
the Certificate Principal Balance of each Class of Subordinate Certificates then
outstanding,    of   the    principal    collections    described   in   Section
4.02(a)(ii)(Y)(B)(b)   (without   giving   effect  to  the  Senior   Accelerated
Distribution  Percentage)  to the  extent  such  collections  are not  otherwise
distributed  to the Senior  Certificates;  (iii) the  product of (x) the related
Prepayment  Distribution  Percentage  and (y)  the  aggregate  of all  Principal
Prepayments in Full received in the related  Prepayment  Period and Curtailments
received in the  preceding  calendar  month  (other  than the  related  Discount
Fraction of such Principal  Prepayments in Full and Curtailments with respect to
a Discount Mortgage Loan) to the extent not payable to the Senior  Certificates;
(iv) if such Class is the Class of  Subordinate  Certificates  with the  Highest
Priority,  any Excess  Subordinate  Principal Amount for such Distribution Date;
and (v) any amounts  described in clauses (i), (ii) and (iii) as determined  for
any previous  Distribution  Date, that remain  undistributed  to the extent that
such amounts are not  attributable  to Realized Losses which have been allocated
to a Class of Subordinate  Certificates minus (b) the sum of (i) with respect to
the Class of  Subordinate  Certificates  with the  Lowest  Priority,  any Excess
Subordinate   Principal  Amount  for  such  Distribution   Date,  and  (ii)  the
Capitalization  Reimbursement  Amount for such distribution date, other than the
related Discount Fraction of any portion of that amount related to each Discount
Mortgage  Loan,  multiplied  by a  fraction,  the  numerator  of  which  is  the
Subordinate  Principal   Distribution  Amount  for  such  Class  of  Subordinate
Certificates,  without giving effect to this clause (b)(ii), and the denominator
of which is the sum of the  principal  distribution  amounts  for all Classes of
Certificates other than the Class A-P Certificates, without giving effect to any
reductions for the Capitalization Reimbursement Amount.

        Super Senior Certificates:  Any one of the Class A-6 Certificates.

        Super  Senior  Optimal  Percentage:  As  of  any  Distribution  Date,  a
fraction,  expressed as a percentage,  the numerator of which is the Certificate
Principal  Balance of the Super Senior  Certificates  immediately  prior to such
Distribution  Date and the  denominator  of which is the  aggregate  Certificate
Principal  Balance  of  the  Senior  Certificates,  other  than  the  Class  A-P
Certificates, immediately prior to such Distribution Date.

        Super  Senior  Optimal   Principal   Distribution   Amount:  As  of  any
Distribution  Date on or after the Credit Support Depletion Date, the product of
(a) the  then-applicable  Super  Senior  Optimal  Percentage  and (b) the Senior
Principal Distribution Amount.

                                       15
<PAGE>

        Trust Fund:  The assets of REMIC I and the Reserve Fund.

        Uncertificated Accrued Interest: With respect to each Distribution Date,
(i)  as to  each  Uncertificated  REMIC  I  Regular  Interest  other  than  each
Uncertificated  REMIC I Regular  Interest  Z, an amount  equal to the  aggregate
amount of Accrued Certificate  Interest that would result under the terms of the
definition  thereof on the Related Classes of  Certificates if the  Pass-Through
Rate on such Classes were equal to the Uncertificated  Pass-Through Rate on such
Uncertificated REMIC I Regular Interest,  (ii) as to each Uncertificated REMIC I
Regular  Interest  Z and each  Uncertificated  REMIC II Regular  Interest  Z, an
amount  equal to one  month's  interest  at the Pool Strip  Rate of the  related
Mortgage  Loan on the  principal  balance of such  Mortgage Loan reduced by such
Interest's  pro-rata  share  of any  prepayment  interest  shortfalls  or  other
reductions of interest allocable to the Class A-V Certificates.

        Uncertificated   Pass-Through   Rate:   With  respect  to  each  of  the
Uncertificated  REMIC I Regular Interests other than the Uncertificated  REMIC I
Regular  Interests  Z,  the  per  annum  rate  specified  in the  definition  of
Uncertificated  REMIC I Regular Interests.  With respect to each  Uncertificated
REMIC I Regular Interest Z and each Uncertificated  REMIC II Regular Interest Z,
the Pool Strip Rate for the related Mortgage Loan.

        Uncertificated  Principal Balance:  With respect to each  Uncertificated
REMIC I Regular Interest, as defined in the definition of Uncertificated REMIC I
Regular Interest.

        Uncertificated  REMIC I Regular Interests:  The  Uncertificated  REMIC I
Regular  Interests Z together with the interests  identified in the table below,
each  representing an undivided  beneficial  ownership  interest in REMIC I, and
having the following characteristics:

          1.   The  principal  balance from time to time of each  Uncertificated
               REMIC I Regular  Interest  identified in the table below shall be
               the amount identified as the Initial Principal Balance thereof in
               such  table,  minus the sum of (x) the  aggregate  of all amounts
               previously  deemed  distributed with respect to such interest and
               applied to reduce the  Uncertificated  Principal  Balance thereof
               pursuant to Section  10.04(a)(ii)  and (y) the  aggregate  of all
               reductions  in  Certificate  Principal  Balance  deemed  to  have
               occurred in connection  with Realized Losses that were previously
               deemed allocated to the Uncertificated  Principal Balance of such
               Uncertificated  REMIC I  Regular  Interest  pursuant  to  Section
               10.04(d),  which equals the  aggregate  principal  balance of the
               Classes   of   Certificates   identified   as   related  to  such
               Uncertificated REMIC I Regular Interest in such table.

        2.      The  Uncertificated  Pass-Through  Rate for each  Uncertificated
                REMIC I Regular Interest  identified in the table below shall be
                the per annum rate set forth in the Pass-Through  Rate column of
                such table.

        3.      The Uncertificated  REMIC I Distribution Amount for each REMIC I
                Regular Interest identified in the table below shall be, for any
                Distribution Date, the amount deemed distributed with respect to
                such   Uncertificated   REMIC  I   Regular   Interest   on  such
                Distribution   Date  pursuant  to  the   provisions  of  Section
                10.04(a).

                                       16
<PAGE>

<TABLE>
<CAPTION>

----------------------- --------------------------------- ------------------- -------------------
 Uncertificated REMIC   Related Classes of Certificates   Pass-Through Rate   Initial Principal
  I Regular Interest                                                               Balance
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
<S>                             <C>                       <C>                    <C>
          S             Class A-1                         5.50%                  $147,425,180.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          T             Class A-2                         4.75%                   $73,712,590.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          U             Class A-3                         5.20%                   $ 6,500,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          V             Class A-4, Class A-5              8.50%                   $46,255,230.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          W             Class A-6, Class A-7              5.25                    $26,766,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          X             Class A-P                         0.00%                   $ 1,546,602.28
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          Y             Class R-II,                       5.75%                   $15,905,708.52
                        Class M-1, Class M-2,
                        Class M-3, Class B-1, Class
                        B-2, Class B-3
----------------------- --------------------------------- ------------------- -------------------
</TABLE>

        Uncertificated   REMIC  I  Regular   Interests  Z:  Each  of  the  1,735
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund,  numbered  sequentially  from 1 to 1,735,  each relating to the particular
Mortgage  Loan  identified  by  such  sequential  number  on the  Mortgage  Loan
Schedule,  each having no principal  balance,  and each bearing  interest at the
respective  Pool  Strip  Rate on the Stated  Principal  Balance  of the  related
Mortgage Loan.

        Uncertificated  REMIC I Regular  Interests Z Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated  REMIC  I  Regular  Interests  Z  for  such
Distribution Date pursuant to Section 10.04(a).

        Uncertificated  REMIC I  Regular  Interest  Distribution  Amounts:  With
respect  to each  Uncertificated  REMIC  I  Regular  Interest,  other  than  the
Uncertificated  REMIC  I  Regular  Interests  Z,  the  amount  specified  as the
Uncertificated REMIC I Regular Interest Distribution Amount with respect thereto
in the definition of Uncertificated  REMIC I Regular Interests.  With respect to
the  Uncertificated  REMIC I Regular  Interests  Z, the  Uncertificated  REMIC I
Regular Interests Z Distribution Amount.

        Uncertificated   REMIC  II  Regular  Interests  Z:  Each  of  the  1,735
uncertificated  partial  undivided  beneficial  ownership  interests in REMIC II
numbered  sequentially  from 1 through  1,735 each  relating to the  identically
numbered  Uncertificated  REMIC I Regular  Interests Z, each having no principal
balance and bearing  interest at a rate equal to the related  Pool Strip Rate on
the Stated  Principal  Balance of the Mortgage  Loan related to the  identically
numbered   Uncertificated   REMIC  I  Regular   Interests  Z,   comprising  such
Uncertificated  REMIC II  Regular  Interests  Z's pro rata  share of the  amount
distributed pursuant to Sections 10.04(a).

        Uncertificated  REMIC II Regular  Interests  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated  REMIC  I  Regular  Interests  Z  for  such
Distribution Date pursuant to Section 10.04(a).

     Underwriters:  Bear, Stearns & Co. Inc. and Residential  Funding Securities
Corporation.

                                       17
<PAGE>


Section 1.02.  Use of Words and Phrases.

        "Herein," "hereby," "hereunder," "hereof," "hereinbefore," "hereinafter"
and other  equivalent  words refer to the Pooling and  Servicing  Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding  Articles,  Sections and  Subsections in the Pooling and Servicing
Agreement.  The  definitions  set forth herein include both the singular and the
plural.

        Section 1.03. Determination of LIBOR.

        LIBOR  applicable to the  calculation of the  Pass-Through  Rates on the
Floater Certificates and Inverse Floater Certificates,  if any, for any Interest
Accrual  Period  (other  than  the  initial  Interest  Accrual  Period)  will be
determined as described below:

        On each  Distribution  Date,  LIBOR shall be  established by the Trustee
and, as to any Interest Accrual Period, will equal the rate for one month United
States  dollar  deposits  that appears on the  Telerate  Screen Page 3750 of the
Moneyline  Telerate Capital Markets Report as of 11:00 a.m., London time, on the
second LIBOR Business Day prior to the first day of such Interest Accrual Period
("LIBOR Rate Adjustment  Date").  "Telerate  Screen Page 3750" means the display
designated  as page 3750 on the  Telerate  Service  (or such  other  page as may
replace page 3750 on that service for the purpose of displaying London interbank
offered  rates of major  banks).  If such rate does not  appear on such page (or
such other page as may replace that page on that service,  or if such service is
no longer offered, any other service for displaying LIBOR or comparable rates as
may be selected by the Trustee after consultation with the Master Servicer), the
rate  will be the  Reference  Bank  Rate.  The  "Reference  Bank  Rate"  will be
determined  on the  basis of the rates at which  deposits  in U.S.  Dollars  are
offered by the  reference  banks  (which shall be any three major banks that are
engaged in transactions in the London interbank market,  selected by the Trustee
after  consultation  with the Master Servicer) as of 11:00 a.m., London time, on
the day  that is one  LIBOR  Business  Day  prior to the  immediately  preceding
Distribution  Date to prime banks in the London interbank market for a period of
one month in amounts  approximately equal to the aggregate Certificate Principal
Balance of the Adjustable Rate Certificates  then outstanding.  The Trustee will
request the principal  London office of each of the reference banks to provide a
quotation of its rate. If at least two such  quotations  are provided,  the rate
will be the arithmetic mean of the quotations rounded up to the next multiple of
1/16%. If on such date fewer than two quotations are provided as requested,  the
rate will be the arithmetic  mean of the rates quoted by one or more major banks
in New York City,  selected by the Trustee  after  consultation  with the Master
Servicer,  as of 11:00 a.m.,  New York City time, on such date for loans in U.S.
Dollars  to  leading  European  banks  for a  period  of one  month  in  amounts
approximately  equal  to the  aggregate  Certificate  Principal  Balance  of the
Adjustable  Rate  Certificates  then  outstanding.  If no such quotations can be
obtained,  the rate will be LIBOR for the prior  Distribution  Date,  or, in the
case of the first  LIBOR Rate  Adjustment  Date,  1.305%  per  annum;  provided,
however, if, under the priorities described above, LIBOR for a Distribution Date
would be  based  on  LIBOR  for the  previous  Distribution  Date for the  third
consecutive  Distribution  Date, the Trustee shall,  after consultation with the
Master Servicer,  select an alternative comparable index (over which the Trustee
has no control), used for determining one-month Eurodollar lending rates that is
calculated and published (or otherwise made available) by an independent  party.


                                       18
<PAGE>

"LIBOR Business Day" means any day other than (i) a Saturday or a Sunday or (ii)
a day on which banking institutions in the city of London,  England are required
or authorized by law to be closed.

        The  establishment  of LIBOR by the Trustee on any LIBOR Rate Adjustment
Date and the Master Servicer's subsequent  calculation of the Pass-Through Rates
applicable to each of the Floater  Certificates and Inverse Floater Certificates
for the relevant Interest Accrual Period, in the absence of manifest error, will
be final and binding.

        Promptly  following  each LIBOR Rate  Adjustment  Date the Trustee shall
supply the Master  Servicer  with the results of its  determination  of LIBOR on
such date.  Furthermore,  the Trustee will supply the Pass-Through Rates on each
of the Floater Certificates and Inverse Floater Certificates for the current and
the immediately  preceding  Interest  Accrual Period via the Trustee's  internet
website, which may be obtained by telephoning the Trustee at (800) 735-7777.


                                       19
<PAGE>


                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01.  Conveyance of Mortgage  Loans.  (See Section 2.01 of the Standard
     Terms)

Section 2.02.  Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)

Section 2.03.  Representations, Warranties and Covenants
                      of the Master Servicer and the Company.

(a)     For  representations,  warranties and covenants of the Master  Servicer,
        see Section 2.03(a) of the Standard Terms.

(b)     The  Company  hereby  represents  and  warrants  to the  Trustee for the
        benefit  of  Certificateholders  that as of the  Closing  Date  (or,  if
        otherwise specified below, as of the date so specified):

(i)     No Mortgage  Loan is 30 or more days  Delinquent in payment of principal
        and  interest  as of the Cut-off  Date and no Mortgage  Loan has been so
        Delinquent  more than once in the  12-month  period prior to the Cut-off
        Date;

(ii)    The  information  set forth in Exhibit One hereto  with  respect to each
        Mortgage  Loan or the  Mortgage  Loans,  as the case may be, is true and
        correct in all material  respects at the date or dates  respecting which
        such information is furnished;

(iii)   The Mortgage Loans are fully-amortizing,  fixed-rate mortgage loans with
        level  Monthly  Payments due, with respect to a majority of the Mortgage
        Loans,  on the  first  day of each  month,  and  terms  to  maturity  at
        origination or modification of not more than 30 years;

(iv) To the  best  of the  Company's  knowledge,  except  with  respect  to four
     Mortgage Loans representing  approximately 0.2% of the principal balance of
     the  Mortgage  Loans at  origination,  if a  Mortgage  Loan is secured by a
     Mortgaged  Property with a Loan-to-Value  Ratio at origination in excess of
     80%, such Mortgage Loan is the subject of a Primary  Insurance  Policy that
     insures (a) at least 35% of the Stated  Principal  Balance of the  Mortgage
     Loan at  origination  if the  Loan-to-Value  Ratio is between  100.00%  and
     95.01%,  (b) at least 30% of the Stated  Principal  Balance of the Mortgage
     Loan at  origination  if the  Loan-to-Value  Ratio is  between  95.00%  and
     90.01%,  (c) at least 25% of such  balance  if the  Loan-to-Value  Ratio is
     between  90.00%  and  85.01%  and (d) at least 12% of such  balance  if the
     Loan-to-Value  Ratio  is  between  85.00%  and  80.01%.  To the best of the
     Company's  knowledge,  each such Primary  Insurance Policy is in full force
     and effect and the Trustee is entitled to the benefits thereunder;

(v)     The issuers of the Primary  Insurance  Policies are insurance  companies
        whose  claims-paying  abilities are currently  acceptable to each Rating
        Agency;

                                       20
<PAGE>

(vi)    No more than 0.5% of the Mortgage  Loans by aggregate  Stated  Principal
        Balance  as of the  Cut-off  Date are  secured by  Mortgaged  Properties
        located in any one zip code area in California  and no more than 0.4% of
        the  Mortgage  Loans by  aggregate  Stated  Principal  Balance as of the
        Cut-off Date are secured by Mortgaged  Properties located in any one zip
        code area outside California;

(vii)   The improvements upon the Mortgaged  Properties are insured against loss
        by fire and other  hazards as required by the Program  Guide,  including
        flood  insurance if required under the National  Flood  Insurance Act of
        1968, as amended.  The Mortgage  requires the Mortgagor to maintain such
        casualty  insurance at the Mortgagor's  expense,  and on the Mortgagor's
        failure to do so,  authorizes  the holder of the  Mortgage to obtain and
        maintain  such  insurance  at  the  Mortgagor's   expense  and  to  seek
        reimbursement therefor from the Mortgagor;

(viii)  Immediately  prior  to the  assignment  of  the  Mortgage  Loans  to the
        Trustee,  the Company had good title to, and was the sole owner of, each
        Mortgage  Loan  free  and  clear of any  pledge,  lien,  encumbrance  or
        security   interest   (other  than  rights  to  servicing   and  related
        compensation)  and such assignment  validly  transfers  ownership of the
        Mortgage  Loans to the  Trustee  free and  clear  of any  pledge,  lien,
        encumbrance or security interest;

(ix)    Approximately 59.93% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  11.74% of the Mortgage  Loans by
        aggregate  Stated  Principal   Balance  as  of  the  Cut-off  Date  were
        underwritten under a no-stated income program,  and approximately  1.99%
        of the Mortgage Loans by aggregate  Stated  Principal  Balance as of the
        Cut-off Date were underwritten under a no income/no asset program;

(x)     Except with respect to  approximately  27.45% of the  Mortgage  Loans by
        aggregate Stated Principal Balance as of the Cut-off Date, the Mortgagor
        represented in its loan application with respect to the related Mortgage
        Loan that the Mortgaged Property would be owner-occupied;

(xi)    None of the Mortgage Loans is a Buy-Down Mortgage Loan;

(xii)   Each  Mortgage  Loan  constitutes  a qualified  mortgage  under  Section
        860G(a)(3)(A)   of   the   Code   and   Treasury   Regulations   Section
        1.860G-2(a)(1);

(xiii)  A policy of title  insurance  was  effective  as of the  closing of each
        Mortgage  Loan and is valid and  binding  and  remains in full force and
        effect, unless the Mortgaged Properties are located in the State of Iowa
        and an  attorney's  certificate  has been  provided as  described in the
        Program Guide;

(xiv)   None of the  Mortgage  Loans is a  Cooperative  Loan;  with respect to a
        Mortgage Loan that is a Cooperative  Loan, the Cooperative Stock that is
        pledged  as  security  for the  Mortgage  Loan is held by a person  as a
        tenant-stockholder  (as  defined  in  Section  216  of  the  Code)  in a
        cooperative housing corporation (as defined in Section 216 of the Code);

                                       21
<PAGE>

(xv) With  respect  to each  Mortgage  Loan  originated  under  a  "streamlined"
     Mortgage  Loan  program  (through  which no new or  updated  appraisals  of
     Mortgaged  Properties  are  obtained  in  connection  with the  refinancing
     thereof),  the related Seller has represented  that either (a) the value of
     the  related  Mortgaged  Property  as of the  date  the  Mortgage  Loan was
     originated  was not less than the  appraised  value of such property at the
     time  of  origination   of  the   refinanced   Mortgage  Loan  or  (b)  the
     Loan-to-Value  Ratio of the Mortgage Loan as of the date of  origination of
     the Mortgage Loan generally meets the Company's underwriting guidelines;

(xvi)   Interest on each  Mortgage  Loan is calculated on the basis of a 360-day
        year consisting of twelve 30-day months;

(xvii)  None of the  Mortgage  Loans  contain  in the  related  Mortgage  File a
        Destroyed Mortgage Note;

(xviii) None of the Mortgage Loans by aggregate Stated  Principal  Balance as of
        the Cut-off Date will have been made to International  Borrowers, and no
        such  Mortgagor  is  a  member  of a  foreign  diplomatic  mission  with
        diplomatic rank;

(xix)   No Mortgage  Loan provides for payments that are subject to reduction by
        withholding  taxes levied by any foreign  (non-United  States) sovereign
        government; and

(xx)    None of the Mortgage Loans are Additional  Collateral  Loans and none of
        the Mortgage Loans are Pledged Asset Loans.

It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective  Mortgage Files to
the Trustee or any Custodian.

        Upon discovery by any of the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any of the  representations  and  warranties set
forth  in this  Section  2.03(b)  that  materially  and  adversely  affects  the
interests of the  Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement);  provided, however, that in the
event of a breach  of the  representation  and  warranty  set  forth in  Section
2.03(b)(xii),  the party  discovering  such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of  breach,  the  Company  shall  either  (i) cure such  breach in all  material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section  2.02;  provided  that the  Company
shall have the option to  substitute  a Qualified  Substitute  Mortgage  Loan or
Loans  for such  Mortgage  Loan if such  substitution  occurs  within  two years
following the Closing Date;  provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified  mortgage" as defined in Section
860G(a)(3) of the Code,  any such cure or  repurchase  must occur within 90 days
from the date  such  breach  was  discovered.  Any  such  substitution  shall be
effected  by the  Company  under the same terms and  conditions  as  provided in
Section 2.04 for  substitutions  by  Residential  Funding.  It is understood and
agreed that the  obligation of the Company to cure such breach or to so purchase
or  substitute  for any Mortgage Loan as to which such a breach has occurred and


                                       22
<PAGE>

is continuing shall constitute the sole remedy  respecting such breach available
to the  Certificateholders  or the Trustee on behalf of the  Certificateholders.
Notwithstanding  the  foregoing,  the  Company  shall  not be  required  to cure
breaches  or  purchase  or  substitute  for  Mortgage  Loans as provided in this
Section  2.03(b) if the  substance of the breach of a  representation  set forth
above also constitutes fraud in the origination of the Mortgage Loan.

Section 2.04.  Representations  and Warranties of Sellers.  (See Section 2.04 of
     the Standard Terms)

Section  2.05.   Execution  and  Authentication  of   Certificates/Issuance   of
     Certificates Evidencing Interests in REMIC I Certificates.

        The Trustee  acknowledges the assignment to it of the Mortgage Loans and
the  delivery  of the  Mortgage  Files to it, or any  Custodian  on its  behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets included in the Trust Fund and/or the applicable REMIC,  receipt of which
is  hereby  acknowledged.  Concurrently  with  such  delivery  and  in  exchange
therefor,  the Trustee,  pursuant to the written request of the Company executed
by an officer of the Company,  has executed and caused to be  authenticated  and
delivered  to or upon the order of the  Company  the Class R-I  Certificates  in
authorized  denominations which together with the Uncertificated REMIC I Regular
Interests, evidence the beneficial interest in REMIC I.

Section               2.06.  Conveyance of  Uncertificated  REMIC I and REMIC II
                      Regular Interests; Acceptance by the Trustee.

        The Company, as of the Closing Date, and concurrently with the execution
and delivery hereof,  does hereby assign without  recourse all the right,  title
and  interest  of the  Company  in and to the  Uncertificated  REMIC  I  Regular
Interests  to the  Trustee  for the  benefit  of the  Holders  of each  Class of
Certificates (other than the Class R-I Certificates).  The Trustee  acknowledges
receipt of the  Uncertificated  REMIC I Regular  Interests  and declares that it
holds and will hold the same in trust for the  exclusive  use and benefit of all
present and future Holders of each Class of  Certificates  (other than the Class
R-I  Certificates).  The rights of the  Holders  of each  Class of  Certificates
(other  than the Class  R-I  Certificates)  to  receive  distributions  from the
proceeds of REMIC II in respect of such Classes,  and all ownership interests of
the Holders of such Classes in such distributions, shall be as set forth in this
Agreement.

Section 2.07. Issuance of Certificates Evidencing Interest in REMIC II.

        The Trustee  acknowledges  the  assignment  to it of the  Uncertificated
REMIC I Regular Interests and, concurrently  therewith and in exchange therefor,
pursuant  to the written  request of the  Company  executed by an officer of the
Company,  the Trustee has executed and caused to be authenticated  and delivered
to or upon the order of the Company, all Classes of Certificates (other than the
Class  R-I  Certificates)  in  authorized  denominations,   which  evidence  the
beneficial interest in the entire REMIC II.

Section 2.08.  Purposes  and  Powers  of the  Trust.  (See  Section  2.08 of the
     Standard Terms)

                                       23
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

Section 3.01.  Master  Servicer to Act as  Servicer.  (See  Section  3.01 of the
     Standard Terms)

Section 3.02.  Subservicing Agreements Between Master Servicer and Subservicers;
     Enforcement of Subservicers' and Sellers' Obligations. (See Section 3.02 of
     the Standard Terms)

Section 3.03.  Successor Subservicers. (See Section 3.03 of the Standard Terms)

Section  3.04.  Liability  of the  Master  Servicer.  (See  Section  3.04 of the
     Standard Terms)

Section 3.05. No Contractual  Relationship  Between  Subservicer  and Trustee or
     Certificateholders. (See Section 3.05 of the Standard Terms)

Section 3.06.  Assumption or Termination of Subservicing  Agreements by Trustee.
     (See Section 3.06 of the Standard Terms)

Section  3.07.  Collection  of  Certain  Mortgage  Loan  Payments;  Deposits  to
     Custodial Account.

(a) The Master  Servicer shall make  reasonable  efforts to collect all payments
called for under the terms and provisions of the Mortgage  Loans,  and shall, to
the extent such procedures shall be consistent with this Agreement and the terms
and provisions of any related Primary Insurance  Policy,  follow such collection
procedures as it would employ in its good faith business  judgment and which are
normal and usual in its general mortgage servicing  activities.  Consistent with
the  foregoing,  the Master  Servicer may in its  discretion  (i) waive any late
payment charge or any prepayment  charge or penalty  interest in connection with
the  prepayment of a Mortgage Loan and (ii) extend the Due Date for payments due
on a Mortgage Loan in accordance with the Program Guide; provided, however, that
the Master Servicer shall first determine that any such waiver or extension will
not impair the coverage of any related  Primary  Insurance  Policy or materially
adversely  affect  the lien of the  related  Mortgage.  In the event of any such
arrangement,  the Master  Servicer  shall make  timely  advances  on the related
Mortgage Loan during the scheduled  period in accordance  with the  amortization
schedule of such  Mortgage Loan without  modification  thereof by reason of such
arrangements  unless  otherwise  agreed  to by the  Holders  of the  Classes  of
Certificates affected thereby;  provided,  however, that no such extension shall
be made if any such advance would be a Nonrecoverable  Advance.  Consistent with
the terms of this Agreement,  the Master Servicer may also waive, modify or vary
any  term  of any  Mortgage  Loan  or  consent  to the  postponement  of  strict
compliance with any such term or in any manner grant indulgence to any Mortgagor
if  in  the  Master   Servicer's   determination   such  waiver,   modification,
postponement  or  indulgence is not  materially  adverse to the interests of the
Certificateholders  (taking into account any estimated  Realized Loss that might
result absent such action); provided,  however, that the Master Servicer may not
modify  materially  or permit  any  Subservicer  to modify  any  Mortgage  Loan,
including  without  limitation any  modification  that would change the Mortgage
Rate,  forgive the payment of any  principal or interest  (unless in  connection
with the  liquidation of the related  Mortgage Loan or except in connection with
prepayments to the extent that such  reamortization is not inconsistent with the
terms of the Mortgage  Loan),  capitalize any amounts owing on the Mortgage Loan
by adding such amount to the outstanding principal balance of the Mortgage Loan,


                                       24
<PAGE>

or extend the final  maturity date of such Mortgage  Loan,  unless such Mortgage
Loan is in default or, in the judgment of the Master  Servicer,  such default is
reasonably foreseeable;  provided,  further, that (1) no such modification shall
reduce the interest rate on a Mortgage Loan below  one-half of the Mortgage Rate
as in  effect  on the  Cut-off  Date,  but not less than the sum of the rates at
which the Servicing Fee and the  Subservicing  Fee with respect to such Mortgage
Loan accrue plus the rate at which the premium paid to the  Certificate  Insurer
accrues, (2) the final maturity date for any Mortgage Loan shall not be extended
beyond the Maturity  Date,  (3) the Stated  Principal  Balance of all Reportable
Modified Mortgage Loans subject to Servicing Modifications (measured at the time
of  the  Servicing  Modification  and  after  giving  effect  to  any  Servicing
Modification)  can be no more  than  five  percent  of the  aggregate  principal
balance of the  Mortgage  Loans as of the  Cut-off  Date,  unless  such limit is
increased  from time to time with the  consent  of the Rating  Agencies  and the
Certificate Insurer. In addition,  any amounts owing on a Mortgage Loan added to
the outstanding  principal balance of such Mortgage Loan must be fully amortized
over the remaining  term of such Mortgage Loan, and such amounts may be added to
the outstanding  principal  balance of a Mortgage Loan only once during the life
of such  Mortgage  Loan.  Also,  the addition of such  amounts  described in the
preceding sentence shall be implemented in accordance with the Program Guide and
may be implemented  only by  Subservicers  that have been approved by the Master
Servicer for such purpose.  In  connection  with any  Curtailment  of a Mortgage
Loan, the Master Servicer,  to the extent not inconsistent with the terms of the
Mortgage  Note and local law and  practice,  may permit the Mortgage  Loan to be
reamortized such that the Monthly Payment is recalculated as an amount that will
fully amortize the remaining  Stated  Principal  Balance thereof by the original
Maturity  Date  based  on  the  original  Mortgage  Rate;  provided,  that  such
re-amortization  shall not be permitted if it would  constitute a reissuance  of
the Mortgage Loan for federal income tax purposes,  except if such reissuance is
described in Treasury Regulation Section 1.860G-2(b)(3).

        (b) - (d). (See Section 3.07(b) -(d) of the Standard Terms)

Section 3.08.  Subservicing Accounts;  Servicing Accounts.  (See Section 3.08 of
     the Standard Terms)

Section 3.09.  Access to Certain  Documentation  and  Information  Regarding the
     Mortgage Loans. (See Section 3.09 of the Standard Terms)

Section 3.10.  Permitted  Withdrawals from the Custodial  Account.  (See Section
     3.10 of the Standard Terms)

Section  3.11.  Maintenance  of  the  Primary  Insurance  Policies;  Collections
     Thereunder. (See Section 3.11 of the Standard Terms)

Section 3.12. Maintenance of Fire Insurance and Omissions and Fidelity Coverage.
     (See Section 3.12 of the Standard Terms)

                                       25
<PAGE>

Section 3.13.  Enforcement of Due-on-Sale  Clauses;  Assumption and Modification
     Agreements; Certain Assignments. (See Section 3.13 of the Standard Terms)

Section 3.14.  Realization Upon Defaulted  Mortgage Loans.  (See Section 3.14 of
     the Standard Terms)

Section 3.15. Trustee to Cooperate; Release of Mortgage Files. (See Section 3.15
     of the Standard Terms)

Section 3.16.  Servicing and Other  Compensation;  Compensating  Interest.  (See
     Section 3.16 of the Standard Terms)

Section 3.17.  Reports to the Trustee and the Company.  (See Section 3.17 of the
     Standard Terms)

Section 3.18.  Annual Statement as to Compliance.

        The Master  Servicer  will deliver to the  Company,  the Trustee and any
Certificate  Insurer  on or before  the  earlier  of (a) March 31 of each  year,
beginning  with the first  March 31 that  occurs at least six  months  after the
Cut-off Date or (b) with respect to any calendar year during which the Company's
annual  report  on Form  10-K is  required  to be filed in  accordance  with the
Exchange Act and the rules and regulations of the Commission,  the date on which
the annual  report on Form 10-K is required to be filed in  accordance  with the
Exchange  Act and the rules and  regulations  of the  Commission,  an  Officers'
Certificate  stating,  as to each  signer  thereof,  that  (i) a  review  of the
activities of the Master Servicer during the preceding  calendar year related to
its servicing of mortgage loans and its performance  under pooling and servicing
agreements,  including  this  Agreement,  has been  made  under  such  officers'
supervision, (ii) to the best of such officers' knowledge, based on such review,
the Master  Servicer  has  complied in all  material  respects  with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage Bankers and has fulfilled all of its material  obligations  relating to
this Agreement in all material  respects  throughout such year, or, if there has
been material  noncompliance  with such servicing  standards or a default in the
fulfillment  in all material  respects of any such  obligation  relating to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status  thereof  and (iii) to the best of such  officers'  knowledge,
each  Subservicer  has  complied  in all  material  respects  with  the  minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers and has  fulfilled all of its material  obligations  under its
Subservicing  Agreement in all material  respects  throughout  such year, or, if
there  has been  material  noncompliance  with  such  servicing  standards  or a
material  default  in the  fulfillment  of  such  obligations  relating  to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status thereof.

                                       26
<PAGE>

Section 3.19. Annual  Independent  Public  Accountants'  Servicing Report.  (See
     Section 3.19 of the Standard Terms)

Section 3.20.  Rights of the  Company in Respect  of the Master  Servicer.  (See
     Section 3.20 of the Standard Terms)

Section 3.21.  Administration of Buydown Funds (See Section 3.21 of the Standard
     Terms)


                                       27
<PAGE>


ARTICLE IV

<PAGE>




                         PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01.  Certificate Account.  (See Section 4.01 of the Standard Terms)

Section 4.02.  Distributions.

(a) On each  Distribution  Date (x) the Master Servicer on behalf of the Trustee
or (y) the Paying Agent appointed by the Trustee,  shall distribute first to the
Certificate  Insurer,  the Insurance  Premium,  and then, in accordance with the
priorities  set  forth  below,  to  the  Master  Servicer,  in  the  case  of  a
distribution  pursuant to Section  4.02(a)(iii) below, the amount required to be
distributed  to the  Master  Servicer  or a  Sub-Servicer  pursuant  to  Section
4.02(a)(iii)  below, to the Certificate  Insurer,  in the case of a distribution
pursuant to Section 4.02 (a)(xvi)  below,  the amount required to be distributed
to the Certificate  Insurer pursuant to Section  4.02(a)(xvi) below, and to each
Certificateholder  of record on the next  preceding  Record  Date (other than as
provided  in  Section  9.01  respecting  the  final   distribution)   either  in
immediately  available  funds (by wire  transfer or otherwise) to the account of
such  Certificateholder at a bank or other entity having appropriate  facilities
therefor,  if such  Certificateholder has so notified the Master Servicer or the
Paying  Agent,  as the case may be,  or,  if such  Certificateholder  has not so
notified the Master  Servicer or the Paying  Agent by the Record Date,  by check
mailed to such  Certificateholder at the address of such Holder appearing in the
Certificate  Register  such  Certificateholder's  share  (which  share  (A) with
respect to each Class of Certificates  (other than any Subclass of the Class A-V
Certificates),  shall be  based on the  aggregate  of the  Percentage  Interests
represented by Certificates  of the applicable  Class held by such Holder or (B)
with  respect to any Subclass of the Class A-V  Certificates,  shall be equal to
the amount (if any)  distributed  pursuant to Section  4.02(a)(i)  below to each
Holder of a Subclass thereof) of the following  amounts,  in the following order
of priority  (subject to the  provisions  of Section  4.02(b),  (c), (d) and (f)
below),  in  each  case  to the  extent  of the  Available  Distribution  Amount
remaining,  together  with,  as to any  Retail  Certificate,  any  Reserve  Fund
Withdrawal  pursuant to Section 4.09 of this Series  Supplement  and any Insured
Payment pursuant to Section 12.02 of this Series Supplement:

               (i)  to  the  Senior  Certificates  (other  than  the  Class  A-P
        Certificates), on a pro rata basis based on Accrued Certificate Interest
        payable on such  Certificates  with respect to such  Distribution  Date,
        Accrued  Certificate  Interest  on  such  Classes  of  Certificates  (or
        Subclasses, if any, with respect to the Class A-V Certificates) for such
        Distribution  Date,  plus  any  Accrued  Certificate   Interest  thereon
        remaining unpaid from any previous  Distribution Date except as provided
        in the last paragraph of this Section 4.02(a); and

               (ii) (X) to the Class A-P  Certificates,  the Class A-P Principal
        Distribution  Amount  (applied  to  reduce  the  Certificate   Principal
        Balances of such Senior Certificates); and

                      (Y) to the Senior  Certificates  (other than the Class A-P
        Certificates),  in the  priorities  and  amounts  set  forth in  Section
        4.02(b),  (c) and (d), the sum of the  following  (applied to reduce the
        Certificate   Principal  Balances  of  such  Senior   Certificates,   as
        applicable):

                                       28
<PAGE>

(A)            the Senior Percentage for such Distribution Date times the sum of
               the following:

(1)  the  principal  portion of each Monthly  Payment due during the related Due
     Period on each  Outstanding  Mortgage Loan (other than the related Discount
     Fraction  of the  principal  portion  of such  payment  with  respect  to a
     Discount Mortgage Loan), whether or not received on or prior to the related
     Determination  Date,  minus  the  principal  portion  of any  Debt  Service
     Reduction  (other  than the  related  Discount  Fraction  of the  principal
     portion of such Debt  Service  Reductions  with  respect  to each  Discount
     Mortgage  Loan) which  together with other  Bankruptcy  Losses  exceeds the
     Bankruptcy Amount;

(2)  the Stated Principal  Balance of any Mortgage Loan  repurchased  during the
     preceding  calendar  month  (or  deemed  to  have  been so  repurchased  in
     accordance with Section  3.07(b))  pursuant to Section 2.02,  2.03, 2.04 or
     4.07 and the amount of any shortfall  deposited in the Custodial Account in
     connection  with the  substitution  of a Deleted  Mortgage Loan pursuant to
     Section 2.03 or 2.04 during the  preceding  calendar  month (other than the
     related  Discount  Fraction of such Stated  Principal  Balance or shortfall
     with respect to each Discount Mortgage Loan); and

(3)  the  principal  portion of all other  unscheduled  collections  (other than
     Principal  Prepayments  in Full and  Curtailments  and amounts  received in
     connection  with a Cash  Liquidation or REO  Disposition of a Mortgage Loan
     described in Section 4.02(a)(ii)(Y)(B) of this Series Supplement, including
     without  limitation  Insurance  Proceeds,   Liquidation  Proceeds  and  REO
     Proceeds),  including Subsequent Recoveries,  received during the preceding
     calendar  month (or  deemed to have been so  received  in  accordance  with
     Section  3.07(b) of the Standard Terms) to the extent applied by the Master
     Servicer as recoveries  of principal of the related  Mortgage Loan pursuant
     to Section  3.14 of the  Standard  Terms  (other than the related  Discount
     Fraction of the principal  portion of such  unscheduled  collections,  with
     respect to each Discount Mortgage Loan);

(B)  with respect to each  Mortgage Loan for which a Cash  Liquidation  or a REO
     Disposition  occurred during the preceding calendar month (or was deemed to
     have occurred  during such period in accordance with Section 3.07(b) of the
     Standard  Terms) and did not result in any Excess  Special  Hazard  Losses,
     Excess Fraud Losses,  Excess Bankruptcy Losses or Extraordinary  Losses, an
     amount  equal  to  the  lesser  of  (a)  the  Senior  Percentage  for  such
     Distribution  Date times the Stated Principal Balance of such Mortgage Loan
     (other than the related Discount Fraction of such Stated Principal Balance,
     with respect to each Discount Mortgage Loan) and (b) the Senior Accelerated
     Distribution  Percentage  for such  Distribution  Date  times  the  related
     unscheduled  collections  (including without limitation Insurance Proceeds,


                                       29
<PAGE>

     Liquidation  Proceeds and REO Proceeds) to the extent applied by the Master
     Servicer as recoveries  of principal of the related  Mortgage Loan pursuant
     to Section 3.14 of the Standard  Terms (in each case other than the portion
     of such unscheduled collections,  with respect to a Discount Mortgage Loan,
     included in Section 4.02(b)(i)(C) of this Series Supplement);

(C)            the  Senior   Accelerated   Distribution   Percentage   for  such
               Distribution   Date  times  the   aggregate   of  all   Principal
               Prepayments in Full received in the related Prepayment Period and
               Curtailments received in the preceding calendar month (other than
               the related  Discount  Fraction of such Principal  Prepayments in
               Full and  Curtailments,  with respect to each  Discount  Mortgage
               Loan);

(D)            any Excess  Subordinate  Principal  Amount for such  Distribution
               Date; and

(E)            any amounts described in subsection (ii)(Y), clauses (A), (B) and
               (C) of this  Section  4.02(a),  as  determined  for any  previous
               Distribution  Date,  which  remain  unpaid after  application  of
               amounts previously distributed pursuant to this clause (E) to the
               extent that such amounts are not  attributable to Realized Losses
               which have been allocated to the Subordinate Certificates; minus

                      (F)  the  Capitalization  Reimbursement  Amount  for  such
               Distribution  Date, other than the related  Discount  Fraction of
               any  portion of that  amount  related to each  Discount  Mortgage
               Loan,  multiplied  by a fraction,  the  numerator of which is the
               Senior Principal  Distribution  Amount,  without giving effect to
               this clause (F), and the  denominator  of which is the sum of the
               principal  distribution  amounts for all Classes of  Certificates
               other than the Class A-P  Certificates,  without giving effect to
               any reductions for the Capitalization Reimbursement Amount;

               (iii) if the  Certificate  Principal  Balances of the Subordinate
        Certificates  have not been reduced to zero, to the Master Servicer or a
        Sub-Servicer,  by remitting for deposit to the Custodial Account, to the
        extent of and in reimbursement for any Advances or Sub-Servicer Advances
        previously  made with respect to any Mortgage Loan or REO Property which
        remain  unreimbursed in whole or in part following the Cash  Liquidation
        or REO Disposition of such Mortgage Loan or REO Property, minus any such
        Advances that were made with respect to  delinquencies  that  ultimately
        constituted  Excess Special Hazard Losses,  Excess Fraud Losses,  Excess
        Bankruptcy Losses or Extraordinary Losses;

               (iv) to the  Holders of the Class M-1  Certificates,  the Accrued
        Certificate  Interest  thereon  for  such  Distribution  Date,  plus any
        Accrued Certificate  Interest thereon remaining unpaid from any previous
        Distribution Date, except as provided below;

                                       30
<PAGE>

               (v) to the Holders of the Class M-1 Certificates, an amount equal
        to (x) the Subordinate  Principal  Distribution Amount for such Class of
        Certificates  for such  Distribution  Date,  minus (y) the amount of any
        Class A-P Collection  Shortfalls for such Distribution Date or remaining
        unpaid for all previous  Distribution  Dates,  to the extent the amounts
        available pursuant to clause (x) of Sections  4.02(a)(vii),  (ix), (xi),
        (xiii),  (xiv)  and  (xv) of this  Series  Supplement  are  insufficient
        therefor,  applied in reduction of the Certificate  Principal Balance of
        the Class M-1 Certificates;

               (vi) to the  Holders of the Class M-2  Certificates,  the Accrued
        Certificate  Interest  thereon  for  such  Distribution  Date,  plus any
        Accrued Certificate  Interest thereon remaining unpaid from any previous
        Distribution Date, except as provided below;

               (vii) to the  Holders  of the Class M-2  Certificates,  an amount
        equal to (x) the  Subordinate  Principal  Distribution  Amount  for such
        Class of Certificates for such  Distribution  Date, minus (y) the amount
        of any Class A-P  Collection  Shortfalls for such  Distribution  Date or
        remaining unpaid for all previous  Distribution Dates, to the extent the
        amounts available pursuant to clause (x) of Sections 4.02(a) (ix), (xi),
        (xiii), (xiv) and (xv) are insufficient  therefor,  applied in reduction
        of the Certificate Principal Balance of the Class M-2 Certificates;

               (viii) to the Holders of the Class M-3 Certificates,  the Accrued
        Certificate  Interest  thereon  for  such  Distribution  Date,  plus any
        Accrued Certificate  Interest thereon remaining unpaid from any previous
        Distribution Date, except as provided below;

               (ix) to the  Holders  of the  Class M-3  Certificates,  an amount
        equal to (x) the  Subordinate  Principal  Distribution  Amount  for such
        Class of Certificates for such Distribution Date minus (y) the amount of
        any  Class  A-P  Collection  Shortfalls  for such  Distribution  Date or
        remaining unpaid for all previous  Distribution Dates, to the extent the
        amounts  available  pursuant  to  clause  (x) of  Sections  4.02(a)(xi),
        (xiii), (xiv) and (xv) are insufficient  therefor,  applied in reduction
        of the Certificate Principal Balance of the Class M-3 Certificates;

               (x) to the  Holders of the Class B-1  Certificates,  the  Accrued
        Certificate  Interest  thereon  for  such  Distribution  Date,  plus any
        Accrued Certificate  Interest thereon remaining unpaid from any previous
        Distribution Date, except as provided below;

               (xi) to the  Holders  of the  Class B-1  Certificates,  an amount
        equal to (x) the  Subordinate  Principal  Distribution  Amount  for such
        Class of Certificates for such Distribution Date minus (y) the amount of
        any  Class  A-P  Collection  Shortfalls  for such  Distribution  Date or
        remaining unpaid for all previous  Distribution Dates, to the extent the
        amounts  available  pursuant  to clause (x) of  Sections  4.02(a)(xiii),
        (xiv) and (xv) are  insufficient  therefor,  applied in reduction of the
        Certificate Principal Balance of the Class B-1 Certificates;

               (xii) to the Holders of the Class B-2  Certificates,  the Accrued
        Certificate  Interest  thereon  for  such  Distribution  Date,  plus any
        Accrued Certificate  Interest thereon remaining unpaid from any previous
        Distribution Date, except as provided below;

                                       31
<PAGE>

               (xiii) to the  Holders of the Class B-2  Certificates,  an amount
        equal to (x) the  Subordinate  Principal  Distribution  Amount  for such
        Class of Certificates for such Distribution Date minus (y) the amount of
        any  Class  A-P  Collection  Shortfalls  for such  Distribution  Date or
        remaining unpaid for all previous  Distribution Dates, to the extent the
        amounts  available  pursuant to clause (x) of Sections  4.02(a)(xiv) and
        (xv) are insufficient therefor,  applied in reduction of the Certificate
        Principal Balance of the Class B-2 Certificates;
               (xiv) to the  Holders  of the Class B-3  Certificates,  an amount
        equal  to  (x)  the  Accrued  Certificate   Interest  thereon  for  such
        Distribution  Date,  plus  any  Accrued  Certificate   Interest  thereon
        remaining unpaid from any previous Distribution Date, except as provided
        below,  minus (y) the amount of any Class A-P Collection  Shortfalls for
        such Distribution Date or remaining unpaid for all previous Distribution
        Dates,  to the extent the  amounts  available  pursuant to clause (x) of
        Section 4.02(a) (xv) are insufficient therefor;

               (xv) to the  Holders  of the  Class B-3  Certificates,  an amount
        equal to (x) the  Subordinate  Principal  Distribution  Amount  for such
        Class of Certificates for such Distribution Date minus (y) the amount of
        any  Class  A-P  Collection  Shortfalls  for such  Distribution  Date or
        remaining  unpaid  for  all  previous   Distribution  Dates  applied  in
        reduction  of  the  Certificate  Principal  Balance  of  the  Class  B-3
        Certificates;

               (xvi) to the  Certificate  Insurer,  as  subrogee  of the  Retail
        Certificateholders,  an amount  necessary to reimburse  the  Certificate
        Insurer for claims paid under the Certificate  Policy,  to the extent of
        Cumulative Insurance Payments on the Retail Certificates;

               (xvii)  to  the  Senior  Certificates,  on a pro  rata  basis  in
        accordance  with  their  respective  outstanding  Certificate  Principal
        Balances,  the portion,  if any, of the  Available  Distribution  Amount
        remaining  after the  foregoing  distributions,  together  with Rounding
        Account withdrawals with respect to the Retail Certificates,  applied to
        reduce the Certificate  Principal Balances of such Senior  Certificates,
        but in no event more than the aggregate of the  outstanding  Certificate
        Principal  Balances  of each  such  Class of  Senior  Certificates,  and
        thereafter,  to each Class of Subordinate  Certificates then outstanding
        beginning with such Class with the Highest Priority,  any portion of the
        Available  Distribution  Amount remaining after the Senior  Certificates
        have been retired,  applied to reduce the Certificate  Principal Balance
        of each such  Class of  Subordinate  Certificates,  but in no event more
        than the outstanding Certificate Principal Balance of each such Class of
        Subordinate Certificates; and

          (xviii)to  the Class R-I  Certificates,  the  balance,  if any, of the
     Available Distribution Amount

        Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate  Certificates are no longer
outstanding,  the Senior  Certificates,  Accrued  Certificate  Interest  thereon
remaining unpaid from any previous  Distribution Date will be distributable only
to the extent  that (1) a  shortfall  in the  amounts  available  to pay Accrued
Certificate  Interest on any Class of Certificates results from an interest rate


                                       32
<PAGE>

reduction  in  connection  with a  Servicing  Modification,  or (2) such  unpaid
Accrued Certificate Interest was attributable to interest shortfalls relating to
the  failure  of the  Master  Servicer  to make  any  required  Advance,  or the
determination  by the  Master  Servicer  that any  proposed  Advance  would be a
Nonrecoverable  Advance  with  respect to the related  Mortgage  Loan where such
Mortgage  Loan  has  not yet  been  the  subject  of a Cash  Liquidation  or REO
Disposition  or the related  Liquidation  Proceeds,  Insurance  Proceeds and REO
Proceeds have not yet been distributed to the Certificateholders.

(b)            Distributions  of  principal on the Senior  Certificates  on each
               Distribution Date occurring prior to the Credit Support Depletion
               Date will be made as follows:

(i)            first,  to the Class  A-P  Certificates,  until  the  Certificate
               Principal  Balance  thereof is reduced  to zero,  an amount  (the
               "Class A-P Principal Distribution Amount") equal to the aggregate
               of:

(A)            the related  Discount  Fraction of the principal  portion of each
               Monthly  Payment on each  Discount  Mortgage  Loan due during the
               related  Due Period,  whether or not  received on or prior to the
               related  Determination  Date, minus the Discount  Fraction of the
               principal  portion of any related  Debt Service  Reduction  which
               together  with other  Bankruptcy  Losses  exceeds the  Bankruptcy
               Amount;

(B)  the related Discount  Fraction of the principal  portion of all unscheduled
     collections  on each Discount  Mortgage Loan received  during the preceding
     calendar month or, in the case of Principal Prepayments in Full, during the
     related Prepayment Period (other than amounts received in connection with a
     Cash  Liquidation or REO Disposition of a Discount  Mortgage Loan described
     in  clause  (C)   below),   including   Principal   Prepayments   in  Full,
     Curtailments,  Subsequent  Recoveries  and  repurchases  (including  deemed
     repurchases  under  Section  3.07(b)  of the  Standard  Terms) of  Discount
     Mortgage  Loans (or, in the case of a  substitution  of a Deleted  Mortgage
     Loan, the Discount Fraction of the amount of any shortfall deposited in the
     Custodial Account in connection with such substitution);

(C)            in connection  with the Cash  Liquidation or REO Disposition of a
               Discount  Mortgage Loan that did not result in any Excess Special
               Hazard Losses,  Excess Fraud Losses,  Excess Bankruptcy Losses or
               Extraordinary  Losses,  an amount  equal to the lesser of (1) the
               applicable  Discount  Fraction of the Stated Principal Balance of
               such   Discount   Mortgage   Loan   immediately   prior  to  such
               Distribution Date and (2) the aggregate amount of the collections
               on such  Mortgage  Loan to the extent  applied as  recoveries  of
               principal;

(D)            any amounts allocable to principal for any previous  Distribution
               Date (calculated  pursuant to clauses (A) through (C) above) that
               remain undistributed; and

                                       33
<PAGE>

(E)            the  amount  of any  Class  A-P  Collection  Shortfalls  for such
               Distribution  Date and the  amount of any  Class  A-P  Collection
               Shortfalls remaining unpaid for all previous  Distribution Dates,
               but  only  to  the  extent  of  the   Eligible   Funds  for  such
               Distribution Date; minus

                      (F) the  related  Discount  Fraction of the portion of the
               Capitalization  Reimbursement  Amount for such Distribution Date,
               if any, related to each Discount Mortgage Loan; and

(ii)                  second, the Senior Principal  Distribution Amount shall be
                      distributed in the following manner and priority:

(A)                   first,  concurrently to the Class R-I Certificates and the
                      Class R-II Certificates, on a pro rata basis in accordance
                      with  their  respective  Certificate  Principal  Balances,
                      until the Certificate Principal Balances thereof have been
                      reduced to zero; and

(B)                   second, the Senior Principal Distribution Amount remaining
                      after the payments of principal  made in  accordance  with
                      Section 4.02(b)(ii)(A) above, concurrently, as follows:

(1)                   15.38461512877%   of  the  amount   described  in  Section
                      4.02(b)(ii)(B) above to the Class A-4 Certificates,  until
                      the  Certificate   Principal  Balance  of  the  Class  A-4
                      Certificates has been reduced to zero; and

(2)  84.61538487123% of the amount described in Section  4.02(b)(ii)(B) above in
     the following order of priority:

                                    (a) first, to the Class A-6 Certificates and
                             Class  A-7  Certificates,  on a pro  rata  basis in
                             accordance   with  their   respective   Certificate
                             Principal Balances, until the Certificate Principal
                             Balances  thereof  have been  reduced  to zero,  an
                             amount  equal  to  the  Lockout  Percentage  of the
                             Lockout  Certificates' pro rata share (based on the
                             aggregate  Certificate  Principal  Balance  thereof
                             relative  to the  aggregate  Certificate  Principal
                             Balance of all of the Certificates  (other than the
                             Class A-P  Certificates))  of the  aggregate of the
                             collections  described in clauses (A), (B), (C) and
                             (E) of Section  4.02(a)(ii) without any application
                             of the  Senior  Percentage  or  Senior  Accelerated
                             Distribution Percentage;

                                    provided  that,  if  the  aggregate  of  the
                             amounts set forth in clauses (A),  (B), (C) and (E)
                             (net of amounts set forth in clause (F)) of Section
                             4.02(a)(ii)   is  more  than  the  balance  of  the
                             Available  Distribution  Amount remaining after the
                             Senior Interest  Distribution  Amount and the Class
                             A-P   Principal   Distribution   Amount  have  been
                             distributed,   the  amount   paid  to  the  Lockout
                             Certificates     pursuant    to    this     Section
                             4.02(b)(ii)(B)(2)(a)  shall be reduced by an amount


                                       34
<PAGE>

                             equal to the Lockout  Certificates'  pro rata share
                             (based  on  the  aggregate   Certificate  Principal
                             Balance of the Lockout Certificates relative to the
                             aggregate  Certificate  Principal  Balance  of  all
                             Classes  of  Senior  Certificates  (other  than the
                             Class A-P Certificates)) of such difference; and

                                     (b)  second,  on or after the  Distribution
                             Date  in  May   2006,   $6,500  to  the  Class  A-3
                             Certificates,   until  the  Certificate   Principal
                             Balance  of the  Class  A-3  Certificates  has been
                             reduced to zero;

                                    (c)  third,  concurrently  to the  Class A-1
                             Certificates and Class A-2  Certificates,  on a pro
                             rata  basis in  accordance  with  their  respective
                             Certificate    Principal   Balances,    until   the
                             Certificate  Principal  Balances  thereof have been
                             reduced to zero;

                                    (d) fourth,  to the Class A-3  Certificates,
                             until  the  Certificate  Principal  Balance  of the
                             Class A-3  Certificates  has been  reduced to zero;
                             and

                                    (e)  fifth,  concurrently  to the  Class A-6
                             Certificates and Class A-7  Certificates,  on a pro
                             rata  basis in  accordance  with  their  respective
                             Certificate    Principal   Balances,    until   the
                             Certificate  Principal  Balances  thereof have been
                             reduced to zero.

(c) On or after the occurrence of the Credit Support Depletion Date but prior to
the  reduction  of the  Certificate  Principal  Balance  of the  Senior  Support
Certificates to zero, all priorities  relating to  distributions as described in
Section 4.02(b) above relating to principal among the Senior Certificates, other
than the Class A-P Certificates,  will be disregarded.  Instead,  (i) the Senior
Principal  Distribution  Amount will be distributed  to the Senior  Certificates
remaining,  other than the Class A-P  Certificates,  pro rata in accordance with
their respective outstanding  Certificate Principal Balances;  provided that the
aggregate  amount  distributable  to the Super  Senior  Certificates  and Senior
Support  Certificates in respect of the aggregate Accrued  Certificate  Interest
thereon  and in  respect  of their  aggregate  pro rata  portion  of the  Senior
Principal  Distribution  Amount will be distributed among those  Certificates in
the following priority: first, to the Super Senior Certificates, up to an amount
equal to the  Accrued  Certificate  Interest on the Super  Senior  Certificates;
second,  to the Super  Senior  Certificates,  up to an amount equal to the Super
Senior Optimal  Principal  Distribution  Amount, in reduction of the Certificate
Principal Balance thereof;  third, to the Senior Support Certificates,  up to an
amount equal to the Accrued  Certificate  Interest  thereon;  and fourth, to the
Senior Support  Certificates,  the remainder,  until the  Certificate  Principal
Balance  thereof has been reduced to zero;  (ii) an amount equal to the Discount
Fraction of the principal portion of scheduled and unscheduled payments received
or advanced relating to Discount Mortgage Loans will be distributed to the Class
A-P Certificates;  and (iii) the amount set forth in Section  4.02(a)(i) will be
distributed as set forth therein.

(d) On or after the  occurrence of the Credit  Support  Depletion  Date and upon
reduction  of  the   Certificate   Principal   Balance  of  the  Senior  Support
Certificates to zero, all priorities  relating to  distributions as described in
Sections 4.02(b) and (c) above in respect of principal among the various classes


                                       35
<PAGE>

of  Senior  Certificates  (other  than  the  Class  A-P  Certificates)  will  be
disregarded,  and (i) an amount equal to the Discount  Fraction of the principal
portion of scheduled payments and unscheduled  collections  received or advanced
in respect of the Discount  Mortgage  Loans will be distributed to the Class A-P
Certificates,  (ii) the Senior Principal Distribution Amount will be distributed
to the remaining Senior Certificates (other than the Class A-P Certificates) pro
rata in  accordance  with their  respective  outstanding  Certificate  Principal
Balances  and  (iii)  the  amount  set  forth  in  Section  4.02(a)(i)  will  be
distributed as set forth therein.

(e) After the  reduction  of the  Certificate  Principal  Balances of the Senior
Certificates  (other than the Class A-P  Certificates)  to zero but prior to the
Credit Support Depletion Date, the Senior Certificates (other than the Class A-P
Certificates) will be entitled to no further  distributions of principal thereon
and the Available  Distribution Amount will be paid solely to the holders of the
Class A-P,  Class A-V and  Subordinate  Certificates,  in each case as described
herein.

(f) In addition to the foregoing  distributions,  with respect to any Subsequent
Recoveries,  the Master  Servicer  shall  deposit such funds into the  Custodial
Account  pursuant to Section  3.07(b)(iii).  If,  after taking into account such
Subsequent  Recoveries,  the amount of a Realized Loss is reduced, the amount of
such Subsequent Recoveries will be applied to increase the Certificate Principal
Balance of the Class of Subordinate  Certificates  with a Certificate  Principal
Balance  greater than zero with the highest  payment  priority to which Realized
Losses, other than Excess Bankruptcy Losses, Excess Fraud Losses, Excess Special
Hazard Losses and  Extraordinary  Losses,  have been allocated,  but not by more
than the  amount  of  Realized  Losses  previously  allocated  to that  Class of
Certificates  pursuant to Section 4.05.  The amount of any remaining  Subsequent
Recoveries  will be  applied to  increase  from zero the  Certificate  Principal
Balance of the Class of Certificates with the next lower payment priority, up to
the amount of Realized Losses previously allocated to that Class of Certificates
pursuant to Section 4.05. Any remaining  Subsequent  Recoveries  will in turn be
applied to increase from zero the Certificate  Principal Balance of the Class of
Certificates  with the next lower payment  priority up to the amount of Realized
Losses  previously  allocated to that Class of Certificates  pursuant to Section
4.05,  and so on.  Holders  of such  Certificates  will not be  entitled  to any
payment  in  respect  of  Accrued  Certificate  Interest  on the  amount of such
increases for any Interest  Accrual Period preceding the Interest Accrual Period
that relates to the Distribution  Date on which such increase  occurs.  Any such
increases  shall  be  applied  to the  Certificate  Principal  Balance  of  each
Certificate of such Class in accordance with its respective Percentage Interest.

(g) Each distribution with respect to a Book-Entry  Certificate shall be paid to
the  Depository,   as  Holder  thereof,  and  the  Depository  shall  be  solely
responsible for crediting the amount of such distribution to the accounts of its
Depository   Participants  in  accordance  with  its  normal  procedures.   Each
Depository  Participant shall be responsible for disbursing such distribution to
the  Certificate  Owners that it represents  and to each indirect  participating
brokerage firm (a "brokerage  firm") for which it acts as agent.  Each brokerage
firm shall be responsible for disbursing funds to the Certificate Owners that it
represents.  None of the Trustee, the Certificate Registrar,  the Company or the
Master Servicer shall have any responsibility therefor.

                                       36
<PAGE>

(h) Except as  otherwise  provided  in  Section  9.01,  if the  Master  Servicer
anticipates that a final  distribution with respect to any Class of Certificates
will be made on the next Distribution  Date, the Master Servicer shall, no later
than the Determination Date in the month of such final distribution,  notify the
Trustee and the Trustee  shall,  no later than two (2) Business  Days after such
Determination  Date,  mail  on  such  date  to each  Holder  of  such  Class  of
Certificates a notice to the effect that: (i) the Trustee  anticipates  that the
final  distribution  with respect to such Class of Certificates  will be made on
such  Distribution  Date  but  only  upon  presentation  and  surrender  of such
Certificates at the office of the Trustee or as otherwise specified therein, and
(ii) no interest shall accrue on such Certificates from and after the end of the
related Interest Accrual Period. In the event that  Certificateholders  required
to surrender  their  Certificates  pursuant to Section  9.01(c) do not surrender
their  Certificates  for final  cancellation,  the  Trustee  shall  cause  funds
distributable  with  respect  to such  Certificates  to be  withdrawn  from  the
Certificate Account and credited to a separate escrow account for the benefit of
such Certificateholders as provided in Section 9.01(d).

(i) Notwithstanding the priorities relating to distributions of principal to the
holders of the Retail  Certificates  described above, on any Distribution  Date,
distributions  in  respect  of  principal  on the  Retail  Certificates  will be
allocated among the Certificate  Owners of the Retail  Certificates as set forth
in Section  4.11. On each  Distribution  Date on which amounts are available for
distributions  in reduction of the Certificate  Principal  Balance of the Retail
Certificates,  the aggregate  amount  available for such  distributions  will be
rounded upward by the Rounding Amount. Such rounding will be accomplished on the
first  Distribution Date on which  distributions in reduction of the Certificate
Principal  Balance of the Retail  Certificates  are made by withdrawing from the
Rounding  Account the Rounding Amount for deposit into the Certificate  Account,
and such  Rounding  Amount  will be added to the amount  that is  available  for
distributions  in reduction of the Certificate  Principal  Balance of the Retail
Certificates.  On each succeeding  Distribution  Date on which  distributions in
reduction of the Certificate  Principal  Balance of the Retail  Certificates are
made, first, the aggregate amount available for distribution in reduction of the
Certificate  Principal  Balance  of the Retail  Certificates  will be applied to
repay the  Rounding  Amount  withdrawn  from the  Rounding  Account on the prior
Distribution Date and then, the remainder of such allocable amount, if any, will
be similarly rounded upward through another withdrawal from the Rounding Account
and  such  determined  Rounding  Amount  will be  added  to the  amount  that is
available for distributions in reduction of the Certificate Principal Balance of
the Retail  Certificates.  Any funds remaining in the Rounding Account after the
Certificate  Principal  Balance  of the Retail  Certificates  is reduced to zero
shall be distributed to the Class R Certificateholders.

Section 4.03.  Statements to Certificateholders; Exchange Act Reporting.

        (a)  Concurrently  with each  distribution  charged  to the  Certificate
Account and with respect to each  Distribution  Date the Master  Servicer  shall
forward to the  Trustee  and the Trustee  shall  either  forward by mail or make
available  to each Holder,  the  Certificate  Insurer and the  Company,  via the
Trustee's internet website, a statement (and at its option, any additional files
containing  the  same  information  in  an  alternative  format)  setting  forth
information  as to each  Class  of  Certificates  and the  Mortgage  Pool.  This
statement will include the  information  set forth in Exhibit Three hereto.  The
Trustee  shall  mail to the  Certificate  Insurer,  if the  Certificate  Insurer
requests a paper copy by  telephone,  and each Holder that requests a paper copy
by  telephone,  a paper copy via first  class  mail.  The Trustee may modify the


                                       37
<PAGE>

distribution  procedures set forth in this Section provided that such procedures
are no less convenient for the  Certificateholders  and the Certificate Insurer.
The  Trustee  shall  provide  prior  notification  to the  Company,  the  Master
Servicer, the Certificate Insurer and the Certificateholders  regarding any such
modification. In addition, the Master Servicer shall provide to any manager of a
trust  fund  consisting  of some  or all of the  Certificates,  upon  reasonable
request,  such additional  information as is reasonably obtainable by the Master
Servicer at no additional  expense to the Master Servicer.  Also, at the request
of a Rating Agency,  the Master Servicer shall provide the information  relating
to the Reportable  Modified Mortgage Loans  substantially in the form annexed to
the Standard Terms as Exhibit Q to such Rating Agency within a reasonable period
of time;  provided,  however,  that the Master Servicer shall not be required to
provide such  information  more than four times in a calendar year to any Rating
Agency.

        (b) - (e). (See Section 4.03(b) - (e) of the Standard Terms).


Section               4.04.  Distribution  of  Reports  to the  Trustee  and the
                      Company; Advances by the Master Servicer.

        (a) Prior to the close of business on the Determination Date, the Master
Servicer  shall  furnish a written  statement  to the Trustee,  the  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting forth (i) the Available  Distribution  Amount, (ii) the amounts required
to be withdrawn from the Custodial Account, Reserve Fund or the Rounding Account
and  deposited  into  the  Certificate  Account  on the  immediately  succeeding
Certificate  Account  Deposit  Date,  (iii) the amount of  Cumulative  Insurance
Payments as of such  Determination  Date,  and (iv) the  amounts  required to be
deposited into the Rounding Account; provided, however, that the Master Servicer
shall  provide to the Trustee a written  statement  setting forth the portion of
the  Senior   Principal   Distribution   Amount   distributable  to  the  Retail
Certificates on any Distribution  Date no later than 12:00 Noon New York time on
the Business Day  immediately  preceding each  Determination  Date to enable the
Trustee to notify the Certificate Insurer in accordance with Section 12.02.

        The  determination  by the Master Servicer of such amounts shall, in the
absence of obvious error, be presumptively deemed to be correct for all purposes
hereunder  and the Trustee  shall be  protected in relying upon the same without
any independent check or verification.

        (b) (See Section 4.04(b) of the Standard Terms)

Section 4.05.  Allocation of Realized Losses.

        Prior to each Distribution Date, the Master Servicer shall determine the
total  amount  of  Realized  Losses,   if  any,  that  resulted  from  any  Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing  Modification  that  constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest  portion of
the  Monthly  Payment  due during the  related  Due  Period.  The amount of each
Realized  Loss shall be  evidenced  by an  Officers'  Certificate.  All Realized
Losses, other than Excess Special Hazard Losses,  Extraordinary  Losses,  Excess
Bankruptcy Losses or Excess Fraud Losses, shall be allocated as follows:  first,
to the Class B-3 Certificates,  until the Certificate  Principal Balance thereof


                                       38
<PAGE>

has been  reduced  to zero;  second,  to the  Class B-2  Certificates  until the
Certificate  Principal  Balance thereof has been reduced to zero;  third, to the
Class B-1 Certificates until the Certificate  Principal Balance thereof has been
reduced to zero;  fourth,  to the Class M-3  Certificates  until the Certificate
Principal  Balance  thereof has been  reduced to zero;  fifth,  to the Class M-2
Certificates until the Certificate Principal Balance thereof has been reduced to
zero;  sixth,  to the Class M-1  Certificates  until the  Certificate  Principal
Balance thereof has been reduced to zero; and, thereafter,  if any such Realized
Losses are on a Discount  Mortgage  Loan,  to the Class A-P  Certificates  in an
amount equal to the Discount Fraction of the principal portion thereof,  and the
remainder of such Realized Losses on the Discount  Mortgage Loans and the entire
amount of such Realized Losses on Non-Discount  Mortgage Loans will be allocated
among all Senior  Certificates  (other than the Class A-P Certificates) on a pro
rata  basis,  as  described  below;  provided,  however,  that  Realized  Losses
otherwise  allocable to the Super Senior  Certificates  will be allocated to the
Senior  Support  Certificates  until the  Certificate  Principal  Balance of the
Senior Support Certificates is reduced to zero, and Realized Losses allocated to
the Retail Certificates will be covered by the Certificate Policy. The principal
portion of any Excess Special Hazard Losses,  Excess Bankruptcy  Losses,  Excess
Fraud  Losses  and  Extraordinary  Losses on  Discount  Mortgage  Loans  will be
allocated  to the Class A-P  Certificates  in an  amount  equal to the  Discount
Fraction  thereof and the  remainder of the  principal  portion of such Realized
Losses on Discount  Mortgage Loans and the entire amount of such Realized Losses
on Non-Discount  Mortgage Loans will be allocated among the Senior  Certificates
(other than the Class A-P Certificates) and Subordinate  Certificates,  on a pro
rata  basis,  as  described  below;  provided,  however,  that  Realized  Losses
otherwise  allocable to the Super Senior  Certificates  will be allocated to the
Senior  Support  Certificates  until the  Certificate  Principal  Balance of the
Senior Support Certificates is reduced to zero, and Realized Losses allocated to
the Retail  Certificates will be covered by the Certificate Policy. The interest
portion of any Excess Special Hazard Losses,  Excess Bankruptcy  Losses,  Excess
Fraud Losses and Extraordinary  Losses will be allocated to all the Certificates
on a pro rata basis.

        As used herein,  an  allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata  basis,  among the  various  Classes  so  specified,  to each such Class of
Certificates,  on the  basis of their  then  outstanding  Certificate  Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued Certificate  Interest thereon payable on such Distribution Date (without
regard to any Compensating  Interest for such Distribution  Date) in the case of
an interest  portion of a Realized  Loss.  Except as  provided in the  following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service  Reductions) to a Class of  Certificates  shall be made by reducing
the  Certificate  Principal  Balance  thereof by the amount so allocated,  which
allocation shall be deemed to have occurred on such Distribution Date;  provided
that no such reduction shall reduce the aggregate  Certificate Principal Balance
of the Certificates below the aggregate Stated Principal Balance of the Mortgage
Loans.  Any allocation of the principal  portion of Realized  Losses (other than
Debt Service  Reductions) to the Subordinate  Certificates then outstanding with
the Lowest Priority shall be made by operation of the definition of "Certificate
Principal  Balance"  and by  operation  of the  provisions  of Section  4.02(a).
Allocations of the interest portions of Realized Losses (other than any interest


                                       39
<PAGE>

rate  reduction  resulting  from a  Servicing  Modification)  shall  be  made in
proportion to the amount of Accrued Certificate Interest and by operation of the
definition of "Accrued Certificate  Interest" and by operation of the provisions
of Section  4.02(a).  Allocations  of the  interest  portion of a Realized  Loss
resulting  from an  interest  rate  reduction  in  connection  with a  Servicing
Modification  shall be made by operation of the  provisions of Section  4.02(a).
Allocations of the principal portion of Debt Service Reductions shall be made by
operation of the  provisions  of Section  4.02(a).  All Realized  Losses and all
other losses  allocated to a Class of  Certificates  hereunder will be allocated
among the  Certificates of such Class in proportion to the Percentage  Interests
evidenced thereby; provided that if any Subclasses of the Class A-V Certificates
have been issued  pursuant to Section  5.01(c),  such Realized  Losses and other
losses  allocated to the Class A-V  Certificates  shall be allocated  among such
Subclasses  in  proportion  to the  respective  amounts of  Accrued  Certificate
Interest payable on such  Distribution Date that would have resulted absent such
reductions.

Section 4.06.  Reports of Foreclosures  and  Abandonment of Mortgaged  Property.
     (See Section 4.06 of the Standard Terms)

Section 4.07.  Optional Purchase of Defaulted  Mortgage Loans. (See Section 4.07
     of the Standard Terms)

Section 4.08.  Surety Bond. (See Section 4.08 of the Standard Terms)

Section 4.09.  Reserve Fund.

        No later than the Closing Date,  the Trustee will establish and maintain
the Reserve Fund. On the Closing Date the Senior  Underwriter shall deposit with
the Trustee,  and the Trustee shall  deposit into the Reserve  Fund,  cash in an
amount equal to the Reserve Fund Deposit.

        The  Master  Servicer  shall  direct  the  Trustee  in  writing  on each
Distribution Date to withdraw amounts on deposit in the Reserve Fund for deposit
into  the  Certificate  Account,  and  to  pay to  the  holders  of  any  Retail
Certificates  pursuant  to Section  4.02(a),  the  amount of (i) any  Prepayment
Interest Shortfalls  otherwise allocable to any Retail Certificates  pursuant to
the definition of Accrued Certificate  Interest (to the extent not offset by the
Master Servicer  pursuant to Section 3.16(e) of the Standard Terms) and (ii) any
Relief Act Shortfalls otherwise allocable to any Retail Certificates pursuant to
the  definition  of  Accrued  Certificate  Interest,  to the  extent of funds on
deposit in the Reserve Fund (the amount of such withdrawal for any  Distribution
Date, the "Reserve Fund Withdrawal").

               For federal income tax purposes,  the Senior Underwriter shall be
the owner of the Reserve Fund and shall  report all items of income,  deduction,
gain or loss arising therefrom. Notwithstanding anything herein to the contrary,
the Reserve  Fund shall not be an asset of any REMIC.  The Reserve Fund shall be
invested in Permitted  Investments  at the direction of the Senior  Underwriter.
All income and gain realized from  investment of funds  deposited in the Reserve
Fund  shall be  deposited  in the  Reserve  Fund for the sole use and  exclusive
benefit of the Reserve  Fund.  The amount of any loss incurred in respect of any
such  investments  shall  be  deposited  in  the  Reserve  Fund  by  the  Senior
Underwriter  out of its own funds  immediately as realized  without any right of
reimbursement.  The  balance,  if  any,  remaining  in the  Reserve  Fund on the
Distribution  Date on which the  Certificate  Principal  Balance  of the  Retail


                                       40
<PAGE>

Certificates is reduced to zero will be distributed by the Trustee to the Senior
Underwriter.  To the extent that the Reserve Fund constitutes a reserve fund for
federal income tax purposes,  (1) it shall be an outside reserve fund and not an
asset of any  REMIC  and (2) it shall be owned by the  Senior  Underwriter,  all
within the  meaning of Section  1.860G-2(h)  of the  Treasury  Regulations.  The
Reserve Fund may not be owned by more than one person.

Section 4.10.  Rounding Account.

        No later than the Closing Date,  the Trustee will establish and maintain
with itself a segregated trust account that is an Eligible Account,  which shall
be titled "Rounding  Account,  Deutsche Bank Trust Company Americas,  as trustee
for the  registered  holders  of  Residential  Accredit  Loans,  Inc.,  Mortgage
Asset-Backed  Pass-Through  Certificates,  Series  2003-QS8,  Class A-3." On the
Closing Date,  the Senior  Underwriter  shall deposit with the Trustee,  and the
Trustee  shall  deposit  into the Rounding  Account,  cash in an amount equal to
$999.99.  The  Trustee  shall  hold such  amount  uninvested,  unless  otherwise
directed by the Master Servicer.

        The  Trustee on each  Distribution  Date shall,  based upon  information
provided by the Master  Servicer  for the related  Distribution  Date,  withdraw
funds from the Rounding Account to pay the Rounding Amount to the Holders of the
Retail  Certificates  pursuant to Section 4.02(i).  In addition,  the Trustee on
each  Distribution  Date shall,  based upon  information  provided by the Master
Servicer for the related  Distribution Date, withdraw funds from the Certificate
Account to repay to the  Rounding  Account  the  Rounding  Amount from the prior
Distribution Date as contemplated in Section 4.02(i).

Section 4.11.  Principal Distributions on the Retail Certificates.

        Distributions in reduction of the Certificate  Principal  Balance of the
Retail  Certificates will be made in integral multiples of $1,000 at the request
of  the  appropriate   representatives   of  Deceased  Holders  of  such  Retail
Certificates and at the request of Living Owners of such Retail  Certificates or
by mandatory distributions by Random Lot, pursuant to clauses (a) and (d) below,
or on a pro rata basis pursuant to clause (e) below.

(a) On each  Distribution  Date  on  which  distributions  in  reduction  of the
Certificate  Principal  Balance  of  the  Retail  Certificates  are  made,  such
distributions  will be made in the  following  priority  among  the  Certificate
Owners of the Retail Certificates:

               (i) any  request by the  personal  representatives  of a Deceased
        Holder or by a surviving  tenant by the entirety,  by a surviving  joint
        tenant  or by a  surviving  tenant  in  common,  but  not  exceeding  an
        aggregate amount of $100,000 per request; and

               (ii)  any  request  by a  Living  Owner,  but  not  exceeding  an
        aggregate amount of $10,000 per request.

        Thereafter,  distributions  will be made,  with  respect  to the  Retail
Certificates,  as provided in clauses (i) and (ii) above up to a second $100,000


                                       41
<PAGE>

and $10,000, respectively. This sequence of priorities will be repeated for each
request for principal distributions made by the Certificate Owners of the Retail
Certificates until all such requests have been honored.

        Requests for  distributions  in reduction of the  Certificate  Principal
Balance of the Retail  Certificates  presented on behalf of Deceased  Holders in
accordance  with the provisions of clause (i) above will be accepted in order of
their receipt by the Depository.  Requests for distributions in reduction of the
Certificate  Principal Balance of the Retail Certificate presented in accordance
with the  provisions of clause (ii) above will be accepted in the order of their
receipt by the Depository after all requests presented in accordance with clause
(i) have been  honored.  All  requests  for  distributions  in  reduction of the
Certificate  Principal  Balance of the Retail  Certificates  will be accepted in
accordance  with the provisions set forth in Section  4.11(c).  All requests for
distributions  in reduction of the Certificate  Principal  Balance of the Retail
Certificates  with  respect to any  Distribution  Date must be  received  by the
Depository and on the Depository's "participant terminal system" and received by
the  Trustee no later than the close of business  on the  related  Record  Date.
Requests for  distributions  that are on the Depository's  participant  terminal
system and received by the Trustee  after the related  Record Date and requests,
in either case, for  distributions not accepted with respect to any Distribution
Date,  will be  treated  as  requests  for  distributions  in  reduction  of the
Certificate  Principal  Balance of Retail  Certificates  on the next  succeeding
Distribution Date, and each succeeding Distribution Date thereafter,  until such
request is  accepted  or is  withdrawn  as  provided  in Section  4.11(c).  Such
requests as are not so withdrawn  shall  retain their order of priority  without
the need for any further action on the part of the appropriate Certificate Owner
of the related Retail Certificate,  all in accordance with the procedures of the
Depository and the Trustee. Upon the transfer of the beneficial ownership of any
Retail Certificate,  any distribution  request previously submitted with respect
to such  Certificate will be deemed to have been withdrawn only upon the receipt
by the  Trustee  on or before  the  Record  Date for such  Distribution  Date of
notification  of such  withdrawal in the manner set forth in Section  4.11(c) on
the Depository's participant terminal system.

        Distributions in reduction of the Certificate  Principal  Balance of the
Retail  Certificates  will be applied in an amount equal to the Senior Principal
Distribution  Amount allocable to such Class pursuant to Section 4.02(b),  plus,
with respect to the Retail Certificates,  any amounts available for distribution
from the Rounding Account established as provided in Section 4.10, provided that
the aggregate  distribution in reduction of the Certificate Principal Balance of
the Retail  Certificates on any  Distribution  Date shall be made in an integral
multiple of $1,000.

        To the extent  that the  portion of the  Senior  Principal  Distribution
Amount  allocable to  distributions  in reduction of the  Certificate  Principal
Balance  of  the  Retail  Certificates  on any  Distribution  Date  exceeds  the
aggregate  Certificate Principal Balance of the Retail Certificates with respect
to which distribution requests, as set forth above, have been received (plus any
amounts required to be distributed pursuant to the Rounding Account with respect
to the Retail  Certificates),  distributions  in  reduction  of the  Certificate
Principal  Balance  of  the  Retail  Certificates  will  be  made  by  mandatory
distribution pursuant to Section 4.11(d).

(b) A Retail  Certificate  shall be deemed to be held by a  Deceased  Holder for
purposes of this Section 4.11 if the death of the  Certificate  Owner thereof is
deemed to have occurred.  Retail  Certificates  beneficially owned by tenants by
the  entirety,  joint  tenants  or tenants in common  will be  considered  to be
beneficially  owned by a single  owner.  The death of a tenant by the  entirety,
joint  tenant  or  tenant  in  common  will be  deemed  to be the  death  of the
Certificate  Owner,  and the Retail  Certificates so beneficially  owned will be
eligible  for  priority  with  respect  to  distributions  in  reduction  of the
Certificate Principal Balance thereof,  subject to the limitations stated above.


                                       42
<PAGE>

Retail  Certificates  beneficially  owned by a trust  will be  considered  to be
beneficially  owned  by each  beneficiary  of the  trust to the  extent  of such
beneficiary's  beneficial  interest  therein,  but in no  event  will a  trust's
beneficiaries  collectively  be deemed to be  Certificate  Owners of a number of
Individual Retail  Certificates of which such trust is the owner. The death of a
beneficiary of a trust will be deemed to be the death of a Certificate  Owner of
the Retail Certificates, as applicable, owned by the trust to the extent of such
beneficiary's  beneficial interest in such trust. The death of an individual who
was a tenant  by the  entirety,  joint  tenant  or tenant in common in a tenancy
which  is the  beneficiary  of a trust  will be  deemed  to be the  death of the
beneficiary  of such  trust.  The  death  of a  person  who,  during  his or her
lifetime,  was  entitled  to  substantially  all  of  the  beneficial  ownership
interests in Individual  Retail  Certificates  will be deemed to be the death of
the Certificate Owner of the Retail Certificates  regardless of the registration
of ownership, if such beneficial interest can be established to the satisfaction
of the Depository Participant.  Such beneficial interest will be deemed to exist
in typical  cases of street name or nominee  ownership,  ownership by a trustee,
ownership under the Uniform Gifts to Minors Act and community  property or other
joint ownership  arrangements between a husband and wife. Certificate beneficial
interests  shall include the power to sell,  transfer or otherwise  dispose of a
Retail Certificate and the right to receive the proceeds  therefrom,  as well as
interest and distributions in reduction of the Certificate  Principal Balance of
the Retail  Certificates,  as  applicable,  payable  with respect  thereto.  The
Trustee shall not be under any duty to determine independently the occurrence of
the death of any deceased  Certificate Owner. The Trustee may rely entirely upon
documentation  delivered to it pursuant to Section 4.10(c) in  establishing  the
eligibility of any Certificate  Owner to receive the priority  accorded Deceased
Holders in Section 4.11(a).

(c) Requests for distributions in reduction of the Certificate Principal Balance
of Retail  Certificates must be made by delivering a written request therefor to
the Depository Participant or Indirect Depository Participant that maintains the
account evidencing such Certificate Owner's interest in Retail Certificates.  In
the case of a request on behalf of a Deceased  Holder,  appropriate  evidence of
death  and any tax  waivers  are  required  to be  forwarded  to the  Depository
Participant  under separate cover.  The Depository  Participant  shall forward a
certification, satisfactory to the Trustee, certifying the death of the Deceased
Holder and the receipt of the appropriate evidence of death and tax waivers. The
Depository Participant should in turn make the request of the Depository (or, in
the  case  of an  Indirect  Depository  Participant,  such  Indirect  Depository
Participant  must notify the related  Depository  Participant  of such  request,
which Depository  Participant  should make the request of the Depository) on the
Depository's  participant  terminal  system.  The  Depository may establish such
procedures  as it deems fair and  equitable to establish the order of receipt of
requests  for such  distributions  received  by it on the same day.  None of the
Company,  the Master  Servicer or the  Trustee  shall be liable for any delay in
delivery of requests for  distributions  or  withdrawals of such requests by the
Depository, a Depository Participant or any Indirect Depository Participant.

        The Depository  shall maintain a list of those  Depository  Participants
representing the appropriate Certificate Owners of Retail Certificates that have
submitted  requests for distributions in reduction of the Certificate  Principal
Balance  of Retail  Certificates,  together  with the order of  receipt  and the
amounts of such requests on the Depository's  participant  terminal system.  The
Depository will honor requests for  distributions  in the order of their receipt


                                       43
<PAGE>

(subject to the  priorities  described in Section  4.11(a)  above).  The Trustee
shall  notify  the  Depository  as to which  requests  should be honored on each
Distribution  Date at least two Business  Days prior to such  Distribution  Date
based on the report  received by the Trustee  pursuant to Section 4.04 and shall
notify the  Depository  as to the amount of the  Senior  Principal  Distribution
Amount to be  distributed to the Retail  Certificates  by Random Lot pursuant to
Section 4.11(d).  Requests shall be honored by the Depository in accordance with
the procedures, and subject to the priorities and limitations, described in this
Section  4.11.  The exact  procedures  to be  followed  by the  Trustee  and the
Depository for purposes of determining  such priorities and limitations  will be
those  established  from time to time by the Trustee or the  Depository,  as the
case may be. The  decisions of the Trustee and the  Depository  concerning  such
matters will be final and binding on all affected persons.

        Individual   Retail   Certificates   that  have  been   accepted  for  a
distribution shall be due and payable on the applicable  Distribution Date. Such
Certificates  shall  cease to bear  interest  after  the  last day of the  month
preceding the month in which such Distribution Date occurs.

        Any  Certificate  Owner of a Retail  Certificate  that has  requested  a
distribution  may withdraw its request by so notifying in writing the Depository
Participant or Indirect  Depository  Participant that maintains such Certificate
Owner's  account.  In the event that such account is  maintained  by an Indirect
Depository  Participant,  such Indirect  Depository  Participant must notify the
related Depository Participant which in turn must forward the withdrawal of such
request on the Depository's participant terminal system. If such withdrawal of a
request for distribution  has not been received on the Depository's  participant
terminal system on or before the Record Date for the next Distribution Date, the
previously made request for distribution will be irrevocable with respect to the
making of distributions in reduction of the Certificate Principal Balance of the
Retail Certificates on such Distribution Date.

        In  the  event  any  requests  for  distributions  in  reduction  of the
Certificate  Principal  Balance of the Retail  Certificates  are rejected by the
Trustee for failure to comply with the  requirements  of this Section 4.11,  the
Trustee shall return such request to the appropriate Depository Participant with
a copy  to  the  Depository  with  an  explanation  as to the  reason  for  such
rejection.

(d) To the extent,  if any, that  distributions  in reduction of the Certificate
Principal  Balance of the Retail  Certificates on a Distribution Date exceed the
outstanding  Certificate  Principal  Balance  of the  Retail  Certificates  with
respect to which distribution  requests have been received by the related Record
Date, as provided in Section  4.10(a)  above,  the additional  distributions  in
reduction of the Certificate  Principal Balance of the Retail  Certificates will
be  made  by  mandatory  distributions  in  reduction  thereof.  Such  mandatory
distributions on Individual  Retail  Certificates  will be made by Random Lot in
accordance with the then-applicable Random Lot procedures of the Depository, the
Depository  Participants and the Indirect Depository  Participants  representing
the Certificate Owners. The Trustee shall notify the Depository of the aggregate
amount of the mandatory  distribution in reduction of the Certificate  Principal
Balance of the Retail Certificates to be made on any such Distribution Date. The
Depository  shall then  allocate  such  aggregate  amount  among its  Depository
Participants on a Random Lot basis.  Each Depository  Participant  and, in turn,
each Indirect  Depository  Participant will then select,  in accordance with its
own  procedures,  Individual  Retail  Certificates  from among those held in its
accounts to receive  mandatory  distributions  in reduction  of the  Certificate
Principal  Balance of the  Retail  Certificates,  such that the total  amount so
selected  is equal  to the  aggregate  amount  of such  mandatory  distributions
allocated to such Depository  Participant by the Depository and to such Indirect


                                       44
<PAGE>

Depository  Participant by its related Depository  Participant,  as the case may
be.  Depository  Participants  and Indirect  Depository  Participants  that hold
Retail  Certificates  selected for mandatory  distributions  in reduction of the
Certificate  Principal  Balance  thereof are required to provide  notice of such
mandatory  distributions to the affected Certificate Owners. The Master Servicer
agrees to notify the Trustee of the amount of  distributions in reduction of the
Certificate  Principal  Balance  of the Retail  Certificates  to be made on each
Distribution  Date in a timely  manner  such that the  Trustee  may  fulfill its
obligations  pursuant to the letter of  representations  dated the Closing  Date
among the Company, the Trustee and the Depository.

(e) Notwithstanding  any provisions herein to the contrary,  on any Distribution
Date on which any  Realized  Losses are  allocated  to the Retail  Certificates,
distributions  in reduction of the Certificate  Principal  Balance of the Retail
Certificates  will be made pro rata on the basis of their respective  Percentage
Interests  with the  respect to the Retail  Certificates  among the  Certificate
Owners of the Retail  Certificates and will not be made in integral multiples of
$1,000 nor  pursuant to requests for  distribution  as permitted by this Section
4.11 or mandatory distributions by Random Lot.

(f)  In  the  event  that  Definitive   Certificates   representing  the  Retail
Certificates  are issued  pursuant to Section  5.01 of the  Standard  Terms,  an
amendment to this  Agreement,  which may be approved  without the consent of any
Certificateholders,  shall establish  procedures relating to the manner in which
distributions in reduction of the Certificate  Principal  Balance of such Retail
Certificates are to be made;  provided that such procedures shall be consistent,
to the extent  practicable and customary for certificates  similar to the Retail
Certificates, with the provisions of this Section 4.11.




                                       45
<PAGE>


                                   ARTICLE V

                                THE CERTIFICATES

                      (SEE ARTICLE V OF THE STANDARD TERMS)





                                       46
<PAGE>





                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       47
<PAGE>

                                  ARTICLE VII

                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       48
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       49
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                       50
<PAGE>

                                   ARTICLE X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.  (See Section 10.01 of the Standard Terms)

Section 10.02. Master Servicer; REMIC Administrator and Trustee Indemnification.
     (See Section 10.02 of the Standard Terms)

Section 10.03. Designation of REMICs.

        The REMIC  Administrator  will  make an  election  to treat  the  entire
segregated pool of assets  described in the definition of Trust Fund (except for
the Reserve Fund), and subject to this Agreement  (including the Mortgage Loans)
as a REMIC  ("REMIC  I") and will make an  election  to treat the pool of assets
comprised of the  Uncertificated  REMIC I Regular  Interests as a REMIC  ("REMIC
II") for federal income tax purposes.

        The Uncertificated REMIC I Regular Interests will be "regular interests"
in REMIC I and the Class R-I  Certificates  will be the sole class of  "residual
interests" in REMIC I for purposes of the REMIC  Provisions (as defined  herein)
under the federal income tax law.

        The Class A-1,  Class A-2,  Class A-3,  Class A-4, Class A-5, Class A-6,
Class A-7,  Class A-P, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and
Class B-3 Certificates and the Uncertificated  REMIC II Regular Interests Z, the
rights in and to which will be represented by the Class A-V  Certificates,  will
be "regular  interests" in REMIC II, and the Class R-II Certificates will be the
sole class of "residual  interests" therein for purposes of the REMIC Provisions
(as  defined  herein)  under  federal  income tax law.  On and after the date of
issuance of any Subclass of Class A-V Certificates  pursuant to Section 5.01(c),
any such Subclass will represent the Uncertificated REMIC II Regular Interest or
Interests  Z  specified  by the  initial  Holder of the  Class A-V  Certificates
pursuant to said Section.

Section 10.04.  Distributions on the Uncertificated REMIC I and REMIC II Regular
     Interests

        (a)On each  Distribution  Date the Trustee shall be deemed to distribute
to itself, as the holder of the Uncertificated  REMIC I Regular  Interests,  the
Uncertificated  REMIC I Regular Interest  Distribution  Amounts in the following
order of priority to the extent of the Available  Distribution Amount reduced by
distributions made to the Class R-I Certificates pursuant to Section 4.02(a):

               (i) Uncertificated Accrued Interest on the Uncertificated REMIC I
        Regular  Interests for such Distribution  Date, plus any  Uncertificated
        Accrued Interest thereon remaining unpaid from any previous Distribution
        Date; and

               (ii) In  accordance  with  the  priority  set  forth  in  Section
        10.04(b),  an  amount  equal to the sum of the  amounts  in  respect  of
        principal  distributable  on each Class of Certificates  (other than the
        Class R-I  Certificates)  under Section  4.02(a),  as allocated  thereto
        pursuant to Section 4.02(b).

                                       51
<PAGE>

        (b)The  amount  described  in  Section   10.04(a)(ii)  shall  be  deemed
distributed   to  (i)   Uncertificated   REMIC  I  Regular   Interest   S,  (ii)
Uncertificated  REMIC I Regular Interest T, (iii) Uncertificated REMIC I Regular
Interest U, (iv)  Uncertificated  REMIC I Regular Interest V, (v) Uncertificated
REMIC I Regular Interest W, (vi)  Uncertificated  REMIC I Regular Interest X and
(vii)  Uncertificated  REMIC  I  Regular  Interest  Y  with  the  amount  to  be
distributed  allocated  among such  interests  in  accordance  with the priority
assigned  to each  Related  Class of  Certificates  (other  than the  Class  R-I
Certificates),  respectively,  under Section  4.02(b)  until the  Uncertificated
Principal Balance of each such interest is reduced to zero.

        (c)The  portion  of  the   Uncertificated   REMIC  I  Regular   Interest
Distribution   Amounts  described  in  Section   10.04(a)(ii)  shall  be  deemed
distributed by REMIC I to REMIC II in accordance  with the priority  assigned to
the REMIC II Certificates  relative to that assigned to the REMIC I Certificates
under Section 4.02(b).

        (d)In determining from time to time the  Uncertificated  REMIC I Regular
Interest  Distribution  Amounts  and  Uncertificated  REMIC II Regular  Interest
Distribution Amounts:

               (i) Realized Losses allocated to the Class A-V Certificates under
        Section 4.05 shall be deemed  allocated to the  Uncertificated  REMIC II
        Regular  Interests Z pro-rata  according  to the  respective  amounts of
        Uncertificated   Accrued  Interest  that  would  have  accrued  on  such
        Uncertificated  REMIC II Regular  Interests Z for the Distribution  Date
        for  which  such  allocation  is  being  made  in the  absence  of  such
        allocation;

               (ii)  Realized  Losses  allocated  to the Class A-1  Certificates
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest S;

               (iii)  Realized  Losses  allocated to the Class A-2  Certificates
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest T;

               (iv)  Realized  Losses  allocated  to the Class A-3  Certificates
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest U;

               (v) Realized Losses  allocated to the Class A-4  Certificates and
        Class A-5  Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest V;

               (vi) Realized Losses  allocated to the Class A-6 Certificates and
        Class A-7  Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest W;

               (vii)  Realized  Losses  allocated to the Class A-P  Certificates
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest X;

               (viii)  Realized Losses  allocated to the Class R-II,  Class M-1,
        Class M-2, Class M-3,  Class B-1,  Class B-2 and Class B-3  Certificates
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest Y; and

                                       52
<PAGE>

               (ix) Realized  Losses  allocated to the  Uncertificated  REMIC II
        Regular Interests Z under clause (i), above,  shall be deemed allocated,
        in each case, to the related Uncertificated REMIC I Regular Interest Z.

        (e)On each  Distribution  Date the Trustee shall be deemed to distribute
from REMIC II, in the  priority  set forth in  Sections  4.02(a) and (b), to the
Holders of each Class of  Certificates  (other than the Class R-I  Certificates)
the  amounts  distributable  thereon  from the  Uncertificated  REMIC I  Regular
Interest  Distribution  Amounts  deemed to have been  received  by REMIC II from
REMIC I under this Section 10.04. The amounts deemed distributed  hereunder with
respect to the Class A-V  Certificates  shall be deemed to have been distributed
in respect of the Uncertificated REMIC II Regular Interests Z in accordance with
their respective  Uncertificated REMIC II Regular Interest Distribution Amounts,
as such  Uncertificated  REMIC II Regular  Interests  Z  comprise  the Class A-V
Certificates.

        (f)Notwithstanding  the deemed distributions on the Uncertificated REMIC
I Regular Interests described in this Section 10.04, distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.

Section 10.05. Compliance with Withholding Requirements.

               Notwithstanding  any  other  provision  of  this  Agreement,  the
Trustee or any Paying  Agent,  as  applicable,  shall  comply  with all  federal
withholding  requirements  respecting payments to Certificateholders,  including
interest or original  issue  discount  payments  or  advances  thereof  that the
Trustee or any Paying Agent, as applicable,  reasonably  believes are applicable
under the Code. The consent of Certificateholders shall not be required for such
withholding.  In the event the Trustee or any Paying Agent, as applicable,  does
withhold  any amount  from  interest  or  original  issue  discount  payments or
advances  thereof  to any  Certificateholder  pursuant  to  federal  withholding
requirements, the Trustee or any Paying Agent, as applicable, shall indicate the
amount  withheld  to  such  Certificateholder  pursuant  to the  terms  of  such
requirements.

                                       53
<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.  (See Section 11.01 of the Standard Terms)

Section 11.02. Recordation of Agreement; Counterparts. (See Section 11.02 of the
     Standard Terms)

Section 11.03. Limitation on Rights of Certificateholders. (See Section 11.03 of
     the Standard Terms)

Section 11.04. Governing Laws.  (See Section 11.04 of the Standard Terms)

Section 11.05.  Notices.  All demands and notices  hereunder shall be in writing
and shall be deemed to have been duly given if personally delivered at or mailed
by registered  mail,  postage  prepaid  (except for notices to the Trustee which
shall be deemed to have been duly given only when received),  to the appropriate
address  for each  recipient  listed in the table  below or, in each case,  such
other address as may  hereafter be furnished in writing to the Master  Servicer,
the Trustee, the Certificate Insurer and the Company, as applicable:

------------------------- ----------------------------------------------------
            RECIPIENT                                ADDRESS
------------------------- ----------------------------------------------------
------------------------- ----------------------------------------------------
Company                   8400 Normandale Lake Boulevard
                          Suite 250, Minneapolis, Minnesota  55437,
                                Attention: President
------------------------- ----------------------------------------------------
------------------------- ----------------------------------------------------
Master Servicer           2255 N. Ontario Street, Suite 400
                          Burbank, California 91504-2130,
                          Attention:  Managing Director/Master Servicing
------------------------- ----------------------------------------------------
------------------------- ----------------------------------------------------
Trustee                   Corporate Trust Office
                               1761 East St. Andrew Place
                          Santa Ana, California 92705-4934,
                          Attention:  Residential Accredit Loans, Inc.
                                Series 2003-QS8

                          The Trustee designates its offices located at
                          c/o DTC Transfer  Services,  55 Water Street,
                          Jeanette Street Park Entrance,  New York, New
                          York 10041,  for the purposes of Section 8.12
                          of the Standard Terms
------------------------- ----------------------------------------------------
------------------------- ----------------------------------------------------
Standard & Poor's Ratings 55 Water Street
Services                  41st Floor
                               New York, New York 10041
------------------------- ----------------------------------------------------
------------------------- ----------------------------------------------------
Fitch Ratings             One State Street Plaza
                               New York, New York 10004

------------------------- ----------------------------------------------------
------------------------- ----------------------------------------------------
Certificate Insurer       113 King Street
                               Armonk, New York 10504
                          Attention: Insured Portfolio Management--
                          Structured Finance (RALI Series 2003-QS8)
------------------------- ----------------------------------------------------

                                       54
<PAGE>

Any notice  required or permitted to be mailed to a  Certificateholder  shall be
given by first class  mail,  postage  prepaid,  at the address of such holder as
shown in the  Certificate  Register.  In each  case in  which a notice  or other
communication to the Certificate Insurer refers to a Certificate Insurer Default
or a claim under the Certificate  Policy or with respect to which failure on the
part of the Certificate Insurer to respond shall be deemed to constitute consent
or acceptance,  then a copy of such notice or other communication should also be
sent to the  attention  of the General  Counsel of the  Certificate  Insurer and
shall be marked to indicate  "URGENT  MATERIAL  ENCLOSED."  Any notice so mailed
within the time prescribed in this Agreement  shall be conclusively  presumed to
have been duly given, whether or not the Certificateholder receives such notice.

Section 11.06. Required Notices to Rating Agency and Subservicer.

        The Company,  the Master  Servicer or the Trustee,  as  applicable,  (i)
shall  notify  each  Rating  Agency  at such  time as it is  otherwise  required
pursuant  to this  Agreement  to give  notice of the  occurrence  of, any of the
events  described in clause (a), (b), (c), (d), (g), (h), (i), (j) or (k) below,
(ii)  shall  notify the  Subservicer  at such time as it is  otherwise  required
pursuant  to this  Agreement  to give  notice of the  occurrence  of, any of the
events  described in clause (a), (b),  (c)(1),  (g)(1),  or (i) below,  or (iii)
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

(a)     a material change or amendment to this Agreement,

(b)     the occurrence of an Event of Default,

(c)     (1) the termination or appointment of a successor Master Servicer or (2)
        the termination or appointment of a successor Trustee or a change in the
        majority ownership of the Trustee,

(d)     the filing of any claim  under the Master  Servicer's  blanket  fidelity
        bond and the errors and omissions  insurance  policy required by Section
        3.12 or the  cancellation  or  modification  of coverage  under any such
        instrument,

(e)     the  statement  required to be delivered to the Holders of each Class of
        Certificates pursuant to Section 4.03,

(f)     the  statements  required to be delivered  pursuant to Sections 3.18 and
        3.19,

(g)     (1) a change in the location of the Custodial Account or (2) a change in
        the location of the Certificate Account,

                                       55
<PAGE>

(h)     the  occurrence of any monthly cash flow shortfall to the Holders of any
        Class of Certificates  resulting from the failure by the Master Servicer
        to make an Advance pursuant to Section 4.04,

(i)     the occurrence of the Final Distribution Date,

(j)     the repurchase of or substitution for any Mortgage Loan, and

(k)     any Certificate Insurer Default that has not been cured.

        provided,  however, that with respect to notice of the occurrence of the
 events  described in clauses (d), (g) or (h) above,  the Master  Servicer shall
 provide  prompt written  notice to each Rating Agency and the  Subservicer,  if
 applicable, of any such event known to the Master Servicer.

Section 11.07.  Severability  of Provisions.  (See Section 11.07 of the Standard
     Terms)

Section 11.08. Supplemental Provisions for Resecuritization.  (See Section 11.08
     of the Standard Terms)

Section 11.09. Allocation of Voting Rights.

               97.0%  of all of the  Voting  Rights  shall  be  allocated  among
Holders of Certificates,  other than the Interest Only  Certificates and Class R
Certificates, in proportion to the outstanding Certificate Principal Balances of
their  respective  Certificates,  except that the  Certificate  Insurer shall be
assigned the Voting  Rights of the Retail  Certificateholders  in the absence of
any continuing  Certificate Insurer Default;  1.0% of all Voting Rights shall be
allocated  among the Holders of the Class A-5  Certificates,  in accordance with
their  respective  Percentage  Interests;  1.0% of all  Voting  Rights  shall be
allocated  among the Holders of the Class A-V  Certificates,  in accordance with
their  respective  Percentage  Interests;  0.5% of all  Voting  Rights  shall be
allocated  among the Holders of the Class R-I  Certificates,  in accordance with
their respective  Percentage  Interests;  and 0.5% of all Voting Rights shall be
allocated among the Holders of the Class R-II  Certificates,  in accordance with
their respective Percentage Interests.

Section 11.10. No Petition.

               The Depositor,  Master Servicer and the Trustee, by entering into
this Agreement, and each Certificateholder,  by accepting a Certificate,  hereby
covenant  and agree that they will not at any time  institute  against the Trust
Fund,  or join in any  institution  against  the Trust Fund of,  any  bankruptcy
proceedings  under any United States federal or state  bankruptcy or similar law
in  connection  with any  obligation  with respect to the  Certificates  or this
Agreement.


                                       56
<PAGE>

                                   ARTICLE XII

               CERTAIN MATTERS REGARDING THE CERTIFICATE INSURER

          Section 12.01. Rights of the Certificate Insurer To Exercise Rights of
     Retail Certificateholders.

               By  accepting  its  Certificate,  each  Retail  Certificateholder
agrees that unless a Certificate Insurer Default exists, the Certificate Insurer
shall  have the right to  exercise  all  consent,  voting,  direction  and other
control rights of the Retail Certificateholders under this Agreement without any
further consent of the Retail Certificateholders.

          Section   12.02.Claims  Upon  the  Certificate   Policy;   Certificate
     Insurance Account.

        (a) If, on any Determination  Date, the Master Servicer  determines that
(i) the funds that will be on deposit in the Certificate  Account on the related
Certificate  Account  Deposit  Date, to the extent  distributable  to any Retail
Certificateholders  pursuant to Section 4.02(a)(i),  are insufficient to pay the
full  amount  of  interest  for  the  related  Interest  Accrual  Period  on the
Certificate  Principal  Balance  of  the  Retail  Certificates  at  the  related
Pass-Through Rate (net of any Prepayment  Interest  Shortfalls  allocated to the
Retail Certificates (to the extent not offset by the Master Servicer pursuant to
Section 3.16(e) of the Standard  Terms) and any Relief Act Shortfalls  allocated
to the  Retail  Certificates)  on such  Distribution  Date,  (ii) the  principal
portion of any Realized Losses are allocated to the Retail  Certificates on such
Distribution  Date or (iii) the funds that will be on deposit in the Certificate
Account,  to the  extent  distributable  to the Retail  Certificateholders  with
respect  to  principal  on  the  Scheduled  Final   Distribution  Date  will  be
insufficient  to  reduce  the  Certificate   Principal  Balance  of  the  Retail
Certificates to zero, the Master Servicer shall deliver to the Trustee not later
than  11:00  a.m.  New York City time on the  Determination  Date a  certificate
signed by a Servicing  Officer  directing the Trustee to draw on the Certificate
Policy and stating  the amount to be drawn and  stating the Insured  Payment for
each Retail  Certificate,  and the Trustee  shall give  notice by  telephone  or
telecopy of the aggregate amount of such deficiency, confirmed in writing in the
form set  forth as  Exhibit  A to the  Certificate  Policy,  to the  Certificate
Insurer and the Fiscal Agent (as defined in the Certificate  Policy), if any, at
or before 12:00 noon,  New York City time,  on the second  Business Day prior to
such Distribution  Date. If, subsequent to such notice,  and prior to payment by
the  Certificate  Insurer  pursuant  to  such  notice,  additional  amounts  are
deposited in the  Certificate  Account,  the Trustee shall  reasonably  promptly
notify the  Certificate  Insurer  and  withdraw  the notice or reduce the amount
claimed, as appropriate.

        (b) The Trustee shall establish a separate special purpose trust account
for the  benefit  of  Holders of any  Retail  Certificates  and the  Certificate
Insurer referred to herein as the Certificate  Insurance  Account over which the
Trustee shall have exclusive  control and sole right of withdrawal.  The Trustee
shall deposit any amount paid under the  Certificate  Policy in the  Certificate
Insurance  Account and  distribute  such amount only for  purposes of payment to
Holders of Retail  Certificates  of the  Insured  Payment  for which a claim was
made.  Such  amount  may not be  applied  to  satisfy  any  costs,  expenses  or


                                       57
<PAGE>

liabilities of the Master Servicer,  the Trustee or the Trust Fund. Amounts paid
under the Certificate Policy shall be transferred to the Certificate  Account in
accordance with the second succeeding  paragraph and disbursed by the Trustee to
Holders  of Retail  Certificates  in  accordance  with  Section  4.02 or Section
9.01(c),  as applicable.  It shall not be necessary for such payments to be made
by checks or wire  transfers  separate from the checks or wire transfers used to
pay the Insured Payment with other funds available to make such payment.

        However,  the amount of any payment of  principal  of or interest on the
Retail  Certificates  to be paid from  funds  transferred  from the  Certificate
Insurance  Account  shall be noted as provided in paragraph (c) below and in the
statement  to be furnished  to Holders of the  Certificates  pursuant to Section
4.03. Funds held in the Certificate  Insurance  Account shall not be invested by
the Master Servicer, the Company or the Trustee.

        On any  Distribution  Date with  respect  to which a claim has been made
under the Certificate Policy, the amount of any funds received by the Trustee as
a result of any claim under the  Certificate  Policy,  to the extent required to
make the Insured Payment on such Distribution  Date, shall be withdrawn from the
Certificate  Insurance  Account and  deposited  in the  Certificate  Account and
applied by (x) the Master  Servicer  on behalf of the  Trustee or (y) the Paying
Agent appointed by the Trustee,  together with the other funds to be distributed
to the Retail  Certificateholders  pursuant  to Section  4.02,  directly  to the
payment in full of the Insured Payment due on the Retail Certificates. Any funds
remaining  in the  Certificate  Insurance  Account  on the  first  Business  Day
following a  Distribution  Date shall be remitted  to the  Certificate  Insurer,
pursuant to the  instructions  of the  Certificate  Insurer,  by the end of such
Business Day.

        (c) The Trustee shall keep a complete and accurate  record of the amount
of interest and principal paid into the Certificate Insurance Account in respect
of any Retail Certificate from moneys received under the Certificate Policy. The
Certificate  Insurer  shall have the right to inspect such records at reasonable
times during normal  business  hours upon two Business Day's prior notice to the
Trustee.

        (d) In accordance with the terms of the Certificate Policy, any claim on
the  Certificate  Policy in respect of a Preference  Amount,  shall  require the
Trustee  to obtain a  certified  copy of the  order  requiring  the  return of a
preference  payment,  an  opinion  of counsel  satisfactory  to the  Certificate
Insurer  that  the  order  is  final  and  not  subject  to  appeal,  and  other
documentation as required by the Certificate Policy. Any such opinion of counsel
shall be provided at the sole expense of the Senior  Underwriter,  in accordance
with the terms of the Commitment Letter.

      Section 12.03.Effect of Payments by the Certificate Insurer; Subrogation.

        Anything  herein to the contrary  notwithstanding,  for purposes of this
Section  12.03,  any payment  with  respect to  principal  of or interest on any
Retail  Certificates which is made with monies received pursuant to the terms of
the  Certificate   Policy  shall  not  be  considered   payment  of  any  Retail
Certificates  from the Trust  Fund.  The Master  Servicer,  the  Company and the
Trustee acknowledge,  and each Holder by its acceptance of an Retail Certificate
agrees,  that  without  the  need  for any  further  action  on the  part of the
Certificate  Insurer,  the Master  Servicer,  the  Company,  the  Trustee or the
Certificate  Registrar,  to the extent the  Certificate  Insurer makes payments,
directly or  indirectly,  on account of  principal  of or interest on any Retail
Certificates to the Holders of such Certificates,  the Certificate  Insurer will
be fully subrogated to, and each Retail Certificateholder,  the Master Servicer,


                                       58
<PAGE>

the  Company  and the  Trustee  hereby  delegate  and assign to the  Certificate
Insurer,  to the fullest extent  permitted by law, the rights of such Holders to
receive such  principal  and  interest  from the Trust Fund;  provided  that the
Certificate  Insurer shall be paid such amounts only from the sources and in the
manner explicitly provided for herein.

        The Trustee and the Master Servicer shall cooperate in all respects with
any  reasonable  request by the  Certificate  Insurer  for action to preserve or
enforce the  Certificate  Insurer's  rights or  interests  under this  Agreement
without  limiting  the  rights or  affecting  the  interests  of the  Holders as
otherwise set forth herein.

        Section 12.04.Notices and Information to the Certificate Insurer.

        (a) All notices, statements,  reports, certificates or opinions required
by this Agreement to be sent to any other party hereto,  to the Rating  Agencies
or to the Certificateholders shall also be sent to the Certificate Insurer.

        (b) The Master  Servicer shall designate a Person who shall be available
to the Certificate Insurer to provide reasonable access to information regarding
the Mortgage Loans.

        Section 12.05.Trustee to Hold Certificate Policy.

        The Trustee will hold the  Certificate  Policy in trust as agent for the
Retail   Certificateholders  for  the  purpose  of  making  claims  thereof  and
distributing the proceeds thereof. Each Retail  Certificateholder,  by accepting
its  Certificate,  appoints the Trustee as  attorney-in-fact  for the purpose of
making  claims on the  Certificate  Policy.  The  Trustee  shall  surrender  the
Certificate  Policy  to  the  Certificate  Insurer  for  cancellation  upon  the
expiration of the term of the Certificate  Policy as provided in the Certificate
Policy following the retirement of all Retail Certificates.

        Section 12.06.Ratings.

        The parties  hereto agree that  references  in this  Agreement or in the
Standard   Terms  to  ratings  on  the   Certificates   or   interests   of  the
Certificateholders shall be determined without regard to the Certificate Policy.

        Section 12.07.Third-Party Beneficiary.

        The Certificate Insurer shall be an express  third-party  beneficiary of
this Agreement to the extent of its express  subrogation  rights and its express
rights,  including its rights to receive Insurance Premiums set forth in Section
4.02(a)  of the  Agreement  and shall  have the  right to  enforce  the  related
provisions of this Agreement as if it were a party hereto.


                                       59
<PAGE>



        IN WITNESS  WHEREOF,  the Company,  the Master  Servicer and the Trustee
have  caused  their  names to be  signed  hereto  by their  respective  officers
thereunto  duly  authorized and their  respective  seals,  duly attested,  to be
hereunto affixed, all as of the day and year first above written.



                                       RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]


                                            By:  /s/ Joseph Orning
                                                 Name:   Joseph Orning
                                                 Title:  Vice President

Attest:   /s/ Benita Bjorgo
      Name:   Benita Bjorgo
      Title:  Vice President


                                       RESIDENTIAL FUNDING CORPORATION
[Seal]


                                                 Name:  Benita Bjorgo
                                                 Title: Associate

Attest:   /s/ Joseph Orning
      Name: Joseph Orning
      Title: Associate

                           DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
[Seal]



                                  By:  /s/ Ronaldo Reyes
                                       Name: Ronaldo Reyes
                                       Title:   Assistant Vice President


                                  By:  /s/ James F. Noreiga
                                       Name: James F. Noreiga
                                       Title:  Associate


Attest:   /s/ Barbara Campbell
      Name: Barbara Campbell
      Title:   Assistant Vice President

<PAGE>


STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On 29th day of April,  2003 before me, a notary public in and for
said  State,  personally  appeared  Joseph  Orning,  known  to me  to be a  Vice
President of Residential  Accredit  Loans,  Inc., one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.



                                                /s/ Brian S. Bangerter
                                            Notary Public


[Notarial Seal]


<PAGE>


STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 29th day of April,  2003 before me, a notary public in and
for  said  State,  personally  appeared  Benita  Bjorgo,  known  to  me to be an
Associate of  Residential  Funding  Corporation,  one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.



                                                 /s/ Brian S. Bangerter
                                            Notary Public
[Notarial Seal]


<PAGE>


STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 29th day of April,  2003 before me, a notary public in and
for  said  State,  personally  appeared  Ronaldo  Reyes,  known  to  me to be an
Assistant Vice President of Deutsche Bank Trust Company  Americas,  the New York
banking corporation that executed the within instrument, and also known to me to
be the  person  who  executed  it on  behalf  of said  banking  corporation  and
acknowledged to me that such banking corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first, above written.


                                                  /s/ Brent Wayne Hoyler
                                            Notary Public
[Notarial Seal]



STATE OF CALIFORNIA               )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 29th day of April,  2003 before me, a notary public in and
for said  State,  personally  appeared  James F.  Noreiga,  known to me to be an
Associate  of  Deutsche  Bank  Trust  Company  Americas,  the New  York  banking
corporation that executed the within instrument,  and also known to me to be the
person who executed it on behalf of said banking corporation and acknowledged to
me that such banking corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.


                                                 /s/ Brent Wayne Hoyler
                                            Notary Public
[Notarial Seal]







<PAGE>






                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

  RUN ON     : 04/24/03           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 08.47.20           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2003-QS8                                  CUTOFF : 04/01/03
  POOL       : 0004681
             :
             :
  POOL STATUS: F

    RFC LOAN NUMBER                      SUB SERV FEE
    PRINCIPAL BALANCE                    MSTR SERV FEE
    CURR NOTE RATE                       ALL EXP
    RFC NET RATE                         MISC EXP
    NET MTG RATE(INVSTR RATE)            SPREAD
    POST STRIP RATE                      STRIP
  ----------------------------------------------------------------------

      8045899                              .2500
      342,108.69                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8105781                              .2500
       78,017.34                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            5.7500                        1.0450

      8179785                              .2500
       95,938.19                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            5.7500                        1.4200

      8195705                              .2500
      352,438.16                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700

      8195735                              .2500
      144,413.32                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            5.7500                        1.0450

      8284367                              .2500
       59,748.93                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            5.7500                        1.1700
1



      8284517                              .2500
       49,792.69                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            5.7500                         .9200

      8288271                              .2500
       69,774.06                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            5.7500                        1.0450

      8305351                              .2500
      137,251.21                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8321817                              .2500
       79,223.88                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700

      8336291                              .2500
      355,723.17                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            5.7500                        1.5450

      8344478                              .2500
       66,358.30                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            5.7500                        1.6700

      8351373                              .2500
      361,986.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8353060                              .2500
      547,500.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700
1



      8353536                              .2500
      322,363.08                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8353713                              .2500
       47,912.96                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8353742                              .2500
       59,944.43                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8354086                              .2500
      390,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8354750                              .2500
      392,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8354780                              .2500
      486,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8354972                              .2500
      233,500.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8355040                              .2500
      252,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450
1



      8356876                              .2500
      357,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8357206                              .2500
      465,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8357936                              .2500
      180,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8358374                              .2500
      290,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8358912                              .2500
       77,600.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8359038                              .2500
       60,750.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8359354                              .2500
      380,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8359408                              .2500
      292,750.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450
1



      8359418                              .2500
      320,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8360238                              .2500
      367,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8360240                              .2500
      340,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8360278                              .2500
       78,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8360320                              .2500
      266,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8360324                              .2500
       69,000.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8361200                              .2500
      286,400.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8361204                              .2500
      348,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200
1



      8361242                              .2500
      320,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8361482                              .2500
      300,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8361704                              .2500
      152,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8361906                              .2500
      228,600.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8362026                              .2500
      167,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8362038                              .2500
      187,000.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8362196                              .2500
      187,000.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8362200                              .2500
      197,000.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450
1



      8362416                              .2500
      228,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8369557                              .2500
      101,776.52                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8371251                              .2500
      331,950.16                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8375877                              .2500
      197,004.54                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8377553                              .2500
      170,711.85                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8381029                              .2500
      199,107.89                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8381057                              .2500
      112,812.59                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            5.7500                        1.5450

      8381065                              .2500
      139,460.54                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950
1



      8381143                              .2500
      188,333.95                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            5.7500                        1.4200

      8381309                              .2500
      266,939.11                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8393735                              .2500
       66,601.05                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            5.7500                         .9200

      8395299                              .2500
       31,954.69                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            5.7500                        1.6700

      8399173                              .2500
       88,842.51                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



      8534705                              .2500
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1



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1



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1



      8534873                              .2500
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1



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1



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1



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1



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1



      8535083                              .2500
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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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      8603615                              .2500
      162,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            5.7500                        1.0450

      8604783                              .2500
       92,700.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            5.7500                        1.0450

      8604891                              .2500
       89,200.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            5.7500                         .9200

      8609195                              .2500
      303,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8609987                              .2500
       66,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            5.7500                         .9200

      8614981                              .2500
      365,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000
1



      8616999                              .2500
       68,800.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

  TOTAL NUMBER OF LOANS:     1735
  TOTAL BALANCE........:        318,111,410.80


  RUN ON     : 04/24/03            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 08.47.20            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS8        FIXED SUMMARY REPORT      CUTOFF : 04/01/03
  POOL       : 0004681
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ----------------------------------------------------------------------------
  CURR NOTE RATE                        6.3421            5.1250      7.7500
  RFC NET RATE                          6.0921            4.8750      7.5000
  NET MTG RATE(INVSTR RATE)             6.0248            4.8450      7.4200
  POST STRIP RATE                       5.7220            4.8450      5.7500
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0672             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .3028             .0000      1.6700







  TOTAL NUMBER OF LOANS:  1735
  TOTAL BALANCE........:     318,111,410.80


                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 04/24/03           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 08.47.20          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS8                                  CUTOFF : 04/01/03
  POOL       : 0004681
             :
             :
  POOL STATUS: F

  RFC LOAN #     S/S CODE          PMT TYPE      ORIGINAL BAL     LOAN FEATURE
                                   ORIG TERM     PRINCIPAL BAL    # OF UNITS
  ORIG RATE                                      ORIGINAL P+I     LTV
  CURR NET                                       CURRENT P+I
  CITY           STATE  ZIP        LOAN PURP     NOTE DATE        MI CO CODE
  SERVICER LOAN #                  PROP TYPE     1ST PMT DATE     MI CVG
  SELLER LOAN #                    OCCP CODE     MATURITY DATE
  INVESTOR LOAN #
  ______________________________________________________________________________


    8045899          U05/G02             F          344,000.00         ZZ
                                         360        342,108.69          1
                                       6.500          2,174.31         80
                                       6.250          2,174.31
    PERRY HALL       MD   21128          5            09/12/02         00
    0435593439                           05           11/01/02          0
    3259856                              O            10/01/32
    0


    8105781          E45/G02             F           78,400.00         ZZ
                                         360         78,017.34          1
                                       7.125            528.20         80
                                       6.875            528.20
    NORTH LAUDERDAL  FL   33068          5            09/16/02         00
    0434753562                           09           11/01/02          0
    291950                               O            10/01/32
    0


    8179785          E76/G02             F           96,300.00         ZZ
                                         360         95,938.19          1
                                       7.500            673.34         90
                                       7.250            673.34
    LAS VEGAS        NV   89108          1            10/17/02         04
    0434991931                           05           12/01/02         30
    10017750                             N            11/01/32
    0


    8195705          U42/G01             F          356,000.00         ZZ
                                         240        352,438.16          1
                                       6.750          2,706.90         80
                                       6.500          2,706.90
    DALLAS           TX   75243          5            10/23/02         00
    0435146162                           05           12/01/02          0
1


    24201139                             O            11/01/22
    0


    8195735          964/G02             F          145,000.00         ZZ
                                         360        144,413.32          1
                                       7.125            976.89         64
                                       6.875            976.89
    INDEPENDENCE     OR   97351          5            10/04/02         00
    0434862736                           05           12/01/02          0
    241552                               O            11/01/32
    0


    8284367          286/286             F           60,000.00         ZZ
                                         360         59,748.93          1
                                       7.250            409.31         60
                                       7.000            409.31
    SACRAMENTO       CA   95815          5            10/24/02         00
    1670290                              05           12/01/02          0
    1670290                              N            11/01/32
    0


    8284517          286/286             F           50,000.00         ZZ
                                         360         49,792.69          1
                                       7.000            332.65         72
                                       6.750            332.65
    BALTIMORE        MD   21216          2            11/08/02         00
    0001250297                           05           12/01/02          0
    0001250297                           N            11/01/32
    0


    8288271          286/286             F           70,000.00         ZZ
                                         360         69,774.06          1
                                       7.125            471.61         61
                                       6.875            471.61
    SACRAMENTO       CA   95820          5            11/11/02         00
    1577450                              05           01/01/03          0
    1577450                              N            12/01/32
    0


    8305351          E65/G02             F          137,600.00         ZZ
                                         360        137,251.21          1
                                       6.875            903.93         80
                                       6.625            903.93
    GRAND BLANC      MI   48439          1            12/05/02         00
    0435144407                           05           02/01/03          0
    254742                               O            01/01/33
    0


1


    8321817          N74/G02             F           79,500.00         ZZ
                                         360         79,223.88          2
                                       6.750            515.64         80
                                       6.500            515.64
    FORT SMITH       AR   72903          5            12/27/02         00
    0435160759                           05           01/27/03          0
    0031435010                           N            12/27/32
    0


    8336291          U36/G02             F          356,800.00         ZZ
                                         360        355,723.17          1
                                       7.625          2,525.41         90
                                       7.375          2,525.41
    NORCROSS         GA   30092          1            11/22/02         12
    0435331350                           01           01/01/03         25
    835972002                            O            12/01/32
    0


    8344478          T61/G02             F           66,405.84         ZZ
                                         358         66,358.30          1
                                       7.750            476.41         95
                                       7.500            476.41
    BUCKSPORT        ME   04416          1            03/01/03         14
    0435572474                           05           04/01/03         30
    7398618                              O            01/01/33
    0


    8351373          F32/G02             F          363,000.00         ZZ
                                         360        361,986.00          1
                                       6.375          2,264.65         68
                                       6.125          2,264.65
    SUGAR HILL       GA   30518          5            12/16/02         00
    0435371786                           03           02/01/03          0
    15168313                             O            01/01/33
    0


    8353060          H22/G02             F          547,500.00         ZZ
                                         360        547,500.00          2
                                       6.250          3,371.05         75
                                       6.000          3,371.05
    RIDGEFIELD       NJ   07657          1            03/04/03         00
    0435486014                           05           05/01/03          0
    0211009                              O            04/01/33
    0


    8353536          W98/G02             F          322,700.00         ZZ
                                         360        322,363.08          1
                                       5.750          1,883.19         65
                                       5.500          1,883.19
1


    WILLIAMSBURG     VA   23185          1            02/25/03         00
    0435484373                           05           04/01/03          0
    MACNABB                              O            03/01/33
    0


    8353713          A06/G02             F           48,000.00         T
                                         360         47,912.96          1
                                       6.500            303.40         80
                                       6.250            303.40
    SOUTH BRANCH     MI   48761          2            01/08/03         00
    0435197058                           05           03/01/03          0
    021000020234865                      O            02/01/33
    0


    8353742          E23/G02             F           60,000.00         ZZ
                                         360         59,944.43          1
                                       6.375            374.32         18
                                       6.125            374.32
    VALLEJO          CA   94590          5            02/21/03         00
    0435556410                           05           04/01/03          0
    61009894                             O            03/01/33
    0


    8354086          E23/G02             F          390,000.00         ZZ
                                         360        390,000.00          2
                                       6.000          2,338.25         75
                                       5.750          2,338.25
    MONTEREY         CA   93940          5            03/01/03         00
    0435545280                           05           05/01/03          0
    63000982                             O            04/01/33
    0


    8354750          E23/G02             F          392,000.00         ZZ
                                         360        392,000.00          1
                                       6.125          2,381.83         80
                                       5.875          2,381.83
    ANAHEIM          CA   92807          1            03/07/03         00
    0435559240                           03           05/01/03          0
    51026259                             O            04/01/33
    0


    8354780          E23/G02             F          486,000.00         ZZ
                                         360        486,000.00          1
                                       6.000          2,913.82         75
                                       5.750          2,913.82
    SAN JOSE         CA   95132          1            03/06/03         00
    0435545959                           05           05/01/03          0
    51026583                             O            04/01/33
    0
1




    8354972          E23/G02             F          233,500.00         ZZ
                                         360        233,500.00          1
                                       6.250          1,437.70         72
                                       6.000          1,437.70
    DEL REY OAKS     CA   93940          2            03/01/03         00
    0435496633                           01           05/01/03          0
    630009888                            N            04/01/33
    0


    8355040          E23/G02             F          252,000.00         ZZ
                                         360        252,000.00          1
                                       6.125          1,531.18         80
                                       5.875          1,531.18
    OAKLEY           CA   94561          5            03/04/03         00
    0435525498                           05           05/01/03          0
    61010214                             O            04/01/33
    0


    8356876          H22/G02             F          357,000.00         ZZ
                                         360        357,000.00          2
                                       6.375          2,227.22         77
                                       6.125          2,227.22
    ASTORIA          NY   11103          5            03/17/03         00
    0435563614                           05           05/01/03          0
    0301049                              O            04/01/33
    0


    8357206          E23/G02             F          465,000.00         ZZ
                                         360        465,000.00          1
                                       6.125          2,825.39         79
                                       5.875          2,825.39
    SALINAS          CA   93907          5            03/19/03         00
    0435575717                           05           05/01/03          0
    63001120                             O            04/01/33
    0


    8357936          E23/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       6.125          1,093.70         80
                                       5.875          1,093.70
    OLYMPIA          WA   98513          1            03/14/03         00
    0435564885                           03           05/01/03          0
    11017247                             O            04/01/33
    0


    8358374          E23/G02             F          290,000.00         ZZ
                                         360        290,000.00          1
1


                                       6.125          1,762.07         78
                                       5.875          1,762.07
    HIGLEY           AZ   85236          1            03/14/03         00
    0435579362                           03           05/01/03          0
    41006463                             N            04/01/33
    0


    8358912          B28/G02             F           77,600.00         ZZ
                                         360         77,600.00          1
                                       6.250            477.80         80
                                       6.000            477.80
    SPOKANE          WA   99212          2            03/17/03         00
    0435572649                           05           05/01/03          0
    04701034                             O            04/01/33
    0


    8359038          E23/G02             F           60,750.00         ZZ
                                         360         60,750.00          1
                                       6.500            383.98         75
                                       6.250            383.98
    LANCASTER        CA   93536          1            03/18/03         00
    0435588900                           01           05/01/03          0
    51027423                             N            04/01/33
    0


    8359354          E23/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.000          2,278.29         78
                                       5.750          2,278.29
    TORRANCE         CA   90503          5            03/19/03         00
    0435611231                           05           05/01/03          0
    51026339                             O            04/01/33
    0


    8359408          E23/G02             F          292,750.00         ZZ
                                         360        292,750.00          1
                                       6.125          1,778.78         80
                                       5.875          1,778.78
    OAK VIEW         CA   93022          2            03/10/03         00
    0435620612                           05           05/01/03          0
    63001015                             O            04/01/33
    0


    8359418          E23/G02             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.250          1,970.30         77
                                       6.000          1,970.30
    LA MESA          CA   91941          5            03/12/03         00
    0435599410                           05           05/01/03          0
1


    11018339                             O            04/01/33
    0


    8360238          E23/G02             F          367,000.00         ZZ
                                         360        367,000.00          1
                                       6.250          2,259.68         77
                                       6.000          2,259.68
    PACIFIC GROVE    CA   93950          1            03/25/03         00
    0435620471                           05           05/01/03          0
    63001140                             O            04/01/33
    0


    8360240          E23/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.125          2,065.88         74
                                       5.875          2,065.88
    IRVINE           CA   92606          2            03/11/03         00
    0435624994                           01           05/01/03          0
    51025067                             N            04/01/33
    0


    8360278          L68/G02             F           78,000.00         ZZ
                                         360         78,000.00          1
                                       6.250            480.26         65
                                       6.000            480.26
    VIRGINIA BEACH   VA   23464          2            03/20/03         00
    0435619614                           05           05/01/03          0
    5330125                              O            04/01/33
    0


    8360320          W98/G02             F          266,000.00         ZZ
                                         360        266,000.00          1
                                       6.000          1,594.80         80
                                       5.750          1,594.80
    AMISSVILLE       VA   20106          2            03/31/03         00
    0435632690                           05           05/01/03          0
    L0303002                             O            04/01/33
    0


    8360324          W98/G02             F           69,000.00         ZZ
                                         360         69,000.00          1
                                       5.875            408.16         29
                                       5.625            408.16
    LEESBURG         VA   20176          2            03/27/03         00
    0435632880                           05           05/01/03          0
    L0302031                             O            04/01/33
    0


1


    8361200          168/168             F          286,400.00         ZZ
                                         360        286,400.00          1
                                       6.500          1,810.24         80
                                       6.250          1,810.24
    WESTON           FL   33326          1            03/17/03         00
    0319757439                           03           05/01/03          0
    0319757439                           O            04/01/33
    0


    8361204          168/168             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       6.500          2,199.60         77
                                       6.250          2,199.60
    HAYWARD          CA   94545          2            03/19/03         00
    0319728927                           05           05/01/03          0
    0319728927                           O            04/01/33
    0


    8361242          E23/G02             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.125          1,944.35         77
                                       5.875          1,944.35
    SUNNYVALE        CA   94089          5            03/25/03         00
    0435617741                           05           05/01/03          0
    61010592                             O            04/01/33
    0


    8361482          E23/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.250          1,847.15         80
                                       6.000          1,847.15
    EL CAJON         CA   92020          2            03/27/03         00
    0435628094                           05           05/01/03          0
    11018595                             O            04/01/33
    0


    8361704          E23/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       6.500            960.74         80
                                       6.250            960.74
    ANAHEIM          CA   92804          1            03/28/03         00
    0435645064                           01           05/01/03          0
    51027218                             N            04/01/33
    0


    8361906          E23/G02             F          228,600.00         ZZ
                                         360        228,600.00          1
                                       6.500          1,444.91         90
                                       6.250          1,444.91
1


    CHINO            CA   91710          1            03/25/03         14
    0435645163                           05           05/01/03         25
    51027875                             O            04/01/33
    0


    8362026          E23/G02             F          167,000.00         ZZ
                                         360        167,000.00          1
                                       6.125          1,014.71         80
                                       5.875          1,014.71
    MENIFEE          CA   92584          1            03/27/03         00
    0435640891                           03           05/01/03          0
    11018504                             O            04/01/33
    0


    8362038          E23/G02             F          187,000.00         ZZ
                                         360        187,000.00          1
                                       6.625          1,197.38         72
                                       6.375          1,197.38
    EL CAJON         CA   92021          1            03/31/03         00
    0435645205                           05           05/01/03          0
    11018383                             N            04/01/33
    0


    8362196          E23/G02             F          187,000.00         ZZ
                                         360        187,000.00          1
                                       6.625          1,197.38         72
                                       6.375          1,197.38
    EL CAJON         CA   92021          1            03/28/03         00
    0435652623                           05           05/01/03          0
    11018376                             N            04/01/33
    0


    8362200          E23/G02             F          197,000.00         ZZ
                                         360        197,000.00          1
                                       6.625          1,261.41         73
                                       6.375          1,261.41
    EL CAJON         CA   92021          1            03/31/03         00
    0435653365                           05           05/01/03          0
    11018378                             N            04/01/33
    0


    8362416          E23/G02             F          228,000.00         ZZ
                                         360        228,000.00          1
                                       6.500          1,441.12         80
                                       6.250          1,441.12
    LAKEWOOD         CA   90712          5            03/28/03         00
    0435655477                           05           05/01/03          0
    51027324                             O            04/01/33
    0
1




    8369557          Q30/G02             F          102,000.00         ZZ
                                         360        101,776.52          1
                                       6.875            670.07         68
                                       6.625            670.07
    LEONIA           NJ   07605          5            01/13/03         00
    0435278205                           01           03/01/03          0
    21017971                             O            02/01/33
    0


    8371251          168/168             F          335,000.00         ZZ
                                         360        331,950.16          1
                                       6.375          2,089.96         64
                                       6.125          2,089.96
    HOLLAND          PA   18966          2            01/02/03         00
    0099474883                           05           03/01/03          0
    0099474883                           O            02/01/33
    0


    8375877          R84/G02             F          198,000.00         ZZ
                                         360        197,004.54          1
                                       6.000          1,187.11         80
                                       5.750          1,187.11
    DUVALL           WA   98019          1            10/14/02         00
    0435284526                           05           12/01/02          0
    WA901218                             O            11/01/32
    0


    8377553          E22/G02             F          171,000.00         ZZ
                                         360        170,711.85          1
                                       6.875          1,123.35         95
                                       6.625          1,123.35
    DENVER           CO   80239          5            01/15/03         01
    0415624345                           05           03/01/03         30
    0415624345                           O            02/01/33
    0


    8381029          286/286             F          200,000.00         ZZ
                                         360        199,107.89          2
                                       6.625          1,280.63         80
                                       6.375          1,280.63
    HAWTHORNE        NJ   07506          2            10/23/02         00
    1599842                              05           12/01/02          0
    1599842                              O            11/01/32
    0


    8381057          286/286             F          113,400.00         ZZ
                                         360        112,812.59          1
1


                                       7.625            802.64         91
                                       7.375            802.64
    LAFAYETTE        OR   97127          2            08/23/02         14
    1442815                              05           10/01/02         30
    1442815                              O            09/01/32
    0


    8381065          286/286             F          140,300.00         T
                                         360        139,460.54          1
                                       6.875            921.68         90
                                       6.625            921.68
    GAINESVILLE      FL   32641          1            08/23/02         14
    1475293                              05           10/01/02         25
    1475293                              O            09/01/32
    0


    8381143          286/286             F          188,900.00         ZZ
                                         360        188,333.95          3
                                       7.500          1,320.82         90
                                       7.250          1,320.82
    NEWARK           NJ   07103          1            11/08/02         12
    234641                               05           01/01/03         25
    234641                               N            12/01/32
    0


    8381309          286/286             F          268,000.00         ZZ
                                         360        266,939.11          1
                                       6.500          1,693.95         80
                                       6.250          1,693.95
    CORONA           CA   92882          2            11/01/02         00
    1655405                              01           01/01/03          0
    1655405                              O            12/01/32
    0


    8393735          E45/G02             F           67,200.00         ZZ
                                         360         66,601.05          1
                                       7.000            447.08         80
                                       6.750            447.08
    OCALA            FL   34470          5            10/18/02         00
    0435443478                           27           12/01/02          0
    281678                               O            11/01/32
    0


    8395299          E22/G02             F           32,000.00         ZZ
                                         360         31,954.69          1
                                       7.750            229.25         80
                                       7.500            229.25
    OMAHA            NE   68111          1            01/28/03         00
    0415822865                           05           03/01/03          0
1


    0415822865                           N            02/01/33
    0


    8399173          E11/G02             F           89,000.00         ZZ
                                         360         88,842.51          1
                                       6.625            569.88         80
                                       6.375            569.88
    ST. LOUIS PARK   MN   55416          1            01/28/03         00
    0435320536                           01           03/01/03          0
    0010001051163                        N            02/01/33
    0


    8400779          E22/G02             F           74,100.00         ZZ
                                         360         73,989.67          1
                                       7.500            518.12         95
                                       7.250            518.12
    VERNON           AL   35592          1            01/30/03         01
    0415787084                           05           03/01/03         35
    0415787084                           O            02/01/33
    0


    8407525          964/G02             F          298,000.00         ZZ
                                         360        297,405.20          1
                                       6.000          1,786.66         71
                                       5.750          1,786.66
    MORGAN HILL      CA   95037          2            01/14/03         00
    0435356779                           09           03/01/03          0
    324732                               O            02/01/33
    0


    8407737          950/G02             F          150,440.00         ZZ
                                         360        150,192.66          1
                                       7.000          1,000.88         80
                                       6.750          1,000.88
    GRANITE FALLS    WA   98252          1            01/16/03         00
    0435375845                           03           03/01/03          0
    E42C020                              O            02/01/33
    0


    8408671          E22/G02             F           55,000.00         ZZ
                                         360         54,922.11          1
                                       7.750            394.03         85
                                       7.500            394.03
    COLUMBUS         OH   43211          5            01/28/03         04
    0415881242                           05           03/01/03         12
    0415881242                           O            02/01/33
    0


1


    8413853          E33/G02             F          145,600.00         ZZ
                                         360        145,455.05          1
                                       6.000            872.95         80
                                       5.750            872.95
    DEERFIELD        IL   60015          1            02/28/03         00
    0435486444                           01           04/01/03          0
    CARANI                               O            03/01/33
    0


    8416315          286/286             F           25,200.00         ZZ
                                         360         25,120.64          1
                                       7.250            171.91         90
                                       7.000            171.91
    KANSAS CITY      MO   64130          1            12/04/02         11
    1667336                              05           01/01/03         25
    1667336                              N            12/01/32
    0


    8416499          286/286             F          133,500.00         ZZ
                                         360        130,547.86          4
                                       7.125            899.42         60
                                       6.875            899.42
    BALITMORE        MD   21218          2            10/30/02         00
    1647099                              05           12/01/02          0
    1647099                              N            11/01/32
    0


    8416509          286/286             F          189,700.00         ZZ
                                         360        189,041.11          1
                                       6.750          1,230.40         70
                                       6.500          1,230.40
    ATLANTA          GA   30308          5            11/18/02         00
    1310471                              01           01/01/03          0
    1310471                              N            12/01/32
    0


    8416655          286/286             F           71,250.00         ZZ
                                         360         71,008.47          1
                                       6.875            468.07         75
                                       6.625            468.07
    POTTSTOWN        PA   19464          5            11/25/02         00
    1747480                              05           01/01/03          0
    1747480                              N            12/01/32
    0


    8416767          286/286             F          107,100.00         ZZ
                                         360        106,367.27          1
                                       7.375            739.72         80
                                       7.125            739.72
1


    LAS VEGAS        NV   89102          5            11/15/02         00
    1759952                              05           01/01/03          0
    1759952                              N            12/01/32
    0


    8416797          286/286             F           71,100.00         ZZ
                                         360         70,790.46          1
                                       6.750            461.15         90
                                       6.500            461.15
    TAMPA            FL   33604          1            10/30/02         10
    1694654                              05           12/01/02         25
    1694654                              N            11/01/32
    0


    8428717          P33/G02             F           75,600.00         ZZ
                                         360         75,545.29          3
                                       7.625            535.09         90
                                       7.375            535.09
    BAY CITY         MI   48706          1            02/04/03         12
    0435504881                           05           04/01/03         25
    8550988                              N            03/01/33
    0


    8433949          168/168             F           32,000.00         ZZ
                                         360         31,952.35          1
                                       7.500            223.75         80
                                       7.250            223.75
    LAUDERHILL       FL   33313          1            01/16/03         00
    009906139                            01           03/01/03          0
    009906139                            N            02/01/33
    0


    8437087          E22/G02             F           71,250.00         ZZ
                                         360         71,199.72          2
                                       7.750            510.44         75
                                       7.500            510.44
    WARREN           MI   48089          5            02/12/03         00
    0415992940                           05           04/01/03          0
    0415992940                           N            03/01/33
    0


    8438487          G34/G02             F           53,000.00         ZZ
                                         360         52,959.70          1
                                       7.375            366.03         68
                                       7.125            366.03
    GRAND PRAIRIE    TX   75052          2            02/07/03         00
    0435464185                           05           04/01/03          0
    85212990                             N            03/01/33
    0
1




    8438519          X67/G02             F          544,000.00         ZZ
                                         360        543,190.02          1
                                       7.500          3,803.73         80
                                       7.250          3,803.73
    LONG BEACH       CA   90807          5            01/29/03         00
    0435363890                           05           03/01/03          0
    00282548                             O            02/01/33
    0


    8438713          G34/G02             F           44,850.00         ZZ
                                         360         44,815.87          1
                                       7.375            309.77         68
                                       7.125            309.77
    GRAND PRAIRIE    TX   75051          2            02/07/03         00
    0435611090                           05           04/01/03          0
    85212989                             N            03/01/33
    0


    8440447          E22/G02             F          112,800.00         ZZ
                                         360        112,692.97          2
                                       6.250            694.53         80
                                       6.000            694.53
    NORFOLK          VA   23508          2            02/13/03         00
    0415926203                           05           04/01/03          0
    0415926203                           N            03/01/33
    0


    8445737          X31/G02             F          272,463.00         T
                                         360        271,919.18          1
                                       6.000          1,633.55         80
                                       5.750          1,633.55
    LA QUINTA        CA   92253          2            01/23/03         00
    0435453956                           01           03/01/03          0
    41000343                             O            02/01/33
    0


    8450093          E22/G02             F          138,800.00         ZZ
                                         360        138,674.52          1
                                       6.500            877.31         97
                                       6.250            877.31
    COLORADO SPRING  CO   80907          2            02/11/03         04
    0416078442                           05           04/01/03         35
    0416078442                           O            03/01/33
    0


    8450361          W93/G02             F          200,000.00         ZZ
                                         360        199,610.23          1
1


                                       6.125          1,215.22         52
                                       5.875          1,215.22
    SAN DIEGO        CA   92117          5            01/24/03         00
    0435420690                           05           03/01/03          0
    86445911                             O            02/01/33
    0


    8453115          E22/G02             F          131,000.00         ZZ
                                         360        130,884.42          1
                                       6.625            838.81         94
                                       6.375            838.81
    MOBILE           AL   36693          2            02/13/03         01
    0416113256                           05           04/01/03         30
    0416113256                           O            03/01/33
    0


    8454211          926/926             F           42,750.00         ZZ
                                         360         42,710.41          1
                                       6.375            266.70         75
                                       6.125            266.70
    HILTON HEAD ISL  SC   29928          1            02/07/03         00
    163030418                            01           04/01/03          0
    163030418                            N            03/01/33
    0


    8458845          E22/G02             F          151,000.00         ZZ
                                         360        150,860.15          1
                                       6.375            942.04         79
                                       6.125            942.04
    SCIO             OR   97374          2            02/11/03         00
    0416155729                           27           04/01/03          0
    0416155729                           O            03/01/33
    0


    8459253          286/286             F          220,500.00         ZZ
                                         360        219,563.08          4
                                       6.875          1,448.53         90
                                       6.625          1,448.53
    SCOTTSDALE       AZ   85251          1            10/31/02         12
    1686600                              05           12/01/02         25
    1686600                              N            11/01/32
    0


    8464617          E22/G02             F          165,000.00         ZZ
                                         360        164,831.77          1
                                       5.875            976.04         60
                                       5.625            976.04
    JUPITER          FL   33458          1            02/21/03         00
    0415912666                           03           04/01/03          0
1


    0415912666                           O            03/01/33
    0


    8464703          T44/G02             F           90,000.00         T
                                         360         89,836.84          1
                                       6.500            568.86         67
                                       6.250            568.86
    OROVILLE         CA   95966          1            01/03/03         00
    0435450812                           05           03/01/03          0
    1048313                              O            02/01/33
    0


    8465421          U05/G02             F          410,000.00         ZZ
                                         360        409,571.93          1
                                       5.750          2,392.65         34
                                       5.500          2,392.65
    BAINBRIDGE ISLA  WA   98110          5            02/12/03         00
    0435512686                           05           04/01/03          0
    3308943                              O            03/01/33
    0


    8465569          964/G02             F          146,000.00         ZZ
                                         360        145,687.10          1
                                       5.625            840.46         53
                                       5.375            840.46
    ARVADA           CO   80005          5            01/31/03         00
    0435440094                           03           03/01/03          0
    331853                               O            02/01/33
    0


    8467329          E22/G02             F          158,000.00         ZZ
                                         360        157,850.09          1
                                       6.250            972.83         67
                                       6.000            972.83
    MAPLE GROVE      MN   55369          5            02/19/03         00
    0416045078                           05           04/01/03          0
    0416045078                           O            03/01/33
    0


    8467335          E22/G02             F          300,000.00         ZZ
                                         360        299,708.42          1
                                       6.125          1,822.83         66
                                       5.875          1,822.83
    ENGLEWOOD        CO   80111          5            02/18/03         00
    0416046787                           05           04/01/03          0
    0416046787                           O            03/01/33
    0


1


    8475285          E22/G02             F          220,300.00         ZZ
                                         360        220,090.98          1
                                       6.250          1,356.42         79
                                       6.000          1,356.42
    SANTA ANA        CA   92170          5            02/12/03         00
    0415973205                           05           04/01/03          0
    0415973205                           O            03/01/33
    0


    8477869          E22/G02             F          180,000.00         ZZ
                                         360        179,837.28          1
                                       6.500          1,137.72         79
                                       6.250          1,137.72
    NORWALK          CA   90650          5            02/19/03         00
    0415985886                           05           04/01/03          0
    0415985886                           O            03/01/33
    0


    8477889          E22/G02             F          246,000.00         ZZ
                                         360        245,749.19          1
                                       5.875          1,455.18         59
                                       5.625          1,455.18
    ORANGE           CA   92865          5            02/20/03         00
    0416045631                           05           04/01/03          0
    0416045631                           O            03/01/33
    0


    8477973          E82/G02             F          129,800.00         ZZ
                                         360        129,800.00          1
                                       6.500            820.42         64
                                       6.250            820.42
    RIO GRANDE       NJ   08242          2            02/25/03         00
    0400784948                           05           05/01/03          0
    3792774                              O            04/01/33
    0


    8478053          N47/G02             F          322,700.00         ZZ
                                         360        322,378.75          1
                                       6.000          1,934.75         76
                                       5.750          1,934.75
    RAMONA           CA   92065          5            02/21/03         00
    0435576806                           03           04/01/03          0
    30502759                             O            03/01/33
    0


    8478811          N34/G02             F          157,500.00         ZZ
                                         360        157,500.00          1
                                       6.875          1,034.66         90
                                       6.625          1,034.66
1


    FRANKFORT        IL   60423          2            02/25/03         10
    0435452727                           05           05/01/03         25
    0677274                              O            04/01/33
    0


    8481339          E47/G02             F          364,000.00         ZZ
                                         360        363,662.86          1
                                       6.375          2,270.89         80
                                       6.125          2,270.89
    HERCULES         CA   94547          5            02/17/03         00
    0435456876                           05           04/01/03          0
    7333013104                           O            03/01/33
    0


    8483475          E82/G02             F           68,100.00         ZZ
                                         360         68,100.00          1
                                       6.375            424.86         80
                                       6.125            424.86
    LOUISVILLE       KY   40210          2            02/27/03         00
    0400786471                           05           05/01/03          0
    0400786471                           O            04/01/33
    0


    8485993          Q59/G02             F          216,000.00         ZZ
                                         360        215,818.53          4
                                       6.875          1,418.97         90
                                       6.625          1,418.97
    LOS ANGELES      CA   90017          1            02/19/03         11
    0435534086                           05           04/01/03         25
    0000501188                           O            03/01/33
    0


    8486463          964/G02             F          370,400.00         ZZ
                                         360        370,048.55          1
                                       6.250          2,280.62         80
                                       6.000          2,280.62
    PARKLAND         FL   33076          1            02/24/03         00
    0435614326                           03           04/01/03          0
    351867                               O            03/01/33
    0


    8486753          950/G02             F          101,610.00         ZZ
                                         360        101,528.74          1
                                       7.125            684.57         90
                                       6.875            684.57
    KUNA             ID   83634          1            02/10/03         40
    0435541271                           05           04/01/03         25
    1                                    N            03/01/33
    0
1




    8487375          E22/G02             F          150,000.00         ZZ
                                         360        149,850.67          1
                                       6.000            899.33         64
                                       5.750            899.33
    SANTA ROSA       CA   95401          5            02/19/03         00
    0416162808                           09           04/01/03          0
    0416162808                           O            03/01/33
    0


    8487415          E22/G02             F          177,600.00         ZZ
                                         360        177,474.65          1
                                       7.750          1,272.35         90
                                       7.500          1,272.35
    WESTON           FL   33322          1            03/03/03         04
    0416202927                           09           04/01/03         25
    0416202927                           N            03/01/33
    0


    8487479          E22/G02             F          151,900.00         ZZ
                                         360        151,900.00          2
                                       6.375            947.66         80
                                       6.125            947.66
    CARSON CITY      NV   89706          1            02/26/03         00
    0415737808                           05           05/01/03          0
    0415737808                           N            04/01/33
    0


    8487499          E22/G02             F           91,000.00         ZZ
                                         360         91,000.00          1
                                       6.500            575.18         58
                                       6.250            575.18
    ANNANDALE        VA   22003          2            03/03/03         00
    0415925890                           01           05/01/03          0
    0415925890                           N            04/01/33
    0


    8487505          E22/G02             F           94,400.00         ZZ
                                         360         94,400.00          1
                                       6.750            612.28         80
                                       6.500            612.28
    ROXBURY TOWNSHI  NJ   07876          1            03/03/03         00
    0415933415                           05           05/01/03          0
    0415933415                           N            04/01/33
    0


    8487567          E22/G02             F          249,000.00         ZZ
                                         360        249,000.00          1
1


                                       6.125          1,512.95         80
                                       5.875          1,512.95
    ANNAPOLIS        MD   21403          2            02/25/03         00
    0416059350                           01           05/01/03          0
    0416059350                           O            04/01/33
    0


    8487697          E82/G02             F          151,500.00         ZZ
                                         360        151,500.00          1
                                       6.125            920.53         73
                                       5.875            920.53
    FRESNO           CA   93726          2            02/26/03         00
    0400773875                           05           05/01/03          0
    0400773875                           O            04/01/33
    0


    8487705          E82/G02             F           59,400.00         ZZ
                                         360         59,400.00          1
                                       6.000            356.13         61
                                       5.750            356.13
    HOPEWELL         VA   23860          2            02/28/03         00
    0400788238                           05           05/01/03          0
    0400788238                           O            04/01/33
    0


    8487729          E82/G02             F           74,450.00         ZZ
                                         360         74,450.00          1
                                       6.250            458.40         56
                                       6.000            458.40
    ANCHORAGE        AK   99517          2            02/28/03         00
    0400767778                           05           05/01/03          0
    0400767778                           O            04/01/33
    0


    8488891          B23/G02             F          483,200.00         ZZ
                                         360        483,200.00          1
                                       6.125          2,935.97         80
                                       5.875          2,935.97
    SIGNAL HILL      CA   90755          5            03/01/03         00
    0435472253                           05           05/01/03          0
    80000228                             O            04/01/33
    0


    8489431          883/G02             F          211,580.00         ZZ
                                         360        211,406.57          1
                                       7.000          1,407.65         80
                                       6.750          1,407.65
    TARPON SPRINGS   FL   34689          1            02/21/03         00
    0435575949                           03           04/01/03          0
1


    05013799                             O            03/01/33
    0


    8489583          X60/G02             F          144,800.00         ZZ
                                         360        144,662.61          1
                                       6.250            891.56         80
                                       6.000            891.56
    SEATTLE          WA   98115          1            02/26/03         00
    0435469556                           01           04/01/03          0
    1015939                              O            03/01/33
    0


    8490457          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.750          1,945.79         73
                                       6.500          1,945.79
    MONROE           NJ   08831          1            03/04/03         00
    0415712405                           05           05/01/03          0
    0415712405                           O            04/01/33
    0


    8490499          E22/G02             F          102,400.00         ZZ
                                         360        102,400.00          2
                                       6.250            630.49         80
                                       6.000            630.49
    WESTFIELD        MA   01085          5            02/27/03         00
    0415994821                           05           05/01/03          0
    0415994821                           O            04/01/33
    0


    8490513          E22/G02             F           43,500.00         ZZ
                                         360         43,500.00          1
                                       7.000            289.41         75
                                       6.750            289.41
    SAINT LOUIS      MO   63118          5            03/04/03         00
    0416028280                           05           05/01/03          0
    0416028280                           N            04/01/33
    0


    8490571          E22/G02             F          630,000.00         ZZ
                                         360        629,470.73          1
                                       6.875          4,138.65         75
                                       6.625          4,138.65
    BOSTON           MA   02116          5            02/27/03         00
    0416140036                           08           04/01/03          0
    0416140036                           O            03/01/33
    0


1


    8490771          E82/G02             F           71,000.00         ZZ
                                         360         71,000.00          2
                                       6.250            437.16         64
                                       6.000            437.16
    MILWAUKEE        WI   53216          2            02/28/03         00
    0400783726                           05           05/01/03          0
    0400783726                           O            04/01/33
    0


    8490937          X71/G02             F          179,000.00         ZZ
                                         360        178,838.18          4
                                       6.500          1,131.40         34
                                       6.250          1,131.40
    HAYWARD          CA   94544          2            02/20/03         00
    0435534284                           05           04/01/03          0
    7665351                              N            03/01/33
    0


    8491625          286/286             F          188,000.00         ZZ
                                         360        187,705.78          2
                                       7.250          1,282.50         80
                                       7.000          1,282.50
    ATTLEBORO        MA   02703          5            01/06/03         00
    1779341                              05           03/01/03          0
    1779341                              N            02/01/33
    0


    8491627          286/286             F          120,000.00         ZZ
                                         360        119,731.14          3
                                       7.500            839.06         80
                                       7.250            839.06
    NEW HAVEN        CT   06513          2            12/13/02         00
    1721996                              05           02/01/03          0
    1721996                              N            01/01/33
    0


    8491679          286/286             F          137,500.00         ZZ
                                         360        137,183.78          3
                                       7.500            961.43         95
                                       7.250            961.43
    CHICOPEE         MA   01013          5            12/16/02         12
    1738629                              05           02/01/03         30
    1738629                              O            01/01/33
    0


    8491969          Y23/G02             F          106,400.00         ZZ
                                         360        106,400.00          1
                                       6.375            663.80         80
                                       6.125            663.80
1


    ALLEN            TX   75002          5            02/27/03         00
    0435504337                           05           05/01/03          0
    1000067508                           O            04/01/33
    0


    8492025          286/286             F           90,000.00         ZZ
                                         360         89,824.61          3
                                       6.125            546.85         90
                                       5.875            546.85
    E HARTFORD       CT   06108          1            01/10/03         11
    1931654                              05           03/01/03         25
    1931654                              N            02/01/33
    0


    8492029          286/286             F           85,500.00         ZZ
                                         360         85,333.37          3
                                       6.125            519.51         90
                                       5.875            519.51
    E HARTFORD       CT   06108          1            01/10/03         11
    1931794                              05           03/01/03         25
    1931794                              N            02/01/33
    0


    8492109          286/286             F           43,000.00         ZZ
                                         360         42,838.39          1
                                       7.500            300.67         90
                                       7.250            300.67
    ROCKFORD         IL   61101          1            10/15/02         19
    1675460                              05           12/01/02         25
    1675460                              N            11/01/32
    0


    8492113          286/286             F           28,800.00         ZZ
                                         360         28,735.46          1
                                       7.500            201.38         90
                                       7.250            201.38
    ROCKFORD         IL   61103          1            12/13/02         11
    1843195                              05           02/01/03         25
    1843195                              N            01/01/33
    0


    8492611          N74/G02             F           85,000.00         ZZ
                                         360         84,930.32          1
                                       7.000            565.51         85
                                       6.750            565.51
    EDEN             NC   27288          5            02/25/03         10
    0435479282                           05           04/03/03         12
    0031827010                           O            03/03/33
    0
1




    8492665          P09/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       6.125          1,263.83         89
                                       5.875          1,263.83
    WOODBRIDGE       VA   22192          5            03/05/03         10
    0435483433                           05           05/01/03         30
    KOHLBECKER                           O            04/01/33
    0


    8492679          N47/G02             F          391,000.00         ZZ
                                         360        390,619.97          1
                                       6.125          2,375.76         79
                                       5.875          2,375.76
    MILPITAS         CA   95035          5            02/14/03         00
    0435498985                           05           04/01/03          0
    20502302                             O            03/01/33
    0


    8492997          N74/G02             F          112,000.00         TX
                                         360        111,893.73          1
                                       6.250            689.60         80
                                       6.000            689.60
    AUSTIN           TX   78745          5            02/27/03         00
    0435537584                           05           04/04/03          0
    0031846010                           O            03/04/33
    0


    8494939          E82/G02             F          143,000.00         ZZ
                                         360        143,000.00          1
                                       6.250            880.48         65
                                       6.000            880.48
    INTERNATIONAL F  MN   56649          2            03/03/03         00
    0400786141                           05           05/01/03          0
    0400786141                           O            04/01/33
    0


    8494951          E82/G02             F          477,000.00         ZZ
                                         360        477,000.00          1
                                       6.750          3,093.81         80
                                       6.500          3,093.81
    ALISO VIEJO      CA   92656          5            02/28/03         00
    0400780284                           03           05/01/03          0
    0400780284                           O            04/01/33
    0


    8495479          E22/G02             F          207,000.00         ZZ
                                         360        206,817.37          2
1


                                       6.625          1,325.44         90
                                       6.375          1,325.44
    AUSTIN           TX   78745          2            02/28/03         01
    0416041176                           05           04/01/03         25
    0416041176                           O            03/01/33
    0


    8495607          E22/G02             F           65,000.00         ZZ
                                         360         64,944.04          1
                                       6.750            421.59         78
                                       6.500            421.59
    WRAY             CO   80758          2            03/05/03         00
    0415681360                           05           04/01/03          0
    0415681360                           N            03/01/33
    0


    8495863          E22/G02             F           40,000.00         ZZ
                                         360         40,000.00          1
                                       7.375            276.27         69
                                       7.125            276.27
    FORT WAYNE       IN   46825          5            03/05/03         00
    0416307692                           05           05/01/03          0
    0416307692                           N            04/01/33
    0


    8496245          E76/G02             F          328,700.00         ZZ
                                         360        328,380.52          1
                                       6.125          1,997.22         95
                                       5.875          1,997.22
    CAPE CORAL       FL   33914          1            02/27/03         04
    0435546189                           05           04/01/03         30
    10022015                             O            03/01/33
    0


    8496297          K15/G02             F          253,000.00         ZZ
                                         360        252,735.85          1
                                       5.750          1,476.44         70
                                       5.500          1,476.44
    PHOENIX          AZ   85021          5            02/21/03         00
    0435472030                           05           04/01/03          0
    021705507252                         O            03/01/33
    0


    8497827          E57/G02             F          337,100.00         ZZ
                                         360        336,795.26          1
                                       6.500          2,130.70         90
                                       6.250          2,130.70
    ORANGE AREA      CA   92869          1            02/21/03         04
    0435542998                           05           04/01/03         25
1


    06013222                             O            03/01/33
    0


    8499175          X19/G02             F          490,000.00         ZZ
                                         360        490,000.00          3
                                       6.500          3,097.13         70
                                       6.250          3,097.13
    BRONX            NY   10465          1            03/06/03         00
    0435483862                           05           05/01/03          0
    23011602                             O            04/01/33
    0


    8500299          W93/G02             F          136,000.00         ZZ
                                         360        135,885.74          1
                                       6.875            893.43         80
                                       6.625            893.43
    PRESCOTT VALLEY  AZ   86314          1            02/05/03         00
    0435538533                           03           04/01/03          0
    35437440                             O            03/01/33
    0


    8500501          940/G02             F          360,000.00         ZZ
                                         360        359,682.38          1
                                       6.625          2,305.12         80
                                       6.375          2,305.12
    PLACENTIA        CA   92870          2            02/21/03         00
    0435536222                           05           04/01/03          0
    23030015                             O            03/01/33
    0


    8501193          N34/G02             F          220,500.00         ZZ
                                         360        220,500.00          1
                                       6.500          1,393.71         74
                                       6.250          1,393.71
    WOOD DALE        IL   60191          5            03/03/03         00
    0435539879                           05           05/01/03          0
    98702801                             O            04/01/33
    0


    8501891          E82/G02             F           70,500.00         ZZ
                                         360         70,500.00          1
                                       6.000            422.68         52
                                       5.750            422.68
    GARDNERVILLE     NV   89410          2            03/05/03         00
    0400784542                           03           05/01/03          0
    0400784542                           O            04/01/33
    0


1


    8501919          E82/G02             F          300,700.00         ZZ
                                         360        300,700.00          1
                                       6.375          1,875.98         61
                                       6.125          1,875.98
    CRIPPLE CREEK    CO   80813          2            03/04/03         00
    0400774477                           05           05/01/03          0
    0400774477                           O            04/01/33
    0


    8502067          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.125            972.18         80
                                       5.875            972.18
    FORESTHILL       CA   95631          5            02/27/03         00
    0416273217                           05           05/01/03          0
    0416273217                           N            04/01/33
    0


    8502069          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       6.125            680.52         80
                                       5.875            680.52
    FORESTHILL       CA   95631          5            02/27/03         00
    0416274033                           05           05/01/03          0
    0416274033                           N            04/01/33
    0


    8502071          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       6.125            583.31         80
                                       5.875            583.31
    FORESTHILL       CA   95631          5            02/27/03         00
    0416274157                           05           05/01/03          0
    0416274157                           N            04/01/33
    0


    8502125          E22/G02             F          108,000.00         ZZ
                                         360        107,902.37          1
                                       6.500            682.63         80
                                       6.250            682.63
    HOUSTON          TX   77070          5            02/18/03         00
    0415837475                           03           04/01/03          0
    0415837475                           O            03/01/33
    0


    8502135          E22/G02             F          392,000.00         ZZ
                                         360        391,619.00          1
                                       6.125          2,381.83         54
                                       5.875          2,381.83
1


    NEWTON           MA   02468          2            02/28/03         00
    0415874551                           05           04/01/03          0
    0415874551                           O            03/01/33
    0


    8502549          U05/G02             F          544,000.00         ZZ
                                         360        544,000.00          1
                                       6.125          3,305.40         80
                                       5.875          3,305.40
    WOODLAND HILLS   CA   91367          1            03/03/03         00
    0435484563                           05           05/01/03          0
    3309479                              O            04/01/33
    0


    8502725          U85/G02             F          112,000.00         T
                                         360        111,901.18          1
                                       6.625            717.15         80
                                       6.375            717.15
    BETTENDORF       IA   52722          1            02/21/03         00
    0435559778                           05           04/01/03          0
    100131                               O            03/01/33
    0


    8502771          A50/G02             F           60,800.00         ZZ
                                         360         60,745.03          1
                                       6.500            384.30         77
                                       6.250            384.30
    COLUMBUS         GA   31904          2            02/25/03         00
    0435522297                           05           04/01/03          0
    996872                               N            03/01/33
    0


    8502793          W02/G02             F          120,000.00         ZZ
                                         360        119,874.71          1
                                       5.750            700.29         69
                                       5.500            700.29
    HOOD             VA   22723          5            02/24/03         00
    0435534235                           05           04/01/03          0
    1001993814                           O            03/01/33
    0


    8503059          T08/G02             F          327,920.00         ZZ
                                         360        326,150.67          1
                                       5.625          1,887.69         80
                                       5.375          1,887.69
    SMYRNA           GA   30080          1            11/04/02         00
    0435465406                           03           12/01/02          0
    15030266                             O            11/01/32
    0
1




    8503085          967/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.250            985.15         80
                                       6.000            985.15
    TACOMA           WA   98422          5            02/25/03         00
    0435477187                           05           05/01/03          0
    6513261                              O            04/01/33
    0


    8503293          U35/G02             F           53,400.00         ZZ
                                         360         53,400.00          1
                                       7.500            373.38         87
                                       7.250            373.38
    INDIANAPOLIS     IN   46208          1            03/06/03         02
    0435494844                           05           05/01/03         25
    7778398                              N            04/01/33
    0


    8503595          956/956             F          460,000.00         ZZ
                                         360        459,124.79          1
                                       6.250          2,832.30         66
                                       6.000          2,832.30
    ARCADIA          CA   91007          5            01/01/03         00
    512120083                            05           03/01/03          0
    512120083                            O            02/01/33
    0


    8503599          956/956             F          604,000.00         ZZ
                                         360        602,312.81          1
                                       6.375          3,768.17         75
                                       6.125          3,768.17
    EL DORADO HILLS  CA   95762          2            12/02/02         00
    1112111005                           05           02/01/03          0
    1112111005                           O            01/01/33
    0


    8503603          956/956             F          476,000.00         ZZ
                                         360        475,072.39          1
                                       6.125          2,892.23         70
                                       5.875          2,892.23
    GOLDEN           CO   80401          5            01/02/03         00
    2412110024                           05           03/01/03          0
    2412110024                           O            02/01/33
    0


    8503605          956/956             F          600,000.00         ZZ
                                         360        598,241.57          1
1


                                       6.125          3,645.66         70
                                       5.875          3,645.66
    HINGHAM          MA   02043          5            12/27/02         00
    2812110169                           05           02/01/03          0
    2812110169                           O            01/01/33
    0


    8503613          956/956             F          337,500.00         ZZ
                                         360        336,095.07          1
                                       6.500          2,133.23         75
                                       6.250          2,133.23
    FOLSOM           CA   95630          5            12/13/02         00
    4512100368                           05           02/01/03          0
    4512100368                           O            01/01/33
    0


    8504393          956/956             F          360,000.00         ZZ
                                         360        359,533.70          1
                                       6.000          2,158.38         80
                                       5.750          2,158.38
    SAN FRANCISCO    CA   94112          1            02/03/03         00
    113010062                            05           04/01/03          0
    113010062                            O            03/01/33
    0


    8504401          956/956             F          388,000.00         ZZ
                                         360        387,279.35          1
                                       6.375          2,420.62         77
                                       6.125          2,420.62
    SAN FRANCISCO    CA   94134          2            01/24/03         00
    212110012                            05           03/01/03          0
    212110012                            O            02/01/33
    0


    8504411          956/956             F          412,000.00         ZZ
                                         360        411,197.07          1
                                       6.125          2,503.36         80
                                       5.875          2,503.36
    WALNUT CREEK     CA   94596          2            01/24/03         00
    212120132                            05           03/01/03          0
    212120132                            O            02/01/33
    0


    8504419          956/956             F          327,000.00         ZZ
                                         360        326,682.17          1
                                       6.125          1,986.89         75
                                       5.875          1,986.89
    LIVERMORE        CA   94550          2            02/14/03         00
    213010158                            05           04/01/03          0
1


    213010158                            O            03/01/33
    0


    8504427          956/956             F          359,200.00         ZZ
                                         360        358,499.97          1
                                       6.125          2,182.54         80
                                       5.875          2,182.54
    PASADENA         CA   91104          1            01/23/03         00
    613010115                            05           03/01/03          0
    613010115                            O            02/01/33
    0


    8504429          956/956             F          360,000.00         ZZ
                                         360        358,376.17          1
                                       5.875          2,129.54         78
                                       5.625          2,129.54
    RANCHO SANTA MA  CA   92688          2            01/29/03         00
    613010125                            03           03/01/03          0
    613010125                            O            02/01/33
    0


    8504435          956/956             F          464,000.00         ZZ
                                         360        463,073.87          1
                                       6.000          2,781.91         80
                                       5.750          2,781.91
    ROCKLIN          CA   95677          2            01/30/03         00
    712120040                            03           03/01/03          0
    712120040                            O            02/01/33
    0


    8504447          956/956             F          475,200.00         ZZ
                                         360        474,715.51          1
                                       5.875          2,810.99         80
                                       5.625          2,810.99
    SAN JOSE         CA   95130          2            02/05/03         00
    713010174                            05           04/01/03          0
    713010174                            O            03/01/33
    0


    8504543          N74/G02             F          114,000.00         ZZ
                                         240        113,749.59          1
                                       5.875            808.53         72
                                       5.625            808.53
    MONTICELLO       AR   71655          2            02/28/03         00
    0435557392                           05           04/05/03          0
    0031870010                           O            03/05/23
    0


1


    8504557          956/956             F          325,000.00         ZZ
                                         360        324,341.36          1
                                       6.000          1,948.54         77
                                       5.750          1,948.54
    FOOTHILL RANCH   CA   92610          2            01/27/03         00
    1912120082                           03           03/01/03          0
    1912120082                           O            02/01/33
    0


    8504569          956/956             F          628,000.00         ZZ
                                         360        627,389.63          1
                                       6.125          3,815.79         80
                                       5.875          3,815.79
    LAKE BLUFF       IL   60044          1            02/07/03         00
    4313010175                           03           04/01/03          0
    4313010175                           O            03/01/33
    0


    8504577          956/956             F          390,000.00         ZZ
                                         360        389,183.69          1
                                       5.750          2,275.93         67
                                       5.500          2,275.93
    CANTON           GA   30115          2            01/30/03         00
    4613010015                           05           03/01/03          0
    4613010015                           O            02/01/33
    0


    8504625          N47/G02             F          275,900.00         ZZ
                                         360        275,631.84          1
                                       6.125          1,676.40         90
                                       5.875          1,676.40
    LODI             CA   95240          1            02/26/03         11
    0435556527                           05           04/01/03         25
    90501077                             N            03/01/33
    0


    8507015          E22/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.125          1,960.76         77
                                       5.875          1,960.76
    DALLAS           TX   75214          5            03/03/03         00
    0415950666                           05           05/01/03          0
    0415950666                           O            04/01/33
    0


    8507045          E22/G02             F          165,000.00         ZZ
                                         360        164,835.74          1
                                       6.000            989.26         74
                                       5.750            989.26
1


    GRAND PRAIRIE    TX   75052          5            03/03/03         00
    0415915396                           05           04/01/03          0
    0415915396                           O            03/01/33
    0


    8507057          E22/G02             F          145,000.00         ZZ
                                         360        145,000.00          1
                                       6.500            916.50         88
                                       6.250            916.50
    CONYERS          GA   30094          1            03/07/03         01
    0415975853                           05           05/01/03         25
    0415975853                           N            04/01/33
    0


    8507069          E22/G02             F          269,000.00         ZZ
                                         360        269,000.00          1
                                       6.125          1,634.47         68
                                       5.875          1,634.47
    SAMMAMISH        WA   98075          2            02/27/03         00
    0416002301                           05           05/01/03          0
    0416002301                           N            04/01/33
    0


    8507157          E22/G02             F           64,500.00         ZZ
                                         360         64,500.00          2
                                       7.625            456.53         75
                                       7.375            456.53
    DETROIT          MI   48227          5            03/07/03         00
    0416094043                           05           05/01/03          0
    0416094043                           N            04/01/33
    0


    8507181          E22/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
                                       6.375            399.28         80
                                       6.125            399.28
    LEXINGTON        AL   35648          2            03/03/03         00
    0416121820                           05           05/01/03          0
    0416121820                           O            04/01/33
    0


    8507187          E22/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
                                       6.250            800.43         80
                                       6.000            800.43
    EL PASO          TX   79932          1            03/07/03         00
    0416130656                           03           05/01/03          0
    0416130656                           O            04/01/33
    0
1




    8507191          E22/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
                                       7.500            524.41         50
                                       7.250            524.41
    WEST SACRAMENTO  CA   95691          1            02/28/03         00
    0416136190                           05           05/01/03          0
    0416136190                           N            04/01/33
    0


    8507203          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       6.625            384.19         80
                                       6.375            384.19
    SAGINAW          MI   48602          1            03/07/03         00
    0416146546                           05           05/01/03          0
    0416146546                           N            04/01/33
    0


    8507221          E22/G02             F          392,000.00         ZZ
                                         360        392,000.00          1
                                       6.375          2,445.57         80
                                       6.125          2,445.57
    ARVADA           CO   80403          5            03/03/03         00
    0416169555                           03           05/01/03          0
    0416169555                           O            04/01/33
    0


    8507239          E22/G02             F          232,750.00         ZZ
                                         360        232,750.00          1
                                       6.500          1,471.14         95
                                       6.250          1,471.14
    WELLINGTON       NV   89444          1            03/04/03         04
    0416192888                           05           05/01/03         30
    0416192888                           O            04/01/33
    0


    8507257          E22/G02             F           78,750.00         ZZ
                                         360         78,750.00          2
                                       7.250            537.21         75
                                       7.000            537.21
    CINCINNATI       OH   45216          5            03/07/03         00
    0416210201                           05           05/01/03          0
    0416210201                           N            04/01/33
    0


    8507259          E22/G02             F           97,650.00         ZZ
                                         360         97,650.00          1
1


                                       6.500            617.21         90
                                       6.250            617.21
    FORT WAYNE       IN   46804          1            03/07/03         01
    0416210581                           05           05/01/03         25
    0416210581                           N            04/01/33
    0


    8507263          E22/G02             F          112,800.00         ZZ
                                         360        112,690.37          1
                                       6.125            685.38         80
                                       5.875            685.38
    PORTLAND         OR   97223          2            02/28/03         00
    0416213189                           01           04/01/03          0
    0416213189                           O            03/01/33
    0


    8507367          E22/G02             F          219,200.00         ZZ
                                         360        219,200.00          4
                                       6.000          1,314.21         80
                                       5.750          1,314.21
    BERWYN           IL   60402          2            03/07/03         00
    0416318442                           05           05/01/03          0
    0416318442                           N            04/01/33
    0


    8507409          E22/G02             F          222,750.00         ZZ
                                         360        222,750.00          4
                                       6.750          1,444.75         90
                                       6.500          1,444.75
    TACOMA           WA   98404          1            03/04/03         04
    0416355824                           05           05/01/03         25
    0416355824                           N            04/01/33
    0


    8507429          E22/G02             F          222,750.00         ZZ
                                         360        222,750.00          4
                                       6.750          1,444.75         90
                                       6.500          1,444.75
    TACOMA           WA   98404          1            03/04/03         04
    0416358950                           05           05/01/03         25
    0416358950                           N            04/01/33
    0


    8508141          601/G02             F           80,000.00         ZZ
                                         360         79,792.19          1
                                       6.750            518.88         80
                                       6.500            518.88
    KANSAS CITY      MO   64131          1            12/10/02         00
    0435473178                           05           02/01/03          0
1


    6221479                              N            01/01/33
    0


    8508361          601/G02             F          315,000.00         ZZ
                                         360        314,428.92          4
                                       6.500          1,991.02         70
                                       6.250          1,991.02
    FRAMINGHAM       MA   01702          5            02/03/03         00
    0435474762                           05           03/01/03          0
    6225609                              O            02/01/33
    0


    8508375          601/G02             F           59,500.00         ZZ
                                         360         59,409.16          1
                                       7.375            410.96         85
                                       7.125            410.96
    OMAHA            NE   68104          5            01/08/03         11
    0435474937                           05           03/01/03         12
    62096185                             O            02/01/33
    0


    8508587          F89/G02             F          150,650.00         ZZ
                                         360        150,496.41          1
                                       5.875            891.15         79
                                       5.625            891.15
    LOS ANGELES      CA   90044          2            02/21/03         00
    0435502224                           05           04/01/03          0
    13728329                             O            03/01/33
    0


    8508675          N74/G02             F          189,000.00         ZZ
                                         360        188,829.14          1
                                       6.500          1,194.61         76
                                       6.250          1,194.61
    ARLINGTON        VA   22204          5            02/28/03         00
    0435557715                           05           04/05/03          0
    0031863010                           O            03/05/33
    0


    8508827          642/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       6.125          1,002.56         95
                                       5.875          1,002.56
    SOUTH ELGIN      IL   60177          2            03/03/03         11
    0435488515                           07           05/01/03         30
    12138702                             O            04/01/33
    0


1


    8509103          N47/G02             F          525,000.00         ZZ
                                         360        524,501.85          1
                                       6.250          3,232.52         74
                                       6.000          3,232.52
    BRENTWOOD        CA   94513          5            02/27/03         00
    0435499207                           05           04/01/03          0
    20502987                             O            03/01/33
    0


    8509311          E47/G02             F          126,000.00         ZZ
                                         360        125,886.09          2
                                       6.500            796.41         90
                                       6.250            796.41
    CHICAGO          IL   60628          1            03/04/03         26
    0435533526                           05           04/01/03         25
    7360515116                           N            03/01/33
    0


    8509397          N34/G02             F          126,700.00         ZZ
                                         360        126,700.00          1
                                       5.875            749.48         82
                                       5.625            749.48
    BOLINGBROOK      IL   60440          2            03/04/03         10
    0435562988                           05           05/01/03         12
    0676363                              O            04/01/33
    0


    8509787          L33/G02             F          119,790.00         ZZ
                                         360        119,790.00          1
                                       6.000            718.20         90
                                       5.750            718.20
    SEMINOLE         OK   74868          5            03/04/03         04
    0435491147                           05           05/01/03         25
    0040200025                           O            04/01/33
    0


    8510121          601/G02             F           58,500.00         ZZ
                                         360         58,415.05          1
                                       7.625            414.06         90
                                       7.375            414.06
    PHILADELPHIA     PA   19124          1            01/07/03         11
    0435480181                           07           03/01/03         25
    62284724                             N            02/01/33
    0


    8510277          W35/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       5.875            739.43         79
                                       5.625            739.43
1


    PETERSBURG       VA   23805          5            03/01/03         00
    0435494083                           05           05/01/03          0
    18121                                O            04/01/33
    0


    8510281          601/G02             F          387,000.00         ZZ
                                         360        386,331.72          1
                                       6.750          2,510.08         80
                                       6.500          2,510.08
    CARY             IL   60013          1            01/17/03         00
    0435471727                           05           03/01/03          0
    62294186                             O            02/01/33
    0


    8510389          601/G02             F           39,700.00         ZZ
                                         360         39,636.31          1
                                       7.125            267.47         73
                                       6.875            267.47
    LYNCHBURG        VA   24501          2            01/14/03         00
    0435471859                           05           03/01/03          0
    3247                                 N            02/01/33
    0


    8510575          F89/G02             F          152,000.00         ZZ
                                         360        151,859.22          1
                                       6.375            948.28         80
                                       6.125            948.28
    PASADENA         CA   91101          2            02/21/03         00
    0435502513                           01           04/01/03          0
    26873                                O            03/01/33
    0


    8511375          K21/G02             F          415,000.00         ZZ
                                         360        415,000.00          1
                                       5.875          2,454.88         35
                                       5.625          2,454.88
    PACIFIC PALISAD  CA   90272          2            03/01/03         00
    0435563242                           05           05/01/03          0
    0223801                              O            04/01/33
    0


    8511453          X64/G02             F          340,000.00         T
                                         360        339,707.27          1
                                       6.750          2,205.23         58
                                       6.500          2,205.23
    AHMEEK           MI   49901          5            02/21/03         00
    0435609441                           05           04/01/03          0
    0000002355                           O            03/01/33
    0
1




    8511709          E82/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.125            607.61         80
                                       5.875            607.61
    BLOOMINGTON      IN   47401          2            03/07/03         00
    0400788022                           05           05/01/03          0
    0400788022                           O            04/01/33
    0


    8511731          E82/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       6.125            923.57         71
                                       5.875            923.57
    CENTREVILLE      VA   20120          2            03/07/03         00
    0400793675                           09           05/01/03          0
    0400793675                           O            04/01/33
    0


    8511747          E82/G02             F           64,700.00         ZZ
                                         360         64,700.00          1
                                       6.375            403.64         69
                                       6.125            403.64
    FORT WORTH       TX   76137          2            03/11/03         00
    0400786372                           05           05/01/03          0
    0400786372                           N            04/01/33
    0


    8511755          E82/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       6.250            837.38         84
                                       6.000            837.38
    PENSACOLA        FL   32533          2            03/07/03         10
    0400793840                           05           05/01/03         12
    0400793840                           O            04/01/33
    0


    8511779          E82/G02             F          275,400.00         ZZ
                                         360        275,400.00          1
                                       6.125          1,673.36         67
                                       5.875          1,673.36
    SACRAMENTO       CA   95814          2            03/05/03         00
    0400781225                           05           05/01/03          0
    0400781225                           O            04/01/33
    0


    8511781          B39/G02             F          198,400.00         T
                                         360        198,400.00          1
1


                                       5.990          1,188.23         80
                                       5.740          1,188.23
    BRAINERD         MN   56401          1            03/10/03         00
    0435515077                           05           05/01/03          0
    20030926F                            O            04/01/33
    0


    8511885          E82/G02             F          135,600.00         ZZ
                                         360        135,600.00          1
                                       6.125            823.92         48
                                       5.875            823.92
    HELOTES          TX   78023          2            03/06/03         00
    0400789962                           05           05/01/03          0
    0400789962                           O            04/01/33
    0


    8511887          E82/G02             F          174,000.00         ZZ
                                         360        174,000.00          1
                                       6.750          1,128.56         95
                                       6.500          1,128.56
    ALGONA           WA   98001          2            03/06/03         10
    0400788279                           05           05/01/03         25
    0400788279                           O            04/01/33
    0


    8511899          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       7.250            764.04         80
                                       7.000            764.04
    PORTLAND         OR   97206          5            03/04/03         00
    0415564640                           05           05/01/03          0
    0415564640                           N            04/01/33
    0


    8511935          E82/G02             F           59,700.00         ZZ
                                         360         59,700.00          1
                                       5.875            353.15         74
                                       5.625            353.15
    LAKE HAVASU CIT  AZ   86404          2            03/05/03         00
    0400788097                           05           05/01/03          0
    0400788097                           O            04/01/33
    0


    8511953          E82/G02             F           64,700.00         ZZ
                                         360         64,700.00          1
                                       6.500            408.95         87
                                       6.250            408.95
    FT. WORTH        TX   76110          2            03/06/03         04
    0400783262                           05           05/01/03         25
1


    0400783262                           N            04/01/33
    0


    8511955          E22/G02             F          303,000.00         ZZ
                                         360        303,000.00          1
                                       6.125          1,841.06         68
                                       5.875          1,841.06
    AULT             CO   80610          5            03/04/03         00
    0416070001                           05           05/01/03          0
    0416070001                           O            04/01/33
    0


    8511987          E22/G02             F          139,500.00         ZZ
                                         360        139,500.00          1
                                       6.250            858.93         95
                                       6.000            858.93
    BOISE            ID   83704          5            03/04/03         04
    0416076891                           05           05/01/03         25
    0416076891                           O            04/01/33
    0


    8511995          E22/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       6.125            759.51         79
                                       5.875            759.51
    LAUDERHILL       FL   33319          2            03/05/03         00
    0416194652                           01           05/01/03          0
    0416194652                           O            04/01/33
    0


    8512015          E22/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       6.250          1,015.93         75
                                       6.000          1,015.93
    SALISBURY        MD   21801          2            03/05/03         00
    0416201515                           05           05/01/03          0
    0416201515                           O            04/01/33
    0


    8512023          E22/G02             F          118,800.00         ZZ
                                         360        118,695.18          1
                                       6.625            760.69         90
                                       6.375            760.69
    ATLANTA          GA   30316          1            02/28/03         04
    0416202836                           05           04/01/03         25
    0416202836                           N            03/01/33
    0


1


    8512033          E22/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       5.875            922.80         80
                                       5.625            922.80
    SPRINGFIELD      OR   97478          2            03/05/03         00
    0416212041                           05           05/01/03          0
    0416212041                           O            04/01/33
    0


    8512051          E22/G02             F          430,000.00         ZZ
                                         360        429,582.06          1
                                       6.125          2,612.73         79
                                       5.875          2,612.73
    SAN FRANCISCO    CA   94131          5            02/28/03         00
    0416214476                           05           04/01/03          0
    0416214476                           O            03/01/33
    0


    8512057          E22/G02             F          113,500.00         ZZ
                                         360        113,500.00          1
                                       6.000            680.49         80
                                       5.750            680.49
    KAYSVILLE        UT   84037          5            03/03/03         00
    0416221166                           05           05/01/03          0
    0416221166                           O            04/01/33
    0


    8512063          E22/G02             F          196,500.00         ZZ
                                         360        196,500.00          1
                                       6.250          1,209.88         39
                                       6.000          1,209.88
    AUSTIN           TX   78726          5            03/04/03         00
    0416226454                           05           05/01/03          0
    0416226454                           O            04/01/33
    0


    8512073          E22/G02             F          178,500.00         ZZ
                                         360        178,500.00          1
                                       5.875          1,055.89         78
                                       5.625          1,055.89
    ESTELL MANOR     NJ   08319          2            03/05/03         00
    0416312288                           05           05/01/03          0
    0416312288                           O            04/01/33
    0


    8512083          E22/G02             F          102,000.00         ZZ
                                         360        102,000.00          1
                                       6.500            644.71         95
                                       6.250            644.71
1


    SUMTER           SC   29150          5            03/05/03         10
    0416335321                           05           05/01/03         30
    0416335321                           O            04/01/33
    0


    8512119          E22/G02             F           89,600.00         ZZ
                                         360         89,600.00          1
                                       6.250            551.68         87
                                       6.000            551.68
    ENID             OK   73703          2            03/04/03         01
    0415827120                           05           05/01/03         25
    0415827120                           O            04/01/33
    0


    8512121          E22/G02             F          168,000.00         ZZ
                                         240        168,000.00          1
                                       6.250          1,227.96         80
                                       6.000          1,227.96
    COTTAGE GROVE    MN   55066          5            03/05/03         00
    0415854009                           05           05/01/03          0
    0415854009                           O            04/01/23
    0


    8512131          E22/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       6.000          1,319.01         80
                                       5.750          1,319.01
    DALLAS           TX   75287          5            03/05/03         00
    0415895838                           03           05/01/03          0
    0415895838                           O            04/01/33
    0


    8512181          E22/G02             F          169,000.00         ZZ
                                         360        169,000.00          2
                                       7.125          1,138.58         77
                                       6.875          1,138.58
    DENVER           CO   80205          2            03/10/03         00
    0415946532                           05           05/01/03          0
    0415946532                           N            04/01/33
    0


    8512197          E22/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
                                       6.000            419.69         42
                                       5.750            419.69
    WILLS POINT      TX   75169          5            03/04/03         00
    0416097152                           05           05/01/03          0
    0416097152                           O            04/01/33
    0
1




    8512209          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       6.125            656.22         83
                                       5.875            656.22
    GRAND JUNCTION   CO   81504          5            03/04/03         01
    0416109924                           05           05/01/03         12
    0416109924                           O            04/01/33
    0


    8512215          E22/G02             F          165,000.00         ZZ
                                         360        165,000.00          4
                                       7.625          1,167.86         75
                                       7.375          1,167.86
    AUSTIN           TX   78724          1            03/07/03         00
    0416118651                           05           05/01/03          0
    0416118651                           N            04/01/33
    0


    8512217          E22/G02             F          249,000.00         ZZ
                                         360        249,000.00          1
                                       5.875          1,472.93         70
                                       5.625          1,472.93
    FALLBROOK        CA   92028          5            03/03/03         00
    0416121754                           05           05/01/03          0
    0416121754                           O            04/01/33
    0


    8512225          E22/G02             F          598,000.00         ZZ
                                         360        598,000.00          1
                                       6.000          3,585.31         62
                                       5.750          3,585.31
    SOLANA BEACH     CA   92075          2            02/27/03         00
    0416136638                           03           05/01/03          0
    0416136638                           O            04/01/33
    0


    8512275          E22/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       6.125          1,336.74         80
                                       5.875          1,336.74
    FARR WEST        UT   84404          5            03/04/03         00
    0416295780                           05           05/01/03          0
    0416295780                           O            04/01/33
    0


    8512293          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
1


                                       6.750            648.60         46
                                       6.500            648.60
    HOUSTON          TX   77070          5            03/05/03         00
    0415992841                           03           05/01/03          0
    0415992841                           O            04/01/33
    0


    8512295          E22/G02             F          295,000.00         ZZ
                                         360        295,000.00          1
                                       5.875          1,745.04         74
                                       5.625          1,745.04
    CHICO            CA   95973          5            02/27/03         00
    0415995562                           05           05/01/03          0
    0415995562                           O            04/01/33
    0


    8512321          E22/G02             F          118,000.00         ZZ
                                         360        118,000.00          1
                                       7.000            785.06         90
                                       6.750            785.06
    LEWISBERRY       PA   17339          2            03/05/03         10
    0416151983                           05           05/01/03         25
    0416151983                           O            04/01/33
    0


    8512333          E22/G02             F          230,000.00         ZZ
                                         360        230,000.00          1
                                       6.000          1,378.97         66
                                       5.750          1,378.97
    PORTSMOUTH       NH   03801          5            03/05/03         00
    0416169282                           05           05/01/03          0
    0416169282                           O            04/01/33
    0


    8512383          E22/G02             F          189,000.00         ZZ
                                         360        189,000.00          1
                                       5.875          1,118.01         77
                                       5.625          1,118.01
    LAREDO           TX   78045          5            03/05/03         00
    0416193399                           03           05/01/03          0
    0416193399                           O            04/01/33
    0


    8515211          X81/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       5.875            804.49         80
                                       5.625            804.49
    MINNEAPOLIS      MN   55406          5            03/05/03         00
    0435532437                           05           05/01/03          0
1


    953054                               O            04/01/33
    0


    8515321          944/G02             F          112,500.00         ZZ
                                         360        112,398.30          1
                                       6.500            711.08         90
                                       6.250            711.08
    TACOMA           WA   98408          1            02/24/03         04
    0435497847                           05           04/01/03         25
    W02035173                            N            03/01/33
    0


    8516227          P09/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       5.875            887.31         75
                                       5.625            887.31
    LEVITTOWN        PA   19057          5            03/03/03         00
    0435501283                           05           05/01/03          0
    FRANKENB                             O            04/01/33
    0


    8516453          883/G02             F          130,000.00         ZZ
                                         360        129,879.60          1
                                       6.375            811.03         77
                                       6.125            811.03
    ORLANDO          FL   32833          5            02/25/03         00
    0435543921                           05           04/01/03          0
    05020601                             O            03/01/33
    0


    8516491          737/G02             F           65,600.00         ZZ
                                         360         65,552.52          1
                                       7.625            464.31         80
                                       7.375            464.31
    MACON            GA   31204          1            02/28/03         00
    0435556147                           05           04/01/03          0
    2106835                              N            03/01/33
    0


    8516651          K15/G02             F           73,600.00         ZZ
                                         360         73,600.00          1
                                       6.250            453.17         80
                                       6.000            453.17
    ROME             OH   44085          5            03/04/03         00
    0435490594                           05           05/01/03          0
    028605506743                         O            04/01/33
    0


1


    8516875          X64/G02             F           90,000.00         ZZ
                                         360         89,906.03          1
                                       5.750            525.22         79
                                       5.500            525.22
    INKSTER          MI   48141          5            02/24/03         00
    0435493903                           05           04/01/03          0
    0000003414                           O            03/01/33
    0


    8516917          X62/G02             F          230,000.00         ZZ
                                         360        229,781.77          1
                                       6.250          1,416.15         77
                                       6.000          1,416.15
    TRACY            CA   95376          5            02/11/03         00
    0435562665                           05           04/01/03          0
    04301202                             O            03/01/33
    0


    8517311          601/G02             F          280,000.00         ZZ
                                         360        279,746.87          1
                                       6.500          1,769.80         56
                                       6.250          1,769.80
    HILTON HEAD ISL  SC   29928          5            02/20/03         00
    0435484233                           03           04/01/03          0
    62497144                             O            03/01/33
    0


    8517371          X64/G02             F           60,000.00         ZZ
                                         360         59,953.19          1
                                       7.250            409.31         75
                                       7.000            409.31
    DEARBORN HEIGHT  MI   48125          5            02/21/03         00
    0435496302                           05           04/01/03          0
    0000003836                           O            03/01/33
    0


    8517383          601/G02             F           54,600.00         ZZ
                                         360         54,550.64          1
                                       6.500            345.11         70
                                       6.250            345.11
    MELBOURNE        FL   32935          5            02/14/03         00
    0435485701                           05           04/01/03          0
    62511712                             O            03/01/33
    0


    8517401          601/G02             F           50,000.00         ZZ
                                         360         49,954.79          1
                                       6.500            316.04         67
                                       6.250            316.04
1


    HOLIDAY          FL   33656          5            02/20/03         00
    0435485925                           05           04/01/03          0
    62509237                             N            03/01/33
    0


    8517445          952/G02             F          360,000.00         ZZ
                                         360        359,658.42          1
                                       6.250          2,216.58         80
                                       6.000          2,216.58
    MASSAPEQUA       NY   11758          5            02/27/03         00
    0435544655                           05           04/01/03          0
    03001334                             O            03/01/33
    0


    8517699          601/G02             F           80,800.00         ZZ
                                         360         80,725.16          1
                                       6.375            504.09         80
                                       6.125            504.09
    VERO BEACH       FL   32960          5            02/14/03         00
    0435484944                           05           04/01/03          0
    62510367                             O            03/01/33
    0


    8518473          N67/G02             F          367,000.00         ZZ
                                         360        366,158.25          1
                                       6.625          2,349.94         74
                                       6.375          2,349.94
    SANTA ANA        CA   92705          2            01/30/03         00
    0435510441                           05           03/01/03          0
    1162001614                           O            02/01/33
    0


    8519539          B28/G02             F          118,000.00         T
                                         360        117,888.03          1
                                       6.250            726.55         80
                                       6.000            726.55
    FLORISSANT       CO   80816          1            02/24/03         00
    0435497839                           05           04/01/03          0
    05900387                             O            03/01/33
    0


    8519721          601/G02             F          100,000.00         ZZ
                                         360         99,835.57          1
                                       7.000            665.31         80
                                       6.750            665.31
    PALATINE         IL   60074          1            01/16/03         00
    0435486477                           01           03/01/03          0
    62326442                             O            02/01/33
    0
1




    8520097          E22/G02             F          476,000.00         ZZ
                                         360        476,000.00          1
                                       6.375          2,969.62         74
                                       6.125          2,969.62
    LARKSPUR         CO   80118          2            03/06/03         00
    0415495738                           05           05/01/03          0
    0415495738                           O            04/01/33
    0


    8520117          E22/G02             F          248,800.00         ZZ
                                         360        248,800.00          1
                                       6.625          1,593.09         80
                                       6.375          1,593.09
    SAN JOSE         CA   95123          5            03/04/03         00
    0415893148                           01           05/01/03          0
    0415893148                           N            04/01/33
    0


    8520149          E22/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.250          1,986.92         61
                                       6.000          1,986.92
    SOUTH SAN FRANC  CA   94080          2            02/25/03         00
    0415973338                           07           05/01/03          0
    0415973338                           O            04/01/33
    0


    8520301          E22/G02             F           96,800.00         ZZ
                                         360         96,800.00          1
                                       6.750            627.84         80
                                       6.500            627.84
    SAN ANTONIO      TX   78249          5            03/06/03         00
    0416168037                           03           05/01/03          0
    0416168037                           O            04/01/33
    0


    8520375          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       6.375            499.10         89
                                       6.125            499.10
    FORT COLLINS     CO   80525          5            02/26/03         04
    0416189223                           01           05/01/03         25
    0416189223                           O            04/01/33
    0


    8520403          E22/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
1


                                       6.500            429.81         77
                                       6.250            429.81
    PLANO            TX   75074          2            03/11/03         00
    0416201010                           05           05/01/03          0
    0416201010                           N            04/01/33
    0


    8520451          E22/G02             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       6.125          2,406.14         80
                                       5.875          2,406.14
    FAIRLAWN         NJ   07410          5            03/06/03         00
    0416227478                           05           05/01/03          0
    0416227478                           O            04/01/33
    0


    8520463          E22/G02             F          100,000.00         T
                                         360        100,000.00          1
                                       6.500            632.07         41
                                       6.250            632.07
    BRIGANTINE       NJ   08203          5            03/11/03         00
    0416233641                           05           05/01/03          0
    0416233641                           O            04/01/33
    0


    8520471          E82/G02             F           77,900.00         ZZ
                                         360         77,900.00          2
                                       7.000            518.27         53
                                       6.750            518.27
    CANDLER          NC   28715          2            03/11/03         00
    0400797320                           05           05/01/03          0
    0400797320                           N            04/01/33
    0


    8520571          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.125          1,215.22         80
                                       5.875          1,215.22
    RENO             NV   89506          5            03/05/03         00
    0416284511                           05           05/01/03          0
    0416284511                           O            04/01/33
    0


    8520679          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       6.625            691.54         90
                                       6.375            691.54
    WEST PALM BEACH  FL   33470          1            03/12/03         01
    0416382562                           05           05/01/03         25
1


    0416382562                           N            04/01/33
    0


    8520825          Q31/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       6.500            790.09         57
                                       6.250            790.09
    FULLERTON        CA   92835          5            03/05/03         00
    0435509468                           01           05/01/03          0
    SD885451                             O            04/01/33
    0


    8521149          N74/G02             F           92,150.00         ZZ
                                         360         92,062.57          1
                                       6.250            567.38         95
                                       6.000            567.38
    SAINT LOUIS      MO   63139          2            03/06/03         10
    0435664396                           05           04/11/03         30
    0031903010                           O            03/11/33
    0


    8521171          F89/G02             F           97,600.00         ZZ
                                         360         97,600.00          1
                                       6.500            616.90         80
                                       6.250            616.90
    LANCASTER        CA   93534          1            03/04/03         00
    0435540893                           05           05/01/03          0
    28196                                N            04/01/33
    0


    8521173          U42/G02             F          129,600.00         ZZ
                                         360        129,600.00          1
                                       6.500            819.16         80
                                       6.250            819.16
    COLORADO SPRING  CO   80918          5            03/07/03         00
    0435513916                           05           05/01/03          0
    32300061                             O            04/01/33
    0


    8521253          168/168             F           78,000.00         ZZ
                                         360         77,929.49          1
                                       6.500            493.01         80
                                       6.250            493.01
    ATLANTA          GA   30331          2            03/05/03         00
    0319654737                           05           04/01/03          0
    0319654737                           N            03/01/33
    0


1


    8521385          X67/G02             F          101,000.00         ZZ
                                         360        100,906.45          2
                                       6.375            630.11         49
                                       6.125            630.11
    BELLFLOWER       CA   90706          2            02/18/03         00
    0435514435                           05           04/01/03          0
    00283400                             O            03/01/33
    0


    8521537          N47/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       6.625          1,408.68         75
                                       6.375          1,408.68
    VISTA            CA   92084          1            03/03/03         00
    0435552245                           05           05/01/03          0
    30502423                             N            04/01/33
    0


    8521593          601/G02             F           74,400.00         ZZ
                                         360         74,286.41          1
                                       7.375            513.87         80
                                       7.125            513.87
    BIRMINGHAM       AL   35215          2            01/16/03         00
    0435487707                           05           03/01/03          0
    62338652                             N            02/01/33
    0


    8521625          X82/G02             F          384,000.00         ZZ
                                         360        383,721.77          1
                                       6.875          2,522.61         80
                                       6.625          2,522.61
    STRASBURG        VA   22657          1            03/04/03         00
    0435554878                           05           05/01/03          0
    849353                               O            04/01/33
    0


    8522017          964/G02             F          136,500.00         ZZ
                                         360        136,360.83          1
                                       5.875            807.45         33
                                       5.625            807.45
    PISMO BEACH      CA   93449          5            02/07/03         00
    0435508098                           03           04/01/03          0
    324046                               O            03/01/33
    0


    8522023          964/G02             F          125,000.00         ZZ
                                         360        124,872.56          1
                                       5.875            739.42         57
                                       5.625            739.42
1


    MODESTO          CA   95355          5            02/13/03         00
    0435507710                           05           04/01/03          0
    328722                               O            03/01/33
    0


    8522029          964/G02             F          138,000.00         ZZ
                                         360        137,855.92          1
                                       5.750            805.33         62
                                       5.500            805.33
    LOVELAND         CO   80537          2            02/21/03         00
    0435495775                           05           04/01/03          0
    333127                               O            03/01/33
    0


    8522033          964/G02             F          165,000.00         ZZ
                                         360        164,843.44          1
                                       6.250          1,015.93         60
                                       6.000          1,015.93
    GROVER BEACH     CA   93433          5            02/06/03         00
    0435500483                           05           04/01/03          0
    334329                               O            03/01/33
    0


    8522303          E22/G02             F          106,000.00         ZZ
                                         360        106,000.00          1
                                       7.000            705.22         43
                                       6.750            705.22
    HOUSTON          TX   77025          5            03/10/03         00
    0415760164                           05           05/01/03          0
    0415760164                           N            04/01/33
    0


    8522321          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.625          1,920.93         80
                                       6.375          1,920.93
    DRIPPING SPRING  TX   78620          2            03/07/03         00
    0415939024                           05           05/01/03          0
    0415939024                           O            04/01/33
    0


    8522333          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       6.125            546.85         38
                                       5.875            546.85
    BURNET           TX   78611          5            03/07/03         00
    0415986181                           05           05/01/03          0
    0415986181                           O            04/01/33
    0
1




    8522369          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.125            874.96         80
                                       5.875            874.96
    BEND             OR   97702          1            02/25/03         00
    0416099083                           05           05/01/03          0
    0416099083                           O            04/01/33
    0


    8522397          E22/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
                                       6.375            336.89         90
                                       6.125            336.89
    NORMAN           OK   73071          1            03/12/03         04
    0416124212                           05           05/01/03         25
    0416124212                           N            04/01/33
    0


    8522411          E22/G02             F           56,500.00         ZZ
                                         360         56,500.00          1
                                       6.500            357.12         28
                                       6.250            357.12
    COLORADO SPRING  CO   80904          2            03/12/03         00
    0416125326                           03           05/01/03          0
    0416125326                           N            04/01/33
    0


    8522423          E22/G02             F           54,300.00         ZZ
                                         360         54,300.00          1
                                       6.375            338.76         72
                                       6.125            338.76
    LANGLEY          OK   74350          2            03/07/03         00
    0416135358                           05           05/01/03          0
    0416135358                           O            04/01/33
    0


    8522437          E22/G02             F          458,000.00         ZZ
                                         360        458,000.00          1
                                       6.000          2,745.94         69
                                       5.750          2,745.94
    MILL VALLEY      CA   94941          2            03/06/03         00
    0416150175                           05           05/01/03          0
    0416150175                           O            04/01/33
    0


    8522453          E22/G02             F          273,500.00         ZZ
                                         360        273,500.00          1
1


                                       6.250          1,683.99         69
                                       6.000          1,683.99
    COLLEYVILLE      TX   76034          5            03/07/03         00
    0416175040                           05           05/01/03          0
    0416175040                           O            04/01/33
    0


    8522459          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       6.250            369.43         44
                                       6.000            369.43
    TRAVERSE CITY    MI   49686          5            03/07/03         00
    0416190908                           05           05/01/03          0
    0416190908                           O            04/01/33
    0


    8522465          E22/G02             F           94,400.00         ZZ
                                         360         94,400.00          1
                                       6.000            565.98         80
                                       5.750            565.98
    FT PIERCE        FL   34981          1            03/12/03         00
    0416196236                           05           05/01/03          0
    0416196236                           O            04/01/33
    0


    8522475          E22/G02             F          105,600.00         ZZ
                                         360        105,600.00          1
                                       6.125            641.64         80
                                       5.875            641.64
    GRAPEVINE        TX   76051          5            03/06/03         00
    0416203172                           05           05/01/03          0
    0416203172                           O            04/01/33
    0


    8522479          E22/G02             F           58,500.00         ZZ
                                         360         58,500.00          1
                                       6.625            374.58         90
                                       6.375            374.58
    LANSING          MI   48911          5            03/07/03         01
    0416205672                           05           05/01/03         25
    0416205672                           O            04/01/33
    0


    8522497          E22/G02             F           73,600.00         ZZ
                                         360         73,600.00          1
                                       6.625            471.27         80
                                       6.375            471.27
    BEAVERTON        MI   48612          5            03/07/03         00
    0416219004                           05           05/01/03          0
1


    0416219004                           O            04/01/33
    0


    8522505          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.125          1,215.22         80
                                       5.875          1,215.22
    DRAPER           UT   84020          5            03/05/03         00
    0416224772                           05           05/01/03          0
    0416224772                           O            04/01/33
    0


    8522511          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       6.375            673.78         68
                                       6.125            673.78
    ELKHART          IN   46514          2            03/07/03         00
    0416228716                           05           05/01/03          0
    0416228716                           O            04/01/33
    0


    8522543          E22/G02             F           89,100.00         ZZ
                                         360         89,100.00          1
                                       6.500            563.17         90
                                       6.250            563.17
    DOTHAN           AL   36301          5            03/07/03         11
    0416252542                           05           05/01/03         25
    0416252542                           O            04/01/33
    0


    8522567          E22/G02             F           55,600.00         ZZ
                                         360         55,600.00          1
                                       6.750            360.62         70
                                       6.500            360.62
    BIRMINGHAM       AL   35224          5            03/12/03         00
    0416274819                           05           05/01/03          0
    0416274819                           N            04/01/33
    0


    8522601          E22/G02             F          322,000.00         ZZ
                                         360        322,000.00          1
                                       6.375          2,008.86         43
                                       6.125          2,008.86
    SAN CARLOS       CA   94070          2            03/04/03         00
    0416306553                           09           05/01/03          0
    0416306553                           N            04/01/33
    0


1


    8522603          E22/G02             F          292,500.00         ZZ
                                         360        292,500.00          1
                                       6.000          1,753.69         90
                                       5.750          1,753.69
    SANTA ROSA       CA   95404          1            03/03/03         04
    0416310027                           05           05/01/03         25
    0416310027                           O            04/01/33
    0


    8522651          E22/G02             F          137,000.00         ZZ
                                         360        137,000.00          1
                                       7.000            911.46         95
                                       6.750            911.46
    GOOSE CREEK      SC   29445          5            03/07/03         01
    0416389419                           05           05/01/03         30
    0416389419                           O            04/01/33
    0


    8522721          E82/G02             F           49,000.00         ZZ
                                         360         49,000.00          1
                                       7.000            326.00         60
                                       6.750            326.00
    JEFFERSONVILLE   PA   19401          2            03/11/03         00
    0400789756                           05           05/01/03          0
    0400789756                           N            04/01/33
    0


    8522723          E82/G02             F           50,300.00         ZZ
                                         360         50,300.00          1
                                       7.000            334.65         66
                                       6.750            334.65
    NORRISTOWN       PA   19401          2            03/11/03         00
    0400789772                           07           05/01/03          0
    0400789772                           N            04/01/33
    0


    8522755          E82/G02             F           96,600.00         ZZ
                                         360         96,600.00          1
                                       6.625            618.54         57
                                       6.375            618.54
    DALLAS           TX   75230          2            03/11/03         00
    0400755906                           05           05/01/03          0
    0400755906                           N            04/01/33
    0


    8522827          601/G02             F          425,000.00         ZZ
                                         360        424,615.79          1
                                       6.500          2,686.29         78
                                       6.250          2,686.29
1


    WAYNE            IL   60184          1            02/25/03         00
    0435489570                           05           04/01/03          0
    6252303                              O            03/01/33
    0


    8523151          964/G02             F          235,000.00         ZZ
                                         360        234,754.64          1
                                       5.750          1,371.40         52
                                       5.500          1,371.40
    AUBURN           CA   95602          5            02/05/03         00
    0435500533                           03           04/01/03          0
    333035                               O            03/01/33
    0


    8523153          964/G02             F          219,500.00         ZZ
                                         360        219,276.21          1
                                       5.875          1,298.43         22
                                       5.625          1,298.43
    SAN ANSELMO      CA   94960          2            02/10/03         00
    0435491477                           05           04/01/03          0
    335633                               O            03/01/33
    0


    8523155          964/G02             F          300,000.00         ZZ
                                         360        299,694.14          1
                                       5.875          1,774.61         43
                                       5.625          1,774.61
    SAN RAFAEL       CA   94901          5            02/06/03         00
    0435499710                           05           04/01/03          0
    337870                               O            03/01/33
    0


    8523169          964/G02             F          180,000.00         ZZ
                                         360        179,820.81          1
                                       6.000          1,079.19         45
                                       5.750          1,079.19
    DALY CITY        CA   94014          5            02/10/03         00
    0435500434                           05           04/01/03          0
    323731                               O            03/01/33
    0


    8523185          964/G02             F          265,000.00         ZZ
                                         360        264,742.43          1
                                       6.125          1,610.17         59
                                       5.875          1,610.17
    SAN BRUNO        CA   94066          2            02/04/03         00
    0435491816                           05           04/01/03          0
    326458                               O            03/01/33
    0
1




    8523201          964/G02             F          124,000.00         ZZ
                                         360        123,882.34          1
                                       6.250            763.49         73
                                       6.000            763.49
    POMONA           CA   91766          5            02/14/03         00
    0435516208                           05           04/01/03          0
    349990                               O            03/01/33
    0


    8523229          964/G02             F          535,000.00         ZZ
                                         360        534,454.54          1
                                       5.875          3,164.73         58
                                       5.625          3,164.73
    SAN FRANCISCO    CA   94114          5            02/20/03         00
    0435500764                           05           04/01/03          0
    326519                               O            03/01/33
    0


    8523237          964/G02             F          192,000.00         ZZ
                                         360        191,808.86          1
                                       6.000          1,151.14         80
                                       5.750          1,151.14
    CORONA           CA   92880          1            02/20/03         00
    0435491360                           05           04/01/03          0
    349610                               O            03/01/33
    0


    8523297          964/G02             F          230,500.00         ZZ
                                         360        230,241.72          1
                                       5.375          1,290.73         42
                                       5.125          1,290.73
    BERKELEY         CA   94707          2            02/13/03         00
    0435491584                           05           04/01/03          0
    306693                               O            03/01/33
    0


    8523335          G27/G02             F          313,600.00         ZZ
                                         360        313,295.20          1
                                       6.125          1,905.47         80
                                       5.875          1,905.47
    TUSTIN           CA   92780          1            02/24/03         00
    0435491709                           05           04/01/03          0
    24903004                             O            03/01/33
    0


    8523491          T44/G02             F          210,000.00         ZZ
                                         360        209,814.72          2
1


                                       6.625          1,344.65         70
                                       6.375          1,344.65
    SACRAMENTO       CA   95818          1            02/20/03         00
    0435505151                           05           04/01/03          0
    1065899                              O            03/01/33
    0


    8523661          F61/G02             F          388,000.00         ZZ
                                         360        388,000.00          1
                                       6.500          2,452.42         80
                                       6.250          2,452.42
    FEDERAL WAY      WA   98003          1            03/06/03         00
    0435495700                           05           05/01/03          0
    030678S                              O            04/01/33
    0


    8523735          964/G02             F          224,000.00         ZZ
                                         360        223,766.13          1
                                       5.750          1,307.20         56
                                       5.500          1,307.20
    CHINO HILLS      CA   91709          5            02/21/03         00
    0435492236                           05           04/01/03          0
    346616                               O            03/01/33
    0


    8523737          964/G02             F          150,000.00         ZZ
                                         360        149,847.06          1
                                       5.875            887.31         51
                                       5.625            887.31
    DAVIE            FL   33328          1            02/24/03         00
    0435493150                           03           04/01/03          0
    318035                               O            03/01/33
    0


    8523739          964/G02             F          234,000.00         ZZ
                                         360        233,761.42          1
                                       5.875          1,384.20         71
                                       5.625          1,384.20
    ATASCADERO       CA   93422          1            02/19/03         00
    0435502364                           05           04/01/03          0
    338092                               O            03/01/33
    0


    8523943          696/G02             F          191,900.00         ZZ
                                         360        191,900.00          1
                                       6.500          1,212.94         80
                                       6.250          1,212.94
    FREDERICKSBURG   VA   22407          1            03/07/03         00
    0435488283                           03           05/01/03          0
1


    21703044                             O            04/01/33
    0


    8524091          G34/G02             F           75,000.00         TX
                                         360         75,000.00          1
                                       6.375            467.90         38
                                       6.125            467.90
    ALEDO            TX   76008          5            03/06/03         00
    0435570668                           05           05/01/03          0
    85213803                             O            04/01/33
    0


    8524115          U87/G02             F          144,000.00         T
                                         360        144,000.00          1
                                       6.875            945.98         65
                                       6.625            945.98
    BIG BEAR LAKE    CA   92315          5            03/07/03         00
    0435542733                           05           05/01/03          0
    4964                                 O            04/01/33
    0


    8524131          952/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       6.250          1,108.29         69
                                       6.000          1,108.29
    PALM HARBOR      FL   34683          5            03/06/03         00
    0435491063                           03           05/01/03          0
    00620367                             O            04/01/33
    0


    8524135          H81/G02             F           74,000.00         ZZ
                                         360         74,000.00          1
                                       6.875            486.13         50
                                       6.625            486.13
    WAUKESHA         WI   53188          5            03/03/03         00
    0435507330                           05           05/01/03          0
    WH18125NINA                          O            04/01/33
    0


    8524145          950/G02             F          168,000.00         ZZ
                                         360        168,000.00          1
                                       6.125          1,020.79         79
                                       5.875          1,020.79
    SACRAMENTO       CA   95829          2            03/05/03         00
    0435517180                           05           05/01/03          0
    AA32010                              O            04/01/33
    0


1


    8524153          420/G02             F          359,300.00         ZZ
                                         360        358,959.08          1
                                       6.250          2,212.27         80
                                       6.000          2,212.27
    BRENTWOOD        CA   94513          1            02/19/03         00
    0435537600                           03           04/01/03          0
    72004393                             O            03/01/33
    0


    8524191          420/G02             F          190,000.00         ZZ
                                         360        189,815.33          1
                                       6.125          1,154.46         54
                                       5.875          1,154.46
    SANTA ROSA       CA   95403          5            02/28/03         00
    0435538244                           05           04/01/03          0
    73000535                             N            03/01/33
    0


    8524205          B23/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       6.750          1,141.53         80
                                       6.500          1,141.53
    BUENA PARK       CA   90621          1            03/12/03         00
    0435544192                           05           05/01/03          0
    80000332                             N            04/01/33
    0


    8524253          X89/G02             F          232,800.00         ZZ
                                         360        232,594.61          1
                                       6.625          1,490.64         80
                                       6.375          1,490.64
    SHELTON          CT   06484          5            02/24/03         00
    0435538863                           05           04/01/03          0
    1010241526                           O            03/01/33
    0


    8524291          N67/G02             F           73,000.00         ZZ
                                         360         72,947.16          1
                                       7.625            516.69         60
                                       7.375            516.69
    RIO RANCHO       NM   87124          1            02/17/03         00
    0435514922                           05           04/01/03          0
    1161004043                           N            03/01/33
    0


    8524341          601/G02             F          103,900.00         ZZ
                                         360        103,720.57          1
                                       6.750            673.90         80
                                       6.500            673.90
1


    KEARNEY          MO   64060          1            01/30/03         00
    0435491113                           05           03/01/03          0
    6243923                              N            02/01/33
    0


    8524457          588/G02             F          279,000.00         ZZ
                                         360        279,000.00          1
                                       6.250          1,717.85         90
                                       6.000          1,717.85
    KEYPORT          NJ   07735          1            03/07/03         04
    0435535133                           05           05/01/03         25
    1084918                              O            04/01/33
    0


    8524553          K15/G02             F          152,000.00         ZZ
                                         240        152,000.00          1
                                       7.625          1,236.15         95
                                       7.375          1,236.15
    OSSIPEE          NH   03864          5            03/08/03         41
    0435535620                           05           05/01/03         30
    007605510710                         O            04/01/23
    0


    8524643          K15/G02             F          153,900.00         ZZ
                                         360        153,900.00          1
                                       7.625          1,089.29         95
                                       7.375          1,089.29
    EDMOND           OK   73013          5            02/27/03         41
    0435497912                           05           05/01/03         30
    032605506977                         O            04/01/33
    0


    8524657          G34/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       6.500          1,580.17         72
                                       6.250          1,580.17
    GLENDORA         CA   91740          5            03/05/03         00
    0435522859                           05           05/01/03          0
    85213204                             O            04/01/33
    0


    8524763          K15/G02             F           84,000.00         ZZ
                                         360         84,000.00          1
                                       6.625            537.86         80
                                       6.375            537.86
    NUNICA           MI   49448          5            02/27/03         00
    0435498845                           05           05/01/03          0
    035905509105                         O            04/01/33
    0
1




    8525023          N67/G02             F          106,000.00         ZZ
                                         360        105,925.18          1
                                       7.750            759.40         79
                                       7.500            759.40
    ELGIN            IL   60120          5            02/20/03         00
    0435519780                           01           04/01/03          0
    3262004768                           O            03/01/33
    0


    8525035          N67/G02             F           30,000.00         ZZ
                                         360         29,977.17          1
                                       7.375            207.20         70
                                       7.125            207.20
    LAKESHORE        FL   33854          1            02/25/03         00
    0435519897                           03           04/01/03          0
    3254004401                           O            03/01/33
    0


    8525109          601/G02             F           58,400.00         ZZ
                                         360         58,313.03          1
                                       7.500            408.35         80
                                       7.250            408.35
    PUEBLO           CO   81004          2            01/16/03         00
    0435492590                           05           03/01/03          0
    62401666                             N            02/01/33
    0


    8525185          642/G02             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       6.125          2,333.22         80
                                       5.875          2,333.22
    CHULA VISTA      CA   91913          5            03/06/03         00
    0435507405                           03           05/01/03          0
    02186903                             O            04/01/33
    0


    8525227          N67/G02             F           54,000.00         ZZ
                                         360         53,959.92          1
                                       7.500            377.58         61
                                       7.250            377.58
    MIAMI            FL   33126          1            02/28/03         00
    0435516315                           01           04/01/03          0
    3254004821                           O            03/01/33
    0


    8525327          642/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
1


                                       7.000            498.98         74
                                       6.750            498.98
    CHICAGO          IL   60620          5            03/06/03         00
    0435541453                           05           05/01/03          0
    02183803                             O            04/01/33
    0


    8525331          601/G02             F          300,000.00         ZZ
                                         360        299,715.34          1
                                       6.250          1,847.16         47
                                       6.000          1,847.16
    COVINGTON        LA   70433          5            02/11/03         00
    0435498027                           05           04/01/03          0
    62457882                             O            03/01/33
    0


    8525595          601/G02             F          115,920.00         ZZ
                                         360        115,810.01          1
                                       6.250            713.74         80
                                       6.000            713.74
    OREM             UT   84097          1            02/11/03         00
    0435503396                           05           04/01/03          0
    62479431                             N            03/01/33
    0


    8525687          601/G02             F          271,000.00         ZZ
                                         360        270,760.90          1
                                       6.625          1,735.25         80
                                       6.375          1,735.25
    WINDSOR          CO   80550          2            02/24/03         00
    0435495668                           03           04/01/03          0
    62528880                             O            03/01/33
    0


    8525813          B44/G02             F           83,600.00         ZZ
                                         360         83,520.68          1
                                       6.250            514.74         92
                                       6.000            514.74
    BOISE            ID   83705          5            02/25/03         11
    0435496336                           05           04/01/03         30
    4031020                              O            03/01/33
    0


    8525903          N67/G02             F           80,000.00         ZZ
                                         360         79,934.43          1
                                       7.000            532.24         54
                                       6.750            532.24
    ORANGE           MA   01364          1            02/25/03         00
    0435521885                           05           04/01/03          0
1


    3274007439                           O            03/01/33
    0


    8525919          601/G02             F           41,250.00         ZZ
                                         360         41,212.71          1
                                       6.500            260.73         75
                                       6.250            260.73
    TALLAHASSEE      FL   32303          2            02/19/03         00
    0435495346                           01           04/01/03          0
    6254810                              O            03/01/33
    0


    8525925          M07/G02             F           44,625.00         ZZ
                                         360         44,625.00          1
                                       6.250            274.76         75
                                       6.000            274.76
    REDLANDS         CA   92373          1            03/03/03         00
    0435560362                           01           05/01/03          0
    02302328                             N            04/01/33
    0


    8525933          M37/G02             F           78,750.00         ZZ
                                         360         78,750.00          1
                                       6.625            504.24         75
                                       6.375            504.24
    GLENDALE         AZ   85308          5            03/05/03         00
    0435534995                           05           05/01/03          0
    611749                               N            04/01/33
    0


    8525973          N67/G02             F          364,000.00         ZZ
                                         360        363,662.86          1
                                       6.375          2,270.89         80
                                       6.125          2,270.89
    HALESITE         NY   11743          1            03/03/03         00
    0435522271                           05           04/01/03          0
    3274007737                           O            03/01/33
    0


    8526123          601/G02             F           59,755.00         ZZ
                                         360         59,700.97          3
                                       6.500            377.70         95
                                       6.250            377.70
    HOLYOKE          MA   01040          1            02/24/03         11
    0435498431                           05           04/01/03         30
    62428446                             O            03/01/33
    0


1


    8526429          E82/G02             F          126,600.00         ZZ
                                         360        126,600.00          1
                                       6.125            769.23         80
                                       5.875            769.23
    LAS VEGAS        NV   89131          2            03/11/03         00
    0400800264                           05           05/01/03          0
    0400800264                           O            04/01/33
    0


    8526657          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.375          1,247.74         57
                                       6.125          1,247.74
    NAPA             CA   94559          1            03/06/03         00
    0416133254                           05           05/01/03          0
    0416133254                           N            04/01/33
    0


    8526707          E22/G02             F           98,250.00         ZZ
                                         360         98,250.00          1
                                       6.750            637.25         75
                                       6.500            637.25
    FARMINGTON       NH   03835          2            03/07/03         00
    0416202141                           27           05/01/03          0
    0416202141                           O            04/01/33
    0


    8526733          E22/G02             F           55,200.00         ZZ
                                         360         55,200.00          1
                                       6.125            335.40         80
                                       5.875            335.40
    NILES            MI   49120          1            03/14/03         00
    0416386167                           05           05/01/03          0
    0416386167                           O            04/01/33
    0


    8526769          E22/G02             F          484,500.00         ZZ
                                         360        484,500.00          1
                                       5.750          2,827.41         63
                                       5.500          2,827.41
    KAILUA           HI   96734          5            03/04/03         00
    0416063089                           05           05/01/03          0
    0416063089                           O            04/01/33
    0


    8526779          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.125          1,822.83         71
                                       5.875          1,822.83
1


    DALY CITY        CA   94014          2            03/02/03         00
    0416084820                           05           05/01/03          0
    0416084820                           O            04/01/33
    0


    8526799          601/G02             F          393,750.00         ZZ
                                         360        393,385.31          1
                                       6.375          2,456.49         75
                                       6.125          2,456.49
    FRANKFORT        IL   60423          1            02/28/03         00
    0435504907                           05           04/01/03          0
    6256653                              N            03/01/33
    0


    8526813          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       5.875          1,064.77         45
                                       5.625          1,064.77
    FOLSOM           CA   95630          2            03/06/03         00
    0416261410                           03           05/01/03          0
    0416261410                           N            04/01/33
    0


    8526823          E22/G02             F          498,000.00         ZZ
                                         360        498,000.00          1
                                       6.000          2,985.76         80
                                       5.750          2,985.76
    MILLBRAE         CA   94030          1            03/11/03         00
    0416296770                           05           05/01/03          0
    0416296770                           O            04/01/33
    0


    8527649          A38/G02             F          234,000.00         ZZ
                                         360        234,000.00          3
                                       6.000          1,402.95         90
                                       5.750          1,402.95
    PRESCOTT         AZ   86303          1            03/11/03         19
    0435520424                           05           05/01/03         25
    35034178                             O            04/01/33
    0


    8527711          B98/G02             F          230,000.00         ZZ
                                         360        229,776.46          1
                                       6.125          1,397.50         58
                                       5.875          1,397.50
    SAN JOSE         CA   95122          5            02/21/03         00
    0435567698                           05           04/01/03          0
    B301172VP                            O            03/01/33
    0
1




    8528053          U42/G02             F          126,000.00         ZZ
                                         360        126,000.00          2
                                       6.625            806.79         61
                                       6.375            806.79
    ARLINGTON        TX   76010          1            03/07/03         01
    0435548342                           05           05/01/03         25
    24300470                             N            04/01/33
    0


    8528241          M18/G02             F          429,000.00         ZZ
                                         360        429,000.00          1
                                       6.000          2,572.07         75
                                       5.750          2,572.07
    THOUSAND OAKS    CA   91362          5            02/28/03         00
    0435533377                           05           05/01/03          0
    980102322                            O            04/01/33
    0


    8528289          L03/G02             F           65,700.00         ZZ
                                         360         65,651.24          1
                                       7.500            459.39         90
                                       7.250            459.39
    PHOENIX          AZ   85034          1            02/27/03         04
    0435610878                           05           04/01/03         25
    40010382                             N            03/01/33
    0


    8528383          N47/G02             F          218,800.00         ZZ
                                         360        218,800.00          1
                                       5.875          1,294.28         80
                                       5.625          1,294.28
    MANTECA          CA   95336          1            03/10/03         00
    0435575378                           05           05/01/03          0
    20504145                             O            04/01/33
    0


    8528461          X31/G02             F          224,000.00         ZZ
                                         360        223,766.13          1
                                       5.750          1,307.20         76
                                       5.500          1,307.20
    WESTMINSTER      CA   92683          5            02/26/03         00
    0435564315                           05           04/01/03          0
    41000560                             O            03/01/33
    0


    8528539          601/G02             F           55,000.00         ZZ
                                         360         54,949.06          1
1


                                       6.375            343.13         80
                                       6.125            343.13
    GOLDEN           CO   80401          1            03/03/03         00
    0435499264                           08           04/01/03          0
    62555669                             N            03/01/33
    0


    8528541          M96/G02             F          261,000.00         ZZ
                                         360        261,000.00          1
                                       6.500          1,649.70         75
                                       6.250          1,649.70
    CLIO             MI   48420          5            03/12/03         00
    0435556246                           05           05/01/03          0
    200201136                            O            04/01/33
    0


    8528755          964/G02             F          274,000.00         ZZ
                                         360        272,820.04          1
                                       5.625          1,577.30         57
                                       5.375          1,577.30
    SEATTLE          WA   98103          2            11/15/02         00
    0435499744                           05           01/01/03          0
    298333                               O            12/01/32
    0


    8529241          964/G02             F           78,000.00         ZZ
                                         360         78,000.00          1
                                       6.000            467.65         34
                                       5.750            467.65
    LOOMIS           CA   95650          5            03/04/03         00
    0435492871                           05           05/01/03          0
    356975                               O            04/01/33
    0


    8529291          964/G02             F          293,000.00         ZZ
                                         360        293,000.00          1
                                       5.500          1,663.62         60
                                       5.250          1,663.62
    PASO ROBLES      CA   93446          1            03/01/03         00
    0435499447                           05           05/01/03          0
    353999                               O            04/01/33
    0


    8529383          P09/G02             F          218,500.00         ZZ
                                         360        218,500.00          1
                                       6.000          1,310.02         72
                                       5.750          1,310.02
    MANASSAS         VA   20111          2            03/12/03         00
    0435543137                           05           05/01/03          0
1


    HALL                                 O            04/01/33
    0


    8529711          K15/G02             F           60,100.00         ZZ
                                         360         60,100.00          1
                                       6.625            384.83         73
                                       6.375            384.83
    TAMPA            FL   33610          5            03/04/03         00
    0435536131                           05           05/01/03          0
    009805507346                         N            04/01/33
    0


    8529713          X71/G02             F          250,000.00         ZZ
                                         360        249,745.12          1
                                       5.875          1,478.84         47
                                       5.625          1,478.84
    BERKELEY         CA   94703          5            02/21/03         00
    0435554928                           05           04/01/03          0
    7770295                              O            03/01/33
    0


    8529815          168/168             F          230,000.00         ZZ
                                         360        230,000.00          1
                                       6.500          1,453.76         61
                                       6.250          1,453.76
    RARITAN TWP      NJ   08551          1            03/03/03         00
    0319561259                           05           05/01/03          0
    0319561259                           O            04/01/33
    0


    8529893          U05/G02             F          358,000.00         ZZ
                                         360        358,000.00          1
                                       6.250          2,204.27         80
                                       6.000          2,204.27
    GRANADA HILLS    CA   91344          1            03/03/03         00
    0435557616                           05           05/01/03          0
    3320895                              O            04/01/33
    0


    8530057          E22/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
                                       6.500            474.05         60
                                       6.250            474.05
    COLORADO SPRING  CO   80915          2            03/14/03         00
    0416326502                           05           05/01/03          0
    0416326502                           N            04/01/33
    0


1


    8530067          E22/G02             F          111,400.00         ZZ
                                         360        111,400.00          1
                                       6.500            704.12         78
                                       6.250            704.12
    TAMARAC          FL   33321          5            03/10/03         00
    0416335537                           03           05/01/03          0
    0416335537                           O            04/01/33
    0


    8530073          E22/G02             F          156,500.00         ZZ
                                         360        156,500.00          1
                                       6.375            976.36         72
                                       6.125            976.36
    QUINCY           MA   02169          5            03/10/03         00
    0416343721                           05           05/01/03          0
    0416343721                           O            04/01/33
    0


    8530215          E22/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       6.250            935.89         80
                                       6.000            935.89
    TROY HILLS       NJ   07054          1            03/14/03         00
    0416399681                           05           05/01/03          0
    0416399681                           O            04/01/33
    0


    8530223          E22/G02             F          145,000.00         ZZ
                                         360        145,000.00          1
                                       6.250            892.79         70
                                       6.000            892.79
    CEDAR HILLS      UT   84062          2            03/12/03         00
    0416436822                           05           05/01/03          0
    0416436822                           N            04/01/33
    0


    8530233          E22/G02             F           69,750.00         ZZ
                                         360         69,750.00          2
                                       6.750            452.40         75
                                       6.500            452.40
    WESTWEGO         LA   70094          2            03/14/03         00
    0415580778                           05           05/01/03          0
    0415580778                           N            04/01/33
    0


    8530237          E22/G02             F          137,750.00         ZZ
                                         360        137,750.00          1
                                       6.500            870.67         95
                                       6.250            870.67
1


    PHOENIX          AZ   85006          2            03/04/03         04
    0415839638                           05           05/01/03         30
    0415839638                           O            04/01/33
    0


    8530247          E22/G02             F          188,000.00         ZZ
                                         360        188,000.00          1
                                       6.875          1,235.03         80
                                       6.625          1,235.03
    COLORADO SPRING  CO   80922          1            03/14/03         00
    0415905579                           05           05/01/03          0
    0415905579                           N            04/01/33
    0


    8530265          E22/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
                                       6.625            544.26         85
                                       6.375            544.26
    COLFAX           IA   50054          5            03/10/03         01
    0416008449                           05           05/01/03         12
    0416008449                           O            04/01/33
    0


    8530291          E22/G02             F           79,900.00         ZZ
                                         360         79,900.00          1
                                       6.250            491.96         45
                                       6.000            491.96
    GREELEY          CO   80631          1            03/14/03         00
    0416028421                           05           05/01/03          0
    0416028421                           O            04/01/33
    0


    8530311          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.125          2,187.40         78
                                       5.875          2,187.40
    LOS ANGELES      CA   90066          5            03/05/03         00
    0416085421                           05           05/01/03          0
    0416085421                           O            04/01/33
    0


    8530339          E22/G02             F          100,800.00         ZZ
                                         360        100,800.00          1
                                       6.875            662.18         90
                                       6.625            662.18
    KENNEWICK        WA   99337          5            03/07/03         04
    0416126167                           05           05/01/03         25
    0416126167                           O            04/01/33
    0
1




    8530349          E22/G02             F           68,850.00         ZZ
                                         360         68,850.00          1
                                       6.750            446.56         90
                                       6.500            446.56
    STEGER           IL   60475          1            03/14/03         01
    0416143311                           05           05/01/03         25
    0416143311                           N            04/01/33
    0


    8530361          E22/G02             F           48,000.00         ZZ
                                         360         48,000.00          1
                                       6.500            303.39         80
                                       6.250            303.39
    ST. LOUIS        MO   63120          5            03/07/03         00
    0416159705                           05           05/01/03          0
    0416159705                           O            04/01/33
    0


    8530369          E22/G02             F          190,000.00         ZZ
                                         360        190,000.00          4
                                       6.875          1,248.16         76
                                       6.625          1,248.16
    BAKERSFIELD      CA   93309          2            03/05/03         00
    0416163608                           05           05/01/03          0
    0416163608                           N            04/01/33
    0


    8530373          E22/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       6.125          1,263.83         80
                                       5.875          1,263.83
    SPRING VALLEY    CA   91977          5            03/06/03         00
    0416177707                           05           05/01/03          0
    0416177707                           O            04/01/33
    0


    8530397          E82/G02             F          143,000.00         ZZ
                                         360        143,000.00          1
                                       6.375            892.13         77
                                       6.125            892.13
    MANCHESTER       NH   03103          2            03/14/03         00
    0400796058                           05           05/01/03          0
    0400796058                           N            04/01/33
    0


    8530405          E82/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
1


                                       6.375          1,715.64         90
                                       6.125          1,715.64
    LARGO            FL   33774          2            03/11/03         04
    0400801049                           05           05/01/03         25
    0400801049                           O            04/01/33
    0


    8530447          E22/G02             F          112,500.00         ZZ
                                         360        112,500.00          1
                                       6.375            701.85         89
                                       6.125            701.85
    BRANDON          FL   33510          2            03/10/03         01
    0416226728                           03           05/01/03         25
    0416226728                           O            04/01/33
    0


    8530463          E22/G02             F          270,000.00         ZZ
                                         360        270,000.00          1
                                       6.125          1,640.55         63
                                       5.875          1,640.55
    HOUSTON          TX   77027          5            03/10/03         00
    0416228666                           03           05/01/03          0
    0416228666                           O            04/01/33
    0


    8530505          E22/G02             F           58,500.00         ZZ
                                         360         58,500.00          1
                                       7.625            414.06         90
                                       7.375            414.06
    STARK CITY       MO   64866          5            03/10/03         01
    0416245702                           05           05/01/03         25
    0416245702                           O            04/01/33
    0


    8530533          E22/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
                                       6.250            800.43         65
                                       6.000            800.43
    ARVADA           CO   80003          5            03/14/03         00
    0416261238                           05           05/01/03          0
    0416261238                           N            04/01/33
    0


    8530535          E22/G02             F          137,600.00         ZZ
                                         360        137,600.00          1
                                       5.875            813.96         80
                                       5.625            813.96
    EUGENE           OR   97402          2            03/03/03         00
    0416262640                           05           05/01/03          0
1


    0416262640                           O            04/01/33
    0


    8530537          E22/G02             F           75,600.00         ZZ
                                         360         75,600.00          1
                                       6.875            496.64         90
                                       6.625            496.64
    SAINT LOUIS      MO   63116          5            03/10/03         01
    0416262756                           05           05/01/03         25
    0416262756                           O            04/01/33
    0


    8530543          E22/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
                                       7.000            508.96         90
                                       6.750            508.96
    SPRING           TX   77379          1            03/14/03         04
    0416267987                           05           05/01/03         25
    0416267987                           N            04/01/33
    0


    8530551          E22/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       6.000          1,319.01         78
                                       5.750          1,319.01
    SUISUN CITY      CA   94585          5            03/07/03         00
    0416279339                           05           05/01/03          0
    0416279339                           O            04/01/33
    0


    8530557          E22/G02             F          136,500.00         ZZ
                                         360        136,500.00          1
                                       6.125            829.39         78
                                       5.875            829.39
    QUESTA           NM   87556          2            03/10/03         00
    0416282317                           05           05/01/03          0
    0416282317                           O            04/01/33
    0


    8530571          E22/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
                                       6.500            537.26         90
                                       6.250            537.26
    HOUSTON          TX   77084          1            03/14/03         01
    0416293470                           03           05/01/03         25
    0416293470                           N            04/01/33
    0


1


    8530591          E22/G02             F          299,500.00         ZZ
                                         360        299,500.00          1
                                       6.000          1,795.65         69
                                       5.750          1,795.65
    BEND             OR   97701          2            03/04/03         00
    0416302099                           05           05/01/03          0
    0416302099                           O            04/01/33
    0


    8530593          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.250            615.72         80
                                       6.000            615.72
    SUGAR LAND       TX   77478          5            03/10/03         00
    0416302339                           03           05/01/03          0
    0416302339                           O            04/01/33
    0


    8530599          E22/G02             F          491,250.00         ZZ
                                         360        491,250.00          1
                                       6.000          2,945.29         79
                                       5.750          2,945.29
    SAN JOSE         CA   95121          5            02/28/03         00
    0416315265                           05           05/01/03          0
    0416315265                           O            04/01/33
    0


    8530651          E22/G02             F          108,000.00         ZZ
                                         360        107,668.05          3
                                       5.875            638.86         80
                                       5.625            638.86
    GREAT FALLS      MT   59401          5            12/18/02         00
    0415502954                           05           02/01/03          0
    0415502954                           O            01/01/33
    0


    8530773          L76/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       5.875            899.14         80
                                       5.625            899.14
    MPLS             MN   55407          5            03/12/03         00
    0435535398                           05           05/01/03          0
    9507558                              O            04/01/33
    0


    8530975          X31/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
                                       6.250            431.00         64
                                       6.000            431.00
1


    SANTA ANA        CA   92704          2            03/06/03         00
    0435559257                           01           05/01/03          0
    41000606                             O            04/01/33
    0


    8531573          588/G02             F          271,200.00         ZZ
                                         360        270,960.73          1
                                       6.625          1,736.52         80
                                       6.375          1,736.52
    HAWTHORNE BOROU  NJ   07506          1            02/03/03         00
    0435558960                           09           04/01/03          0
    1083830                              O            03/01/33
    0


    8531845          U05/G02             F          153,000.00         ZZ
                                         360        152,865.01          1
                                       6.625            979.68         79
                                       6.375            979.68
    BALTIMORE        MD   21230          2            03/07/03         00
    0435533534                           02           04/01/03          0
    3313795                              N            03/01/33
    0


    8531931          U05/G02             F          236,000.00         ZZ
                                         360        236,000.00          1
                                       6.250          1,453.09         80
                                       6.000          1,453.09
    MIDDLETOWN       DE   19709          2            03/06/03         00
    0435527650                           05           05/01/03          0
    3313719                              O            04/01/33
    0


    8531995          U05/G02             F          252,700.00         ZZ
                                         360        252,700.00          2
                                       6.000          1,515.06         78
                                       5.750          1,515.06
    LOS ANGELES      CA   90031          5            03/03/03         00
    0435558754                           05           05/01/03          0
    3322174                              O            04/01/33
    0


    8532131          356/G02             F          416,667.00         ZZ
                                         360        416,290.33          1
                                       6.500          2,633.62         84
                                       6.250          2,633.62
    VALLEJO          CA   94591          2            02/06/03         19
    0435538913                           05           04/01/03         12
    28983351                             O            03/01/33
    0
1




    8532153          X67/G02             F          152,000.00         ZZ
                                         360        151,859.22          1
                                       6.375            948.28         80
                                       6.125            948.28
    POMPANO BEACH    FL   33071          5            02/25/03         00
    0435537162                           03           04/01/03          0
    00282722                             O            03/01/33
    0


    8532173          Y28/G02             F          126,350.00         ZZ
                                         360        126,243.85          1
                                       6.875            830.03         95
                                       6.625            830.03
    PEORIA           AZ   85345          5            02/28/03         12
    0435552070                           05           04/01/03         35
    03000109                             O            03/01/33
    0


    8532211          P27/G02             F          123,500.00         ZZ
                                         360        123,500.00          1
                                       6.000            740.44         95
                                       5.750            740.44
    ANDERSON         CA   96007          2            03/06/03         10
    0435513593                           05           05/01/03         30
    DNP2231322                           O            04/01/33
    0


    8532433          286/286             F          212,000.00         ZZ
                                         360        211,668.24          1
                                       7.250          1,446.21         80
                                       7.000          1,446.21
    DALLAS           TX   75230          1            01/07/03         00
    1818595                              05           03/01/03          0
    1818595                              N            02/01/33
    0


    8532441          286/286             F          156,750.00         ZZ
                                         360        156,504.68          1
                                       7.250          1,069.32         95
                                       7.000          1,069.32
    CARMEL           IN   46032          2            01/03/03         12
    1844772                              05           03/01/03         30
    1844772                              O            02/01/33
    0


    8532455          286/286             F           70,000.00         ZZ
                                         360         69,756.88          1
1


                                       6.750            454.02         47
                                       6.500            454.02
    TUCSON           AZ   85710          2            11/18/02         00
    1714814                              05           01/01/03          0
    1714814                              N            12/01/32
    0


    8532457          286/286             F          191,300.00         ZZ
                                         360        190,969.66          1
                                       6.750          1,240.77         66
                                       6.500          1,240.77
    SILVER SPRING    MD   20906          2            01/14/03         00
    1712952                              05           03/01/03          0
    1712952                              N            02/01/33
    0


    8532463          286/286             F           35,000.00         ZZ
                                         360         34,956.77          1
                                       7.250            238.77         80
                                       7.000            238.77
    ORANGE           TX   77632          2            02/11/03         00
    1958512                              05           04/01/03          0
    1958512                              N            03/01/33
    0


    8532467          286/286             F          118,500.00         ZZ
                                         360        118,285.15          1
                                       6.500            749.01         90
                                       6.250            749.01
    REYNOLDSBURG     OH   43068          2            01/16/03         21
    1780886                              05           03/01/03         25
    1780886                              N            02/01/33
    0


    8532475          286/286             F          234,000.00         ZZ
                                         360        233,633.80          1
                                       7.250          1,596.30         75
                                       7.000          1,596.30
    TROY             MI   48085          5            01/07/03         00
    1863979                              05           03/01/03          0
    1863979                              N            02/01/33
    0


    8532481          286/286             F           68,000.00         ZZ
                                         360         67,893.58          2
                                       7.250            463.88         80
                                       7.000            463.88
    TUCSON           AZ   85745          5            01/27/03         00
    1847981                              05           03/01/03          0
1


    1847981                              N            02/01/33
    0


    8532491          286/286             F           75,000.00         ZZ
                                         360         74,864.01          1
                                       6.500            474.06         46
                                       6.250            474.06
    WEST PALM BEACH  FL   33411          5            01/27/03         00
    1903868                              05           03/01/03          0
    1903868                              O            02/01/33
    0


    8532497          286/286             F           62,700.00         ZZ
                                         360         62,446.24          1
                                       7.125            422.42         86
                                       6.875            422.42
    CALHOUN          GA   30701          2            10/22/02         04
    1694335                              05           12/01/02         25
    1694335                              N            11/01/32
    0


    8532503          286/286             F          155,000.00         ZZ
                                         360        154,291.72          2
                                       6.500            979.71         39
                                       6.250            979.71
    SKOKIE           IL   60077          2            10/28/02         00
    1602053                              05           12/01/02          0
    1602053                              N            11/01/32
    0


    8532513          286/286             F          172,800.00         ZZ
                                         360        172,486.71          1
                                       6.500          1,092.22         90
                                       6.250          1,092.22
    PORTLAND         OR   97233          1            01/27/03         11
    1986980                              05           03/01/03         25
    1986980                              N            02/01/33
    0


    8532517          286/286             F          132,000.00         ZZ
                                         360        131,782.97          1
                                       7.000            878.20         80
                                       6.750            878.20
    ST LOUIS         MO   63108          5            01/22/03         00
    1931964                              05           03/01/03          0
    1931964                              N            02/01/33
    0


1


    8532533          286/286             F           90,000.00         ZZ
                                         360         89,832.83          1
                                       6.375            561.49         57
                                       6.125            561.49
    LEBANON          PA   17042          5            01/23/03         00
    1786894                              05           03/01/03          0
    1786894                              O            02/01/33
    0


    8532549          286/286             F          388,000.00         ZZ
                                         360        387,225.55          1
                                       6.000          2,326.26         80
                                       5.750          2,326.26
    KIHEI            HI   96753          1            01/17/03         00
    1936426                              05           03/01/03          0
    1936426                              O            02/01/33
    0


    8532555          286/286             F           75,000.00         ZZ
                                         360         74,809.88          3
                                       6.875            492.70         60
                                       6.625            492.70
    LAKE WORTH       FL   33460          5            12/31/02         00
    1865373                              05           02/01/03          0
    1865373                              N            01/01/33
    0


    8532567          286/286             F          166,500.00         ZZ
                                         360        166,126.96          1
                                       7.500          1,164.20         90
                                       7.250          1,164.20
    MIAMI            FL   33133          1            12/30/02         10
    1883990                              01           02/01/03         25
    1883990                              O            01/01/33
    0


    8532573          286/286             F          107,500.00         ZZ
                                         360        107,323.23          1
                                       7.000            715.21         80
                                       6.750            715.21
    RIVIERA          FL   33404          5            01/13/03         00
    1868644                              01           03/01/03          0
    1868644                              O            02/01/33
    0


    8532577          286/286             F          152,000.00         ZZ
                                         360        151,737.52          1
                                       6.750            985.87         80
                                       6.500            985.87
1


    ATLANTA          GA   30318          5            01/30/03         00
    1899933                              05           03/01/03          0
    1899933                              N            02/01/33
    0


    8532583          286/286             F           64,000.00         ZZ
                                         360         63,884.37          1
                                       6.625            409.80         77
                                       6.375            409.80
    DEARBORN         MI   48126          5            01/30/03         00
    1831355                              05           03/01/03          0
    1831355                              N            02/01/33
    0


    8532607          286/286             F          175,000.00         ZZ
                                         360        174,674.96          4
                                       6.375          1,091.78         54
                                       6.125          1,091.78
    BLOOMFIELD       NJ   07003          5            01/28/03         00
    1919888                              05           03/01/03          0
    1919888                              N            02/01/33
    0


    8532609          286/286             F          152,000.00         ZZ
                                         360        151,710.79          1
                                       6.250            935.90         80
                                       6.000            935.90
    WOODBRIDGE       VA   22193          1            01/22/03         00
    1942387                              05           03/01/03          0
    1942387                              N            02/01/33
    0


    8532613          286/286             F           39,200.00         ZZ
                                         360         39,107.68          1
                                       7.250            267.42         88
                                       7.000            267.42
    KANSAS CITY      MO   64130          1            12/20/02         10
    1730636                              05           02/01/03         25
    1730636                              N            01/01/33
    0


    8532615          286/286             F          300,700.00         ZZ
                                         360        300,141.50          1
                                       6.375          1,875.98         75
                                       6.125          1,875.98
    SULLIVANS ISLAN  SC   29482          1            01/16/03         00
    1905229                              05           03/01/03          0
    1905229                              N            02/01/33
    0
1




    8532619          286/286             F           53,000.00         ZZ
                                         360         52,908.48          1
                                       6.750            343.76         56
                                       6.500            343.76
    CLEVELAND        OH   44135          5            01/17/03         00
    1875806                              05           03/01/03          0
    1875806                              N            02/01/33
    0


    8532625          286/286             F          280,000.00         ZZ
                                         360        279,217.84          4
                                       6.375          1,746.84         70
                                       6.125          1,746.84
    LONGMONT         CO   80501          2            12/16/02         00
    1838750                              05           02/01/03          0
    1838750                              N            01/01/33
    0


    8532627          286/286             F           70,500.00         ZZ
                                         360         70,298.28          1
                                       6.250            434.08         75
                                       6.000            434.08
    HOUSTON          TX   77040          2            12/19/02         00
    1830845                              05           02/01/03          0
    1830845                              N            01/01/33
    0


    8532631          286/286             F          272,200.00         ZZ
                                         360        271,439.65          4
                                       6.375          1,698.17         69
                                       6.125          1,698.17
    LONGMONT         CO   80501          2            12/16/02         00
    1838755                              05           02/01/03          0
    1838755                              N            01/01/33
    0


    8532635          286/286             F           54,500.00         ZZ
                                         360         54,414.70          1
                                       7.250            371.79         70
                                       7.000            371.79
    CHESAPEAKE       VA   23320          2            01/22/03         00
    1850255                              03           03/01/03          0
    1850255                              N            02/01/33
    0


    8532639          286/286             F           55,500.00         ZZ
                                         360         55,413.14          1
1


                                       7.250            378.61         71
                                       7.000            378.61
    CHESAPEAKE       VA   23325          2            01/16/03         00
    1850256                              05           03/01/03          0
    1850256                              N            02/01/33
    0


    8532643          286/286             F          132,000.00         ZZ
                                         360        131,673.50          3
                                       7.000            878.20         80
                                       6.750            878.20
    WINOOSKI         VT   05404          1            12/20/02         00
    1850252                              05           02/01/03          0
    1850252                              N            01/01/33
    0


    8532645          286/286             F          180,000.00         ZZ
                                         360        179,845.02          1
                                       6.750          1,167.48         75
                                       6.500          1,167.48
    BALTIMORE        MD   21231          5            02/04/03         00
    1933991                              01           04/01/03          0
    1933991                              N            03/01/33
    0


    8532659          286/286             F          200,000.00         ZZ
                                         360        199,619.47          2
                                       6.250          1,231.44         67
                                       6.000          1,231.44
    LONG BEACH       CA   90804          5            01/16/03         00
    1847517                              05           03/01/03          0
    1847517                              O            02/01/33
    0


    8532663          286/286             F           64,000.00         ZZ
                                         360         63,881.13          1
                                       6.375            399.28         80
                                       6.125            399.28
    MARTINEZ         GA   30907          1            01/10/03         00
    1909362                              03           03/01/03          0
    1909362                              N            02/01/33
    0


    8532671          286/286             F           35,000.00         ZZ
                                         360         34,857.08          1
                                       6.875            229.93         53
                                       6.625            229.93
    TOLEDO           OH   43613          5            11/08/02         00
    1627022                              05           01/01/03          0
1


    1627022                              N            12/01/32
    0


    8532685          286/286             F          102,400.00         ZZ
                                         360        102,214.36          1
                                       6.500            647.24         80
                                       6.250            647.24
    PHOENIX          AZ   85023          5            01/09/03         00
    1940141                              05           03/01/03          0
    1940141                              O            02/01/33
    0


    8532689          286/286             F           46,500.00         ZZ
                                         360         46,103.88          2
                                       7.500            325.14         75
                                       7.250            325.14
    SCRANTON         PA   18510          1            10/25/02         00
    1515787                              05           12/01/02          0
    1515787                              N            11/01/32
    0


    8532699          286/286             F          207,774.00         ZZ
                                         360        207,423.88          1
                                       6.875          1,364.93         90
                                       6.625          1,364.93
    PHOENIX          AZ   85018          1            01/30/03         12
    2014972                              05           03/01/03         25
    2014972                              N            02/01/33
    0


    8532701          286/286             F           63,000.00         ZZ
                                         360         62,725.68          1
                                       6.750            408.62         90
                                       6.500            408.62
    SAN ANTONIO      TX   78229          1            10/30/02         19
    1707169                              05           12/01/02         25
    1707169                              N            11/01/32
    0


    8532705          286/286             F           66,600.00         ZZ
                                         360         66,488.66          1
                                       7.000            443.10         90
                                       6.750            443.10
    ORLANDO          FL   32808          1            01/24/03         14
    1950055                              05           03/01/03         25
    1950055                              N            02/01/33
    0


1


    8532709          286/286             F          165,900.00         ZZ
                                         360        165,620.44          1
                                       6.875          1,089.85         77
                                       6.625          1,089.85
    CORAL SPRINGS    FL   33065          1            01/07/03         00
    1705896                              05           03/01/03          0
    1705896                              O            02/01/33
    0


    8532717          286/286             F          488,000.00         ZZ
                                         360        487,115.27          1
                                       6.500          3,084.50         80
                                       6.250          3,084.50
    HUNTINGTON BEAC  CA   92648          1            01/10/03         00
    1893275                              05           03/01/03          0
    1893275                              O            02/01/33
    0


    8532719          286/286             F          176,000.00         ZZ
                                         360        175,703.42          1
                                       6.875          1,156.20         79
                                       6.625          1,156.20
    HOLLYWOOD        FL   33021          1            01/27/03         00
    1941501                              05           03/01/03          0
    1941501                              N            02/01/33
    0


    8532725          286/286             F           52,000.00         ZZ
                                         360         51,750.74          1
                                       6.250            320.17         80
                                       6.000            320.17
    SAN ANTONIO      TX   78245          1            10/14/02         00
    1700405                              05           12/01/02          0
    1700405                              N            11/01/32
    0


    8532729          286/286             F           96,500.00         ZZ
                                         360         96,325.05          1
                                       6.500            609.95         54
                                       6.250            609.95
    ALISO VIEJO      CA   92656          2            01/28/03         00
    1962923                              01           03/01/03          0
    1962923                              N            02/01/33
    0


    8532733          286/286             F           69,750.00         ZZ
                                         360         69,623.54          1
                                       6.500            440.87         75
                                       6.250            440.87
1


    PORT SAINT LUCI  FL   34983          5            01/28/03         00
    1945486                              05           03/01/03          0
    1945486                              N            02/01/33
    0


    8532741          286/286             F          200,000.00         ZZ
                                         360        199,270.87          1
                                       6.500          1,264.14         66
                                       6.250          1,264.14
    WASHINGTON       DC   22016          2            11/14/02         00
    1660575                              05           01/01/03          0
    1660575                              N            12/01/32
    0


    8532751          286/286             F          151,200.00         ZZ
                                         360        150,648.79          1
                                       6.500            955.69         80
                                       6.250            955.69
    PHOENIX          AZ   85020          1            11/11/02         00
    1708273                              05           01/01/03          0
    1708273                              N            12/01/32
    0


    8532763          286/286             F           72,000.00         ZZ
                                         360         71,863.00          1
                                       6.250            443.32         75
                                       6.000            443.32
    WINCHESTER       KY   40391          5            01/24/03         00
    1852856                              05           03/01/03          0
    1852856                              N            02/01/33
    0


    8532765          286/286             F           48,750.00         ZZ
                                         360         48,673.69          1
                                       7.250            332.57         73
                                       7.000            332.57
    ST LOUIS         MO   63135          5            01/16/03         00
    1929855                              05           03/01/03          0
    1929855                              N            02/01/33
    0


    8532767          286/286             F           28,820.00         ZZ
                                         360         28,775.99          1
                                       7.375            199.06         80
                                       7.125            199.06
    COUNTRY CLUB HI  MO   63136          1            01/17/03         00
    1950310                              05           03/01/03          0
    1950310                              N            02/01/33
    0
1




    8532773          286/286             F           57,600.00         ZZ
                                         360         57,414.11          1
                                       7.125            388.06         80
                                       6.875            388.06
    TEMPE            AZ   85283          1            11/18/02         00
    1758128                              01           01/01/03          0
    1758128                              N            12/01/32
    0


    8532775          286/286             F          234,000.00         ZZ
                                         360        233,543.97          1
                                       6.125          1,421.81         70
                                       5.875          1,421.81
    GARDEN GROVE     CA   92841          5            01/10/03         00
    1894421                              05           03/01/03          0
    1894421                              O            02/01/33
    0


    8532793          286/286             F           68,250.00         ZZ
                                         360         68,007.10          1
                                       6.625            437.02         75
                                       6.375            437.02
    LYNCHBURG        VA   24502          1            11/12/02         00
    1707834                              05           01/01/03          0
    1707834                              N            12/01/32
    0


    8532795          286/286             F          594,000.00         ZZ
                                         360        592,923.11          1
                                       6.500          3,754.49         46
                                       6.250          3,754.49
    FOUNTAIN HILLS   AZ   85268          2            01/13/03         00
    1883435                              05           03/01/03          0
    1883435                              O            02/01/33
    0


    8532797          286/286             F          156,500.00         ZZ
                                         360        156,216.27          1
                                       6.500            989.19         57
                                       6.250            989.19
    ALTANTA          GA   30312          2            02/04/03         00
    1896324                              05           03/01/03          0
    1896324                              N            02/01/33
    0


    8532799          286/286             F           41,250.00         ZZ
                                         360         40,955.43          1
1


                                       7.125            277.91         75
                                       6.875            277.91
    ESTANCIA         NM   87016          5            11/05/02         00
    1675487                              05           01/01/03          0
    1675487                              N            12/01/32
    0


    8532803          286/286             F          187,600.00         ZZ
                                         360        186,948.41          1
                                       6.750          1,216.78         80
                                       6.500          1,216.78
    HOUSTON          TX   77025          5            11/08/02         00
    1730166                              05           01/01/03          0
    1730166                              N            12/01/32
    0


    8532805          286/286             F           41,300.00         ZZ
                                         360         41,238.50          1
                                       7.500            288.78         70
                                       7.250            288.78
    DAYTON           OH   45406          5            01/17/03         00
    1866707                              05           03/01/03          0
    1866707                              N            02/01/33
    0


    8532807          286/286             F           45,000.00         ZZ
                                         360         44,813.10          1
                                       7.500            314.65         90
                                       7.250            314.65
    EAST VANDERGRIF  PA   15629          1            11/18/02         21
    1734431                              05           01/01/03         25
    1734431                              N            12/01/32
    0


    8532811          286/286             F          150,800.00         ZZ
                                         360        150,670.16          1
                                       6.750            978.09         80
                                       6.500            978.09
    TUCSON           AZ   85747          2            02/13/03         00
    1991205                              05           04/01/03          0
    1991205                              N            03/01/33
    0


    8532825          286/286             F          159,950.00         ZZ
                                         360        159,652.92          1
                                       6.375            997.88         80
                                       6.125            997.88
    ORLANDO          FL   32832          1            01/03/03         00
    1901354                              05           03/01/03          0
1


    1901354                              N            02/01/33
    0


    8532829          286/286             F           50,400.00         ZZ
                                         360         50,351.01          1
                                       6.125            306.24         80
                                       5.875            306.24
    LAKEVIEW         OH   43331          1            02/11/03         00
    1444593                              05           04/01/03          0
    1444593                              N            03/01/33
    0


    8532833          286/286             F          189,000.00         ZZ
                                         360        188,472.03          1
                                       6.375          1,179.12         58
                                       6.125          1,179.12
    MIDDLEVILLE      MI   49333          5            12/18/02         00
    1893068                              05           02/01/03          0
    1893068                              O            01/01/33
    0


    8532837          286/286             F           68,750.00         ZZ
                                         360         68,511.19          1
                                       6.750            445.92         33
                                       6.500            445.92
    GAITHERSBURG     MD   20878          2            11/22/02         00
    1644045                              05           01/01/03          0
    1644045                              N            12/01/32
    0


    8532841          286/286             F          140,000.00         ZZ
                                         360        139,739.97          1
                                       6.375            873.42         57
                                       6.125            873.42
    PLYMOUTH         MA   02360          5            01/27/03         00
    1933657                              05           03/01/03          0
    1933657                              N            02/01/33
    0


    8532843          286/286             F          155,250.00         ZZ
                                         360        154,710.79          1
                                       6.750          1,006.95         48
                                       6.500          1,006.95
    SILVER SPRING    MD   20906          2            11/22/02         00
    1644049                              05           01/01/03          0
    1644049                              N            12/01/32
    0


1


    8532845          286/286             F          160,000.00         ZZ
                                         360        159,716.88          1
                                       6.625          1,024.50         77
                                       6.375          1,024.50
    LEMON GROVE      CA   91945          2            01/23/03         00
    1943376                              05           03/01/03          0
    1943376                              O            02/01/33
    0


    8532855          286/286             F          330,000.00         ZZ
                                         360        329,401.72          1
                                       6.500          2,085.83         76
                                       6.250          2,085.83
    CRANBERRY TWP    PA   16066          2            01/15/03         00
    1849258                              05           03/01/03          0
    1849258                              O            02/01/33
    0


    8532863          286/286             F          106,000.00         ZZ
                                         360        105,788.41          1
                                       6.000            635.53         52
                                       5.750            635.53
    GLOUCESTER       MA   01930          1            01/30/03         00
    1905149                              01           03/01/03          0
    1905149                              O            02/01/33
    0


    8532869          286/286             F          480,000.00         ZZ
                                         360        479,044.13          3
                                       6.375          2,994.58         60
                                       6.125          2,994.58
    BEACH HAVEN      NJ   08008          5            01/22/03         00
    1095865                              05           03/01/03          0
    1095865                              N            02/01/33
    0


    8532871          286/286             F          118,800.00         ZZ
                                         360        118,579.35          1
                                       6.375            741.16         80
                                       6.125            741.16
    PLAINFIELD       IL   60544          1            01/24/03         00
    1590286                              01           03/01/03          0
    1590286                              O            02/01/33
    0


    8532873          286/286             F           71,600.00         ZZ
                                         360         71,357.28          1
                                       6.875            470.37         90
                                       6.625            470.37
1


    SAVANNAH         GA   31404          1            11/08/02         11
    1703615                              05           01/01/03         25
    1703615                              N            12/01/32
    0


    8532875          286/286             F          278,000.00         ZZ
                                         360        277,496.00          2
                                       6.500          1,757.15         69
                                       6.250          1,757.15
    WOBURN           MA   01801          5            01/27/03         00
    1443985                              05           03/01/03          0
    1443985                              O            02/01/33
    0


    8532877          286/286             F           40,000.00         ZZ
                                         360         39,885.10          1
                                       6.625            256.13         67
                                       6.375            256.13
    CLEARWATER       FL   33756          1            01/15/03         00
    1933324                              01           03/01/03          0
    1933324                              N            02/01/33
    0


    8532879          286/286             F          160,000.00         ZZ
                                         360        159,609.39          1
                                       6.500          1,011.31         34
                                       6.250          1,011.31
    DEL MAR          CA   92014          2            01/20/03         00
    1932962                              01           03/01/03          0
    1932962                              N            02/01/33
    0


    8532887          286/286             F           61,800.00         ZZ
                                         360         61,563.57          1
                                       6.250            380.52         78
                                       6.000            380.52
    WARREN           IN   46792          2            11/14/02         00
    1676752                              05           01/01/03          0
    1676752                              N            12/01/32
    0


    8532889          286/286             F          119,700.00         ZZ
                                         360        119,517.28          4
                                       7.375            826.74         90
                                       7.125            826.74
    GREEN RIVER      WY   82935          1            01/16/03         14
    1899423                              05           03/01/03         25
    1899423                              N            02/01/33
    0
1




    8532891          286/286             F          119,700.00         ZZ
                                         360        119,517.28          4
                                       7.375            826.74         90
                                       7.125            826.74
    GREEN RIVER      WY   82935          1            01/16/03         11
    1899436                              05           03/01/03         25
    1899436                              N            02/01/33
    0


    8532895          286/286             F           75,200.00         ZZ
                                         360         74,951.27          1
                                       7.000            500.31         80
                                       6.750            500.31
    OGDEN            IL   61859          2            11/20/02         00
    1659291                              05           01/01/03          0
    1659291                              N            12/01/32
    0


    8532899          286/286             F           73,000.00         ZZ
                                         360         72,870.83          1
                                       6.625            467.43         42
                                       6.375            467.43
    CHESHIRE         CT   06410          2            01/24/03         00
    1859515                              05           03/01/03          0
    1859515                              N            02/01/33
    0


    8532901          286/286             F          119,120.00         ZZ
                                         360        118,716.22          1
                                       6.875            782.54         80
                                       6.625            782.54
    WARREN           MI   48088          1            11/12/02         00
    1750225                              05           01/01/03          0
    1750225                              O            12/01/32
    0


    8532903          286/286             F           60,700.00         ZZ
                                         360         60,592.59          1
                                       6.625            388.67         52
                                       6.375            388.67
    WATERBURY        CT   06706          2            01/24/03         00
    1859516                              05           03/01/03          0
    1859516                              N            02/01/33
    0


    8532905          286/286             F          245,000.00         ZZ
                                         360        244,555.82          1
1


                                       6.500          1,548.57         52
                                       6.250          1,548.57
    MCLEAN           VA   22101          5            01/13/03         00
    1895884                              05           03/01/03          0
    1895884                              O            02/01/33
    0


    8532907          286/286             F           47,800.00         ZZ
                                         360         47,715.42          1
                                       6.625            306.07         44
                                       6.375            306.07
    WATERBURY        CT   06704          2            01/24/03         00
    1859517                              05           03/01/03          0
    1859517                              N            02/01/33
    0


    8532909          286/286             F           74,550.00         ZZ
                                         360         74,424.36          1
                                       6.875            489.75         70
                                       6.625            489.75
    LOVES PARK       IL   61111          2            01/20/03         00
    1893115                              01           03/01/03          0
    1893115                              N            02/01/33
    0


    8532911          286/286             F           44,500.00         ZZ
                                         360         44,421.26          1
                                       6.625            284.94         41
                                       6.375            284.94
    WATERBURY        CT   06702          2            01/24/03         00
    1859518                              05           03/01/03          0
    1859518                              N            02/01/33
    0


    8532913          286/286             F           85,000.00         ZZ
                                         360         84,842.12          1
                                       6.375            530.29         75
                                       6.125            530.29
    ROCKFORD         IL   61107          2            01/17/03         00
    1893149                              05           03/01/03          0
    1893149                              O            02/01/33
    0


    8532915          286/286             F           44,000.00         ZZ
                                         360         43,922.14          1
                                       6.625            281.74         55
                                       6.375            281.74
    WATERBURY        CT   06708          2            01/24/03         00
    1859519                              05           03/01/03          0
1


    1859519                              N            02/01/33
    0


    8532921          286/286             F           63,750.00         ZZ
                                         360         63,637.19          1
                                       6.625            408.20         56
                                       6.375            408.20
    WATERBURY        CT   06708          5            01/24/03         00
    1862934                              05           03/01/03          0
    1862934                              N            02/01/33
    0


    8532923          286/286             F           75,000.00         ZZ
                                         360         74,757.95          2
                                       7.125            505.29         75
                                       6.875            505.29
    SPRINGFIELD      MA   01108          2            11/20/02         00
    1727206                              05           01/01/03          0
    1727206                              N            12/01/32
    0


    8532941          286/286             F           80,100.00         ZZ
                                         360         79,954.78          1
                                       6.500            506.29         90
                                       6.250            506.29
    JOLIET           IL   60436          1            01/22/03         12
    1879383                              05           03/01/03         25
    1879383                              N            02/01/33
    0


    8532945          286/286             F          105,200.00         ZZ
                                         360        105,009.27          1
                                       6.500            664.94         90
                                       6.250            664.94
    JOLIET           IL   60436          1            01/29/03         10
    1879413                              05           03/01/03         25
    1879413                              N            02/01/33
    0


    8532947          286/286             F           68,350.00         ZZ
                                         360         68,094.72          1
                                       6.375            426.42         78
                                       6.125            426.42
    CORPUS CHRISTI   TX   78404          2            11/06/02         00
    1686890                              05           01/01/03          0
    1686890                              N            12/01/32
    0


1


    8532949          286/286             F          126,000.00         ZZ
                                         360        125,777.03          1
                                       6.625            806.80         90
                                       6.375            806.80
    SEQUIM           WA   98382          5            01/25/03         12
    1948713                              05           03/01/03         25
    1948713                              O            02/01/33
    0


    8532951          286/286             F          160,000.00         ZZ
                                         360        159,525.56          1
                                       6.250            985.15         80
                                       6.000            985.15
    BRIDGEPORT       CA   93517          1            01/31/03         00
    1941107                              05           03/01/03          0
    1941107                              N            02/01/33
    0


    8532953          286/286             F          160,000.00         ZZ
                                         360        159,761.76          1
                                       7.500          1,118.75         89
                                       7.250          1,118.75
    JOLIET           IL   60431          5            12/31/02         11
    1872108                              05           03/01/03         25
    1872108                              O            02/01/33
    0


    8532959          286/286             F           85,000.00         ZZ
                                         360         84,845.90          1
                                       6.500            537.26         53
                                       6.250            537.26
    CLINTON TOWNSHI  MI   48038          5            01/03/03         00
    1591345                              05           03/01/03          0
    1591345                              O            02/01/33
    0


    8532961          286/286             F           55,500.00         ZZ
                                         360         55,221.56          1
                                       6.875            364.60         90
                                       6.625            364.60
    CANYON LAKE      TX   78133          1            11/04/02         10
    1736456                              05           12/01/02         25
    1736456                              N            11/01/32
    0


    8532963          286/286             F          525,000.00         ZZ
                                         360        524,489.73          1
                                       6.125          3,189.96         60
                                       5.875          3,189.96
1


    WILTON           CT   06897          2            02/04/03         00
    1917622                              05           04/01/03          0
    1917622                              O            03/01/33
    0


    8532969          286/286             F           90,900.00         ZZ
                                         360         90,764.65          1
                                       7.500            635.59         90
                                       7.250            635.59
    GLENDALE         AZ   85303          1            01/14/03         12
    1941519                              05           03/01/03         25
    1941519                              N            02/01/33
    0


    8532971          286/286             F           89,100.00         ZZ
                                         360         88,967.32          1
                                       7.500            623.01         90
                                       7.250            623.01
    SURPRISE         AZ   85379          1            01/23/03         12
    1941590                              05           03/01/03         25
    1941590                              N            02/01/33
    0


    8532973          286/286             F          163,200.00         ZZ
                                         360        162,371.23          1
                                       6.875          1,072.11         80
                                       6.625          1,072.11
    GAITHERSBURG     MD   20878          1            12/13/02         00
    1824518                              05           02/01/03          0
    1824518                              N            01/01/33
    0


    8532981          286/286             F          136,750.00         ZZ
                                         360        136,386.03          1
                                       6.625            875.63         80
                                       6.375            875.63
    PHOENIX          AZ   85085          1            12/02/02         00
    1788757                              05           02/01/03          0
    1788757                              O            01/01/33
    0


    8532983          286/286             F           76,000.00         ZZ
                                         360         75,722.90          1
                                       6.500            480.38         86
                                       6.250            480.38
    TRENTON          NJ   08609          2            11/13/02         10
    1717451                              05           01/01/03         25
    1717451                              N            12/01/32
    0
1




    8532993          286/286             F           49,600.00         ZZ
                                         360         49,561.31          1
                                       7.250            338.36         80
                                       7.000            338.36
    KANSAS CITY      MO   64124          5            02/10/03         00
    2010556                              05           04/01/03          0
    2010556                              N            03/01/33
    0


    8532997          286/286             F           62,400.00         ZZ
                                         360         62,351.32          1
                                       7.250            425.68         80
                                       7.000            425.68
    SHAWNEE MISSION  MO   66216          5            02/10/03         00
    2011000                              05           04/01/03          0
    2011000                              N            03/01/33
    0


    8533001          286/286             F           56,000.00         ZZ
                                         360         55,956.31          1
                                       7.250            382.02         80
                                       7.000            382.02
    KANSAS CITY      MO   64124          5            02/10/03         00
    2011597                              05           04/01/03          0
    2011597                              N            03/01/33
    0


    8533003          286/286             F          168,000.00         ZZ
                                         360        167,680.35          4
                                       6.250          1,034.41         70
                                       6.000          1,034.41
    CINCINNATI       OH   45212          5            01/14/03         00
    1808376                              05           03/01/03          0
    1808376                              N            02/01/33
    0


    8533007          286/286             F           37,300.00         ZZ
                                         360         37,269.42          1
                                       7.000            248.16         74
                                       6.750            248.16
    INDIANAPOLIS     IN   46218          5            02/11/03         00
    1886996                              05           04/01/03          0
    1886996                              N            03/01/33
    0


    8533015          286/286             F           65,600.00         ZZ
                                         360         65,489.45          2
1


                                       6.875            430.95         80
                                       6.625            430.95
    BALTIMORE        MD   21234          1            01/03/03         00
    1695793                              05           03/01/03          0
    1695793                              N            02/01/33
    0


    8533019          286/286             F          118,800.00         ZZ
                                         360        118,573.95          1
                                       6.250            731.48         80
                                       6.000            731.48
    PRAIRIE VILLAGE  KS   66208          1            01/30/03         00
    1946600                              05           03/01/03          0
    1946600                              O            02/01/33
    0


    8533021          286/286             F           64,800.00         ZZ
                                         360         64,696.05          1
                                       7.125            436.57         90
                                       6.875            436.57
    BLOOMINGTON      IL   61701          1            01/09/03         10
    1869906                              05           03/01/03         25
    1869906                              N            02/01/33
    0


    8533025          286/286             F           56,500.00         ZZ
                                         360         56,289.00          1
                                       6.375            352.49         69
                                       6.125            352.49
    LA PORTE         IN   46350          2            11/21/02         00
    1647744                              05           01/01/03          0
    1647744                              N            12/01/32
    0


    8533027          286/286             F          160,000.00         ZZ
                                         360        159,688.18          1
                                       6.125            972.18         69
                                       5.875            972.18
    MIAMI            FL   33186          5            01/08/03         00
    1854480                              05           03/01/03          0
    1854480                              O            02/01/33
    0


    8533029          286/286             F           44,080.00         ZZ
                                         360         43,944.59          1
                                       7.375            304.45         80
                                       7.125            304.45
    BALTIMORE        MD   21205          2            11/08/02         00
    1542049                              09           01/01/03          0
1


    1542049                              N            12/01/32
    0


    8533033          286/286             F           52,000.00         ZZ
                                         360         51,525.27          1
                                       7.000            345.96         73
                                       6.750            345.96
    WINTER SPRINGS   FL   32708          1            11/12/02         00
    1562073                              01           01/01/03          0
    1562073                              N            12/01/32
    0


    8533039          286/286             F          129,900.00         ZZ
                                         360        129,675.69          2
                                       6.750            842.53         57
                                       6.500            842.53
    SOUTH PORTLAND   ME   04106          2            01/23/03         00
    1925478                              05           03/01/03          0
    1925478                              N            02/01/33
    0


    8533047          286/286             F          131,900.00         ZZ
                                         360        131,403.34          1
                                       6.625            844.57         80
                                       6.375            844.57
    ROCKWALL         TX   75087          1            12/16/02         00
    1892050                              05           02/01/03          0
    1892050                              O            01/01/33
    0


    8533049          286/286             F           43,200.00         ZZ
                                         360         43,128.95          1
                                       7.000            287.42         90
                                       6.750            287.42
    LAKE WORTH       TX   76135          1            01/22/03         10
    1938969                              05           03/01/03         30
    1938969                              N            02/01/33
    0


    8533051          286/286             F          156,000.00         ZZ
                                         360        155,743.49          1
                                       7.000          1,037.88         75
                                       6.750          1,037.88
    HAVERTOWN        PA   19083          5            01/17/03         00
    1045713                              05           03/01/03          0
    1045713                              N            02/01/33
    0


1


    8533053          286/286             F           74,800.00         ZZ
                                         360         74,657.67          1
                                       6.250            460.56         80
                                       6.000            460.56
    HOMOSASSA        FL   34446          1            01/31/03         00
    1971114                              05           03/01/03          0
    1971114                              N            02/01/33
    0


    8533057          286/286             F           69,750.00         ZZ
                                         360         69,472.57          1
                                       6.875            458.21         75
                                       6.625            458.21
    PANAMA CITY BEA  FL   32408          5            12/30/02         00
    1850828                              05           02/01/03          0
    1850828                              N            01/01/33
    0


    8533063          286/286             F           70,200.00         ZZ
                                         360         70,069.61          1
                                       6.375            437.96         90
                                       6.125            437.96
    FT LAUDERDALE    FL   33319          1            01/10/03         10
    1892942                              01           03/01/03         25
    1892942                              O            02/01/33
    0


    8533065          286/286             F           76,000.00         ZZ
                                         360         75,858.83          1
                                       6.375            474.15         64
                                       6.125            474.15
    ALBUQUERQUE      NM   87114          5            01/13/03         00
    1892798                              05           03/01/03          0
    1892798                              N            02/01/33
    0


    8533071          286/286             F           69,300.00         ZZ
                                         360         69,092.32          2
                                       7.500            484.56         90
                                       7.250            484.56
    DAYTON           OH   45410          2            11/15/02         12
    1545076                              05           01/01/03         25
    1545076                              N            12/01/32
    0


    8533077          286/286             F           59,500.00         ZZ
                                         360         59,266.90          1
                                       6.125            361.53         70
                                       5.875            361.53
1


    CYGNET           OH   43413          5            11/13/02         00
    1635837                              05           01/01/03          0
    1635837                              N            12/01/32
    0


    8533079          286/286             F          200,000.00         ZZ
                                         360        199,454.63          1
                                       6.500          1,264.14         89
                                       6.250          1,264.14
    THORNTON         CO   80241          1            12/27/02         10
    1918054                              05           02/01/03         25
    1918054                              O            01/01/33
    0


    8533083          286/286             F           96,750.00         ZZ
                                         360         96,429.95          1
                                       7.000            643.69         75
                                       6.750            643.69
    HAZEL PARK       MI   48030          5            11/27/02         00
    1728381                              05           01/01/03          0
    1728381                              N            12/01/32
    0


    8533091          286/286             F          152,000.00         ZZ
                                         360        151,710.81          1
                                       6.250            935.89         80
                                       6.000            935.89
    PHOENIX          AZ   85087          5            01/21/03         00
    1923702                              05           03/01/03          0
    1923702                              O            02/01/33
    0


    8533095          286/286             F          183,600.00         ZZ
                                         360        183,312.67          3
                                       7.250          1,252.48         80
                                       7.000          1,252.48
    MANCHESTER       NH   03102          5            01/10/03         00
    1853052                              05           03/01/03          0
    1853052                              O            02/01/33
    0


    8533097          286/286             F          112,000.00         ZZ
                                         360        111,815.85          1
                                       7.000            745.14         80
                                       6.750            745.14
    TUCSON           AZ   85715          5            01/23/03         00
    1981431                              05           03/01/03          0
    1981431                              N            02/01/33
    0
1




    8533099          286/286             F           49,250.00         ZZ
                                         360         49,167.00          1
                                       6.875            323.54         80
                                       6.625            323.54
    PEMBROKE PARK    FL   33023          1            01/22/03         00
    1864022                              01           03/01/03          0
    1864022                              O            02/01/33
    0


    8533103          286/286             F          247,800.00         ZZ
                                         360        247,350.75          1
                                       6.500          1,566.27         80
                                       6.250          1,566.27
    OLNEY            MD   20832          5            01/15/03         00
    1864495                              05           03/01/03          0
    1864495                              O            02/01/33
    0


    8533107          286/286             F           72,000.00         ZZ
                                         360         71,701.44          1
                                       7.000            479.02         90
                                       6.750            479.02
    LA PORTE         TX   77571          1            10/31/02         04
    1628155                              05           12/01/02         25
    1628155                              N            11/01/32
    0


    8533109          286/286             F           96,800.00         ZZ
                                         360         96,632.83          1
                                       6.750            627.85         80
                                       6.500            627.85
    CARROLLTON       TX   75007          1            01/24/03         00
    1936281                              05           03/01/03          0
    1936281                              O            02/01/33
    0


    8533111          286/286             F           68,400.00         ZZ
                                         360         67,980.50          1
                                       7.000            455.07         90
                                       6.750            455.07
    PASADENA         TX   77503          1            10/31/02         04
    1628161                              05           12/01/02         25
    1628161                              N            11/01/32
    0


    8533115          286/286             F           75,600.00         ZZ
                                         360         74,960.79          1
1


                                       7.000            502.97         90
                                       6.750            502.97
    PASADENA         TX   77502          1            10/31/02         04
    1628169                              05           12/01/02         25
    1628169                              N            11/01/32
    0


    8533117          286/286             F          300,000.00         ZZ
                                         360        299,481.95          2
                                       6.750          1,945.80         78
                                       6.500          1,945.80
    DORCHESTER       MA   02125          5            01/21/03         00
    1922480                              05           03/01/03          0
    1922480                              N            02/01/33
    0


    8533119          286/286             F           75,600.00         ZZ
                                         360         75,228.47          1
                                       7.000            502.97         90
                                       6.750            502.97
    PASADENA         TX   77503          1            10/31/02         04
    1628175                              05           12/01/02         25
    1628175                              N            11/01/32
    0


    8533125          286/286             F          409,000.00         ZZ
                                         360        408,221.82          1
                                       6.250          2,518.29         71
                                       6.000          2,518.29
    SAN RAMON        CA   94583          2            01/22/03         00
    1932112                              05           03/01/03          0
    1932112                              O            02/01/33
    0


    8533149          286/286             F          295,000.00         ZZ
                                         360        294,502.88          3
                                       6.875          1,937.95         54
                                       6.625          1,937.95
    HUNTINGTON BEAC  CA   92648          5            01/13/03         00
    1885900                              05           03/01/03          0
    1885900                              N            02/01/33
    0


    8533153          286/286             F          232,000.00         ZZ
                                         360        231,599.38          1
                                       6.750          1,504.75         80
                                       6.500          1,504.75
    RANCHO CUCAMONG  CA   91737          1            01/13/03         00
    1888162                              05           03/01/03          0
1


    1888162                              N            02/01/33
    0


    8533159          286/286             F          190,000.00         ZZ
                                         360        189,371.53          1
                                       7.000          1,264.08         77
                                       6.750          1,264.08
    DECATUR          GA   30030          2            11/06/02         00
    1668273                              01           01/01/03          0
    1668273                              N            12/01/32
    0


    8533161          286/286             F          152,000.00         ZZ
                                         360        151,731.04          1
                                       6.625            973.28         95
                                       6.375            973.28
    WARREN           MI   48088          5            01/07/03         11
    1894624                              05           03/01/03         30
    1894624                              O            02/01/33
    0


    8533181          286/286             F           73,000.00         ZZ
                                         360         72,934.01          1
                                       6.500            461.41         34
                                       6.250            461.41
    ARVADA           CO   80003          2            02/06/03         00
    1872829                              05           04/01/03          0
    1872829                              N            03/01/33
    0


    8533189          A21/G02             F          268,000.00         ZZ
                                         360        267,774.85          2
                                       6.875          1,760.57         80
                                       6.625          1,760.57
    LODI             NJ   07644          5            02/13/03         00
    0435544226                           05           04/01/03          0
    7770000521                           O            03/01/33
    0


    8533195          286/286             F           85,000.00         ZZ
                                         360         84,838.28          1
                                       6.250            523.36         52
                                       6.000            523.36
    WARWICK          RI   02818          5            01/22/03         00
    1937979                              01           03/01/03          0
    1937979                              O            02/01/33
    0


1


    8533197          286/286             F           36,000.00         ZZ
                                         360         35,835.48          1
                                       6.500            227.55         75
                                       6.250            227.55
    INDIANAPOLIS     IN   46201          5            10/31/02         00
    1614044                              05           12/01/02          0
    1614044                              N            11/01/32
    0


    8533199          286/286             F          150,300.00         ZZ
                                         360        149,999.99          2
                                       6.000            901.13         90
                                       5.750            901.13
    NEW HAVEN        CT   06512          1            01/24/03         12
    1923442                              05           03/01/03         25
    1923442                              N            02/01/33
    0


    8533203          286/286             F          198,900.00         ZZ
                                         360        198,539.42          3
                                       6.500          1,257.18         65
                                       6.250          1,257.18
    MINNEAPOLIS      MN   55407          2            01/31/03         00
    1959272                              05           03/01/03          0
    1959272                              N            02/01/33
    0


    8533219          286/286             F           67,185.00         ZZ
                                         360         67,060.21          2
                                       6.375            419.15         90
                                       6.125            419.15
    CORAOPOLIS       PA   15108          1            01/28/03         04
    1919793                              05           03/01/03         25
    1919793                              N            02/01/33
    0


    8533221          286/286             F          457,600.00         ZZ
                                         360        456,809.80          1
                                       6.750          2,967.99         80
                                       6.500          2,967.99
    GLORIETA         NM   87535          1            01/14/03         00
    1884296                              05           03/01/03          0
    1884296                              O            02/01/33
    0


    8533225          286/286             F          144,900.00         ZZ
                                         360        144,661.75          4
                                       7.000            964.03         70
                                       6.750            964.03
1


    RIALTO           CA   92736          5            01/06/03         00
    1887972                              05           03/01/03          0
    1887972                              N            02/01/33
    0


    8533239          286/286             F          320,800.00         ZZ
                                         360        320,537.03          1
                                       7.000          2,134.30         80
                                       6.750          2,134.30
    WHITE HALL       MD   21161          1            02/11/03         00
    1950001                              05           04/01/03          0
    1950001                              N            03/01/33
    0


    8533241          286/286             F           70,400.00         ZZ
                                         360         70,137.08          1
                                       6.375            439.21         80
                                       6.125            439.21
    HARRISON         TN   37341          2            11/08/02         00
    1624841                              05           01/01/03          0
    1624841                              N            12/01/32
    0


    8533243          286/286             F           84,150.00         ZZ
                                         360         83,909.21          1
                                       6.250            518.13         80
                                       6.000            518.13
    NORCROSS         GA   30093          1            12/30/02         00
    1923118                              03           02/01/03          0
    1923118                              N            01/01/33
    0


    8533245          286/286             F          421,450.00         ZZ
                                         360        420,608.78          1
                                       6.000          2,526.81         58
                                       5.750          2,526.81
    PORTLAND         OR   97212          5            01/21/03         00
    1950288                              05           03/01/03          0
    1950288                              O            02/01/33
    0


    8533249          286/286             F           61,600.00         ZZ
                                         360         61,318.51          1
                                       6.500            389.36         80
                                       6.250            389.36
    SALEM            VA   24153          1            10/30/02         00
    1702190                              05           12/01/02          0
    1702190                              N            11/01/32
    0
1




    8533251          286/286             F          123,800.00         ZZ
                                         360        123,337.69          1
                                       6.375            772.35         80
                                       6.125            772.35
    PHOENIX          AZ   85032          1            11/20/02         00
    1803394                              05           01/01/03          0
    1803394                              O            12/01/32
    0


    8533253          286/286             F          424,660.00         ZZ
                                         360        423,944.41          1
                                       6.875          2,789.72         67
                                       6.625          2,789.72
    FREDERICK        MD   21703          5            01/21/03         00
    1865833                              05           03/01/03          0
    1865833                              O            02/01/33
    0


    8533257          286/286             F          118,700.00         ZZ
                                         360        118,495.02          1
                                       6.750            769.89         90
                                       6.500            769.89
    N. LAS VEGAS     NV   89030          1            01/17/03         21
    1920646                              05           03/01/03         25
    1920646                              N            02/01/33
    0


    8533259          286/286             F           56,700.00         ZZ
                                         360         56,428.14          1
                                       6.250            349.12         90
                                       6.000            349.12
    SALEM            VA   24153          1            10/30/02         12
    1685536                              05           12/01/02         25
    1685536                              N            11/01/32
    0


    8533263          286/286             F           40,000.00         ZZ
                                         360         39,896.10          1
                                       6.750            259.44         67
                                       6.500            259.44
    TWP OF GLOUCEST  NJ   08081          5            12/06/02         00
    1875050                              05           02/01/03          0
    1875050                              N            01/01/33
    0


    8533265          286/286             F          280,000.00         ZZ
                                         360        279,721.25          1
1


                                       6.000          1,678.75         70
                                       5.750          1,678.75
    JUPITER          FL   33458          5            02/03/03         00
    1936330                              05           04/01/03          0
    1936330                              N            03/01/33
    0


    8533271          286/286             F          187,200.00         ZZ
                                         360        186,852.30          1
                                       6.375          1,167.89         80
                                       6.125          1,167.89
    NORFOLK          VA   23504          2            01/31/03         00
    1882734                              05           03/01/03          0
    1882734                              N            02/01/33
    0


    8533277          286/286             F          322,700.00         ZZ
                                         360        322,128.99          1
                                       6.625          2,066.29         76
                                       6.375          2,066.29
    BURKE            VA   22015          5            01/31/03         00
    1925246                              05           03/01/03          0
    1925246                              N            02/01/33
    0


    8533279          286/286             F           56,475.00         ZZ
                                         360         56,425.17          1
                                       6.625            361.62         90
                                       6.375            361.62
    VIRGINIA BEACH   VA   23464          1            02/04/03         11
    1934216                              05           04/01/03         25
    1934216                              N            03/01/33
    0


    8533285          286/286             F          197,600.00         ZZ
                                         360        197,232.99          1
                                       6.375          1,232.77         80
                                       6.125          1,232.77
    TOMS RIVER       NJ   08757          5            12/27/02         00
    1846265                              05           03/01/03          0
    1846265                              O            02/01/33
    0


    8533289          286/286             F           29,600.00         ZZ
                                         360         29,526.79          1
                                       7.000            196.93         44
                                       6.750            196.93
    JACKSONVILLE     FL   32244          1            12/31/02         00
    1911732                              05           02/01/03          0
1


    1911732                              N            01/01/33
    0


    8533297          286/286             F          234,000.00         ZZ
                                         360        233,575.77          1
                                       6.500          1,479.04         80
                                       6.250          1,479.04
    MONTEREY PARK    CA   91755          1            01/09/03         00
    1941063                              05           03/01/03          0
    1941063                              N            02/01/33
    0


    8533307          286/286             F          267,000.00         ZZ
                                         360        266,271.96          1
                                       6.500          1,687.62         79
                                       6.250          1,687.62
    FENNVILLE        MI   49408          5            12/03/02         00
    1862289                              05           02/01/03          0
    1862289                              O            01/01/33
    0


    8533309          286/286             F          250,000.00         ZZ
                                         360        249,557.64          4
                                       6.625          1,600.78         56
                                       6.375          1,600.78
    OCEANO           CA   93445          5            01/08/03         00
    1853244                              05           03/01/03          0
    1853244                              N            02/01/33
    0


    8533311          286/286             F          118,350.00         ZZ
                                         360        118,150.57          4
                                       6.875            777.48         90
                                       6.625            777.48
    GREENFIELD       MA   01301          1            01/16/03         11
    1666044                              05           03/01/03         25
    1666044                              N            02/01/33
    0


    8533321          286/286             F          180,000.00         ZZ
                                         360        177,311.10          1
                                       6.500          1,137.73         75
                                       6.250          1,137.73
    EDEN PRAIRIE     MN   55346          2            11/08/02         00
    1757089                              05           01/01/03          0
    1757089                              N            12/01/32
    0


1


    8533327          286/286             F          136,400.00         ZZ
                                         360        136,175.72          1
                                       7.000            907.48         67
                                       6.750            907.48
    TAMPA            FL   33615          1            01/15/03         00
    1924366                              05           03/01/03          0
    1924366                              N            02/01/33
    0


    8533335          286/286             F           37,000.00         ZZ
                                         360         36,660.00          1
                                       6.875            243.07         57
                                       6.625            243.07
    PHOENIX          AZ   85021          2            10/30/02         00
    1668241                              05           12/01/02          0
    1668241                              N            11/01/32
    0


    8533337          286/286             F          162,000.00         ZZ
                                         360        161,746.48          1
                                       7.250          1,105.13         92
                                       7.000          1,105.13
    FENTON           MI   48430          1            01/31/03         12
    1894596                              05           03/01/03         35
    1894596                              N            02/01/33
    0


    8533339          286/286             F          200,000.00         ZZ
                                         360        199,629.54          1
                                       6.375          1,247.74         80
                                       6.125          1,247.74
    HIGHLANDS RANCH  CO   80129          5            01/16/03         00
    1919746                              05           03/01/03          0
    1919746                              O            02/01/33
    0


    8533355          286/286             F           84,800.00         ZZ
                                         360         84,646.25          1
                                       6.500            536.00         78
                                       6.250            536.00
    JUPITER          FL   33458          5            01/10/03         00
    1839408                              03           03/01/03          0
    1839408                              O            02/01/33
    0


    8533359          286/286             F           53,550.00         ZZ
                                         360         53,368.48          1
                                       6.875            351.79         90
                                       6.625            351.79
1


    ORMOND BEACH     FL   32174          1            11/14/02         12
    1635309                              05           01/01/03         25
    1635309                              N            12/01/32
    0


    8533361          286/286             F          273,600.00         ZZ
                                         360        273,138.96          1
                                       6.875          1,797.36         72
                                       6.625          1,797.36
    LAKE FOREST      CA   92630          5            01/13/03         00
    1935935                              05           03/01/03          0
    1935935                              O            02/01/33
    0


    8533371          286/286             F          176,250.00         ZZ
                                         360        175,914.65          1
                                       6.250          1,085.21         75
                                       6.000          1,085.21
    WOODBURN         IN   46797          5            01/27/03         00
    1929262                              05           03/01/03          0
    1929262                              O            02/01/33
    0


    8533383          286/286             F           60,500.00         ZZ
                                         360         60,039.87          1
                                       6.250            372.51         68
                                       6.000            372.51
    BALL GROUND      GA   30107          2            11/25/02         00
    1761179                              05           01/01/03          0
    1761179                              N            12/01/32
    0


    8533385          286/286             F           48,750.00         ZZ
                                         360         48,600.22          1
                                       7.375            336.71         75
                                       7.125            336.71
    DETROIT          MI   48203          5            11/14/02         00
    1705080                              05           01/01/03          0
    1705080                              N            12/01/32
    0


    8533387          286/286             F          157,500.00         ZZ
                                         360        156,966.13          1
                                       6.875          1,034.67         90
                                       6.625          1,034.67
    WOODSTOCK        GA   30188          2            11/06/02         12
    1628219                              05           01/01/03         25
    1628219                              N            12/01/32
    0
1




    8533393          286/286             F          124,000.00         ZZ
                                         360        123,893.23          1
                                       6.750            804.27         80
                                       6.500            804.27
    LAS VEGAS        NV   89134          1            02/03/03         00
    1692509                              01           04/01/03          0
    1692509                              N            03/01/33
    0


    8533395          286/286             F          132,000.00         ZZ
                                         360        131,742.75          1
                                       6.125            802.05         80
                                       5.875            802.05
    RIVERSIDE        CA   92504          5            01/17/03         00
    1905288                              05           03/01/03          0
    1905288                              O            02/01/33
    0


    8533401          286/286             F           56,000.00         ZZ
                                         360         55,785.76          1
                                       6.250            344.81         43
                                       6.000            344.81
    SCOTTSDALE       AZ   85257          2            11/19/02         00
    1708180                              05           01/01/03          0
    1708180                              N            12/01/32
    0


    8533403          286/286             F           66,500.00         ZZ
                                         360         66,387.94          1
                                       6.875            436.86         46
                                       6.625            436.86
    TEMPE            AZ   85283          5            01/15/03         00
    1923700                              05           03/01/03          0
    1923700                              N            02/01/33
    0


    8533427          286/286             F          219,000.00         ZZ
                                         360        218,573.20          3
                                       6.125          1,330.67         75
                                       5.875          1,330.67
    HUNTINGTON PARK  CA   90255          5            01/08/03         00
    1905279                              05           03/01/03          0
    1905279                              O            02/01/33
    0


    8533429          286/286             F           65,000.00         ZZ
                                         360         64,633.22          1
1


                                       6.125            394.95         74
                                       5.875            394.95
    WHITEHOUSE       OH   43571          5            01/27/03         00
    1872475                              05           03/01/03          0
    1872475                              N            02/01/33
    0


    8533431          286/286             F          170,000.00         ZZ
                                         360        169,713.54          2
                                       6.875          1,116.78         59
                                       6.625          1,116.78
    SALEM            MA   01970          5            01/31/03         00
    1965359                              05           03/01/03          0
    1965359                              N            02/01/33
    0


    8533435          286/286             F          329,600.00         ZZ
                                         360        329,016.79          1
                                       6.625          2,110.47         80
                                       6.375          2,110.47
    AURORA           CO   80015          1            01/22/03         00
    1849232                              05           03/01/03          0
    1849232                              O            02/01/33
    0


    8533437          286/286             F           70,000.00         ZZ
                                         360         69,473.98          4
                                       6.500            442.45         64
                                       6.250            442.45
    PITTSBURGH       PA   15212          2            11/15/02         00
    1673598                              05           01/01/03          0
    1673598                              N            12/01/32
    0


    8533439          286/286             F          331,000.00         ZZ
                                         360        330,370.22          1
                                       6.250          2,038.03         48
                                       6.000          2,038.03
    VOORHEES         NJ   08043          2            01/27/03         00
    1947061                              05           03/01/03          0
    1947061                              O            02/01/33
    0


    8533441          286/286             F           75,000.00         ZZ
                                         360         74,739.52          1
                                       6.750            486.45         69
                                       6.500            486.45
    JOLIET           IL   60435          2            11/12/02         00
    1667621                              05           01/01/03          0
1


    1667621                              N            12/01/32
    0


    8533443          286/286             F           20,385.00         ZZ
                                         360         20,353.08          3
                                       7.250            139.07         90
                                       7.000            139.07
    FORT WAYNE       IN   46807          1            01/09/03         21
    1797896                              05           03/01/03         25
    1797896                              N            02/01/33
    0


    8533445          286/286             F          154,200.00         ZZ
                                         360        153,610.15          1
                                       6.250            949.44         69
                                       6.000            949.44
    ROUND ROCK       TX   78664          2            11/26/02         00
    1662769                              05           01/01/03          0
    1662769                              N            12/01/32
    0


    8533447          286/286             F          238,000.00         ZZ
                                         360        237,589.01          4
                                       6.750          1,543.67         28
                                       6.500          1,543.67
    MILPITAS         CA   95035          2            01/06/03         00
    1815557                              05           03/01/03          0
    1815557                              N            02/01/33
    0


    8533451          286/286             F           72,000.00         ZZ
                                         360         71,878.67          1
                                       6.875            472.99         90
                                       6.625            472.99
    ATLANTA          GA   30310          1            01/27/03         10
    1935305                              05           03/01/03         25
    1935305                              N            02/01/33
    0


    8533465          286/286             F           57,400.00         ZZ
                                         360         57,052.65          1
                                       6.375            358.11         70
                                       6.125            358.11
    KLAMATH FALLS    OR   97601          2            12/24/02         00
    1877382                              05           02/01/03          0
    1877382                              N            01/01/33
    0


1


    8533467          286/286             F          107,200.00         ZZ
                                         360        107,010.30          2
                                       6.625            686.42         80
                                       6.375            686.42
    URBANA           IL   61801          2            01/29/03         00
    1876656                              05           03/01/03          0
    1876656                              N            02/01/33
    0


    8533473          286/286             F           63,200.00         ZZ
                                         360         63,082.61          1
                                       6.375            394.29         80
                                       6.125            394.29
    MIAMI SHORES     FL   33138          1            01/28/03         00
    1944207                              01           03/01/03          0
    1944207                              N            02/01/33
    0


    8533475          286/286             F          107,200.00         ZZ
                                         360        107,010.30          2
                                       6.625            686.42         80
                                       6.375            686.42
    URBANA           IL   61801          2            01/29/03         00
    1876674                              05           03/01/03          0
    1876674                              N            02/01/33
    0


    8533477          286/286             F           65,970.00         ZZ
                                         360         65,762.24          1
                                       7.250            450.04         90
                                       7.000            450.04
    BRADLEY          IL   60915          1            11/14/02         10
    1610596                              05           01/01/03         25
    1610596                              N            12/01/32
    0


    8533479          286/286             F          160,000.00         ZZ
                                         360        159,672.92          2
                                       5.875            946.47         55
                                       5.625            946.47
    PORTLAND         ME   04102          5            01/10/03         00
    1912646                              05           03/01/03          0
    1912646                              O            02/01/33
    0


    8533483          286/286             F          305,600.00         ZZ
                                         360        305,121.74          1
                                       7.250          2,084.74         80
                                       7.000          2,084.74
1


    LAS VEGAS        NV   89129          1            01/15/03         00
    1895901                              05           03/01/03          0
    1895901                              O            02/01/33
    0


    8533487          286/286             F          124,200.00         ZZ
                                         360        123,995.79          3
                                       7.000            826.31         90
                                       6.750            826.31
    PROVIDENCE       RI   02905          1            01/08/03         11
    1708530                              05           03/01/03         25
    1708530                              N            02/01/33
    0


    8533493          286/286             F           43,650.00         ZZ
                                         360         43,578.22          1
                                       7.000            290.41         90
                                       6.750            290.41
    AKRON            OH   44306          1            01/21/03         19
    1864669                              05           03/01/03         25
    1864669                              N            02/01/33
    0


    8533495          286/286             F          198,000.00         ZZ
                                         360        197,312.31          2
                                       6.750          1,284.23         49
                                       6.500          1,284.23
    CHICAGO          IL   60660          2            12/04/02         00
    1794699                              05           01/01/03          0
    1794699                              O            12/01/32
    0


    8533497          286/286             F           40,000.00         ZZ
                                         360         39,877.09          1
                                       7.375            276.28         80
                                       7.125            276.28
    TALLAHASSEE      FL   32310          5            11/07/02         00
    1630862                              05           01/01/03          0
    1630862                              N            12/01/32
    0


    8533531          286/286             F           46,000.00         ZZ
                                         360         45,858.66          1
                                       7.375            317.72         80
                                       7.125            317.72
    TALLAHASSEE      FL   30304          5            11/07/02         00
    1630863                              05           01/01/03          0
    1630863                              N            12/01/32
    0
1




    8533541          286/286             F           65,000.00         ZZ
                                         360         64,682.20          1
                                       6.125            394.95         55
                                       5.875            394.95
    NORMAL           IL   61761          2            11/21/02         00
    1748867                              05           01/01/03          0
    1748867                              N            12/01/32
    0


    8533545          286/286             F           64,000.00         ZZ
                                         360         63,889.47          1
                                       6.750            415.11         80
                                       6.500            415.11
    BALTIMORE        MD   21225          1            01/31/03         00
    1876194                              05           03/01/03          0
    1876194                              O            02/01/33
    0


    8533549          286/286             F          105,600.00         ZZ
                                         360        105,403.86          1
                                       6.375            658.81         80
                                       6.125            658.81
    WIMBERLEY        TX   78676          1            01/31/03         00
    1949112                              05           03/01/03          0
    1949112                              O            02/01/33
    0


    8533551          286/286             F           54,000.00         ZZ
                                         360         53,701.52          1
                                       6.875            354.74         90
                                       6.625            354.74
    AUGUSTA          GA   30906          1            11/15/02         11
    1779055                              05           01/01/03         25
    1779055                              N            12/01/32
    0


    8533555          286/286             F           64,800.00         ZZ
                                         360         64,679.64          1
                                       6.375            404.27         80
                                       6.125            404.27
    CANYON LAKE      TX   78133          1            01/15/03         00
    1900768                              05           03/01/03          0
    1900768                              O            02/01/33
    0


    8533565          286/286             F           71,250.00         ZZ
                                         360         71,180.74          1
1


                                       6.125            432.93         75
                                       5.875            432.93
    ALBUQUERQUE      NM   87110          2            02/04/03         00
    1903712                              05           04/01/03          0
    1903712                              N            03/01/33
    0


    8533567          286/286             F          162,000.00         ZZ
                                         360        161,637.05          4
                                       7.500          1,132.73         90
                                       7.250          1,132.73
    ST LOUIS         MO   63139          1            12/20/02         11
    1706688                              05           02/01/03         25
    1706688                              O            01/01/33
    0


    8533571          286/286             F           70,713.00         ZZ
                                         360         70,484.77          2
                                       7.125            476.41         90
                                       6.875            476.41
    PITTSBURGH       PA   15234          1            11/27/02         11
    1675177                              05           01/01/03         25
    1675177                              N            12/01/32
    0


    8533585          286/286             F           85,600.00         ZZ
                                         360         85,469.32          2
                                       7.375            591.22         80
                                       7.125            591.22
    DESERT HOT SPRI  CA   92240          1            01/15/03         00
    1881871                              05           03/01/03          0
    1881871                              O            02/01/33
    0


    8533589          286/286             F          166,500.00         ZZ
                                         360        166,360.12          1
                                       6.875          1,093.79         90
                                       6.625          1,093.79
    UNION            NJ   07083          1            02/06/03         10
    1938212                              01           04/01/03         25
    1938212                              N            03/01/33
    0


    8533593          286/286             F           96,950.00         ZZ
                                         360         96,782.57          3
                                       6.750            628.82         70
                                       6.500            628.82
    CINCINNATI       OH   45219          5            01/22/03         00
    1931595                              05           03/01/03          0
1


    1931595                              N            02/01/33
    0


    8533595          286/286             F           45,000.00         ZZ
                                         360         44,451.17          1
                                       7.125            303.18         74
                                       6.875            303.18
    NORRISTOWN       PA   19403          2            11/20/02         00
    1763300                              01           01/01/03          0
    1763300                              N            12/01/32
    0


    8533599          286/286             F          129,375.00         ZZ
                                         360        129,162.28          1
                                       7.000            860.74         75
                                       6.750            860.74
    BALTIMORE        MD   21224          5            01/15/03         00
    1419453                              05           03/01/03          0
    1419453                              N            02/01/33
    0


    8533601          286/286             F           65,000.00         ZZ
                                         360         64,870.26          1
                                       6.000            389.71         69
                                       5.750            389.71
    ABINGDON         MD   21009          1            01/10/03         00
    1873283                              03           03/01/03          0
    1873283                              N            02/01/33
    0


    8533603          286/286             F          169,500.00         T
                                         360        169,350.45          1
                                       6.625          1,085.33         75
                                       6.375          1,085.33
    EVERETT          WA   98205          2            01/14/03         00
    1883513                              05           03/01/03          0
    1883513                              O            02/01/33
    0


    8533605          286/286             F           40,500.00         ZZ
                                         360         40,436.61          1
                                       7.250            276.29         90
                                       7.000            276.29
    DAYTON           OH   45416          1            01/16/03         10
    1920242                              05           03/01/03         25
    1920242                              N            02/01/33
    0


1


    8533611          286/286             F           66,500.00         ZZ
                                         360         66,318.66          1
                                       6.500            420.33         70
                                       6.250            420.33
    CONYERS          GA   30094          2            01/22/03         00
    1893241                              05           03/01/03          0
    1893241                              N            02/01/33
    0


    8533615          286/286             F          138,400.00         ZZ
                                         360        138,149.08          1
                                       6.500            874.79         80
                                       6.250            874.79
    MIDDLETOWN       OH   45044          5            01/16/03         00
    1882432                              05           03/01/03          0
    1882432                              O            02/01/33
    0


    8533617          286/286             F           55,000.00         ZZ
                                         360         54,813.54          2
                                       6.875            361.32         69
                                       6.625            361.32
    CHILLICOTHE      OH   45601          5            11/25/02         00
    1590348                              05           01/01/03          0
    1590348                              N            12/01/32
    0


    8533619          286/286             F           41,000.00         ZZ
                                         360         40,829.96          1
                                       7.000            272.78         75
                                       6.750            272.78
    ROME             GA   30161          2            10/30/02         00
    1736749                              05           12/01/02          0
    1736749                              N            11/01/32
    0


    8533625          286/286             F           44,200.00         ZZ
                                         360         44,125.51          1
                                       6.875            290.37         85
                                       6.625            290.37
    INDIANAPOLIS     IN   46202          1            01/03/03         12
    1880744                              05           03/01/03         12
    1880744                              N            02/01/33
    0


    8533627          286/286             F           41,250.00         ZZ
                                         360         41,217.01          1
                                       7.125            277.91         75
                                       6.875            277.91
1


    COLUMBUS         OH   43223          5            02/14/03         00
    1887386                              05           04/01/03          0
    1887386                              N            03/01/33
    0


    8533629          286/286             F          630,000.00         ZZ
                                         360        628,829.88          1
                                       6.375          3,930.39         70
                                       6.125          3,930.39
    SALT LAKE CITY   UT   84103          2            01/13/03         00
    1840308                              05           03/01/03          0
    1840308                              N            02/01/33
    0


    8533631          286/286             F          238,500.00         ZZ
                                         360        237,587.60          1
                                       6.250          1,468.49         90
                                       6.000          1,468.49
    MANASSAS         VA   20110          1            11/08/02         11
    1788241                              05           01/01/03         25
    1788241                              N            12/01/32
    0


    8533639          286/286             F          179,200.00         ZZ
                                         360        178,711.36          1
                                       6.500          1,132.67         80
                                       6.250          1,132.67
    LAKEWOOD         NJ   08701          1            01/21/03         00
    1884829                              05           03/01/03          0
    1884829                              N            02/01/33
    0


    8533649          286/286             F          131,900.00         ZZ
                                         360        131,649.03          1
                                       6.250            812.14         80
                                       6.000            812.14
    CHRISTIANSBURG   VA   24073          1            01/17/03         00
    1934329                              05           03/01/03          0
    1934329                              N            02/01/33
    0


    8533651          286/286             F           50,350.00         ZZ
                                         360         50,256.48          1
                                       6.375            314.12         61
                                       6.125            314.12
    VIRGINIA BEACH   VA   23462          2            01/24/03         00
    1809240                              03           03/01/03          0
    1809240                              N            02/01/33
    0
1




    8533653          286/286             F          167,000.00         ZZ
                                         360        166,711.63          1
                                       6.750          1,083.16         79
                                       6.500          1,083.16
    INDIANAPOLIS     IN   46236          2            01/21/03         00
    1923992                              05           03/01/03          0
    1923992                              N            02/01/33
    0


    8533661          286/286             F           49,084.00         ZZ
                                         360         48,992.82          1
                                       6.375            306.23         68
                                       6.125            306.23
    VIRGINIA BEACH   VA   23462          2            01/24/03         00
    1809242                              05           03/01/03          0
    1809242                              N            02/01/33
    0


    8533667          286/286             F           40,000.00         ZZ
                                         360         39,850.62          1
                                       6.375            249.55         73
                                       6.125            249.55
    GARY             IN   46407          5            11/07/02         00
    1654683                              05           01/01/03          0
    1654683                              N            12/01/32
    0


    8533671          286/286             F           32,130.00         ZZ
                                         360         31,999.98          1
                                       7.125            216.47         90
                                       6.875            216.47
    COLUMBIA         PA   17512          1            11/04/02         11
    1642973                              07           12/01/02         25
    1642973                              N            11/01/32
    0


    8533673          286/286             F          178,300.00         ZZ
                                         360        177,968.82          1
                                       6.375          1,112.37         79
                                       6.125          1,112.37
    BAINBRIDGE ISLA  WA   98110          2            01/13/03         00
    1919419                              01           03/01/03          0
    1919419                              O            02/01/33
    0


    8533691          286/286             F           64,500.00         ZZ
                                         360         64,247.31          1
1


                                       6.125            391.91         73
                                       5.875            391.91
    LYMAN            SC   29365          2            11/21/02         00
    1735668                              05           01/01/03          0
    1735668                              N            12/01/32
    0


    8533693          286/286             F          200,000.00         ZZ
                                         360        199,610.21          1
                                       6.125          1,215.23         59
                                       5.875          1,215.23
    COLLINSVILLE     TX   76233          2            01/07/03         00
    1805238                              05           03/01/03          0
    1805238                              O            02/01/33
    0


    8533695          286/286             F          200,000.00         ZZ
                                         360        199,197.56          1
                                       6.000          1,199.11         71
                                       5.750          1,199.11
    ALEXANDRIA       VA   22304          1            11/15/02         00
    1734168                              05           01/01/03          0
    1734168                              N            12/01/32
    0


    8533701          286/286             F           73,800.00         ZZ
                                         360         73,742.43          1
                                       7.250            503.45         90
                                       7.000            503.45
    VERSAILLES       KY   40383          1            02/04/03         11
    1895789                              05           04/01/03         25
    1895789                              N            03/01/33
    0


    8533703          286/286             F           68,000.00         ZZ
                                         360         67,375.85          1
                                       6.125            413.18         71
                                       5.875            413.18
    BREMERTON        WA   98310          5            01/06/03         00
    1861414                              01           03/01/03          0
    1861414                              N            02/01/33
    0


    8533721          286/286             F           79,450.00         ZZ
                                         360         79,316.10          3
                                       6.875            521.94         90
                                       6.625            521.94
    CLAREMONT        NH   03743          1            01/31/03         11
    1929537                              05           03/01/03         25
1


    1929537                              N            02/01/33
    0


    8533725          286/286             F           36,000.00         ZZ
                                         360         35,767.51          1
                                       6.500            227.55         29
                                       6.250            227.55
    BUDA             TX   78610          5            11/12/02         00
    1750391                              05           01/01/03          0
    1750391                              N            12/01/32
    0


    8533727          286/286             F           79,450.00         ZZ
                                         360         79,316.10          3
                                       6.875            521.94         90
                                       6.625            521.94
    CLAREMONT        NH   03743          1            01/31/03         11
    1929539                              05           03/01/03         25
    1929539                              N            02/01/33
    0


    8533737          286/286             F           38,000.00         ZZ
                                         360         37,858.06          1
                                       6.375            237.08         59
                                       6.125            237.08
    VASSAR           MI   48768          2            11/07/02         00
    1609896                              05           01/01/03          0
    1609896                              N            12/01/32
    0


    8533739          286/286             F          211,250.00         ZZ
                                         360        210,848.06          2
                                       6.250          1,300.71         65
                                       6.000          1,300.71
    SOUTH BOSTON     MA   02127          5            01/30/03         00
    1913427                              05           03/01/03          0
    1913427                              N            02/01/33
    0


    8533741          286/286             F           54,750.00         ZZ
                                         360         54,650.73          1
                                       6.500            346.06         75
                                       6.250            346.06
    CANTON           OH   44710          5            01/23/03         00
    1873103                              05           03/01/03          0
    1873103                              N            02/01/33
    0


1


    8533747          286/286             F           44,917.00         ZZ
                                         360         44,848.41          1
                                       7.375            310.24         74
                                       7.125            310.24
    INDEPENDENCE     MO   64053          2            01/14/03         00
    1797927                              05           03/01/03          0
    1797927                              N            02/01/33
    0


    8533755          286/286             F          252,000.00         ZZ
                                         360        251,615.30          3
                                       7.375          1,740.51         80
                                       7.125          1,740.51
    BROCKTON         MA   02301          5            01/14/03         00
    1818298                              05           03/01/03          0
    1818298                              O            02/01/33
    0


    8533761          286/286             F           96,000.00         ZZ
                                         360         95,674.58          2
                                       6.875            630.66         80
                                       6.625            630.66
    DAYTON           OH   45426          2            11/22/02         00
    1686184                              05           01/01/03          0
    1686184                              N            12/01/32
    0


    8533763          286/286             F           78,750.00         ZZ
                                         360         78,592.81          1
                                       6.000            472.15         68
                                       5.750            472.15
    INDEPENDENCE     MO   64015          5            01/31/03         00
    1608888                              05           03/01/03          0
    1608888                              N            02/01/33
    0


    8533765          286/286             F           70,000.00         ZZ
                                         360         69,876.79          1
                                       6.875            459.85         58
                                       6.625            459.85
    INDIANAPOLIS     IN   46205          5            01/29/03         00
    1874856                              05           03/01/03          0
    1874856                              N            02/01/33
    0


    8533773          286/286             F          172,000.00         ZZ
                                         300        171,402.63          1
                                       6.750          1,188.37         72
                                       6.500          1,188.37
1


    LONGMONT         CO   80501          2            11/08/02         00
    1629054                              05           01/01/03          0
    1629054                              N            12/01/27
    0


    8533775          286/286             F           60,500.00         ZZ
                                         360         60,439.77          2
                                       6.000            362.73         61
                                       5.750            362.73
    ROCKFORD         IL   61104          2            02/12/03         00
    1971400                              05           04/01/03          0
    1971400                              N            03/01/33
    0


    8533785          286/286             F           79,000.00         ZZ
                                         360         78,856.77          2
                                       6.500            499.34         76
                                       6.250            499.34
    CINCINNATI       OH   45212          2            01/15/03         00
    1869552                              05           03/01/03          0
    1869552                              N            02/01/33
    0


    8533787          286/286             F          300,000.00         ZZ
                                         360        298,222.85          1
                                       6.000          1,798.66         49
                                       5.750          1,798.66
    APTOS            CA   95003          5            11/07/02         00
    1640572                              05           01/01/03          0
    1640572                              N            12/01/32
    0


    8533791          286/286             F           24,750.00         ZZ
                                         360         24,685.66          1
                                       6.875            162.59         88
                                       6.625            162.59
    LEBANON          PA   17046          1            01/31/03         11
    1939931                              05           03/01/03         25
    1939931                              N            02/01/33
    0


    8533793          286/286             F           75,000.00         ZZ
                                         360         74,864.01          2
                                       6.500            474.06         75
                                       6.250            474.06
    CINCINNATI       OH   45212          2            01/15/03         00
    1869557                              05           03/01/03          0
    1869557                              N            02/01/33
    0
1




    8533797          286/286             F           88,900.00         ZZ
                                         360         88,738.83          2
                                       6.500            561.91         70
                                       6.250            561.91
    NORWOOD          OH   45212          5            01/15/03         00
    1869562                              05           03/01/03          0
    1869562                              N            02/01/33
    0


    8533799          286/286             F          150,000.00         ZZ
                                         360        149,728.05          1
                                       6.500            948.11         55
                                       6.250            948.11
    SAN DIEGO        CA   92105          5            01/22/03         00
    1891080                              05           03/01/03          0
    1891080                              N            02/01/33
    0


    8533803          286/286             F           52,000.00         ZZ
                                         360         51,910.19          1
                                       6.750            337.28         80
                                       6.500            337.28
    EL PASO          TX   79912          1            01/29/03         00
    1899048                              05           03/01/03          0
    1899048                              N            02/01/33
    0


    8533805          286/286             F           71,900.00         ZZ
                                         360         71,644.13          1
                                       6.625            460.39         45
                                       6.375            460.39
    BATAVIA          IL   60510          5            11/15/02         00
    1676746                              05           01/01/03          0
    1676746                              N            12/01/32
    0


    8533807          286/286             F          152,000.00         ZZ
                                         360        151,737.52          2
                                       6.750            985.87         80
                                       6.500            985.87
    PORTLAND         OR   97202          5            01/09/03         00
    1804125                              05           03/01/03          0
    1804125                              O            02/01/33
    0


    8533809          286/286             F           60,000.00         ZZ
                                         360         59,945.75          1
1


                                       6.500            379.25         80
                                       6.250            379.25
    UNION GAP        WA   98903          5            02/06/03         00
    1959026                              05           04/01/03          0
    1959026                              N            03/01/33
    0


    8533813          286/286             F           60,000.00         ZZ
                                         360         59,945.75          1
                                       6.500            379.25         80
                                       6.250            379.25
    UNION GAP        WA   98903          5            02/06/03         00
    1959042                              05           04/01/03          0
    1959042                              N            03/01/33
    0


    8533819          286/286             F           35,100.00         ZZ
                                         360         34,994.80          1
                                       7.500            245.43         90
                                       7.250            245.43
    ANDERSON         IN   46012          1            11/07/02         11
    1723685                              05           01/01/03         25
    1723685                              N            12/01/32
    0


    8533821          286/286             F          132,000.00         ZZ
                                         360        131,788.25          1
                                       7.125            889.31         80
                                       6.875            889.31
    FITCHBURG        WI   53711          2            01/15/03         00
    1712546                              05           03/01/03          0
    1712546                              N            02/01/33
    0


    8533825          286/286             F          416,000.00         ZZ
                                         360        415,189.26          1
                                       6.125          2,527.67         80
                                       5.875          2,527.67
    STEVENSON RANCH  CA   91381          5            01/16/03         00
    1943428                              05           03/01/03          0
    1943428                              O            02/01/33
    0


    8533827          286/286             F          224,000.00         ZZ
                                         360        223,613.20          4
                                       6.750          1,452.86         80
                                       6.500          1,452.86
    LOS ANGELES      CA   90006          1            01/08/03         00
    1904540                              05           03/01/03          0
1


    1904540                              N            02/01/33
    0


    8533829          286/286             F           63,000.00         ZZ
                                         360         62,775.81          1
                                       6.625            403.40         70
                                       6.375            403.40
    GARLAND          TX   75043          5            11/13/02         00
    1465284                              05           01/01/03          0
    1465284                              N            12/01/32
    0


    8533833          286/286             F          180,000.00         ZZ
                                         360        179,689.17          1
                                       6.750          1,167.48         76
                                       6.500          1,167.48
    FALMOUTH         MA   02540          5            01/30/03         00
    1891325                              05           03/01/03          0
    1891325                              N            02/01/33
    0


    8533835          286/286             F          162,500.00         ZZ
                                         360        162,067.50          1
                                       6.625          1,040.51         70
                                       6.375          1,040.51
    DALLAS           TX   75243          5            12/23/02         00
    2000701                              05           02/01/03          0
    2000701                              N            01/01/33
    0


    8533839          286/286             F          150,000.00         ZZ
                                         360        149,726.51          1
                                       6.625            960.47         90
                                       6.375            960.47
    MOUNT LAUREL     NJ   08054          2            01/27/03         04
    1914344                              01           03/01/03         25
    1914344                              N            02/01/33
    0


    8533845          286/286             F           70,400.00         ZZ
                                         360         70,272.36          1
                                       6.500            444.98         80
                                       6.250            444.98
    RIO RICO         AZ   85648          2            01/21/03         00
    1557505                              05           03/01/03          0
    1557505                              N            02/01/33
    0


1


    8533847          286/286             F          395,200.00         ZZ
                                         360        394,429.82          1
                                       6.125          2,401.28         45
                                       5.875          2,401.28
    MIAMI            FL   33143          2            01/15/03         00
    1909494                              05           03/01/03          0
    1909494                              O            02/01/33
    0


    8533849          286/286             F           45,000.00         ZZ
                                         360         44,896.65          1
                                       7.375            310.80         18
                                       7.125            310.80
    ARVADA           CO   80004          1            12/12/02         00
    1874828                              05           02/01/03          0
    1874828                              N            01/01/33
    0


    8533857          286/286             F          101,950.00         ZZ
                                         360        101,794.36          3
                                       7.375            704.15         90
                                       7.125            704.15
    WALDEN           NY   12586          1            01/10/03         12
    1797519                              05           03/01/03         25
    1797519                              O            02/01/33
    0


    8533863          286/286             F           57,500.00         ZZ
                                         360         57,318.91          1
                                       7.250            392.26         48
                                       7.000            392.26
    GLENSIDE         PA   19038          1            11/26/02         00
    1757287                              05           01/01/03          0
    1757287                              N            12/01/32
    0


    8533865          286/286             F          156,600.00         ZZ
                                         360        156,309.13          1
                                       6.375            976.99         90
                                       6.125            976.99
    HUBBARD          OR   97032          1            01/10/03         11
    1901127                              05           03/01/03         25
    1901127                              N            02/01/33
    0


    8533879          286/286             F          129,500.00         ZZ
                                         360        129,265.22          4
                                       6.500            818.53         70
                                       6.250            818.53
1


    CHICAGO          IL   60632          1            01/19/03         00
    1839244                              05           03/01/03          0
    1839244                              N            02/01/33
    0


    8533881          286/286             F          322,700.00         ZZ
                                         360        322,114.96          1
                                       6.500          2,039.69         59
                                       6.250          2,039.69
    CARLSBAD         CA   92009          1            01/15/03         00
    1941032                              05           03/01/03          0
    1941032                              N            02/01/33
    0


    8533885          286/286             F           53,600.00         ZZ
                                         360         53,354.60          1
                                       6.625            343.21         72
                                       6.375            343.21
    ROEBLING         NJ   08554          2            01/31/03         00
    1945690                              05           03/01/03          0
    1945690                              N            02/01/33
    0


    8533891          286/286             F          536,000.00         ZZ
                                         360        535,491.42          1
                                       6.250          3,300.25         80
                                       6.000          3,300.25
    RIDGEFIELD       CT   06877          5            02/03/03         00
    1917481                              05           04/01/03          0
    1917481                              O            03/01/33
    0


    8533895          286/286             F          112,500.00         ZZ
                                         360        112,280.74          2
                                       6.125            683.57         90
                                       5.875            683.57
    CHICAGO          IL   60629          1            01/15/03         10
    1809448                              05           03/01/03         25
    1809448                              N            02/01/33
    0


    8533897          286/286             F          356,000.00         ZZ
                                         360        355,322.66          1
                                       6.250          2,191.96         80
                                       6.000          2,191.96
    VIRGINIA BEACH   VA   23456          1            01/17/03         00
    1894832                              05           03/01/03          0
    1894832                              N            02/01/33
    0
1




    8533903          286/286             F           79,330.00         ZZ
                                         360         79,208.89          3
                                       7.375            547.92         90
                                       7.125            547.92
    WATERBURY        CT   06710          1            01/16/03         12
    910879                               05           03/01/03         25
    910879                               N            02/01/33
    0


    8533907          286/286             F          389,000.00         ZZ
                                         360        388,294.76          1
                                       6.500          2,458.75         77
                                       6.250          2,458.75
    SAN JOSE         CA   95124          2            01/14/03         00
    1909459                              05           03/01/03          0
    1909459                              O            02/01/33
    0


    8533915          286/286             F          384,000.00         ZZ
                                         360        383,352.93          1
                                       6.875          2,522.61         80
                                       6.625          2,522.61
    PLACENTIA        CA   92870          5            01/07/03         00
    1861143                              03           03/01/03          0
    1861143                              O            02/01/33
    0


    8533919          286/286             F          157,000.00         ZZ
                                         360        156,247.34          2
                                       6.250            966.68         57
                                       6.000            966.68
    NEW BRUNSWICK    NJ   08901          2            10/31/02         00
    1661593                              05           12/01/02          0
    1661593                              N            11/01/32
    0


    8533927          286/286             F           66,400.00         ZZ
                                         360         66,279.63          1
                                       6.500            419.69         80
                                       6.250            419.69
    UNIONVILLE       IN   47468          2            01/14/03         00
    1904457                              05           03/01/03          0
    1904457                              N            02/01/33
    0


    8533929          286/286             F           59,200.00         ZZ
                                         360         59,100.23          1
1


                                       6.875            388.91         80
                                       6.625            388.91
    INDIANAPOLIS     IN   46201          5            01/17/03         00
    1907800                              05           03/01/03          0
    1907800                              N            02/01/33
    0


    8533933          286/286             F           84,000.00         ZZ
                                         360         83,858.44          2
                                       6.875            551.83         70
                                       6.625            551.83
    INDIANAPOLIS     IN   46205          5            01/23/03         00
    1951250                              05           03/01/03          0
    1951250                              N            02/01/33
    0


    8533935          286/286             F          207,900.00         ZZ
                                         360        207,504.43          1
                                       6.250          1,280.08         90
                                       6.000          1,280.08
    KENSINGTON       MD   20895          1            01/31/03         21
    1962628                              05           03/01/03         25
    1962628                              N            02/01/33
    0


    8533943          286/286             F          296,000.00         ZZ
                                         360        295,463.35          1
                                       6.500          1,870.93         55
                                       6.250          1,870.93
    SAN JOSE         CA   95136          2            01/23/03         00
    1948105                              05           03/01/03          0
    1948105                              N            02/01/33
    0


    8533945          K15/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       6.500          1,314.70         85
                                       6.250          1,314.70
    MASHPEE          MA   02649          5            03/06/03         41
    0435540372                           05           05/01/03         12
    024005512048                         O            04/01/33
    0


    8533949          286/286             F          200,000.00         ZZ
                                         360        199,628.54          1
                                       6.375          1,247.74         80
                                       6.125          1,247.74
    KEY LARGO        FL   33037          1            01/31/03         00
    1919503                              05           03/01/03          0
1


    1919503                              N            02/01/33
    0


    8533951          286/286             F          125,500.00         ZZ
                                         360        125,272.47          1
                                       6.500            793.25         77
                                       6.250            793.25
    ELIDA            OH   45807          2            01/13/03         00
    1903515                              05           03/01/03          0
    1903515                              O            02/01/33
    0


    8533959          286/286             F           60,400.00         ZZ
                                         360         60,011.59          1
                                       6.500            381.77         54
                                       6.250            381.77
    LAS VEGAS        NV   89145          2            01/22/03         00
    1972257                              05           03/01/03          0
    1972257                              N            02/01/33
    0


    8533963          286/286             F          206,900.00         ZZ
                                         360        206,477.07          1
                                       5.875          1,223.90         90
                                       5.625          1,223.90
    SAYREVILLE       NJ   08879          1            01/14/03         12
    1678147                              05           03/01/03         25
    1678147                              O            02/01/33
    0


    8533967          286/286             F           89,000.00         ZZ
                                         360         88,822.34          1
                                       6.000            533.61         58
                                       5.750            533.61
    MESA             AZ   85205          2            01/24/03         00
    1726507                              05           03/01/03          0
    1726507                              O            02/01/33
    0


    8533973          286/286             F           71,960.00         ZZ
                                         360         71,324.18          1
                                       7.125            484.81         80
                                       6.875            484.81
    RICHMOND         VA   23237          1            11/01/02         00
    1686030                              05           01/01/03          0
    1686030                              N            12/01/32
    0


1


    8533975          286/286             F           68,800.00         ZZ
                                         360         68,686.87          1
                                       7.000            457.73         72
                                       6.750            457.73
    CALDWELL         ID   83605          5            01/14/03         00
    1929942                              05           03/01/03          0
    1929942                              N            02/01/33
    0


    8533979          286/286             F           37,710.00         ZZ
                                         360         37,564.73          1
                                       7.375            260.46         95
                                       7.125            260.46
    INDIANAPOLIS     IN   46219          1            10/31/02         12
    1617080                              05           12/01/02         25
    1617080                              N            11/01/32
    0


    8533985          286/286             F           75,000.00         ZZ
                                         360         74,873.62          1
                                       6.875            492.70         66
                                       6.625            492.70
    BRISTOL          PA   19007          5            01/21/03         00
    1931664                              05           03/01/03          0
    1931664                              N            02/01/33
    0


    8533987          P01/G02             F          158,800.00         ZZ
                                         360        158,649.32          1
                                       6.250            977.76         80
                                       6.000            977.76
    SARATOGA SPRING  NY   12866          1            02/28/03         00
    0435546643                           05           04/01/03          0
    03004408                             O            03/01/33
    0


    8533991          286/286             F          144,450.00         ZZ
                                         360        144,188.11          2
                                       6.500            913.03         61
                                       6.250            913.03
    NEW BRUNSWICK    NJ   08901          2            01/27/03         00
    1707757                              05           03/01/03          0
    1707757                              N            02/01/33
    0


    8533995          286/286             F          292,500.00         ZZ
                                         360        291,994.91          3
                                       6.750          1,897.15         90
                                       6.500          1,897.15
1


    WORCESTER        MA   01610          1            01/03/03         14
    1761299                              05           03/01/03         25
    1761299                              N            02/01/33
    0


    8534013          286/286             F           67,200.00         ZZ
                                         360         66,983.12          1
                                       7.125            452.74         80
                                       6.875            452.74
    TUCSON           AZ   85712          1            11/13/02         00
    1720391                              05           01/01/03          0
    1720391                              N            12/01/32
    0


    8534015          286/286             F           63,000.00         ZZ
                                         360         62,725.70          1
                                       6.750            408.62         90
                                       6.500            408.62
    INDIANAPOLIS     IN   46226          1            10/30/02         11
    1619584                              05           12/01/02         25
    1619584                              N            11/01/32
    0


    8534017          286/286             F          120,000.00         ZZ
                                         360        119,777.11          1
                                       6.375            748.65         75
                                       6.125            748.65
    PORTLAND         OR   97233          5            01/24/03         00
    1915467                              05           03/01/03          0
    1915467                              N            02/01/33
    0


    8534021          286/286             F          392,000.00         ZZ
                                         360        391,289.32          3
                                       6.500          2,477.71         74
                                       6.250          2,477.71
    CHICAGO          IL   60618          2            01/13/03         00
    1896278                              05           03/01/03          0
    1896278                              O            02/01/33
    0


    8534033          286/286             F           70,500.00         ZZ
                                         360         70,252.47          1
                                       7.000            469.04         75
                                       6.750            469.04
    CINCINNATI       OH   45251          5            11/07/02         00
    1744951                              05           01/01/03          0
    1744951                              N            12/01/32
    0
1




    8534037          286/286             F          124,000.00         ZZ
                                         360        123,764.07          1
                                       6.250            763.49         80
                                       6.000            763.49
    GRESHAM          OR   97030          5            01/16/03         00
    1908751                              05           03/01/03          0
    1908751                              O            02/01/33
    0


    8534045          286/286             F           69,000.00         ZZ
                                         360         68,939.12          2
                                       6.625            441.82         75
                                       6.375            441.82
    CINCINNATI       OH   45212          2            02/07/03         00
    1939861                              05           04/01/03          0
    1939861                              N            03/01/33
    0


    8534047          286/286             F           90,000.00         ZZ
                                         360         89,859.16          3
                                       7.250            613.96         90
                                       7.000            613.96
    SPRINGFIELD      MA   01104          1            02/03/03         14
    1940621                              05           03/01/03         25
    1940621                              N            02/01/33
    0


    8534055          286/286             F          197,600.00         ZZ
                                         360        197,123.12          1
                                       7.125          1,331.27         80
                                       6.875          1,331.27
    SILVER SPRING    MD   20902          1            12/30/02         00
    0001248669                           05           02/01/03          0
    0001248669                           O            01/01/33
    0


    8534091          286/286             F          192,000.00         ZZ
                                         360        191,643.38          1
                                       6.375          1,197.84         80
                                       6.125          1,197.84
    MONTCLAIR        CA   91763          5            01/09/03         00
    1889197                              05           03/01/03          0
    1889197                              O            02/01/33
    0


    8534093          286/286             F           60,000.00         ZZ
                                         360         59,953.19          1
1


                                       7.250            409.31         80
                                       7.000            409.31
    INDIANAPOLIS     IN   46218          5            02/03/03         00
    1862880                              05           04/01/03          0
    1862880                              N            03/01/33
    0


    8534101          286/286             F           54,400.00         ZZ
                                         360         54,358.60          1
                                       7.375            375.73         80
                                       7.125            375.73
    INDIANAPOLIS     IN   46201          5            02/03/03         00
    1862889                              05           04/01/03          0
    1862889                              N            03/01/33
    0


    8534105          286/286             F           44,800.00         ZZ
                                         360         44,765.90          1
                                       7.375            309.43         80
                                       7.125            309.43
    INDIANAPOLIS     IN   46221          5            02/03/03         00
    1862897                              05           04/01/03          0
    1862897                              N            03/01/33
    0


    8534111          286/286             F           60,800.00         ZZ
                                         360         60,750.16          1
                                       7.000            404.51         80
                                       6.750            404.51
    INDIANAPOLIS     IN   46222          5            02/03/03         00
    1913981                              05           04/01/03          0
    1913981                              N            03/01/33
    0


    8534113          286/286             F          236,000.00         ZZ
                                         360        235,602.31          1
                                       6.875          1,550.36         80
                                       6.625          1,550.36
    PORT ORCHARD     WA   98366          5            01/24/03         00
    1866639                              05           03/01/03          0
    1866639                              O            02/01/33
    0


    8534117          286/286             F          471,250.00         ZZ
                                         360        470,530.62          1
                                       7.375          3,254.81         65
                                       7.125          3,254.81
    WALNUT CREEK     CA   94595          1            01/28/03         00
    1986482                              05           03/01/03          0
1


    1986482                              N            02/01/33
    0


    8534123          286/286             F           69,300.00         ZZ
                                         360         69,191.55          1
                                       7.250            472.75         90
                                       7.000            472.75
    LA PORTE         IN   46350          1            01/21/03         11
    1862573                              05           03/01/03         25
    1862573                              N            02/01/33
    0


    8534125          286/286             F           64,800.00         ZZ
                                         360         64,698.57          2
                                       7.250            442.06         90
                                       7.000            442.06
    CHESAPEAKE       VA   23324          1            01/17/03         11
    1944489                              05           03/01/03         25
    1944489                              N            02/01/33
    0


    8534127          286/286             F           59,500.00         ZZ
                                         360         59,392.11          1
                                       6.500            376.09         73
                                       6.250            376.09
    AKRON            OH   44310          2            01/17/03         00
    1856036                              05           03/01/03          0
    1856036                              N            02/01/33
    0


    8534131          286/286             F          125,000.00         ZZ
                                         360        124,756.38          1
                                       6.125            759.52         79
                                       5.875            759.52
    ALOHA            OR   97006          2            01/15/03         00
    1888843                              05           03/01/03          0
    1888843                              N            02/01/33
    0


    8534133          286/286             F           75,200.00         ZZ
                                         360         74,938.81          1
                                       6.750            487.75         80
                                       6.500            487.75
    VINTON           VA   24179          2            11/18/02         00
    1702498                              05           01/01/03          0
    1702498                              N            12/01/32
    0


1


    8534149          286/286             F          209,600.00         ZZ
                                         360        208,985.69          1
                                       6.125          1,273.56         80
                                       5.875          1,273.56
    TOOL             TX   75143          1            12/16/02         00
    1818926                              05           02/01/03          0
    1818926                              O            01/01/33
    0


    8534157          286/286             F          160,000.00         ZZ
                                         360        159,736.92          2
                                       7.000          1,064.49         43
                                       6.750          1,064.49
    NATIONAL CITY    CA   91950          5            01/03/03         00
    1780443                              05           03/01/03          0
    1780443                              O            02/01/33
    0


    8534159          286/286             F          125,750.00         ZZ
                                         360        125,498.99          1
                                       6.000            753.94         64
                                       5.750            753.94
    FAIRFAX          VA   22033          5            02/03/03         00
    1932408                              05           03/01/03          0
    1932408                              N            02/01/33
    0


    8534161          286/286             F          640,000.00         ZZ
                                         360        639,392.73          1
                                       6.250          3,940.60         74
                                       6.000          3,940.60
    DEL MAR          CA   92014          5            01/29/03         00
    1890325                              05           04/01/03          0
    1890325                              O            03/01/33
    0


    8534167          286/286             F          390,000.00         ZZ
                                         360        389,221.56          1
                                       6.000          2,338.25         55
                                       5.750          2,338.25
    SAN DIEGO        CA   92130          2            01/24/03         00
    1948146                              05           03/01/03          0
    1948146                              O            02/01/33
    0


    8534169          286/286             F           51,750.00         ZZ
                                         360         51,574.55          1
                                       6.875            339.97         90
                                       6.625            339.97
1


    DELTONA          FL   32725          1            11/11/02         14
    1748823                              05           01/01/03         25
    1748823                              N            12/01/32
    0


    8534171          286/286             F          212,000.00         ZZ
                                         360        211,606.24          1
                                       6.375          1,322.61         80
                                       6.125          1,322.61
    GRASS VALLEY     CA   95945          5            01/15/03         00
    1941345                              05           03/01/03          0
    1941345                              O            02/01/33
    0


    8534173          286/286             F           69,200.00         ZZ
                                         360         68,518.83          1
                                       6.875            454.60         48
                                       6.625            454.60
    INDIANAPOLIS     IN   46259          2            12/17/02         00
    1821824                              05           02/01/03          0
    1821824                              N            01/01/33
    0


    8534175          286/286             F          325,000.00         ZZ
                                         360        324,351.30          1
                                       6.000          1,948.54         54
                                       5.750          1,948.54
    SANDY            UT   84093          1            01/29/03         00
    1485748                              01           03/01/03          0
    1485748                              O            02/01/33
    0


    8534177          286/286             F           42,300.00         ZZ
                                         360         42,120.22          1
                                       6.875            277.89         90
                                       6.625            277.89
    NAVARRE          FL   32566          1            11/01/02         12
    1720655                              05           12/01/02         25
    1720655                              N            11/01/32
    0


    8534181          286/286             F          154,000.00         ZZ
                                         360        153,720.80          4
                                       6.500            973.39         70
                                       6.250            973.39
    PHILADELPHIA     PA   19146          5            01/30/03         00
    1937386                              05           03/01/03          0
    1937386                              N            02/01/33
    0
1




    8534183          286/286             F          221,000.00         ZZ
                                         360        220,569.30          1
                                       6.125          1,342.82         15
                                       5.875          1,342.82
    SAN DIEGO        CA   92107          2            01/15/03         00
    1886822                              05           03/01/03          0
    1886822                              O            02/01/33
    0


    8534191          286/286             F           50,000.00         ZZ
                                         360         49,915.74          1
                                       6.875            328.47         85
                                       6.625            328.47
    FORT WAYNE       IN   46805          2            01/28/03         11
    1905612                              05           03/01/03         12
    1905612                              N            02/01/33
    0


    8534201          286/286             F           62,800.00         ZZ
                                         360         62,545.25          1
                                       6.375            391.80         80
                                       6.125            391.80
    LEXINGTON        KY   40502          1            11/22/02         00
    1763166                              05           01/01/03          0
    1763166                              N            12/01/32
    0


    8534203          286/286             F           90,000.00         ZZ
                                         360         89,859.16          3
                                       7.250            613.96         90
                                       7.000            613.96
    NEW BRITAIN      CT   06053          1            01/31/03         11
    1900134                              05           03/01/03         25
    1900134                              N            02/01/33
    0


    8534207          286/286             F          117,000.00         ZZ
                                         360        116,816.90          3
                                       7.250            798.15         90
                                       7.000            798.15
    NEW BRITAIN      CT   06053          1            01/31/03         11
    1904201                              05           03/01/03         25
    1904201                              N            02/01/33
    0


    8534211          286/286             F           60,300.00         ZZ
                                         360         59,979.07          1
1


                                       7.000            401.18         90
                                       6.750            401.18
    AKRON            OH   44305          1            11/15/02         11
    1671758                              05           01/01/03         25
    1671758                              N            12/01/32
    0


    8534219          286/286             F          222,000.00         ZZ
                                         360        221,577.60          1
                                       6.250          1,366.90         74
                                       6.000          1,366.90
    OCEANSIDE        CA   92056          1            01/17/03         00
    1876015                              05           03/01/03          0
    1876015                              N            02/01/33
    0


    8534223          286/286             F           50,400.00         ZZ
                                         360         50,321.12          1
                                       7.250            343.82         80
                                       7.000            343.82
    INDIANAPOLIS     IN   46201          2            01/29/03         00
    1970280                              05           03/01/03          0
    1970280                              N            02/01/33
    0


    8534225          286/286             F           64,500.00         ZZ
                                         360         64,371.24          1
                                       6.000            386.72         76
                                       5.750            386.72
    GOOSE CREEK      SC   29445          5            01/21/03         00
    1882673                              05           03/01/03          0
    1882673                              N            02/01/33
    0


    8534233          286/286             F          384,000.00         ZZ
                                         360        383,269.38          1
                                       6.250          2,364.36         80
                                       6.000          2,364.36
    FALLBROOK        CA   92028          1            01/13/03         00
    1901693                              05           03/01/03          0
    1901693                              O            02/01/33
    0


    8534241          286/286             F          145,000.00         ZZ
                                         360        144,710.58          1
                                       6.000            869.35         71
                                       5.750            869.35
    PORTLAND         OR   97211          2            01/15/03         00
    1904675                              05           03/01/03          0
1


    1904675                              O            02/01/33
    0


    8534251          286/286             F          158,700.00         ZZ
                                         360        158,405.22          1
                                       6.375            990.09         80
                                       6.125            990.09
    SANDY            UT   84094          1            01/29/03         00
    1900230                              05           03/01/03          0
    1900230                              O            02/01/33
    0


    8534255          286/286             F           55,000.00         ZZ
                                         360         54,909.56          1
                                       7.000            365.92         79
                                       6.750            365.92
    JOLIET           IL   60432          1            01/24/03         00
    1916999                              05           03/01/03          0
    1916999                              N            02/01/33
    0


    8534259          286/286             F          198,000.00         ZZ
                                         360        197,641.03          1
                                       6.500          1,251.50         67
                                       6.250          1,251.50
    SPRINGFIELD      VA   22153          5            01/22/03         00
    1935326                              05           03/01/03          0
    1935326                              O            02/01/33
    0


    8534265          286/286             F           56,000.00         ZZ
                                         360         55,903.31          2
                                       6.750            363.21         80
                                       6.500            363.21
    CHESAPEAKE       VA   23325          5            01/15/03         00
    0001117440                           05           03/01/03          0
    0001117440                           N            02/01/33
    0


    8534269          286/286             F           60,000.00         ZZ
                                         360         59,908.40          1
                                       7.375            414.41         80
                                       7.125            414.41
    INDIANAPOLIS     IN   46218          2            01/13/03         00
    1907971                              05           03/01/03          0
    1907971                              N            02/01/33
    0


1


    8534271          286/286             F          101,400.00         ZZ
                                         360        101,216.16          1
                                       6.500            640.92         78
                                       6.250            640.92
    VIRGINIA BEACH   VA   23452          2            01/31/03         00
    0001244235                           05           03/01/03          0
    0001244235                           N            02/01/33
    0


    8534273          286/286             F           73,000.00         ZZ
                                         360         72,879.95          2
                                       7.000            485.68         77
                                       6.750            485.68
    CLEVELAND        OH   44109          2            01/29/03         00
    1921162                              05           03/01/03          0
    1921162                              N            02/01/33
    0


    8534277          286/286             F           94,300.00         ZZ
                                         360         94,129.04          1
                                       6.500            596.04         79
                                       6.250            596.04
    VIRGINIA BEACH   VA   23452          2            01/31/03         00
    0001244237                           05           03/01/03          0
    0001244237                           N            02/01/33
    0


    8534281          286/286             F          432,000.00         ZZ
                                         360        431,178.07          1
                                       6.250          2,659.90         80
                                       6.000          2,659.90
    SAN DIEGO        CA   92131          1            01/10/03         00
    1917689                              05           03/01/03          0
    1917689                              O            02/01/33
    0


    8534285          286/286             F          161,250.00         ZZ
                                         360        160,085.45          2
                                       6.875          1,059.30         75
                                       6.625          1,059.30
    BURLINGTON       VT   05401          5            09/30/02         00
    1528755                              05           11/01/02          0
    1528755                              N            10/01/32
    0


    8534291          286/286             F           62,250.00         ZZ
                                         360         62,125.73          1
                                       6.000            373.23         71
                                       5.750            373.23
1


    LOUISVILLE       KY   40223          1            01/31/03         00
    1910821                              01           03/01/03          0
    1910821                              N            02/01/33
    0


    8534295          286/286             F           78,300.00         ZZ
                                         360         78,183.41          3
                                       7.500            547.49         90
                                       7.250            547.49
    SPOKANE          WA   99201          1            01/06/03         11
    1701824                              05           03/01/03         25
    1701824                              N            02/01/33
    0


    8534303          286/286             F          117,630.00         ZZ
                                         360        117,454.85          3
                                       7.500            822.49         90
                                       7.250            822.49
    SPOKANE          WA   99204          1            01/15/03         10
    1759012                              05           03/01/03         25
    1759012                              N            02/01/33
    0


    8534307          286/286             F          139,400.00         ZZ
                                         360        139,192.43          4
                                       7.500            974.71         90
                                       7.250            974.71
    SPOKANE          WA   99207          1            01/06/03         11
    1759015                              05           03/01/03         25
    1759015                              N            02/01/33
    0


    8534311          286/286             F          113,220.00         ZZ
                                         360        113,051.41          4
                                       7.500            791.66         90
                                       7.250            791.66
    SPOKANE          WA   99201          1            01/06/03         10
    1759021                              05           03/01/03         25
    1759021                              N            02/01/33
    0


    8534315          286/286             F          193,600.00         ZZ
                                         360        192,894.21          1
                                       6.500          1,223.69         80
                                       6.250          1,223.69
    WASHINGTON       DC   20003          1            11/07/02         00
    1730640                              05           01/01/03          0
    1730640                              N            12/01/32
    0
1




    8534321          286/286             F           60,300.00         ZZ
                                         360         60,210.22          2
                                       7.500            421.63         90
                                       7.250            421.63
    SPOKANE          WA   99205          1            01/06/03         10
    1781608                              05           03/01/03         25
    1781608                              N            02/01/33
    0


    8534325          286/286             F           45,600.00         ZZ
                                         360         45,424.36          1
                                       7.375            314.95         80
                                       7.125            314.95
    OWASSO           OK   74055          5            10/30/02         00
    1656512                              05           12/01/02          0
    1656512                              N            11/01/32
    0


    8534327          286/286             F          238,000.00         ZZ
                                         360        237,627.55          1
                                       7.250          1,623.58         95
                                       7.000          1,623.58
    RESEDA AREA      CA   91335          5            01/24/03         14
    1922584                              05           03/01/03         30
    1922584                              O            02/01/33
    0


    8534329          286/286             F           41,490.00         ZZ
                                         360         41,421.79          1
                                       7.000            276.03         90
                                       6.750            276.03
    RICHMOND         VA   23224          1            01/13/03         11
    1899613                              05           03/01/03         25
    1899613                              N            02/01/33
    0


    8534335          286/286             F           85,000.00         ZZ
                                         360         84,870.24          2
                                       7.375            587.08         40
                                       7.125            587.08
    MIAMI            FL   33133          1            01/22/03         00
    1885560                              05           03/01/03          0
    1885560                              N            02/01/33
    0


    8534337          286/286             F          233,500.00         ZZ
                                         360        233,106.54          1
1


                                       6.875          1,533.93         90
                                       6.625          1,533.93
    NAPLES           FL   34119          1            01/22/03         12
    1907891                              05           03/01/03         25
    1907891                              N            02/01/33
    0


    8534347          286/286             F          271,600.00         ZZ
                                         360        270,723.46          1
                                       7.125          1,829.82         80
                                       6.875          1,829.82
    GARDEN GROVE     CA   92840          1            11/01/02         00
    1714356                              05           01/01/03          0
    1714356                              N            12/01/32
    0


    8534349          286/286             F          272,100.00         ZZ
                                         360        271,569.71          1
                                       6.125          1,653.31         75
                                       5.875          1,653.31
    STOCKTON         CA   95219          5            01/14/03         00
    1891707                              03           03/01/03          0
    1891707                              N            02/01/33
    0


    8534355          286/286             F           69,000.00         ZZ
                                         360         68,754.44          1
                                       6.625            441.82         78
                                       6.375            441.82
    CRAWFORDSVILLE   IN   47933          2            11/15/02         00
    1620255                              05           01/01/03          0
    1620255                              N            12/01/32
    0


    8534365          286/286             F          129,500.00         ZZ
                                         360        129,292.26          1
                                       7.125            872.47         70
                                       6.875            872.47
    YUCAIPA          CA   92399          1            01/15/03         00
    1959321                              05           03/01/03          0
    1959321                              N            02/01/33
    0


    8534369          286/286             F           36,900.00         ZZ
                                         360         36,871.21          1
                                       7.250            251.73         90
                                       7.000            251.73
    FORT VALLEY      GA   31030          1            02/10/03         12
    2004307                              05           04/01/03         25
1


    2004307                              N            03/01/33
    0


    8534371          286/286             F           33,000.00         ZZ
                                         360         32,950.85          1
                                       7.500            230.75         75
                                       7.250            230.75
    FORT WAYNE       IN   46806          2            01/28/03         00
    1890237                              05           03/01/03          0
    1890237                              N            02/01/33
    0


    8534373          286/286             F          186,750.00         ZZ
                                         360        186,052.59          1
                                       6.375          1,165.08         75
                                       6.125          1,165.08
    NAPERVILLE       IL   60563          2            11/19/02         00
    1661776                              05           01/01/03          0
    1661776                              N            12/01/32
    0


    8534375          286/286             F           94,400.00         ZZ
                                         360         94,228.84          1
                                       6.500            596.68         80
                                       6.250            596.68
    SALT LAKE CITY   UT   84118          2            01/29/03         00
    1962106                              05           03/01/03          0
    1962106                              N            02/01/33
    0


    8534377          286/286             F           75,000.00         ZZ
                                         360         74,757.95          1
                                       7.125            505.29         66
                                       6.875            505.29
    LISLE            IL   60532          1            11/15/02         00
    1709630                              01           01/01/03          0
    1709630                              N            12/01/32
    0


    8534381          286/286             F           73,000.00         ZZ
                                         360         72,933.61          4
                                       6.625            467.43         67
                                       6.375            467.43
    CINCINNATI       OH   45219          5            02/12/03         00
    1984053                              05           04/01/03          0
    1984053                              N            03/01/33
    0


1


    8534383          286/286             F           83,900.00         ZZ
                                         360         83,736.48          1
                                       6.125            509.79         63
                                       5.875            509.79
    VANCOUVER        WA   98682          2            01/27/03         00
    1920615                              05           03/01/03          0
    1920615                              N            02/01/33
    0


    8534385          286/286             F           89,950.00         ZZ
                                         360         89,774.69          1
                                       6.125            546.55         66
                                       5.875            546.55
    VANCOUVER        WA   98662          2            01/27/03         00
    1920616                              05           03/01/03          0
    1920616                              N            02/01/33
    0


    8534387          286/286             F          216,000.00         ZZ
                                         360        212,247.69          4
                                       6.875          1,418.97         67
                                       6.625          1,418.97
    SOUTH RIVER      NJ   08903          2            11/01/02         00
    1605227                              05           12/01/02          0
    1605227                              N            11/01/32
    0


    8534391          286/286             F           76,000.00         ZZ
                                         360         75,851.88          1
                                       6.125            461.79         67
                                       5.875            461.79
    VANCOUVER        WA   98660          2            01/27/03         00
    1920619                              05           03/01/03          0
    1920619                              N            02/01/33
    0


    8534393          286/286             F           55,800.00         ZZ
                                         360         55,701.25          1
                                       6.625            357.30         90
                                       6.375            357.30
    CHARLOTTESVILLE  VA   22902          1            01/28/03         10
    1911160                              05           03/01/03         25
    1911160                              N            02/01/33
    0


    8534403          286/286             F          188,500.00         ZZ
                                         360        187,411.72          4
                                       6.500          1,191.45         76
                                       6.250          1,191.45
1


    PORT ORCHARD     WA   98366          2            11/04/02         00
    1622925                              05           01/01/03          0
    1622925                              N            12/01/32
    0


    8534413          286/286             F          390,000.00         ZZ
                                         360        389,257.97          1
                                       6.250          2,401.30         59
                                       6.000          2,401.30
    SAN DIEGO        CA   92130          2            01/15/03         00
    1915625                              05           03/01/03          0
    1915625                              O            02/01/33
    0


    8534417          286/286             F          262,000.00         ZZ
                                         360        261,489.40          1
                                       6.125          1,591.94         38
                                       5.875          1,591.94
    SAN JOSE         CA   95126          2            01/21/03         00
    1919917                              05           03/01/03          0
    1919917                              O            02/01/33
    0


    8534429          286/286             F          112,400.00         ZZ
                                         360        112,175.64          1
                                       6.000            673.90         90
                                       5.750            673.90
    SACRAMENTO       CA   95825          1            01/16/03         12
    1859075                              01           03/01/03         25
    1859075                              N            02/01/33
    0


    8534433          286/286             F          177,600.00         ZZ
                                         360        177,454.42          1
                                       7.000          1,181.58         80
                                       6.750          1,181.58
    PHOENIX          AZ   85021          2            02/03/03         00
    1976348                              03           04/01/03          0
    1976348                              N            03/01/33
    0


    8534435          286/286             F          168,000.00         ZZ
                                         360        167,563.61          2
                                       6.750          1,089.65         80
                                       6.500          1,089.65
    W SACRAMENTO     CA   95605          1            12/19/02         00
    1872348                              05           02/01/03          0
    1872348                              N            01/01/33
    0
1




    8534437          286/286             F          530,000.00         ZZ
                                         360        529,015.61          1
                                       6.375          3,306.52         74
                                       6.125          3,306.52
    SAN DIEGO        CA   92110          5            01/16/03         00
    1737478                              05           03/01/03          0
    1737478                              O            02/01/33
    0


    8534441          286/286             F          180,000.00         ZZ
                                         360        179,649.21          1
                                       6.125          1,093.70         80
                                       5.875          1,093.70
    FORT WAYNE       IN   46815          5            01/15/03         00
    1915817                              05           03/01/03          0
    1915817                              O            02/01/33
    0


    8534443          286/286             F           69,300.00         ZZ
                                         360         69,136.83          2
                                       7.250            472.75         90
                                       7.000            472.75
    BRYAN            TX   77803          1            12/13/02         10
    1812673                              05           02/01/03         30
    1812673                              N            01/01/33
    0


    8534445          286/286             F           59,600.00         ZZ
                                         360         59,217.47          1
                                       6.125            362.14         80
                                       5.875            362.14
    GREENCASTLE      IN   46135          1            01/31/03         00
    1928600                              05           03/01/03          0
    1928600                              N            02/01/33
    0


    8534447          286/286             F          131,983.00         ZZ
                                         360        131,731.87          1
                                       6.250            812.65         80
                                       6.000            812.65
    PALMDALE         CA   93550          5            01/17/03         00
    1767976                              05           03/01/03          0
    1767976                              O            02/01/33
    0


    8534449          286/286             F          187,800.00         ZZ
                                         360        187,451.19          1
1


                                       6.375          1,171.63         77
                                       6.125          1,171.63
    LOMPOC           CA   93436          2            01/22/03         00
    1893910                              05           03/01/03          0
    1893910                              O            02/01/33
    0


    8534451          286/286             F           50,400.00         ZZ
                                         360         50,312.96          2
                                       6.750            326.90         30
                                       6.500            326.90
    KENOSHA          WI   53142          2            01/31/03         00
    1961409                              05           03/01/03          0
    1961409                              N            02/01/33
    0


    8534457          286/286             F          253,125.00         ZZ
                                         360        252,666.08          1
                                       6.500          1,599.93         75
                                       6.250          1,599.93
    HOUSTON          TX   77099          5            01/16/03         00
    1900630                              05           03/01/03          0
    1900630                              N            02/01/33
    0


    8534461          286/286             F          412,000.00         ZZ
                                         360        411,253.06          1
                                       6.500          2,604.13         80
                                       6.250          2,604.13
    SAN PEDRO        CA   90732          1            01/17/03         00
    1915837                              05           03/01/03          0
    1915837                              O            02/01/33
    0


    8534463          286/286             F           61,500.00         ZZ
                                         360         61,382.98          1
                                       6.250            378.67         75
                                       6.000            378.67
    COLUMBIA         MD   21045          1            02/04/03         00
    2006876                              05           03/01/03          0
    2006876                              N            02/01/33
    0


    8534465          286/286             F          234,000.00         ZZ
                                         360        233,449.04          2
                                       7.250          1,596.30         90
                                       7.000          1,596.30
    WOODRIDGE        NJ   07095          1            12/27/02         12
    1876594                              05           02/01/03         25
1


    1876594                              N            01/01/33
    0


    8534475          286/286             F          153,150.00         ZZ
                                         360        152,674.87          1
                                       6.875          1,006.09         90
                                       6.625          1,006.09
    HENDERSON        NV   89015          1            01/23/03         12
    1912800                              05           03/01/03         25
    1912800                              N            02/01/33
    0


    8534477          286/286             F          188,000.00         ZZ
                                         360        187,713.02          1
                                       7.375          1,298.47         80
                                       7.125          1,298.47
    GRASS VALLEY     CA   95945          1            01/15/03         00
    1919824                              05           03/01/03          0
    1919824                              N            02/01/33
    0


    8534483          286/286             F          200,000.00         ZZ
                                         360        199,619.47          1
                                       6.250          1,231.44         44
                                       6.000          1,231.44
    LA PALMA         CA   90623          5            01/23/03         00
    1912430                              05           03/01/03          0
    1912430                              O            02/01/33
    0


    8534489          286/286             F          168,000.00         ZZ
                                         360        167,213.64          1
                                       6.375          1,048.11         80
                                       6.125          1,048.11
    PORTLAND         OR   97203          5            10/25/02         00
    1693995                              05           12/01/02          0
    1693995                              O            11/01/32
    0


    8534505          286/286             F          248,000.00         ZZ
                                         360        247,550.39          1
                                       6.500          1,567.53         79
                                       6.250          1,567.53
    FOLSOM           CA   95630          5            01/13/03         00
    1903077                              05           03/01/03          0
    1903077                              O            02/01/33
    0


1


    8534507          286/286             F           45,500.00         ZZ
                                         360         45,315.66          1
                                       6.000            272.80         73
                                       5.750            272.80
    INDIANAPOLIS     IN   46218          2            11/22/02         00
    1614651                              05           01/01/03          0
    1614651                              N            12/01/32
    0


    8534517          286/286             F          428,000.00         ZZ
                                         360        427,224.05          1
                                       6.500          2,705.26         80
                                       6.250          2,705.26
    ESCONDIDO        CA   92026          5            01/21/03         00
    1753284                              05           03/01/03          0
    1753284                              O            02/01/33
    0


    8534523          286/286             F          178,000.00         ZZ
                                         360        158,661.66          1
                                       6.000          1,067.21         49
                                       5.750          1,067.21
    SAN DIEGO        CA   92116          1            01/23/03         00
    1987387                              05           03/01/03          0
    1987387                              N            02/01/33
    0


    8534531          286/286             F           50,000.00         ZZ
                                         360         49,830.51          1
                                       6.875            328.47         72
                                       6.625            328.47
    NEW CASTLE       IN   47362          5            11/14/02         00
    1507035                              05           01/01/03          0
    1507035                              N            12/01/32
    0


    8534533          286/286             F          132,000.00         ZZ
                                         360        131,754.83          1
                                       6.375            823.51         77
                                       6.125            823.51
    VANCOUVER        WA   98662          2            01/16/03         00
    1811599                              05           03/01/03          0
    1811599                              O            02/01/33
    0


    8534537          286/286             F          207,600.00         ZZ
                                         360        207,275.12          1
                                       7.250          1,416.20         80
                                       7.000          1,416.20
1


    SACRAMENTO       CA   95834          1            01/17/03         00
    1936446                              05           03/01/03          0
    1936446                              O            02/01/33
    0


    8534545          286/286             F           82,800.00         ZZ
                                         360         82,642.45          1
                                       6.250            509.82         90
                                       6.000            509.82
    ELKTON           MD   21921          1            01/28/03         12
    1985591                              05           03/01/03         25
    1985591                              O            02/01/33
    0


    8534549          286/286             F          480,000.00         ZZ
                                         360        477,795.56          4
                                       6.500          3,033.93         80
                                       6.250          3,033.93
    SAN JOSE         CA   95116          1            10/29/02         00
    1663319                              05           12/01/02          0
    1663319                              N            11/01/32
    0


    8534557          286/286             F           50,000.00         ZZ
                                         360         49,715.06          1
                                       6.625            320.16         70
                                       6.375            320.16
    CLEVELAND        OH   44135          5            11/14/02         00
    1690467                              05           01/01/03          0
    1690467                              N            12/01/32
    0


    8534559          286/286             F           53,600.00         ZZ
                                         360         53,518.17          1
                                       7.375            370.21         80
                                       7.125            370.21
    INDIANAPOLIS     IN   46203          2            01/15/03         00
    1901306                              05           03/01/03          0
    1901306                              N            02/01/33
    0


    8534563          286/286             F           46,800.00         ZZ
                                         360         46,637.44          1
                                       6.750            303.55         90
                                       6.500            303.55
    IDAHO FALLS      ID   83402          1            11/13/02         11
    1787014                              05           01/01/03         25
    1787014                              N            12/01/32
    0
1




    8534567          286/286             F          175,600.00         ZZ
                                         360        174,737.83          1
                                       6.125          1,066.97         80
                                       5.875          1,066.97
    AURORA           CO   80015          1            10/31/02         00
    1693235                              03           12/01/02          0
    1693235                              N            11/01/32
    0


    8534571          286/286             F           60,000.00         ZZ
                                         360         59,908.40          1
                                       7.375            414.41         80
                                       7.125            414.41
    INDIANAPOLIS     IN   46203          2            01/15/03         00
    1901311                              05           03/01/03          0
    1901311                              N            02/01/33
    0


    8534575          286/286             F          102,800.00         ZZ
                                         360        102,512.83          1
                                       6.375            641.34         80
                                       6.125            641.34
    RICHMOND         VA   23234          1            12/23/02         00
    0001244608                           05           02/01/03          0
    0001244608                           O            01/01/33
    0


    8534589          286/286             F           45,500.00         ZZ
                                         360         45,430.54          2
                                       7.375            314.26         70
                                       7.125            314.26
    INDIANAPOLIS     IN   46208          2            01/21/03         00
    1908033                              05           03/01/03          0
    1908033                              N            02/01/33
    0


    8534595          286/286             F           69,700.00         ZZ
                                         360         69,573.62          2
                                       6.500            440.56         85
                                       6.250            440.56
    DETROIT          MI   48238          2            01/28/03         21
    1947914                              05           03/01/03         25
    1947914                              N            02/01/33
    0


    8534597          286/286             F           49,500.00         ZZ
                                         360         49,332.22          2
1


                                       6.875            325.18         90
                                       6.625            325.18
    ROCKFORD         IL   61104          1            11/04/02         12
    1690830                              05           01/01/03         25
    1690830                              N            12/01/32
    0


    8534599          286/286             F          360,000.00         ZZ
                                         360        359,378.34          1
                                       6.750          2,334.96         68
                                       6.500          2,334.96
    DALY CITY        CA   94015          2            01/09/03         00
    1892564                              05           03/01/03          0
    1892564                              N            02/01/33
    0


    8534605          286/286             F          160,000.00         ZZ
                                         360        159,743.34          1
                                       7.125          1,077.95         80
                                       6.875          1,077.95
    LAKESIDE         CA   92040          1            12/27/02         00
    1883393                              05           03/01/03          0
    1883393                              N            02/01/33
    0


    8534611          286/286             F           70,050.00         ZZ
                                         360         69,714.19          1
                                       6.250            431.31         41
                                       6.000            431.31
    ALPHARETTA       GA   30022          2            11/04/02         00
    1664451                              05           12/01/02          0
    1664451                              N            11/01/32
    0


    8534617          286/286             F           59,400.00         ZZ
                                         360         59,293.60          1
                                       7.250            405.22         90
                                       7.000            405.22
    DELTONA          FL   32738          1            01/29/03         11
    1932520                              05           03/01/03         25
    1932520                              N            02/01/33
    0


    8534619          286/286             F           72,000.00         ZZ
                                         360         71,627.90          1
                                       6.375            449.19         80
                                       6.125            449.19
    FORT WAYNE       IN   46807          5            11/06/02         00
    1600785                              05           01/01/03          0
1


    1600785                              N            12/01/32
    0


    8534621          286/286             F           36,000.00         ZZ
                                         360         35,970.49          1
                                       7.000            239.51         90
                                       6.750            239.51
    SOUTH BEND       IN   46615          1            02/05/03         11
    1959952                              05           04/01/03         25
    1959952                              N            03/01/33
    0


    8534623          286/286             F          155,300.00         ZZ
                                         360        155,018.44          1
                                       6.500            981.61         56
                                       6.250            981.61
    WAIALUA          HI   96791          5            01/15/03         00
    1889591                              05           03/01/03          0
    1889591                              N            02/01/33
    0


    8534629          286/286             F           63,300.00         ZZ
                                         360         62,543.04          1
                                       7.250            431.82         90
                                       7.000            431.82
    WORTH            IL   60482          1            11/05/02         12
    1702388                              01           12/01/02         25
    1702388                              N            11/01/32
    0


    8534631          286/286             F           63,700.00         ZZ
                                         360         63,399.10          1
                                       7.250            434.55         89
                                       7.000            434.55
    WORTH            IL   60482          1            11/05/02         12
    1702394                              01           12/01/02         30
    1702394                              N            11/01/32
    0


    8534633          286/286             F           60,750.00         ZZ
                                         360         60,639.84          1
                                       6.500            383.99         90
                                       6.250            383.99
    ST CLOUD         FL   34771          1            02/07/03         14
    1993672                              05           04/01/03         25
    1993672                              N            03/01/33
    0


1


    8534657          286/286             F           42,575.00         ZZ
                                         360         42,497.80          1
                                       6.500            269.11         80
                                       6.250            269.11
    DELTONA          FL   32725          1            01/21/03         00
    1839145                              05           03/01/03          0
    1839145                              N            02/01/33
    0


    8534661          286/286             F          425,000.00         ZZ
                                         360        423,294.86          4
                                       6.000          2,548.10         69
                                       5.750          2,548.10
    WASHINGTON       DC   20003          5            11/14/02         00
    1643320                              05           01/01/03          0
    1643320                              N            12/01/32
    0


    8534663          286/286             F           67,500.00         ZZ
                                         360         67,271.20          1
                                       6.875            443.43         90
                                       6.625            443.43
    MCKINNEY         TX   75031          1            11/06/02         11
    1730412                              05           01/01/03         25
    1730412                              N            12/01/32
    0


    8534667          286/286             F          260,000.00         ZZ
                                         360        259,517.08          1
                                       6.375          1,622.07         80
                                       6.125          1,622.07
    OCEAN CITY       MD   21842          1            01/30/03         00
    1943469                              01           03/01/03          0
    1943469                              N            02/01/33
    0


    8534671          286/286             F           39,100.00         ZZ
                                         360         38,976.84          1
                                       7.250            266.74         61
                                       7.000            266.74
    SOMERVILLE       TN   38068          2            11/14/02         00
    1724531                              05           01/01/03          0
    1724531                              N            12/01/32
    0


    8534683          286/286             F           52,450.00         ZZ
                                         360         52,405.93          1
                                       6.875            344.56         75
                                       6.625            344.56
1


    WICHITA          KS   67211          2            02/10/03         00
    1967699                              05           04/01/03          0
    1967699                              N            03/01/33
    0


    8534685          286/286             F          192,500.00         ZZ
                                         360        191,847.52          2
                                       6.875          1,264.59         68
                                       6.625          1,264.59
    PLYMOUTH         MA   02360          5            11/12/02         00
    1551158                              05           01/01/03          0
    1551158                              N            12/01/32
    0


    8534687          286/286             F          220,000.00         ZZ
                                         360        219,254.29          2
                                       6.875          1,445.25         76
                                       6.625          1,445.25
    ROCKLAND         MA   02370          5            11/12/02         00
    1576393                              05           01/01/03          0
    1576393                              N            12/01/32
    0


    8534689          286/286             F          210,000.00         ZZ
                                         360        209,795.88          3
                                       6.125          1,275.99         70
                                       5.875          1,275.99
    BROCKTON         MA   02131          5            02/12/03         00
    2025458                              05           04/01/03          0
    2025458                              N            03/01/33
    0


    8534691          286/286             F           61,850.00         ZZ
                                         360         61,745.78          2
                                       6.875            406.32         31
                                       6.625            406.32
    NEW ORLEANS      LA   70125          5            01/16/03         00
    1927326                              05           03/01/03          0
    1927326                              N            02/01/33
    0


    8534695          286/286             F           67,500.00         ZZ
                                         360         67,268.86          1
                                       6.875            443.43         90
                                       6.625            443.43
    INDIANAPOLIS     IN   46227          1            11/05/02         12
    1665082                              05           01/01/03         25
    1665082                              N            12/01/32
    0
1




    8534699          286/286             F           96,300.00         ZZ
                                         360         96,133.71          1
                                       6.750            624.60         90
                                       6.500            624.60
    GREENWOOD        IN   46142          1            01/29/03         14
    1909387                              03           03/01/03         30
    1909387                              N            02/01/33
    0


    8534703          286/286             F           67,500.00         ZZ
                                         360         66,724.16          1
                                       6.000            404.70         74
                                       5.750            404.70
    HARWICK          PA   15049          5            11/27/02         00
    1694324                              05           01/01/03          0
    1694324                              N            12/01/32
    0


    8534705          286/286             F           67,500.00         ZZ
                                         360         66,724.16          1
                                       6.000            404.70         74
                                       5.750            404.70
    HARWICK          PA   15049          5            11/27/02         00
    1694326                              05           01/01/03          0
    1694326                              N            12/01/32
    0


    8534707          286/286             F           71,500.00         ZZ
                                         360         70,708.12          1
                                       6.000            428.68         78
                                       5.750            428.68
    HARWICK          PA   15049          2            11/27/02         00
    1694327                              05           01/01/03          0
    1694327                              N            12/01/32
    0


    8534717          286/286             F           67,050.00         ZZ
                                         360         66,787.29          1
                                       6.125            407.41         90
                                       5.875            407.41
    WILMINGTON       OH   45177          1            11/18/02         10
    1654491                              05           01/01/03         25
    1654491                              N            12/01/32
    0


    8534719          286/286             F           60,000.00         ZZ
                                         360         59,770.46          2
1


                                       6.250            369.44         65
                                       6.000            369.44
    PHILADELPHIA     PA   19111          2            11/13/02         00
    1700773                              05           01/01/03          0
    1700773                              N            12/01/32
    0


    8534723          286/286             F           70,000.00         ZZ
                                         360         69,873.09          1
                                       6.500            442.45         39
                                       6.250            442.45
    GAITHERSBURG     MD   20870          2            01/17/03         00
    1819187                              05           03/01/03          0
    1819187                              N            02/01/33
    0


    8534729          286/286             F           69,600.00         ZZ
                                         360         69,260.78          2
                                       6.500            439.92         80
                                       6.250            439.92
    PHOENIX          AZ   85014          1            11/01/02         00
    1434560                              05           01/01/03          0
    1434560                              N            12/01/32
    0


    8534739          286/286             F          153,000.00         ZZ
                                         360        152,715.81          1
                                       6.375            954.53         75
                                       6.125            954.53
    PORTLAND         OR   97229          2            01/24/03         00
    1930434                              01           03/01/03          0
    1930434                              N            02/01/33
    0


    8534741          286/286             F          208,000.00         ZZ
                                         360        207,816.48          1
                                       6.625          1,331.85         49
                                       6.375          1,331.85
    ATLANTA          GA   30339          2            02/07/03         00
    1919477                              05           04/01/03          0
    1919477                              N            03/01/33
    0


    8534749          286/286             F           72,800.00         ZZ
                                         360         72,534.59          1
                                       6.500            460.15         80
                                       6.250            460.15
    ATHENS           GA   30605          2            11/08/02         00
    1625373                              01           01/01/03          0
1


    1625373                              N            12/01/32
    0


    8534755          286/286             F           31,000.00         ZZ
                                         360         30,926.82          1
                                       7.250            211.48         80
                                       7.000            211.48
    ALBUQUERQUE      NM   87102          1            12/20/02         00
    1865749                              05           02/01/03          0
    1865749                              N            01/01/33
    0


    8534757          286/286             F          218,000.00         ZZ
                                         360        217,391.03          4
                                       6.375          1,360.04         68
                                       6.125          1,360.04
    CHICAGO          IL   60615          2            12/12/02         00
    1792065                              05           02/01/03          0
    1792065                              N            01/01/33
    0


    8534759          286/286             F           65,700.00         ZZ
                                         360         65,498.14          2
                                       7.375            453.78         90
                                       7.125            453.78
    NORTH RICHLAND   TX   76180          2            11/15/02         10
    9579165                              05           01/01/03         25
    9579165                              N            12/01/32
    0


    8534771          286/286             F           56,800.00         ZZ
                                         360         56,520.42          1
                                       6.375            354.36         80
                                       6.125            354.36
    SHREVEPORT       LA   71106          5            01/31/03         00
    2003759                              05           03/01/03          0
    2003759                              N            02/01/33
    0


    8534785          286/286             F           67,644.00         ZZ
                                         360         67,463.94          1
                                       6.625            433.14         70
                                       6.375            433.14
    KETTERING        OH   45429          1            12/03/02         00
    1763592                              05           02/01/03          0
    1763592                              N            01/01/33
    0


1


    8534789          286/286             F          210,000.00         ZZ
                                         360        209,611.74          2
                                       6.500          1,327.35         67
                                       6.250          1,327.35
    KENILWORTH       NJ   07033          5            02/03/03         00
    1945192                              05           04/01/03          0
    1945192                              N            03/01/33
    0


    8534807          286/286             F           66,300.00         ZZ
                                         360         66,240.06          2
                                       6.500            419.07         65
                                       6.250            419.07
    VIRGINIA BEACH   VA   23452          5            02/03/03         00
    1946504                              05           04/01/03          0
    1946504                              N            03/01/33
    0


    8534813          286/286             F           72,000.00         ZZ
                                         360         71,761.85          1
                                       7.000            479.02         80
                                       6.750            479.02
    URBANA           IL   61801          1            11/14/02         00
    1716667                              05           01/01/03          0
    1716667                              N            12/01/32
    0


    8534819          286/286             F           50,400.00         ZZ
                                         360         50,224.93          1
                                       6.750            326.90         80
                                       6.500            326.90
    NORRISTOWN       PA   19401          5            11/06/02         00
    1709779                              05           01/01/03          0
    1709779                              N            12/01/32
    0


    8534821          286/286             F           56,000.00         ZZ
                                         360         55,950.59          1
                                       6.625            358.58         80
                                       6.375            358.58
    POTTSTOWN        PA   19464          5            02/11/03         00
    1945692                              05           04/01/03          0
    1945692                              N            03/01/33
    0


    8534823          286/286             F           74,800.00         ZZ
                                         360         74,075.94          1
                                       6.375            466.66         80
                                       6.125            466.66
1


    MCKEES ROCKS     PA   15136          1            10/31/02         00
    1716007                              05           12/01/02          0
    1716007                              N            11/01/32
    0


    8534855          286/286             F           32,000.00         ZZ
                                         360         31,943.71          1
                                       7.375            221.02         80
                                       7.125            221.02
    CRAWFORDSVILLE   IN   47933          2            01/21/03         00
    1862783                              05           03/01/03          0
    1862783                              N            02/01/33
    0


    8534857          286/286             F           55,900.00         ZZ
                                         360         55,808.08          1
                                       7.000            371.91         90
                                       6.750            371.91
    YOUNGTOWN        AZ   85363          1            01/15/03         12
    1862317                              05           03/01/03         25
    1862317                              N            02/01/33
    0


    8534859          286/286             F          271,200.00         ZZ
                                         360        270,708.33          1
                                       6.500          1,714.17         80
                                       6.250          1,714.17
    BEACH HAVEN PAR  NJ   08008          1            01/29/03         00
    1725826                              05           03/01/03          0
    1725826                              N            02/01/33
    0


    8534863          286/286             F          172,000.00         ZZ
                                         360        171,695.65          1
                                       6.625          1,101.34         80
                                       6.375          1,101.34
    DALE CITY        VA   22193          1            01/31/03         00
    1933974                              05           03/01/03          0
    1933974                              N            02/01/33
    0


    8534873          286/286             F           37,500.00         ZZ
                                         360         37,351.94          1
                                       7.250            255.82         67
                                       7.000            255.82
    AKRON            OH   44306          2            10/31/02         00
    1738524                              05           12/01/02          0
    1738524                              N            11/01/32
    0
1




    8534875          286/286             F           61,200.00         ZZ
                                         360         60,964.24          1
                                       7.375            422.70         90
                                       7.125            422.70
    NORMAL           IL   61761          1            10/30/02         10
    1703302                              05           12/01/02         25
    1703302                              N            11/01/32
    0


    8534883          286/286             F           52,100.00         ZZ
                                         360         51,943.85          2
                                       7.500            364.30         90
                                       7.250            364.30
    DAYTON           OH   45406          1            11/15/02         12
    1721805                              05           01/01/03         25
    1721805                              N            12/01/32
    0


    8534885          286/286             F           59,400.00         ZZ
                                         360         59,130.83          1
                                       7.000            395.19         90
                                       6.750            395.19
    PEARLAND         TX   77584          1            10/14/02         10
    1660271                              05           12/01/02         25
    1660271                              N            11/01/32
    0


    8534893          286/286             F           67,500.00         ZZ
                                         360         67,386.25          1
                                       6.875            443.43         90
                                       6.625            443.43
    INDIANAPOLIS     IN   46235          2            01/31/03         12
    1943846                              05           03/01/03         25
    1943846                              N            02/01/33
    0


    8534899          286/286             F          207,000.00         ZZ
                                         360        206,202.71          1
                                       7.375          1,429.70         80
                                       7.125          1,429.70
    ANNAPOLIS        MD   21401          2            10/30/02         00
    1574575                              05           12/01/02          0
    1574575                              N            11/01/32
    0


    8534907          286/286             F          220,000.00         ZZ
                                         360        219,560.86          2
1


                                       6.000          1,319.02         80
                                       5.750          1,319.02
    N WILDWOOD       NJ   08260          5            01/14/03         00
    1882410                              05           03/01/03          0
    1882410                              N            02/01/33
    0


    8534909          286/286             F           54,000.00         ZZ
                                         360         53,950.19          2
                                       6.500            341.32         75
                                       6.250            341.32
    SPOKANE          WA   99207          5            02/05/03         00
    1884266                              05           04/01/03          0
    1884266                              N            03/01/33
    0


    8534915          286/286             F          215,000.00         ZZ
                                         360        214,108.49          1
                                       7.000          1,430.40         70
                                       6.750          1,430.40
    READING          MA   01867          2            10/31/02         00
    1683096                              05           12/01/02          0
    1683096                              N            11/01/32
    0


    8534921          286/286             F           71,100.00         ZZ
                                         360         70,864.79          1
                                       7.000            473.04         90
                                       6.750            473.04
    COCOA            FL   32927          1            11/08/02         14
    1729950                              01           01/01/03         25
    1729950                              N            12/01/32
    0


    8534923          286/286             F          171,960.00         ZZ
                                         360        171,640.61          1
                                       6.375          1,072.81         80
                                       6.125          1,072.81
    DALLAS           TX   75287          1            01/30/03         00
    1935668                              05           03/01/03          0
    1935668                              N            02/01/33
    0


    8534925          286/286             F           49,000.00         ZZ
                                         360         48,957.81          1
                                       6.750            317.82         70
                                       6.500            317.82
    ORLANDO          FL   32805          2            02/07/03         00
    2004214                              05           04/01/03          0
1


    2004214                              N            03/01/33
    0


    8534927          286/286             F           56,000.00         ZZ
                                         360         55,893.44          1
                                       6.250            344.81         80
                                       6.000            344.81
    HAMMOND          IN   46323          1            01/30/03         00
    1945480                              05           03/01/03          0
    1945480                              N            02/01/33
    0


    8534929          286/286             F           56,000.00         ZZ
                                         360         55,893.44          1
                                       6.250            344.81         80
                                       6.000            344.81
    HAMMOND          IN   46323          1            01/30/03         00
    1945492                              05           03/01/03          0
    1945492                              N            02/01/33
    0


    8534933          286/286             F           63,450.00         ZZ
                                         360         63,234.90          1
                                       6.875            416.83         90
                                       6.625            416.83
    MADRAS           OR   97741          1            11/06/02         12
    1737613                              05           01/01/03         25
    1737613                              N            12/01/32
    0


    8534937          286/286             F          153,000.00         ZZ
                                         360        152,602.57          1
                                       6.750            992.36         75
                                       6.500            992.36
    ARVADA           CO   80004          5            12/27/02         00
    1818991                              05           02/01/03          0
    1818991                              N            01/01/33
    0


    8534957          286/286             F          156,000.00         ZZ
                                         360        155,458.16          2
                                       6.750          1,011.82         80
                                       6.500          1,011.82
    TUCSON           AZ   85710          5            11/05/02         00
    1396885                              05           01/01/03          0
    1396885                              N            12/01/32
    0


1


    8534959          286/286             F           55,080.00         ZZ
                                         360         54,993.74          1
                                       7.250            375.75         90
                                       7.000            375.75
    WHITEWATER       KS   67154          1            01/31/03         11
    1944609                              05           03/01/03         25
    1944609                              N            02/01/33
    0


    8534961          286/286             F           96,800.00         ZZ
                                         360         96,528.45          1
                                       6.625            619.82         80
                                       6.375            619.82
    TUCKER           GA   30084          2            01/30/03         00
    1764986                              05           03/01/03          0
    1764986                              N            02/01/33
    0


    8534965          286/286             F           63,162.00         ZZ
                                         360         62,953.07          1
                                       7.000            420.22         90
                                       6.750            420.22
    NICHOLASVILLE    KY   40356          1            11/18/02         11
    1646018                              05           01/01/03         25
    1646018                              N            12/01/32
    0


    8534975          286/286             F          156,000.00         ZZ
                                         360        155,431.29          1
                                       6.500            986.03         61
                                       6.250            986.03
    BEAVERCREEK      OH   45432          1            11/08/02         00
    1685133                              05           01/01/03          0
    1685133                              N            12/01/32
    0


    8534989          286/286             F           56,800.00         ZZ
                                         360         56,706.59          1
                                       7.000            377.90         80
                                       6.750            377.90
    DOUGLASSVILLE    PA   19518          1            01/14/03         00
    1875905                              05           03/01/03          0
    1875905                              N            02/01/33
    0


    8534993          286/286             F           68,400.00         ZZ
                                         360         68,184.62          1
                                       7.250            466.61         90
                                       7.000            466.61
1


    VIRGINIA BEACH   VA   23456          1            11/18/02         10
    1758277                              05           01/01/03         25
    1758277                              N            12/01/32
    0


    8535003          286/286             F          160,000.00         ZZ
                                         360        159,851.80          1
                                       6.375            998.20         44
                                       6.125            998.20
    MISSION VIEJO    CA   92692          5            02/20/03         00
    1997030                              05           04/01/03          0
    1997030                              N            03/01/33
    0


    8535007          286/286             F           54,400.00         ZZ
                                         360         54,357.56          1
                                       7.250            371.11         80
                                       7.000            371.11
    MACON            GA   31206          1            02/11/03         00
    1986283                              05           04/01/03          0
    1986283                              N            03/01/33
    0


    8535009          286/286             F          223,200.00         ZZ
                                         360        222,983.06          1
                                       6.125          1,356.19         80
                                       5.875          1,356.19
    MURRIETTA        CA   92560          1            01/29/03         00
    2003966                              05           04/01/03          0
    2003966                              N            03/01/33
    0


    8535013          286/286             F           64,000.00         ZZ
                                         360         63,894.76          1
                                       7.000            425.80         80
                                       6.750            425.80
    INDIANAPOLIS     IN   46203          2            01/29/03         00
    1909785                              05           03/01/03          0
    1909785                              N            02/01/33
    0


    8535015          286/286             F           61,000.00         ZZ
                                         360         60,899.69          1
                                       7.000            405.84         77
                                       6.750            405.84
    INDIANAPOLIS     IN   46201          2            01/29/03         00
    1909817                              05           03/01/03          0
    1909817                              N            02/01/33
    0
1




    8535017          286/286             F           58,000.00         ZZ
                                         360         57,904.63          1
                                       7.000            385.88         80
                                       6.750            385.88
    INDIANAPOLIS     IN   46203          2            01/29/03         00
    1909833                              05           03/01/03          0
    1909833                              N            02/01/33
    0


    8535019          286/286             F           53,600.00         ZZ
                                         360         53,511.86          1
                                       7.000            356.61         80
                                       6.750            356.61
    INDINAPOLIS      IN   46203          2            01/29/03         00
    1909870                              05           03/01/03          0
    1909870                              N            02/01/33
    0


    8535021          286/286             F           56,000.00         ZZ
                                         360         55,889.07          1
                                       7.000            372.57         80
                                       6.750            372.57
    INDIANAPOLIS     IN   46203          2            01/29/03         00
    1909877                              05           03/01/03          0
    1909877                              N            02/01/33
    0


    8535023          286/286             F           46,200.00         ZZ
                                         360         45,923.53          1
                                       6.875            303.51         70
                                       6.625            303.51
    JACKSONVILLE     FL   32209          5            09/05/02         00
    1550452                              05           10/01/02          0
    1550452                              N            09/01/32
    0


    8535033          286/286             F           54,760.00         ZZ
                                         360         54,705.48          1
                                       6.000            328.32         90
                                       5.750            328.32
    BOISE            ID   83704          1            02/04/03         12
    1946887                              01           04/01/03         25
    1946887                              N            03/01/33
    0


    8535053          286/286             F           38,500.00         ZZ
                                         360         38,467.65          1
1


                                       6.875            252.92         60
                                       6.625            252.92
    DES MOINES       IA   50317          2            02/21/03         00
    2020304                              05           04/01/03          0
    2020304                              N            03/01/33
    0


    8535063          286/286             F           51,000.00         ZZ
                                         360         50,952.76          1
                                       6.375            318.18         74
                                       6.125            318.18
    DAYTON           OH   45432          5            02/07/03         00
    1964999                              05           04/01/03          0
    1964999                              N            03/01/33
    0


    8535065          286/286             F          200,500.00         ZZ
                                         360        200,323.10          1
                                       6.625          1,283.83         34
                                       6.375          1,283.83
    SAN FRANCISCO    CA   94112          2            01/31/03         00
    1943190                              05           04/01/03          0
    1943190                              N            03/01/33
    0


    8535071          286/286             F          164,000.00         ZZ
                                         360        163,872.06          4
                                       7.250          1,118.77         28
                                       7.000          1,118.77
    SANTA ROSA       CA   95404          1            02/06/03         00
    2012387                              05           04/01/03          0
    2012387                              N            03/01/33
    0


    8535077          286/286             F           64,250.00         ZZ
                                         360         64,139.05          1
                                       6.750            416.73         90
                                       6.500            416.73
    OROVILLE         CA   95966          1            01/30/03         10
    2009801                              05           03/01/03         30
    2009801                              N            02/01/33
    0


    8535079          286/286             F          184,000.00         ZZ
                                         360        183,841.57          2
                                       6.750          1,193.43         80
                                       6.500          1,193.43
    ANACORTES        WA   98221          1            02/07/03         00
    1969624                              05           04/01/03          0
1


    1969624                              N            03/01/33
    0


    8535081          286/286             F           37,800.00         ZZ
                                         360         37,770.51          1
                                       7.250            257.87         90
                                       7.000            257.87
    PHILADELPHIA     PA   19145          1            02/24/03         11
    1848954                              05           04/01/03         25
    1848954                              N            03/01/33
    0


    8535083          286/286             F           40,500.00         ZZ
                                         360         40,468.40          1
                                       7.250            276.29         90
                                       7.000            276.29
    PHILADELPHIA     PA   19146          1            02/24/03         11
    1849013                              05           04/01/03         25
    1849013                              N            03/01/33
    0


    8535091          286/286             F           54,000.00         ZZ
                                         360         53,902.10          1
                                       6.500            341.32         90
                                       6.250            341.32
    COALINGA         CA   93210          1            01/22/03         10
    1921980                              05           03/01/03         25
    1921980                              N            02/01/33
    0


    8535095          286/286             F           48,000.00         ZZ
                                         360         47,959.67          1
                                       6.875            315.33         80
                                       6.625            315.33
    INDIANAPOLIS     IN   46201          1            02/20/03         00
    2038586                              05           04/01/03          0
    2038586                              N            03/01/33
    0


    8535101          286/286             F          136,000.00         ZZ
                                         360        135,870.95          1
                                       6.250            837.38         80
                                       6.000            837.38
    LACEY            WA   98503          1            02/18/03         00
    2002202                              05           04/01/03          0
    2002202                              N            03/01/33
    0


1


    8535103          286/286             F           32,000.00         ZZ
                                         360         31,949.91          1
                                       7.250            218.30         80
                                       7.000            218.30
    YOUNGSTOWN       OH   44511          1            01/31/03         00
    1978200                              05           03/01/03          0
    1978200                              N            02/01/33
    0


    8535113          286/286             F           62,000.00         ZZ
                                         360         61,887.58          1
                                       6.500            391.88         80
                                       6.250            391.88
    GARLAND          TX   75042          1            01/30/03         00
    1957850                              05           03/01/03          0
    1957850                              N            02/01/33
    0


    8535115          286/286             F          206,250.00         ZZ
                                         360        205,893.84          1
                                       6.750          1,337.74         75
                                       6.500          1,337.74
    ROSEVILLE        CA   95747          5            01/27/03         00
    1847908                              05           03/01/03          0
    1847908                              N            02/01/33
    0


    8535125          286/286             F          160,000.00         ZZ
                                         360        159,851.80          1
                                       6.375            998.20         58
                                       6.125            998.20
    PORT HUENEME     CA   93041          5            02/03/03         00
    1994709                              05           04/01/03          0
    1994709                              N            03/01/33
    0


    8535135          286/286             F           60,000.00         ZZ
                                         360         59,891.21          1
                                       6.500            379.25         24
                                       6.250            379.25
    LA HABRA         CA   90631          5            01/15/03         00
    1908744                              05           03/01/03          0
    1908744                              N            02/01/33
    0


    8535141          286/286             F          311,250.00         ZZ
                                         360        310,961.72          1
                                       6.375          1,941.80         75
                                       6.125          1,941.80
1


    LOS ANGELES      CA   90066          5            02/06/03         00
    1971341                              05           04/01/03          0
    1971341                              N            03/01/33
    0


    8535143          286/286             F           45,000.00         ZZ
                                         360         44,962.19          1
                                       6.875            295.62         90
                                       6.625            295.62
    INDIANAPOLIS     IN   46218          1            02/12/03         10
    1978414                              05           04/01/03         25
    1978414                              N            03/01/33
    0


    8535145          286/286             F          220,000.00         ZZ
                                         360        219,828.38          1
                                       7.250          1,500.79         69
                                       7.000          1,500.79
    SAN DIEGO        CA   92139          2            02/07/03         00
    1959353                              05           04/01/03          0
    1959353                              N            03/01/33
    0


    8535147          286/286             F           75,550.00         ZZ
                                         360         75,422.69          1
                                       6.875            496.31         80
                                       6.625            496.31
    FORT MYERS       FL   33919          1            01/31/03         00
    0001243228                           01           03/01/03          0
    0001243228                           N            02/01/33
    0


    8535153          286/286             F          161,200.00         ZZ
                                         360        160,934.95          1
                                       7.000          1,072.47         80
                                       6.750          1,072.47
    COLLEGE PARK     MD   20740          2            01/30/03         00
    0001243421                           05           03/01/03          0
    0001243421                           N            02/01/33
    0


    8535161          286/286             F          303,000.00         ZZ
                                         360        302,739.12          4
                                       6.750          1,965.26         38
                                       6.500          1,965.26
    SAN DIEGO        CA   92107          2            02/12/03         00
    1998645                              05           04/01/03          0
    1998645                              N            03/01/33
    0
1




    8535163          286/286             F          295,800.00         ZZ
                                         360        295,545.32          4
                                       6.750          1,918.56         30
                                       6.500          1,918.56
    SAN DIEGO        CA   92109          2            02/12/03         00
    1998740                              05           04/01/03          0
    1998740                              N            03/01/33
    0


    8535165          286/286             F          166,000.00         ZZ
                                         360        165,834.74          2
                                       6.000            995.26         44
                                       5.750            995.26
    MARTINEZ         CA   94553          1            02/04/03         00
    2023404                              05           04/01/03          0
    2023404                              N            03/01/33
    0


    8535167          286/286             F           64,000.00         ZZ
                                         360         63,946.23          2
                                       6.875            420.44         80
                                       6.625            420.44
    NORRISTOWN       PA   19401          1            02/18/03         00
    1982642                              05           04/01/03          0
    1982642                              N            03/01/33
    0


    8535175          286/286             F          169,600.00         ZZ
                                         360        169,307.12          2
                                       6.750          1,100.02         80
                                       6.500          1,100.02
    GEORGETOWN       TX   78626          1            01/31/03         00
    1959011                              05           03/01/03          0
    1959011                              N            02/01/33
    0


    8535191          286/286             F          159,600.00         ZZ
                                         360        159,448.56          3
                                       6.250            982.69         70
                                       6.000            982.69
    PAWTUCKET        RI   02860          5            02/14/03         00
    1911900                              05           04/01/03          0
    1911900                              N            03/01/33
    0


    8535197          286/286             F           64,500.00         ZZ
                                         360         64,332.45          1
1


                                       6.750            418.35         62
                                       6.500            418.35
    ROCKWALL         TX   75032          2            12/31/02         00
    1712482                              01           02/01/03          0
    1712482                              N            01/01/33
    0


    8535201          286/286             F          148,800.00         ZZ
                                         360        148,658.81          1
                                       6.250            916.19         80
                                       6.000            916.19
    RED WING         MN   55066          5            02/07/03         00
    2009572                              05           04/01/03          0
    2009572                              N            03/01/33
    0


    8535203          286/286             F          151,000.00         ZZ
                                         360        150,863.49          2
                                       6.500            954.43         60
                                       6.250            954.43
    PACOIMA AREA     CA   91331          2            02/11/03         00
    1736497                              05           04/01/03          0
    1736497                              N            03/01/33
    0


    8535209          286/286             F          260,000.00         ZZ
                                         360        259,741.16          1
                                       6.000          1,558.84         80
                                       5.750          1,558.84
    BARRINGTON       IL   60010          2            02/19/03         00
    1827823                              05           04/01/03          0
    1827823                              N            03/01/33
    0


    8535211          286/286             F          237,750.00         ZZ
                                         360        237,513.31          1
                                       6.000          1,425.44         75
                                       5.750          1,425.44
    BARRINGTON       IL   60010          2            02/19/03         00
    1974772                              05           04/01/03          0
    1974772                              N            03/01/33
    0


    8535215          286/286             F          180,000.00         ZZ
                                         360        179,820.80          1
                                       6.000          1,079.20         75
                                       5.750          1,079.20
    ELGIN            IL   60120          2            02/19/03         00
    1974856                              05           04/01/03          0
1


    1974856                              N            03/01/33
    0


    8535217          286/286             F           55,800.00         ZZ
                                         360         55,689.58          1
                                       7.000            371.24         90
                                       6.750            371.24
    SOUTH BEND       IN   46628          1            01/28/03         14
    1963087                              05           03/01/03         25
    1963087                              N            02/01/33
    0


    8535219          286/286             F           51,900.00         ZZ
                                         360         51,851.93          1
                                       6.375            323.79         80
                                       6.125            323.79
    MADISON          OH   44057          1            02/04/03         00
    1979008                              05           04/01/03          0
    1979008                              N            03/01/33
    0


    8535227          286/286             F           47,700.00         ZZ
                                         360         47,661.85          1
                                       7.125            321.37         90
                                       6.875            321.37
    GERBER           CA   96035          1            02/07/03         14
    1935350                              05           04/01/03         25
    1935350                              N            03/01/33
    0


    8535231          286/286             F           50,250.00         ZZ
                                         360         50,171.35          1
                                       7.250            342.80         75
                                       7.000            342.80
    FORT WAYNE       IN   46806          2            01/28/03         00
    1890098                              05           03/01/03          0
    1890098                              N            02/01/33
    0


    8535233          286/286             F           37,500.00         ZZ
                                         360         37,441.31          1
                                       7.250            255.82         75
                                       7.000            255.82
    FORT WAYNE       IN   46806          2            01/28/03         00
    1890177                              05           03/01/03          0
    1890177                              N            02/01/33
    0


1


    8535237          286/286             F           35,000.00         ZZ
                                         360         34,972.69          1
                                       7.250            238.77         48
                                       7.000            238.77
    JACKSONVILLE     FL   32223          5            02/19/03         00
    1994658                              05           04/01/03          0
    1994658                              N            03/01/33
    0


    8535243          286/286             F           50,000.00         ZZ
                                         360         49,902.55          1
                                       6.125            303.81         42
                                       5.875            303.81
    PHOENIX          AZ   85027          5            01/29/03         00
    0001244076                           05           03/01/03          0
    0001244076                           N            02/01/33
    0


    8535261          286/286             F          138,600.00         ZZ
                                         360        138,222.06          1
                                       6.500            876.05         90
                                       6.250            876.05
    LEWISVILLE       TX   75077          1            12/31/02         04
    1922726                              05           02/01/03         30
    1922726                              N            01/01/33
    0


    8535265          286/286             F          228,000.00         ZZ
                                         360        227,798.84          2
                                       6.625          1,459.91         57
                                       6.375          1,459.91
    CARMICHAEL       CA   95608          5            02/12/03         00
    1989548                              05           04/01/03          0
    1989548                              N            03/01/33
    0


    8535269          286/286             F          172,065.00         ZZ
                                         360        171,753.06          2
                                       6.500          1,087.57         65
                                       6.250          1,087.57
    PUYALLUP         WA   98374          2            01/31/03         00
    1920938                              05           03/01/03          0
    1920938                              N            02/01/33
    0


    8535271          286/286             F          172,316.00         ZZ
                                         360        172,003.59          2
                                       6.500          1,089.16         66
                                       6.250          1,089.16
1


    PUYALLUP         WA   98374          2            01/31/03         00
    1920939                              05           03/01/03          0
    1920939                              N            02/01/33
    0


    8535279          286/286             F          420,000.00         ZZ
                                         360        419,638.38          3
                                       6.750          2,724.12         70
                                       6.500          2,724.12
    EL CERRITO       CA   94530          5            02/07/03         00
    2004056                              05           04/01/03          0
    2004056                              N            03/01/33
    0


    8535287          286/286             F           90,400.00         ZZ
                                         360         90,141.39          1
                                       6.375            563.98         80
                                       6.125            563.98
    MANSFIELD        TX   76063          1            12/30/02         00
    1904658                              05           02/01/03          0
    1904658                              N            01/01/33
    0


    8535289          286/286             F           69,900.00         ZZ
                                         360         69,841.27          1
                                       6.875            459.20         59
                                       6.625            459.20
    PHOENIX          AZ   85006          2            02/14/03         00
    1987998                              05           04/01/03          0
    1987998                              N            03/01/33
    0


    8535311          286/286             F           67,000.00         ZZ
                                         360         66,933.30          1
                                       6.000            401.70         75
                                       5.750            401.70
    SPOKANE          WA   99206          5            02/25/03         00
    2012586                              05           04/01/03          0
    2012586                              N            03/01/33
    0


    8535319          286/286             F           65,250.00         ZZ
                                         360         65,122.83          1
                                       6.125            396.47         90
                                       5.875            396.47
    SILVER SPRING    MD   20906          1            01/30/03         10
    2011645                              01           03/01/03         25
    2011645                              N            02/01/33
    0
1




    8535339          286/286             F           66,000.00         ZZ
                                         360         65,896.71          1
                                       7.250            450.24         80
                                       7.000            450.24
    WESLEY CHAPEL    FL   33543          1            01/31/03         00
    1985959                              05           03/01/03          0
    1985959                              N            02/01/33
    0


    8535341          286/286             F          155,200.00         ZZ
                                         360        155,052.73          1
                                       6.250            955.60         80
                                       6.000            955.60
    LA VERNE         CA   91750          1            02/04/03         00
    2012205                              05           04/01/03          0
    2012205                              N            03/01/33
    0


    8535355          286/286             F          342,000.00         ZZ
                                         360        341,690.82          2
                                       6.500          2,161.68         69
                                       6.250          2,161.68
    ENCINITAS        CA   92024          2            02/14/03         00
    2043617                              05           04/01/03          0
    2043617                              N            03/01/33
    0


    8535357          286/286             F          308,000.00         ZZ
                                         360        307,721.56          1
                                       6.500          1,946.77         56
                                       6.250          1,946.77
    CARLSBAD         CA   92008          2            02/14/03         00
    2043652                              05           04/01/03          0
    2043652                              N            03/01/33
    0


    8535365          286/286             F           48,000.00         ZZ
                                         360         47,917.11          1
                                       6.750            311.33         74
                                       6.500            311.33
    INDIANAPOLIS     IN   46219          5            01/30/03         00
    1918943                              05           03/01/03          0
    1918943                              N            02/01/33
    0


    8535381          K15/G02             F          168,800.00         ZZ
                                         360        168,800.00          1
1


                                       6.125          1,025.65         80
                                       5.875          1,025.65
    SANDOWN          NH   03873          5            03/04/03         00
    0435539135                           05           05/01/03          0
    007105509536                         O            04/01/33
    0


    8535451          K15/G02             F          200,000.00         ZZ
                                         360        199,796.09          1
                                       5.875          1,183.08         84
                                       5.625          1,183.08
    PATCHOGUE        NY   11772          5            02/25/03         41
    0435540406                           05           04/01/03         12
    020705511893                         O            03/01/33
    0


    8535465          N74/G02             F          168,000.00         ZZ
                                         360        167,840.60          1
                                       6.250          1,034.40         80
                                       6.000          1,034.40
    CENTREVILLE      VA   20121          5            03/12/03         00
    0435556261                           03           04/17/03          0
    0031940010                           O            03/17/33
    0


    8535469          962/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.250            886.63         80
                                       6.000            886.63
    JAMESTOWN        ND   58401          2            03/07/03         00
    0435544747                           05           05/01/03          0
    1                                    O            04/01/33
    0


    8535503          B57/G02             F           90,000.00         ZZ
                                         360         89,916.65          1
                                       6.375            561.48         75
                                       6.125            561.48
    PEORIA           AZ   85345          1            02/25/03         00
    0435553557                           05           04/01/03          0
    20001429                             N            03/01/33
    0


    8535977          M18/G02             F          237,500.00         ZZ
                                         360        237,500.00          1
                                       6.750          1,540.42         73
                                       6.500          1,540.42
    COSTA MESA       CA   92627          2            03/04/03         00
    0435536362                           05           05/01/03          0
1


    980102270                            N            04/01/33
    0


    8536013          A35/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.250            886.63         71
                                       6.000            886.63
    BRENTWOOD        NY   11717          5            03/10/03         00
    0435552369                           05           05/01/03          0
    5294                                 O            04/01/33
    0


    8536577          E82/G02             F          131,800.00         ZZ
                                         360        131,800.00          1
                                       6.125            800.83         80
                                       5.875            800.83
    BARHAMSVILLE     VA   23011          2            03/14/03         00
    0400790325                           05           05/01/03          0
    0400790325                           O            04/01/33
    0


    8536595          E82/G02             F          126,600.00         ZZ
                                         360        126,600.00          1
                                       6.125            769.23         77
                                       5.875            769.23
    HILLSBOROUGH     NC   27278          2            03/13/03         00
    0400775107                           05           05/01/03          0
    0400771507                           O            04/01/33
    0


    8536891          N47/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       5.875            591.54         40
                                       5.625            591.54
    LOS ANGELES      CA   90047          5            03/05/03         00
    0435559372                           05           05/01/03          0
    30502242                             O            04/01/33
    0


    8537249          E22/G02             F           96,425.00         ZZ
                                         360         96,425.00          1
                                       7.625            682.49         95
                                       7.375            682.49
    GADSDEN          AL   35903          5            03/12/03         04
    0415884907                           05           05/01/03         30
    0415884907                           O            04/01/33
    0


1


    8537281          E22/G02             F          178,500.00         ZZ
                                         360        178,500.00          1
                                       6.125          1,084.58         78
                                       5.875          1,084.58
    BRIGHTON         CO   80601          2            03/12/03         00
    0416169894                           05           05/01/03          0
    0416169894                           O            04/01/33
    0


    8537283          E22/G02             F          251,250.00         ZZ
                                         360        251,250.00          1
                                       6.625          1,608.78         75
                                       6.375          1,608.78
    MERRIMACK        NH   03054          2            03/12/03         00
    0416170900                           05           05/01/03          0
    0416170900                           O            04/01/33
    0


    8537287          E22/G02             F          198,000.00         ZZ
                                         360        198,000.00          1
                                       6.125          1,203.07         74
                                       5.875          1,203.07
    DALLAS           TX   75252          5            03/12/03         00
    0416176816                           05           05/01/03          0
    0416176816                           O            04/01/33
    0


    8537289          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.000          2,158.38         62
                                       5.750          2,158.38
    SAN FRANCISCO    CA   94116          2            03/10/03         00
    0416177608                           07           05/01/03          0
    0416177608                           O            04/01/33
    0


    8537301          E22/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
                                       6.625            544.26         68
                                       6.375            544.26
    LEWISVILLE       TX   75077          5            03/12/03         00
    0416184646                           05           05/01/03          0
    0416184646                           O            04/01/33
    0


    8537313          E22/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       6.125          1,519.03         36
                                       5.875          1,519.03
1


    SOUTH LAKE TAHO  CA   96150          5            03/08/03         00
    0416186583                           05           05/01/03          0
    0416186583                           O            04/01/33
    0


    8537357          E22/G02             F           95,750.00         ZZ
                                         360         95,750.00          1
                                       6.625            613.10        100
                                       6.375            613.10
    POMPANO BEACH    FL   33068          1            03/17/03         01
    0416312031                           08           05/01/03         35
    0416312031                           O            04/01/33
    0


    8537537          E22/G02             F          118,400.00         ZZ
                                         360        118,400.00          1
                                       6.750            767.94         80
                                       6.500            767.94
    AUSTIN           TX   78748          5            03/10/03         00
    0416135242                           05           05/01/03          0
    0416135242                           O            04/01/33
    0


    8537539          A06/G02             F           59,500.00         ZZ
                                         360         59,500.00          1
                                       6.500            376.09         75
                                       6.250            376.09
    DETROIT          MI   48228          5            03/14/03         00
    0435547138                           05           05/01/03          0
    100010300593                         N            04/01/33
    0


    8537555          E22/G02             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.125          2,369.68         79
                                       5.875          2,369.68
    BELLAIRE         TX   77401          5            03/12/03         00
    0416230548                           05           05/01/03          0
    0416230548                           O            04/01/33
    0


    8537567          E22/G02             F          102,400.00         ZZ
                                         360        102,400.00          1
                                       6.875            672.70         80
                                       6.625            672.70
    BRIDGEWATER TOW  NJ   08807          1            03/17/03         00
    0416245611                           01           05/01/03          0
    0416245611                           N            04/01/33
    0
1




    8537579          E22/G02             F          113,000.00         ZZ
                                         360        113,000.00          1
                                       5.875            668.44         77
                                       5.625            668.44
    GRAND RAPIDS     MI   49504          2            03/12/03         00
    0416253425                           05           05/01/03          0
    0416253425                           O            04/01/33
    0


    8537585          E22/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       5.875            899.14         93
                                       5.625            899.14
    ATHENS           AL   35611          2            03/12/03         04
    0416260495                           05           05/01/03         30
    0416260495                           O            04/01/33
    0


    8537595          E22/G02             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       6.125          1,913.97         57
                                       5.875          1,913.97
    CORRALES         NM   87048          5            03/12/03         00
    0416271435                           05           05/01/03          0
    0416271435                           O            04/01/33
    0


    8537597          E22/G02             F          331,500.00         ZZ
                                         360        331,500.00          1
                                       6.375          2,068.13         85
                                       6.125          2,068.13
    LEOMINSTER       MA   01453          5            03/12/03         01
    0416277630                           05           05/01/03         12
    0416277630                           O            04/01/33
    0


    8537601          E22/G02             F          178,000.00         ZZ
                                         360        178,000.00          1
                                       6.125          1,081.55         85
                                       5.875          1,081.55
    NORTHGLENN       CO   80233          2            03/12/03         10
    0416277812                           05           05/01/03         25
    0416277812                           O            04/01/33
    0


    8537617          E22/G02             F          253,000.00         ZZ
                                         360        253,000.00          1
1


                                       6.250          1,557.76         77
                                       6.000          1,557.76
    FERNANDINA BEAC  FL   32034          5            03/12/03         00
    0416392405                           05           05/01/03          0
    0416392405                           O            04/01/33
    0


    8537621          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       5.875          2,129.54         80
                                       5.625          2,129.54
    HARWINTON        CT   06791          2            03/12/03         00
    0416400471                           05           05/01/03          0
    0416400471                           O            04/01/33
    0


    8537625          E22/G02             F          123,700.00         ZZ
                                         360        123,700.00          1
                                       6.500            781.87         80
                                       6.250            781.87
    MORENO VALLEY    CA   92551          2            03/10/03         00
    0416403608                           05           05/01/03          0
    0416403608                           N            04/01/33
    0


    8537665          E22/G02             F          292,000.00         ZZ
                                         360        292,000.00          1
                                       6.875          1,918.23         80
                                       6.625          1,918.23
    CRESSKILL        NJ   07626          5            03/11/03         00
    0415950260                           05           05/01/03          0
    0415950260                           O            04/01/33
    0


    8537691          E22/G02             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       6.250          2,832.30         80
                                       6.000          2,832.30
    ORLANDO          FL   32804          5            03/10/03         00
    0416017101                           05           05/01/03          0
    0416017101                           O            04/01/33
    0


    8537701          E22/G02             F          175,000.00         ZZ
                                         360        175,000.00          2
                                       5.875          1,035.19         73
                                       5.625          1,035.19
    WARWICK          RI   02886          5            03/12/03         00
    0416031268                           05           05/01/03          0
1


    0416031268                           O            04/01/33
    0


    8537705          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       6.125            546.85         78
                                       5.875            546.85
    NELLYSFORD       VA   22958          2            03/12/03         00
    0416051068                           05           05/01/03          0
    0416051068                           O            04/01/33
    0


    8537713          E22/G02             F           62,250.00         ZZ
                                         360         62,250.00          1
                                       6.625            398.59         75
                                       6.375            398.59
    KATY             TX   77449          5            03/17/03         00
    0416194272                           03           05/01/03          0
    0416194272                           N            04/01/33
    0


    8537717          E22/G02             F           60,150.00         ZZ
                                         360         60,150.00          1
                                       6.875            395.14         80
                                       6.625            395.14
    STAFFORD         TX   77477          1            03/17/03         00
    0416196285                           05           05/01/03          0
    0416196285                           N            04/01/33
    0


    8537743          E22/G02             F           97,000.00         ZZ
                                         360         97,000.00          1
                                       6.875            637.22         83
                                       6.625            637.22
    FLETCHER         NC   28732          5            03/11/03         04
    0416223469                           05           05/01/03         12
    0416223469                           O            04/01/33
    0


    8537823          A06/G02             F          331,000.00         ZZ
                                         360        331,000.00          1
                                       6.500          2,092.15         54
                                       6.250          2,092.15
    BIRMINGHAM       MI   48009          2            03/13/03         00
    0435548045                           05           05/01/03          0
    1000010300416                        N            04/01/33
    0


1


    8538051          A06/G02             F          414,100.00         ZZ
                                         360        414,100.00          1
                                       6.500          2,617.40         76
                                       6.250          2,617.40
    COMMERCE         MI   48383          2            03/05/03         00
    0435547955                           05           05/01/03          0
    021000020301873                      O            04/01/33
    0


    8538055          S25/G02             F          126,500.00         ZZ
                                         240        126,226.21          1
                                       6.000            906.29         93
                                       5.750            906.29
    MEMPHIS          TN   38115          5            02/28/03         11
    0435553656                           05           04/06/03         12
    426986392                            O            03/06/23
    0


    8538101          X52/G02             F          389,000.00         ZZ
                                         360        389,000.00          3
                                       6.625          2,490.81         66
                                       6.375          2,490.81
    KEY WEST         FL   33040          5            03/11/03         00
    0435534953                           05           05/01/03          0
    374665798                            O            04/01/33
    0


    8538343          Q14/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       6.125            486.09         89
                                       5.875            486.09
    DAVENPORT        IA   52804          2            03/12/03         01
    0435516778                           05           05/01/03         25
    0000311637                           O            04/01/33
    0


    8538353          Q14/G02             F          117,600.00         ZZ
                                         360        117,600.00          1
                                       6.500            743.31         80
                                       6.250            743.31
    MOUNT VERNON     IA   52314          5            03/13/03         00
    0435542840                           05           05/01/03          0
    0000311820                           O            04/01/33
    0


    8538389          F25/G02             F          425,000.00         ZZ
                                         360        425,000.00          2
                                       6.125          2,582.34         70
                                       5.875          2,582.34
1


    WHITE PLAINS     NY   10603          1            03/18/03         00
    0435553722                           05           05/01/03          0
    0669622                              O            04/01/33
    0


    8538477          W68/G02             F          131,200.00         ZZ
                                         360        131,092.45          1
                                       7.000            872.88         80
                                       6.750            872.88
    LEWISVILLE       TX   75067          5            02/21/03         00
    0435534565                           05           04/01/03          0
    3021112                              O            03/01/33
    0


    8538533          168/168             F           45,500.00         ZZ
                                         360         45,500.00          1
                                       6.750            295.11         70
                                       6.500            295.11
    ENDICOTT         NY   13760          5            03/07/03         00
    0099594145                           05           05/01/03          0
    0099594145                           N            04/01/33
    0


    8538777          714/G02             F          400,000.00         T
                                         360        400,000.00          1
                                       6.000          2,398.20         31
                                       5.750          2,398.20
    SISTER BAY       WI   54234          2            03/14/03         00
    0435534508                           05           05/01/03          0
    0667087                              O            04/01/33
    0


    8538781          M24/G02             F          292,800.00         ZZ
                                         360        292,800.00          1
                                       6.125          1,779.08         80
                                       5.875          1,779.08
    CHANDLER         AZ   85226          5            03/10/03         00
    0435553847                           03           05/01/03          0
    270209404                            O            04/01/33
    0


    8538869          M27/G02             F          188,000.00         ZZ
                                         360        188,000.00          1
                                       6.000          1,127.15         80
                                       5.750          1,127.15
    ANDERSON         SC   29625          1            03/14/03         00
    0435559166                           05           05/01/03          0
    0100064104                           O            04/01/33
    0
1




    8538873          P09/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.000          2,158.38         77
                                       5.750          2,158.38
    HERNDON          VA   20171          2            03/12/03         00
    0435570205                           03           05/01/03          0
    03020057                             O            04/01/33
    0


    8538877          F89/G02             F          414,500.00         ZZ
                                         360        414,500.00          1
                                       6.000          2,485.14         80
                                       5.750          2,485.14
    LOS ANGELES      CA   90045          1            03/05/03         00
    0435557434                           05           05/01/03          0
    11627911                             O            04/01/33
    0


    8538903          L20/G02             F           99,920.00         ZZ
                                         360         99,920.00          1
                                       6.000            599.07         80
                                       5.750            599.07
    ROY              UT   84067          1            03/14/03         00
    0435554084                           05           05/01/03          0
    1061070203                           O            04/01/33
    0


    8538945          U05/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.125          2,187.40         78
                                       5.875          2,187.40
    NEWBURY PARK     CA   91320          5            03/06/03         00
    0435537139                           05           05/01/03          0
    3314936                              O            04/01/33
    0


    8538991          E77/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       6.500          1,112.44         80
                                       6.250          1,112.44
    HAMPSTEAD        MD   21074          1            03/13/03         00
    0435553227                           05           05/01/03          0
    1020001716                           O            04/01/33
    0


    8539455          E82/G02             F           68,500.00         ZZ
                                         360         68,500.00          1
1


                                       6.125            416.21         70
                                       5.875            416.21
    GARLAND          TX   75043          2            03/14/03         00
    0400774378                           05           05/01/03          0
    0400774378                           O            04/01/33
    0


    8539479          E82/G02             F          168,450.00         ZZ
                                         360        168,450.00          1
                                       6.500          1,064.72         50
                                       6.250          1,064.72
    DALLAS           TX   75225          2            03/19/03         00
    0400757795                           05           05/01/03          0
    0400757795                           N            04/01/33
    0


    8539481          E82/G02             F          101,800.00         ZZ
                                         360        101,800.00          1
                                       6.625            651.84         85
                                       6.375            651.84
    CHESAPEAKE       VA   23322          2            03/17/03         04
    0400796017                           05           05/01/03         12
    0400796017                           N            04/01/33
    0


    8539499          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       6.250            554.15         80
                                       6.000            554.15
    BADIN            NC   28009          5            03/13/03         00
    0416023711                           05           05/01/03          0
    0416023711                           O            04/01/33
    0


    8539507          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          2
                                       6.750            596.71         66
                                       6.500            596.71
    SALT LAKE        UT   84116          2            02/28/03         00
    0416057107                           05           05/01/03          0
    0416057107                           N            04/01/33
    0


    8539509          E22/G02             F           84,800.00         ZZ
                                         360         84,800.00          1
                                       6.500            535.99         80
                                       6.250            535.99
    MIDDLEBURG       FL   32068          2            03/03/03         00
    0416057214                           05           05/01/03          0
1


    0416057214                           N            04/01/33
    0


    8539513          E22/G02             F          283,000.00         ZZ
                                         240        283,000.00          1
                                       6.750          2,151.83         90
                                       6.500          2,151.83
    COLUMBIA         SC   29229          5            03/13/03         01
    0416075950                           03           05/01/03         25
    0416075950                           O            04/01/23
    0


    8539551          E22/G02             F          167,200.00         ZZ
                                         360        167,200.00          1
                                       6.375          1,043.11         80
                                       6.125          1,043.11
    ALBUQUERQUE      NM   87114          2            03/18/03         00
    0416150365                           05           05/01/03          0
    0416150365                           N            04/01/33
    0


    8539557          E22/G02             F          107,200.00         ZZ
                                         360        107,200.00          1
                                       6.375            668.79         80
                                       6.125            668.79
    COLORADO SPRING  CO   80916          5            03/13/03         00
    0416162378                           05           05/01/03          0
    0416162378                           O            04/01/33
    0


    8539587          E22/G02             F          102,000.00         ZZ
                                         360        102,000.00          1
                                       6.250            628.03         85
                                       6.000            628.03
    DALTON           OH   44618          5            03/13/03         04
    0416213767                           05           05/01/03         12
    0416213767                           O            04/01/33
    0


    8539593          E22/G02             F          177,000.00         ZZ
                                         360        177,000.00          1
                                       6.375          1,104.25         85
                                       6.125          1,104.25
    BEND             OR   97701          5            03/11/03         04
    0416217487                           05           05/01/03         12
    0416217487                           O            04/01/33
    0


1


    8539639          E22/G02             F          265,000.00         ZZ
                                         360        265,000.00          1
                                       6.375          1,653.26         73
                                       6.125          1,653.26
    CAMARILLO        CA   93012          2            03/07/03         00
    0416280295                           05           05/01/03          0
    0416280295                           O            04/01/33
    0


    8539645          E22/G02             F           75,600.00         ZZ
                                         360         75,600.00          4
                                       6.750            490.34         90
                                       6.500            490.34
    FORT PIERCE      FL   34950          1            03/18/03         11
    0416287134                           05           05/01/03         25
    0416287134                           N            04/01/33
    0


    8539647          E22/G02             F           65,700.00         ZZ
                                         360         65,700.00          2
                                       6.750            426.13         90
                                       6.500            426.13
    FORT PIERCE      FL   34950          1            03/18/03         11
    0416287183                           05           05/01/03         25
    0416287183                           N            04/01/33
    0


    8539663          E22/G02             F          114,500.00         ZZ
                                         360        114,500.00          1
                                       7.125            771.41        100
                                       6.875            771.41
    STRASBURG        VA   22657          1            03/18/03         01
    0416300036                           05           05/01/03         35
    0416300036                           O            04/01/33
    0


    8539665          E22/G02             F          100,350.00         ZZ
                                         360        100,350.00          1
                                       6.125            609.74         90
                                       5.875            609.74
    MESQUITE         TX   75249          1            03/18/03         04
    0416300168                           05           05/01/03         25
    0416300168                           N            04/01/33
    0


    8539701          E22/G02             F          365,000.00         ZZ
                                         360        365,000.00          2
                                       6.375          2,277.13         85
                                       6.125          2,277.13
1


    OAKLAND          CA   94606          2            03/10/03         04
    0416313351                           05           05/01/03         12
    0416313351                           O            04/01/33
    0


    8539747          E22/G02             F          165,000.00         ZZ
                                         360        165,000.00          2
                                       6.250          1,015.93         59
                                       6.000          1,015.93
    ORANGEVALE       CA   95662          1            03/11/03         00
    0416355196                           05           05/01/03          0
    0416355196                           N            04/01/33
    0


    8540769          U42/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
                                       6.750            486.45         52
                                       6.500            486.45
    GARLAND          TX   75043          1            03/17/03         00
    0435558374                           05           05/01/03          0
    12300766                             N            04/01/33
    0


    8540823          M27/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       5.875          1,774.61         38
                                       5.625          1,774.61
    WILMINGTON       NC   28403          2            03/14/03         00
    0435559224                           05           05/01/03          0
    600901294                            O            04/01/33
    0


    8541019          642/G02             F          113,600.00         ZZ
                                         360        113,600.00          1
                                       5.875            671.99         80
                                       5.625            671.99
    COLORADO SPRING  CO   80911          2            03/14/03         00
    0435577457                           05           05/01/03          0
    03173103                             O            04/01/33
    0


    8541055          952/G02             F          488,000.00         ZZ
                                         360        488,000.00          2
                                       6.375          3,044.49         80
                                       6.125          3,044.49
    BROOKLYN         NY   11215          5            03/12/03         00
    0435558416                           07           05/01/03          0
    03001370                             O            04/01/33
    0
1




    8541063          F25/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.500          2,275.44         80
                                       6.250          2,275.44
    SOUTH RIVER      NJ   08882          5            03/19/03         00
    0435558390                           05           05/01/03          0
    1                                    O            04/01/33
    0


    8541095          X67/G02             F          245,000.00         ZZ
                                         360        244,767.53          1
                                       6.250          1,508.51         75
                                       6.000          1,508.51
    SHINGLE SPRINGS  CA   95682          5            02/21/03         00
    0435553219                           05           04/01/03          0
    00283051                             O            03/01/33
    0


    8541139          168/168             F           90,000.00         T
                                         360         89,922.51          1
                                       6.750            583.74         79
                                       6.500            583.74
    PALM BAY         FL   32907          1            02/27/03         00
    0319627608                           05           04/01/03          0
    0319627608                           O            03/01/33
    0


    8541171          R80/G02             F           39,375.00         ZZ
                                         360         39,375.00          1
                                       6.500            248.88         70
                                       6.250            248.88
    MESA             AZ   85201          1            03/12/03         00
    0435610050                           09           05/01/03          0
    30520                                N            04/01/33
    0


    8541383          N74/G02             F          106,250.00         ZZ
                                         360        106,153.95          1
                                       6.500            671.57         85
                                       6.250            671.57
    FOREST           VA   24551          2            03/14/03         01
    0435558705                           05           04/19/03         12
    0031957010                           O            03/19/33
    0


    8541491          N47/G02             F          247,000.00         ZZ
                                         360        247,000.00          1
1


                                       6.125          1,500.80         79
                                       5.875          1,500.80
    BELLFLOWER       CA   90706          5            03/07/03         00
    0435568670                           05           05/01/03          0
    30502955                             O            04/01/33
    0


    8541495          N47/G02             F          465,000.00         ZZ
                                         360        465,000.00          1
                                       6.250          2,863.08         74
                                       6.000          2,863.08
    SAN JOSE         CA   95130          2            03/11/03         00
    0435568746                           05           05/01/03          0
    20502175                             O            04/01/33
    0


    8541535          N47/G02             F          301,000.00         ZZ
                                         360        301,000.00          1
                                       6.375          1,877.85         74
                                       6.125          1,877.85
    SAN JOSE         CA   95122          5            03/11/03         00
    0435568761                           05           05/01/03          0
    20504252                             O            04/01/33
    0


    8541541          W68/G02             F          464,000.00         ZZ
                                         360        463,549.02          1
                                       6.125          2,819.31         80
                                       5.875          2,819.31
    MOUNTAIN VIEW    CA   94041          1            02/19/03         00
    0435542022                           05           04/01/03          0
    36234                                O            03/01/33
    0


    8541547          H58/G02             F          197,500.00         ZZ
                                         360        197,500.00          1
                                       6.500          1,248.34         76
                                       6.250          1,248.34
    MARTINSVILLE     IN   46151          5            03/07/03         00
    0435567854                           05           05/01/03          0
    0000135104                           O            04/01/33
    0


    8541617          G34/G02             F          252,000.00         ZZ
                                         360        252,000.00          1
                                       6.250          1,551.61         80
                                       6.000          1,551.61
    LAS VEGAS        NV   89108          5            03/11/03         00
    0435561451                           05           05/01/03          0
1


    77303025                             O            04/01/33
    0


    8541653          E47/G02             F          137,200.00         ZZ
                                         360        137,084.73          2
                                       6.875            901.31         51
                                       6.625            901.31
    CHICAGO          IL   60619          5            02/28/03         00
    0435557988                           05           04/01/03          0
    7360515188                           O            03/01/33
    0


    8541893          U05/G02             F          158,700.00         ZZ
                                         360        158,700.00          1
                                       6.500          1,003.09         69
                                       6.250          1,003.09
    SAN ANTONIO      TX   78209          5            03/14/03         00
    0435546767                           03           05/01/03          0
    3310058                              N            04/01/33
    0


    8541931          U05/G02             F          200,000.00         ZZ
                                         360        199,805.61          1
                                       6.125          1,215.22         58
                                       5.875          1,215.22
    SAN LORENZO      CA   94580          5            02/13/03         00
    0435549522                           03           04/01/03          0
    3304413                              O            03/01/33
    0


    8541983          X51/G02             F          530,000.00         ZZ
                                         360        530,000.00          1
                                       5.875          3,135.15         64
                                       5.625          3,135.15
    SONOMA           CA   95476          5            03/06/03         00
    0435547211                           05           05/01/03          0
    0030203004                           O            04/01/33
    0


    8541995          X51/G02             F          466,000.00         ZZ
                                         360        466,000.00          1
                                       6.000          2,793.91         79
                                       5.750          2,793.91
    KENSINGTON       CA   94708          5            03/05/03         00
    0435556493                           05           05/01/03          0
    0030218001                           O            04/01/33
    0


1


    8542005          E11/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       6.000          1,055.21         73
                                       5.750          1,055.21
    WATERTOWN        MN   55388          2            03/10/03         00
    0435554977                           05           05/01/03          0
    0003001055134                        O            04/01/33
    0


    8542015          P44/G02             F          629,000.00         ZZ
                                         360        629,000.00          1
                                       6.125          3,821.87         72
                                       5.875          3,821.87
    EAST FALMOUTH    MA   02536          5            03/12/03         00
    0435543905                           05           05/01/03          0
    RR20030256                           O            04/01/33
    0


    8542017          W99/G02             F          142,800.00         ZZ
                                         360        142,800.00          1
                                       6.125            867.67         97
                                       5.875            867.67
    PIEDMONT         SC   29673          2            03/17/03         12
    0435555081                           05           05/01/03         35
    93004439                             O            04/01/33
    0


    8542599          E22/G02             F          322,000.00         ZZ
                                         360        322,000.00          1
                                       6.000          1,930.55         67
                                       5.750          1,930.55
    AUSTIN           TX   78731          5            03/14/03         00
    0416359982                           03           05/01/03          0
    0416359982                           O            04/01/33
    0


    8542621          E22/G02             F           96,800.00         ZZ
                                         360         96,800.00          1
                                       6.500            611.84         80
                                       6.250            611.84
    SALEM            OR   97301          5            03/13/03         00
    0416386134                           05           05/01/03          0
    0416386134                           N            04/01/33
    0


    8542627          E22/G02             F           84,000.00         ZZ
                                         360         84,000.00          1
                                       6.625            537.86         71
                                       6.375            537.86
1


    PUEBLO           CO   81003          2            03/19/03         00
    0416396869                           05           05/01/03          0
    0416396869                           N            04/01/33
    0


    8542633          E22/G02             F           78,300.00         ZZ
                                         240         78,300.00          1
                                       6.125            566.63         90
                                       5.875            566.63
    DECATUR          AL   35601          2            03/14/03         04
    0416400083                           05           05/01/03         25
    0416400083                           O            04/01/23
    0


    8542679          E22/G02             F           91,200.00         ZZ
                                         360         91,200.00          1
                                       6.125            554.14         68
                                       5.875            554.14
    TACOMA           WA   98406          2            03/03/03         00
    0416033421                           05           05/01/03          0
    0416033421                           N            04/01/33
    0


    8542681          E22/G02             F          143,000.00         ZZ
                                         240        143,000.00          2
                                       6.250          1,045.23         53
                                       6.000          1,045.23
    CLIFTON          NJ   07011          5            03/14/03         00
    0416043370                           05           05/01/03          0
    0416043370                           O            04/01/23
    0


    8542695          E22/G02             F          165,600.00         ZZ
                                         360        165,600.00          1
                                       6.125          1,006.20         80
                                       5.875          1,006.20
    TUALATIN         OR   97062          2            03/12/03         00
    0416059822                           05           05/01/03          0
    0416059822                           N            04/01/33
    0


    8542699          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          2
                                       6.375          2,245.93         75
                                       6.125          2,245.93
    SAN JOSE         CA   95112          5            03/11/03         00
    0416069623                           05           05/01/03          0
    0416069623                           N            04/01/33
    0
1




    8542703          E22/G02             F          146,000.00         ZZ
                                         360        146,000.00          1
                                       6.000            875.34         70
                                       5.750            875.34
    BIRMINGHAM       AL   35243          5            03/14/03         00
    0416077295                           05           05/01/03          0
    0416077295                           O            04/01/33
    0


    8542705          E22/G02             F          111,000.00         ZZ
                                         360        111,000.00          1
                                       6.375            692.50         85
                                       6.125            692.50
    MORRISTON        FL   32668          5            03/14/03         10
    0416085504                           05           05/01/03         12
    0416085504                           O            04/01/33
    0


    8542711          E22/G02             F          292,000.00         ZZ
                                         360        292,000.00          1
                                       6.500          1,845.64         78
                                       6.250          1,845.64
    ARCADIA          CA   91006          5            03/11/03         00
    0416100477                           05           05/01/03          0
    0416100477                           O            04/01/33
    0


    8542749          E22/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       6.250          1,354.58         52
                                       6.000          1,354.58
    AVENTURA         FL   33180          5            03/14/03         00
    0416173409                           03           05/01/03          0
    0416173409                           O            04/01/33
    0


    8542755          E22/G02             F          221,000.00         ZZ
                                         360        221,000.00          1
                                       6.250          1,360.74         79
                                       6.000          1,360.74
    OVERLAND PARK    KS   66223          2            03/14/03         00
    0416181832                           03           05/01/03          0
    0416181832                           O            04/01/33
    0


    8542801          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
1


                                       6.000            899.33         44
                                       5.750            899.33
    PASO ROBLES      CA   93446          5            03/06/03         00
    0416234748                           05           05/01/03          0
    0416234748                           O            04/01/33
    0


    8542825          952/G02             F          532,000.00         ZZ
                                         360        532,000.00          1
                                       6.125          3,232.49         80
                                       5.875          3,232.49
    MERRICK          NY   11566          1            03/14/03         00
    0435571161                           05           05/01/03          0
    03001830                             O            04/01/33
    0


    8542831          E22/G02             F          426,000.00         ZZ
                                         360        426,000.00          1
                                       6.250          2,622.96         80
                                       6.000          2,622.96
    KINGWOOD         TX   77345          5            03/14/03         00
    0416267557                           03           05/01/03          0
    0416267557                           O            04/01/33
    0


    8542859          E22/G02             F          137,150.00         ZZ
                                         360        137,150.00          1
                                       6.500            866.88         78
                                       6.250            866.88
    EASLEY           SC   29642          2            03/14/03         00
    0416299931                           05           05/01/03          0
    0416299931                           O            04/01/33
    0


    8542867          E22/G02             F          198,750.00         ZZ
                                         360        198,750.00          1
                                       6.375          1,239.94         75
                                       6.125          1,239.94
    RYE              CO   81069          5            03/14/03         00
    0416305720                           05           05/01/03          0
    0416305720                           O            04/01/33
    0


    8542869          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       5.875            851.81         80
                                       5.625            851.81
    RIVERSIDE        CA   92509          1            03/07/03         00
    0416308583                           05           05/01/03          0
1


    0416308583                           O            04/01/33
    0


    8542907          E22/G02             F          410,000.00         ZZ
                                         360        410,000.00          1
                                       6.125          2,491.20         75
                                       5.875          2,491.20
    SAN LEANDRO      CA   94577          5            03/12/03         00
    0416453330                           05           05/01/03          0
    0416453330                           O            04/01/33
    0


    8542927          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       6.625            614.70         80
                                       6.375            614.70
    PUEBLO           CO   81004          2            03/19/03         00
    0416558625                           05           05/01/03          0
    0416558625                           N            04/01/33
    0


    8542933          E22/G02             F          211,500.00         ZZ
                                         360        211,500.00          1
                                       6.125          1,285.10         90
                                       5.875          1,285.10
    VALLES  MINES    MO   63087          2            03/14/03         04
    0415128420                           05           05/01/03         25
    0415128420                           O            04/01/33
    0


    8542955          E22/G02             F          247,600.00         ZZ
                                         360        247,600.00          3
                                       6.000          1,484.49         80
                                       5.750          1,484.49
    HOUSTON          TX   77098          2            03/14/03         00
    0415978279                           05           05/01/03          0
    0415978279                           O            04/01/33
    0


    8542965          G34/G02             F          371,250.00         ZZ
                                         360        371,250.00          1
                                       6.000          2,225.83         75
                                       5.750          2,225.83
    DALLAS           TX   75230          2            03/10/03         00
    0435618285                           05           05/01/03          0
    85201053                             N            04/01/33
    0


1


    8543181          W35/G02             F          157,500.00         ZZ
                                         360        157,500.00          1
                                       6.050            949.37         75
                                       5.800            949.37
    GREAT BARRINGTO  MA   01230          5            03/12/03         00
    0435542626                           05           05/01/03          0
    17777                                O            04/01/33
    0


    8543211          U19/G02             F           82,800.00         ZZ
                                         360         82,721.44          1
                                       6.250            509.81         63
                                       6.000            509.81
    LONGMONT         CO   80501          2            02/24/03         00
    0435560610                           01           04/01/03          0
    0302130000                           O            03/01/33
    0


    8543241          U19/G02             F          232,750.00         ZZ
                                         360        232,750.00          1
                                       6.500          1,471.14         95
                                       6.250          1,471.14
    CASTLE ROCK      CO   80104          2            03/10/03         01
    0435562830                           03           05/01/03         30
    58041341                             O            04/01/33
    0


    8543257          U19/G02             F          209,000.00         ZZ
                                         360        208,806.42          1
                                       6.375          1,303.89         95
                                       6.125          1,303.89
    ARVADA           CO   80004          5            02/28/03         01
    0435560479                           05           04/01/03         35
    15150045                             O            03/01/33
    0


    8543299          956/956             F          348,000.00         ZZ
                                         360        347,650.77          1
                                       6.125          2,114.48         69
                                       5.875          2,114.48
    SAN RAFAEL       CA   94903          2            03/01/03         00
    113020016                            05           04/01/03          0
    113020016                            O            03/01/33
    0


    8543303          956/956             F          340,000.00         ZZ
                                         360        339,669.54          1
                                       6.125          2,065.88         60
                                       5.875          2,065.88
1


    SAN MATEO        CA   94401          2            02/24/03         00
    113020085                            05           04/01/03          0
    113020085                            O            03/01/33
    0


    8543315          956/956             F          350,000.00         ZZ
                                         360        349,643.16          1
                                       5.875          2,070.38         76
                                       5.625          2,070.38
    CHANDLER         AZ   85248          2            02/18/03         00
    413020003                            03           04/01/03          0
    413020003                            O            03/01/33
    0


    8543317          956/956             F          350,000.00         ZZ
                                         360        349,643.16          1
                                       5.875          2,070.38         80
                                       5.625          2,070.38
    LOS ANGELES      CA   90065          1            02/19/03         00
    512120104                            05           04/01/03          0
    512120104                            O            03/01/33
    0


    8543319          956/956             F          399,000.00         ZZ
                                         360        398,456.31          1
                                       6.000          2,392.21         69
                                       5.750          2,392.21
    TEMECULA         CA   92591          2            02/13/03         00
    613010202                            05           04/01/03          0
    613010202                            O            03/01/33
    0


    8543321          956/956             F          370,400.00         ZZ
                                         360        370,022.36          1
                                       5.875          2,191.06         80
                                       5.625          2,191.06
    TUSTIN           CA   92782          1            02/19/03         00
    613020130                            03           04/01/03          0
    613020130                            O            03/01/33
    0


    8543329          956/956             F          430,000.00         ZZ
                                         360        429,571.93          1
                                       6.000          2,578.07         57
                                       5.750          2,578.07
    MOUNTAIN VIEW    CA   94043          2            02/25/03         00
    713010270                            03           04/01/03          0
    713010270                            O            03/01/33
    0
1




    8543337          956/956             F          341,000.00         ZZ
                                         360        341,000.00          1
                                       6.000          2,044.47         72
                                       5.750          2,044.47
    SAN JOSE         CA   95124          2            03/03/03         00
    713020105                            05           05/01/03          0
    713020105                            O            04/01/33
    0


    8543343          956/956             F          330,000.00         ZZ
                                         360        329,663.55          1
                                       5.875          1,952.07         75
                                       5.625          1,952.07
    SAN JOSE         CA   95121          5            01/29/03         00
    1113010763                           05           04/01/03          0
    1113010763                           O            03/01/33
    0


    8543349          956/956             F          404,000.00         ZZ
                                         360        404,000.00          1
                                       6.250          2,487.50         80
                                       6.000          2,487.50
    SAN DIEGO        CA   92131          2            03/05/03         00
    112120253                            05           05/01/03          0
    112120253                            O            04/01/33
    0


    8543351          956/956             F          355,000.00         ZZ
                                         360        354,638.06          1
                                       5.875          2,099.96         61
                                       5.625          2,099.96
    CONCORD          CA   94518          2            02/19/03         00
    113010054                            05           04/01/03          0
    113010054                            O            03/01/33
    0


    8543353          956/956             F          377,000.00         ZZ
                                         360        376,615.63          1
                                       5.875          2,230.10         62
                                       5.625          2,230.10
    LOS ANGELES      CA   90068          2            02/11/03         00
    1113020450                           05           04/01/03          0
    1113020450                           O            03/01/33
    0


    8543355          956/956             F          343,000.00         ZZ
                                         360        342,650.30          1
1


                                       5.875          2,028.97         74
                                       5.625          2,028.97
    PLEASANTON       CA   94588          2            02/25/03         00
    1813011033                           05           04/01/03          0
    1813011033                           O            03/01/33
    0


    8543359          956/956             F          422,000.00         ZZ
                                         360        421,579.90          1
                                       6.000          2,530.10         72
                                       5.750          2,530.10
    YORBA LINDA      CA   92886          2            02/17/03         00
    1913010036                           05           04/01/03          0
    1913010036                           O            03/01/33
    0


    8543363          956/956             F          399,500.00         ZZ
                                         360        399,500.00          1
                                       5.750          2,331.37         74
                                       5.500          2,331.37
    COVINA AREA      CA   91724          5            03/04/03         00
    1913020039                           05           05/01/03          0
    1913020039                           O            04/01/33
    0


    8543365          956/956             F          356,000.00         ZZ
                                         360        355,637.05          1
                                       5.875          2,105.87         80
                                       5.625          2,105.87
    ARVADA           CO   80403          2            02/20/03         00
    2413020014                           03           04/01/03          0
    2413020014                           O            03/01/33
    0


    8543367          956/956             F          598,000.00         ZZ
                                         360        597,390.00          1
                                       6.000          3,585.31         73
                                       5.750          3,585.31
    COLORADO         CO   80919          2            02/27/03         00
    2413020060                           03           04/01/03          0
    2413020060                           O            03/01/33
    0


    8543369          956/956             F          355,500.00         ZZ
                                         360        355,146.10          1
                                       6.000          2,131.40         80
                                       5.750          2,131.40
    BROOMFIELD       CO   80020          2            02/26/03         00
    2413020116                           05           04/01/03          0
1


    2413020116                           O            03/01/33
    0


    8543371          956/956             F          371,000.00         ZZ
                                         360        370,639.41          1
                                       6.125          2,254.24         80
                                       5.875          2,254.24
    HOPEDALE         MA   01747          2            02/21/03         00
    2813020033                           05           04/01/03          0
    2813020033                           O            03/01/33
    0


    8543373          956/956             F          343,000.00         ZZ
                                         360        342,666.63          1
                                       6.125          2,084.10         62
                                       5.875          2,084.10
    WESTLAKE VILLAG  CA   91361          2            02/15/03         00
    2913020023                           03           04/01/03          0
    2913020023                           O            03/01/33
    0


    8543375          956/956             F          356,000.00         ZZ
                                         360        355,645.60          1
                                       6.000          2,134.40         72
                                       5.750          2,134.40
    MOORPARK         CA   93021          5            02/18/03         00
    2913020055                           05           04/01/03          0
    2913020055                           O            03/01/33
    0


    8543377          956/956             F          342,000.00         ZZ
                                         360        341,675.50          1
                                       6.250          2,105.75         76
                                       6.000          2,105.75
    HUDSON           OH   44236          2            02/12/03         00
    4312120380                           05           04/01/03          0
    4312120380                           O            03/01/33
    0


    8543379          956/956             F          353,000.00         ZZ
                                         360        352,648.58          1
                                       6.000          2,116.41         80
                                       5.750          2,116.41
    NAPERVILLE       IL   60565          2            02/14/03         00
    4313020284                           05           04/01/03          0
    4313020284                           O            03/01/33
    0


1


    8543381          956/956             F          392,000.00         ZZ
                                         360        391,600.34          1
                                       5.875          2,318.83         67
                                       5.625          2,318.83
    GAITHERSBURG     MD   20882          5            02/14/03         00
    4413010038                           05           04/01/03          0
    4413010038                           O            03/01/33
    0


    8543383          956/956             F          390,000.00         ZZ
                                         360        389,611.75          1
                                       6.000          2,338.25         61
                                       5.750          2,338.25
    EL DORADO HILLS  CA   95762          2            02/18/03         00
    4513020029                           05           04/01/03          0
    4513020029                           O            03/01/33
    0


    8543387          956/956             F          345,300.00         ZZ
                                         360        345,300.00          1
                                       6.000          2,070.25         80
                                       5.750          2,070.25
    ZIONSVILLE       IN   46077          2            03/03/03         00
    4913020035                           03           05/01/03          0
    4913020035                           O            04/01/33
    0


    8543391          956/956             F          424,800.00         ZZ
                                         360        424,387.12          1
                                       6.125          2,581.13         80
                                       5.875          2,581.13
    SAN FRANCISCO    CA   94131          2            02/18/03         00
    113010107                            05           04/01/03          0
    113010107                            O            03/01/33
    0


    8543415          U19/G02             F           97,245.00         ZZ
                                         360         97,167.23          1
                                       7.125            655.16         90
                                       6.875            655.16
    LITTLETON        CO   80123          1            02/28/03         01
    0435560339                           01           04/01/03         25
    58041736                             N            03/01/33
    0


    8543507          A06/G02             F          191,000.00         ZZ
                                         360        191,000.00          1
                                       5.750          1,114.63         66
                                       5.500          1,114.63
1


    COMMERCE TWP.    MI   48382          2            03/14/03         00
    0435558804                           05           05/01/03          0
    021000020301965                      O            04/01/33
    0


    8543893          A06/G02             F          209,500.00         T
                                         360        209,500.00          1
                                       6.000          1,256.06         79
                                       5.750          1,256.06
    PORT CHARLOTTE   FL   33952          1            03/14/03         00
    0435559836                           05           05/01/03          0
    021000020301579                      O            04/01/33
    0


    8544145          E40/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.250          1,847.15         58
                                       6.000          1,847.15
    STONEHAM         MA   02180          5            03/11/03         00
    0435571666                           05           05/01/03          0
    200300335                            O            04/01/33
    0


    8544253          K15/G02             F          263,000.00         ZZ
                                         360        262,731.86          1
                                       5.875          1,555.74         63
                                       5.625          1,555.74
    FARMINGTON       MN   55024          5            02/24/03         00
    0435545686                           05           04/01/03          0
    013105511646                         O            03/01/33
    0


    8544295          F36/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       6.000          1,079.19         43
                                       5.750          1,079.19
    GIG HARBOR       WA   98332          5            03/03/03         00
    0435565098                           05           05/01/03          0
    06505809                             O            04/01/33
    0


    8544299          A06/G02             F          656,000.00         ZZ
                                         360        656,000.00          1
                                       6.000          3,933.06         72
                                       5.750          3,933.06
    LITTLETON        CO   80124          2            03/11/03         00
    0435557327                           03           05/01/03          0
    021000020301852                      O            04/01/33
    0
1




    8544337          U19/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       5.875            354.92         75
                                       5.625            354.92
    COLORADO SPRING  CO   80904          1            03/14/03         00
    0435560420                           09           05/01/03          0
    0303060003                           O            04/01/33
    0


    8544339          Q87/G02             F           64,000.00         ZZ
                                         360         63,937.80          1
                                       6.125            388.87         80
                                       5.875            388.87
    WINTER HAVEN     FL   33884          5            02/28/03         00
    0435546387                           05           04/01/03          0
    SAEV01                               N            03/01/33
    0


    8544345          W68/G02             F          143,900.00         ZZ
                                         360        143,900.00          1
                                       6.625            921.41         80
                                       6.375            921.41
    HEMET            CA   92545          1            03/06/03         00
    0435560255                           05           05/01/03          0
    35894                                N            04/01/33
    0


    8544351          X10/G02             F          105,000.00         TX
                                         360        105,000.00          1
                                       6.375            655.06         49
                                       6.125            655.06
    CRANDALL         TX   75114          5            03/14/03         00
    0435563952                           05           05/01/03          0
    60000732                             O            04/01/33
    0


    8544667          U05/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.375            623.87         40
                                       6.125            623.87
    GLENDALE         CA   91206          5            03/10/03         00
    0435552914                           01           05/01/03          0
    3324939                              O            04/01/33
    0


    8544695          K15/G02             F          189,300.00         ZZ
                                         360        189,107.00          1
1


                                       5.875          1,119.78         74
                                       5.625          1,119.78
    ROCKVILLE CENTR  NY   11570          5            02/21/03         00
    0435558085                           05           04/01/03          0
    021205511308                         O            03/01/33
    0


    8544741          742/G02             F          117,000.00         ZZ
                                         360        117,000.00          4
                                       7.125            788.25         90
                                       6.875            788.25
    PORT JERVIS      NY   12771          1            03/13/03         11
    0435558903                           05           05/01/03         25
    5179395                              N            04/01/33
    0


    8545269          E82/G02             F          130,400.00         ZZ
                                         360        130,400.00          1
                                       6.375            813.53         78
                                       6.125            813.53
    ARLINGTON        TX   76017          2            03/19/03         00
    0400762795                           05           05/01/03          0
    0400762795                           O            04/01/33
    0


    8545373          E22/G02             F          177,600.00         ZZ
                                         360        177,600.00          1
                                       6.625          1,137.19         80
                                       6.375          1,137.19
    ELIZABETH        NJ   07201          1            03/20/03         00
    0415978204                           05           05/01/03          0
    0415978204                           O            04/01/33
    0


    8545375          E22/G02             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       6.000          3,597.30         75
                                       5.750          3,597.30
    SIERRA MADRE     CA   91024          5            03/12/03         00
    0416011302                           05           05/01/03          0
    0416011302                           O            04/01/33
    0


    8545377          E22/G02             F           91,000.00         ZZ
                                         360         90,911.55          1
                                       6.125            552.93         73
                                       5.875            552.93
    AIKEN            SC   29801          5            02/20/03         00
    0416026391                           05           04/01/03          0
1


    0416026391                           O            03/01/33
    0


    8545411          E22/G02             F           72,000.00         ZZ
                                         360         72,000.00          2
                                       7.125            485.08         76
                                       6.875            485.08
    BRADENTON        FL   34205          5            03/20/03         00
    0416154458                           05           05/01/03          0
    0416154458                           N            04/01/33
    0


    8545417          E22/G02             F          106,300.00         ZZ
                                         360        106,300.00          1
                                       6.375            663.17         63
                                       6.125            663.17
    HOLLYWOOD        FL   33024          2            03/20/03         00
    0416181956                           05           05/01/03          0
    0416181956                           N            04/01/33
    0


    8545429          E82/G02             F           95,000.00         ZZ
                                         360         95,000.00          1
                                       5.875            561.96         76
                                       5.625            561.96
    SAN ANTONIO      TX   78204          2            03/13/03         00
    0400794749                           05           05/01/03          0
    0400794749                           O            04/01/33
    0


    8545431          E22/G02             F           94,000.00         ZZ
                                         360         94,000.00          1
                                       6.500            594.14         76
                                       6.250            594.14
    TUCSON           AZ   85716          5            03/07/03         00
    0416202984                           05           05/01/03          0
    0416202984                           O            04/01/33
    0


    8545439          E22/G02             F          167,200.00         ZZ
                                         360        167,200.00          1
                                       6.875          1,098.38         95
                                       6.625          1,098.38
    LEHI             UT   84003          1            03/20/03         01
    0416219368                           05           05/01/03         35
    0416219368                           O            04/01/33
    0


1


    8545441          E22/G02             F           31,650.00         ZZ
                                         360         31,650.00          1
                                       7.125            213.23         74
                                       6.875            213.23
    DUNCAN           OK   73533          2            03/17/03         00
    0416222180                           05           05/01/03          0
    0416222180                           N            04/01/33
    0


    8545461          E22/G02             F          156,000.00         ZZ
                                         240        156,000.00          4
                                       6.125          1,128.91         80
                                       5.875          1,128.91
    KANSAS CITY      MO   64152          2            03/20/03         00
    0416272581                           05           05/01/03          0
    0416272581                           N            04/01/23
    0


    8545467          E22/G02             F          206,500.00         ZZ
                                         360        206,500.00          1
                                       6.250          1,271.46         74
                                       6.000          1,271.46
    ANAHEIM          CA   92805          5            03/14/03         00
    0416287217                           05           05/01/03          0
    0416287217                           N            04/01/33
    0


    8545487          E22/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       6.125            759.51         39
                                       5.875            759.51
    ROCKLIN          CA   95765          1            03/12/03         00
    0416297299                           05           05/01/03          0
    0416297299                           O            04/01/33
    0


    8545493          E82/G02             F           70,650.00         ZZ
                                         360         70,650.00          1
                                       6.250            435.00         61
                                       6.000            435.00
    INDEPENDENCE     MO   64057          2            03/10/03         00
    0400794806                           05           05/01/03          0
    0400794806                           N            04/01/33
    0


    8545513          E22/G02             F          405,000.00         ZZ
                                         360        405,000.00          1
                                       6.250          2,493.65         75
                                       6.000          2,493.65
1


    LA (WOODLAND HI  CA   91367          5            03/03/03         00
    0416318335                           05           05/01/03          0
    0416318335                           O            04/01/33
    0


    8545519          E22/G02             F          265,000.00         ZZ
                                         360        265,000.00          4
                                       6.250          1,631.65         67
                                       6.000          1,631.65
    CUDAHY           CA   90201          5            03/11/03         00
    0416331320                           05           05/01/03          0
    0416331320                           O            04/01/33
    0


    8545537          E22/G02             F          234,000.00         ZZ
                                         360        234,000.00          1
                                       6.500          1,479.04         91
                                       6.250          1,479.04
    TAMARAC          FL   33321          1            03/20/03         04
    0416379998                           05           05/01/03         30
    0416379998                           O            04/01/33
    0


    8545541          E22/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       6.250          1,539.29         68
                                       6.000          1,539.29
    HOUSTON          TX   77030          5            03/20/03         00
    0416382919                           05           05/01/03          0
    0416382919                           N            04/01/33
    0


    8545545          E22/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
                                       6.000            383.71         80
                                       5.750            383.71
    NORMAN           OK   73072          1            03/20/03         00
    0416387876                           05           05/01/03          0
    0416387876                           N            04/01/33
    0


    8545653          U97/G02             F          295,000.00         ZZ
                                         360        295,000.00          1
                                       6.375          1,840.42         80
                                       6.125          1,840.42
    EL DORADO HILLS  CA   95762          2            03/07/03         00
    0435553474                           05           05/01/03          0
    7612172                              O            04/01/33
    0
1




    8546141          952/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.000          2,518.11         80
                                       5.750          2,518.11
    WYCKOFF          NJ   07481          5            03/14/03         00
    0435553078                           05           05/01/03          0
    03001419                             O            04/01/33
    0


    8546153          R55/G02             F          111,200.00         ZZ
                                         360        111,200.00          1
                                       6.500            702.86         80
                                       6.250            702.86
    MASON            MI   48854          1            03/19/03         00
    0435552591                           05           05/01/03          0
    100094600000196                      O            04/01/33
    0


    8546261          K15/G02             F           96,400.00         ZZ
                                         360         96,400.00          1
                                       6.000            577.97         63
                                       5.750            577.97
    NASHUA           NH   03060          5            03/11/03         00
    0435555743                           05           05/01/03          0
    033105512212                         O            04/01/33
    0


    8546283          R65/G02             F          210,000.00         ZZ
                                         360        209,795.90          1
                                       6.125          1,275.98         59
                                       5.875          1,275.98
    WASHINGTON       DC   20016          5            02/25/03         00
    0435563713                           01           04/01/03          0
    420057630042005                      N            03/01/33
    0


    8546413          E47/G02             F          321,750.00         ZZ
                                         360        321,750.00          3
                                       6.750          2,086.86         65
                                       6.500          2,086.86
    HAYWARD          CA   94541          1            03/03/03         00
    0435552799                           05           05/01/03          0
    7359513314                           N            04/01/33
    0


    8546779          A06/G02             F          169,000.00         ZZ
                                         360        169,000.00          1
1


                                       6.500          1,068.20         47
                                       6.250          1,068.20
    BIRMINGHAM       MI   48009          2            03/13/03         00
    0435563002                           05           05/01/03          0
    001000010300417                      N            04/01/33
    0


    8546797          A06/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       6.250          1,077.51         75
                                       6.000          1,077.51
    GENOA            MI   48114          5            03/11/03         00
    0435562558                           05           05/01/03          0
    021000020303954                      O            04/01/33
    0


    8546813          696/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       6.125            486.09         76
                                       5.875            486.09
    BALTIMORE        MD   21206          1            03/18/03         00
    0435547203                           05           05/01/03          0
    33103007                             O            04/01/33
    0


    8546851          U05/G02             F          318,000.00         ZZ
                                         360        317,683.43          1
                                       6.000          1,906.57         63
                                       5.750          1,906.57
    SAN JOSE         CA   95125          2            02/26/03         00
    0435599873                           05           04/01/03          0
    3316476                              O            03/01/33
    0


    8547145          E57/G02             F          118,500.00         ZZ
                                         360        118,500.00          1
                                       6.000            710.47         70
                                       5.750            710.47
    COMPTON          CA   90220          5            03/11/03         00
    0435559810                           05           05/01/03          0
    06014197                             O            04/01/33
    0


    8547447          Q14/G02             F           74,200.00         ZZ
                                         360         74,200.00          1
                                       5.875            438.92         88
                                       5.625            438.92
    MAXWELL          IA   50161          2            03/17/03         01
    0435561774                           05           05/01/03         25
1


    0000311340                           O            04/01/33
    0


    8547519          Q14/G02             F          101,625.00         ZZ
                                         360        101,625.00          1
                                       6.250            625.72         75
                                       6.000            625.72
    GILBERT          AZ   85233          1            03/19/03         00
    0435561691                           05           05/01/03          0
    0000312024                           O            04/01/33
    0


    8547545          W53/G02             F          366,126.00         ZZ
                                         360        365,761.51          1
                                       6.000          2,195.12         66
                                       5.750          2,195.12
    AUSTIN           TX   78737          2            02/24/03         00
    0435552344                           05           04/01/03          0
    1501000066                           O            03/01/33
    0


    8547731          W53/G02             F          399,950.00         ZZ
                                         360        399,561.27          1
                                       6.125          2,430.14         79
                                       5.875          2,430.14
    FULLERTON        CA   92833          5            02/03/03         00
    0435552575                           05           04/01/03          0
    1701100595                           O            03/01/33
    0


    8548111          E22/G02             F           59,400.00         ZZ
                                         360         59,400.00          1
                                       7.250            405.21         90
                                       7.000            405.21
    MIAMI            FL   33177          1            03/21/03         01
    0416321099                           09           05/01/03         25
    0416321099                           N            04/01/33
    0


    8548113          E22/G02             F           59,400.00         ZZ
                                         360         59,400.00          1
                                       7.250            405.21         90
                                       7.000            405.21
    MIAMI            FL   33177          1            03/21/03         01
    0416321156                           09           05/01/03         25
    0416321156                           N            04/01/33
    0


1


    8548127          E22/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
                                       6.250            800.43         73
                                       6.000            800.43
    DURANGO          CO   81301          5            03/17/03         00
    0416330710                           09           05/01/03          0
    0416330710                           O            04/01/33
    0


    8548273          E22/G02             F           52,500.00         ZZ
                                         360         52,500.00          1
                                       6.750            340.51         70
                                       6.500            340.51
    CORAL SPRINGS    FL   33071          1            03/21/03         00
    0416380921                           01           05/01/03          0
    0416380921                           N            04/01/33
    0


    8548301          E22/G02             F          248,000.00         ZZ
                                         360        248,000.00          1
                                       6.000          1,486.89         80
                                       5.750          1,486.89
    SAN MARCOS       CA   92078          5            03/13/03         00
    0416411411                           29           05/01/03          0
    0416411411                           O            04/01/33
    0


    8548351          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.000          2,158.38         90
                                       5.750          2,158.38
    HARPERSVILLE     AL   35185          5            03/17/03         01
    0416459220                           05           05/01/03         25
    0416459220                           O            04/01/33
    0


    8548357          E22/G02             F           65,808.00         ZZ
                                         360         65,808.00          1
                                       6.750            426.83         80
                                       6.500            426.83
    WEST PALM BEACH  FL   33412          1            03/21/03         00
    0416462414                           05           05/01/03          0
    0416462414                           N            04/01/33
    0


    8548403          E22/G02             F           67,000.00         ZZ
                                         360         67,000.00          1
                                       5.875            396.33         75
                                       5.625            396.33
1


    FLORENCE         AL   35630          1            03/21/03         00
    0415961440                           05           05/01/03          0
    0415961440                           O            04/01/33
    0


    8548423          E22/G02             F           83,000.00         ZZ
                                         360         83,000.00          1
                                       6.375            517.81         67
                                       6.125            517.81
    PALM COAST       FL   32164          2            03/13/03         00
    0416035350                           03           05/01/03          0
    0416035350                           N            04/01/33
    0


    8548433          E22/G02             F          234,000.00         ZZ
                                         360        234,000.00          1
                                       6.375          1,459.86         78
                                       6.125          1,459.86
    LAKE RONKONKOMA  NY   11779          5            03/17/03         00
    0416054591                           05           05/01/03          0
    0416054591                           O            04/01/33
    0


    8548439          E22/G02             F           84,510.00         ZZ
                                         360         84,510.00          1
                                       6.625            541.13         90
                                       6.375            541.13
    WEBSTER          TX   77598          1            02/28/03         04
    0416084408                           03           05/01/03         25
    0416084408                           N            04/01/33
    0


    8548491          E22/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       6.000            935.30         80
                                       5.750            935.30
    NEW PORT RICHEY  FL   34655          5            03/17/03         00
    0416159606                           03           05/01/03          0
    0416159606                           O            04/01/33
    0


    8548501          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.000            863.35         80
                                       5.750            863.35
    MINERVA          OH   44657          5            03/17/03         00
    0416173672                           05           05/01/03          0
    0416173672                           O            04/01/33
    0
1




    8548517          E22/G02             F          514,500.00         ZZ
                                         360        514,500.00          1
                                       5.875          3,043.46         70
                                       5.625          3,043.46
    SOUTHLAKE        TX   76092          5            03/14/03         00
    0416194546                           05           05/01/03          0
    0416194546                           O            04/01/33
    0


    8548551          E22/G02             F          163,800.00         ZZ
                                         360        163,800.00          4
                                       6.500          1,035.33         90
                                       6.250          1,035.33
    ROSEBURG         OR   97470          1            03/12/03         10
    0416234375                           05           05/01/03         25
    0416234375                           N            04/01/33
    0


    8548575          E22/G02             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       6.000          2,008.49         80
                                       5.750          2,008.49
    COLORADO SPRING  CO   80908          5            03/14/03         00
    0416255958                           05           05/01/03          0
    0416255958                           O            04/01/33
    0


    8548629          E22/G02             F          168,750.00         ZZ
                                         360        168,750.00          2
                                       6.875          1,108.57         75
                                       6.625          1,108.57
    HOUSTON          TX   77081          5            03/21/03         00
    0416290096                           05           05/01/03          0
    0416290096                           N            04/01/33
    0


    8548639          E22/G02             F           98,370.00         ZZ
                                         360         98,370.00          3
                                       6.500            621.77         90
                                       6.250            621.77
    PUEBLO           CO   81005          1            03/21/03         01
    0416295509                           05           05/01/03         25
    0416295509                           N            04/01/33
    0


    8548705          E82/G02             F          143,600.00         ZZ
                                         360        143,600.00          1
1


                                       6.125            872.53         80
                                       5.875            872.53
    SPRINGFIELD      VA   22152          2            03/20/03         00
    0400798559                           03           05/01/03          0
    0400798559                           O            04/01/33
    0


    8548707          E82/G02             F           73,800.00         ZZ
                                         360         73,800.00          3
                                       6.125            448.42         51
                                       5.875            448.42
    LAKE WORTH       FL   33460          2            03/19/03         00
    0400790879                           05           05/01/03          0
    0400790879                           O            04/01/33
    0


    8548717          E82/G02             F          101,900.00         ZZ
                                         360        101,900.00          1
                                       6.250            627.42         76
                                       6.000            627.42
    SYLVA            NC   28779          2            03/17/03         00
    0400784252                           05           05/01/03          0
    0400784252                           O            04/01/33
    0


    8549403          A21/G02             F          206,500.00         ZZ
                                         240        206,500.00          1
                                       6.250          1,509.37         73
                                       6.000          1,509.37
    BOGOTA           NJ   07603          2            03/19/03         00
    0435565015                           05           05/01/03          0
    0100134583                           O            04/01/23
    0


    8549985          A06/G02             F          167,500.00         ZZ
                                         360        167,500.00          1
                                       6.125          1,017.75         80
                                       5.875          1,017.75
    CHESTERFIELD     MI   48051          2            03/12/03         00
    0435561550                           05           05/01/03          0
    021000020231219                      O            04/01/33
    0


    8550141          F89/G02             F          322,500.00         ZZ
                                         360        322,500.00          1
                                       6.125          1,959.54         95
                                       5.875          1,959.54
    DOWNEY           CA   90241          1            03/12/03         01
    0435566633                           05           05/01/03         30
1


    13728954                             O            04/01/33
    0


    8550145          P44/G02             F          145,000.00         ZZ
                                         360        145,000.00          1
                                       6.250            892.79         59
                                       6.000            892.79
    MERRIMACK        NH   03054          1            03/21/03         00
    0435566559                           05           05/01/03          0
    029300836                            O            04/01/33
    0


    8550157          N47/G02             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       6.250          3,232.52         75
                                       6.000          3,232.52
    SAN JOSE         CA   95117          5            03/17/03         00
    0435575527                           05           05/01/03          0
    20503118                             O            04/01/33
    0


    8550173          696/G02             F          365,600.00         ZZ
                                         360        365,600.00          1
                                       6.125          2,221.42         80
                                       5.875          2,221.42
    WASHINGTON       DC   20010          1            03/10/03         00
    0435554001                           05           05/01/03          0
    25603076                             O            04/01/33
    0


    8550253          H81/G02             F          162,400.00         ZZ
                                         360        162,400.00          2
                                       6.125            986.76         80
                                       5.875            986.76
    WAUKESHA         WI   53189          5            03/21/03         00
    0435632583                           05           05/01/03          0
    WH18366                              N            04/01/33
    0


    8550259          K15/G02             F           88,300.00         ZZ
                                         360         88,236.09          1
                                       7.625            624.98         95
                                       7.375            624.98
    PRINCETON        IN   47670          5            02/24/03         41
    0435559638                           05           04/01/03         30
    207205507255                         O            03/01/33
    0


1


    8550311          M07/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
                                       6.125            388.87         78
                                       5.875            388.87
    CEDAR GLEN       CA   92321          5            03/11/03         00
    0435565502                           05           05/01/03          0
    01030212                             O            04/01/33
    0


    8550377          U05/G02             F           78,300.00         ZZ
                                         360         78,300.00          4
                                       7.375            540.80         90
                                       7.125            540.80
    DETROIT          MI   48206          1            03/14/03         14
    0435559406                           05           05/01/03         25
    3325033                              N            04/01/33
    0


    8550457          U05/G02             F           97,200.00         ZZ
                                         360         97,200.00          1
                                       6.625            622.38         90
                                       6.375            622.38
    SPRINGFIELD      OR   97478          1            03/05/03         14
    0435559273                           05           05/01/03         25
    3304564                              N            04/01/33
    0


    8550543          K15/G02             F           54,800.00         ZZ
                                         360         54,800.00          1
                                       6.625            350.89         76
                                       6.375            350.89
    CANTON           OH   44703          5            03/15/03         00
    0435564075                           05           05/01/03          0
    028005507442                         N            04/01/33
    0


    8550553          K15/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       6.250            418.69         76
                                       6.000            418.69
    CANTON           OH   44703          2            03/15/03         00
    0435564091                           05           05/01/03          0
    028005507276                         N            04/01/33
    0


    8550583          E76/G02             F           50,400.00         ZZ
                                         360         50,400.00          1
                                       6.875            331.09         90
                                       6.625            331.09
1


    MILLINGTON       TN   38053          1            03/21/03         04
    0435564323                           05           05/01/03         25
    10022050                             N            04/01/33
    0


    8550585          B28/G02             F          371,105.00         ZZ
                                         360        370,800.80          1
                                       7.000          2,468.98         80
                                       6.750          2,468.98
    GOLDEN           CO   80401          1            03/07/03         00
    0435561188                           05           04/01/03          0
    19700199                             O            03/01/33
    0


    8550905          225/G02             F           80,750.00         ZZ
                                         360         80,620.46          1
                                       7.125            544.03         49
                                       6.875            544.03
    JEFFERSON        SC   29718          4            01/10/03         00
    0435571617                           05           03/01/03          0
    006566120                            O            02/01/33
    0


    8550907          225/G02             F          376,000.00         ZZ
                                         360        374,949.69          1
                                       6.375          2,345.75         70
                                       6.125          2,345.75
    JACKSONVILLE     FL   32224          4            12/19/02         00
    0435572300                           05           02/01/03          0
    006568114                            O            01/01/33
    0


    8550909          225/G02             F          384,600.00         ZZ
                                         360        383,551.30          1
                                       6.500          2,430.93         84
                                       6.250          2,430.93
    MONROE TWP       NJ   08831          1            12/20/02         14
    0435563606                           05           02/01/03         12
    006575607                            O            01/01/33
    0


    8550911          225/G02             F          331,000.00         ZZ
                                         360        330,721.92          1
                                       6.875          2,174.43         80
                                       6.625          2,174.43
    NEW FAIRFIELD    CT   06812          4            02/05/03         00
    0435572409                           05           04/01/03          0
    006589777                            O            03/01/33
    0
1




    8550913          225/G02             F          390,000.00         ZZ
                                         360        388,668.65          1
                                       6.875          2,562.02         78
                                       6.625          2,562.02
    BOYNTON BEACH    FL   33435          5            11/21/02         00
    0435563515                           03           01/01/03          0
    006855306                            O            12/01/32
    0


    8550917          225/G02             F          494,000.00         ZZ
                                         360        492,778.13          1
                                       7.000          3,286.59         65
                                       6.750          3,286.59
    TARPON SPRINGS   FL   34689          5            11/27/02         00
    0435573423                           05           02/01/03          0
    006857328                            O            01/01/33
    0


    8550929          225/G02             F           33,000.00         T
                                         360         32,926.07          1
                                       7.500            230.74         74
                                       7.250            230.74
    DAYTONA BEACH    FL   32119          1            12/30/02         00
    0435564182                           08           02/01/03          0
    006872002                            O            01/01/33
    0


    8550933          225/G02             F          328,000.00         ZZ
                                         360        327,696.21          1
                                       6.375          2,046.29         80
                                       6.125          2,046.29
    SARASOTA         FL   34240          1            02/06/03         00
    0435573126                           05           04/01/03          0
    006875730                            O            03/01/33
    0


    8550943          225/G02             F           32,000.00         T
                                         360         31,941.99          1
                                       6.500            202.26         22
                                       6.250            202.26
    SUGAR MOUNTAIN   NC   28604          2            01/17/03         00
    0435572839                           05           03/01/03          0
    007421416                            O            02/01/33
    0


    8550945          225/G02             F          333,800.00         ZZ
                                         360        333,223.58          1
1


                                       6.750          2,165.03         78
                                       6.500          2,165.03
    SIMSBURY         CT   06070          2            01/21/03         00
    0435571450                           05           03/01/03          0
    007428221                            O            02/01/33
    0


    8550957          225/G02             F          104,000.00         ZZ
                                         360        103,841.23          1
                                       7.375            718.31         80
                                       7.125            718.31
    SARASOTA         FL   34241          1            01/17/03         00
    0435573068                           05           03/01/03          0
    007436200                            N            02/01/33
    0


    8550959          225/G02             F          369,000.00         ZZ
                                         360        368,666.41          1
                                       6.500          2,332.34         54
                                       6.250          2,332.34
    POINT CLEAR      AL   36564          2            02/14/03         00
    0435563598                           05           04/01/03          0
    007436430                            O            03/01/33
    0


    8550971          225/G02             F          323,000.00         ZZ
                                         360        322,715.02          3
                                       6.625          2,068.21         95
                                       6.375          2,068.21
    CHICAGO          IL   60653          1            02/06/03         10
    0435563499                           05           04/01/03         30
    007441764                            O            03/01/33
    0


    8551069          M40/G02             F          364,000.00         ZZ
                                         360        364,000.00          1
                                       6.125          2,211.70         80
                                       5.875          2,211.70
    PALM DESERT      CA   92260          5            03/07/03         00
    0435571575                           05           05/01/03          0
    A03048                               O            04/01/33
    0


    8552005          E22/G02             F           93,500.00         ZZ
                                         360         93,500.00          4
                                       6.750            606.44         75
                                       6.500            606.44
    HOUSTON          TX   77088          2            03/13/03         00
    0415931146                           05           05/01/03          0
1


    0415931146                           N            04/01/33
    0


    8552017          E22/G02             F          537,200.00         ZZ
                                         360        537,200.00          1
                                       6.125          3,264.08         61
                                       5.875          3,264.08
    HOUSTON          TX   77007          5            03/18/03         00
    0416000271                           05           05/01/03          0
    0416000271                           O            04/01/33
    0


    8552027          E22/G02             F           50,400.00         ZZ
                                         360         50,400.00          1
                                       6.875            331.09         90
                                       6.625            331.09
    MIDWEST CITY     OK   73130          5            03/19/03         01
    0416029064                           05           05/01/03         25
    0416029064                           O            04/01/33
    0


    8552063          E82/G02             F          100,700.00         ZZ
                                         360        100,700.00          1
                                       6.125            611.86         58
                                       5.875            611.86
    FEDERAL WAY      WA   98003          2            03/21/03         00
    0400800868                           05           05/01/03          0
    0400800868                           O            04/01/33
    0


    8552075          E82/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       6.125          1,002.56         68
                                       5.875          1,002.56
    LINCROFT         NJ   07738          2            03/21/03         00
    0400801213                           05           05/01/03          0
    0400801213                           O            04/01/33
    0


    8552089          E82/G02             F          105,600.00         ZZ
                                         360        105,600.00          1
                                       6.125            641.64         80
                                       5.875            641.64
    NORWICH          CT   06360          2            03/21/03         00
    0400795142                           05           05/01/03          0
    0400795142                           O            04/01/33
    0


1


    8552091          E22/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       6.000          1,247.07         79
                                       5.750          1,247.07
    HOUSTON          TX   77035          5            03/17/03         00
    0416194157                           03           05/01/03          0
    0416194157                           O            04/01/33
    0


    8552099          E82/G02             F           73,800.00         ZZ
                                         360         73,800.00          2
                                       7.125            497.20         58
                                       6.875            497.20
    SAN ANTONIO      TX   78233          2            03/24/03         00
    0400793451                           05           05/01/03          0
    0400793451                           N            04/01/33
    0


    8552189          E22/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
                                       5.875            502.81         41
                                       5.625            502.81
    WESTON           FL   33326          5            03/18/03         00
    0416267490                           03           05/01/03          0
    0416267490                           O            04/01/33
    0


    8552201          E22/G02             F          296,000.00         ZZ
                                         360        296,000.00          1
                                       6.375          1,846.65         75
                                       6.125          1,846.65
    COLORADO SPRING  CO   80919          2            03/19/03         00
    0416275089                           05           05/01/03          0
    0416275089                           O            04/01/33
    0


    8552213          E22/G02             F          210,000.00         ZZ
                                         360        210,000.00          1
                                       6.500          1,327.34         80
                                       6.250          1,327.34
    FRANKLIN TOWNSH  NJ   08873          5            03/18/03         00
    0416283067                           05           05/01/03          0
    0416283067                           O            04/01/33
    0


    8552215          E22/G02             F          111,000.00         ZZ
                                         360        111,000.00          1
                                       5.875            656.61         65
                                       5.625            656.61
1


    MIAMI            FL   33015          2            03/18/03         00
    0416283497                           03           05/01/03          0
    0416283497                           O            04/01/33
    0


    8552225          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          4
                                       6.625          1,920.93         60
                                       6.375          1,920.93
    BUENA PARK       CA   90620          5            03/14/03         00
    0416287845                           05           05/01/03          0
    0416287845                           N            04/01/33
    0


    8552229          E22/G02             F           65,000.00         ZZ
                                         360         65,000.00          1
                                       6.125            394.95         19
                                       5.875            394.95
    SUNRISE BEACH    TX   78643          5            03/19/03         00
    0416289981                           05           05/01/03          0
    0416289981                           O            04/01/33
    0


    8552281          E82/G02             F          190,400.00         ZZ
                                         360        190,400.00          1
                                       6.125          1,156.89         72
                                       5.875          1,156.89
    SAN ANDREAS      CA   95249          2            03/19/03         00
    0400799748                           05           05/01/03          0
    0400799748                           O            04/01/33
    0


    8552295          E22/G02             F          244,500.00         ZZ
                                         360        244,500.00          1
                                       7.125          1,647.24         86
                                       6.875          1,647.24
    LAKEWOOD         CO   80226          5            03/19/03         04
    0416354884                           05           05/01/03         25
    0416354884                           O            04/01/33
    0


    8552301          E22/G02             F          118,320.00         ZZ
                                         360        118,320.00          1
                                       6.375            738.16         80
                                       6.125            738.16
    COLORADO SPRING  CO   80907          1            03/24/03         00
    0416363737                           05           05/01/03          0
    0416363737                           O            04/01/33
    0
1




    8552343          E22/G02             F          239,000.00         ZZ
                                         360        239,000.00          1
                                       6.000          1,432.93         57
                                       5.750          1,432.93
    CARSON CITY      NV   89703          1            03/19/03         00
    0416448694                           05           05/01/03          0
    0416448694                           N            04/01/33
    0


    8552357          E22/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       6.125          1,519.03         52
                                       5.875          1,519.03
    LOS GATOS        CA   95030          5            03/14/03         00
    0416489169                           05           05/01/03          0
    0416489169                           N            04/01/33
    0


    8552385          E22/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.125          3,038.05         75
                                       5.875          3,038.05
    DELRAY BEACH     FL   33444          5            03/19/03         00
    0414576116                           05           05/01/03          0
    0414576116                           O            04/01/33
    0


    8552423          E22/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       6.750            804.26         75
                                       6.500            804.26
    LADY LAKE        FL   32159          5            03/19/03         00
    0416129526                           05           05/01/03          0
    0416129526                           O            04/01/33
    0


    8552439          E22/G02             F           98,400.00         ZZ
                                         360         98,400.00          1
                                       6.000            589.96         80
                                       5.750            589.96
    EUGENE           OR   97405          5            03/07/03         00
    0416157477                           05           05/01/03          0
    0416157477                           O            04/01/33
    0


    8552447          E22/G02             F           78,600.00         ZZ
                                         360         78,600.00          1
1


                                       6.125            477.58         62
                                       5.875            477.58
    KANSAS CITY      MO   64119          2            03/19/03         00
    0416221414                           05           05/01/03          0
    0416221414                           O            04/01/33
    0


    8552463          E22/G02             F          106,250.00         ZZ
                                         360        106,250.00          1
                                       6.000            637.02         85
                                       5.750            637.02
    SPOKANE          WA   99203          2            03/18/03         01
    0416233823                           05           05/01/03         12
    0416233823                           O            04/01/33
    0


    8552465          E22/G02             F          650,000.00         ZZ
                                         360        650,000.00          2
                                       6.125          3,949.47         55
                                       5.875          3,949.47
    SAN FRANCISCO    CA   94118          2            03/13/03         00
    0416235802                           05           05/01/03          0
    0416235802                           O            04/01/33
    0


    8552471          E22/G02             F          188,000.00         ZZ
                                         360        188,000.00          1
                                       5.875          1,112.09         34
                                       5.625          1,112.09
    PETALUMA         CA   94954          5            03/14/03         00
    0416237410                           05           05/01/03          0
    0416237410                           O            04/01/33
    0


    8552479          E22/G02             F          416,000.00         ZZ
                                         360        416,000.00          1
                                       6.125          2,527.66         80
                                       5.875          2,527.66
    ROUND ROCK       TX   78664          5            03/17/03         00
    0416240463                           03           05/01/03          0
    0416240463                           O            04/01/33
    0


    8552497          E22/G02             F          384,500.00         ZZ
                                         360        384,500.00          1
                                       6.125          2,336.26         70
                                       5.875          2,336.26
    CLOVIS           CA   93611          5            03/14/03         00
    0416299915                           05           05/01/03          0
1


    0416299915                           O            04/01/33
    0


    8552531          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       6.125          1,701.31         79
                                       5.875          1,701.31
    SEDALIA          CO   80135          5            03/18/03         00
    0416377075                           05           05/01/03          0
    0416377075                           O            04/01/33
    0


    8552543          E22/G02             F           57,600.00         ZZ
                                         360         57,600.00          1
                                       6.250            354.65         83
                                       6.000            354.65
    MOBILE           AL   36606          2            03/24/03         04
    0416385409                           05           05/01/03         20
    0416385409                           N            04/01/33
    0


    8552603          E22/G02             F          201,600.00         ZZ
                                         360        201,600.00          2
                                       6.750          1,307.57         90
                                       6.500          1,307.57
    SAINT PAUL       MN   55101          1            03/24/03         04
    0416635670                           05           05/01/03         25
    0416635670                           N            04/01/33
    0


    8552611          E47/G02             F          299,850.00         ZZ
                                         360        299,850.00          1
                                       6.375          1,870.74         94
                                       6.125          1,870.74
    CONCORD          CA   94520          1            03/06/03         11
    0435562376                           05           05/01/03         30
    7359513505                           O            04/01/33
    0


    8552779          G51/G02             F          197,200.00         ZZ
                                         360        197,200.00          1
                                       6.125          1,198.21         80
                                       5.875          1,198.21
    HIGHLANDS RANCH  CO   80126          2            03/24/03         00
    0435564943                           03           05/01/03          0
    02000884                             N            04/01/33
    0


1


    8552789          W77/G02             F          210,336.00         ZZ
                                         360        210,336.00          1
                                       6.000          1,261.07         90
                                       5.750          1,261.07
    TROPHY CLUB      TX   76262          1            03/11/03         01
    0435563366                           05           05/01/03         30
    W0302103                             O            04/01/33
    0


    8552853          975/G02             F          139,500.00         ZZ
                                         360        139,500.00          1
                                       6.125            847.62         78
                                       5.875            847.62
    HACIENDA HEIGHT  CA   91745          2            03/03/03         00
    0435566708                           01           05/01/03          0
    2030904                              O            04/01/33
    0


    8552859          952/G02             F           78,000.00         ZZ
                                         360         78,000.00          1
                                       7.000            518.94         75
                                       6.750            518.94
    TAMPA            FL   33615          5            03/13/03         00
    0435578950                           03           05/01/03          0
    03001636                             N            04/01/33
    0


    8552891          Q87/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
                                       6.375            336.89         78
                                       6.125            336.89
    THEODORE         AL   36582          5            03/19/03         00
    0435566955                           05           05/01/03          0
    LOAL01                               O            04/01/33
    0


    8552899          Q87/G02             F           64,000.00         ZZ
                                         360         63,782.27          1
                                       6.125            388.87         79
                                       5.875            388.87
    LAKE ALFRED      FL   33850          5            02/28/03         00
    0435571757                           05           04/01/03          0
    SAEV02                               N            03/01/33
    0


    8552901          K15/G02             F          270,500.00         ZZ
                                         360        270,267.10          1
                                       6.750          1,754.46         87
                                       6.500          1,754.46
1


    MANASSAS         VA   20112          2            02/19/03         42
    0435569033                           05           04/01/03         25
    013405511413                         O            03/01/33
    0


    8553173          X31/G02             F           85,200.00         ZZ
                                         360         85,200.00          1
                                       6.500            538.52         80
                                       6.250            538.52
    HENDERSON        NV   89015          1            03/14/03         00
    0435579131                           09           05/01/03          0
    71000112                             O            04/01/33
    0


    8553315          N47/G02             F          151,900.00         ZZ
                                         360        151,900.00          1
                                       6.500            960.11         80
                                       6.250            960.11
    VICTORVILLE      CA   92392          1            03/17/03         00
    0435573548                           05           05/01/03          0
    30503346                             O            04/01/33
    0


    8553423          964/G02             F          269,500.00         ZZ
                                         360        269,500.00          1
                                       5.375          1,509.12         70
                                       5.125          1,509.12
    KIRKLAND         WA   98033          5            03/01/03         00
    0435572441                           05           05/01/03          0
    350909                               O            04/01/33
    0


    8553437          964/G02             F          295,000.00         ZZ
                                         360        295,000.00          1
                                       6.375          1,840.42         57
                                       6.125          1,840.42
    BELLEVUE         WA   98006          5            03/04/03         00
    0435564380                           05           05/01/03          0
    354174                               N            04/01/33
    0


    8553441          964/G02             F          380,000.00         ZZ
                                         360        379,630.66          1
                                       6.125          2,308.92         80
                                       5.875          2,308.92
    NEVADA CITY      CA   95959          5            02/25/03         00
    0435562343                           05           04/01/03          0
    354310                               O            03/01/33
    0
1




    8553451          964/G02             F          321,000.00         ZZ
                                         360        320,688.01          1
                                       6.125          1,950.43         58
                                       5.875          1,950.43
    DALY CITY        CA   94015          2            02/25/03         00
    0435564695                           05           04/01/03          0
    326503                               O            03/01/33
    0


    8553463          964/G02             F          315,000.00         ZZ
                                         360        314,686.42          1
                                       6.000          1,888.58         70
                                       5.750          1,888.58
    SUNNYVALE        CA   94085          5            02/18/03         00
    0435564935                           05           04/01/03          0
    328312                               O            03/01/33
    0


    8553505          964/G02             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       5.875          1,703.63         75
                                       5.625          1,703.63
    DAVIS            CA   95616          1            03/04/03         00
    0435586862                           05           05/01/03          0
    348892                               O            04/01/33
    0


    8553517          964/G02             F          285,000.00         ZZ
                                         360        285,000.00          1
                                       5.750          1,663.18         67
                                       5.500          1,663.18
    LAKEWOOD         CO   80232          1            03/07/03         00
    0435563440                           05           05/01/03          0
    363167                               O            04/01/33
    0


    8553521          964/G02             F          322,000.00         ZZ
                                         360        322,000.00          1
                                       6.125          1,956.51         65
                                       5.875          1,956.51
    STOCKTON         CA   95219          5            03/05/03         00
    0435563853                           03           05/01/03          0
    346420                               O            04/01/33
    0


    8553525          964/G02             F          376,000.00         ZZ
                                         360        376,000.00          1
1


                                       6.000          2,254.31         80
                                       5.750          2,254.31
    SAN LEANDRO      CA   94577          5            03/06/03         00
    0435564513                           05           05/01/03          0
    363223                               O            04/01/33
    0


    8553541          964/G02             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       6.500          2,098.47         80
                                       6.250          2,098.47
    ALISO VIEJO      CA   92656          5            03/05/03         00
    0435563556                           03           05/01/03          0
    357867                               O            04/01/33
    0


    8553549          964/G02             F          227,000.00         ZZ
                                         360        227,000.00          1
                                       5.875          1,342.79         61
                                       5.625          1,342.79
    SALT LAKE CITY   UT   84121          5            03/10/03         00
    0435629464                           05           05/01/03          0
    358454                               O            04/01/33
    0


    8553557          420/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.250          3,078.59         33
                                       6.000          3,078.59
    WINDSOR          CA   95492          5            03/11/03         00
    0435566062                           05           05/01/03          0
    730003                               O            04/01/33
    0


    8553567          964/G02             F          346,000.00         ZZ
                                         360        345,679.54          1
                                       6.375          2,158.59         77
                                       6.125          2,158.59
    VENTURA          CA   93003          5            02/12/03         00
    0435564661                           05           04/01/03          0
    291405                               O            03/01/33
    0


    8553575          964/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.875            656.93         67
                                       6.625            656.93
    BONNEY LAKE      WA   98390          2            03/06/03         00
    0435564968                           03           05/01/03          0
1


    299527                               N            04/01/33
    0


    8553579          964/G02             F          276,250.00         ZZ
                                         360        276,250.00          1
                                       6.375          1,723.44         65
                                       6.125          1,723.44
    BELLEVUE         WA   98006          5            03/04/03         00
    0435591128                           05           05/01/03          0
    302064                               N            04/01/33
    0


    8553581          964/G02             F          287,000.00         ZZ
                                         360        286,707.39          1
                                       5.875          1,697.71         50
                                       5.625          1,697.71
    OAK PARK (AREA)  CA   91377          2            02/21/03         00
    0435576830                           03           04/01/03          0
    326313                               O            03/01/33
    0


    8553583          964/G02             F          448,000.00         ZZ
                                         360        448,000.00          1
                                       6.375          2,794.94         80
                                       6.125          2,794.94
    BELLEVUE         WA   98006          5            03/04/03         00
    0435564844                           05           05/01/03          0
    303328                               O            04/01/33
    0


    8553587          964/G02             F          300,700.00         ZZ
                                         360        300,400.65          1
                                       6.000          1,802.85         52
                                       5.750          1,802.85
    SURPRISE         AZ   85374          2            02/25/03         00
    0435572193                           03           04/01/03          0
    309647                               O            03/01/33
    0


    8553591          964/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.875          1,970.79         67
                                       6.625          1,970.79
    SEATTLE          WA   98119          5            03/03/03         00
    0435562616                           05           05/01/03          0
    309961                               N            04/01/33
    0


1


    8553593          964/G02             F          285,000.00         ZZ
                                         360        284,702.45          1
                                       5.750          1,663.18         32
                                       5.500          1,663.18
    REDONDO BEACH    CA   90277          2            02/28/03         00
    0435572052                           05           04/01/03          0
    335525                               O            03/01/33
    0


    8553601          964/G02             F          265,300.00         ZZ
                                         360        265,300.00          1
                                       5.875          1,569.35         70
                                       5.625          1,569.35
    SANTA CRUZ       CA   95060          5            02/26/03         00
    0435564810                           01           05/01/03          0
    341292                               O            04/01/33
    0


    8553613          144/144             F          106,200.00         ZZ
                                         360        106,099.23          1
                                       6.250            653.89         90
                                       6.000            653.89
    DELAWARE         NY   12745          1            02/07/03         14
    160713503                            05           04/01/03         25
    160713503                            O            03/01/33
    0


    8553625          964/G02             F          280,000.00         ZZ
                                         360        279,714.52          1
                                       5.875          1,656.31         70
                                       5.625          1,656.31
    SAN JOSE         CA   95148          2            02/20/03         00
    0435561998                           05           04/01/03          0
    342757                               O            03/01/33
    0


    8553627          964/G02             F          123,750.00         ZZ
                                         360        123,623.83          1
                                       5.875            732.03         75
                                       5.625            732.03
    SACRAMENTO       CA   95824          5            02/11/03         00
    0435566393                           05           04/01/03          0
    342822                               O            03/01/33
    0


    8553631          964/G02             F          322,700.00         ZZ
                                         360        322,386.35          1
                                       6.125          1,960.76         72
                                       5.875          1,960.76
1


    NOVATO           CA   94945          2            02/14/03         00
    0435561949                           05           04/01/03          0
    342827                               O            03/01/33
    0


    8553635          964/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.250          1,847.15         42
                                       6.000          1,847.15
    UNION CITY       CA   94587          2            02/27/03         00
    0435561709                           05           05/01/03          0
    343863                               O            04/01/33
    0


    8553639          964/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.000          1,934.75         48
                                       5.750          1,934.75
    SAN FRANCISCO    CA   94132          2            02/27/03         00
    0435564869                           05           05/01/03          0
    344830                               O            04/01/33
    0


    8553655          964/G02             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       6.250          1,908.72         61
                                       6.000          1,908.72
    COSTA MESA       CA   92627          5            03/04/03         00
    0435590781                           05           05/01/03          0
    355546                               O            04/01/33
    0


    8553657          964/G02             F          319,000.00         ZZ
                                         360        318,697.32          1
                                       6.250          1,964.14         68
                                       6.000          1,964.14
    IRVINE           CA   92602          2            02/25/03         00
    0435562061                           05           04/01/03          0
    338224                               O            03/01/33
    0


    8553661          964/G02             F           97,500.00         ZZ
                                         360         97,500.00          1
                                       6.625            624.30         75
                                       6.375            624.30
    SACRAMENTO       CA   95820          5            03/04/03         00
    0435564927                           05           05/01/03          0
    356543                               N            04/01/33
    0
1




    8553665          964/G02             F          322,700.00         ZZ
                                         360        322,346.78          1
                                       5.500          1,832.26         53
                                       5.250          1,832.26
    LOOMIS           CA   95650          5            02/28/03         00
    0435572540                           05           04/01/03          0
    356590                               O            03/01/33
    0


    8553681          964/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       5.875          1,908.89         72
                                       5.625          1,908.89
    UNION CITY       CA   94587          2            02/26/03         00
    0435564893                           05           05/01/03          0
    344163                               O            04/01/33
    0


    8553687          964/G02             F          482,000.00         ZZ
                                         360        482,000.00          1
                                       6.500          3,046.57         69
                                       6.250          3,046.57
    NEWBERG          OR   97132          5            03/04/03         00
    0435564299                           05           05/01/03          0
    359217                               O            04/01/33
    0


    8553691          964/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.375          2,495.48         76
                                       6.125          2,495.48
    PORTLAND         OR   97212          5            03/03/03         00
    0435562418                           05           05/01/03          0
    359632                               O            04/01/33
    0


    8553693          964/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       5.875          1,774.61         74
                                       5.625          1,774.61
    SAN FRANCISCO    CA   94124          5            02/26/03         00
    0435563044                           05           05/01/03          0
    346837                               O            04/01/33
    0


    8553701          964/G02             F          306,000.00         ZZ
                                         360        306,000.00          1
1


                                       6.125          1,859.29         90
                                       5.875          1,859.29
    FEDERAL WAY      WA   98023          1            03/05/03         11
    0435564471                           03           05/01/03         25
    361069                               O            04/01/33
    0


    8553705          964/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.000          1,934.75         47
                                       5.750          1,934.75
    MILLBRAE         CA   94030          1            03/03/03         00
    0435590260                           05           05/01/03          0
    351912                               O            04/01/33
    0


    8553707          964/G02             F          252,150.00         ZZ
                                         360        252,150.00          1
                                       5.875          1,491.56         44
                                       5.625          1,491.56
    BOERNE           TX   78006          2            03/04/03         00
    0435571914                           05           05/01/03          0
    361085                               O            04/01/33
    0


    8553717          964/G02             F          294,500.00         ZZ
                                         360        294,500.00          2
                                       6.000          1,765.68         77
                                       5.750          1,765.68
    SEATTLE          WA   98107          5            03/04/03         00
    0435565445                           05           05/01/03          0
    365656                               O            04/01/33
    0


    8553719          964/G02             F          306,000.00         ZZ
                                         360        306,000.00          1
                                       5.625          1,761.51         70
                                       5.375          1,761.51
    SAN FRANCISCO    CA   94112          5            03/03/03         00
    0435567045                           05           05/01/03          0
    356642                               O            04/01/33
    0


    8553745          W45/G02             F          234,200.00         ZZ
                                         360        234,200.00          1
                                       5.750          1,366.73         65
                                       5.500          1,366.73
    FAIRFAX          VA   22030          2            03/20/03         00
    0435568738                           05           05/01/03          0
1


    02112617422                          O            04/01/33
    0


    8553805          K15/G02             F          107,200.00         ZZ
                                         360        107,200.00          1
                                       7.000            713.20         94
                                       6.750            713.20
    LINCOLN PARK     MI   48146          2            03/14/03         41
    0435569223                           05           05/01/03         30
    035605512748                         O            04/01/33
    0


    8553815          K15/G02             F           94,500.00         ZZ
                                         360         94,500.00          1
                                       7.000            628.71         90
                                       6.750            628.71
    CLAREMONT        NH   03743          2            03/13/03         41
    0435569553                           05           05/01/03         25
    033105512572                         O            04/01/33
    0


    8554079          K15/G02             F          130,100.00         ZZ
                                         360        130,100.00          1
                                       6.500            822.32         73
                                       6.250            822.32
    DETROIT          MI   48224          5            03/10/03         00
    0435568480                           05           05/01/03          0
    035205509759                         O            04/01/33
    0


    8554085          Q14/G02             F          190,000.00         ZZ
                                         360        190,000.00          1
                                       6.250          1,169.86         95
                                       6.000          1,169.86
    SCOTTSDALE       AZ   85254          2            03/17/03         01
    0435569587                           05           05/01/03         30
    0000312156                           O            04/01/33
    0


    8555115          E22/G02             F          456,500.00         ZZ
                                         360        456,500.00          1
                                       6.250          2,810.75         66
                                       6.000          2,810.75
    TUSTIN           CA   92782          2            03/06/03         00
    0416033298                           05           05/01/03          0
    0416033298                           O            04/01/33
    0


1


    8555183          E22/G02             F           75,200.00         ZZ
                                         360         75,200.00          1
                                       6.250            463.02         80
                                       6.000            463.02
    BELTON           MO   64012          2            03/20/03         00
    0416169621                           05           05/01/03          0
    0416169621                           N            04/01/33
    0


    8555209          E22/G02             F          305,000.00         ZZ
                                         360        305,000.00          1
                                       6.125          1,853.21         78
                                       5.875          1,853.21
    BROKEN ARROW     OK   74011          5            03/20/03         00
    0416222313                           03           05/01/03          0
    0416222313                           O            04/01/33
    0


    8555251          E22/G02             F           89,100.00         ZZ
                                         360         89,100.00          1
                                       6.500            563.17         90
                                       6.250            563.17
    SANGER           CA   93657          1            03/14/03         04
    0416295848                           05           05/01/03         30
    0416295848                           O            04/01/33
    0


    8555299          E22/G02             F           30,000.00         ZZ
                                         240         30,000.00          1
                                       7.250            237.11         75
                                       7.000            237.11
    MOBILE           AL   36605          5            03/25/03         00
    0416339703                           05           05/01/03          0
    0416339703                           N            04/01/23
    0


    8555309          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       6.750            518.88         80
                                       6.500            518.88
    CHICAGO          IL   60628          5            03/20/03         00
    0416345361                           05           05/01/03          0
    0416345361                           O            04/01/33
    0


    8555313          E22/G02             F          299,000.00         ZZ
                                         360        299,000.00          1
                                       6.250          1,840.99         65
                                       6.000          1,840.99
1


    SAN DIEGO        CA   92106          5            03/12/03         00
    0416346468                           05           05/01/03          0
    0416346468                           O            04/01/33
    0


    8555317          E22/G02             F           61,100.00         ZZ
                                         360         61,100.00          1
                                       6.000            366.33         53
                                       5.750            366.33
    HOUSTON          TX   77025          2            03/20/03         00
    0416376135                           03           05/01/03          0
    0416376135                           O            04/01/33
    0


    8555325          E22/G02             F          322,000.00         ZZ
                                         360        322,000.00          1
                                       6.500          2,035.26         70
                                       6.250          2,035.26
    FLORHAM PARK BO  NJ   07932          5            03/20/03         00
    0416382620                           05           05/01/03          0
    0416382620                           O            04/01/33
    0


    8555327          E22/G02             F           62,100.00         ZZ
                                         360         62,100.00          3
                                       6.500            392.51         90
                                       6.250            392.51
    BAY CITY         MI   48708          1            03/25/03         01
    0416384592                           05           05/01/03         25
    0416384592                           N            04/01/33
    0


    8555333          E22/G02             F           90,250.00         ZZ
                                         360         90,250.00          1
                                       7.625            638.78         95
                                       7.375            638.78
    COLUMBUS         OH   43211          5            03/21/03         04
    0416389013                           05           05/01/03         30
    0416389013                           O            04/01/33
    0


    8555339          E22/G02             F          271,800.00         ZZ
                                         360        271,800.00          1
                                       6.250          1,673.52         80
                                       6.000          1,673.52
    ANTIOCH          CA   94531          1            03/14/03         00
    0416390490                           05           05/01/03          0
    0416390490                           N            04/01/33
    0
1




    8555399          E22/G02             F          146,400.00         ZZ
                                         360        146,400.00          1
                                       6.625            937.42         80
                                       6.375            937.42
    HOUSTON          TX   77043          5            03/21/03         00
    0416439099                           03           05/01/03          0
    0416439099                           O            04/01/33
    0


    8555435          E22/G02             F          191,000.00         ZZ
                                         360        191,000.00          1
                                       6.375          1,191.59         65
                                       6.125          1,191.59
    BLOOMFIELD       NJ   07003          5            03/20/03         00
    0416487874                           05           05/01/03          0
    0416487874                           O            04/01/33
    0


    8555569          E22/G02             F          432,000.00         ZZ
                                         360        432,000.00          1
                                       6.000          2,590.06         80
                                       5.750          2,590.06
    STEVENSVILLE     MD   21666          5            03/20/03         00
    0416206258                           05           05/01/03          0
    0416206258                           O            04/01/33
    0


    8555633          E22/G02             F          117,600.00         ZZ
                                         360        117,600.00          1
                                       5.875            695.65         80
                                       5.625            695.65
    MORENO VALLEY    CA   92557          5            03/14/03         00
    0416313740                           05           05/01/03          0
    0416313740                           O            04/01/33
    0


    8555639          E82/G02             F           83,500.00         ZZ
                                         360         83,500.00          3
                                       7.125            562.55         67
                                       6.875            562.55
    CHARLOTTE        NC   28215          2            03/26/03         00
    0400788998                           05           05/01/03          0
    0400788998                           N            04/01/33
    0


    8555649          E22/G02             F           55,100.00         ZZ
                                         360         55,100.00          1
1


                                       6.500            348.27         95
                                       6.250            348.27
    PERRYVILLE       MO   63775          5            03/20/03         01
    0416317436                           05           05/01/03         35
    0416317436                           O            04/01/33
    0


    8555657          E22/G02             F          287,000.00         ZZ
                                         360        287,000.00          1
                                       6.250          1,767.11         69
                                       6.000          1,767.11
    ANN ARBOR        MI   48105          5            03/20/03         00
    0416318921                           05           05/01/03          0
    0416318921                           O            04/01/33
    0


    8555707          E82/G02             F           74,100.00         ZZ
                                         360         74,100.00          1
                                       6.500            468.36         95
                                       6.250            468.36
    DETROIT          MI   48228          2            03/21/03         04
    0400776332                           05           05/01/03         30
    0400776332                           O            04/01/33
    0


    8555711          E22/G02             F          100,700.00         ZZ
                                         360        100,700.00          1
                                       6.375            628.24         66
                                       6.125            628.24
    PEARLAND         TX   77584          5            03/21/03         00
    0416331106                           03           05/01/03          0
    0416331106                           O            04/01/33
    0


    8555717          E82/G02             F          101,500.00         ZZ
                                         360        101,500.00          1
                                       6.125            616.72         74
                                       5.875            616.72
    CHRISTIANSBURG   VA   24073          2            03/20/03         00
    0400789251                           05           05/01/03          0
    0400789251                           O            04/01/33
    0


    8555727          E22/G02             F          343,000.00         ZZ
                                         360        343,000.00          1
                                       6.250          2,111.91         70
                                       6.000          2,111.91
    ALISO VIEJO      CA   92656          5            03/14/03         00
    0416350833                           03           05/01/03          0
1


    0416350833                           O            04/01/33
    0


    8555731          E22/G02             F          178,000.00         ZZ
                                         360        178,000.00          1
                                       6.000          1,067.20         80
                                       5.750          1,067.20
    LOVELAND         CO   80538          2            03/20/03         00
    0416350940                           05           05/01/03          0
    0416350940                           O            04/01/33
    0


    8555733          E22/G02             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       6.125          1,039.01         95
                                       5.875          1,039.01
    MANVILLE         NJ   08835          1            03/26/03         10
    0416351161                           05           05/01/03         30
    0416351161                           O            04/01/33
    0


    8555735          E82/G02             F          150,800.00         ZZ
                                         360        150,800.00          3
                                       7.125          1,015.97         57
                                       6.875          1,015.97
    HEMET AREA       CA   92544          5            03/21/03         00
    0400787982                           05           05/01/03          0
    0400787982                           N            04/01/33
    0


    8555743          E22/G02             F           61,000.00         ZZ
                                         360         61,000.00          1
                                       5.750            355.98         77
                                       5.500            355.98
    TAMARAC          FL   33321          5            03/20/03         00
    0416352615                           01           05/01/03          0
    0416352615                           O            04/01/33
    0


    8555779          E82/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       6.125            680.52         80
                                       5.875            680.52
    SACRAMENTO       CA   95828          2            03/20/03         00
    0400794186                           05           05/01/03          0
    0400794186                           O            04/01/33
    0


1


    8555837          E22/G02             F          166,500.00         ZZ
                                         360        166,500.00          1
                                       6.875          1,093.79         90
                                       6.625          1,093.79
    COVELO           CA   95428          1            03/19/03         04
    0416417103                           05           05/01/03         25
    0416417103                           N            04/01/33
    0


    8555843          E22/G02             F           58,800.00         ZZ
                                         360         58,800.00          1
                                       6.500            371.66         80
                                       6.250            371.66
    CORAL SPRINGS    FL   33065          1            03/26/03         00
    0416420198                           01           05/01/03          0
    0416420198                           O            04/01/33
    0


    8555893          E22/G02             F           64,700.00         ZZ
                                         360         64,700.00          1
                                       6.500            408.95         90
                                       6.250            408.95
    LAMAR            MO   64759          5            03/21/03         10
    0416465839                           05           05/01/03         25
    0416465839                           O            04/01/33
    0


    8555913          E22/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       6.250            837.38         80
                                       6.000            837.38
    PALM HARBOR      FL   34683          5            03/21/03         00
    0416516748                           05           05/01/03          0
    0416516748                           O            04/01/33
    0


    8556291          758/G02             F          252,400.00         TX
                                         360        252,400.00          1
                                       5.625          1,452.96         43
                                       5.375          1,452.96
    AUSTIN           TX   78703          5            03/17/03         00
    0435582143                           05           05/01/03          0
    502936                               O            04/01/33
    0


    8556525          948/G02             F          500,000.00         ZZ
                                         360        499,502.25          1
                                       6.000          2,997.75         79
                                       5.750          2,997.75
1


    RENO             NV   89511          5            02/19/03         00
    0435599055                           05           04/01/03          0
    72250                                O            03/01/33
    0


    8556707          W35/G02             F           55,000.00         ZZ
                                         360         55,000.00          1
                                       5.990            329.40         58
                                       5.740            329.40
    ANDERSON         IN   46016          5            03/19/03         00
    0435571278                           05           05/01/03          0
    18490                                O            04/01/33
    0


    8556931          F32/G02             F          106,350.00         ZZ
                                         360        106,350.00          1
                                       5.875            629.11         79
                                       5.625            629.11
    LAWRENCEVILLE    GA   30043          1            03/21/03         00
    0435580154                           05           05/01/03          0
    620007282                            N            04/01/33
    0


    8556983          U05/G02             F          112,500.00         ZZ
                                         360        112,500.00          4
                                       7.125            757.93         90
                                       6.875            757.93
    WASHINGTON       DC   20002          1            03/18/03         04
    0435573340                           05           05/01/03         25
    3322387                              N            04/01/33
    0


    8557017          N47/G02             F          324,000.00         ZZ
                                         360        324,000.00          1
                                       6.375          2,021.34         80
                                       6.125          2,021.34
    ALAMEDA          CA   94501          2            03/13/03         00
    0435575857                           01           05/01/03          0
    90501090                             O            04/01/33
    0


    8557031          K15/G02             F          220,800.00         ZZ
                                         360        220,800.00          1
                                       6.125          1,341.60         80
                                       5.875          1,341.60
    HYDE PARK        MA   02136          5            03/12/03         00
    0435573746                           01           05/01/03          0
    024505511535                         O            04/01/33
    0
1




    8557149          N74/G02             F           72,000.00         ZZ
                                         360         71,940.98          1
                                       7.000            479.02         80
                                       6.750            479.02
    MILLERS CREEK    NC   28651          2            03/21/03         00
    0435571849                           05           04/26/03          0
    0032014010                           N            03/26/33
    0


    8557229          T44/G02             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       6.750          3,113.27         80
                                       6.500          3,113.27
    TRINIDAD         CA   95570          5            03/05/03         00
    0435563705                           05           05/01/03          0
    1065725                              O            04/01/33
    0


    8557335          N74/G02             F           52,000.00         ZZ
                                         240         51,887.46          1
                                       6.000            372.54         46
                                       5.750            372.54
    MILLERS CREEK    NC   28651          5            03/21/03         00
    0435618053                           05           04/26/03          0
    0032013010                           O            03/26/23
    0


    8557339          E47/G02             F          384,500.00         ZZ
                                         360        384,500.00          1
                                       6.125          2,336.26         77
                                       5.875          2,336.26
    MANTECA          CA   95336          2            03/06/03         00
    0435573829                           03           05/01/03          0
    7359513383                           O            04/01/33
    0


    8557479          E47/G02             F          175,000.00         ZZ
                                         360        175,000.00          2
                                       6.250          1,077.51         35
                                       6.000          1,077.51
    NAPA             CA   94559          5            02/28/03         00
    0435574108                           05           05/01/03          0
    7359513422                           N            04/01/33
    0


    8557503          E11/G02             F          150,000.00         ZZ
                                         360        150,000.00          2
1


                                       6.375            935.80         60
                                       6.125            935.80
    MINNEAPOLIS      MN   55418          5            03/18/03         00
    0435568308                           05           05/01/03          0
    148544                               O            04/01/33
    0


    8557511          K15/G02             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       7.125          1,152.06         90
                                       6.875          1,152.06
    BRUNSWICK        ME   04011          5            02/28/03         41
    0435573522                           05           05/01/03         25
    007805511498                         O            04/01/33
    0


    8557539          N74/G02             F           53,000.00         ZZ
                                         300         53,000.00          1
                                       7.125            378.83         93
                                       6.875            378.83
    CLARKSVILLE      AR   72830          5            03/20/03         10
    0435618210                           05           05/01/03         30
    0031999010                           O            04/01/28
    0


    8557611          144/144             F          360,000.00         ZZ
                                         360        359,674.56          1
                                       6.500          2,275.44         78
                                       6.250          2,275.44
    CHICHESTER       NY   12416          5            02/04/03         00
    160713040                            05           04/01/03          0
    160713040                            O            03/01/33
    0


    8557773          T29/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.500            910.18         80
                                       6.250            910.18
    PHOENIX          AZ   85018          1            03/13/03         00
    0435567714                           05           05/01/03          0
    1533819                              O            04/01/33
    0


    8557817          313/G02             F           89,550.00         ZZ
                                         360         89,550.00          2
                                       6.875            588.28         90
                                       6.625            588.28
    MESA             AZ   85201          1            03/20/03         12
    0435572185                           05           05/01/03         25
1


    0009322280                           N            04/01/33
    0


    8557821          N74/G02             F          297,000.00         ZZ
                                         360        297,000.00          1
                                       6.000          1,780.67         90
                                       5.750          1,780.67
    MILLERS CREEK    NC   28651          5            03/21/03         10
    0435572334                           05           05/01/03         25
    0032008010                           O            04/01/33
    0


    8557851          W39/G02             F           66,000.00         ZZ
                                         360         66,000.00          1
                                       7.125            444.65         77
                                       6.875            444.65
    SANTA ROSA BEAC  FL   32459          1            03/21/03         00
    0435578745                           09           05/01/03          0
    LA030882                             N            04/01/33
    0


    8558011          E22/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       5.875          1,908.89         78
                                       5.625          1,908.89
    EL SOBRANTE      CA   94803          2            03/18/03         00
    0416732759                           05           05/01/03          0
    0415732759                           O            04/01/33
    0


    8558017          E22/G02             F           33,000.00         ZZ
                                         360         33,000.00          1
                                       7.750            236.42         51
                                       7.500            236.42
    MORENCI          MI   49256          5            03/27/03         00
    0415965797                           05           05/01/03          0
    0415965797                           N            04/01/33
    0


    8558073          E22/G02             F          286,000.00         ZZ
                                         360        286,000.00          1
                                       6.000          1,714.71         52
                                       5.750          1,714.71
    RIO VERDE        AZ   85263          2            03/19/03         00
    0416312460                           03           05/01/03          0
    0416312460                           O            04/01/33
    0


1


    8558099          E22/G02             F          232,000.00         ZZ
                                         360        232,000.00          1
                                       6.125          1,409.66         32
                                       5.875          1,409.66
    SAN FRANCISCO    CA   94122          2            03/14/03         00
    0416343895                           07           05/01/03          0
    0416343895                           O            04/01/33
    0


    8558145          E22/G02             F           69,000.00         ZZ
                                         360         69,000.00          1
                                       6.500            436.13         95
                                       6.250            436.13
    DENTON           MD   21629          1            03/27/03         01
    0416445146                           07           05/01/03         30
    0416445146                           O            04/01/33
    0


    8558237          E22/G02             F          385,000.00         ZZ
                                         360        385,000.00          1
                                       6.000          2,308.27         60
                                       5.750          2,308.27
    LOS ANGELES      CA   90066          2            03/06/03         00
    0416233047                           05           05/01/03          0
    0416233047                           O            04/01/33
    0


    8558251          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.000          2,158.38         80
                                       5.750          2,158.38
    GUNTER           TX   75058          5            03/22/03         00
    0416265163                           03           05/01/03          0
    0416265163                           O            04/01/33
    0


    8558261          E22/G02             F           61,047.00         ZZ
                                         360         61,047.00          1
                                       7.000            406.15         90
                                       6.750            406.15
    JACKSON          MI   49203          1            03/27/03         04
    0416282119                           05           05/01/03         25
    0416282119                           N            04/01/33
    0


    8558279          E82/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
                                       6.125            765.59         50
                                       5.875            765.59
1


    DENVER           CO   80224          2            03/24/03         00
    0400793972                           05           05/01/03          0
    0400793972                           O            04/01/33
    0


    8558381          E82/G02             F          222,000.00         ZZ
                                         360        222,000.00          1
                                       6.375          1,384.99         82
                                       6.125          1,384.99
    PITTSBURG        CA   94565          5            03/21/03         10
    0400792164                           05           05/01/03         12
    0400792164                           O            04/01/33
    0


    8559063          742/G02             F          113,750.00         ZZ
                                         360        113,750.00          4
                                       6.375            709.65         89
                                       6.125            709.65
    HANOVER          PA   17331          5            03/18/03         11
    0435575584                           05           05/01/03         25
    8249435                              O            04/01/33
    0


    8559189          K15/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       6.000          1,319.01         80
                                       5.750          1,319.01
    BROOKLYN         NY   11203          5            03/19/03         00
    0435578653                           07           05/01/03          0
    011205512230                         O            04/01/33
    0


    8559229          420/G02             F          408,000.00         ZZ
                                         360        408,000.00          1
                                       6.000          2,446.17         80
                                       5.750          2,446.17
    PALM SPRINGS     CA   92262          1            03/13/03         00
    0435576590                           05           05/01/03          0
    73000375                             O            04/01/33
    0


    8559291          758/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
                                       7.750            386.86         90
                                       7.500            386.86
    BRYAN            TX   77803          1            03/13/03         04
    0435569470                           05           05/01/03         25
    201573                               N            04/01/33
    0
1




    8559331          X67/G02             F          159,000.00         ZZ
                                         360        159,000.00          1
                                       6.125            966.10         90
                                       5.875            966.10
    DOWNEY           CA   90242          5            03/01/03         10
    0435570890                           01           05/01/03         25
    00283743                             O            04/01/33
    0


    8559333          X51/G02             F          498,000.00         ZZ
                                         360        498,000.00          1
                                       6.000          2,985.76         80
                                       5.750          2,985.76
    (NORTHRIDGE ARE  CA   91326          5            03/20/03         00
    0435577721                           05           05/01/03          0
    0030225015                           O            04/01/33
    0


    8559343          X67/G02             F          223,838.00         ZZ
                                         360        223,838.00          2
                                       6.250          1,378.21         68
                                       6.000          1,378.21
    LAWNDALE         CA   90260          2            03/01/03         00
    0435567433                           05           05/01/03          0
    00283127                             O            04/01/33
    0


    8559347          X51/G02             F          409,500.00         ZZ
                                         360        409,500.00          1
                                       6.000          2,455.16         78
                                       5.750          2,455.16
    THOUSAND OAKS    CA   91320          5            03/22/03         00
    0435576558                           05           05/01/03          0
    0030220001                           O            04/01/33
    0


    8559373          X62/G02             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       6.125          2,096.26         77
                                       5.875          2,096.26
    COSTA MESA       CA   92626          5            03/20/03         00
    0435573167                           05           05/01/03          0
    03301036                             O            04/01/33
    0


    8559413          S27/G02             F           84,700.00         ZZ
                                         360         84,700.00          1
1


                                       6.500            535.37         89
                                       6.250            535.37
    PALM COAST       FL   32164          1            03/14/03         10
    0435575675                           05           05/01/03         25
    1090000553                           O            04/01/33
    0


    8559421          U05/G02             F           50,000.00         ZZ
                                         360         50,000.00          2
                                       7.375            345.34         90
                                       7.125            345.34
    DETROIT          MI   48205          1            03/14/03         10
    0435577010                           05           05/01/03         25
    3325043                              N            04/01/33
    0


    8559455          975/G02             F          384,800.00         ZZ
                                         360        384,800.00          1
                                       6.000          2,307.07         80
                                       5.750          2,307.07
    FOUNTAIN VALLEY  CA   92708          1            03/18/03         00
    0435577622                           05           05/01/03          0
    2030835                              O            04/01/33
    0


    8559461          K15/G02             F          106,200.00         ZZ
                                         360        106,200.00          1
                                       5.875            628.21         85
                                       5.625            628.21
    WARREN           ME   04864          5            03/20/03         41
    0435572870                           05           05/01/03         12
    007005512206                         O            04/01/33
    0


    8559565          642/G02             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       5.875          2,342.49         78
                                       5.625          2,342.49
    COLORADO SPRING  CO   80906          5            03/24/03         00
    0435600911                           05           05/01/03          0
    02201103                             O            04/01/33
    0


    8559653          K15/G02             F          142,800.00         ZZ
                                         360        142,800.00          1
                                       6.875            938.09         85
                                       6.625            938.09
    PORTLAND         ME   04103          5            03/14/03         41
    0435571070                           05           05/01/03         12
1


    007705512149                         O            04/01/33
    0


    8559655          952/G02             F          175,500.00         ZZ
                                         360        175,500.00          1
                                       6.500          1,109.28         90
                                       6.250          1,109.28
    WOODBRIDGE TWP   NJ   07095          1            03/19/03         01
    0435569546                           05           05/01/03         30
    03001462                             O            04/01/33
    0


    8559659          M40/G02             F          564,000.00         ZZ
                                         360        564,000.00          2
                                       6.000          3,381.46         80
                                       5.750          3,381.46
    HUNTINGTON BEAC  CA   92649          1            03/03/03         00
    0435574546                           05           05/01/03          0
    A03072                               O            04/01/33
    0


    8559905          408/G02             F           22,860.00         ZZ
                                         360         22,860.00          1
                                       7.500            159.84         90
                                       7.250            159.84
    OKLAHOMA CITY    OK   73109          1            03/21/03         01
    0435569421                           05           05/01/03         25
    703032421                            N            04/01/33
    0


    8560075          U05/G02             F           72,000.00         ZZ
                                         360         72,000.00          4
                                       7.375            497.29         90
                                       7.125            497.29
    DETROIT          MI   48205          1            03/14/03         14
    0435652136                           05           05/01/03         25
    3325040                              N            04/01/33
    0


    8560091          U05/G02             F          158,000.00         TX
                                         360        158,000.00          1
                                       6.500            998.67         65
                                       6.250            998.67
    AUSTIN           TX   78727          5            03/17/03         00
    0435576947                           03           05/01/03          0
    3313562                              O            04/01/33
    0


1


    8560099          N47/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       6.875            893.42         80
                                       6.625            893.42
    ENCINITAS        CA   92024          1            03/21/03         00
    0435582069                           05           05/01/03          0
    30502606                             N            04/01/33
    0


    8560101          Y28/G02             F           60,750.00         ZZ
                                         360         60,750.00          1
                                       6.500            383.98         90
                                       6.250            383.98
    PHOENIX          AZ   85020          1            03/21/03         12
    0435572805                           05           05/01/03         25
    03000182                             N            04/01/33
    0


    8560105          M18/G02             F          300,000.00         ZZ
                                         360        300,000.00          2
                                       6.125          1,822.83         78
                                       5.875          1,822.83
    LONG BEACH       CA   90805          5            03/18/03         00
    0435571260                           05           05/01/03          0
    980102353                            O            04/01/33
    0


    8560109          420/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.000          1,798.65         75
                                       5.750          1,798.65
    SANTA ROSA       CA   95407          5            03/15/03         00
    0435572763                           05           05/01/03          0
    72004313                             O            04/01/33
    0


    8560113          M27/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       6.000            551.59         80
                                       5.750            551.59
    CHARLOTTE        NC   28205          1            03/18/03         00
    0435596705                           05           05/01/03          0
    0100067104                           O            04/01/33
    0


    8560137          883/G02             F           64,800.00         ZZ
                                         360         64,800.00          1
                                       6.625            414.92         80
                                       6.375            414.92
1


    TALLAHASSEE      FL   32310          5            03/21/03         00
    0435577697                           05           05/01/03          0
    91000425                             N            04/01/33
    0


    8560177          883/G02             F           57,600.00         ZZ
                                         360         57,600.00          1
                                       6.625            368.82         80
                                       6.375            368.82
    TALLAHASSEE      FL   32305          5            03/21/03         00
    0435571708                           05           05/01/03          0
    91000432                             N            04/01/33
    0


    8560219          T29/G02             F           59,200.00         ZZ
                                         360         59,200.00          1
                                       6.500            374.18         80
                                       6.250            374.18
    SUN CITY         AZ   85351          1            03/14/03         00
    0435570544                           09           05/01/03          0
    1532939                              O            04/01/33
    0


    8560221          477/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
                                       6.500            625.75         64
                                       6.250            625.75
    SAN BERNARDINO   CA   92407          5            03/03/03         00
    0435570593                           05           05/01/03          0
    236119                               N            04/01/33
    0


    8560337          477/G02             F          103,200.00         ZZ
                                         360        103,200.00          1
                                       6.375            643.83         80
                                       6.125            643.83
    SAN BERNARDINO   CA   92407          1            03/03/03         00
    0435570734                           05           05/01/03          0
    236120                               N            04/01/33
    0


    8560343          Q87/G02             F           66,000.00         ZZ
                                         240         65,857.16          1
                                       6.000            472.84         64
                                       5.750            472.84
    PALMYRA          VA   22963          5            02/26/03         00
    0435598255                           05           04/03/03          0
    BRGE01                               O            03/03/23
    0
1




    8560441          477/G02             F           90,400.00         T
                                         360         90,400.00          1
                                       6.000            541.99         80
                                       5.750            541.99
    SUN CITY         AZ   85351          1            03/13/03         00
    0435570445                           03           05/01/03          0
    238958                               O            04/01/33
    0


    8560729          X71/G02             F          432,000.00         ZZ
                                         360        432,000.00          1
                                       6.250          2,659.90         80
                                       6.000          2,659.90
    SANTA CLARA      CA   95054          5            03/05/03         00
    0435587936                           03           05/01/03          0
    7768337                              O            04/01/33
    0


    8561663          E82/G02             F          210,000.00         ZZ
                                         360        210,000.00          1
                                       6.375          1,310.13         70
                                       6.125          1,310.13
    MIRAMAR          FL   33027          2            03/26/03         00
    0400776522                           05           05/01/03          0
    0400776522                           O            04/01/33
    0


    8561693          E82/G02             F          112,300.00         ZZ
                                         360        112,300.00          1
                                       6.250            691.45         68
                                       6.000            691.45
    LANDOVER HILLS   MD   20784          2            03/26/03         00
    0400790259                           05           05/01/03          0
    0400790259                           O            04/01/33
    0


    8561731          E82/G02             F           53,500.00         ZZ
                                         360         53,346.92          1
                                       6.250            329.41         83
                                       6.000            329.41
    COLCHESTER       IL   62326          5            12/06/02         04
    0400731113                           05           02/01/03         12
    0400731113                           O            01/01/33
    0


    8561811          477/G02             F          281,250.00         ZZ
                                         360        281,250.00          4
1


                                       6.875          1,847.61         75
                                       6.625          1,847.61
    LOS ANGELES      CA   90007          5            03/03/03         00
    0435571328                           05           05/01/03          0
    228296                               O            04/01/33
    0


    8562019          U05/G02             F          429,100.00         ZZ
                                         360        429,100.00          1
                                       6.125          2,607.26         80
                                       5.875          2,607.26
    AUBURN           CA   95602          1            03/06/03         00
    0435583513                           03           05/01/03          0
    3311432                              O            04/01/33
    0


    8562093          U05/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.000            532.24         80
                                       6.750            532.24
    FORT WORTH       TX   76112          2            03/24/03         00
    0435603329                           05           05/01/03          0
    3270001                              N            04/01/33
    0


    8562103          Q30/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.125          1,960.76         68
                                       5.875          1,960.76
    PORT WASHINGTON  NY   11050          5            03/27/03         00
    0435581111                           05           05/01/03          0
    21021138                             O            04/01/33
    0


    8562251          K60/G02             F           84,600.00         ZZ
                                         360         84,600.00          1
                                       5.125            460.64         90
                                       4.875            460.64
    PONTIAC          MI   48341          5            03/20/03         04
    0435582507                           05           05/01/03         25
    75314                                O            04/01/33
    0


    8562411          U85/G02             F          285,000.00         ZZ
                                         360        284,736.03          1
                                       6.375          1,778.03         64
                                       6.125          1,778.03
    MERTON           WI   53064          2            03/03/03         00
    0435602560                           05           04/01/03          0
1


    1105                                 O            03/01/33
    0


    8562461          N47/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.375          2,013.23         72
                                       6.125          2,013.23
    SAN DIEGO        CA   92123          1            03/18/03         00
    0435579305                           05           05/01/03          0
    20504378                             N            04/01/33
    0


    8562581          H81/G02             F           62,800.00         ZZ
                                         360         62,800.00          1
                                       6.500            396.94         80
                                       6.250            396.94
    MILWAUKEE        WI   53218          5            03/19/03         00
    0435578703                           05           05/01/03          0
    WH18249                              O            04/01/33
    0


    8562591          F36/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.000            599.55         60
                                       5.750            599.55
    UNIVERSITY PLAC  WA   98467          5            03/11/03         00
    0435577507                           05           05/01/03          0
    06505813                             O            04/01/33
    0


    8562607          P09/G02             F          209,475.00         ZZ
                                         360        209,475.00          1
                                       6.450          1,317.14         95
                                       6.200          1,317.14
    CLINTON          MD   20735          2            03/24/03         10
    0435576046                           05           05/01/03         35
    DOUGLAS1                             O            04/01/33
    0


    8562677          U35/G02             F           53,200.00         ZZ
                                         360         53,200.00          1
                                       6.875            349.49         95
                                       6.625            349.49
    TERRE HAUTE      IN   47804          2            03/26/03         01
    0435573365                           05           05/01/03         30
    11280472                             O            04/01/33
    0


1


    8562703          P09/G02             F          188,000.00         ZZ
                                         360        188,000.00          1
                                       6.625          1,203.78         77
                                       6.375          1,203.78
    HYATTSVILLE      MD   20783          2            03/20/03         00
    0435575865                           05           05/01/03          0
    030231258                            O            04/01/33
    0


    8562737          642/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       6.500            455.09         58
                                       6.250            455.09
    MINNEAPOLIS      MN   55411          5            03/26/03         00
    0435577192                           07           05/01/03          0
    01160503                             N            04/01/33
    0


    8562779          X64/G02             F           53,000.00         ZZ
                                         360         53,000.00          1
                                       6.750            343.76         62
                                       6.500            343.76
    WYANDOTTE        MI   48192          5            03/21/03         00
    0435596358                           05           05/01/03          0
    5685                                 N            04/01/33
    0


    8562865          E57/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.125          2,430.44         79
                                       5.875          2,430.44
    FOUNTAIN VALLEY  CA   92708          1            03/13/03         00
    0435570916                           05           05/01/03          0
    06014311                             O            04/01/33
    0


    8562903          967/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       6.375            374.32         53
                                       6.125            374.32
    SUN VALLEY       ID   83353          2            03/20/03         00
    0435603691                           01           05/01/03          0
    6556252                              N            04/01/33
    0


    8562949          967/G02             F           53,500.00         ZZ
                                         360         53,500.00          1
                                       6.375            333.77         47
                                       6.125            333.77
1


    SUN VALLEY       ID   83353          2            03/20/03         00
    0435603592                           01           05/01/03          0
    6556203                              N            04/01/33
    0


    8563015          967/G02             F           50,300.00         ZZ
                                         360         50,300.00          1
                                       6.375            313.81         68
                                       6.125            313.81
    SUN VALLEY       ID   83353          2            03/20/03         00
    0435591334                           01           05/01/03          0
    6556146                              N            04/01/33
    0


    8563131          A21/G02             F          190,000.00         ZZ
                                         360        190,000.00          1
                                       6.250          1,169.87         49
                                       6.000          1,169.87
    NEWTON           CT   06470          5            03/17/03         00
    0435579982                           05           05/01/03          0
    0100134400                           O            04/01/33
    0


    8563281          Q87/G02             F           48,750.00         ZZ
                                         240         48,750.00          1
                                       6.750            370.68         75
                                       6.500            370.68
    MOBILE           AL   36608          5            03/26/03         00
    0435580766                           05           05/01/03          0
    OSCL01                               O            04/01/23
    0


    8563363          Q87/G02             F           71,700.00         ZZ
                                         240         71,555.97          1
                                       6.625            539.87         74
                                       6.375            539.87
    MARBLE FALLS     TX   78654          5            03/13/03         00
    0435592647                           05           04/18/03          0
    HEAU01                               O            03/18/23
    0


    8565019          E22/G02             F          123,628.00         ZZ
                                         360        123,628.00          1
                                       6.000            741.21         62
                                       5.750            741.21
    MOUNTLAKE TERRA  WA   98043          5            03/21/03         00
    0416300838                           05           05/01/03          0
    0416300838                           N            04/01/33
    0
1




    8565027          E22/G02             F          293,250.00         ZZ
                                         360        293,250.00          1
                                       6.125          1,781.82         85
                                       5.875          1,781.82
    MOUNT VERNON     WA   98274          5            03/24/03         04
    0416308773                           05           05/01/03         12
    0416308773                           O            04/01/33
    0


    8565039          E22/G02             F          362,000.00         ZZ
                                         360        362,000.00          1
                                       6.125          2,199.55         80
                                       5.875          2,199.55
    DALLAS           TX   75225          5            03/24/03         00
    0416318087                           03           05/01/03          0
    0416318087                           O            04/01/33
    0


    8565047          E22/G02             F          118,000.00         ZZ
                                         360        118,000.00          1
                                       6.625            755.57         80
                                       6.375            755.57
    PORTLAND         OR   97215          5            03/24/03         00
    0416323848                           05           05/01/03          0
    0416323848                           N            04/01/33
    0


    8565051          E22/G02             F           58,000.00         ZZ
                                         360         58,000.00          1
                                       6.875            381.02         80
                                       6.625            381.02
    HOUSTON          TX   77022          1            03/27/03         00
    0416325595                           05           05/01/03          0
    0416325595                           N            04/01/33
    0


    8565055          E22/G02             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       6.125          3,645.66         28
                                       5.875          3,645.66
    HEALDSBURG       CA   95448          5            03/21/03         00
    0416326288                           05           05/01/03          0
    0416326288                           O            04/01/33
    0


    8565063          E22/G02             F          151,200.00         ZZ
                                         360        151,200.00          1
1


                                       6.125            918.71         80
                                       5.875            918.71
    ATHOL            ID   83801          1            03/14/03         00
    0416337087                           05           05/01/03          0
    0416337087                           O            04/01/33
    0


    8565089          E22/G02             F           81,000.00         ZZ
                                         360         81,000.00          1
                                       6.625            518.65         90
                                       6.375            518.65
    WILMINGTON       DE   19805          5            03/24/03         01
    0416358901                           07           05/01/03         25
    0416358901                           O            04/01/33
    0


    8565097          E22/G02             F          285,600.00         ZZ
                                         360        285,600.00          1
                                       6.125          1,735.34         80
                                       5.875          1,735.34
    SIMI VALLEY      CA   93065          2            03/13/03         00
    0416361186                           05           05/01/03          0
    0416361186                           O            04/01/33
    0


    8565133          E22/G02             F           73,600.00         ZZ
                                         360         73,600.00          1
                                       6.625            471.27         80
                                       6.375            471.27
    PUEBLO           CO   81004          2            03/28/03         00
    0416396828                           05           05/01/03          0
    0416396828                           N            04/01/33
    0


    8565157          E22/G02             F          318,750.00         ZZ
                                         360        318,750.00          3
                                       6.875          2,093.96         75
                                       6.625          2,093.96
    KEY WEST         FL   33040          1            03/28/03         00
    0416416642                           05           05/01/03          0
    0416416642                           N            04/01/33
    0


    8565173          E22/G02             F           66,150.00         ZZ
                                         360         66,150.00          1
                                       6.625            423.57         90
                                       6.375            423.57
    ALVIN            TX   77511          1            03/27/03         01
    0416245825                           05           05/01/03         25
1


    0416425825                           N            04/01/33
    0


    8565201          E22/G02             F          417,000.00         ZZ
                                         360        417,000.00          1
                                       6.125          2,533.74         68
                                       5.875          2,533.74
    SAN ANTONIO      TX   78229          5            03/25/03         00
    0416443729                           05           05/01/03          0
    0416443729                           O            04/01/33
    0


    8565235          E22/G02             F           83,200.00         ZZ
                                         360         83,200.00          1
                                       6.375            519.06         78
                                       6.125            519.06
    SAGINAW          MI   48602          5            03/24/03         00
    0416485779                           05           05/01/03          0
    0416485779                           O            04/01/33
    0


    8565291          E22/G02             F          143,500.00         ZZ
                                         360        143,500.00          1
                                       6.000            860.36         96
                                       5.750            860.36
    GASTON           SC   29053          2            03/24/03         01
    0416530327                           05           05/01/03         35
    0416530327                           O            04/01/33
    0


    8565317          E22/G02             F           73,600.00         ZZ
                                         360         73,600.00          1
                                       6.500            465.20         80
                                       6.250            465.20
    FRESNO           CA   93702          5            03/21/03         00
    0416559268                           05           05/01/03          0
    0416559268                           O            04/01/33
    0


    8565379          E22/G02             F           62,400.00         ZZ
                                         360         62,400.00          1
                                       6.875            409.92         78
                                       6.625            409.92
    RICHMOND         KY   40475          2            03/28/03         00
    0415886522                           05           05/01/03          0
    0415886522                           N            04/01/33
    0


1


    8565425          E22/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       7.125            485.08         90
                                       6.875            485.08
    MARRERO          LA   70072          2            03/28/03         01
    0416145183                           05           05/01/03         25
    0416145183                           N            04/01/33
    0


    8565453          E22/G02             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.250          2,401.30         65
                                       6.000          2,401.30
    ROUND HILL       VA   20141          5            03/24/03         00
    0416204659                           05           05/01/03          0
    0416204659                           O            04/01/33
    0


    8565491          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       6.500          1,769.79         80
                                       6.250          1,769.79
    GLOUCESTER       MA   01930          2            03/24/03         00
    0416240307                           05           05/01/03          0
    0416240307                           O            04/01/33
    0


    8565515          E22/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       5.750            910.37         93
                                       5.500            910.37
    COTTAGE GROVE    OR   97424          5            03/12/03         11
    0416277143                           05           05/01/03         30
    0416277143                           O            04/01/33
    0


    8565517          E22/G02             F          362,000.00         ZZ
                                         360        362,000.00          1
                                       6.125          2,199.55         79
                                       5.875          2,199.55
    WESTMINSTER      CO   80021          5            03/24/03         00
    0416280444                           03           05/01/03          0
    0416280444                           O            04/01/33
    0


    8565669          408/G02             F          129,760.00         ZZ
                                         360        129,760.00          1
                                       6.125            788.44         80
                                       5.875            788.44
1


    BASEHOR          KS   66007          1            03/10/03         00
    0435576491                           05           05/01/03          0
    703033081                            O            04/01/33
    0


    8565861          Y23/G02             F           90,000.00         TX
                                         360         90,000.00          1
                                       6.750            583.74         75
                                       6.500            583.74
    DALLAS           TX   75208          5            03/21/03         00
    0435576764                           05           05/01/03          0
    1000176824                           O            04/01/33
    0


    8565957          U19/G02             F          492,000.00         ZZ
                                         240        492,000.00          1
                                       6.250          3,596.17         80
                                       6.000          3,596.17
    PARKER           CO   80138          5            03/24/03         00
    0435594734                           05           05/01/03          0
    15150113                             O            04/01/23
    0


    8566045          964/G02             F          303,750.00         ZZ
                                         360        303,750.00          1
                                       5.875          1,796.80         75
                                       5.625          1,796.80
    SACRAMENTO       CA   95834          5            03/04/03         00
    0435589676                           05           05/01/03          0
    314050                               O            04/01/33
    0


    8566047          964/G02             F          332,000.00         ZZ
                                         360        331,677.31          1
                                       6.125          2,017.27         54
                                       5.875          2,017.27
    NOVATO           CA   94949          2            02/18/03         00
    0435578778                           03           04/01/03          0
    312517                               O            03/01/33
    0


    8566053          964/G02             F          153,000.00         ZZ
                                         360        153,000.00          1
                                       6.250            942.05         51
                                       6.000            942.05
    RENO             NV   89511          2            03/12/03         00
    0435589239                           03           05/01/03          0
    377582                               N            04/01/33
    0
1




    8566059          964/G02             F          199,000.00         ZZ
                                         360        199,000.00          1
                                       6.125          1,209.15         63
                                       5.875          1,209.15
    SEATTLE          WA   98107          2            03/07/03         00
    0435578679                           05           05/01/03          0
    342628                               N            04/01/33
    0


    8566067          964/G02             F          187,000.00         ZZ
                                         360        187,000.00          1
                                       6.750          1,212.88         66
                                       6.500          1,212.88
    PRESCOTT         AZ   86301          5            03/07/03         00
    0435579636                           05           05/01/03          0
    342663                               N            04/01/33
    0


    8566105          964/G02             F           50,000.00         ZZ
                                         360         50,000.00          1
                                       6.375            311.94         55
                                       6.125            311.94
    SUGAR LAND       TX   77479          1            03/18/03         00
    0435578836                           03           05/01/03          0
    367005                               N            04/01/33
    0


    8566125          964/G02             F          158,800.00         ZZ
                                         360        158,800.00          1
                                       6.125            964.89         80
                                       5.875            964.89
    BREMERTON        WA   98311          1            03/12/03         00
    0435580469                           05           05/01/03          0
    362701                               O            04/01/33
    0


    8566131          964/G02             F          479,000.00         ZZ
                                         360        479,000.00          1
                                       5.875          2,833.47         74
                                       5.625          2,833.47
    SAINT HELENS     OR   97051          2            03/07/03         00
    0435580147                           05           05/01/03          0
    370502                               O            04/01/33
    0


    8566133          964/G02             F          134,250.00         E
                                         360        134,250.00          1
1


                                       6.375            837.55         75
                                       6.125            837.55
    HENDERSON        NV   89014          5            03/14/03         00
    0435583000                           03           05/01/03          0
    363906                               N            04/01/33
    0


    8566145          964/G02             F           56,000.00         ZZ
                                         360         56,000.00          1
                                       6.375            349.37         45
                                       6.125            349.37
    GROVELAND        CA   95321          5            02/28/03         00
    0435579685                           05           05/01/03          0
    347640                               N            04/01/33
    0


    8566177          964/G02             F           51,200.00         ZZ
                                         360         51,200.00          1
                                       6.000            306.97         80
                                       5.750            306.97
    DALLAS           TX   75228          1            03/13/03         00
    0435580832                           05           05/01/03          0
    374444                               N            04/01/33
    0


    8566185          964/G02             F          405,000.00         ZZ
                                         360        405,000.00          1
                                       5.875          2,395.73         75
                                       5.625          2,395.73
    PORTLAND         OR   97212          5            03/14/03         00
    0435578158                           05           05/01/03          0
    318601                               O            04/01/33
    0


    8566189          964/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       5.875          3,845.00         69
                                       5.625          3,845.00
    DALLAS           TX   75218          2            03/06/03         00
    0435581285                           05           05/01/03          0
    330946                               O            04/01/33
    0


    8566343          964/G02             F          275,400.00         ZZ
                                         360        275,400.00          1
                                       6.000          1,651.16         80
                                       5.750          1,651.16
    GILBERT          AZ   85233          2            03/10/03         00
    0435581202                           03           05/01/03          0
1


    341938                               O            04/01/33
    0


    8566347          964/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       5.875            976.04         80
                                       5.625            976.04
    JACKSONVILLE     FL   32207          2            03/10/03         00
    0435580949                           05           05/01/03          0
    353689                               O            04/01/33
    0


    8566365          964/G02             F          273,000.00         ZZ
                                         360        273,000.00          1
                                       6.125          1,658.78         75
                                       5.875          1,658.78
    TRUCKEE          CA   96161          5            03/10/03         00
    0435579735                           03           05/01/03          0
    347210                               O            04/01/33
    0


    8566367          964/G02             F          268,800.00         ZZ
                                         360        268,800.00          1
                                       6.125          1,633.26         80
                                       5.875          1,633.26
    MESQUITE         NV   89027          5            03/07/03         00
    0435628003                           03           05/01/03          0
    356157                               O            04/01/33
    0


    8566385          940/G02             F          146,700.00         ZZ
                                         360        146,700.00          1
                                       6.500            927.24         90
                                       6.250            927.24
    WILDOMAR         CA   92596          1            03/23/03         10
    0435591581                           05           05/01/03         25
    63030201                             O            04/01/33
    0


    8566417          964/G02             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       5.875          1,011.53         75
                                       5.625          1,011.53
    LAS VEGAS        NV   89135          5            03/05/03         00
    0435582887                           03           05/01/03          0
    362444                               O            04/01/33
    0


1


    8566425          964/G02             F          227,000.00         ZZ
                                         360        227,000.00          1
                                       5.875          1,342.79         65
                                       5.625          1,342.79
    LODI             CA   95242          2            03/09/03         00
    0435579578                           05           05/01/03          0
    356585                               O            04/01/33
    0


    8566441          964/G02             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       6.125          2,260.31         80
                                       5.875          2,260.31
    SHAVER LAKE      CA   93664          1            03/11/03         00
    0435580352                           05           05/01/03          0
    368898                               O            04/01/33
    0


    8566447          964/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.125          2,430.44         77
                                       5.875          2,430.44
    BELLEVUE         WA   98007          5            03/12/03         00
    0435580899                           03           05/01/03          0
    372451                               O            04/01/33
    0


    8566489          964/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       6.000          1,348.99         90
                                       5.750          1,348.99
    EUGENE           OR   97405          1            03/11/03         10
    0435579644                           05           05/01/03         25
    353752                               N            04/01/33
    0


    8566491          964/G02             F          175,500.00         ZZ
                                         360        175,500.00          2
                                       6.000          1,052.21         90
                                       5.750          1,052.21
    EUGENE           OR   97402          1            03/07/03         11
    0435579651                           05           05/01/03         25
    353761                               N            04/01/33
    0


    8566499          964/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.125          2,187.40         80
                                       5.875          2,187.40
1


    SEATTLE          WA   98199          5            03/06/03         00
    0435635479                           05           05/01/03          0
    356546                               O            04/01/33
    0


    8566513          964/G02             F          193,500.00         ZZ
                                         360        193,500.00          3
                                       6.625          1,239.00         90
                                       6.375          1,239.00
    REDMOND          OR   97756          1            03/06/03         04
    0435580097                           05           05/01/03         25
    358001                               N            04/01/33
    0


    8566521          964/G02             F           66,150.00         T
                                         360         66,150.00          1
                                       6.250            407.30         90
                                       6.000            407.30
    NORTH FORK       CA   93643          1            03/04/03         11
    0435581509                           05           05/01/03         25
    359178                               O            04/01/33
    0


    8566573          X67/G02             F          210,000.00         ZZ
                                         360        210,000.00          1
                                       6.000          1,259.06         67
                                       5.750          1,259.06
    GARDEN GROVE     CA   92841          5            03/17/03         00
    0435576699                           05           05/01/03          0
    00283750                             O            04/01/33
    0


    8566615          420/G02             F          465,600.00         ZZ
                                         360        465,600.00          1
                                       6.000          2,791.51         80
                                       5.750          2,791.51
    NAPA             CA   94558          1            03/14/03         00
    0435582168                           05           05/01/03          0
    73000825                             O            04/01/33
    0


    8566657          F34/G02             F          188,000.00         ZZ
                                         360        188,000.00          1
                                       6.250          1,157.55         80
                                       6.000          1,157.55
    HERNDON          VA   20170          1            03/21/03         00
    0435578760                           09           05/01/03          0
    10302029                             O            04/01/33
    0
1




    8566665          P01/G02             F           95,000.00         ZZ
                                         360         95,000.00          1
                                       6.125            577.24         95
                                       5.875            577.24
    MILWAUKEE        WI   53223          2            03/11/03         10
    0435580725                           05           05/01/03         30
    03004470                             O            04/01/33
    0


    8567423          N47/G02             F          300,000.00         ZZ
                                         360        300,000.00          3
                                       6.250          1,847.15         75
                                       6.000          1,847.15
    OAKLAND          CA   94603          5            03/04/03         00
    0435632518                           05           05/01/03          0
    20502902                             O            04/01/33
    0


    8567535          168/168             F           66,950.00         ZZ
                                         360         66,950.00          2
                                       7.125            451.05         80
                                       6.875            451.05
    ENFIELD          CT   06085          1            03/14/03         00
    0319425517                           05           05/01/03          0
    0319425517                           N            04/01/33
    0


    8567919          E82/G02             F           74,000.00         ZZ
                                         360         74,000.00          1
                                       6.125            449.63         55
                                       5.875            449.63
    PEMBROKE PINES   FL   33026          2            03/25/03         00
    0400804233                           01           05/01/03          0
    0400804233                           O            04/01/33
    0


    8567953          E82/G02             F           97,000.00         ZZ
                                         360         97,000.00          1
                                       6.125            589.38         68
                                       5.875            589.38
    MISHAWAKA        IN   46545          2            03/25/03         00
    0400800355                           05           05/01/03          0
    0400800355                           O            04/01/33
    0


    8567963          E82/G02             F          102,000.00         ZZ
                                         360        102,000.00          1
1


                                       6.125            619.76         59
                                       5.875            619.76
    EUGENE           OR   97402          5            03/25/03         00
    0400789400                           05           05/01/03          0
    0400789400                           O            04/01/33
    0


    8568091          Y21/G02             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.250          1,970.30         79
                                       6.000          1,970.30
    OAKLAND          CA   94601          2            03/05/03         00
    0435582796                           05           05/01/03          0
    203110064                            O            04/01/33
    0


    8568131          Y21/G02             F          332,000.00         ZZ
                                         360        331,668.44          1
                                       6.000          1,990.51         80
                                       5.750          1,990.51
    ESCONDIDO        CA   92027          5            02/18/03         00
    0435580311                           05           04/01/03          0
    203056051                            O            03/01/33
    0


    8568211          Y21/G02             F          334,400.00         ZZ
                                         360        334,400.00          1
                                       6.250          2,058.96         80
                                       6.000          2,058.96
    LADERA RANCH     CA   92694          1            03/07/03         00
    0435581855                           03           05/01/03          0
    203110293                            O            04/01/33
    0


    8568701          E82/G02             F           78,800.00         ZZ
                                         360         78,800.00          1
                                       6.500            498.07         43
                                       6.250            498.07
    GROVER BEACH     CA   93433          2            03/28/03         00
    0400809885                           01           05/01/03          0
    0400809885                           N            04/01/33
    0


    8568705          E82/G02             F          117,700.00         ZZ
                                         360        117,700.00          1
                                       6.500            743.94         41
                                       6.250            743.94
    PISMO BEACH      CA   93449          2            03/28/03         00
    0400810107                           05           05/01/03          0
1


    0400810107                           N            04/01/33
    0


    8568773          742/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.250          2,339.73         64
                                       6.000          2,339.73
    MADISON          CT   06443          2            03/19/03         00
    0435585419                           05           05/01/03          0
    6503833                              O            04/01/33
    0


    8568923          E22/G02             F           59,850.00         ZZ
                                         360         59,850.00          1
                                       7.250            408.28         95
                                       7.000            408.28
    MEXICO           MO   65265          5            03/26/03         01
    0416144079                           05           05/01/03         30
    0416144079                           O            04/01/33
    0


    8568925          E22/G02             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       7.250          1,964.67         80
                                       7.000          1,964.67
    PALM BEACH GARD  FL   33418          5            03/26/03         00
    0416148336                           03           05/01/03          0
    0416148336                           O            04/01/33
    0


    8568933          E22/G02             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       6.875          2,332.10         80
                                       6.625          2,332.10
    LINDON           UT   84042          2            03/25/03         00
    0416168888                           05           05/01/03          0
    0416168888                           O            04/01/33
    0


    8568971          E22/G02             F           88,300.00         ZZ
                                         360         88,300.00          1
                                       6.250            543.68         80
                                       6.000            543.68
    HOUSTON          TX   77073          5            03/26/03         00
    0416245132                           03           05/01/03          0
    0416245132                           O            04/01/33
    0


1


    8569005          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.375            623.87         65
                                       6.125            623.87
    BOYNTON BEACH    FL   33426          5            03/31/03         00
    0416310316                           03           05/01/03          0
    0416310316                           N            04/01/33
    0


    8569065          E22/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
                                       6.250            467.95         80
                                       6.000            467.95
    HOUSTON          TX   77082          5            03/24/03         00
    0416372365                           03           05/01/03          0
    0416372365                           O            04/01/33
    0


    8569071          E22/G02             F           84,500.00         ZZ
                                         360         84,500.00          1
                                       5.875            499.85         73
                                       5.625            499.85
    FORT WORTH       TX   76133          2            03/25/03         00
    0416417624                           05           05/01/03          0
    0416417624                           O            04/01/33
    0


    8569099          E22/G02             F           89,200.00         ZZ
                                         360         89,200.00          1
                                       6.000            534.80         80
                                       5.750            534.80
    PORTERVILLE      CA   93257          2            03/23/03         00
    0416432292                           05           05/01/03          0
    0416432292                           O            04/01/33
    0


    8569119          E22/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       5.875          1,908.89         44
                                       5.625          1,908.89
    SAN JOSE         CA   95128          2            03/20/03         00
    0416448975                           05           05/01/03          0
    0416448975                           O            04/01/33
    0


    8569137          E22/G02             F           92,150.00         ZZ
                                         360         92,150.00          1
                                       6.250            567.38         95
                                       6.000            567.38
1


    INDEPENDENCE     MO   64052          5            03/25/03         04
    0416456655                           05           05/01/03         30
    0416456655                           O            04/01/33
    0


    8569173          E22/G02             F           88,181.00         ZZ
                                         360         88,181.00          1
                                       6.750            571.94         77
                                       6.500            571.94
    SALEM            OR   97303          5            03/23/03         00
    0416457935                           05           05/01/03          0
    0416457935                           O            04/01/33
    0


    8569211          E22/G02             F           68,800.00         ZZ
                                         360         68,800.00          1
                                       6.375            429.22         80
                                       6.125            429.22
    PORTAGE          MI   49024          1            03/31/03         00
    0416498665                           01           05/01/03          0
    0416498665                           O            04/01/33
    0


    8569215          E22/G02             F           92,700.00         ZZ
                                         360         92,700.00          2
                                       6.250            570.77         90
                                       6.000            570.77
    NEW BRITAIN      CT   06051          1            03/31/03         04
    0416501864                           05           05/01/03         25
    0416501864                           N            04/01/33
    0


    8569219          E22/G02             F          156,750.00         ZZ
                                         360        156,750.00          1
                                       6.500            990.77         95
                                       6.250            990.77
    SILVER SPRING    MD   20901          5            03/25/03         01
    0416503456                           01           05/01/03         30
    0416503456                           O            04/01/33
    0


    8569265          E22/G02             F          392,000.00         ZZ
                                         360        392,000.00          1
                                       6.000          2,350.24         77
                                       5.750          2,350.24
    GRANITE BAY      CA   95746          2            03/21/03         00
    0416530012                           03           05/01/03          0
    0416530012                           O            04/01/33
    0
1




    8569295          E22/G02             F           86,000.00         ZZ
                                         360         86,000.00          1
                                       6.000            515.61         68
                                       5.750            515.61
    PUEBLO WEST      CO   81007          2            03/31/03         00
    0416551315                           05           05/01/03          0
    0416551315                           N            04/01/33
    0


    8569307          E22/G02             F          235,000.00         ZZ
                                         360        235,000.00          1
                                       6.125          1,427.88         59
                                       5.875          1,427.88
    DALY CITY        CA   94015          5            03/24/03         00
    0416569499                           05           05/01/03          0
    0416569499                           N            04/01/33
    0


    8569373          E22/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.000          2,518.11         46
                                       5.750          2,518.11
    HEALDSBURG       CA   95448          5            03/26/03         00
    0416170223                           05           05/01/03          0
    0416170223                           O            04/01/33
    0


    8569383          E22/G02             F          272,000.00         ZZ
                                         360        272,000.00          2
                                       6.500          1,719.23         80
                                       6.250          1,719.23
    OAKLAND          CA   94621          5            03/24/03         00
    0416181428                           05           05/01/03          0
    0416181428                           O            04/01/33
    0


    8569389          E22/G02             F           89,600.00         ZZ
                                         360         89,600.00          1
                                       6.375            558.99         80
                                       6.125            558.99
    DENVER           CO   80207          5            03/25/03         00
    0416189694                           01           05/01/03          0
    0416189694                           O            04/01/33
    0


    8569493          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
1


                                       6.375            623.87         80
                                       6.125            623.87
    COLORADO SPRING  CO   80920          1            03/31/03         00
    0416378271                           09           05/01/03          0
    0416378271                           N            04/01/33
    0


    8569513          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          2
                                       7.000          1,496.93         90
                                       6.750          1,496.93
    GRAND RAPIDS     MI   49503          5            03/25/03         01
    0416388130                           05           05/01/03         25
    0416388130                           O            04/01/33
    0


    8569525          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.500          1,896.20         80
                                       6.250          1,896.20
    AUSTIN           TX   78705          5            03/26/03         00
    0416393239                           05           05/01/03          0
    0416393239                           O            04/01/33
    0


    8569597          E22/G02             F          290,500.00         ZZ
                                         360        290,500.00          1
                                       6.250          1,788.66         70
                                       6.000          1,788.66
    WEATHERFORD      TX   76088          5            03/26/03         00
    0416321602                           05           05/01/03          0
    0416321602                           O            04/01/33
    0


    8569611          E22/G02             F          100,800.00         ZZ
                                         360        100,800.00          1
                                       6.250            620.64         80
                                       6.000            620.64
    MESQUITE         TX   75149          5            03/26/03         00
    0416335040                           05           05/01/03          0
    0416335040                           O            04/01/33
    0


    8569617          E22/G02             F          289,000.00         ZZ
                                         360        289,000.00          1
                                       5.875          1,709.54         77
                                       5.625          1,709.54
    ANAHEIM          CA   92804          2            03/24/03         00
    0416339315                           05           05/01/03          0
1


    0416339315                           O            04/01/33
    0


    8569655          E22/G02             F           96,800.00         ZZ
                                         360         96,800.00          1
                                       6.125            588.17         80
                                       5.875            588.17
    RIVIERA BEACH    FL   33407          1            03/31/03         00
    0416351989                           03           05/01/03          0
    0416351989                           O            04/01/33
    0


    8569687          E22/G02             F          199,750.00         ZZ
                                         360        199,750.00          1
                                       6.500          1,262.56         85
                                       6.250          1,262.56
    SAN DIEGO        CA   92139          1            03/21/03         11
    0416410835                           01           05/01/03         12
    0416410835                           O            04/01/33
    0


    8569719          E22/G02             F          155,500.00         ZZ
                                         360        155,500.00          1
                                       5.875            919.84         89
                                       5.625            919.84
    LOVELAND         CO   80538          2            03/25/03         01
    0416438703                           03           05/01/03         25
    0416438703                           O            04/01/33
    0


    8569817          E22/G02             F          136,700.00         ZZ
                                         360        136,700.00          1
                                       6.625            875.31         95
                                       6.375            875.31
    HOBE SOUND       FL   33455          1            03/31/03         04
    0416580470                           05           05/01/03         30
    0416580470                           O            04/01/33
    0


    8569921          A06/G02             F           98,000.00         ZZ
                                         360         98,000.00          1
                                       6.500            619.43         80
                                       6.250            619.43
    GREGORY          MI   48137          1            03/31/03         00
    0435584123                           05           05/01/03          0
    0020304407                           N            04/01/33
    0


1


    8569993          K60/G02             F           98,794.00         ZZ
                                         360         98,794.00          1
                                       6.625            632.59         89
                                       6.375            632.59
    SANFORD          ME   04073          2            03/26/03         04
    0435598982                           05           05/01/03         35
    75382                                O            04/01/33
    0


    8570397          K15/G02             F           78,400.00         ZZ
                                         360         78,400.00          1
                                       6.875            515.03         80
                                       6.625            515.03
    DAYTONA BEACH    FL   32118          5            03/26/03         00
    0435581756                           05           05/01/03          0
    009405508308                         O            04/01/33
    0


    8570533          N47/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.625          2,066.28         41
                                       6.375          2,066.28
    CUPERTINO        CA   95014          5            03/25/03         00
    0435599774                           05           05/01/03          0
    20504143                             O            04/01/33
    0


    8570615          W40/G02             F           59,200.00         ZZ
                                         360         59,200.00          1
                                       7.125            398.84         80
                                       6.875            398.84
    TAYLOR           MI   48180          1            03/28/03         00
    0435618483                           05           05/01/03          0
    101017335                            O            04/01/33
    0


    8571069          642/G02             F           69,000.00         ZZ
                                         360         69,000.00          2
                                       6.500            436.13         30
                                       6.250            436.13
    MINNEAPOLIS      MN   55411          2            03/21/03         00
    0435583844                           05           05/01/03          0
    01160603                             N            04/01/33
    0


    8571223          B39/G02             F          288,000.00         ZZ
                                         360        288,000.00          4
                                       7.000          1,916.07         90
                                       6.750          1,916.07
1


    MINNEAPOLIS      MN   55417          1            03/31/03         12
    0435592894                           05           05/01/03         25
    20031127F                            N            04/01/33
    0


    8571419          U05/G02             F          296,910.00         ZZ
                                         360        296,910.00          2
                                       6.125          1,804.06         90
                                       5.875          1,804.06
    AZUSA            CA   91702          1            03/25/03         14
    0435592928                           05           05/01/03         25
    3326516                              N            04/01/33
    0


    8571453          A06/G02             F          296,250.00         ZZ
                                         360        296,250.00          1
                                       6.250          1,824.07         75
                                       6.000          1,824.07
    BIRMINGHAM       MI   48009          2            03/25/03         00
    0435584172                           05           05/01/03          0
    1                                    N            04/01/33
    0


    8571517          K15/G02             F           90,100.00         ZZ
                                         360         90,100.00          3
                                       6.875            591.89         78
                                       6.625            591.89
    LEWISTON         ME   04240          5            03/26/03         00
    0435583703                           05           05/01/03          0
    007805512910                         O            04/01/33
    0


    8571575          W53/G02             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.250          1,970.30         72
                                       6.000          1,970.30
    AUSTIN           TX   78701          5            03/18/03         00
    0435640990                           06           05/01/03          0
    1501102368                           O            04/01/33
    0


    8571597          K15/G02             F           68,600.00         ZZ
                                         360         68,600.00          1
                                       7.125            462.17         95
                                       6.875            462.17
    BATON ROUGE      LA   70811          5            03/26/03         41
    0435584057                           05           05/01/03         30
    000205512783                         O            04/01/33
    0
1




    8571601          420/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       6.750            583.74         55
                                       6.500            583.74
    SANTA ROSA       CA   95401          1            03/24/03         00
    0435584255                           01           05/01/03          0
    72004292                             N            04/01/33
    0


    8571755          X64/G02             F           62,000.00         ZZ
                                         360         62,000.00          1
                                       6.750            402.13         69
                                       6.500            402.13
    WYANDOTTE        MI   48192          2            03/21/03         00
    0435596325                           05           05/01/03          0
    0000005685                           N            04/01/33
    0


    8571871          X31/G02             F          349,200.00         ZZ
                                         360        349,200.00          1
                                       6.125          2,121.78         80
                                       5.875          2,121.78
    TUJUNGA AREA     CA   91042          2            03/19/03         00
    0435591532                           05           05/01/03          0
    41000641                             O            04/01/33
    0


    8571925          E47/G02             F           42,750.00         ZZ
                                         360         42,750.00          1
                                       7.125            288.01         95
                                       6.875            288.01
    DETROIT          MI   48228          1            03/21/03         11
    0435596283                           05           05/01/03         30
    7360515430                           O            04/01/33
    0


    8572061          T29/G02             F          102,000.00         ZZ
                                         360        102,000.00          1
                                       6.500            644.71         75
                                       6.250            644.71
    SNOWFLAKE        AZ   85937          5            03/24/03         00
    0435598651                           05           05/01/03          0
    100049200015336                      O            04/01/33
    0


    8572203          313/G02             F          346,000.00         ZZ
                                         240        346,000.00          1
1


                                       5.625          2,404.59         54
                                       5.375          2,404.59
    CHATSWORTH AREA  CA   91311          2            03/05/03         00
    0435599642                           05           05/01/03          0
    9363565                              O            04/01/23
    0


    8572207          313/G02             F          412,000.00         ZZ
                                         360        412,000.00          1
                                       5.875          2,437.14         70
                                       5.625          2,437.14
    SAMMAMISH        WA   98075          2            03/10/03         00
    0435594866                           03           05/01/03          0
    9390428                              O            04/01/33
    0


    8572243          313/G02             F          359,288.00         ZZ
                                         360        358,912.88          1
                                       5.750          2,096.71         65
                                       5.500          2,096.71
    ALAMEDA          CA   94502          1            02/24/03         00
    0435593991                           03           04/01/03          0
    9345596                              O            03/01/33
    0


    8572273          313/G02             F          360,000.00         ZZ
                                         360        359,641.61          1
                                       6.000          2,158.39         45
                                       5.750          2,158.39
    PLEASANTON       CA   94566          5            02/11/03         00
    0435593082                           03           04/01/03          0
    9315003                              O            03/01/33
    0


    8572287          313/G02             F          350,000.00         ZZ
                                         360        349,675.83          1
                                       6.375          2,183.55         68
                                       6.125          2,183.55
    CAMARILLO        CA   93010          2            02/10/03         00
    0435582853                           05           04/01/03          0
    9268277                              O            03/01/33
    0


    8572297          313/G02             F          425,000.00         ZZ
                                         360        424,566.69          1
                                       5.875          2,514.04         32
                                       5.625          2,514.04
    PALO ALTO        CA   94301          2            02/19/03         00
    0435586151                           05           04/01/03          0
1


    9302217                              O            03/01/33
    0


    8572307          313/G02             F          400,000.00         ZZ
                                         360        399,611.22          1
                                       6.125          2,430.45         67
                                       5.875          2,430.45
    LIVERMORE        CA   94551          2            02/14/03         00
    0435597455                           05           04/01/03          0
    9310228                              O            03/01/33
    0


    8572319          313/G02             F          367,000.00         ZZ
                                         360        366,178.29          1
                                       6.125          2,229.94         65
                                       5.875          2,229.94
    CHATSWORTH AREA  CA   91311          2            02/20/03         00
    0435584628                           05           04/01/03          0
    9346867                              O            03/01/33
    0


    8572337          313/G02             F          420,000.00         ZZ
                                         360        419,581.88          1
                                       6.000          2,518.12         30
                                       5.750          2,518.12
    FREMONT          CA   94539          2            02/25/03         00
    0435582465                           05           04/01/03          0
    9314634                              O            03/01/33
    0


    8572351          313/G02             F          346,000.00         ZZ
                                         360        345,655.55          1
                                       6.000          2,074.45         45
                                       5.750          2,074.45
    ALAMO            CA   94507          5            02/19/03         00
    0435586060                           05           04/01/03          0
    9325366                              O            03/01/33
    0


    8572365          313/G02             F          441,000.00         ZZ
                                         360        439,571.37          1
                                       6.125          2,679.57         47
                                       5.875          2,679.57
    MANHATTAN BEACH  CA   90266          2            02/20/03         00
    0435581731                           05           04/01/03          0
    9274028                              O            03/01/33
    0


1


    8572369          313/G02             F          457,500.00         ZZ
                                         360        457,022.34          1
                                       5.750          2,669.85         75
                                       5.500          2,669.85
    SAN RAMON        CA   94583          1            03/03/03         00
    0435598420                           05           04/01/03          0
    9333022                              O            03/01/33
    0


    8572423          313/G02             F          469,500.00         ZZ
                                         360        469,500.00          1
                                       6.375          2,929.07         35
                                       6.125          2,929.07
    NEWPORT BEACH    CA   92660          2            02/28/03         00
    0435580030                           03           05/01/03          0
    9233354                              O            04/01/33
    0


    8572437          313/G02             F          425,000.00         ZZ
                                         360        424,576.91          1
                                       6.000          2,548.09         53
                                       5.750          2,548.09
    SAN CARLOS       CA   94070          2            02/20/03         00
    0435582713                           05           04/01/03          0
    9301326                              O            03/01/33
    0


    8572441          313/G02             F          459,000.00         ZZ
                                         360        458,564.48          1
                                       6.250          2,826.15         54
                                       6.000          2,826.15
    SUNNYVALE        CA   94087          2            03/11/03         00
    0435581772                           05           04/01/03          0
    9284753                              O            03/01/33
    0


    8572451          313/G02             F          368,300.00         ZZ
                                         360        368,300.00          1
                                       6.125          2,237.83         67
                                       5.875          2,237.83
    THOUSAND OAKS    CA   91360          5            03/12/03         00
    0435583299                           03           05/01/03          0
    9317884                              O            04/01/33
    0


    8572455          313/G02             F          377,300.00         ZZ
                                         360        377,300.00          3
                                       6.250          2,323.11         63
                                       6.000          2,323.11
1


    REDWOOD CITY     CA   94062          2            03/12/03         00
    0435595665                           05           05/01/03          0
    9331265                              O            04/01/33
    0


    8572457          313/G02             F          465,000.00         ZZ
                                         360        465,000.00          1
                                       5.875          2,750.66         51
                                       5.625          2,750.66
    STUDIO CITY ARE  CA   91604          2            03/05/03         00
    0435630579                           05           05/01/03          0
    9383282                              O            04/01/33
    0


    8572473          313/G02             F          345,500.00         ZZ
                                         360        345,500.00          1
                                       6.000          2,071.45         61
                                       5.750          2,071.45
    SAN FRANCISCO    CA   94121          2            03/12/03         00
    0435601364                           05           05/01/03          0
    9389495                              O            04/01/33
    0


    8572475          313/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.000          2,398.21         52
                                       5.750          2,398.21
    NEWPORT BEACH    CA   92663          5            03/17/03         00
    0435583398                           05           05/01/03          0
    9386327                              O            04/01/33
    0


    8572479          313/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.125          2,187.40         70
                                       5.875          2,187.40
    SAN DIEGO        CA   92127          2            03/10/03         00
    0435581491                           03           05/01/03          0
    9257593                              O            04/01/33
    0


    8573183          E22/G02             F          399,960.00         ZZ
                                         360        399,960.00          1
                                       6.375          2,495.23         80
                                       6.125          2,495.23
    CROCKETT         CA   94525          1            03/21/03         00
    0415975457                           03           05/01/03          0
    0415975457                           O            04/01/33
    0
1




    8573185          E22/G02             F           68,000.00         ZZ
                                         360         68,000.00          2
                                       7.125            458.13         80
                                       6.875            458.13
    PETERSBURG       VA   23803          5            03/26/03         00
    0416009900                           05           05/01/03          0
    0416009900                           N            04/01/33
    0


    8573205          E22/G02             F          185,250.00         ZZ
                                         360        185,250.00          1
                                       6.875          1,216.96         95
                                       6.625          1,216.96
    CLINTON          MD   20735          5            03/27/03         01
    0416204949                           09           05/01/03         30
    0416204949                           O            04/01/33
    0


    8573251          E22/G02             F           45,000.00         ZZ
                                         360         45,000.00          1
                                       7.125            303.17         75
                                       6.875            303.17
    HOUSTON          TX   77049          2            04/01/03         00
    0416294197                           03           05/01/03          0
    0416294197                           N            04/01/33
    0


    8573341          E22/G02             F           70,400.00         ZZ
                                         360         70,400.00          1
                                       6.125            427.76         80
                                       5.875            427.76
    LAKE WORTH       FL   33461          5            03/27/03         00
    0416443877                           05           05/01/03          0
    0416443877                           O            04/01/33
    0


    8573369          E22/G02             F          428,200.00         ZZ
                                         360        428,200.00          1
                                       6.250          2,636.50         79
                                       6.000          2,636.50
    HUNTINGTON BEAC  CA   92646          5            03/26/03         00
    0416472603                           05           05/01/03          0
    0416472603                           O            04/01/33
    0


    8573379          E22/G02             F          391,500.00         ZZ
                                         360        391,500.00          1
1


                                       7.250          2,670.72         90
                                       7.000          2,670.72
    OAKLAND          CA   94605          5            03/20/03         04
    0416478063                           05           05/01/03         25
    0416478063                           O            04/01/33
    0


    8573435          E22/G02             F           77,140.00         ZZ
                                         360         77,140.00          1
                                       7.250            526.23         78
                                       7.000            526.23
    SAN ANTONIO      TX   78233          2            03/27/03         00
    0416546372                           03           05/01/03          0
    0416546372                           N            04/01/33
    0


    8573451          E22/G02             F          376,000.00         ZZ
                                         360        376,000.00          1
                                       6.125          2,284.62         55
                                       5.875          2,284.62
    VACAVILLE        CA   95688          2            03/20/03         00
    0416584092                           05           05/01/03          0
    0416584092                           O            04/01/33
    0


    8575115          642/G02             F           98,800.00         ZZ
                                         360         98,800.00          1
                                       5.750            576.57         95
                                       5.500            576.57
    MAPLE HEIGHTS    OH   44137          5            03/28/03         10
    0435593728                           05           05/01/03         30
    02105603                             O            04/01/33
    0


    8575417          950/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.750          1,945.79         80
                                       6.500          1,945.79
    POULSBO          WA   98370          5            03/19/03         00
    0435588694                           05           05/01/03          0
    E731183                              O            04/01/33
    0


    8575659          X51/G02             F          415,200.00         ZZ
                                         360        415,200.00          1
                                       6.125          2,522.80         80
                                       5.875          2,522.80
    IRVINE           CA   92618          5            03/25/03         00
    0435581467                           01           05/01/03          0
1


    0030227009                           O            04/01/33
    0


    8576127          E47/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.000          1,798.65         80
                                       5.750          1,798.65
    HAYWARD          CA   94544          1            03/14/03         00
    0435592860                           05           05/01/03          0
    7359512884                           O            04/01/33
    0


    8577043          Q14/G02             F           83,700.00         ZZ
                                         360         83,700.00          1
                                       6.375            522.18         90
                                       6.125            522.18
    KANSAS CITY      KS   66112          2            03/28/03         01
    0435590096                           05           05/01/03         25
    0000312111                           O            04/01/33
    0


    8577413          X94/G02             F          237,930.00         ZZ
                                         360        237,930.00          2
                                       6.875          1,563.03         70
                                       6.625          1,563.03
    NEW HOPE         MN   55428          1            03/27/03         00
    0435600523                           05           05/01/03          0
    991324                               N            04/01/33
    0


    8577903          X64/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       5.875          1,183.08         63
                                       5.625          1,183.08
    BLOOMFIELD HILL  MI   48301          2            03/27/03         00
    0435639786                           05           05/01/03          0
    0000003142                           O            04/01/33
    0


    8578223          F36/G02             F           69,000.00         ZZ
                                         360         69,000.00          1
                                       6.125            419.25         75
                                       5.875            419.25
    CLATSKANIE       OR   97016          2            03/17/03         00
    0435600572                           05           05/01/03          0
    06505777                             N            04/01/33
    0


1


    8579909          D03/D03             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       6.000          2,086.44         80
                                       5.750          2,086.44
    MOUNTAIN VIEW    CA   94043          2            03/20/03         00
    RICHA1030003167                      05           05/01/03          0
    RICHA1030003167                      N            04/01/33
    0


    8580377          964/G02             F          168,000.00         ZZ
                                         360        168,000.00          1
                                       6.125          1,020.79         80
                                       5.875          1,020.79
    AURORA           CO   80011          2            03/14/03         00
    0435628458                           05           05/01/03          0
    365034                               N            04/01/33
    0


    8580381          964/G02             F          161,000.00         ZZ
                                         360        161,000.00          1
                                       6.125            978.25         74
                                       5.875            978.25
    AURORA           CO   80011          2            03/14/03         00
    0435627302                           05           05/01/03          0
    365042                               N            04/01/33
    0


    8580419          964/G02             F          321,375.00         ZZ
                                         360        321,375.00          2
                                       5.875          1,901.06         75
                                       5.625          1,901.06
    DENVER           CO   80241          1            03/18/03         00
    0435629472                           05           05/01/03          0
    373180                               O            04/01/33
    0


    8580501          964/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.375          2,620.25         80
                                       6.125          2,620.25
    RENO             NV   89509          5            03/10/03         00
    0435629027                           03           05/01/03          0
    313612                               O            04/01/33
    0


    8580515          964/G02             F          300,700.00         ZZ
                                         360        300,700.00          1
                                       6.125          1,827.09         60
                                       5.875          1,827.09
1


    SAN GABRIEL      CA   91775          2            03/05/03         00
    0435628920                           05           05/01/03          0
    344115                               O            04/01/33
    0


    8580525          964/G02             F          255,225.00         ZZ
                                         360        255,225.00          1
                                       5.500          1,449.14         75
                                       5.250          1,449.14
    OAKLAND          CA   94603          1            03/12/03         00
    0435589569                           01           05/01/03          0
    361856                               O            04/01/33
    0


    8580527          964/G02             F          603,100.00         ZZ
                                         360        603,100.00          1
                                       6.375          3,762.56         80
                                       6.125          3,762.56
    RENO             NV   89511          1            03/19/03         00
    0435625520                           03           05/01/03          0
    218380                               O            04/01/33
    0


    8580529          964/G02             F          428,000.00         ZZ
                                         360        427,584.01          1
                                       6.125          2,600.57         72
                                       5.875          2,600.57
    SEBASTOPOL       CA   95472          5            01/28/03         00
    0435626387                           05           04/01/03          0
    326865                               O            03/01/33
    0


    8580537          964/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.250          2,155.01         70
                                       6.000          2,155.01
    SAN JOSE         CA   95132          5            02/27/03         00
    0435626312                           05           05/01/03          0
    338056                               O            04/01/33
    0


    8580551          964/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.000          1,934.75         70
                                       5.750          1,934.75
    SAN FRANCISCO    CA   94134          2            03/10/03         00
    0435626981                           05           05/01/03          0
    351477                               O            04/01/33
    0
1




    8580895          E22/G02             F           75,200.00         ZZ
                                         240         75,200.00          1
                                       6.250            549.66         80
                                       6.000            549.66
    CORDELL          OK   73632          5            03/28/03         00
    0415971415                           05           05/01/03          0
    0415971415                           O            04/01/23
    0


    8580903          E22/G02             F          599,250.00         ZZ
                                         360        599,250.00          1
                                       6.125          3,641.11         75
                                       5.875          3,641.11
    BELMONT          CA   94002          5            03/19/03         00
    0415995323                           05           05/01/03          0
    0415995323                           O            04/01/33
    0


    8580973          A46/G02             F          107,920.00         ZZ
                                         360        107,920.00          1
                                       6.000            647.04         80
                                       5.750            647.04
    RICHMOND         TX   77469          1            03/19/03         00
    0435600945                           03           05/01/03          0
    0301793                              O            04/01/33
    0


    8581081          E22/G02             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       6.000          2,230.33         80
                                       5.750          2,230.33
    NEW BRAUNFELS    TX   78130          5            03/28/03         00
    0416369981                           05           05/01/03          0
    0416369981                           O            04/01/33
    0


    8581083          E22/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
                                       6.500            556.22         80
                                       6.250            556.22
    SACRAMENTO       CA   95815          1            03/20/03         00
    0416372134                           05           05/01/03          0
    0416372134                           N            04/01/33
    0


    8581085          E22/G02             F          103,600.00         ZZ
                                         360        103,600.00          1
1


                                       6.500            654.82         80
                                       6.250            654.82
    SACRAMENTO       CA   95818          1            03/20/03         00
    0416376408                           05           05/01/03          0
    0416376408                           N            04/01/33
    0


    8581119          E22/G02             F          308,700.00         ZZ
                                         360        308,700.00          1
                                       6.625          1,976.64         90
                                       6.375          1,976.64
    BLOOMINGDALE     NJ   07403          5            03/28/03         11
    0416418424                           05           05/01/03         25
    0416418424                           O            04/01/33
    0


    8581235          E22/G02             F          297,000.00         ZZ
                                         360        297,000.00          1
                                       6.625          1,901.72         93
                                       6.375          1,901.72
    NOVI             MI   48374          2            03/28/03         04
    0416562866                           05           05/01/03         30
    0416562866                           O            04/01/33
    0


    8582019          A39/G02             F          498,500.00         ZZ
                                         360        498,500.00          1
                                       6.000          2,988.76         74
                                       5.750          2,988.76
    ALTADENA         CA   91001          2            03/28/03         00
    0435614888                           05           05/01/03          0
    2300563RFC                           O            04/01/33
    0


    8582079          737/G02             F          320,000.00         ZZ
                                         360        320,000.00          4
                                       5.875          1,892.92         80
                                       5.625          1,892.92
    FLAGSTAFF        AZ   86001          1            03/13/03         00
    0435610175                           05           05/01/03          0
    5002268                              N            04/01/33
    0


    8582147          X67/G02             F          260,000.00         ZZ
                                         360        259,753.31          1
                                       6.250          1,600.86         80
                                       6.000          1,600.86
    RANCHO SANTA MA  CA   92688          1            02/27/03         00
    0435594742                           09           04/01/03          0
1


    00283794                             N            03/01/33
    0


    8582619          N74/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       6.375            598.92         80
                                       6.125            598.92
    CANDLER          NC   28715          5            03/25/03         00
    0435623939                           05           05/01/03          0
    0032038011                           O            04/01/33
    0


    8582837          N74/G02             F           83,000.00         ZZ
                                         360         83,000.00          1
                                       6.875            545.25         90
                                       6.625            545.25
    MAYODAN          NC   27027          5            03/27/03         10
    0435637244                           05           05/01/03         25
    0032042010                           O            04/01/33
    0


    8582893          N74/G02             F          144,200.00         ZZ
                                         360        144,200.00          4
                                       6.750            935.28         70
                                       6.500            935.28
    GREENSBORO       NC   27403          2            03/31/03         00
    0435624770                           05           05/01/03          0
    0032095010                           N            04/01/33
    0


    8582931          N74/G02             F           81,000.00         ZZ
                                         360         81,000.00          1
                                       6.000            485.64         90
                                       5.750            485.64
    BATESBURG        SC   29006          2            03/25/03         10
    0435621560                           05           05/01/03         25
    0032039010                           O            04/01/33
    0


    8582947          U05/G02             F           87,200.00         ZZ
                                         360         87,200.00          2
                                       6.375            544.01         55
                                       6.125            544.01
    MISSOULA         MT   59804          5            03/06/03         00
    0435594288                           05           05/01/03          0
    3295703                              N            04/01/33
    0


1


    8582997          N74/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
                                       6.125            388.87         80
                                       5.875            388.87
    RICHMOND         VA   23223          5            03/25/03         00
    0435625009                           05           05/01/03          0
    0032047010                           O            04/01/33
    0


    8583015          U05/G02             F           87,200.00         ZZ
                                         360         87,200.00          2
                                       6.375            544.01         55
                                       6.125            544.01
    MISSOULA         MT   59804          5            03/06/03         00
    0435602529                           05           05/01/03          0
    3295750                              N            04/01/33
    0


    8583057          U05/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.125          2,551.96         80
                                       5.875          2,551.96
    THOUSAND OAKS    CA   91360          5            03/17/03         00
    0435605555                           05           05/01/03          0
    3313187                              O            04/01/33
    0


    8583077          T44/G02             F          278,400.00         ZZ
                                         360        278,400.00          1
                                       6.250          1,714.16         80
                                       6.000          1,714.16
    CAMERON PARK     CA   95682          1            03/05/03         00
    0435630009                           05           05/01/03          0
    1068038                              O            04/01/33
    0


    8583099          U05/G02             F           87,200.00         ZZ
                                         360         87,200.00          2
                                       6.375            544.01         55
                                       6.125            544.01
    MISSOULA         MT   59804          2            03/06/03         00
    0435594213                           05           05/01/03          0
    3295772                              N            04/01/33
    0


    8583163          U05/G02             F           87,200.00         ZZ
                                         360         87,200.00          2
                                       6.375            544.01         55
                                       6.125            544.01
1


    MISSOULA         MT   59804          2            03/06/03         00
    0435594254                           05           05/01/03          0
    3295777                              N            04/01/33
    0


    8583351          E76/G02             F           67,200.00         ZZ
                                         360         67,200.00          2
                                       6.875            441.46         80
                                       6.625            441.46
    FORT WORTH       TX   76114          1            03/28/03         00
    0435603865                           05           05/01/03          0
    10020235                             N            04/01/33
    0


    8583361          962/G02             F           86,300.00         ZZ
                                         360         86,300.00          1
                                       6.250            531.36         90
                                       6.000            531.36
    FARGO            ND   58102          1            03/31/03         04
    0435603923                           05           05/01/03         25
    1                                    N            04/01/33
    0


    8583373          738/G02             F           64,300.00         ZZ
                                         360         64,300.00          1
                                       6.375            401.15         76
                                       6.125            401.15
    BIRMINGHAM       AL   35213          2            03/19/03         00
    0435597786                           01           05/01/03          0
    40916006                             N            04/01/33
    0


    8584455          E22/G02             F           96,000.00         T
                                         360         96,000.00          1
                                       6.375            598.92         80
                                       6.125            598.92
    PORT ST. LUCIE   FL   34983          1            04/03/03         00
    0416221083                           05           05/01/03          0
    0416221083                           O            04/01/33
    0


    8584463          E22/G02             F           83,700.00         ZZ
                                         360         83,700.00          2
                                       7.250            570.98         90
                                       7.000            570.98
    WESTWEGO         LA   70094          1            04/03/03         01
    0416244689                           05           05/01/03         25
    0416244689                           N            04/01/33
    0
1




    8584475          E22/G02             F           52,800.00         ZZ
                                         360         52,800.00          1
                                       7.000            351.28         80
                                       6.750            351.28
    MONTEVALLO       AL   35115          2            04/03/03         00
    0416303147                           05           05/01/03          0
    0416303147                           N            04/01/33
    0


    8584529          E22/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.250          3,078.59         80
                                       6.000          3,078.59
    HOUSTON          TX   77024          5            03/28/03         00
    0416411213                           05           05/01/03          0
    0416411213                           O            04/01/33
    0


    8584567          E22/G02             F          415,000.00         ZZ
                                         360        415,000.00          1
                                       6.125          2,521.58         73
                                       5.875          2,521.58
    LOS ANGELES      CA   90056          5            03/26/03         00
    0416451607                           05           05/01/03          0
    0416451607                           O            04/01/33
    0


    8584605          E22/G02             F           30,000.00         ZZ
                                         360         30,000.00          2
                                       7.000            199.59         75
                                       6.750            199.59
    N CHARLESTON     SC   29406          5            04/03/03         00
    0416524668                           05           05/01/03          0
    0416524668                           N            04/01/33
    0


    8584607          E22/G02             F           67,500.00         ZZ
                                         360         67,500.00          1
                                       7.000            449.08         75
                                       6.750            449.08
    HANAHAN          SC   29406          5            04/03/03         00
    0416524734                           01           05/01/03          0
    0416524734                           N            04/01/33
    0


    8584625          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
1


                                       6.500            606.79         80
                                       6.250            606.79
    DUMFRIES         VA   22026          5            04/03/03         00
    0416562056                           01           05/01/03          0
    0416562056                           N            04/01/33
    0


    8586975          964/G02             F          290,000.00         ZZ
                                         360        290,000.00          1
                                       5.500          1,646.59         68
                                       5.250          1,646.59
    OAKLAND          CA   94611          5            03/12/03         00
    0435630082                           05           05/01/03          0
    311728                               O            04/01/33
    0


    8586977          964/G02             F          103,500.00         ZZ
                                         360        103,500.00          1
                                       6.250            637.27         75
                                       6.000            637.27
    FRESNO           CA   93722          5            03/21/03         00
    0435641303                           05           05/01/03          0
    328549                               N            04/01/33
    0


    8586995          964/G02             F          281,000.00         ZZ
                                         360        281,000.00          1
                                       6.000          1,684.74         62
                                       5.750          1,684.74
    SCOTTSDALE       AZ   85262          5            03/11/03         00
    0435630199                           03           05/01/03          0
    341936                               O            04/01/33
    0


    8587007          964/G02             F          257,000.00         ZZ
                                         360        257,000.00          1
                                       5.875          1,520.25         46
                                       5.625          1,520.25
    SAN LUIS OBISPO  CA   93405          5            03/20/03         00
    0435630967                           05           05/01/03          0
    349111                               O            04/01/33
    0


    8587013          964/G02             F          444,000.00         ZZ
                                         360        444,000.00          1
                                       6.125          2,697.79         80
                                       5.875          2,697.79
    RATHDRUM         ID   83858          5            03/20/03         00
    0435608427                           05           05/01/03          0
1


    352821                               O            04/01/33
    0


    8587015          964/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.000          2,398.20         75
                                       5.750          2,398.20
    PORTLAND         OR   97220          5            03/18/03         00
    0435641600                           05           05/01/03          0
    357957                               O            04/01/33
    0


    8587017          964/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.000          1,199.10         48
                                       5.750          1,199.10
    SANTA FE         NM   87507          5            03/19/03         00
    0435604442                           05           05/01/03          0
    353883                               O            04/01/33
    0


    8587037          964/G02             F           97,500.00         ZZ
                                         360         97,500.00          1
                                       6.250            600.32         65
                                       6.000            600.32
    EAGLE POINT      OR   97524          5            03/20/03         00
    0435641360                           05           05/01/03          0
    366665                               N            04/01/33
    0


    8587053          964/G02             F          124,500.00         ZZ
                                         360        124,500.00          1
                                       6.000            746.44         89
                                       5.750            746.44
    SURPRISE         AZ   85374          2            03/17/03         01
    0435608633                           03           05/01/03         25
    359163                               O            04/01/33
    0


    8587093          964/G02             F          127,000.00         ZZ
                                         360        127,000.00          1
                                       6.250            781.96         79
                                       6.000            781.96
    EUREKA           CA   95501          2            03/17/03         00
    0435631403                           05           05/01/03          0
    364855                               N            04/01/33
    0


1


    8587095          964/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.250            615.72         80
                                       6.000            615.72
    LAS VEGAS        NV   89108          2            03/18/03         00
    0435641675                           05           05/01/03          0
    364818                               N            04/01/33
    0


    8587099          964/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
                                       6.250            609.56         74
                                       6.000            609.56
    LAS VEGAS        NV   89108          2            03/18/03         00
    0435641543                           05           05/01/03          0
    364822                               N            04/01/33
    0


    8587101          964/G02             F          322,000.00         ZZ
                                         360        322,000.00          1
                                       5.875          1,904.75         77
                                       5.625          1,904.75
    FOLSOM           CA   95630          1            03/21/03         00
    0435607700                           03           05/01/03          0
    366036                               O            04/01/33
    0


    8587145          964/G02             F          262,500.00         ZZ
                                         360        262,500.00          1
                                       5.625          1,511.10         70
                                       5.375          1,511.10
    INCLINE VILLAGE  NV   89451          5            03/17/03         00
    0435608708                           01           05/01/03          0
    380102                               O            04/01/33
    0


    8587517          964/G02             F          290,000.00         ZZ
                                         360        290,000.00          1
                                       5.875          1,715.46         70
                                       5.625          1,715.46
    PLEASANT HILL    CA   94523          5            03/19/03         00
    0435607627                           09           05/01/03          0
    367152                               O            04/01/33
    0


    8587527          964/G02             F          273,750.00         ZZ
                                         360        273,750.00          1
                                       6.125          1,663.33         73
                                       5.875          1,663.33
1


    FORESTVILLE      CA   95436          2            03/19/03         00
    0435605712                           05           05/01/03          0
    368364                               O            04/01/33
    0


    8587531          964/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       6.000          1,319.01         74
                                       5.750          1,319.01
    WESTMINSTER      CA   92683          2            03/20/03         00
    0435602818                           05           05/01/03          0
    369018                               O            04/01/33
    0


    8587533          964/G02             F          219,000.00         ZZ
                                         360        219,000.00          1
                                       6.000          1,313.02         49
                                       5.750          1,313.02
    FREMONT          CA   94536          2            03/19/03         00
    0435606355                           03           05/01/03          0
    369778                               O            04/01/33
    0


    8587541          964/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       5.500          1,476.25         64
                                       5.250          1,476.25
    SANTA ANA        CA   92705          1            03/21/03         00
    0435626692                           05           05/01/03          0
    370757                               O            04/01/33
    0


    8587665          964/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       5.625          1,583.06         70
                                       5.375          1,583.06
    LAGUNA NIGUEL    CA   92677          5            03/19/03         00
    0435634787                           03           05/01/03          0
    339456                               O            04/01/33
    0


    8587691          964/G02             F          297,400.00         ZZ
                                         360        297,400.00          1
                                       6.125          1,807.03         70
                                       5.875          1,807.03
    THOUSAND OAKS    CA   91320          2            03/14/03         00
    0435613476                           05           05/01/03          0
    351521                               O            04/01/33
    0
1




    8587693          964/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.125          1,822.83         64
                                       5.875          1,822.83
    MILPITAS         CA   95035          2            03/18/03         00
    0435628680                           05           05/01/03          0
    351811                               O            04/01/33
    0


    8587723          964/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.000          1,934.75         76
                                       5.750          1,934.75
    MILPITAS         CA   95035          5            03/18/03         00
    0435633706                           05           05/01/03          0
    356107                               O            04/01/33
    0


    8587725          964/G02             F          222,000.00         ZZ
                                         360        222,000.00          1
                                       6.000          1,331.00         67
                                       5.750          1,331.00
    IRVINE           CA   92620          2            03/11/03         00
    0435608484                           01           05/01/03          0
    356782                               O            04/01/33
    0


    8587731          964/G02             F          300,000.00         ZZ
                                         360        300,000.00          2
                                       6.250          1,847.15         47
                                       6.000          1,847.15
    OAKLAND          CA   94606          5            03/13/03         00
    0435602545                           05           05/01/03          0
    359016                               O            04/01/33
    0


    8587739          964/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       5.750          1,400.58         44
                                       5.500          1,400.58
    BURBANK          CA   91504          5            03/11/03         00
    0435611678                           05           05/01/03          0
    359785                               O            04/01/33
    0


    8587741          964/G02             F          230,000.00         ZZ
                                         360        230,000.00          1
1


                                       5.875          1,360.54         37
                                       5.625          1,360.54
    MILL VALLEY      CA   94941          5            03/18/03         00
    0435607650                           05           05/01/03          0
    359804                               O            04/01/33
    0


    8587747          964/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       5.875          1,538.00         58
                                       5.625          1,538.00
    SAN FRANCISCO    CA   94112          5            03/13/03         00
    0435607692                           05           05/01/03          0
    361216                               O            04/01/33
    0


    8587915          940/G02             F          101,000.00         ZZ
                                         360        101,000.00          1
                                       6.875            663.50         34
                                       6.625            663.50
    NEWPORT BEACH    CA   92663          1            03/22/03         00
    0435621321                           01           05/01/03          0
    40030330                             N            04/01/33
    0


    8587947          X31/G02             F          311,500.00         ZZ
                                         360        311,500.00          1
                                       6.250          1,917.96         70
                                       6.000          1,917.96
    ORANGE           CA   92867          1            03/27/03         00
    0435621339                           03           05/01/03          0
    41000749                             O            04/01/33
    0


    8587961          L03/G02             F          303,000.00         ZZ
                                         360        303,000.00          1
                                       6.125          1,841.06         76
                                       5.875          1,841.06
    GLENDALE         AZ   85301          2            03/17/03         00
    0435619556                           05           05/01/03          0
    40008988                             O            04/01/33
    0


    8588035          B28/G02             F          228,323.00         ZZ
                                         360        228,323.00          1
                                       6.500          1,443.16         85
                                       6.250          1,443.16
    LAKEWOOD         CO   80228          1            03/31/03         01
    0435610209                           09           05/01/03         25
1


    01300584                             O            04/01/33
    0


    8588119          E47/G02             F          291,500.00         ZZ
                                         360        291,500.00          1
                                       6.250          1,794.82         77
                                       6.000          1,794.82
    SAN JUAN CAPIST  CA   92675          5            03/21/03         00
    0435620380                           07           05/01/03          0
    7331015016                           O            04/01/33
    0


    8588143          P44/G02             F          216,000.00         ZZ
                                         360        216,000.00          2
                                       6.875          1,418.97         80
                                       6.625          1,418.97
    LYNN             MA   01902          1            04/02/03         00
    0435611991                           05           05/01/03          0
    1                                    N            04/01/33
    0


    8588171          P44/G02             F           76,050.00         ZZ
                                         360         76,050.00          2
                                       7.000            505.96         90
                                       6.750            505.96
    WARE             MA   01082          1            04/01/03         04
    0435598297                           05           05/01/03         25
    1                                    N            04/01/33
    0


    8588547          E22/G02             F           97,800.00         ZZ
                                         360         97,800.00          1
                                       6.250            602.17         73
                                       6.000            602.17
    ELLENSBURG       WA   98926          2            03/27/03         00
    0416261584                           05           05/01/03          0
    0416261584                           N            04/01/33
    0


    8588641          E22/G02             F           77,700.00         ZZ
                                         360         77,700.00          1
                                       7.000            516.94         95
                                       6.750            516.94
    KALAMAZOO        MI   49048          5            03/31/03         01
    0416393965                           05           05/01/03         30
    0416393965                           O            04/01/33
    0


1


    8588677          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       6.125            486.09         80
                                       5.875            486.09
    SAN ANTONIO      TX   78223          5            03/31/03         00
    0416429777                           05           05/01/03          0
    0416429777                           O            04/01/33
    0


    8588985          P44/G02             F           76,050.00         ZZ
                                         360         76,050.00          3
                                       7.000            505.96         90
                                       6.750            505.96
    WARE             MA   01082          1            04/01/03         04
    0435600861                           05           05/01/03         25
    GOGUEN                               N            04/01/33
    0


    8589267          Q30/G02             F           62,000.00         ZZ
                                         360         62,000.00          1
                                       6.375            386.80         80
                                       6.125            386.80
    EAST STROUDSBUR  PA   18301          1            03/21/03         00
    0435617311                           05           05/01/03          0
    21020647                             O            04/01/33
    0


    8589293          K60/G02             F          296,000.00         ZZ
                                         360        296,000.00          1
                                       6.500          1,870.93         80
                                       6.250          1,870.93
    MILTON           MA   02186          5            03/28/03         00
    0435631155                           05           05/01/03          0
    75402                                O            04/01/33
    0


    8589435          N74/G02             F          128,000.00         ZZ
                                         240        128,000.00          1
                                       5.750            898.67         78
                                       5.500            898.67
    MONTICELLO       AR   71655          5            03/28/03         00
    0435597604                           05           05/02/03          0
    0032091010                           O            04/02/23
    0


    8589669          N47/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.375          2,121.16         59
                                       6.125          2,121.16
1


    CARMEL           CA   93923          5            03/26/03         00
    0435641410                           05           05/01/03          0
    20504303                             O            04/01/33
    0


    8589801          A50/G02             F           80,000.00         ZZ
                                         360         80,000.00          2
                                       6.500            505.65         75
                                       6.250            505.65
    KINGSLAND        GA   31558          2            03/28/03         00
    0435628839                           05           05/01/03          0
    621107                               N            04/01/33
    0


    8589917          N47/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       6.625          1,383.07         80
                                       6.375          1,383.07
    VISTA            CA   92084          1            03/25/03         00
    0435642657                           05           05/01/03          0
    30502958                             N            04/01/33
    0


    8590053          883/G02             F          232,500.00         ZZ
                                         360        232,500.00          1
                                       6.375          1,450.50         75
                                       6.125          1,450.50
    HENDERSON        NV   89015          5            03/26/03         00
    0435637236                           03           05/01/03          0
    72001176                             O            04/01/33
    0


    8590141          K15/G02             F          276,200.00         ZZ
                                         300        276,200.00          1
                                       6.625          1,886.55         82
                                       6.375          1,886.55
    MOUNT VERNON     OH   43050          5            03/26/03         41
    0435611215                           05           05/01/03         12
    036905506952                         O            04/01/28
    0


    8590361          X84/G02             F           44,000.00         ZZ
                                         360         44,000.00          2
                                       6.875            289.05         74
                                       6.625            289.05
    BALTIMORE        MD   21213          2            03/31/03         00
    0435631478                           02           05/01/03          0
    1801143                              N            04/01/33
    0
1




    8590409          K15/G02             F           74,200.00         ZZ
                                         360         74,200.00          1
                                       6.750            481.26         75
                                       6.500            481.26
    FAYETTEVILLE     AR   72701          2            03/26/03         00
    0435613054                           05           05/01/03          0
    038205508221                         O            04/01/33
    0


    8590487          X84/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       7.125            458.13         80
                                       6.875            458.13
    BALTIMORE        MD   21206          2            03/31/03         00
    0435638150                           05           05/01/03          0
    1602578                              N            04/01/33
    0


    8590539          X84/G02             F           65,600.00         ZZ
                                         360         65,600.00          1
                                       7.125            441.97         80
                                       6.875            441.97
    BALTIMORE        MD   21222          2            03/31/03         00
    0435638200                           02           05/01/03          0
    1602580                              N            04/01/33
    0


    8590565          A06/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
                                       6.375            549.01         79
                                       6.125            549.01
    REDFORD          MI   48239          2            03/25/03         00
    0435611785                           05           05/01/03          0
    100002032182                         O            04/01/33
    0


    8590789          642/G02             F          203,200.00         ZZ
                                         360        203,200.00          1
                                       6.250          1,251.14         80
                                       6.000          1,251.14
    NATIONAL CITY    CA   91950          5            03/31/03         00
    0435631189                           05           05/01/03          0
    03-2103-03                           O            04/01/33
    0


    8591141          R84/G02             F           68,570.00         ZZ
                                         360         68,570.00          1
1


                                       6.750            444.74         90
                                       6.500            444.74
    LAS VEGAS        NV   89121          1            03/10/03         10
    0435626643                           05           05/01/03         25
    LVW5931                              O            04/01/33
    0


    8591439          U19/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.125          3,949.47         80
                                       5.875          3,949.47
    HIGHLAND RANCH   CO   80129          2            03/17/03         00
    0435625298                           03           05/01/03          0
    15150109                             O            04/01/33
    0


    8591711          U05/G02             F          263,200.00         ZZ
                                         360        263,200.00          1
                                       6.125          1,599.23         80
                                       5.875          1,599.23
    GRANADA HILLS    CA   91344          1            03/21/03         00
    0435653316                           05           05/01/03          0
    3324165                              O            04/01/33
    0


    8592005          X67/G02             F           67,500.00         ZZ
                                         360         67,500.00          2
                                       7.250            460.47         90
                                       7.000            460.47
    DETROIT          MI   48205          1            03/24/03         11
    0435632765                           05           05/01/03         25
    00241706                             N            04/01/33
    0


    8592281          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.250          1,231.43         72
                                       6.000          1,231.43
    MURRIETA         CA   92562          5            03/24/03         00
    0416229243                           05           05/01/03          0
    0416229243                           O            04/01/33
    0


    8592349          E22/G02             F           47,000.00         ZZ
                                         360         47,000.00          1
                                       6.875            308.76         73
                                       6.625            308.76
    BIRMINGHAM       AL   35211          2            04/07/03         00
    0416320406                           05           05/01/03          0
1


    0416320406                           N            04/01/33
    0


    8592951          E22/G02             F           95,000.00         ZZ
                                         360         95,000.00          1
                                       6.250            584.93         95
                                       6.000            584.93
    LOXLEY           AL   36551          5            04/01/03         04
    0416538692                           05           05/01/03         30
    0416538692                           O            04/01/33
    0


    8593141          Q14/G02             F          102,000.00         ZZ
                                         360        102,000.00          1
                                       6.000            611.54         80
                                       5.750            611.54
    NORTH LIBERTY    IA   52317          2            03/27/03         00
    0435613195                           01           05/01/03          0
    0000311864                           O            04/01/33
    0


    8593333          U05/G02             F          261,800.00         ZZ
                                         360        261,800.00          4
                                       6.625          1,676.33         70
                                       6.375          1,676.33
    LOOMIS           CA   95650          5            03/14/03         00
    0435607221                           05           05/01/03          0
    3324620                              N            04/01/33
    0


    8593891          N47/G02             F          404,000.00         ZZ
                                         360        404,000.00          1
                                       6.375          2,520.43         80
                                       6.125          2,520.43
    GOLD RIVER       CA   95670          5            03/10/03         00
    0435640560                           03           05/01/03          0
    20502985                             O            04/01/33
    0


    8593921          N47/G02             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.125          2,369.68         57
                                       5.875          2,369.68
    CLAYTON          CA   94517          1            03/18/03         00
    0435638770                           05           05/01/03          0
    90501282                             O            04/01/33
    0


1


    8594295          M07/G02             F           50,350.00         ZZ
                                         360         50,350.00          1
                                       6.625            322.40         95
                                       6.375            322.40
    REDLANDS         CA   92373          1            03/20/03         27
    0435632989                           01           05/01/03         30
    01030218                             O            04/01/33
    0


    8595165          Q14/G02             F           93,600.00         ZZ
                                         360         93,600.00          1
                                       6.000            561.18         80
                                       5.750            561.18
    ODESSA           MO   64076          1            03/27/03         00
    0435626148                           05           05/01/03          0
    00003-12100                          O            04/01/33
    0


    8595191          P09/G02             F          171,200.00         ZZ
                                         360        171,200.00          1
                                       6.125          1,040.23         80
                                       5.875          1,040.23
    OAKVILLE         CT   06779          2            04/02/03         00
    0435640958                           05           05/01/03          0
    030231159                            O            04/01/33
    0


    8595373          L76/G02             F          136,800.00         ZZ
                                         240        136,800.00          1
                                       5.875            970.24         95
                                       5.625            970.24
    ROCHESTER        MN   55904          2            04/04/03         26
    0435633771                           05           06/01/03         30
    9507501                              O            05/01/23
    0


    8595547          W53/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       6.500            606.79         80
                                       6.250            606.79
    WESLEY CHAPEL    FL   33543          1            03/27/03         00
    0435641998                           03           05/01/03          0
    1302000727                           O            04/01/33
    0


    8595601          E22/G02             F          100,700.00         ZZ
                                         360        100,700.00          1
                                       6.750            653.14         85
                                       6.500            653.14
1


    HILLSBORO        OR   97123          1            03/27/03         04
    0416240620                           01           05/01/03         20
    0416240620                           N            04/01/33
    0


    8595903          E22/G02             F          322,000.00         ZZ
                                         360        322,000.00          1
                                       6.000          1,930.55         74
                                       5.750          1,930.55
    SAN FRANCISCO    CA   94134          1            03/28/03         00
    0416539989                           05           05/01/03          0
    0416539989                           O            04/01/33
    0


    8596785          T29/G02             F           76,800.00         ZZ
                                         360         76,800.00          1
                                       6.375            479.13         80
                                       6.125            479.13
    YUMA             AZ   85364          5            03/27/03         00
    0435634118                           05           05/01/03          0
    1533005                              N            04/01/33
    0


    8597291          B76/G02             F           86,250.00         ZZ
                                         360         86,250.00          1
                                       7.000            573.83         75
                                       6.750            573.83
    DETROIT          MI   48235          5            03/31/03         00
    0435648068                           05           05/01/03          0
    0004711727                           N            04/01/33
    0


    8597649          L20/G02             F          190,800.00         ZZ
                                         360        190,800.00          1
                                       6.500          1,205.99         90
                                       6.250          1,205.99
    CALDWELL         ID   83605          5            03/28/03         12
    0435646526                           03           05/01/03         25
    1241020001                           O            04/01/33
    0


    8598013          K15/G02             F           56,100.00         ZZ
                                         360         56,100.00          1
                                       6.250            345.42         75
                                       6.000            345.42
    VALE             NC   28168          5            03/26/03         00
    0435627468                           05           05/01/03          0
    017405513076                         O            04/01/33
    0
1




    8598081          A06/G02             F          276,800.00         ZZ
                                         360        276,800.00          1
                                       5.875          1,637.38         69
                                       5.625          1,637.38
    WESTLAKE VILLAG  CA   91362          2            03/31/03         00
    0435612429                           01           05/01/03          0
    021000020232779                      N            04/01/33
    0


    8599653          168/168             F           81,900.00         ZZ
                                         360         81,711.90          3
                                       7.375            565.66         90
                                       7.125            565.66
    COLUMBUS         OH   43224          1            12/11/02         10
    0099803348                           05           02/01/03         25
    0099803348                           N            01/01/33
    0


    8599771          A50/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
                                       6.875            492.70         74
                                       6.625            492.70
    BOILING SPRINGS  SC   29316          2            03/26/03         00
    0435627096                           05           05/01/03          0
    968858                               N            04/01/33
    0


    8600861          K15/G02             F           51,200.00         ZZ
                                         360         51,200.00          1
                                       7.000            340.63         80
                                       6.750            340.63
    FAIRFIELD        OH   45014          5            03/26/03         00
    0435635446                           01           05/01/03          0
    028105507453                         O            04/01/33
    0


    8600899          K15/G02             F           55,100.00         ZZ
                                         360         55,100.00          1
                                       6.500            348.27         72
                                       6.250            348.27
    BERLIN           NH   03570          5            03/25/03         00
    0435641188                           05           05/01/03          0
    033105512550                         O            04/01/33
    0


    8601553          K15/G02             F          135,600.00         ZZ
                                         360        135,600.00          2
1


                                       7.000            902.15         85
                                       6.750            902.15
    BRIDGEPORT       CT   06605          2            03/17/03         41
    0435636386                           05           05/01/03         12
    037405507792                         O            04/01/33
    0


    8601985          X89/G02             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       5.875          2,176.86         80
                                       5.625          2,176.86
    ANAHEIM          CA   92806          1            03/31/03         00
    0435662267                           03           05/01/03          0
    2002257                              O            04/01/33
    0


    8603615          758/G02             F          162,000.00         ZZ
                                         360        162,000.00          1
                                       7.125          1,091.42         90
                                       6.875          1,091.42
    MONTGOMERY       TX   77356          1            03/25/03         04
    0435663539                           03           05/01/03         25
    330831                               O            04/01/33
    0


    8604783          G34/G02             F           92,700.00         ZZ
                                         360         92,700.00          2
                                       7.125            624.54         90
                                       6.875            624.54
    TORRINGTON       CT   06790          1            03/28/03         04
    0435639950                           05           05/01/03         25
    47000222                             N            04/01/33
    0


    8604891          K15/G02             F           89,200.00         ZZ
                                         360         89,200.00          1
                                       7.000            593.45         85
                                       6.750            593.45
    NORFOLK          VA   23513          5            03/25/03         41
    0435640842                           05           05/01/03         12
    012305507357                         O            04/01/33
    0


    8609195          738/G02             F          303,000.00         ZZ
                                         360        303,000.00          2
                                       6.125          1,841.06         76
                                       5.875          1,841.06
    MIAMI            FL   33144          1            03/26/03         00
    0435653639                           07           05/01/03          0
1


    40957104                             O            04/01/33
    0


    8609987          253/253             F           66,000.00         ZZ
                                         360         66,000.00          1
                                       7.000            439.10         63
                                       6.750            439.10
    BIRMINGHAM       AL   35223          1            03/31/03         00
    466259                               05           05/01/03          0
    466259                               N            04/01/33
    0


    8614981          H58/G02             F          365,000.00         ZZ
                                         360        365,000.00          1
                                       6.000          2,188.36         64
                                       5.750          2,188.36
    REDDING          CA   96001          5            03/31/03         00
    0435632096                           05           05/01/03          0
    0000144679                           O            04/01/33
    0


    8616999          Q14/G02             F           68,800.00         ZZ
                                         360         68,800.00          1
                                       6.000            412.49         58
                                       5.750            412.49
    OLATHE           KS   66061          2            03/24/03         00
    0435638796                           05           05/01/03          0
    00003-11923                          O            04/01/33
    0

   TOTAL NUMBER OF LOANS   :      1,735

   TOTAL ORIGINAL BALANCE  :   318,408,712.84

   TOTAL PRINCIPAL BALANCE :   318,111,410.80

   TOTAL ORIGINAL P+I      :     1,984,293.12

   TOTAL CURRENT P+I       :     1,984,293.12


                             ***************************
                             *      END OF REPORT      *
                             ***************************


<PAGE>

<TABLE>
<CAPTION>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS


                               Schedule of Discount Fractions

    Loan Number     Current Balance    Net Mortgage Rate  Discount Fraction   PO Balance
<S>   <C>             <C>                   <C>                <C>            <C>
      8353536         $322,363.08           5.470%             4.8696%        $15,697.68
      8354086         $390,000.00           5.720%             0.5217%         $2,034.78
      8354780         $486,000.00           5.720%             0.5217%         $2,535.65
      8359354         $380,000.00           5.720%             0.5217%         $1,982.61
      8360320         $266,000.00           5.720%             0.5217%         $1,387.83
      8360324         $69,000.00            5.595%             2.6957%         $1,860.00
      8375877         $197,004.54           5.720%             0.5217%         $1,027.85
      8407525         $297,405.20           5.720%             0.5217%         $1,551.68
      8413853         $145,455.05           5.720%             0.5217%          $758.90
      8445737         $271,919.18           5.720%             0.5217%         $1,418.71
      8464617         $164,831.77           5.595%             2.6957%         $4,443.29
      8465421         $409,571.93           5.470%             4.8696%        $19,944.37
      8465569         $145,687.10           5.345%             7.0435%        $10,261.44
      8477889         $245,749.19           5.595%             2.6957%         $6,624.54
      8478053         $322,378.75           5.720%             0.5217%         $1,681.98
      8487375         $149,850.67           5.720%             0.5217%          $781.83
      8487705         $59,400.00            5.720%             0.5217%          $309.91
      8496297         $252,735.85           5.470%             4.8696%        $12,307.14
      8501891         $70,500.00            5.720%             0.5217%          $367.83
      8502793         $119,874.71           5.470%             4.8696%         $5,837.38
      8503059         $326,150.67           5.345%             7.0435%        $22,972.35
      8504393         $359,533.70           5.720%             0.5217%         $1,875.83
      8504429         $358,376.17           5.595%             2.6957%         $9,660.58
      8504435         $463,073.87           5.720%             0.5217%         $2,416.04
      8504447         $474,715.51           5.595%             2.6957%        $12,796.68
      8504543         $113,749.59           5.595%             2.6957%         $3,066.29
      8504557         $324,341.36           5.720%             0.5217%         $1,692.22
      8504577         $389,183.69           5.470%             4.8696%        $18,951.55
      8507045         $164,835.74           5.720%             0.5217%          $860.01
      8507367         $219,200.00           5.720%             0.5217%         $1,143.65
      8508587         $150,496.41           5.595%             2.6957%         $4,056.86
      8509397         $126,700.00           5.595%             2.6957%         $3,415.39
      8509787         $119,790.00           5.720%             0.5217%          $624.99
      8510277         $125,000.00           5.595%             2.6957%         $3,369.57
      8511375         $415,000.00           5.595%             2.6957%        $11,186.96
      8511781         $198,400.00           5.710%             0.6957%         $1,380.17
      8511935         $59,700.00            5.595%             2.6957%         $1,609.30
      8512033         $156,000.00           5.595%             2.6957%         $4,205.22
      8512057         $113,500.00           5.720%             0.5217%          $592.17
      8512073         $178,500.00           5.595%             2.6957%         $4,811.74
      8512131         $220,000.00           5.720%             0.5217%         $1,147.83
      8512197         $70,000.00            5.720%             0.5217%          $365.22
      8512217         $249,000.00           5.595%             2.6957%         $6,712.17
      8512225         $598,000.00           5.720%             0.5217%         $3,120.00
      8512295         $295,000.00           5.595%             2.6957%         $7,952.17
      8512333         $230,000.00           5.720%             0.5217%         $1,200.00
      8512383         $189,000.00           5.595%             2.6957%         $5,094.78
      8515211         $136,000.00           5.595%             2.6957%         $3,666.09
      8516227         $150,000.00           5.595%             2.6957%         $4,043.48
      8516875         $89,906.03            5.470%             4.8696%         $4,378.03
      8522017         $136,360.83           5.595%             2.6957%         $3,675.81
      8522023         $124,872.56           5.595%             2.6957%         $3,366.13
      8522029         $137,855.92           5.470%             4.8696%         $6,712.98


 Tuesday, April 22, 2003                                                        Page 1 of 6

      8522437         $458,000.00           5.720%             0.5217%         $2,389.57
      8522465         $94,400.00            5.720%             0.5217%          $492.52
      8522603         $292,500.00           5.720%             0.5217%         $1,526.09
      8523151         $234,754.64           5.470%             4.8696%        $11,431.53
      8523153         $219,276.21           5.595%             2.6957%         $5,910.92
      8523155         $299,694.14           5.595%             2.6957%         $8,078.71
      8523169         $179,820.81           5.720%             0.5217%          $938.20
      8523229         $534,454.54           5.595%             2.6957%        $14,407.04
      8523237         $191,808.86           5.720%             0.5217%         $1,000.74
      8523297         $230,241.72           5.095%            11.3913%        $26,227.54
      8523735         $223,766.13           5.470%             4.8696%        $10,896.44
      8523737         $149,847.06           5.595%             2.6957%         $4,039.36
      8523739         $233,761.42           5.595%             2.6957%         $6,301.39
      8526769         $484,500.00           5.470%             4.8696%        $23,593.04
      8526813         $180,000.00           5.595%             2.6957%         $4,852.17
      8526823         $498,000.00           5.720%             0.5217%         $2,598.26
      8527649         $234,000.00           5.720%             0.5217%         $1,220.87
      8528241         $429,000.00           5.720%             0.5217%         $2,238.26
      8528383         $218,800.00           5.595%             2.6957%         $5,898.09
      8528461         $223,766.13           5.470%             4.8696%        $10,896.44
      8528755         $272,820.04           5.345%             7.0435%        $19,216.02
      8529241         $78,000.00            5.720%             0.5217%          $406.96
      8529291         $293,000.00           5.220%             9.2174%        $27,006.96
      8529383         $218,500.00           5.720%             0.5217%         $1,140.00
      8529713         $249,745.12           5.595%             2.6957%         $6,732.26
      8530535         $137,600.00           5.595%             2.6957%         $3,709.22
      8530551         $220,000.00           5.720%             0.5217%         $1,147.83
      8530591         $299,500.00           5.720%             0.5217%         $1,562.61
      8530599         $491,250.00           5.720%             0.5217%         $2,563.04
      8530651         $107,668.05           5.595%             2.6957%         $2,902.36
      8530773         $152,000.00           5.595%             2.6957%         $4,097.39
      8531995         $252,700.00           5.720%             0.5217%         $1,318.43
      8532211         $123,500.00           5.720%             0.5217%          $644.35
      8532549         $387,225.55           5.720%             0.5217%         $2,020.31
      8532863         $105,788.41           5.720%             0.5217%          $551.94
      8533199         $149,999.99           5.720%             0.5217%          $782.61
      8533245         $420,608.78           5.720%             0.5217%         $2,194.48
      8533265         $279,721.25           5.720%             0.5217%         $1,459.42
      8533479         $159,672.92           5.595%             2.6957%         $4,304.23
      8533601         $64,870.26            5.720%             0.5217%          $338.45
      8533695         $199,197.56           5.720%             0.5217%         $1,039.29
      8533763         $78,592.81            5.720%             0.5217%          $410.05
      8533775         $60,439.77            5.720%             0.5217%          $315.34
      8533787         $298,222.85           5.720%             0.5217%         $1,555.95
      8533963         $206,477.07           5.595%             2.6957%         $5,565.90
      8533967         $88,822.34            5.720%             0.5217%          $463.42
      8534159         $125,498.99           5.720%             0.5217%          $654.78
      8534167         $389,221.56           5.720%             0.5217%         $2,030.72
      8534175         $324,351.30           5.720%             0.5217%         $1,692.27
      8534225         $64,371.24            5.720%             0.5217%          $335.85
      8534241         $144,710.58           5.720%             0.5217%          $755.01
      8534291         $62,125.73            5.720%             0.5217%          $324.13
      8534429         $112,175.64           5.720%             0.5217%          $585.26
      8534507         $45,315.66            5.720%             0.5217%          $236.43
      8534523         $158,661.66           5.720%             0.5217%          $827.80
      8534661         $423,294.86           5.720%             0.5217%         $2,208.49
      8534703         $66,724.16            5.720%             0.5217%          $348.13


 Tuesday, April 22, 2003                                                        Page 2 of 6

      8534705         $66,724.16            5.720%             0.5217%          $348.13
      8534707         $70,708.12            5.720%             0.5217%          $368.91
      8534907         $219,560.86           5.720%             0.5217%         $1,145.53
      8535033         $54,705.48            5.720%             0.5217%          $285.42
      8535165         $165,834.74           5.720%             0.5217%          $865.22
      8535209         $259,741.16           5.720%             0.5217%         $1,355.17
      8535211         $237,513.31           5.720%             0.5217%         $1,239.20
      8535215         $179,820.80           5.720%             0.5217%          $938.20
      8535311         $66,933.30            5.720%             0.5217%          $349.22
      8535451         $199,796.09           5.595%             2.6957%         $5,385.81
      8536891         $100,000.00           5.595%             2.6957%         $2,695.65
      8537289         $360,000.00           5.720%             0.5217%         $1,878.26
      8537579         $113,000.00           5.595%             2.6957%         $3,046.09
      8537585         $152,000.00           5.595%             2.6957%         $4,097.39
      8537621         $360,000.00           5.595%             2.6957%         $9,704.35
      8537701         $175,000.00           5.595%             2.6957%         $4,717.39
      8538055         $126,226.21           5.720%             0.5217%          $658.57
      8538777         $400,000.00           5.720%             0.5217%         $2,086.96
      8538869         $188,000.00           5.720%             0.5217%          $980.87
      8538873         $360,000.00           5.720%             0.5217%         $1,878.26
      8538877         $414,500.00           5.720%             0.5217%         $2,162.61
      8538903         $99,920.00            5.720%             0.5217%          $521.32
      8540823         $300,000.00           5.595%             2.6957%         $8,086.96
      8541019         $113,600.00           5.595%             2.6957%         $3,062.26
      8541983         $530,000.00           5.595%             2.6957%        $14,286.96
      8541995         $466,000.00           5.720%             0.5217%         $2,431.30
      8542005         $176,000.00           5.720%             0.5217%          $918.26
      8542599         $322,000.00           5.720%             0.5217%         $1,680.00
      8542703         $146,000.00           5.720%             0.5217%          $761.74
      8542801         $150,000.00           5.720%             0.5217%          $782.61
      8542869         $144,000.00           5.595%             2.6957%         $3,881.74
      8542955         $247,600.00           5.720%             0.5217%         $1,291.83
      8542965         $371,250.00           5.720%             0.5217%         $1,936.96
      8543315         $349,643.16           5.595%             2.6957%         $9,425.16
      8543317         $349,643.16           5.595%             2.6957%         $9,425.16
      8543319         $398,456.31           5.720%             0.5217%         $2,078.90
      8543321         $370,022.36           5.595%             2.6957%         $9,974.52
      8543329         $429,571.93           5.720%             0.5217%         $2,241.24
      8543337         $341,000.00           5.720%             0.5217%         $1,779.13
      8543343         $329,663.55           5.595%             2.6957%         $8,886.58
      8543351         $354,638.06           5.595%             2.6957%         $9,559.81
      8543353         $376,615.63           5.595%             2.6957%        $10,152.25
      8543355         $342,650.30           5.595%             2.6957%         $9,236.66
      8543359         $421,579.90           5.720%             0.5217%         $2,199.55
      8543363         $399,500.00           5.470%             4.8696%        $19,453.91
      8543365         $355,637.05           5.595%             2.6957%         $9,586.74
      8543367         $597,390.00           5.720%             0.5217%         $3,116.82
      8543369         $355,146.10           5.720%             0.5217%         $1,852.94
      8543375         $355,645.60           5.720%             0.5217%         $1,855.54
      8543379         $352,648.58           5.720%             0.5217%         $1,839.91
      8543381         $391,600.34           5.595%             2.6957%        $10,556.18
      8543383         $389,611.75           5.720%             0.5217%         $2,032.76
      8543387         $345,300.00           5.720%             0.5217%         $1,801.57
      8543507         $191,000.00           5.470%             4.8696%         $9,300.87
      8543893         $209,500.00           5.720%             0.5217%         $1,093.04
      8544253         $262,731.86           5.595%             2.6957%         $7,082.34
      8544295         $180,000.00           5.720%             0.5217%          $939.13


 Tuesday, April 22, 2003                                                        Page 3 of 6


      8544299         $656,000.00           5.720%             0.5217%         $3,422.61
      8544337         $60,000.00            5.595%             2.6957%         $1,617.39
      8544695         $189,107.00           5.595%             2.6957%         $5,097.67
      8545375         $600,000.00           5.720%             0.5217%         $3,130.43
      8545429         $95,000.00            5.595%             2.6957%         $2,560.87
      8545545         $64,000.00            5.720%             0.5217%          $333.91
      8546141         $420,000.00           5.720%             0.5217%         $2,191.30
      8546261         $96,400.00            5.720%             0.5217%          $502.96
      8546851         $317,683.43           5.720%             0.5217%         $1,657.48
      8547145         $118,500.00           5.720%             0.5217%          $618.26
      8547447         $74,200.00            5.595%             2.6957%         $2,000.17
      8547545         $365,761.51           5.720%             0.5217%         $1,908.32
      8548301         $248,000.00           5.720%             0.5217%         $1,293.91
      8548351         $360,000.00           5.720%             0.5217%         $1,878.26
      8548403         $67,000.00            5.595%             2.6957%         $1,806.09
      8548491         $156,000.00           5.720%             0.5217%          $813.91
      8548501         $144,000.00           5.720%             0.5217%          $751.30
      8548517         $514,500.00           5.595%             2.6957%        $13,869.13
      8548575         $335,000.00           5.720%             0.5217%         $1,747.83
      8552091         $208,000.00           5.720%             0.5217%         $1,085.22
      8552189         $85,000.00            5.595%             2.6957%         $2,291.30
      8552215         $111,000.00           5.595%             2.6957%         $2,992.17
      8552343         $239,000.00           5.720%             0.5217%         $1,246.96
      8552439         $98,400.00            5.720%             0.5217%          $513.39
      8552463         $106,250.00           5.720%             0.5217%          $554.35
      8552471         $188,000.00           5.595%             2.6957%         $5,067.83
      8552789         $210,336.00           5.720%             0.5217%         $1,097.41
      8553423         $269,500.00           5.095%            11.3913%        $30,699.57
      8553463         $314,686.42           5.720%             0.5217%         $1,641.84
      8553505         $288,000.00           5.595%             2.6957%         $7,763.48
      8553517         $285,000.00           5.470%             4.8696%        $13,878.26
      8553525         $376,000.00           5.720%             0.5217%         $1,961.74
      8553549         $227,000.00           5.595%             2.6957%         $6,119.13
      8553581         $286,707.39           5.595%             2.6957%         $7,728.63
      8553587         $300,400.65           5.720%             0.5217%         $1,567.31
      8553593         $284,702.45           5.470%             4.8696%        $13,863.77
      8553601         $265,300.00           5.595%             2.6957%         $7,151.57
      8553625         $279,714.52           5.595%             2.6957%         $7,540.13
      8553627         $123,623.83           5.595%             2.6957%         $3,332.47
      8553639         $322,700.00           5.720%             0.5217%         $1,683.65
      8553665         $322,346.78           5.220%             9.2174%        $29,711.96
      8553681         $322,700.00           5.595%             2.6957%         $8,698.87
      8553693         $300,000.00           5.595%             2.6957%         $8,086.96
      8553705         $322,700.00           5.720%             0.5217%         $1,683.65
      8553707         $252,150.00           5.595%             2.6957%         $6,797.09
      8553717         $294,500.00           5.720%             0.5217%         $1,536.52
      8553719         $306,000.00           5.345%             7.0435%        $21,553.04
      8553745         $234,200.00           5.470%             4.8696%        $11,404.52
      8555317         $61,100.00            5.720%             0.5217%          $318.78
      8555569         $432,000.00           5.720%             0.5217%         $2,253.91
      8555633         $117,600.00           5.595%             2.6957%         $3,170.09
      8555731         $178,000.00           5.720%             0.5217%          $928.70
      8555743         $61,000.00            5.470%             4.8696%         $2,970.43
      8556291         $252,400.00           5.345%             7.0435%        $17,777.74
      8556525         $499,502.25           5.720%             0.5217%         $2,606.10
      8556707         $55,000.00            5.710%             0.6957%          $382.61
      8556931         $106,350.00           5.595%             2.6957%         $2,866.83


 Tuesday, April 22, 2003                                                        Page 4 of 6

      8557335         $51,887.46            5.720%             0.5217%          $270.72
      8557821         $297,000.00           5.720%             0.5217%         $1,549.57
      8558011         $322,700.00           5.595%             2.6957%         $8,698.87
      8558073         $286,000.00           5.720%             0.5217%         $1,492.17
      8558237         $385,000.00           5.720%             0.5217%         $2,008.70
      8558251         $360,000.00           5.720%             0.5217%         $1,878.26
      8559189         $220,000.00           5.720%             0.5217%         $1,147.83
      8559229         $408,000.00           5.720%             0.5217%         $2,128.70
      8559333         $498,000.00           5.720%             0.5217%         $2,598.26
      8559347         $409,500.00           5.720%             0.5217%         $2,136.52
      8559455         $384,800.00           5.720%             0.5217%         $2,007.65
      8559461         $106,200.00           5.595%             2.6957%         $2,862.78
      8559565         $396,000.00           5.595%             2.6957%        $10,674.78
      8559659         $564,000.00           5.720%             0.5217%         $2,942.61
      8560109         $300,000.00           5.720%             0.5217%         $1,565.22
      8560113         $92,000.00            5.720%             0.5217%          $480.00
      8560343         $65,857.16            5.720%             0.5217%          $343.60
      8560441         $90,400.00            5.720%             0.5217%          $471.65
      8562251         $84,600.00            4.845%            15.7391%        $13,315.30
      8562591         $100,000.00           5.720%             0.5217%          $521.74
      8565019         $123,628.00           5.720%             0.5217%          $645.02
      8565291         $143,500.00           5.720%             0.5217%          $748.70
      8565515         $156,000.00           5.470%             4.8696%         $7,596.52
      8566045         $303,750.00           5.595%             2.6957%         $8,188.04
      8566131         $479,000.00           5.595%             2.6957%        $12,912.17
      8566177         $51,200.00            5.720%             0.5217%          $267.13
      8566185         $405,000.00           5.595%             2.6957%        $10,917.39
      8566189         $650,000.00           5.595%             2.6957%        $17,521.74
      8566343         $275,400.00           5.720%             0.5217%         $1,436.87
      8566347         $165,000.00           5.595%             2.6957%         $4,447.83
      8566417         $171,000.00           5.595%             2.6957%         $4,609.57
      8566425         $227,000.00           5.595%             2.6957%         $6,119.13
      8566489         $225,000.00           5.720%             0.5217%         $1,173.91
      8566491         $175,500.00           5.720%             0.5217%          $915.65
      8566573         $210,000.00           5.720%             0.5217%         $1,095.65
      8566615         $465,600.00           5.720%             0.5217%         $2,429.22
      8568131         $331,668.44           5.720%             0.5217%         $1,730.44
      8569071         $84,500.00            5.595%             2.6957%         $2,277.83
      8569099         $89,200.00            5.720%             0.5217%          $465.39
      8569119         $322,700.00           5.595%             2.6957%         $8,698.87
      8569265         $392,000.00           5.720%             0.5217%         $2,045.22
      8569295         $86,000.00            5.720%             0.5217%          $448.70
      8569373         $420,000.00           5.720%             0.5217%         $2,191.30
      8569617         $289,000.00           5.595%             2.6957%         $7,790.43
      8569719         $155,500.00           5.595%             2.6957%         $4,191.74
      8572203         $346,000.00           5.345%             7.0435%        $24,370.43
      8572207         $412,000.00           5.595%             2.6957%        $11,106.09
      8572243         $358,912.88           5.470%             4.8696%        $17,477.50
      8572273         $359,641.61           5.720%             0.5217%         $1,876.39
      8572297         $424,566.69           5.595%             2.6957%        $11,444.84
      8572337         $419,581.88           5.720%             0.5217%         $2,189.12
      8572351         $345,655.55           5.720%             0.5217%         $1,803.42
      8572369         $457,022.34           5.470%             4.8696%        $22,255.00
      8572437         $424,576.91           5.720%             0.5217%         $2,215.18
      8572457         $465,000.00           5.595%             2.6957%        $12,534.78
      8572473         $345,500.00           5.720%             0.5217%         $1,802.61
      8572475         $400,000.00           5.720%             0.5217%         $2,086.96


 Tuesday, April 22, 2003                                                        Page 5 of 6

      8575115         $98,800.00            5.470%             4.8696%         $4,811.13
      8576127         $300,000.00           5.720%             0.5217%         $1,565.22
      8577903         $200,000.00           5.595%             2.6957%         $5,391.30
      8579909         $348,000.00           5.720%             0.5217%         $1,815.65
      8580419         $321,375.00           5.595%             2.6957%         $8,663.15
      8580525         $255,225.00           5.220%             9.2174%        $23,525.09
      8580551         $322,700.00           5.720%             0.5217%         $1,683.65
      8580973         $107,920.00           5.720%             0.5217%          $563.06
      8581081         $372,000.00           5.720%             0.5217%         $1,940.87
      8582019         $498,500.00           5.720%             0.5217%         $2,600.87
      8582079         $320,000.00           5.595%             2.6957%         $8,626.09
      8582931         $81,000.00            5.720%             0.5217%          $422.61
      8586975         $290,000.00           5.220%             9.2174%        $26,730.43
      8586995         $281,000.00           5.720%             0.5217%         $1,466.09
      8587007         $257,000.00           5.595%             2.6957%         $6,927.83
      8587015         $400,000.00           5.720%             0.5217%         $2,086.96
      8587017         $200,000.00           5.720%             0.5217%         $1,043.48
      8587053         $124,500.00           5.720%             0.5217%          $649.57
      8587101         $322,000.00           5.595%             2.6957%         $8,680.00
      8587145         $262,500.00           5.345%             7.0435%        $18,489.13
      8587517         $290,000.00           5.595%             2.6957%         $7,817.39
      8587531         $220,000.00           5.720%             0.5217%         $1,147.83
      8587533         $219,000.00           5.720%             0.5217%         $1,142.61
      8587541         $260,000.00           5.220%             9.2174%        $23,965.22
      8587665         $275,000.00           5.345%             7.0435%        $19,369.57
      8587723         $322,700.00           5.720%             0.5217%         $1,683.65
      8587725         $222,000.00           5.720%             0.5217%         $1,158.26
      8587739         $240,000.00           5.470%             4.8696%        $11,686.96
      8587741         $230,000.00           5.595%             2.6957%         $6,200.00
      8587747         $260,000.00           5.595%             2.6957%         $7,008.70
      8589435         $128,000.00           5.470%             4.8696%         $6,233.04
      8593141         $102,000.00           5.720%             0.5217%          $532.17
      8595165         $93,600.00            5.720%             0.5217%          $488.35
      8595373         $136,800.00           5.595%             2.6957%         $3,687.65
      8595903         $322,000.00           5.720%             0.5217%         $1,680.00
      8598081         $276,800.00           5.595%             2.6957%         $7,461.57
      8601985         $368,000.00           5.595%             2.6957%         $9,920.00
      8614981         $365,000.00           5.720%             0.5217%         $1,904.35
      8616999         $68,800.00            5.720%             0.5217%          $358.96



 Tuesday, April 22, 2003                                                        Page 6 of 6
</TABLE>


<PAGE>






                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

(i) (a) the amount of such distribution to the  Certificateholders of such Class
applied  to  reduce  the  Certificate  Principal  Balance  thereof,  and (b) the
aggregate amount included therein representing Principal Prepayments;

(ii) the amount of such  distribution  to Holders of such Class of  Certificates
allocable to interest;

(iii) if the  distribution  to the Holders of such Class of Certificates is less
than the full amount that would be  distributable  to such Holders if there were
sufficient funds available therefor, the amount of the shortfall;

(iv) the amount of any Advance by the Master Servicer pursuant to Section 4.04;

(v) the number and Pool Stated  Principal  Balance of the  Mortgage  Loans after
giving effect to the distribution of principal on such Distribution Date;

(vi) the aggregate  Certificate  Principal Balance of each Class of Certificates
and each of the Senior Percentage and Subordinate Class Percentage, after giving
effect  to  the  amounts  distributed  on  such  Distribution  Date,  separately
identifying any reduction  thereof due to Realized Losses other than pursuant to
an actual distribution of principal;

(vii) the  related  Subordinate  Principal  Distribution  Amount and  Prepayment
Distribution Percentage, if applicable;

(viii) on the basis of the most recent reports furnished to it by Sub-Servicers,
(a) the number and  aggregate  principal  balances  of  Mortgage  Loans that are
Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days and the number
and aggregate  principal balance of Mortgage Loans that are in foreclosure,  (b)
the number and  aggregate  principal  balances of Reportable  Modified  Mortgage
Loans that are Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days
and the number and aggregate  principal balance of Reportable  Modified Mortgage
Loans that are in  foreclosure  and are REO  Property,  indicating  in each case
capitalized  Mortgage Loans,  other Servicing  Modifications and totals, and (c)
for all Reportable  Modified  Mortgage  Loans,  the number and aggregate  Stated
Principal  Balance  of  Reportable   Modified  Mortgage  Loans  that  have  been
liquidated, the subject of pay-offs and that have been repurchased by the Master
Servicer or Seller;

(ix)  the  number,  aggregate  principal  balance  and  book  value  of any  REO
Properties;

(x) the aggregate  Accrued  Certificate  Interest  remaining unpaid, if any, for
each Class of Certificates, after giving effect to the distribution made on such
Distribution Date;

(xi) the Special  Hazard Amount,  Fraud Loss Amount and Bankruptcy  Amount as of
the close of business on such  Distribution Date and a description of any change
in the calculation of such amounts;

(xii) the weighted  average Pool Strip Rate for such  Distribution  Date and the
Pass-Through  Rate with respect to the Class A-V Certificates and each Subclass,
if any, thereof;

(xiii) the  Pass-Through  Rates on the Floater  Certificates and Inverse Floater
Certificates for such Distribution Date,  separately  identifying LIBOR for such
Distribution Date;

(xiv)  the  Notional  Amount  with  respect  to  each  class  of  Interest  Only
Certificates and each Subclass Notional Amount;

(xv) the occurrence of the Credit Support Depletion Date;

(xvi) the related Senior Accelerated  Distribution Percentage applicable to such
distribution;

(xvii) the related Senior Percentage for such Distribution Date;

(xviii) the aggregate amount of Realized Losses for such Distribution Date;

(xix) the aggregate amount of any recoveries on previously foreclosed loans from
Sellers due to a breach of a representation  or warranty assigned to the Trustee
pursuant to Section 2.04;

(xx) the weighted average remaining term to maturity of the Mortgage Loans after
giving effect to the amounts distributed on such Distribution Date;

(xxi) the weighted  average  Mortgage  Rates of the Mortgage  Loans after giving
effect to the amounts distributed on such Distribution Date;

(xxii) the  Insured  Payment  for such  Distribution  Date,  and the  respective
portions allocable to principal and interest for the Retail Certificates;

(xxiii) the Reserve Fund Withdrawal for such Distribution Date;

(xxiv)  the  amount  of  any  Certificate   Insurance   Payments  made  on  such
Distribution  Date,  the  amount  of  any  reimbursement  payment  made  to  the
Certificate  Insurer on such Distribution Date pursuant to Section  4.02(a)(xvi)
and the amount of Cumulative  Insurance Payments after giving effect to any such
Certificate   Insurance  Payment  or  any  such  reimbursement  payment  to  the
Certificate Insurer; and

(xxv) the amount of Rounding Account withdrawals for such Distribution Date.

        In the case of  information  furnished  pursuant to clauses (i) and (ii)
above,  the amounts shall be expressed as a dollar amount per Certificate with a
$1,000 denomination.

        The Trustee's internet website, and assistance in using the website, can
be  obtained  by  calling  the  Trustee's  Shareholder  Relations  desk at (800)
735-7777.  To receive this statement via first class mail, telephone the Trustee
at (800) 735-7777.



<PAGE>






                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF MARCH 1, 2003


                                 EXECUTION COPY


================================================================================








                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT



                            Dated as of March 1, 2003



                        Residential Accredit Loans, Inc.
                 Mortgage Asset-Backed Pass-Through Certificates




================================================================================
<PAGE>
<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                        PAGE




<S>                                                                                        <C>
Article I         DEFINITIONS...............................................................2

        Section 1.01. Definitions...........................................................2

        Section 1.02. Use of Words and Phrases.............................................32

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........33

        Section 2.01. Conveyance of Mortgage Loans.........................................33

        Section 2.02. Acceptance by Trustee................................................39

        Section 2.03. Representations, Warranties and Covenants of the Master Servicer
               and the Company.............................................................40

        Section 2.04. Representations and Warranties of Sellers............................42

        Section 2.05. Execution and Authentication of Certificates/Issuance of
                Certificates Evidencing Interests in REMIC I Certificates..................44

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                Acceptance by the Trustee..................................................44

        Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II............44

        Section 2.08. Purposes and Powers of the Trust.....................................44

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................45

        Section 3.01. Master Servicer to Act as Servicer...................................45

        Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers;
                Enforcement of Subservicers' and Sellers' Obligations......................46
        Section 3.03. Successor Subservicers...............................................47

        Section 3.04. Liability of the Master Servicer.....................................48

        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
                Certificateholders ........................................................48

        Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee..... 48

        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to Custodial
                Account ...................................................................49

        Section 3.08. Subservicing Accounts; Servicing Accounts............................51

        Section 3.09. Access to Certain Documentation and  Information Regarding the Mortgage
                Loans .....................................................................53

        Section 3.10. Permitted Withdrawals from the Custodial Account.....................53

                                        i

<PAGE>


        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections Thereunder55

        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity Coverage...56

        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and  Modification Agreements;
               Certain Assignments.........................................................57

        Section 3.14. Realization Upon Defaulted Mortgage Loans............................59

        Section 3.15. Trustee to Cooperate; Release of Mortgage Files......................63

        Section 3.16. Servicing and Other Compensation; Compensating Interest..............64

        Section 3.17. Reports to the Trustee and the Company...............................65

        Section 3.18. Annual Statement as to Compliance....................................65

        Section 3.19. Annual Independent Public Accountants' Servicing Report..............66

        Section 3.20. Rights of the Company in Respect of the Master Servicer..............66

        Section 3.21. Administration of Buydown Funds......................................67

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................68

        Section 4.01. Certificate Account..................................................68

        Section 4.02. Distributions........................................................68

        Section 4.03. Statements to Certificateholders; Statements to Rating Agencies;
                Exchange Act Reporting.....................................................68

        Section 4.04. Distribution of Reports to the Trustee and  the Company; Advances
                by the Master Servicer.............. ......................................70

        Section 4.05. Allocation of Realized Losses........................................72

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........72

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................72

        Section 4.08. Surety Bond..........................................................72

Article V         THE CERTIFICATES.........................................................74

        Section 5.01. The Certificates.....................................................74

        Section 5.02. Registration of Transfer and Exchange of Certificates................76

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................81

        Section 5.04. Persons Deemed Owners................................................82

        Section 5.05. Appointment of Paying Agent..........................................82

                                        ii
<PAGE>


Article VI        THE COMPANY AND THE MASTER SERVICER......................................83

        Section 6.01. Respective Liabilities of the Company and the Master Servicer........83

        Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of
               Rights and Delegation of Duties by Master Servicer..........................83

        Section 6.03. Limitation on Liability of the Company,  the Master Servicer and Others 84

        Section 6.04. Company and Master Servicer Not to Resign............................85

Article VII       DEFAULT..................................................................86

        Section 7.01. Events of Default....................................................86

        Section 7.02. Trustee or Company to Act; Appointment of Successor..................88

        Section 7.03. Notification to Certificateholders...................................89

        Section 7.04. Waiver of Events of Default..........................................89

Article VIII      CONCERNING THE TRUSTEE...................................................90

        Section 8.01. Duties of Trustee....................................................90

        Section 8.02. Certain Matters Affecting the Trustee................................91

        Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans................93

        Section 8.04. Trustee May Own Certificates.........................................93

        Section 8.05. Master Servicer to Pay Trustee's Fees  and Expenses; Indemnification.93

        Section 8.06. Eligibility Requirements for Trustee.................................94

        Section 8.07. Resignation and Removal of the Trustee...............................95

        Section 8.08. Successor Trustee....................................................95

        Section 8.09. Merger or Consolidation of Trustee...................................96

        Section 8.10. Appointment of Co-Trustee or Separate Trustee........................96

        Section 8.11. Appointment of Custodians............................................97

        Section 8.12. Appointment of Office or Agency......................................98

Article IX        TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES.....................99

        Section 9.01. Optional  Purchase by the Master Servicer of All Certificates;
                Termination Upon Purchase by the Master Servicer or Liquidation of All
                Mortgage Loans........ ....................................................99

                        iii
<PAGE>

        Section 9.02. Additional Termination Requirements.................................102

        Section 9.03. Termination of Multiple REMICs......................................103

Article X         REMIC PROVISIONS........................................................104

        Section 10.01.REMIC Administration................................................104

        Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification....107

        Section 10.03.Designation of REMIC(s).............................................108

Article XI        MISCELLANEOUS PROVISIONS................................................109

        Section 11.01.Amendment...........................................................109

        Section 11.02.Recordation of Agreement; Counterparts..............................111

        Section 11.03.Limitation on Rights of Certificateholders..........................112

        Section 11.04.Governing Law.......................................................112

        Section 11.05.Notices.............................................................113

        Section 11.06.Required Notices to Rating Agency and Subservicer...................114

        Section 11.07.Severability of Provisions..........................................114

        Section 11.08.Supplemental Provisions for Resecuritization........................114

        Section 11.09.Allocation of Voting Rights.........................................114

        Section 11.10.No Petition.........................................................114


                                        iv
<PAGE>



                                    EXHIBITS

Exhibit A:            Form of Class A Certificate
Exhibit B:            Form of Class M Certificate
Exhibit C:            Form of Class B Certificate
Exhibit D:            Form of Class R Certificate
Exhibit E:            Form of Seller/Servicer Contract
Exhibit F:            Forms of Request for Release
Exhibit G-1:          Form of Transfer Affidavit and Agreement
Exhibit G-2:          Form of Transferor Certificate
Exhibit H:            Form of Investor Representation Letter
Exhibit I:            Form of Transferor Representation Letter
Exhibit J:            Form of Rule 144A Investment Representation Letter
Exhibit K:            Text of Amendment to Pooling and Servicing Agreement Pursuant to Section 11.01(e) for a
                      Limited Guaranty
Exhibit L:            Form of Limited Guaranty
Exhibit M:            Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:            Request for Exchange Form
Exhibit O:            Form of Form 10-K Certification
Exhibit P:            Form of Back-Up Certification to Form 10-K Certificate
Exhibit Q:            Information to be Provided by the Master Servicer to the Rating Agencies Relating to
                      Reportable Modified Mortgage Loans

</TABLE>



<PAGE>


        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of March 1, 2003 (the "Standard Terms",  and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or  "Agreement"),  among  RESIDENTIAL  ACCREDIT  LOANS,  INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and assigns,  the "Master  Servicer"),  and the trustee named in the
applicable  Series  Supplement  (together  with  its  permitted  successors  and
assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  asset-backed  pass-through
certificates  (collectively,  the  "Certificates"),   to  be  issued  under  the
Agreement in multiple  classes,  which in the aggregate will evidence the entire
beneficial ownership interest in the Mortgage Loans.

        In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:

                                       1
<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

Section 1.01.  Definitions.

        Whenever used in this Agreement, the following words and phrases, unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

        Accrued Certificate Interest: With respect to each Distribution Date, as
to any  Class  or  Subclass  of  Certificates  (other  than any  Principal  Only
Certificates),  interest  accrued during the related  Interest Accrual Period at
the related  Pass-Through Rate on the Certificate  Principal Balance or Notional
Amount thereof  immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day  months.  In each  case  Accrued  Certificate  Interest  on any  Class or
Subclass of Certificates will be reduced by the amount of:

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

         (ii)  the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan))  of  Realized  Losses  on all  Mortgage  Loans  or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans  in the  related  Loan  Group  (including  Excess
               Special Hazard  Losses,  Excess Fraud Losses,  Excess  Bankruptcy
               Losses and  Extraordinary  Losses) not allocated solely to one or
               more specific Classes of Certificates pursuant to Section 4.05,

         (iii) the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO Property and (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

                                       2
<PAGE>

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

        Addendum  and   Assignment   Agreement:   The  Addendum  and  Assignment
Agreement, dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

        Advance:  As to any  Mortgage  Loan,  any  advance  made  by the  Master
Servicer, pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

                                       3
<PAGE>

     Ambac:  Ambac  Assurance  Corporation  (formerly  known as AMBAC  Indemnity
Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Subsequent Recoveries,  Insurance Proceeds,  Curtailments,
Mortgage Loan  purchases made pursuant to Section 2.02,  2.03,  2.04 or 4.07 and
Mortgage  Loan  substitutions  made pursuant to Section 2.03 or 2.04 received or
made in the  month  of such  Distribution  Date  (other  than  such  Liquidation
Proceeds,  Insurance  Proceeds and  purchases of Mortgage  Loans that the Master
Servicer has deemed to have been received in the  preceding  month in accordance
with Section 3.07(b)),  and Principal Prepayments in Full made after the related
Prepayment  Period, and (ii) payments which represent early receipt of scheduled
payments of  principal  and interest  due on a date or dates  subsequent  to the
related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

        Assignment:  An  assignment  of the  Mortgage,  notice  of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction  wherein  the related  Mortgaged  Property is located to reflect of
record  the  sale  of the  Mortgage  Loan to the  Trustee  for  the  benefit  of
Certificateholders,   which   assignment,   notice  of  transfer  or  equivalent
instrument  may be in the  form  of one or  more  blanket  assignments  covering
Mortgages  secured  by  Mortgaged  Properties  located  in the same  county,  if
permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan


                                       4
<PAGE>

Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the
immediately preceding  Determination Date, including any Subsequent  Recoveries,
and  amounts   deposited  in  the  Custodial  Account  in  connection  with  the
substitution  of Qualified  Substitute  Mortgage  Loans,  (ii) the amount of any
Advance made on the  immediately  preceding  Certificate  Account  Deposit Date,
(iii) any amount deposited in the Certificate Account on the related Certificate
Account Deposit Date pursuant to the second paragraph of Section  3.12(a),  (iv)
any amount  deposited in the Certificate  Account  pursuant to Section 4.07, (v)
any amount  that the Master  Servicer  is not  permitted  to  withdraw  from the
Custodial Account or the Certificate  Account pursuant to Section 3.16(e),  (vi)
any amount  received  by the  Trustee  pursuant to the Surety Bond in respect of
such  Distribution Date and (vii) the proceeds of any Pledged Assets received by
the Master  Servicer,  reduced by (b) the sum as of the close of business on the
immediately  preceding  Determination Date of (w) aggregate Foreclosure Profits,
(x) the Amount Held for Future  Distribution,  and (y) amounts  permitted  to be
withdrawn by the Master  Servicer from the  Custodial  Account in respect of the
Mortgage Loans pursuant to clauses (ii)-(x), inclusive, of Section 3.10(a). Such
amount shall be determined  separately for each Loan Group.  Additionally,  with
respect to any Mortgage Pool that is comprised of two or more Loan Groups, if on
any Distribution  Date  Compensating  Interest provided pursuant to this Section
3.16(e) is less than  Prepayment  Interest  Shortfalls  incurred on the Mortgage
Loans in connection with Principal  Prepayments in Full and Curtailments made in
the prior calendar month, such Compensating  Interest shall be allocated on such
Distribution Date to the Available  Distribution Amount for each Loan Group on a
pro rata basis in  accordance  with the  respective  amounts of such  Prepayment
Interest Shortfalls incurred on the Mortgage Loans in such Loan Group in respect
of such Distribution Date.

        Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest  under the related  Mortgage  Loan and any  premiums on any  applicable
primary hazard  insurance  policy and any related escrow  payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master  Servicer
or a  Subservicer,  in either case  without  giving  effect to any Debt  Service
Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

                                       5
<PAGE>

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Capitalization  Reimbursement  Amount: As to any Distribution  Date, the
amount of Advances or Servicing Advances that were added to the Stated Principal
Balance of the Mortgage  Loans during the prior calendar month and reimbursed to
the  Master  Servicer  or  Subservicer  on or  prior to such  Distribution  Date
pursuant  to  Section  3.10(a)(vii),   plus  the  Capitalization   Reimbursement
Shortfall Amount remaining  unreimbursed  from any prior  Distribution  Date and
reimbursed  to  the  Master   Servicer  or  Subservicer  on  or  prior  to  such
Distribution Date.

        Capitalization  Reimbursement  Shortfall  Amount: As to any Distribution
Date, the amount, if any, by which the amount of Advances or Servicing  Advances
that were added to the Stated Principal Balance of the Mortgage Loans during the
preceding  calendar  month  exceeds  the  amount of  principal  payments  on the
Mortgage  Loans  included  in  the  Available   Distribution   Amount  for  that
Distribution Date.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

        Certificate  Account  Deposit Date:  As to any  Distribution  Date,  the
Business Day prior thereto.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in  the  Certificate  Register,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  except that  neither a  Disqualified  Organization  nor a  Non-United
States  Person shall be a holder of a Class R  Certificate  for purposes  hereof
and, solely for the purpose of giving any consent or direction  pursuant to this
Agreement, any Certificate, other than a Class R Certificate,  registered in the
name of the Company,  the Master  Servicer or any  Subservicer  or any Affiliate
thereof shall be deemed not to be  outstanding  and the  Percentage  Interest or
Voting Rights  evidenced  thereby shall not be taken into account in determining
whether the requisite amount of Percentage  Interests or Voting Rights necessary
to effect any such consent or direction has been obtained. All references herein
to "Holders" or  "Certificateholders"  shall  reflect the rights of  Certificate
Owners as they may  indirectly  exercise such rights  through the Depository and
participating members thereof,  except as otherwise specified herein;  provided,
however,  that the  Trustee  shall be  required  to  recognize  as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

                                       6
<PAGE>

        Certificate Insurer: As defined in the Series Supplement.

        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

        Certificate  Principal Balance:  With respect to each Certificate (other
than any Interest Only  Certificate),  on any date of  determination,  an amount
equal to:

         (i)   the Initial Certificate  Principal Balance of such Certificate as
               specified on the face thereof, plus

         (ii)  any  Subsequent  Recoveries  added to the  Certificate  Principal
               Balance of such Certificate pursuant to Section 4.02, plus

        (iii)  in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

         (iv)  the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of each  Certificate of the
Class of  Subordinate  Certificates  with the Lowest  Priority at any given time
shall  be  further  reduced  by an  amount  equal  to  the  Percentage  Interest
represented  by such  Certificate  multiplied by the excess,  if any, of (A) the
then aggregate Certificate Principal Balance of all Classes of Certificates then
outstanding over (B) the then aggregate Stated Principal Balance of the Mortgage
Loans.

        Certificate Register and Certificate Registrar:  The register maintained
and the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

        Class A-P Certificate: Any one of the Certificates designated as a Class
A-P Certificate.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

                                       7
<PAGE>

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

        Commission:  The Securities and Exchange Commission.

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced  pursuant to Section  7.02(a) except as may be required  pursuant to the
last sentence of such Section.

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,


                                       8
<PAGE>

each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

        Cooperative  Stock:  With  respect  to a  Cooperative  Loan,  the single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

        Cooperative Stock  Certificate:  With respect to a Cooperative Loan, the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments  of principal  due on or prior  thereto (or due during the month of
the Cut-off Date), whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

        Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding  indebtedness  under the Mortgage Loan, or any reduction in
the amount of  principal to be paid in  connection  with any  scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

                                       9
<PAGE>

     Definitive   Certificate:   Any   Certificate   other  than  a   Book-Entry
Certificate.

     Deleted  Mortgage  Loan: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

        Depository  Participant:  A  broker,  dealer,  bank or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

        Destroyed  Mortgage  Note:  A Mortgage  Note the  original  of which was
permanently lost or destroyed and has not been replaced.

        Determination Date: As defined in the Series Supplement.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

                                       10
<PAGE>

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a corporation if all of its  activities  are subject to tax and,  except for the
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

        Due Date: With respect to any  Distribution  Date and any Mortgage Loan,
the day during the related Due Period on which the Monthly Payment is due.

        Due Period:  With respect to any Distribution Date, the one-month period
set forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating


                                       11
<PAGE>

assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then pplicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Exchange Act:  The Securities and Exchange Act of 1934, as amended.
        ------------

        Extraordinary  Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

(a)     losses that are of the type that would be covered by the  fidelity  bond
        and the errors and omissions  insurance policy required to be maintained
        pursuant to Section 3.12(b) but are in excess of the coverage maintained
        thereunder;

(b)     nuclear reaction or nuclear radiation or radioactive contamination,  all
        whether  controlled or uncontrolled,  and whether such loss be direct or
        indirect,  proximate  or  remote  or be in whole or in part  caused  by,
        contributed to or aggravated by a peril covered by the definition of the
        term "Special Hazard Loss";

(c)     hostile or warlike action in time of peace or war,  including  action in
        hindering,  combating  or  defending  against  an actual,  impending  or
        expected attack:

1.      by any  government or sovereign  power,  de jure or de facto,  or by any
        authority maintaining or using military, naval or air forces; or

                                       12
<PAGE>

2.      by military, naval or air forces; or

3.      by an agent of any such government, power, authority or forces;

(d)     any weapon of war employing atomic fission or radioactive  force whether
        in time of peace or war; or

(e)     insurrection,  rebellion, revolution, civil war, usurped power or action
        taken by  governmental  authority in  hindering,  combating or defending
        against such an occurrence,  seizure or destruction  under quarantine or
        customs  regulations,  confiscation by order of any government or public
        authority; or risks of contraband or illegal transportation or trade.

        Extraordinary  Losses: Any loss incurred on a Mortgage Loan caused by or
resulting from an Extraordinary Event.

        Fannie Mae: Federal National Mortgage Association, a federally chartered
and  privately  owned  corporation  organized  and  existing  under the  Federal
National Mortgage Association Charter Act, or any successor thereto.

        FASIT: A "financial asset  securitization  investment  trust" within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.
        ----

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

        Fitch:  Fitch Ratings or its successor in interest.
        -----

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

        Form 10-K Certification:  As defined in Section 4.03(e).

     Fraud Losses:  Losses on Mortgage  Loans as to which there was fraud in the
origination of such Mortgage Loan.

                                       13
<PAGE>

        Freddie  Mac:  Federal  Home  Loan  Mortgage  Corporation,  a  corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with a Certificate  Principal Balance
greater than zero, with the earliest  priority for payments  pursuant to Section
4.02(a),  in the following  order:  Class M-1,  Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 Certificates.

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        Insurance  Proceeds:  Proceeds  paid in  respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a Mortgage Loan  (excluding any  Certificate  Policy (as defined in the
Series  Supplement)),  to the extent such  proceeds are payable to the mortgagee
under the Mortgage, any Subservicer,  the Master Servicer or the Trustee and are
not applied to the  restoration  of the related  Mortgaged  Property  (or,  with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance  with the procedures  that the Master Servicer would
follow in servicing mortgage loans held for its own account.

        Insurer:  Any named  insurer under any Primary  Insurance  Policy or any
successor thereto or the named insurer in any replacement policy.

        Interest Accrual Period: As defined in the Series Supplement.

     Interest  Only  Certificates:  A Class  or  Subclass  of  Certificates  not
entitled  to  payments  of  principal,  and  designated  as such  in the  Series
Supplement.  The Interest Only Certificates  will have no Certificate  Principal
Balance.

                                       14
<PAGE>

        Interim Certification:  As defined in Section 2.02.

        International Borrower: In connection with any Mortgage Loan, a borrower
who  is (a) a  United  States  citizen  employed  in a  foreign  country,  (b) a
non-permanent resident alien employed in the United States or (c) a citizen of a
country  other than the United States with income  derived from sources  outside
the United States.

        Junior  Certificateholder:  The  Holder  of  not  less  than  95% of the
Percentage Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged
Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02 (a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with a Certificate  Principal Balance
greater than zero,  with the latest  priority  for payments  pursuant to Section
4.02(a),  in the following  order:  Class B-3,  Class B-2, Class B-1, Class M-3,
Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

                                       15
<PAGE>

     MERS:  Mortgage  Electronic   Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

        MIN: The Mortgage  Identification  Number for Mortgage Loans  registered
with MERS on the MERS(R) System.

        MLCC:  Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

        Modified Net Mortgage  Rate: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

        MOM  Loan:  With  respect  to any  Mortgage  Loan,  MERS  acting  as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

        Monthly  Payment:  With respect to any Mortgage Loan  (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

        Moody's:  Moody's Investors Service, Inc., or its successor in interest.

        Mortgage:  With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

        Mortgage File: The mortgage  documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

        Mortgage Loans:  Such of the mortgage loans  transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative


                                       16
<PAGE>

Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

        Mortgage Loan Schedule:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

        Mortgage Pool: The pool of mortgage loans, including all Loan Groups, if
any, consisting of the Mortgage Loans.

        Mortgage  Rate: As to any Mortgage  Loan, the interest rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.
        ---------

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

     Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount Mortgage
Loan.

        Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

        Non-United States Person:  Any Person other than a United States Person.

        Nonrecoverable  Advance:  Any Advance  previously made or proposed to be
made by the Master  Servicer or Subservicer in respect of a Mortgage Loan (other
than a Deleted  Mortgage  Loan) which,  in the good faith judgment of the Master
Servicer,  will not,  or,  in the case of a  proposed  Advance,  would  not,  be
ultimately  recoverable  by the Master  Servicer from related Late  Collections,
Insurance Proceeds,  Liquidation Proceeds,  REO Proceeds or amounts reimbursable
to the Master Servicer  pursuant to Section  4.02(a) hereof.  To the extent that
any Mortgagor is not obligated  under the related  Mortgage  documents to pay or
reimburse  any  portion of any  Servicing  Advances  that are  outstanding  with
respect  to the  related  Mortgage  Loan as a result of a  modification  of such
Mortgage Loan by the Master  Servicer,  which forgives  amounts which the Master
Servicer  or  Subservicer  had  previously  advanced,  and the  Master  Servicer
determines that no other source of payment or reimbursement for such advances is
available to it, such Servicing  Advances  shall be deemed to be  Nonrecoverable
Advances.  The  determination  by  the  Master  Servicer  that  it  has  made  a
Nonrecoverable   Advance  or  that  any  proposed  Advance  would  constitute  a
Nonrecoverable Advance, shall be evidenced by an Officers' Certificate delivered
to the Company, the Trustee and any Certificate Insurer.

        Nonsubserviced  Mortgage  Loan:  Any Mortgage  Loan that, at the time of
reference thereto, is not subject to a Subservicing Agreement.

                                       17
<PAGE>

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

        Outstanding  Mortgage  Loan:  As  to  any  Due  Date,  a  Mortgage  Loan
(including an REO Property) which was not the subject of a Principal  Prepayment
in Full,  Cash  Liquidation  or REO  Disposition  and which  was not  purchased,
deleted or  substituted  for prior to such Due Date  pursuant  to Section  2.02,
2.03, 2.04 or 4.07.

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

        Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such  Certificate,  which  percentage  ownership  interest shall be
equal to the Initial  Certificate  Principal Balance thereof or Initial Notional
Amount (in the case of any Interest  Only  Certificate)  thereof  divided by the
aggregate Initial Certificate  Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate,  the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.

        Permitted Investments:  One or more of the following:

(i)     obligations  of or guaranteed as to principal and interest by the United
        States or any agency or  instrumentality  thereof when such  obligations
        are backed by the full faith and credit of the United States;

(ii)    repurchase  agreements on  obligations  specified in clause (i) maturing
        not more than one month from the date of acquisition  thereof,  provided
        that the unsecured  obligations of the party agreeing to repurchase such
        obligations  are at the time rated by each Rating  Agency in its highest
        short-term rating available;

                                       18
<PAGE>

(iii)federal funds,  certificates of deposit, demand deposits, time deposits and
     bankers'  acceptances  (which  shall each have an original  maturity of not
     more than 90 days and,  in the case of  bankers'  acceptances,  shall in no
     event  have an  original  maturity  of more  than 365  days or a  remaining
     maturity of more than 30 days)  denominated in United States dollars of any
     U.S. depository institution or trust company incorporated under the laws of
     the  United  States or any state  thereof  or of any  domestic  branch of a
     foreign  depository  institution or trust  company;  provided that the debt
     obligations  of such  depository  institution  or trust company (or, if the
     only  Rating  Agency is  Standard  & Poor's,  in the case of the  principal
     depository  institution in a depository  institution holding company,  debt
     obligations of the depository  institution  holding company) at the date of
     acquisition  thereof  have been rated by each Rating  Agency in its highest
     short-term rating available;  and provided further that, if the only Rating
     Agency is  Standard & Poor's and if the  depository  or trust  company is a
     principal  subsidiary of a bank holding company and the debt obligations of
     such subsidiary are not separately  rated,  the applicable  rating shall be
     that of the bank  holding  company;  and,  provided  further  that,  if the
     original maturity of such short-term  obligations of a domestic branch of a
     foreign  depository  institution or trust company shall exceed 30 days, the
     short-term rating of such institution shall be A-1+ in the case of Standard
     & Poor's if Standard & Poor's is the Rating Agency;

(iv)    commercial  paper and demand notes  (having  original  maturities of not
        more than 365 days) of any  corporation  incorporated  under the laws of
        the United States or any state thereof which on the date of  acquisition
        has been rated by each Rating  Agency in its highest  short-term  rating
        available;  provided that such  commercial  paper shall have a remaining
        maturity of not more than 30 days;

(v)     a money market fund or a qualified  investment fund rated by each Rating
        Agency in its highest long-term rating available; and

(vi)    other  obligations  or  securities  that are  acceptable  to each Rating
        Agency as a  Permitted  Investment  hereunder  and will not  reduce  the
        rating assigned to any Class of Certificates by such Rating Agency below
        the lower of the  then-current  rating or the  rating  assigned  to such
        Certificates as of the Closing Date by such Rating Agency,  as evidenced
        in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.

                                       19
<PAGE>

        Permitted  Transferee:  Any Transferee of a Class R  Certificate,  other
than a Disqualified Organization or Non-United States Person.

        Person:   Any  individual,   corporation,   limited  liability  company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or government or any agency or political subdivision
thereof.

        Pledged  Amount:  With respect to any Pledged Asset Loan,  the amount of
money  remitted  to Combined  Collateral  LLC,  at the  direction  of or for the
benefit of the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
intangibles,  instruments, documents, deposit accounts, certificates of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description  pledged by Combined  Collateral LLC as security in
respect of any Realized  Losses in connection  with such Mortgage Loan up to the
Pledged Amount for such Mortgage Loan, and any related collateral, or such other
collateral as may be set forth in the Series Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

        Pool  Stated  Principal  Balance:  As  to  any  Distribution  Date,  the
aggregate of the Stated Principal Balances of each Mortgage Loan.

        Pool Strip Rate:  With respect to each  Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the  subject of (a) a  Principal  Prepayment  in Full  during the portion of the
related  Prepayment Period that falls during the prior calendar month, an amount
equal  to the  excess  of one  month's  interest  at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
Stated  Principal  Balance of such  Mortgage  Loan over the  amount of  interest


                                       20
<PAGE>

(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified  Mortgage  Loan)) paid by the Mortgagor for such month to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month,  an amount  equal to one month's  interest at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
amount of such Curtailment.

        Prepayment Period: As to any Distribution Date and Principal  Prepayment
in Full,  the period  commencing on the 16th day of the month prior to the month
in which that  Distribution  Date occurs and ending on the 15th day of the month
in which such Distribution Date occurs.

        Primary  Insurance  Policy:  Each  primary  policy of mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).

        Principal Only  Certificates:  A Class of  Certificates  not entitled to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

        Principal  Prepayment in Full:  Any  Principal  Prepayment of the entire
principal balance of a Mortgage Loan that is made by the Mortgagor.

     Program  Guide:  Collectively,  the Client Guide and the Servicer Guide for
Residential Funding's Expanded Criteria Mortgage Program.

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage  Loan  for  a  Deleted   Mortgage   Loan,  an  aggregate


                                       21
<PAGE>

               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

          (v)  comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi)   have a Pool  Strip  Rate  equal to or  greater  than  that of the
               Deleted Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount  Fraction  of the Deleted  Mortgage  Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

          (a)  as to which a Cash  Liquidation or REO  Disposition has occurred,
               an amount (not less than zero) equal to (i) the Stated  Principal
               Balance of the Mortgage  Loan (or REO Property) as of the date of
               Cash Liquidation or REO Disposition,  plus (ii) interest (and REO


                                       22
<PAGE>

               Imputed  Interest,  if any) at the Net Mortgage Rate from the Due
               Date  as  to  which   interest  was  last  paid  or  advanced  to
               Certificateholders  up to the Due Date in the Due Period  related
               to the  Distribution  Date on which  such  Realized  Loss will be
               allocated  pursuant  to  Section  4.05  on the  Stated  Principal
               Balance  of such  Mortgage  Loan  (or REO  Property)  outstanding
               during  each  Due  Period  that  such  interest  was not  paid or
               advanced,  minus (iii) the proceeds,  if any, received during the
               month  in  which  such  Cash  Liquidation  (or  REO  Disposition)
               occurred,  to the extent applied as recoveries of interest at the
               Net Mortgage Rate and to principal of the Mortgage  Loan,  net of
               the portion  thereof  reimbursable  to the Master Servicer or any
               Subservicer with respect to related Advances,  Servicing Advances
               or other expenses as to which the Master  Servicer or Subservicer
               is entitled to  reimbursement  thereunder but which have not been
               previously reimbursed,

        (b)    which is the  subject of a  Servicing  Modification,  (i) (1) the
               amount by which the interest  portion of a Monthly Payment or the
               principal  balance of such  Mortgage  Loan was reduced or (2) the
               sum of any other  amounts owing under the Mortgage Loan that were
               forgiven  and  that  constitute   Servicing   Advances  that  are
               reimbursable  to the Master  Servicer or a Subservicer,  and (ii)
               any such amount  with  respect to a Monthly  Payment  that was or
               would have been due in the month immediately  following the month
               in which a Principal  Prepayment  or the  Purchase  Price of such
               Mortgage Loan is received or is deemed to have been received,

        (c)    which has  become  the  subject  of a  Deficient  Valuation,  the
               difference  between the  principal  balance of the Mortgage  Loan
               outstanding immediately prior to such Deficient Valuation and the
               principal  balance  of  the  Mortgage  Loan  as  reduced  by  the
               Deficient Valuation, or

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

To the extent the Master Servicer receives Subsequent Recoveries with respect to
any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage
Loan will be reduced to the extent  such  recoveries  are  applied to reduce the
Certificate  Principal  Balance of any Class of Certificates on any Distribution
Date.

                                       23
<PAGE>

        Record  Date:  With  respect  to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

     Regular  Certificate:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Reportable  Modified  Mortgage Loan: Any Mortgage Loan that (i) has been
subject to an interest rate reduction, (ii) has been subject to a term extension
or (iii) has had amounts owing on such Mortgage Loan  capitalized by adding such
amount to the Stated Principal Balance of such Mortgage Loan; provided, however,
that a  Mortgage  Loan  modified  in  accordance  with  clause  (i)  above for a
temporary  period  shall  not be a  Reportable  Modified  Mortgage  Loan if such


                                       24
<PAGE>

Mortgage Loan has not been  delinquent in payments of principal and interest for
six months since the date of such  modification  if that interest rate reduction
is not made permanent thereafter.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

        Residential  Funding:   Residential  Funding  Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary,  any  Trust  Officer  or  Assistant  Trust  Officer  with  particular
responsibility  for  this  transaction,  or any  other  officer  of the  Trustee
customarily  performing functions similar to those performed by any of the above
designated officers to whom, with respect to a particular matter, such matter is
referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

        Security  Agreement:  With respect to a Cooperative  Loan, the agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

        Seller:  As to any Mortgage Loan, a Person,  including any  Subservicer,
that executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with


                                       25
<PAGE>

respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

(i)     for any  Distribution  Date after the 60th  Distribution  Date but on or
        prior to the 72nd  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 70% of the related  Subordinate  Percentage
        for such Distribution Date;

(ii)    for any  Distribution  Date after the 72nd  Distribution  Date but on or
        prior to the 84th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 60% of the related  Subordinate  Percentage
        for such Distribution Date;

(iii)   for any  Distribution  Date after the 84th  Distribution  Date but on or
        prior to the 96th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 40% of the related  Subordinate  Percentage
        for such Distribution Date;

(iv)    for any  Distribution  Date after the 96th  Distribution  Date but on or
        prior to the 108th  Distribution Date, the related Senior Percentage for
        such  Distribution Date plus 20% of the related  Subordinate  Percentage
        for such Distribution Date; and

(v)     for any  Distribution  Date thereafter,  the Senior  Percentage for such
        Distribution Date;

provided, however,
--------  -------

        (i) that any scheduled reduction to the Senior Accelerated  Distribution
Percentage  described above shall not occur as of any  Distribution  Date unless
either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the  Subordinate  Certificates,  is less than 50% or (Y) the outstanding
        principal  balance of Mortgage Loans delinquent 60 days or more averaged
        over the last six months,  as a percentage of the aggregate  outstanding
        principal  balance  of all  Mortgage  Loans  averaged  over the last six
        months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
        to date  for such  Distribution  Date if  occurring  during  the  sixth,
        seventh,  eighth, ninth or tenth year (or any year thereafter) after the
        Closing Date are less than 30%, 35%, 40%, 45% or 50%,  respectively,  of
        the sum of the Initial Certificate Principal Balances of the Subordinate
        Certificates or

                (b)(1)  the  outstanding  principal  balance of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

                                       26
<PAGE>

        (ii) that for any  Distribution  Date on which the Senior  Percentage is
greater  than  the  Senior  Percentage  as  of  the  Closing  Date,  the  Senior
Accelerated  Distribution  Percentage for such  Distribution Date shall be 100%,
or,  if the  Mortgage  Pool is  comprised  of two or more Loan  Groups,  for any
Distribution  Date on which the weighted  average of the Senior  Percentages for
each Loan Group,  weighted on the basis of the Stated Principal  Balances of the
Mortgage  Loans in the related Loan Group,  exceeds the weighted  average of the
initial Senior Percentages  (calculated on such basis) for each Loan Group, each
of the Senior  Accelerated  Distribution  Percentages for such Distribution Date
will equal 100%.

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Senior Certificate:  As defined in the Series Supplement.
        ------------------

        Senior Percentage: As defined in the Series Supplement.
        -----------------

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

        Series:  All  of the  Certificates  issued  pursuant  to a  Pooling  and
Servicing Agreement and bearing the same series designation.

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

        Servicing  Accounts:  The  account or accounts  created  and  maintained
pursuant to Section 3.08.

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event  by the  Master  Servicer  or a  Subservicer  in the
performance  of its servicing  obligations,  including,  but not limited to, the
cost of (i) the preservation, restoration and protection of a Mortgaged Property
or, with respect to a Cooperative Loan, the related Cooperative Apartment,  (ii)
any enforcement or judicial proceedings,  including foreclosures,  including any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property,  (iv) any mitigation procedures  implemented in
accordance  with Section 3.07, and (v)  compliance  with the  obligations  under
Sections 3.01, 3.08, 3.11, 3.12(a) and 3.14,  including,  if the Master Servicer
or any Affiliate of the Master Servicer provides services such as appraisals and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

                                       27
<PAGE>

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan,  any extension of the final
maturity date of a Mortgage Loan, and any increase to the outstanding  principal
balance of a  Mortgage  Loan by adding to the Stated  Principal  Balance  unpaid
principal and interest and other amounts owing under the Mortgage  Loan, in each
case pursuant to a  modification  of a Mortgage Loan that is in default,  or for
which, in the judgment of the Master Servicer, default is reasonably foreseeable
in accordance with Section 3.07(a).

        Servicing  Officer:  Any officer of the Master Servicer  involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard & Poor's:  Standard & Poor's Ratings  Services,  a division of The
McGraw-Hill Companies, Inc., or its successor in interest.

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time,  (i) the sum of (a) the Cut-off Date Principal
Balance of the Mortgage  Loan plus (b) any amount by which the Stated  Principal
Balance  of the  Mortgage  Loan  has  been  increased  pursuant  to a  Servicing
Modification,  minus (ii) the sum of (a) the  principal  portion of the  Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such  Mortgage  Loan or REO  Property,  in each case which  were  distributed
pursuant to Section 4.02 on any previous Distribution Date, and (c) any Realized
Loss  allocated  to  Certificateholders  with  respect  thereto for any previous
Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

                                       28
<PAGE>

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

        Subsequent Recoveries:  As of any Distribution Date, amounts received by
the Master  Servicer  (net of any related  expenses  permitted to be  reimbursed
pursuant  to Section  3.10) or surplus  amounts  held by the Master  Servicer to
cover estimated expenses  (including,  but not limited to, recoveries in respect
of the representations and warranties made by the related Seller pursuant to the
applicable  Seller's  Agreement and assigned to the Trustee  pursuant to Section
2.04)  specifically  related to a Mortgage  Loan that was the  subject of a Cash
Liquidation or an REO Disposition  prior to the related  Prepayment  Period that
resulted in a Realized Loss.

        Subserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

        Subservicing  Account:  An  account  established  by  a  Subservicer  in
accordance with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

                                       29
<PAGE>

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

        Surety:  Ambac,  or its successors in interest,  or such other surety as
may be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

        Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation
or other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

(i)     the  Mortgage  Loans  and the  related  Mortgage  Files  and  collateral
        securing such Mortgage Loans,

(ii)    all payments on and  collections  in respect of the  Mortgage  Loans due
        after the Cut-off Date as shall be on deposit in the  Custodial  Account
        or in the  Certificate  Account and identified as belonging to the Trust
        Fund,   including  the  proceeds  from  the  liquidation  of  Additional
        Collateral for any Additional  Collateral Loan or Pledged Assets for any
        Pledged Asset Loan, but not including  amounts on deposit in the Initial
        Monthly Payment Fund,

                                       30
<PAGE>

(iii)   property that secured a Mortgage Loan and that has been acquired for the
        benefit  of the  Certificateholders  by  foreclosure  or deed in lieu of
        foreclosure,

(iv)    the hazard insurance  policies and Primary Insurance  Policies,  if any,
        the Pledged  Assets with  respect to each  Pledged  Asset Loan,  and the
        interest  in the Surety  Bond  transferred  to the  Trustee  pursuant to
        Section 2.01, and

(v)     all proceeds of clauses (i) through (iv) above.

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States Person or U.S.  Person:  (i) A citizen or resident of the
United  States,  (ii) a  corporation,  partnership  or other entity treated as a
corporation  or  partnership  for United  States  federal  income  tax  purposes
organized in or under the laws of the United  States or any state thereof or the
District of Columbia (unless, in the case of a partnership, Treasury regulations
provide  otherwise),  provided that, for purposes solely of the  restrictions on
the transfer of residual interests,  no partnership or other entity treated as a
partnership  for United States federal income tax purposes shall be treated as a
United States  Person or U.S.  Person unless all persons that own an interest in
such partnership  either directly or indirectly through any chain of entities no
one of which is a corporation  for United States federal income tax purposes are
required by the  applicable  operating  agreement to be United  States  Persons,
(iii) an estate the  income of which is  includible  in gross  income for United
States tax purposes, regardless of its source, or (iv) a trust if a court within
the  United   States  is  able  to  exercise   primary   supervision   over  the
administration of the trust and one or more United States persons have authority
to control all substantial decisions of the trust. Notwithstanding the preceding
sentence,  to the extent  provided in Treasury  regulations,  certain  Trusts in
existence on August 20, 1996, and treated as United States persons prior to such
date, that elect to continue to be treated as United States persons will also be
a U.S. Person.

        Voting  Rights:  The  portion  of  the  voting  rights  of  all  of  the
Certificates  which is  allocated  to any  Certificate,  and  more  specifically
designated in Article XI of the Series Supplement.

Section 1.02.  Use of Words and Phrases.

        "Herein," "hereby," "hereunder," `hereof," "hereinbefore," "hereinafter"
and other  equivalent  words refer to the Pooling and  Servicing  Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding  Articles,  Sections and  Subsections in the Pooling and Servicing
Agreement.  The  definition  set forth herein  include both the singular and the
plural.

                                       31
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01.  Conveyance of Mortgage Loans.
               ----------------------------

(a)     The Company,  concurrently with the execution and delivery hereof,  does
        hereby assign to the Trustee without  recourse all the right,  title and
        interest  of the Company in and to the  Mortgage  Loans,  including  all
        interest and principal received on or with respect to the Mortgage Loans
        after the Cut-off Date (other than  payments of  principal  and interest
        due on the  Mortgage  Loans  in the  month  of  the  Cut-off  Date).  In
        connection  with such transfer and  assignment,  the Company does hereby
        deliver to the Trustee the Certificate  Policy (as defined in the Series
        Supplement), if any.

(b)     In  connection  with such  assignment,  except  as set forth in  Section
        2.01(c) and subject to Section  2.01(d)  below,  the Company does hereby
        deliver to, and deposit  with,  the Trustee,  or to and with one or more
        Custodians,  as the duly  appointed  agent or agents of the  Trustee for
        such purpose,  the following documents or instruments (or copies thereof
        as permitted by this  Section) (I) with respect to each Mortgage Loan so
        assigned (other than a Cooperative Loan):

(i)     The original  Mortgage Note,  endorsed  without recourse to the order of
        the  Trustee,  and showing an unbroken  chain of  endorsements  from the
        originator  thereof to the Person  endorsing it to the Trustee,  or with
        respect to any Destroyed  Mortgage Note, an original lost note affidavit
        from the related Seller or Residential Funding stating that the original
        Mortgage Note was lost, misplaced or destroyed,  together with a copy of
        the related Mortgage Note;

(ii)    The  original  Mortgage,  noting the presence of the MIN of the Mortgage
        Loan and language indicating that the Mortgage Loan is a MOM Loan if the
        Mortgage  Loan is a MOM  Loan,  with  evidence  of  recording  indicated
        thereon or a copy of the Mortgage with  evidence of recording  indicated
        thereon;

(iii)   Unless  the  Mortgage  Loan is  registered  on the  MERS(R)  System,  an
        original  Assignment  of the  Mortgage to the Trustee  with  evidence of
        recording  indicated  thereon or a copy of such assignment with evidence
        of recording indicated thereon;

(iv)    The original recorded  assignment or assignments of the Mortgage showing
        an  unbroken  chain of title from the  originator  thereof to the Person
        assigning  it to the  Trustee  (or to  MERS,  if the  Mortgage  Loan  is
        registered on the MERS(R)  System and noting the presence of a MIN) with
        evidence of recordation noted thereon or attached thereto,  or a copy of
        such  assignment  or  assignments  of  the  Mortgage  with  evidence  of
        recording indicated thereon; and

(v)     The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Mortgage Loan or a copy of each
        modification, assumption agreement or preferred loan agreement.

                                       32
<PAGE>

        and (II) with respect to each Cooperative Loan so assigned:

(i)     The original  Mortgage Note,  endorsed  without recourse to the order of
        the  Trustee  and showing an  unbroken  chain of  endorsements  from the
        originator  thereof to the Person  endorsing it to the Trustee,  or with
        respect to any Destroyed  Mortgage Note, an original lost note affidavit
        from the related Seller or Residential Funding stating that the original
        Mortgage Note was lost, misplaced or destroyed,  together with a copy of
        the related Mortgage Note;

(ii)    A counterpart of the Cooperative Lease and the Assignment of Proprietary
        Lease  to  the  originator  of the  Cooperative  Loan  with  intervening
        assignments  showing an unbroken chain of title from such  originator to
        the Trustee;

(iii)   The related  Cooperative  Stock  Certificate,  representing  the related
        Cooperative  Stock  pledged  with  respect  to  such  Cooperative  Loan,
        together  with an  undated  stock  power (or other  similar  instrument)
        executed in blank;

(iv)    The original  recognition  agreement by the Cooperative of the interests
        of the mortgagee with respect to the related Cooperative Loan;

(v)     The Security Agreement;

(vi)    Copies of the original UCC-1 financing  statement,  and any continuation
        statements,  filed by the originator of such Cooperative Loan as secured
        party, each with evidence of recording thereof,  evidencing the interest
        of the  originator  under the Security  Agreement and the  Assignment of
        Proprietary Lease;

(vii)   Copies  of  the  filed  UCC-3   assignments  of  the  security  interest
        referenced in clause (vi) above showing an unbroken  chain of title from
        the originator to the Trustee,  each with evidence of recording thereof,
        evidencing the interest of the originator  under the Security  Agreement
        and the Assignment of Proprietary Lease;

(viii)  An executed assignment of the interest of the originator in the Security
        Agreement, Assignment of Proprietary Lease and the recognition agreement
        referenced in clause (iv) above, showing an unbroken chain of title from
        the originator to the Trustee;

(ix)    The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Cooperative Loan; and

(x)     A duly completed UCC-1 financing  statement  showing the Master Servicer
        as debtor,  the Company as secured party and the Trustee as assignee and
        a duly completed UCC-1 financing statement showing the Company as debtor
        and the Trustee as secured party,  each in a form sufficient for filing,
        evidencing the interest of such debtors in the Cooperative Loans.

(c)     The Company may, in lieu of delivering the original of the documents set
        forth  in  Section  2.01(b)(I)(ii),  (iii),  (iv)  and (v)  and  Section
        (b)(II)(ii),  (iv),  (vii), (ix) and (x) (or copies thereof as permitted


                                       33
<PAGE>

        by Section  2.01(b))  to the  Trustee or the  Custodian  or  Custodians,
        deliver such documents to the Master  Servicer,  and the Master Servicer
        shall  hold  such  documents  in trust  for the use and  benefit  of all
        present and future Certificateholders until such time as is set forth in
        the next sentence.  Within thirty Business Days following the earlier of
        (i) the receipt of the original of all of the  documents or  instruments
        set forth in Section  2.01(b)(I)(ii),  (iii),  (iv) and (v) and  Section
        (b)(II)(ii),  (iv),  (vii), (ix) and (x) (or copies thereof as permitted
        by such Section) for any Mortgage Loan and (ii) a written request by the
        Trustee to deliver  those  documents  with  respect to any or all of the
        Mortgage  Loans  then  being  held by the  Master  Servicer,  the Master
        Servicer  shall deliver a complete set of such  documents to the Trustee
        or the  Custodian or  Custodians  that are the duly  appointed  agent or
        agents of the Trustee.

(d)     Notwithstanding  the provisions of Section  2.01(c),  in connection with
        any Mortgage  Loan,  if the Company  cannot  deliver the original of the
        Mortgage,   any  assignment,   modification,   assumption  agreement  or
        preferred  loan  agreement  (or copy  thereof  as  permitted  by Section
        2.01(b))  with  evidence  of  recording  thereon  concurrently  with the
        execution and delivery of this  Agreement  because of (i) a delay caused
        by  the  public  recording  office  where  such  Mortgage,   assignment,
        modification,  assumption  agreement or preferred  loan agreement as the
        case may be, has been delivered for recordation,  or (ii) a delay in the
        receipt  of  certain  information   necessary  to  prepare  the  related
        assignments,  the Company  shall deliver or cause to be delivered to the
        Trustee or the respective Custodian a copy of such Mortgage, assignment,
        modification, assumption agreement or preferred loan agreement.

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation  statements with regard to each financing statement and
assignment  relating to  Cooperative  Loans as to which the related  Cooperative
Apartment is located outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage


                                       34
<PAGE>

in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (iv) and
(v) and  (II)(vi)  and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  within 30 Business Days after the Closing Date, the MERS(R) System
to indicate  that such  Mortgage  Loans have been assigned by the Company to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans.  The Company further agrees that it will
not, and will not permit the Master  Servicer to, and the Master Servicer agrees
that it will not,  alter the codes  referenced in this paragraph with respect to
any  Mortgage  Loan  during  the term of this  Agreement  unless  and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.


(e) Residential  Funding hereby assigns to the Trustee its security  interest in
and to any Additional Collateral or Pledged Assets, its right to receive amounts
due or to become due in respect of any  Additional  Collateral or Pledged Assets
pursuant to the related  Subservicing  Agreement  and its rights as  beneficiary
under the Surety  Bond in  respect  of any  Additional  Collateral  Loans.  With
respect to any  Additional  Collateral  Loan or Pledged Asset Loan,  Residential
Funding  shall  cause to be filed in the  appropriate  recording  office a UCC-3
statement  giving notice of the assignment of the related  security  interest to
the Trust Fund and shall  thereafter  cause the timely  filing of all  necessary
continuation statements with regard to such financing statements.

(f) It is  intended  that the  conveyance  by the  Company to the Trustee of the
Mortgage  Loans as provided for in this  Section 2.01 be and the  Uncertificated
REMIC Regular Interests,  if any (as provided for in Section 2.06), be construed
as a  sale  by the  Company  to  the  Trustee  of the  Mortgage  Loans  and  any
Uncertificated    REMIC    Regular    Interests   for   the   benefit   of   the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company.  Nonetheless,  (a) this Agreement is intended to be and hereby is a
security  agreement  within  the  meaning  of  Articles  8 and 9 of the New York
Uniform  Commercial Code and the Uniform Commercial Code of any other applicable
jurisdiction; (b) the conveyance provided for in Section 2.01 shall be deemed to
be,  and hereby  is,  (1) a grant by the  Company  to the  Trustee of a security
interest in all of the  Company's  right  (including  the power to convey  title
thereto), title and interest, whether now owned or hereafter acquired, in and to
any and all general intangibles,  payment intangibles,  accounts, chattel paper,
instruments, documents, money, deposit accounts, certificates of deposit, goods,
letters of credit,  advices of credit and investment property and other property
of whatever kind or description  now existing or hereafter  acquired  consisting
of,  arising from or relating to any of the following:  (A) the Mortgage  Loans,


                                       35
<PAGE>

including (i) with respect to each Cooperative  Loan, the related Mortgage Note,
Security   Agreement,   Assignment  of  Proprietary  Lease,   Cooperative  Stock
Certificate and Cooperative Lease, (ii) with respect to each Mortgage Loan other
than a Cooperative  Loan, the related Mortgage Note and Mortgage,  and (iii) any
insurance policies and all other documents in the related Mortgage File, (B) all
amounts  payable  pursuant to the Mortgage  Loans in  accordance  with the terms
thereof,  (C) any Uncertificated REMIC Regular Interests and (D) all proceeds of
the  conversion,   voluntary  or  involuntary,   of  the  foregoing  into  cash,
instruments,  securities or other  property,  including  without  limitation all
amounts  from time to time held or  invested in the  Certificate  Account or the
Custodial Account, whether in the form of cash, instruments, securities or other
property  and (2) an  assignment  by the Company to the Trustee of any  security
interest in any and all of Residential  Funding's right  (including the power to
convey  title  thereto),  title and  interest,  whether  now owned or  hereafter
acquired, in and to the property described in the foregoing clauses (1)(A), (B),
(C) and (D)  granted by  Residential  Funding  to the  Company  pursuant  to the
Assignment  Agreement;  (c) the possession by the Trustee,  the Custodian or any
other agent of the Trustee of Mortgage  Notes or such other items of property as
constitute instruments, money, payment intangibles, negotiable documents, goods,
deposit accounts,  letters of credit,  advices of credit,  investment  property,
certificated  securities or chattel paper shall be deemed to be  "possession  by
the secured party," or possession by a purchaser or a person  designated by such
secured party, for purposes of perfecting the security  interest pursuant to the
Minnesota Uniform  Commercial Code and the Uniform  Commercial Code of any other
applicable  jurisdiction as in effect (including,  without limitation,  Sections
8-106,  9-313 and 9-106 thereof);  and (d) notifications to persons holding such
property,  and  acknowledgments,  receipts or confirmations from persons holding
such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, securities intermediaries,  bailees or agents of, or persons
holding for (as  applicable)  the Trustee  for the  purpose of  perfecting  such
security interest under applicable law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements  as may be  occasioned  by (1) any  change  of  name  of  Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee,  if occasioned by a change in the Trustee's  name),  (2)
any change of location of the place of business or the chief executive office of
Residential  Funding  or the  Company,  (3)  any  transfer  of any  interest  of
Residential  Funding or the Company in any Mortgage  Loan or (4) any transfer of
any interest of Residential  Funding or the Company in any Uncertificated  REMIC
Regular Interest.

                                       36
<PAGE>

(g) The Master  Servicer  hereby  acknowledges  the receipt by it of the Initial
Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial  Monthly
Payment Fund in the  Custodial  Account and shall  include such Initial  Monthly
Payment Fund in the Available  Distribution Amount for the initial  Distribution
Date.  Notwithstanding  anything  herein to the  contrary,  the Initial  Monthly
Payment Fund shall not be an asset of any REMIC.  To the extent that the Initial
Monthly Payment Fund constitutes a reserve fund for federal income tax purposes,
(1) it shall be an outside  reserve  fund and not an asset of any REMIC,  (2) it
shall be owned by the Seller  and (3)  amounts  transferred  by any REMIC to the
Initial  Monthly  Payment Fund shall be treated as  transferred to the Seller or
any  successor,  all within the meaning of Section  1.860G-2(h)  of the Treasury
Regulations.

(h) The Company agrees that the sale of each Pledged Asset Loan pursuant to this
Agreement will also constitute the assignment, sale, setting-over,  transfer and
conveyance  to the  Trustee,  without  recourse  (but  subject to the  Company's
covenants,  representations and warranties specifically provided herein), of all
of the Company's  obligations and all of the Company's right, title and interest
in, to and under,  whether now  existing or  hereafter  acquired as owner of the
Mortgage  Loan  with  respect  to  any  and  all  money,  securities,   security
entitlements,  accounts, general intangibles, payment intangibles,  instruments,
documents, deposit accounts, certificates of deposit, commodities contracts, and
other  investment  property and other  property of whatever kind or  description
consisting of, arising from or related to (i) the Assigned  Contracts,  (ii) all
rights,  powers and remedies of the Company as owner of such Mortgage Loan under
or in connection with the Assigned Contracts, whether arising under the terms of
such Assigned  Contracts,  by statute, at law or in equity, or otherwise arising
out of any default by the  Mortgagor  under or in  connection  with the Assigned
Contracts,  including  all rights to exercise  any election or option or to make
any  decision  or  determination  or to give or  receive  any  notice,  consent,
approval  or  waiver  thereunder,  (iii)  the  Pledged  Amounts  and all  money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
intangibles,  instruments, documents, deposit accounts, certificates of deposit,
commodities  contracts,  and other  investment  property  and other  property of
whatever  kind or  description  and all cash and non-cash  proceeds of the sale,
exchange,  or  redemption  of,  and all stock or  conversion  rights,  rights to
subscribe,  liquidation  dividends or preferences,  stock  dividends,  rights to
interest, dividends, earnings, income, rents, issues, profits, interest payments
or other  distributions  of cash or other  property that secures a Pledged Asset
Loan, (iv) all documents,  books and records concerning the foregoing (including
all  computer  programs,  tapes,  disks and related  items  containing  any such
information) and (v) all insurance proceeds (including proceeds from the Federal
Deposit Insurance Corporation or the Securities Investor Protection  Corporation
or any other insurance company) of any of the foregoing or replacements  thereof
or substitutions therefor, proceeds of proceeds and the conversion, voluntary or
involuntary,  of any thereof.  The  foregoing  transfer,  sale,  assignment  and
conveyance does not constitute and is not intended to result in the creation, or
an assumption  by the Trustee,  of any  obligation of the Company,  or any other
person  in  connection  with the  Pledged  Assets  or  under  any  agreement  or
instrument  relating thereto,  including any obligation to the Mortgagor,  other
than as owner of the Mortgage Loan.

Section 2.02.  Acceptance by Trustee.
               ---------------------

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section


                                       37
<PAGE>

2.01(b)(i)  above  (except  that for  purposes of such  acknowledgement  only, a
Mortgage  Note may be endorsed in blank) and declares that it, or a Custodian as
its  agent,  holds  and  will  hold  such  documents  and  the  other  documents
constituting a part of the Mortgage Files delivered to it, or a Custodian as its
agent, and the rights of Residential Funding with respect to any Pledged Assets,
Additional  Collateral  and the Surety Bond assigned to the Trustee  pursuant to
Section  2.01,  in trust  for the use and  benefit  of all  present  and  future
Certificateholders.  The Trustee or Custodian (such Custodian being so obligated
under a Custodial Agreement) agrees, for the benefit of  Certificateholders,  to
review each Mortgage File delivered to it pursuant to Section  2.01(b) within 45
days  after  the  Closing  Date  to  ascertain   that  all  required   documents
(specifically as set forth in Section 2.01(b)), have been executed and received,
and that such documents  relate to the Mortgage Loans identified on the Mortgage
Loan Schedule, as supplemented, that have been conveyed to it, and to deliver to
the Trustee a certificate (the "Interim  Certification")  to the effect that all
documents  required to be delivered  pursuant to Section 2.01(b) above have been
executed  and  received and that such  documents  relate to the  Mortgage  Loans
identified on the Mortgage Loan Schedule,  except for any  exceptions  listed on
Schedule A attached to such Interim Certification. Upon delivery of the Mortgage
Files by the  Company or the Master  Servicer,  the  Trustee  shall  acknowledge
receipt (or, with respect to Mortgage  Loans  subject to a Custodial  Agreement,
and based  solely upon a receipt or  certification  executed  by the  Custodian,
receipt by the respective  Custodian as the duly appointed agent of the Trustee)
of the documents referred to in Section 2.01(c) above.

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account  maintained  by it pursuant  to Section  3.07 and,  upon  receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without  recourse,  as shall be necessary to vest in the Seller or its
designee or the  Subservicer  or its designee,  as the case may be, any Mortgage
Loan released  pursuant  hereto and  thereafter  such Mortgage Loan shall not be
part of the Trust Fund. In furtherance of the foregoing,  if the  Subservicer or
Seller  that  repurchases  the  Mortgage  Loan is not a  member  of MERS and the


                                       38
<PAGE>

Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at its own
expense and without any right of reimbursement,  shall cause MERS to execute and
deliver an  assignment  of the  Mortgage  in  recordable  form to  transfer  the
Mortgage from MERS to such  Subservicer  or Seller and shall cause such Mortgage
to be removed from  registration  on the MERS(R) System in accordance with MERS'
rules and  regulations.  It is understood  and agreed that the obligation of the
Seller  or the  Subservicer,  as the case  may be,  to so cure or  purchase  any
Mortgage  Loan as to which a material  and  adverse  defect in or  omission of a
constituent  document  exists shall  constitute the sole remedy  respecting such
defect or omission available to  Certificateholders  or the Trustee on behalf of
the Certificateholders.

Section 2.03.  Representations, Warranties and Covenants
                      of the Master Servicer and the Company.
                      --------------------------------------

(a)     The Master  Servicer  hereby  represents and warrants to the Trustee for
        the benefit of the Certificateholders that:

(i)     The Master Servicer is a corporation  duly organized,  validly  existing
        and in good standing under the laws governing its creation and existence
        and is or will be in compliance with the laws of each state in which any
        Mortgaged  Property  is located to the  extent  necessary  to ensure the
        enforceability  of each Mortgage  Loan in  accordance  with the terms of
        this Agreement;

(ii)    The execution and delivery of this Agreement by the Master  Servicer and
        its performance and compliance with the terms of this Agreement will not
        violate the Master Servicer's  Certificate of Incorporation or Bylaws or
        constitute a material  default (or an event which,  with notice or lapse
        of time, or both, would constitute a material  default) under, or result
        in the  material  breach of, any material  contract,  agreement or other
        instrument  to which  the  Master  Servicer  is a party or which  may be
        applicable to the Master Servicer or any of its assets;

(iii)   This Agreement,  assuming due  authorization,  execution and delivery by
        the  Trustee and the  Company,  constitutes  a valid,  legal and binding
        obligation of the Master Servicer,  enforceable against it in accordance
        with the terms  hereof  subject to  applicable  bankruptcy,  insolvency,
        reorganization,  moratorium and other laws affecting the  enforcement of
        creditors'  rights  generally  and  to  general  principles  of  equity,
        regardless of whether such  enforcement is considered in a proceeding in
        equity or at law;

(iv)    The  Master  Servicer  is not in  default  with  respect to any order or
        decree of any court or any order,  regulation  or demand of any federal,
        state,  municipal  or  governmental  agency,  which  default  might have
        consequences  that would  materially and adversely  affect the condition
        (financial  or  other)  or  operations  of the  Master  Servicer  or its
        properties or might have  consequences  that would materially  adversely
        affect its performance hereunder;

                                       39
<PAGE>

(v)     No  litigation  is  pending  or,  to the best of the  Master  Servicer's
        knowledge,  threatened  against the Master Servicer which would prohibit
        its entering into this  Agreement or performing  its  obligations  under
        this Agreement;

(vi)    The  Master  Servicer  will  comply  in  all  material  respects  in the
        performance of this Agreement with all reasonable rules and requirements
        of each insurer under each Required Insurance Policy;

(vii)   No  information,  certificate  of an  officer,  statement  furnished  in
        writing or report delivered to the Company, any Affiliate of the Company
        or the Trustee by the Master  Servicer  will,  to the  knowledge  of the
        Master Servicer, contain any untrue statement of a material fact or omit
        a  material  fact  necessary  to  make  the  information,   certificate,
        statement or report not misleading;

(viii)  The Master  Servicer has examined each  existing,  and will examine each
        new,  Subservicing  Agreement  and is or will be familiar with the terms
        thereof.  The terms of each  existing  Subservicing  Agreement  and each
        designated Subservicer are acceptable to the Master Servicer and any new
        Subservicing Agreements will comply with the provisions of Section 3.02;
        and

(ix)    The  Master  Servicer  is a member  of MERS in good  standing,  and will
        comply in all material respects with the rules and procedures of MERS in
        connection  with the servicing of the Mortgage Loans that are registered
        with MERS.

It is understood and agreed that the representations and warranties set forth in
this Section 2.03(a) shall survive delivery of the respective  Mortgage Files to
the Trustee or any Custodian.

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a  representation  and warranty set forth in this Section 2.03(a)
available   to  the   Certificateholders   or  the  Trustee  on  behalf  of  the
Certificateholders.

(b)  Representations and warranties relating to the Mortgage Loans are set forth
in Section 2.03(b) of the Series Supplement.

                                       40
<PAGE>

Section 2.04.  Representations and Warranties of Sellers.
               -----------------------------------------

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure,  repurchase  or  substitution  must occur within 90 days from the date the
breach  was  discovered.  In  the  event  that  Residential  Funding  elects  to
substitute a Qualified  Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan  pursuant to this Section  2.04,  Residential  Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an
Assignment of the Mortgage in recordable  form, if required  pursuant to Section
2.01,  and such other  documents and agreements as are required by Section 2.01,
with the Mortgage Note  endorsed as required by Section  2.01.  No  substitution
will be made in any calendar month after the Determination  Date for such month.
Monthly Payments due with respect to Qualified  Substitute Mortgage Loans in the
month of  substitution  shall not be part of the Trust Fund and will be retained
by the Master  Servicer  and  remitted  by the Master  Servicer  to  Residential
Funding on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage Loan for such month and thereafter  Residential Funding shall
be entitled to retain all amounts  received in respect of such Deleted  Mortgage
Loan.  The Master  Servicer shall amend or cause to be amended the Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to
reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans  and the  Master  Servicer  shall
deliver the amended  Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing


                                       41
<PAGE>

Agreement in all respects,  the related  Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

Section  2.05.   Execution  and  Authentication  of   Certificates/Issuance   of
     Certificates Evidencing Interests in REMIC I Certificates.

               As provided in Section 2.05 of the Series Supplement.

                                       42
<PAGE>

Section  2.06.  Conveyance  of  Uncertificated  REMIC  I and  REMIC  II  Regular
Interests; Acceptance by the Trustee.

               As provided in Section 2.06 of the Series Supplement.

Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II.

               As provided in Section 2.07 of the Series Supplement.

Section 2.08.  Purposes and Powers of the Trust.
               --------------------------------

        The  purpose of the trust,  as  created  hereunder,  is to engage in the
following activities:

(a) to sell the Certificates to the Company in exchange for the Mortgage Loans;

(b) to enter into and perform its obligations under this Agreement;

(c) to engage in those activities that are necessary,  suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith; and

(d)  subject  to  compliance  with  this  Agreement,  to  engage  in such  other
activities as may be required in connection with  conservation of the Trust Fund
and the making of distributions to the Certificateholders.

               The  trust  is  hereby  authorized  to  engage  in the  foregoing
activities. Notwithstanding the provisions of Section 11.01, the trust shall not
engage in any activity other than in connection with the foregoing or other than
as required or authorized by the terms of this Agreement  while any  Certificate
is outstanding, and this Section 2.08 may not be amended, without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                       43
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

Section 3.01.  Master Servicer to Act as Servicer.
               ----------------------------------

(a) The Master  Servicer  shall  service and  administer  the Mortgage  Loans in
accordance  with the terms of this Agreement and the  respective  Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate  in its best  judgment,  to execute  and  deliver,  on behalf of the
Certificateholders  and the Trustee or any of them,  any and all  instruments of
satisfaction or cancellation,  or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed  conveyance,
or of  assignment  of any  Mortgage  and Mortgage  Note in  connection  with the
repurchase  of a Mortgage  Loan and all other  comparable  instruments,  or with
respect to the  modification  or  re-recording  of a Mortgage for the purpose of
correcting the Mortgage,  the subordination of the lien of the Mortgage in favor
of a public utility company or government  agency or unit with powers of eminent
domain,  the  taking  of a  deed  in  lieu  of  foreclosure,  the  commencement,
prosecution  or  completion  of  judicial  or  non-judicial   foreclosure,   the
conveyance of a Mortgaged  Property to the related  Insurer,  the acquisition of
any property  acquired by  foreclosure  or deed in lieu of  foreclosure,  or the
management,  marketing and conveyance of any property acquired by foreclosure or
deed in lieu of foreclosure  with respect to the Mortgage Loans and with respect
to the Mortgaged  Properties.  The Master  Servicer  further is  authorized  and
empowered by the Trustee, on behalf of the  Certificateholders  and the Trustee,
in its own name or in the name of the  Subservicer,  when the Master Servicer or
the  Subservicer,  as the  case  may be,  believes  it  appropriate  in its best
judgment to register  any  Mortgage  Loan on the  MERS(R)  System,  or cause the
removal from the  registration  of any Mortgage Loan on the MERS(R)  System,  to
execute and deliver, on behalf of the Trustee and the  Certificateholders or any
of them, any and all instruments of assignment and other comparable  instruments
with respect to such  assignment  or  re-recording  of a Mortgage in the name of
MERS,  solely as nominee for the Trustee and its  successors  and  assigns.  Any
expenses  incurred in  connection  with the actions  described in the  preceding
sentence  shall be borne by the  Master  Servicer  in  accordance  with  Section
3.16(c), with no right of reimbursement;  provided, that if, as a result of MERS
discontinuing  or becoming unable to continue  operations in connection with the
MERS System,  it becomes necessary to remove any Mortgage Loan from registration
on the MERS System and to arrange for the assignment of the related Mortgages to
the  Trustee,  then any related  expenses  shall be  reimbursable  to the Master
Servicer.  Notwithstanding the foregoing, subject to Section 3.07(a), the Master
Servicer  shall not permit any  modification  with respect to any Mortgage  Loan
that would both  constitute a sale or exchange of such  Mortgage Loan within the
meaning  of  Section  1001 of the  Code  and any  proposed,  temporary  or final
regulations  promulgated  thereunder  (other than in connection  with a proposed
conveyance  or  assumption  of such Mortgage Loan that is treated as a Principal
Prepayment  in Full  pursuant  to Section  3.13(d)  hereof)  and cause any REMIC
formed under the Series Supplement to fail to qualify as a REMIC under the Code.


                                       44
<PAGE>

The Trustee  shall  furnish the Master  Servicer with any powers of attorney and
other  documents  necessary  or  appropriate  to enable the Master  Servicer  to
service and administer the Mortgage  Loans.  The Trustee shall not be liable for
any action  taken by the Master  Servicer  or any  Subservicer  pursuant to such
powers of attorney.  In servicing and administering any Nonsubserviced  Mortgage
Loan,  the Master  Servicer  shall,  to the extent  not  inconsistent  with this
Agreement,  comply with the Program  Guide as if it were the  originator of such
Mortgage Loan and had retained the servicing  rights and  obligations in respect
thereof.  In connection with servicing and administering the Mortgage Loans, the
Master  Servicer  and any  Affiliate  of the  Master  Servicer  (i) may  perform
services such as  appraisals  and  brokerage  services that are not  customarily
provided by servicers  of mortgage  loans,  and shall be entitled to  reasonable
compensation  therefor in accordance  with Section 3.10 and (ii) may, at its own
discretion and on behalf of the Trustee,  obtain credit  information in the form
of a "credit score" from a credit repository.

(b) All costs incurred by the Master  Servicer or by  Subservicers  in effecting
the timely payment of taxes and  assessments  on the  properties  subject to the
Mortgage Loans shall not, for the purpose of calculating  monthly  distributions
to the  Certificateholders,  be added to the  amount  owing  under  the  related
Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so permit,
and  such  costs  shall  be  recoverable  to the  extent  permitted  by  Section
3.10(a)(ii).

(c) The Master Servicer may enter into one or more agreements in connection with
the offering of pass-through certificates evidencing interests in one or more of
the  Certificates  providing  for the payment by the Master  Servicer of amounts
received by the Master Servicer as servicing compensation hereunder and required
to cover certain  Prepayment  Interest  Shortfalls on the Mortgage Loans,  which
payment  obligation  will  thereafter be an  obligation  of the Master  Servicer
hereunder.

Section 3.02.  Subservicing Agreements Between Master Servicer and Subservicers;
     Enforcement of Subservicers' and Sellers' Obligations.

(a) The Master Servicer may continue in effect  Subservicing  Agreements entered
into by Residential Funding and Subservicers prior to the execution and delivery
of  this  Agreement,  and  may  enter  into  new  Subservicing  Agreements  with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are  generally   required  or  permitted  by  the  Program  Guide  and  are  not
inconsistent  with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer


                                       45
<PAGE>

may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

(b) As part of its servicing activities hereunder,  the Master Servicer, for the
benefit of the Trustee and the Certificateholders, shall use its best reasonable
efforts  to  enforce  the  obligations  of each  Subservicer  under the  related
Subservicing  Agreement and of each Seller under the related Seller's  Agreement
insofar as the  Company's  rights with respect to Seller's  obligation  has been
assigned to the Trustee hereunder, to the extent that the non-performance of any
such Seller's  obligation would have a material and adverse effect on a Mortgage
Loan, including,  without limitation, the obligation to purchase a Mortgage Loan
on account of  defective  documentation,  as described  in Section  2.02,  or on
account of a breach of a  representation  or  warranty,  as described in Section
2.04. Such enforcement,  including, without limitation, the legal prosecution of
claims,  termination  of  Subservicing  Agreements  or Seller's  Agreements,  as
appropriate,  and the pursuit of other  appropriate  remedies,  shall be in such
form and carried  out to such an extent and at such time as the Master  Servicer
would employ in its good faith business  judgment and which are normal and usual
in its general mortgage servicing activities.  The Master Servicer shall pay the
costs of such enforcement at its own expense,  and shall be reimbursed  therefor
only (i) from a general recovery  resulting from such enforcement to the extent,
if any,  that such  recovery  exceeds  all amounts due in respect of the related
Mortgage Loan or (ii) from a specific  recovery of costs,  expenses or attorneys
fees against the party against whom such  enforcement is directed.  For purposes
of clarification  only, the parties agree that the foregoing is not intended to,
and does not,  limit the  ability of the Master  Servicer to be  reimbursed  for
expenses  that are incurred in  connection  with the  enforcement  of a Seller's
obligations  (insofar  as the  Company's  rights with  respect to such  Seller's
obligations  have been assigned to the Trustee  hereunder) and are  reimbursable
pursuant to Section 3.10(a)(viii).

Section 3.03.  Successor Subservicers.
               ----------------------

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties


                                       46
<PAGE>

made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

Section 3.04.  Liability of the Master Servicer.
               --------------------------------

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and  conditions as if the Master
Servicer alone were servicing and  administering  the Mortgage Loans. The Master
Servicer  shall be entitled to enter into any agreement  with a  Subservicer  or
Seller for  indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.

Section 3.05.  No Contractual Relationship Between Subservicer and
                      Trustee or Certificateholders.

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

Section 3.06.  Assumption or Termination of Subservicing Agreements by Trustee.
               ---------------------------------------------------------------

(a) If the Master Servicer shall for any reason no longer be the master servicer
(including by reason of an Event of Default),  the Trustee,  its designee or its
successor shall thereupon assume all of the rights and obligations of the Master
Servicer under each Subservicing  Agreement that may have been entered into. The
Trustee,  its designee or the successor servicer for the Trustee shall be deemed
to have  assumed  all of the  Master  Servicer's  interest  therein  and to have
replaced  the Master  Servicer as a party to the  Subservicing  Agreement to the
same extent as if the  Subservicing  Agreement had been assigned to the assuming
party  except  that the Master  Servicer  shall not  thereby be  relieved of any
liability or obligations under the Subservicing Agreement.

(b) The Master Servicer shall, upon request of the Trustee but at the expense of
the Master  Servicer,  deliver to the assuming  party all  documents and records
relating  to each  Subservicing  Agreement  and the  Mortgage  Loans  then being
serviced and an accounting of amounts collected and held by it and otherwise use
its  best  efforts  to  effect  the  orderly  and  efficient  transfer  of  each
Subservicing Agreement to the assuming party.

                                       47
<PAGE>

Section 3.07.  Collection of Certain Mortgage Loan Payments;
                      Deposits to Custodial Account.
                      -----------------------------

(a)     The Master  Servicer  shall  make  reasonable  efforts  to  collect  all
        payments  called  for under the terms  and  provisions  of the  Mortgage
        Loans, and shall, to the extent such procedures shall be consistent with
        this  Agreement  and the terms and  provisions  of any  related  Primary
        Insurance Policy,  follow such collection  procedures as it would employ
        in its good faith  business  judgment  and which are normal and usual in
        its  general  mortgage   servicing   activities.   Consistent  with  the
        foregoing,  the Master Servicer may in its discretion (i) waive any late
        payment  charge  or  any  prepayment   charge  or  penalty  interest  in
        connection  with the  prepayment  of a Mortgage Loan and (ii) extend the
        Due Date for  payments  due on a Mortgage  Loan in  accordance  with the
        Program Guide;  provided,  however, that the Master Servicer shall first
        determine that any such waiver or extension will not impair the coverage
        of any related Primary  Insurance Policy or materially  adversely affect
        the lien of the related Mortgage.  In the event of any such arrangement,
        the Master Servicer shall make timely  advances on the related  Mortgage
        Loan during the  scheduled  period in accordance  with the  amortization
        schedule of such Mortgage Loan without modification thereof by reason of
        such  arrangements  unless  otherwise  agreed to by the  Holders  of the
        Classes of Certificates  affected thereby;  provided,  however,  that no
        such   extension   shall  be  made  if  any  such  advance  would  be  a
        Nonrecoverable Advance. Consistent with the terms of this Agreement, the
        Master Servicer may also waive,  modify or vary any term of any Mortgage
        Loan or consent to the  postponement of strict  compliance with any such
        term or in any manner grant indulgence to any Mortgagor if in the Master
        Servicer's  determination  such waiver,  modification,  postponement  or
        indulgence   is  not   materially   adverse  to  the  interests  of  the
        Certificateholders (taking into account any estimated Realized Loss that
        might result absent such  action);  provided,  however,  that the Master
        Servicer may not modify  materially or permit any  Subservicer to modify
        any Mortgage Loan,  including  without  limitation any modification that
        would change the Mortgage Rate,  forgive the payment of any principal or
        interest  (unless in  connection  with the  liquidation  of the  related
        Mortgage Loan or except in  connection  with  prepayments  to the extent
        that  such  reamortization  is not  inconsistent  with the  terms of the
        Mortgage  Loan),  capitalize  any amounts  owing on the Mortgage Loan by
        adding such amount to the outstanding  principal balance of the Mortgage
        Loan, or extend the final  maturity date of such Mortgage  Loan,  unless
        such  Mortgage  Loan is in  default  or, in the  judgment  of the Master
        Servicer,  such default is reasonably  foreseeable;  provided,  further,
        that  (1) no such  modification  shall  reduce  the  interest  rate on a
        Mortgage  Loan below  one-half of the Mortgage  Rate as in effect on the
        Cut-off  Date,  but not  less  than the sum of the  rates  at which  the
        Servicing  Fee and the  Subservicing  Fee with respect to such  Mortgage
        Loan accrues plus the rate at which the premium paid to the  Certificate
        Insurer,  if any, accrues,  (2) the final maturity date for any Mortgage
        Loan shall not be  extended  beyond the  Maturity  Date,  (3) the Stated
        Principal  Balance of all Reportable  Modified Mortgage Loans subject to
        Servicing   Modifications   (measured  at  the  time  of  the  Servicing
        Modification and after giving effect to any Servicing  Modification) can
        be no more than five percent of the aggregate  principal  balance of the
        Mortgage  Loans as of the Cut-off  Date,  unless such limit is increased
        from  time to time  with the  consent  of the  Rating  Agencies  and the
        Certificate  Insurer,  if any.  In  addition,  any  amounts  owing  on a
        Mortgage  Loan  added  to the  outstanding  principal  balance  of  such
        Mortgage  Loan must be fully  amortized  over the term of such  Mortgage
        Loan, and such amounts may be added to the outstanding principal balance
        of a  Mortgage  Loan only once  during the life of such  Mortgage  Loan.
        Also, the addition of such amounts  described in the preceding  sentence


                                       48
<PAGE>

        shall be  implemented  in  accordance  with the Program Guide and may be
        implemented  only by Subservicers  that have been approved by the Master
        Servicer for such  purpose.  In  connection  with any  Curtailment  of a
        Mortgage Loan, the Master Servicer,  to the extent not inconsistent with
        the terms of the Mortgage  Note and local law and  practice,  may permit
        the Mortgage  Loan to be  reamortized  such that the Monthly  Payment is
        recalculated as an amount that will fully amortize the remaining  Stated
        Principal  Balance  thereof by the original  Maturity  Date based on the
        original Mortgage Rate; provided, that such re-amortization shall not be
        permitted if it would  constitute a reissuance  of the Mortgage Loan for
        federal income tax purposes,  except if such  reissuance is described in
        Treasury Regulation Section 1.860G-2(b)(3).

(b)     The Master Servicer shall establish and maintain a Custodial  Account in
        which the Master  Servicer  shall  deposit or cause to be deposited on a
        daily  basis,  except as otherwise  specifically  provided  herein,  the
        following payments and collections  remitted by Subservicers or received
        by it in respect of the Mortgage  Loans  subsequent  to the Cut-off Date
        (other than in respect of principal  and interest on the Mortgage  Loans
        due on or before the Cut-off Date):

(i)     All payments on account of principal,  including  Principal  Prepayments
        made by Mortgagors on the Mortgage Loans and the principal  component of
        any  Subservicer  Advance or of any REO Proceeds  received in connection
        with an REO Property for which an REO Disposition has occurred;

(ii)    All payments on account of interest at the Adjusted Mortgage Rate on the
        Mortgage  Loans,  including  Buydown  Funds,  if any,  and the  interest
        component of any Subservicer  Advance or of any REO Proceeds received in
        connection  with  an REO  Property  for  which  an REO  Disposition  has
        occurred;

(iii)   Insurance Proceeds,  Subsequent Recoveries and Liquidation Proceeds (net
        of any related expenses of the Subservicer);

(iv)    All proceeds of any Mortgage Loans  purchased  pursuant to Section 2.02,
        2.03,  2.04  or  4.07  and  all  amounts  required  to be  deposited  in
        connection with the substitution of a Qualified Substitute Mortgage Loan
        pursuant to Section 2.03 or 2.04;

(v)     Any amounts  required  to be  deposited  pursuant to Section  3.07(c) or
        3.21;

(vi)    All amounts  transferred  from the Certificate  Account to the Custodial
        Account in accordance with Section 4.02(a);

(vii)   Any  amounts  realized  by the  Subservicer  and  received by the Master
        Servicer in respect of any Additional Collateral; and

(viii)  Any  amounts  received  by the  Master  Servicer  in  respect of Pledged
        Assets.

The  foregoing  requirements  for  deposit  in the  Custodial  Account  shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in


                                       49
<PAGE>

the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

        With respect to Insurance Proceeds,  Liquidation Proceeds,  REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03,  2.04 and 4.07  received in any calendar  month,  the Master  Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

(c) The Master  Servicer  shall use its best  efforts  to cause the  institution
maintaining the Custodial  Account to invest the funds in the Custodial  Account
attributable to the Mortgage Loans in Permitted  Investments  which shall mature
not later than the  Certificate  Account Deposit Date next following the date of
such investment (with the exception of the Amount Held for Future  Distribution)
and which shall not be sold or disposed of prior to their maturities. All income
and gain  realized  from any such  investment  shall be for the  benefit  of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal  or order from time to time.  The amount of any  losses  incurred  in
respect of any such  investments  attributable  to the  investment of amounts in
respect of the Mortgage Loans shall be deposited in the Custodial Account by the
Master Servicer out of its own funds  immediately as realized  without any right
of reimbursement.

(d) The Master  Servicer shall give notice to the Trustee and the Company of any
change  in the  location  of the  Custodial  Account  and  the  location  of the
Certificate Account prior to the use thereof.

Section 3.08.  Subservicing Accounts; Servicing Accounts.
               -----------------------------------------

(a) In those cases where a Subservicer  is servicing a Mortgage Loan pursuant to
a  Subservicing  Agreement,  the Master  Servicer  shall cause the  Subservicer,
pursuant to the  Subservicing  Agreement,  to establish and maintain one or more
Subservicing  Accounts which shall be an Eligible Account or, if such account is
not an Eligible Account, shall generally satisfy the requirements of the Program
Guide and be otherwise acceptable to the Master Servicer and each Rating Agency.
The  Subservicer  will be  required  thereby  to deposit  into the  Subservicing
Account  on a daily  basis  all  proceeds  of  Mortgage  Loans  received  by the
Subservicer,  less its Subservicing Fees and unreimbursed advances and expenses,
to the extent  permitted  by the  Subservicing  Agreement.  If the  Subservicing
Account is not an Eligible Account,  the Master Servicer shall be deemed to have
received such monies upon receipt  thereof by the  Subservicer.  The Subservicer


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<PAGE>

shall not be  required  to  deposit  in the  Subservicing  Account  payments  or
collections  in the nature of  prepayment  charges or late charges or assumption
fees.  On or before the date  specified  in the Program  Guide,  but in no event
later  than  the  Determination  Date,  the  Master  Servicer  shall  cause  the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

(b)  The  Subservicer  may  also  be  required,  pursuant  to  the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such  Curtailment to the first day of the following month. Any amounts paid by a
Subservicer  pursuant to the preceding  sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).

(c) In addition to the Custodial Account and the Certificate Account, the Master
Servicer  shall  for any  Nonsubserviced  Mortgage  Loan,  and  shall  cause the
Subservicers  for Subserviced  Mortgage Loans to,  establish and maintain one or
more Servicing  Accounts and deposit and retain therein all collections from the
Mortgagors   (or  advances  from   Subservicers)   for  the  payment  of  taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy)  and  3.12(a)  (with  respect  to  hazard  insurance),  to refund to any
Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

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<PAGE>

(d) The Master Servicer shall advance the payments  referred to in the preceding
subsection  that  are not  timely  paid by the  Mortgagors  or  advanced  by the
Subservicers  on the date when the tax,  premium  or other  cost for which  such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

Section 3.09.  Access to Certain Documentation and
                      Information Regarding the Mortgage Loans.

        If   compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

Section 3.10.  Permitted Withdrawals from the Custodial Account.
               --------------------------------------------------

(a)  The  Master  Servicer  may,  from  time to time as  provided  herein,  make
     withdrawals  from the  Custodial  Account of  amounts  on  deposit  therein
     pursuant to Section 3.07 that are  attributable  to the Mortgage  Loans for
     the following purposes:

(i)  to make  deposits  into the  Certificate  Account in the amounts and in the
     manner provided for in Section 4.01;

(ii) to reimburse itself or the related Subservicer for previously  unreimbursed
     Advances,  Servicing  Advances or other  expenses made pursuant to Sections
     3.01, 3.07(a), 3.08, 3.11, 3.12(a), 3.14 and 4.04 or otherwise reimbursable
     pursuant  to the  terms of this  Agreement,  such  withdrawal  right  being
     limited to amounts received on the related Mortgage Loans  (including,  for
     this purpose,  REO Proceeds,  Insurance Proceeds,  Liquidation Proceeds and
     proceeds  from the purchase of a Mortgage  Loan  pursuant to Section  2.02,
     2.03,  2.04 or 4.07)  which  represent  (A)  Late  Collections  of  Monthly
     Payments  for which any such  advance  was made in the case of  Subservicer
     Advances or Advances pursuant to Section 4.04 and (B) recoveries of amounts
     in  respect  of which  such  advances  were  made in the case of  Servicing
     Advances;

(iii)to pay to itself or the related  Subservicer (if not previously retained by
     such  Subservicer)  out of each payment  received by the Master Servicer on
     account of interest on a Mortgage Loan as contemplated by Sections 3.14 and
     3.16, an amount equal to that  remaining  portion of any such payment as to
     interest (but not in excess of the Servicing Fee and the Subservicing  Fee,
     if not  previously  retained)  which,  when  deducted,  will  result in the
     remaining  amount of such interest  being interest at the Net Mortgage Rate


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<PAGE>

     (or Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan) on
     the amount specified in the  amortization  schedule of the related Mortgage
     Loan as the  principal  balance  thereof  at the  beginning  of the  period
     respecting which such interest was paid after giving effect to any previous
     Curtailments;

(iv)    to pay to itself as additional  servicing  compensation  any interest or
        investment  income  earned on funds and other  property  deposited in or
        credited  to the  Custodial  Account  that it is  entitled  to  withdraw
        pursuant to Section 3.07(c);

(v)     to pay to itself as additional  servicing  compensation  any Foreclosure
        Profits,  any amounts remitted by Subservicers as interest in respect of
        Curtailments  pursuant to Section  3.08(b),  and any  amounts  paid by a
        Mortgagor in connection  with a Principal  Prepayment in Full in respect
        of  interest  for any  period  during the  calendar  month in which such
        Principal   Prepayment   in   Full   is  to  be   distributed   to   the
        Certificateholders;

(vi)    to pay to itself,  a Subservicer,  a Seller,  Residential  Funding,  the
        Company  or any  other  appropriate  Person,  as the case  may be,  with
        respect to each  Mortgage Loan or property  acquired in respect  thereof
        that has been  purchased  or otherwise  transferred  pursuant to Section
        2.02,  2.03,  2.04, 4.07 or 9.01, all amounts  received  thereon and not
        required to be distributed to the  Certificateholders  as of the date on
        which  the  related  Stated  Principal  Balance  or  Purchase  Price  is
        determined;

(vii)   to reimburse  itself or the related  Subservicer for any  Nonrecoverable
        Advance  or  Advances  in  the  manner  and to the  extent  provided  in
        subsection  (c) below,  and any  Advance or  Servicing  Advance  made in
        connection  with a modified  Mortgage Loan that is in default or, in the
        judgment  of the  Master  Servicer,  default is  reasonably  foreseeable
        pursuant to Section 3.07(a),  to the extent the amount of the Advance or
        Servicing  Advance  was added to the  Stated  Principal  Balance  of the
        Mortgage Loan in the prior calendar month,  or any Advance  reimbursable
        to the Master Servicer pursuant to Section 4.02(a);

(viii)  to  reimburse  itself  or  the  Company  for  expenses  incurred  by and
        reimbursable to it or the Company  pursuant to Sections  3.01(a),  3.11,
        3.13,  3.14(c),  6.03,  10.01  or  otherwise,   or  in  connection  with
        enforcing,   in  accordance   with  this   Agreement,   any  repurchase,
        substitution or indemnification  obligation of any Seller (other than an
        Affiliate of the Company) pursuant to the related Seller's Agreement;

(ix)    to reimburse itself for Servicing  Advances  expended by it (a) pursuant
        to Section  3.14 in good faith in  connection  with the  restoration  of
        property  damaged by an Uninsured  Cause, and (b) in connection with the
        liquidation  of a Mortgage Loan or disposition of an REO Property to the
        extent not otherwise reimbursed pursuant to clause (ii) or (viii) above;
        and

(x)     to withdraw any amount  deposited in the Custodial  Account that was not
        required to be deposited therein pursuant to Section 3.07.

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<PAGE>

(b)     Since, in connection with withdrawals  pursuant to clauses (ii),  (iii),
        (v) and (vi), the Master  Servicer's  entitlement  thereto is limited to
        collections or other recoveries on the related Mortgage Loan, the Master
        Servicer shall keep and maintain separate accounting, on a Mortgage Loan
        by Mortgage  Loan basis,  for the purpose of justifying  any  withdrawal
        from the Custodial Account pursuant to such clauses.

(c)     The Master Servicer shall be entitled to reimburse itself or the related
        Subservicer  for any advance made in respect of a Mortgage Loan that the
        Master Servicer determines to be a Nonrecoverable  Advance by withdrawal
        from the Custodial Account of amounts on deposit therein attributable to
        the Mortgage Loans on any  Certificate  Account  Deposit Date succeeding
        the date of such  determination.  Such right of reimbursement in respect
        of a  Nonrecoverable  Advance relating to an Advance pursuant to Section
        4.04 on any such Certificate Account Deposit Date shall be limited to an
        amount not  exceeding  the portion of such  advance  previously  paid to
        Certificateholders   (and  not  theretofore  reimbursed  to  the  Master
        Servicer or the related Subservicer).

Section 3.11.  Maintenance of the Primary Insurance
                      Policies; Collections Thereunder.

(a) The Master  Servicer shall not take, or permit any  Subservicer to take, any
action which would result in non-coverage under any applicable Primary Insurance
Policy  of any  loss  which,  but for the  actions  of the  Master  Servicer  or
Subservicer,  would have been  covered  thereunder.  To the extent  coverage  is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company  gains  knowledge  that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary  Insurance  Policy (and was not  included in any  exception  to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value  Ratio in excess  of 80% then the  Master  Servicer  shall use its
reasonable  efforts to obtain and  maintain  a Primary  Insurance  Policy to the
extent  that such a policy is  obtainable  at a  reasonable  price.  The  Master
Servicer shall not cancel or refuse to renew any such Primary  Insurance  Policy
applicable to a  Nonsubserviced  Mortgage  Loan,  or consent to any  Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage  Loan  subserviced  by it, that is in effect at the date of the initial
issuance  of the  Certificates  and is  required  to be kept in force  hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose  claims-paying  ability is acceptable
to each Rating  Agency for mortgage  pass-through  certificates  having a rating
equal to or better  than the  lower of the  then-current  rating  or the  rating
assigned to the Certificates as of the Closing Date by such Rating Agency.

                                       54
<PAGE>

(b) In  connection  with its  activities  as  administrator  and servicer of the
Mortgage  Loans,  the Master  Servicer agrees to present or to cause the related
Subservicer to present,  on behalf of the Master Servicer,  the Subservicer,  if
any, the Trustee and Certificateholders, claims to the related Insurer under any
Primary Insurance Policies, in a timely manner in accordance with such policies,
and,  in this  regard,  to take or cause to be taken such  reasonable  action as
shall be  necessary  to permit  recovery  under any Primary  Insurance  Policies
respecting  defaulted  Mortgage  Loans.  Pursuant to Section 3.07, any Insurance
Proceeds  collected  by or  remitted  to the Master  Servicer  under any Primary
Insurance  Policies  shall be deposited  in the  Custodial  Account,  subject to
withdrawal pursuant to Section 3.10.

Section 3.12.  Maintenance of Fire Insurance and
                      Omissions and Fidelity Coverage.

(a) The Master  Servicer  shall cause to be  maintained  for each  Mortgage Loan
(other than a Cooperative  Loan) fire  insurance  with  extended  coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

                                       55
<PAGE>

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

(b) The Master Servicer shall obtain and maintain at its own expense and keep in
full force and effect  throughout the term of this Agreement a blanket  fidelity
bond and an errors and omissions insurance policy covering the Master Servicer's
officers and employees and other persons acting on behalf of the Master Servicer
in connection with its activities  under this Agreement.  The amount of coverage
shall be at least equal to the coverage  that would be required by Fannie Mae or
Freddie Mac,  whichever is greater,  with respect to the Master  Servicer if the
Master Servicer were servicing and  administering  the Mortgage Loans for Fannie
Mae or Freddie  Mac.  In the event that any such bond or policy  ceases to be in
effect, the Master Servicer shall obtain a comparable replacement bond or policy
from an issuer or insurer, as the case may be, meeting the requirements, if any,
of the  Program  Guide and  acceptable  to the  Company.  Coverage of the Master
Servicer under a policy or bond obtained by an Affiliate of the Master  Servicer
and  providing the coverage  required by this Section  3.12(b) shall satisfy the
requirements of this Section 3.12(b).

Section 3.13.  Enforcement of Due-on-Sale Clauses; Assumption and
                      Modification Agreements; Certain Assignments.

(a)     When any  Mortgaged  Property is conveyed by the  Mortgagor,  the Master
        Servicer  or  Subservicer,  to the  extent  it  has  knowledge  of  such
        conveyance,  shall  enforce  any  due-on-sale  clause  contained  in any
        Mortgage Note or Mortgage,  to the extent permitted under applicable law
        and  governmental  regulations,   but  only  to  the  extent  that  such
        enforcement will not adversely  affect or jeopardize  coverage under any
        Required Insurance Policy. Notwithstanding the foregoing:

(i)     the  Master  Servicer  shall not be deemed to be in  default  under this
        Section 3.13(a) by reason of any transfer or assumption which the Master
        Servicer is restricted by law from preventing; and

(ii)    if the Master Servicer  determines that it is reasonably likely that any
        Mortgagor will bring,  or if any Mortgagor  does bring,  legal action to
        declare invalid or otherwise avoid  enforcement of a due-on-sale  clause
        contained in any Mortgage Note or Mortgage,  the Master  Servicer  shall
        not be  required to enforce the  due-on-sale  clause or to contest  such
        action.

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<PAGE>

(b)     Subject to the Master Servicer's duty to enforce any due-on-sale  clause
        to the  extent  set  forth in  Section  3.13(a),  in any case in which a
        Mortgaged  Property is to be conveyed  to a Person by a  Mortgagor,  and
        such Person is to enter into an assumption or modification  agreement or
        supplement to the Mortgage Note or Mortgage which requires the signature
        of the Trustee,  or if an instrument of release signed by the Trustee is
        required  releasing the Mortgagor  from  liability on the Mortgage Loan,
        the Master  Servicer is authorized,  subject to the  requirements of the
        sentence  next  following,  to  execute  and  deliver,  on behalf of the
        Trustee,  the assumption agreement with the Person to whom the Mortgaged
        Property is to be conveyed and such modification agreement or supplement
        to the Mortgage Note or Mortgage or other  instruments as are reasonable
        or necessary to carry out the terms of the Mortgage  Note or Mortgage or
        otherwise to comply with any applicable  laws  regarding  assumptions or
        the  transfer  of the  Mortgaged  Property  to  such  Person;  provided,
        however,  none of such terms and requirements  shall either (i) both (A)
        constitute  a  "significant   modification"  effecting  an  exchange  or
        reissuance  of such  Mortgage  Loan under the REMIC  Provisions  and (B)
        cause any portion of any REMIC  formed  under the Series  Supplement  to
        fail to  qualify  as a REMIC  under  the  Code or  (subject  to  Section
        10.01(f)),   result  in  the   imposition  of  any  tax  on  "prohibited
        transactions" or (ii) constitute "contributions" after the start-up date
        under the REMIC  Provisions.  The  Master  Servicer  shall  execute  and
        deliver such  documents  only if it reasonably  determines  that (i) its
        execution  and delivery  thereof  will not conflict  with or violate any
        terms of this  Agreement or cause the unpaid balance and interest on the
        Mortgage Loan to be uncollectible in whole or in part, (ii) any required
        consents of insurers  under any Required  Insurance  Policies  have been
        obtained  and  (iii)  subsequent  to  the  closing  of  the  transaction
        involving the assumption or transfer (A) the Mortgage Loan will continue
        to be  secured by a first  mortgage  lien  pursuant  to the terms of the
        Mortgage,  (B) such  transaction  will not adversely affect the coverage
        under any Required Insurance Policies,  (C) the Mortgage Loan will fully
        amortize  over the remaining  term thereof,  (D) no material term of the
        Mortgage Loan (including the interest rate on the Mortgage Loan) will be
        altered nor will the term of the Mortgage Loan be changed and (E) if the
        seller/transferor  of the  Mortgaged  Property  is to be  released  from
        liability  on the  Mortgage  Loan,  such  release will not (based on the
        Master Servicer's or Subservicer's good faith  determination)  adversely
        affect  the  collectability  of  the  Mortgage  Loan.  Upon  receipt  of
        appropriate instructions from the Master Servicer in accordance with the
        foregoing,  the Trustee shall execute any necessary instruments for such
        assumption  or  substitution  of liability as directed in writing by the
        Master Servicer.  Upon the closing of the  transactions  contemplated by
        such  documents,  the Master  Servicer shall cause the originals or true
        and correct copies of the assumption agreement, the release (if any), or
        the  modification  or  supplement to the Mortgage Note or Mortgage to be
        delivered  to the  Trustee  or the  Custodian  and  deposited  with  the
        Mortgage  File for such Mortgage  Loan.  Any fee collected by the Master
        Servicer or such related  Subservicer for entering into an assumption or
        substitution  of  liability  agreement  will be  retained  by the Master
        Servicer or such Subservicer as additional servicing compensation.

(c)     The Master  Servicer  or the  related  Subservicer,  as the case may be,
        shall be  entitled to approve a request  from a Mortgagor  for a partial
        release of the related Mortgaged  Property,  the granting of an easement
        thereon in favor of another Person,  any alteration or demolition of the
        related Mortgaged  Property (or, with respect to a Cooperative Loan, the


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<PAGE>

        related  Cooperative  Apartment)  without any right of  reimbursement or
        other similar  matters if it has  determined,  exercising its good faith
        business judgment in the same manner as it would if it were the owner of
        the related  Mortgage  Loan,  that the security  for, and the timely and
        full  collectability  of,  such  Mortgage  Loan  would not be  adversely
        affected  thereby  and that any  portion of any REMIC  formed  under the
        Series Supplement would not fail to continue to qualify as a REMIC under
        the Code as a result  thereof and (subject to Section  10.01(f)) that no
        tax on "prohibited  transactions" or  "contributions"  after the startup
        day would be  imposed  on any such  REMIC as a result  thereof.  Any fee
        collected  by  the  Master  Servicer  or  the  related  Subservicer  for
        processing  such a request  will be retained  by the Master  Servicer or
        such Subservicer as additional servicing compensation.

(d)     Subject to any other  applicable terms and conditions of this Agreement,
        the  Trustee  and  Master  Servicer  shall be  entitled  to  approve  an
        assignment in lieu of  satisfaction  with respect to any Mortgage  Loan,
        provided the obligee with respect to such Mortgage Loan  following  such
        proposed  assignment  provides  the Trustee and Master  Servicer  with a
        "Lender  Certification  for  Assignment  of  Mortgage  Loan" in the form
        attached hereto as Exhibit M, in form and substance  satisfactory to the
        Trustee  and Master  Servicer,  providing  the  following:  (i) that the
        substance of the  assignment is, and is intended to be, a refinancing of
        such  Mortgage;  (ii) that the  Mortgage  Loan  following  the  proposed
        assignment  will have a rate of interest at least 0.25 percent  below or
        above the rate of interest on such  Mortgage Loan prior to such proposed
        assignment;  and (iii)  that such  assignment  is at the  request of the
        borrower under the related Mortgage Loan. Upon approval of an assignment
        in lieu of  satisfaction  with respect to any Mortgage  Loan, the Master
        Servicer  shall receive cash in an amount equal to the unpaid  principal
        balance of and  accrued  interest on such  Mortgage  Loan and the Master
        Servicer shall treat such amount as a Principal  Prepayment in Full with
        respect to such Mortgage Loan for all purposes hereof.

Section 3.14.  Realization Upon Defaulted Mortgage Loans.
               -----------------------------------------

(a) The Master  Servicer shall  foreclose upon or otherwise  comparably  convert
(which may include an REO Acquisition) the ownership of properties securing such
of the  Mortgage  Loans as come into and  continue in default and as to which no
satisfactory  arrangements  can be made for  collection of  delinquent  payments
pursuant to Section  3.07.  Alternatively,  the Master  Servicer  may take other
actions in respect of a defaulted Mortgage Loan, which may include (i) accepting
a short sale (a payoff of the  Mortgage  Loan for an amount  less than the total
amount  contractually  owed in  order  to  facilitate  a sale  of the  Mortgaged
Property by the  Mortgagor) or permitting a short  refinancing  (a payoff of the
Mortgage  Loan for an amount less than the total  amount  contractually  owed in
order to facilitate  refinancing  transactions  by the Mortgagor not involving a
sale of the Mortgaged  Property),  (ii)  arranging for a repayment plan or (iii)
agreeing to a modification  in accordance  with Section 3.07. In connection with
such foreclosure or other conversion, the Master Servicer shall, consistent with
Section 3.11, follow such practices and procedures as it shall deem necessary or
advisable,  as shall be  normal  and  usual in its  general  mortgage  servicing
activities and as shall be required or permitted by the Program Guide;  provided
that the Master  Servicer  shall not be liable in any respect  hereunder  if the
Master  Servicer  is acting in  connection  with any such  foreclosure  or other
conversion in a manner that is consistent with the provisions of this Agreement.
The Master Servicer,  however,  shall not be required to expend its own funds or
incur  other  reimbursable  charges  in  connection  with  any  foreclosure,  or


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<PAGE>

attempted foreclosure which is not completed,  or towards the restoration of any
property unless it shall determine (i) that such restoration  and/or foreclosure
will  increase the proceeds of  liquidation  of the Mortgage  Loan to Holders of
Certificates  of one or more  Classes  after  reimbursement  to itself  for such
expenses or charges and (ii) that such  expenses or charges will be  recoverable
to  it  through  Liquidation  Proceeds,  Insurance  Proceeds,  or  REO  Proceeds
(respecting  which it shall have priority for purposes of  withdrawals  from the
Custodial  Account  pursuant to Section  3.10,  whether or not such expenses and
charges are actually  recoverable from related Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds).  In the event of such a  determination  by the Master
Servicer pursuant to this Section 3.14(a), the Master Servicer shall be entitled
to reimbursement of such amounts pursuant to Section 3.10.

               In addition to the foregoing,  the Master  Servicer shall use its
best  reasonable  efforts to realize upon any Additional  Collateral for such of
the Additional  Collateral  Loans as come into and continue in default and as to
which no  satisfactory  arrangements  can be made for  collection  of delinquent
payments pursuant to Section 3.07;  provided that the Master Servicer shall not,
on behalf of the Trustee,  obtain title to any such  Additional  Collateral as a
result of or in lieu of the  disposition  thereof  or  otherwise;  and  provided
further  that (i) the Master  Servicer  shall not proceed  with  respect to such
Additional  Collateral  in any manner  that would  impair the ability to recover
against the  related  Mortgaged  Property,  and (ii) the Master  Servicer  shall
proceed with any REO Acquisition in a manner that preserves the ability to apply
the  proceeds  of such  Additional  Collateral  against  amounts  owed under the
defaulted  Mortgage Loan. Any proceeds realized from such Additional  Collateral
(other than amounts to be released to the Mortgagor or the related  guarantor in
accordance  with  procedures  that the Master Servicer would follow in servicing
loans  held for its own  account,  subject  to the terms and  conditions  of the
related  Mortgage  and  Mortgage  Note and to the  terms and  conditions  of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the  proceeds  of  such  Additional  Collateral)  shall  be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10.  Any other  payment  received  by the Master  Servicer  in respect of such
Additional  Collateral  shall be deposited in the Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               For so long as the Master  Servicer is the Master  Servicer under
the Credit  Support  Pledge  Agreement,  the Master  Servicer  shall perform its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee,  obtain title to any such  Pledged  Assets as a result of or in lieu of
the disposition  thereof or otherwise;  and provided further that (i) the Master
Servicer  shall not proceed with  respect to such  Pledged  Assets in any manner
that would impair the ability to recover against the related Mortgaged Property,
and (ii) the Master  Servicer shall proceed with any REO Acquisition in a manner
that  preserves the ability to apply the proceeds of such Pledged Assets against
amounts owed under the defaulted  Mortgage Loan. Any proceeds realized from such
Pledged  Assets  (other  than  amounts to be released  to the  Mortgagor  or the
related  guarantor in accordance  with procedures that the Master Servicer would
follow in  servicing  loans held for its own  account,  subject to the terms and


                                       59
<PAGE>

conditions  of the  related  Mortgage  and  Mortgage  Note and to the  terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               Concurrently  with the foregoing,  the Master Servicer may pursue
any  remedies  that  may  be  available  in  connection   with  a  breach  of  a
representation and warranty with respect to any such Mortgage Loan in accordance
with Sections  2.03 and 2.04.  However,  the Master  Servicer is not required to
continue to pursue both  foreclosure  (or similar  remedies) with respect to the
Mortgage Loans and remedies in connection with a breach of a representation  and
warranty if the Master Servicer determines in its reasonable discretion that one
such  remedy is more likely to result in a greater  recovery as to the  Mortgage
Loan. Upon the occurrence of a Cash  Liquidation or REO  Disposition,  following
the deposit in the  Custodial  Account of all  Insurance  Proceeds,  Liquidation
Proceeds and other  payments and  recoveries  referred to in the  definition  of
"Cash  Liquidation"  or "REO  Disposition,"  as applicable,  upon receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without recourse, as shall be necessary to vest in the Master Servicer
or its designee,  as the case may be, the related  Mortgage Loan, and thereafter
such  Mortgage  Loan shall not be part of the Trust  Fund.  Notwithstanding  the
foregoing or any other  provision of this  Agreement,  in the Master  Servicer's
sole discretion  with respect to any defaulted  Mortgage Loan or REO Property as
to either of the following provisions, (i) a Cash Liquidation or REO Disposition
may be deemed to have  occurred if  substantially  all  amounts  expected by the
Master Servicer to be received in connection with the related defaulted Mortgage
Loan or REO Property have been  received,  and (ii) for purposes of  determining
the amount of any Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any
other  unscheduled  collections  or the amount of any Realized  Loss, the Master
Servicer may take into account minimal amounts of additional  receipts  expected
to be received or any estimated  additional  liquidation expenses expected to be
incurred in connection with the related defaulted Mortgage Loan or REO Property.

(b) If title to any  Mortgaged  Property is acquired by the Trust Fund as an REO
Property  by  foreclosure  or by  deed  in  lieu  of  foreclosure,  the  deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an  Outstanding  Mortgage Loan it
shall be assumed that,  notwithstanding  that the indebtedness  evidenced by the
related  Mortgage  Note shall have been  discharged,  such Mortgage Note and the
related  amortization  schedule in effect at the time of any such acquisition of
title  (after  giving  effect  to  any  previous  Curtailments  and  before  any
adjustment  thereto by reason of any  bankruptcy  or similar  proceeding  or any
moratorium or similar waiver or grace period) remain in effect.

                                       60
<PAGE>

(c) If the Trust Fund  acquires  any REO  Property as  aforesaid or otherwise in
connection  with a default or imminent  default on a Mortgage  Loan,  the Master
Servicer on behalf of the Trust Fund shall  dispose of such REO Property as soon
as   practicable,   giving   due   consideration   to  the   interests   of  the
Certificateholders,  but in all cases  within three full years after the taxable
year of its acquisition by the Trust Fund for purposes of Section  860G(a)(8) of
the Code (or such shorter  period as may be  necessary  under  applicable  state
(including  any state in which such  property  is located)  law to maintain  the
status of any portion of any REMIC formed under the Series Supplement as a REMIC
under  applicable state law and avoid taxes resulting from such property failing
to be foreclosure property under applicable state law) or, at the expense of the
Trust Fund, request, more than 60 days before the day on which such grace period
would  otherwise  expire,  an extension  of such grace period  unless the Master
Servicer  (subject  to Section  10.01(f))  obtains for the Trustee an Opinion of
Counsel,  addressed to the Trustee and the Master  Servicer,  to the effect that
the  holding by the Trust Fund of such REO  Property  subsequent  to such period
will not  result in the  imposition  of taxes on  "prohibited  transactions"  as
defined in Section  860F of the Code or cause any REMIC  formed under the Series
Supplement to fail to qualify as a REMIC (for federal (or any  applicable  State
or  local)  income  tax  purposes)  at  any  time  that  any   Certificates  are
outstanding, in which case the Trust Fund may continue to hold such REO Property
(subject to any  conditions  contained in such  Opinion of Counsel).  The Master
Servicer shall be entitled to be reimbursed  from the Custodial  Account for any
costs  incurred in  obtaining  such  Opinion of Counsel,  as provided in Section
3.10.  Notwithstanding  any other provision of this  Agreement,  no REO Property
acquired by the Trust Fund shall be rented (or allowed to continue to be rented)
or otherwise used by or on behalf of the Trust Fund in such a manner or pursuant
to any terms  that  would (i) cause  such REO  Property  to fail to  qualify  as
"foreclosure  property" within the meaning of Section  860G(a)(8) of the Code or
(ii) subject the Trust Fund to the imposition of any federal income taxes on the
income earned from such REO  Property,  including any taxes imposed by reason of
Section 860G(c) of the Code,  unless the Master Servicer has agreed to indemnify
and hold  harmless  the Trust Fund with  respect to the  imposition  of any such
taxes.

(d) The  proceeds  of any Cash  Liquidation,  REO  Disposition  or  purchase  or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property);  fourth,  to all
Servicing Fees and Subservicing  Fees payable therefrom (and the Master Servicer
and the Subservicer  shall have no claims for any  deficiencies  with respect to
such fees which result from the foregoing allocation); and fifth, to Foreclosure
Profits.

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<PAGE>

(e) In the event of a default on a Mortgage  Loan one or more of whose  obligors
is not a United States Person, in connection with any foreclosure or acquisition
of a deed in lieu of foreclosure  (together,  "foreclosure")  in respect of such
Mortgage Loan, the Master Servicer will cause  compliance with the provisions of
Treasury Regulation Section  1.1445-2(d)(3) (or any successor thereto) necessary
to assure that no withholding tax obligation arises with respect to the proceeds
of such  foreclosure  except  to the  extent,  if  any,  that  proceeds  of such
foreclosure are required to be remitted to the obligors on such Mortgage Loan.

Section 3.15.  Trustee to Cooperate; Release of Mortgage Files.
               -----------------------------------------------

(a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon the
receipt by the Master  Servicer of a  notification  that payment in full will be
escrowed in a manner  customary  for such  purposes,  the Master  Servicer  will
immediately  notify the Trustee (if it holds the related  Mortgage  File) or the
Custodian by a certification of a Servicing Officer (which  certification  shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account   pursuant  to  Section  3.07  have  been  or  will  be  so  deposited),
substantially  in one of the forms attached hereto as Exhibit F, or, in the case
of the Custodian,  an electronic  request in a form acceptable to the Custodian,
requesting  delivery to it of the Mortgage  File.  Within two  Business  Days of
receipt of such certification and request,  the Trustee shall release,  or cause
the Custodian to release, the related Mortgage File to the Master Servicer.  The
Master  Servicer  is  authorized  to execute and  deliver to the  Mortgagor  the
request for  reconveyance,  deed of  reconveyance  or release or satisfaction of
mortgage or such  instrument  releasing the lien of the Mortgage,  together with
the Mortgage Note with, as appropriate, written evidence of cancellation thereon
and to cause the removal  from the  registration  on the MERS(R)  System of such
Mortgage  and to  execute  and  deliver,  on  behalf  of  the  Trustee  and  the
Certificateholders  or any of them, any and all  instruments of  satisfaction or
cancellation or of partial or full release.  No expenses  incurred in connection
with any instrument of satisfaction or deed of reconveyance  shall be chargeable
to the Custodial Account or the Certificate Account.

(b) From time to time as is appropriate  for the servicing or foreclosure of any
Mortgage Loan, the Master  Servicer shall deliver to the Custodian,  with a copy
to the Trustee, a certificate of a Servicing Officer substantially in one of the
forms  attached  as  Exhibit F  hereto,  or,  in the case of the  Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession  of all, or any document  constituting  part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not  invalidate  any insurance  coverage  provided in
respect of the Mortgage Loan under any Required  Insurance Policy.  Upon receipt
of the foregoing,  the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage  File or any document  therein to the Master  Servicer.  The Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer  has  delivered  directly or through a  Subservicer  to the


                                       62
<PAGE>

Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.

(c) The Trustee or the Master Servicer on the Trustee's behalf shall execute and
deliver to the Master Servicer, if necessary, any court pleadings,  requests for
trustee's sale or other documents necessary to the foreclosure or trustee's sale
in respect of a  Mortgaged  Property  or to any legal  action  brought to obtain
judgment  against any  Mortgagor on the Mortgage Note or Mortgage or to obtain a
deficiency judgment,  or to enforce any other remedies or rights provided by the
Mortgage Note or Mortgage or otherwise  available at law or in equity.  Together
with such documents or pleadings (if signed by the Trustee), the Master Servicer
shall deliver to the Trustee a  certificate  of a Servicing  Officer  requesting
that such pleadings or documents be executed by the Trustee and certifying as to
the reason such  documents or pleadings  are required and that the execution and
delivery thereof by the Trustee will not invalidate any insurance coverage under
any Required  Insurance Policy or invalidate or otherwise affect the lien of the
Mortgage,  except  for the  termination  of such a lien upon  completion  of the
foreclosure or trustee's sale.

Section 3.16.  Servicing and Other Compensation; Compensating Interest.
               ---------------------------------------------------------

(a) The Master Servicer, as compensation for its activities hereunder,  shall be
entitled  to receive  on each  Distribution  Date the  amounts  provided  for by
clauses  (iii),  (iv),  (v) and (vi) of Section  3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

(b)  Additional  servicing  compensation  in the  form  of  prepayment  charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

(c) The Master  Servicer  shall be  required  to pay,  or cause to be paid,  all
expenses  incurred by it in connection with its servicing  activities  hereunder
(including  payment of premiums for the Primary Insurance  Policies,  if any, to
the extent such premiums are not required to be paid by the related  Mortgagors,
and the fees and  expenses of the Trustee  and any  Custodian)  and shall not be
entitled to reimbursement  therefor except as specifically  provided in Sections
3.10 and 3.14.

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<PAGE>

(d) The Master  Servicer's  right to receive  servicing  compensation may not be
transferred in whole or in part except in connection with the transfer of all of
its   responsibilities  and  obligations  of  the  Master  Servicer  under  this
Agreement.

(e)  Notwithstanding  any  other  provision  herein,  the  amount  of  servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section 3.10(a)(iii), and second, to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such reduction,
the Master  Servicer (i) will not withdraw from the  Custodial  Account any such
amount  representing  all or a  portion  of the  Servicing  Fee to  which  it is
entitled pursuant to Section  3.10(a)(iii),  and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).

Section 3.17.  Reports to the Trustee and the Company.
               --------------------------------------

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

Section 3.18.  Annual Statement as to Compliance.
               ---------------------------------

        The Master  Servicer  will  deliver to the Company and the Trustee on or
before the earlier of (a) March 31 of each year,  beginning with the first March
31 that occurs at least six months after the Cut-off Date or (b) with respect to
any  calendar  year during  which the  Company's  annual  report on Form 10-K is
required  to be filed in  accordance  with the  Exchange  Act and the  rules and
regulations of the Commission,  the date on which the annual report on Form 10-K
is required to be filed in  accordance  with the  Exchange Act and the rules and
regulations of the  Commission,  an Officers'  Certificate  stating,  as to each
signer  thereof,  that (i) a review of the  activities  of the  Master  Servicer
during the preceding  calendar  year related to its servicing of mortgage  loans
and its  performance  under pooling and  servicing  agreements,  including  this
Agreement,  has been made under such officers' supervision,  (ii) to the best of
such officers' knowledge, based on such review, the Master Servicer has complied
in all material respects with the minimum  servicing  standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of
its material  obligations  relating to this  Agreement in all material  respects
throughout  such year,  or, if there has been material  noncompliance  with such
servicing  standards or a default in the fulfillment in all material respects of
any such obligation  relating to this Agreement,  such statement shall include a
description of such noncompliance or specify each such default,  as the case may
be,  known to such  officer  and the nature and status  thereof and (iii) to the
best of such officers' knowledge,  each Subservicer has complied in all material


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<PAGE>

respects with the minimum  servicing  standards set forth in the Uniform  Single
Attestation  Program for Mortgage  Bankers and has fulfilled all of its material
obligations under its Subservicing Agreement in all material respects throughout
such year,  or, if there has been  material  noncompliance  with such  servicing
standards or a material default in the fulfillment of such obligations  relating
to  this  Agreement,   such  statement  shall  include  a  description  of  such
noncompliance  or specify each such  default,  as the case may be, known to such
officer and the nature and status thereof.

Section 3.19.  Annual Independent Public Accountants' Servicing Report.

        On or before the  earlier of (a) March 31 of each year,  beginning  with
the first March 31 that occurs at least six months  after the Cut-off  Date,  or
(b) with respect to any calendar year during which the  Company's  annual report
on Form 10-K is required to be filed in accordance with the Exchange Act and the
rules and regulations of the Commission,  the date on which the annual report is
required  to be filed in  accordance  with the  Exchange  Act and the  rules and
regulations of the Commission,  the Master Servicer at its expense shall cause a
firm of independent public  accountants,  which shall be members of the American
Institute of Certified  Public  Accountants,  to furnish a report to the Company
and the  Trustee  stating  its  opinion  that,  on the  basis of an  examination
conducted by such firm substantially in accordance with standards established by
the American  Institute of Certified  Public  Accountants,  the assertions  made
pursuant  to  Section  3.18  regarding  compliance  with the  minimum  servicing
standards  set forth in the Uniform  Single  Attestation  Program  for  Mortgage
Bankers  during the  preceding  calendar  year are fairly stated in all material
respects,  subject to such  exceptions  and other  qualifications  that,  in the
opinion of such  firm,  such  accounting  standards  require  it to  report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

Section 3.20.  Rights of the Company in Respect of the Master Servicer.
               --------------------------------------------------------

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or


                                       65
<PAGE>

liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

Section 3.21.  Administration of Buydown Funds

(a) With respect to any Buydown  Mortgage  Loan, the  Subservicer  has deposited
Buydown Funds in an account that satisfies the  requirements  for a Subservicing
Account  (the  "Buydown   Account").   The  Master   Servicer  shall  cause  the
Subservicing  Agreement to require  that upon receipt from the  Mortgagor of the
amount due on a Due Date for each Buydown  Mortgage Loan, the  Subservicer  will
withdraw from the Buydown Account the  predetermined  amount that, when added to
the amount due on such date from the Mortgagor,  equals the full Monthly Payment
and  transmit  that  amount in  accordance  with the  terms of the  Subservicing
Agreement to the Master  Servicer  together with the related payment made by the
Mortgagor or advanced by the Subservicer.

(b) If the  Mortgagor  on a  Buydown  Mortgage  Loan  prepays  such  loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.

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<PAGE>

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01.  Certificate Account.

(a) The Master  Servicer on behalf of the Trustee shall establish and maintain a
Certificate  Account in which the Master Servicer shall cause to be deposited on
behalf of the Trustee on or before 2:00 P.M.  New York time on each  Certificate
Account  Deposit Date by wire transfer of immediately  available funds an amount
equal to the sum of (i) any Advance for the immediately succeeding  Distribution
Date,  (ii) any amount  required  to be  deposited  in the  Certificate  Account
pursuant to Section  3.12(a),  (iii) any amount  required to be deposited in the
Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any amount
required  to be  paid  pursuant  to  Section  9.01  and (v)  all  other  amounts
constituting the Available  Distribution  Amount for the immediately  succeeding
Distribution Date.

(b) The Trustee shall, upon written request from the Master Servicer,  invest or
cause the institution maintaining the Certificate Account to invest the funds in
the Certificate Account in Permitted  Investments  designated in the name of the
Trustee for the  benefit of the  Certificateholders,  which  shall  mature or be
payable  on  demand  not  later  than  the  Business  Day  next   preceding  the
Distribution  Date next following the date of such  investment  (except that (i)
any  investment  in the  institution  with  which  the  Certificate  Account  is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other  investment  may mature or be  payable on demand on such  Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of  reimbursement.  The Trustee or its Affiliates are permitted to receive
compensation that could be deemed to be in the Trustee's economic  self-interest
for (i) serving as investment  adviser (with respect to investments made through
its  Affiliates),  administrator,  shareholder  servicing  agent,  custodian  or
sub-custodian with respect to certain of the Permitted  Investments,  (ii) using
Affiliates to effect  transactions  in certain  Permitted  Investments and (iii)
effecting transactions in certain Permitted Investments.

Section 4.02.  Distributions.
               -------------

                      As provided in Section 4.02 of the Series Supplement.

Section 4.03. Statements to  Certificateholders;  Statements to Rating Agencies;
     Exchange Act Reporting.

               (a)   Concurrently   with  each   distribution   charged  to  the
Certificate  Account  and with  respect  to each  Distribution  Date the  Master
Servicer  shall forward to the Trustee and the Trustee  shall either  forward by


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<PAGE>

mail or make  available  to each  Holder  and  the  Company,  via the  Trustee's
internet  website,  a  statement  (and  at  its  option,  any  additional  files
containing  the  same  information  in  an  alternative  format)  setting  forth
information  as to each Class of  Certificates,  the  Mortgage  Pool and, if the
Mortgage Pool is comprised of two or more Loan Groups,  each Loan Group,  to the
extent  applicable.  This statement will include the information set forth in an
exhibit to the Series  Supplement.  Such exhibit  shall set forth the  Trustee's
internet website address together with a phone number. The Trustee shall mail to
each Holder that requests a paper copy by telephone a paper copy via first class
mail.  The  Trustee  may modify the  distribution  procedures  set forth in this
Section   provided  that  such   procedures  are  no  less  convenient  for  the
Certificateholders. The Trustee shall provide prior notification to the Company,
the Master Servicer and the Certificateholders  regarding any such modification.
In addition,  the Master  Servicer  shall provide to any manager of a trust fund
consisting of some or all of the  Certificates,  upon reasonable  request,  such
additional  information as is reasonably obtainable by the Master Servicer at no
additional  expense to the Master  Servicer.  Also,  at the  request of a Rating
Agency,  the Master  Servicer  shall  provide  the  information  relating to the
Reportable  Modified Mortgage Loans substantially in the form attached hereto as
Exhibit Q to such Rating  Agency within a reasonable  period of time;  provided,
however,  that the  Master  Servicer  shall  not be  required  to  provide  such
information more than four times in a calendar year to any Rating Agency.

               (b)  Within a  reasonable  period  of time  after the end of each
calendar year, the Master Servicer shall prepare,  or cause to be prepared,  and
shall forward,  or cause to be forwarded,  to each Person who at any time during
the  calendar  year  was  the  Holder  of a  Certificate,  other  than a Class R
Certificate, a statement containing the information set forth in clauses (i) and
(ii) of the exhibit to the Series Supplement referred to in subsection (a) above
aggregated  for such calendar year or applicable  portion  thereof  during which
such Person was a  Certificateholder.  Such  obligation  of the Master  Servicer
shall  be  deemed  to have  been  satisfied  to the  extent  that  substantially
comparable  information shall be provided by the Master Servicer pursuant to any
requirements of the Code.

               (c)  Within a  reasonable  period  of time  after the end of each
calendar year, the Master Servicer shall prepare,  or cause to be prepared,  and
shall forward,  or cause to be forwarded,  to each Person who at any time during
the  calendar  year  was  the  Holder  of a  Class R  Certificate,  a  statement
containing the applicable  distribution  information  provided  pursuant to this
Section 4.03  aggregated  for such calendar year or applicable  portion  thereof
during  which  such  Person  was  the  Holder  of a Class  R  Certificate.  Such
obligation of the Master  Servicer shall be deemed to have been satisfied to the
extent that substantially comparable information shall be provided by the Master
Servicer pursuant to any requirements of the Code.

               (d) Upon the written request of any Certificateholder, the Master
Servicer,  as soon as  reasonably  practicable,  shall  provide  the  requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

               (e) The Master  Servicer shall, on behalf of the Depositor and in
respect of the Trust Fund,  sign and cause to be filed with the  Commission  any
periodic  reports required to be filed under the provisions of the Exchange Act,


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<PAGE>

and the rules and regulations of the Commission  thereunder.  In connection with
the  preparation and filing of such periodic  reports,  the Trustee shall timely
provide to the Master Servicer (I) a list of  Certificateholders as shown on the
Certificate  Register as of the end of each  calendar  year,  (II) copies of all
pleadings,  other legal process and any other documents  relating to any claims,
charges or complaints involving the Trustee, as trustee hereunder,  or the Trust
Fund that are received by the Trustee,  (III) notice of all matters that, to the
actual knowledge of a Responsible Officer of the Trustee, have been submitted to
a vote of the  Certificateholders,  other  than  those  matters  that  have been
submitted to a vote of the Certificateholders at the request of the Depositor or
the Master  Servicer,  and (IV) notice of any failure of the Trustee to make any
distribution  to the  Certificateholders  as  required  pursuant  to the  Series
Supplement. Neither the Master Servicer nor the Trustee shall have any liability
with respect to the Master  Servicer's  failure to properly prepare or file such
periodic reports resulting from or relating to the Master  Servicer's  inability
or failure to obtain any  information  not resulting from the Master  Servicer's
own negligence or willful misconduct. Any Form 10-K filed with the Commission in
connection  with this Section 4.03(e) shall include a  certification,  signed by
the senior officer in charge of the servicing  functions of the Master Servicer,
in the form  attached  as Exhibit O hereto or such other form as may be required
or permitted by the Commission  (the "Form 10-K  Certification"),  in compliance
with  Rules  13a-14  and  15d-14  under  the  Exchange  Act and  any  additional
directives of the Commission.  In connection  with the Form 10-K  Certification,
the Trustee  shall  provide  the Master  Servicer  with a back-up  certification
substantially in the form attached hereto as Exhibit P. This Section 4.03(e) may
be  amended  in  accordance  with this  Agreement  without  the  consent  of the
Certificateholders.

Section               4.04.  Distribution  of  Reports  to the  Trustee  and the
                      Company; Advances by the Master Servicer.

(a)  Prior to the  close of  business  on the  Determination  Date,  the  Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

(b) On or before 2:00 P.M.  New York time on each  Certificate  Account  Deposit
Date, the Master  Servicer shall either (i) deposit in the  Certificate  Account
from its own funds, or funds received therefor from the Subservicers,  an amount
equal to the  Advances  to be made by the  Master  Servicer  in  respect  of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which


                                       69
<PAGE>

Monthly Payments were not received as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  Certificate  Account
on or before 11:00 A.M. New York time on any future Certificate  Account Deposit
Date to the  extent  that  funds  attributable  to the  Mortgage  Loans that are
available in the  Custodial  Account for deposit in the  Certificate  Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding  Advances on any Distribution  Date
shall be allocated to specific  Monthly Payments due but delinquent for previous
Due Periods,  which  allocation  shall be made,  to the extent  practicable,  to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations  shall be  conclusive  for purposes of  reimbursement  to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

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<PAGE>

Section 4.05.  Allocation of Realized Losses.
               -----------------------------

                             As   provided   in  Section   4.05  of  the  Series
Supplement.

Section 4.06.  Reports of Foreclosures and Abandonment of Mortgaged Property.
               --------------------------------------------------------------

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged  Property required by Sections 6050H,  6050J and 6050P,
respectively,  of the Code, and deliver to the Trustee an Officers'  Certificate
on or before  March 31 of each year  stating  that such reports have been filed.
Such reports  shall be in form and  substance  sufficient  to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

Section 4.07.  Optional Purchase of Defaulted Mortgage Loans.
               ----------------------------------------------

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If,  however,  the Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

Section 4.08.  Surety Bond.
               -----------

(a) If a Required  Surety  Payment is payable  pursuant  to the Surety Bond with
respect to any Additional  Collateral  Loan, the Master Servicer shall so notify
the Trustee as soon as reasonably  practicable  and the Trustee  shall  promptly
complete  the notice in the form of  Attachment  1 to the Surety  Bond and shall
promptly submit such notice to the Surety as a claim for a Required Surety.  The
Master  Servicer shall upon request assist the Trustee in completing such notice
and shall  provide  any  information  requested  by the  Trustee  in  connection
therewith.

(b) Upon receipt of a Required  Surety  Payment from the Surety on behalf of the
Holders of Certificates,  the Trustee shall deposit such Required Surety Payment


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in the Certificate Account and shall distribute such Required Surety Payment, or
the proceeds thereof, in accordance with the provisions of Section 4.02.

(c) The  Trustee  shall (i)  receive  as  attorney-in-fact  of each  Holder of a
Certificate  any Required  Surety  Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

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                                   ARTICLE V

                                THE CERTIFICATES

Section 5.01.  The Certificates.
               ----------------

(a) The Senior, Class M, Class B and Class R Certificates shall be substantially
in the forms set forth in Exhibits A, B, C and D,  respectively,  and shall,  on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar  for  authentication  and delivery to or upon the order of the Company
upon receipt by the Trustee or one or more Custodians of the documents specified
in Section 2.01. The Certificates shall be issuable in the minimum denominations
designated in the Preliminary Statement to the Series Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

(b) Except as provided below, registration of Book-Entry Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates  for the respective  Certificate  Owners with  Ownership  Interests
therein. The Holders of the Book-Entry  Certificates shall hold their respective
Ownership  Interests in and to each of such Certificates  through the book-entry
facilities  of the  Depository  and,  except  as  provided  below,  shall not be
entitled to Definitive Certificates in respect of such Ownership Interests.  All
transfers by Certificate Owners of their respective  Ownership  Interests in the
Book-Entry  Certificates  shall  be  made  in  accordance  with  the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be


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<PAGE>

deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

(c) From time to time  Residential  Funding,  as the initial Holder of the Class
A-V  Certificates,  may  exchange  such  Holder's  Class  A-V  Certificates  for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

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<PAGE>


Section 5.02.  Registration of Transfer and Exchange of Certificates.
               ------------------------------------------------------

(a)            The  Trustee  shall  cause  to be kept at one of the  offices  or
               agencies to be  appointed by the Trustee in  accordance  with the
               provisions  of  Section  8.12 a  Certificate  Register  in which,
               subject to such reasonable  regulations as it may prescribe,  the
               Trustee shall provide for the registration of Certificates and of
               transfers and exchanges of Certificates as herein  provided.  The
               Trustee is  initially  appointed  Certificate  Registrar  for the
               purpose of registering  Certificates  and transfers and exchanges
               of Certificates as herein provided. The Certificate Registrar, or
               the Trustee,  shall provide the Master  Servicer with a certified
               list of  Certificateholders  as of each  Record Date prior to the
               related Determination Date.

(b)            Upon surrender for registration of transfer of any Certificate at
               any office or agency of the Trustee  maintained  for such purpose
               pursuant to Section 8.12 and, in the case of any Class M, Class B
               or Class R Certificate,  upon  satisfaction of the conditions set
               forth  below,  the  Trustee  shall  execute  and the  Certificate
               Registrar  shall  authenticate  and  deliver,  in the name of the
               designated   transferee   or   transferees,   one  or  more   new
               Certificates   of  a  like  Class  (or  Subclass)  and  aggregate
               Percentage Interest.

(c)            At the  option  of the  Certificateholders,  Certificates  may be
               exchanged for other Certificates of authorized denominations of a
               like Class (or Subclass) and aggregate Percentage Interest,  upon
               surrender of the  Certificates to be exchanged at any such office
               or agency.  Whenever  any  Certificates  are so  surrendered  for
               exchange the Trustee shall execute and the Certificate  Registrar
               shall  authenticate  and deliver the  Certificates  of such Class
               which the  Certificateholder  making the  exchange is entitled to
               receive.  Every Certificate presented or surrendered for transfer
               or  exchange  shall  (if  so  required  by  the  Trustee  or  the
               Certificate  Registrar) be duly endorsed by, or be accompanied by
               a written  instrument  of  transfer in form  satisfactory  to the
               Trustee  and the  Certificate  Registrar  duly  executed  by, the
               Holder thereof or his attorney duly authorized in writing.

(d)            No  transfer,  sale,  pledge  or other  disposition  of a Class B
               Certificate  shall be made unless such transfer,  sale, pledge or
               other disposition is exempt from the registration requirements of
               the Securities Act of 1933, as amended,  and any applicable state
               securities  laws or is made in accordance with said Act and laws.
               In the event that a transfer  of a Class B  Certificate  is to be
               made either (i)(A) the Trustee shall require a written Opinion of
               Counsel  acceptable to and in form and substance  satisfactory to
               the  Trustee  and the  Company  that  such  transfer  may be made
               pursuant to an exemption, describing the applicable exemption and
               the  basis  therefor,  from  said Act and  laws or is being  made
               pursuant to said Act and laws, which Opinion of Counsel shall not
               be an expense of the Trustee,  the Company or the Master Servicer
               (except  that,  if such  transfer  is made by the  Company or the
               Master  Servicer  or any  Affiliate  thereof,  the Company or the
               Master  Servicer  shall  provide such Opinion of Counsel at their
               own  expense);  provided that such Opinion of Counsel will not be
               required  in  connection  with the  initial  transfer of any such
               Certificate  by the  Company  or  any  Affiliate  thereof  to the
               Company or an Affiliate of the Company and (B) the Trustee  shall
               require  the  transferee  to  execute  a  representation  letter,
               substantially  in the form of Exhibit H hereto,  and the  Trustee
               shall require the transferor to execute a representation  letter,
               substantially in the form of Exhibit I hereto, each acceptable to
               and in form and  substance  satisfactory  to the  Company and the
               Trustee  certifying  to the  Company  and the  Trustee  the facts
               surrounding such transfer, which representation letters shall not
               be an expense of the Trustee, the Company or the Master Servicer;
               provided,  however, that such representation  letters will not be


                                       75
<PAGE>

               required in connection with any transfer of any such  Certificate
               by the  Company or any  Affiliate  thereof  to the  Company or an
               Affiliate  of the Company,  and the Trustee  shall be entitled to
               conclusively rely upon a representation  (which, upon the request
               of the  Trustee,  shall  be a  written  representation)  from the
               Company,  of the status of such transferee as an Affiliate of the
               Company or (ii) the prospective  transferee of such a Certificate
               shall be  required to provide  the  Trustee,  the Company and the
               Master Servicer with an investment  letter  substantially  in the
               form of  Exhibit J  attached  hereto  (or such  other form as the
               Company  in  its  sole  discretion   deems   acceptable),   which
               investment  letter  shall not be an expense of the  Trustee,  the
               Company  or the  Master  Servicer,  and which  investment  letter
               states  that,  among  other  things,  such  transferee  (A)  is a
               "qualified  institutional  buyer" as  defined  under  Rule  144A,
               acting for its own account or the  accounts  of other  "qualified
               institutional  buyers"  as defined  under  Rule 144A,  and (B) is
               aware  that  the  proposed  transferor  intends  to  rely  on the
               exemption from registration requirements under the Securities Act
               of 1933,  as amended,  provided  by Rule 144A.  The Holder of any
               such  Certificate  desiring  to effect any such  transfer,  sale,
               pledge or other  disposition  shall,  and does  hereby  agree to,
               indemnify the Trustee,  the Company,  the Master Servicer and the
               Certificate  Registrar  against any liability  that may result if
               the transfer,  sale, pledge or other disposition is not so exempt
               or is not made in accordance with such federal and state laws.

     (e)  (i) In the case of any Class B or Class R  Certificate  presented  for
          registration  in the name of any Person,  either (A) the Trustee shall
          require an Opinion of Counsel  acceptable to and in form and substance
          satisfactory  to the Trustee,  the Company and the Master  Servicer to
          the  effect  that the  purchase  or holding of such Class B or Class R
          Certificate is permissible  under  applicable law, will not constitute
          or result in any non-exempt  prohibited  transaction under Section 406
          of the Employee  Retirement  Income  Security Act of 1974,  as amended
          ("ERISA"),  or Section 4975 of the Code (or  comparable  provisions of
          any  subsequent  enactments),  and will not subject the  Trustee,  the
          Company  or  the  Master  Servicer  to  any  obligation  or  liability
          (including  obligations or liabilities  under ERISA or Section 4975 of
          the Code) in addition to those  undertaken  in this  Agreement,  which
          Opinion of Counsel shall not be an expense of the Trustee, the Company
          or the Master  Servicer  or (B) the  prospective  Transferee  shall be
          required to provide the Trustee,  the Company and the Master  Servicer
          with a  certification  to the  effect  set forth in  paragraph  six of
          Exhibit H (with  respect  to any  Class B  Certificate)  or  paragraph
          fifteen of  Exhibit  G-1 (with  respect  to any Class R  Certificate),
          which  the  Trustee  may  rely  upon   without   further   inquiry  or
          investigation,  or such other  certifications  as the Trustee may deem
          desirable or necessary in order to establish  that such  Transferee or
          the Person in whose name such  registration is requested either (a) is
          not an employee  benefit plan or other plan subject to the  prohibited
          transaction  provisions  of ERISA or Section 4975 of the Code,  or any
          Person  (including  an  investment  manager,  a named  fiduciary  or a
          trustee of any such plan) who is using "plan  assets" of any such plan
          to effect such  acquisition  (each,  a "Plan  Investor") or (b) in the
          case  of  any  Class  B  Certificate,  the  following  conditions  are
          satisfied:  (i) such  Transferee  is an  insurance  company,  (ii) the


                                       76
<PAGE>

          source of funds used to purchase or hold such Certificate (or interest
          therein) is an "insurance company general account" (as defined in U.S.
          Department of Labor Prohibited  Transaction  Class Exemption  ("PTCE")
          95-60,  and (iii) the  conditions  set forth in  Sections I and III of
          PTCE 95-60 have been satisfied (each entity that satisfies this clause
          (b), a "Complying Insurance Company").

               (ii) Any  Transferee of a Class M  Certificate  will be deemed to
               have  represented  by virtue of its  purchase  or holding of such
               Certificate (or interest therein) that either (a) such Transferee
               is not a Plan  Investor,  (b) it has acquired and is holding such
               Certificate  in  reliance  on  Prohibited  Transaction  Exemption
               ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by
               PTE 97-34,  62 Fed. Reg. 39021 (July 21, 1997),  PTE 2000-58,  65
               Fed. Reg.  67765  (November 13, 2000),  and PTE 2002-41,  67 Fed.
               Reg. 54487 (August 22, 2002) (the "RFC  Exemption"),  and that it
               understands that there are certain conditions to the availability
               of the RFC  Exemption  including  that such  Certificate  must be
               rated,  at the time of  purchase,  not lower than  "BBB-" (or its
               equivalent)  by  Standard & Poor's,  Fitch or Moody's or (c) such
               Transferee is a Complying Insurance Company.

               (iii) (A) If any Class M Certificate (or any interest therein) is
               acquired  or  held  by any  Person  that  does  not  satisfy  the
               conditions  described  in  paragraph  (ii)  above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent  permitted  by law, to all rights and  obligations  as
               Certificate  Owner  thereof  retroactive  to  the  date  of  such
               Transfer of such Class M Certificate.  The Trustee shall be under
               no  liability  to any Person for making any  payments due on such
               Certificate to such preceding Transferee.

                      (B) Any purported  Certificate  Owner whose acquisition or
               holding of any Class M  Certificate  (or  interest  therein)  was
               effected in violation of the restrictions in this Section 5.02(e)
               shall indemnify and hold harmless the Company,  the Trustee,  the
               Master Servicer, any Subservicer,  the Underwriters and the Trust
               Fund from and against any and all liabilities,  claims,  costs or
               expenses incurred by such parties as a result of such acquisition
               or holding.

(f)            (i) Each Person who has or who acquires any Ownership Interest in
               a Class R  Certificate  shall  be  deemed  by the  acceptance  or
               acquisition of such Ownership Interest to have agreed to be bound
               by the following  provisions and to have  irrevocably  authorized
               the  Trustee  or its  designee  under  clause  (iii)(A)  below to
               deliver  payments  to a Person  other  than  such  Person  and to
               negotiate the terms of any mandatory  sale under clause  (iii)(B)
               below and to execute all  instruments  of transfer  and to do all
               other things  necessary  in  connection  with any such sale.  The
               rights of each Person acquiring any Ownership Interest in a Class
               R Certificate are expressly subject to the following provisions:

(A)            Each Person  holding or  acquiring  any  Ownership  Interest in a
               Class R  Certificate  shall be a Permitted  Transferee  and shall
               promptly notify the Trustee of any change or impending  change in
               its status as a Permitted Transferee.

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<PAGE>

(B)  In connection  with any proposed  Transfer of any  Ownership  Interest in a
     Class R  Certificate,  the Trustee shall require  delivery to it, and shall
     not register the Transfer of any Class R Certificate  until its receipt of,
     (I) an affidavit and agreement (a "Transfer  Affidavit and  Agreement,"  in
     the form attached hereto as Exhibit G-1) from the proposed  Transferee,  in
     form and substance  satisfactory to the Master  Servicer,  representing and
     warranting,  among other things, that it is a Permitted Transferee, that it
     is not acquiring its Ownership  Interest in the Class R Certificate that is
     the subject of the proposed Transfer as a nominee, trustee or agent for any
     Person who is not a  Permitted  Transferee,  that for so long as it retains
     its Ownership Interest in a Class R Certificate, it will endeavor to remain
     a Permitted  Transferee,  and that it has reviewed the  provisions  of this
     Section 5.02(f) and agrees to be bound by them, and (II) a certificate,  in
     the form  attached  hereto as  Exhibit  G-2,  from the  Holder  wishing  to
     transfer the Class R Certificate, in form and substance satisfactory to the
     Master Servicer,  representing and warranting,  among other things, that no
     purpose of the proposed  Transfer is to impede the assessment or collection
     of tax.

(C)            Notwithstanding   the  delivery  of  a  Transfer   Affidavit  and
               Agreement by a proposed  Transferee  under clause (B) above, if a
               Responsible  Officer  of the  Trustee  who is  assigned  to  this
               Agreement has actual  knowledge  that the proposed  Transferee is
               not a Permitted Transferee,  no Transfer of an Ownership Interest
               in a Class R  Certificate  to such proposed  Transferee  shall be
               effected.

(D)            Each Person  holding or  acquiring  any  Ownership  Interest in a
               Class  R  Certificate  shall  agree  (x) to  require  a  Transfer
               Affidavit and Agreement from any other Person to whom such Person
               attempts  to  transfer  its  Ownership  Interest  in  a  Class  R
               Certificate and (y) not to transfer its Ownership Interest unless
               it provides a  certificate  to the  Trustee in the form  attached
               hereto as Exhibit G-2.

(E)            Each Person holding or acquiring an Ownership Interest in a Class
               R  Certificate,  by  purchasing  an  Ownership  Interest  in such
               Certificate, agrees to give the Trustee written notice that it is
               a "pass-through  interest holder" within the meaning of Temporary
               Treasury Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon
               acquiring an Ownership  Interest in a Class R Certificate,  if it
               is, or is holding an Ownership  Interest in a Class R Certificate
               on behalf of, a "pass-through interest holder."

(ii)           The Trustee will register the Transfer of any Class R Certificate
               only  if it  shall  have  received  the  Transfer  Affidavit  and
               Agreement,  a certificate of the Holder  requesting such transfer
               in the form attached  hereto as Exhibit G-2 and all of such other
               documents as shall have been  reasonably  required by the Trustee
               as a condition  to such  registration.  Transfers  of the Class R
               Certificates  to  Non-United   States  Persons  and  Disqualified
               Organizations (as defined in Section  860E(e)(5) of the Code) are
               prohibited.

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<PAGE>

(iii)(A) If any  Disqualified  Organization  shall  become a holder of a Class R
     Certificate,   then  the  last  preceding  Permitted  Transferee  shall  be
     restored,  to the extent permitted by law, to all rights and obligations as
     Holder thereof  retroactive to the date of registration of such Transfer of
     such Class R  Certificate.  If a  Non-United  States  Person shall become a
     holder of a Class R  Certificate,  then the last  preceding  United  States
     Person shall be restored, to the extent permitted by law, to all rights and
     obligations as Holder thereof  retroactive to the date of  registration  of
     such  Transfer  of such Class R  Certificate.  If a  transfer  of a Class R
     Certificate  is   disregarded   pursuant  to  the  provisions  of  Treasury
     Regulations  Section 1.860E-1 or Section 1.860G-3,  then the last preceding
     Permitted Transferee shall be restored,  to the extent permitted by law, to
     all rights and  obligations  as Holder  thereof  retroactive to the date of
     registration  of such  Transfer  of such Class R  Certificate.  The Trustee
     shall be under no liability to any Person for any  registration of Transfer
     of a Class R  Certificate  that is in fact not  permitted  by this  Section
     5.02(f) or for making any  payments due on such  Certificate  to the holder
     thereof or for taking any other  action with  respect to such holder  under
     the provisions of this Agreement.

     (B)  If any  purported  Transferee  shall  become  a  Holder  of a  Class R
          Certificate in violation of the  restrictions  in this Section 5.02(f)
          and to the extent that the  retroactive  restoration  of the rights of
          the Holder of such Class R Certificate as described in clause (iii)(A)
          above  shall be  invalid,  illegal or  unenforceable,  then the Master
          Servicer  shall  have the right,  without  notice to the holder or any
          prior  holder  of such  Class R  Certificate,  to  sell  such  Class R
          Certificate  to a purchaser  selected  by the Master  Servicer on such
          terms as the Master  Servicer may choose.  Such  purported  Transferee
          shall  promptly  endorse  and  deliver  each  Class R  Certificate  in
          accordance  with  the  instructions  of  the  Master  Servicer.   Such
          purchaser  may be the Master  Servicer  itself or any Affiliate of the
          Master  Servicer.  The proceeds of such sale,  net of the  commissions
          (which may include  commissions  payable to the Master Servicer or its
          Affiliates),  expenses and taxes due, if any,  will be remitted by the
          Master Servicer to such purported Transferee. The terms and conditions
          of any sale under this clause (iii)(B) shall be determined in the sole
          discretion of the Master  Servicer,  and the Master Servicer shall not
          be liable to any  Person  having an  Ownership  Interest  in a Class R
          Certificate as a result of its exercise of such discretion.

(iv) The Master Servicer, on behalf of the Trustee,  shall make available,  upon
     written request from the Trustee, all information  necessary to compute any
     tax imposed (A) as a result of the Transfer of an  Ownership  Interest in a
     Class R  Certificate  to any  Person  who is a  Disqualified  Organization,
     including the  information  regarding  "excess  inclusions" of such Class R
     Certificates  required to be provided to the Internal  Revenue  Service and
     certain   Persons   as   described   in   Treasury   Regulations   Sections
     1.860D-1(b)(5)  and  1.860E-2(a)(5),  and (B) as a result of any  regulated
     investment  company,  real  estate  investment  trust,  common  trust fund,
     partnership, trust, estate or organization described in Section 1381 of the
     Code that holds an Ownership  Interest in a Class R  Certificate  having as
     among its  record  holders  at any time any  Person  who is a  Disqualified
     Organization. Reasonable compensation for providing such information may be
     required by the Master Servicer from such Person.

                                       79
<PAGE>

(v)  The  provisions of this Section  5.02(f) set forth prior to this clause (v)
     may be modified,  added to or  eliminated,  provided  that there shall have
     been delivered to the Trustee the following:

     (A)  written  notification  from each Rating  Agency to the effect that the
          modification,  addition to or elimination of such  provisions will not
          cause such Rating Agency to downgrade  its  then-current  ratings,  if
          any, of any Class of the Senior, Class M or Class B Certificates below
          the lower of the  then-current  rating or the rating  assigned to such
          Certificates as of the Closing Date by such Rating Agency; and

     (B)  subject to Section  10.01(f),  an Officers'  Certificate of the Master
          Servicer  stating that the Master  Servicer has received an Opinion of
          Counsel, in form and substance satisfactory to the Master Servicer, to
          the  effect  that such  modification,  addition  to or absence of such
          provisions  will not cause any portion of any REMIC  formed  under the
          Series  Supplement  to cease to  qualify as a REMIC and will not cause
          (x) any portion of any REMIC formed under the Series  Supplement to be
          subject to an  entity-level  tax caused by the Transfer of any Class R
          Certificate to a Person that is a Disqualified  Organization  or (y) a
          Certificateholder  or another Person to be subject to a  REMIC-related
          tax caused by the Transfer of a Class R  Certificate  to a Person that
          is not a Permitted Transferee.

(g)  No  service   charge  shall  be  made  for  any  transfer  or  exchange  of
     Certificates  of any Class,  but the Trustee  may require  payment of a sum
     sufficient to cover any tax or  governmental  charge that may be imposed in
     connection with any transfer or exchange of Certificates.

(h)  All  Certificates  surrendered for transfer and exchange shall be destroyed
     by the Certificate Registrar.

Section 5.03.  Mutilated, Destroyed, Lost or Stolen Certificates.
               --------------------------------------------------

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the


                                       80
<PAGE>

Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  shall  constitute  complete  and
indefeasible  evidence of ownership in the Trust Fund, as if originally  issued,
whether or not the lost,  stolen or destroyed  Certificate shall be found at any
time.

Section 5.04.  Persons Deemed Owners.
               ---------------------

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the Company,  the Master  Servicer,  the Trustee,  any  Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).

Section 5.05.  Appointment of Paying Agent.
               ---------------------------

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

                                       81
<PAGE>

ARTICLE VI

<PAGE>




                       THE COMPANY AND THE MASTER SERVICER

Section 6.01.  Respective Liabilities of the Company and the Master Servicer.
               --------------------------------------------------------------

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

Section 6.02.  Merger or  Consolidation  of the Company or the Master  Servicer;
     Assignment of Rights and Delegation of Duties by Master Servicer.

(a) The  Company  and the  Master  Servicer  will each keep in full  effect  its
existence, rights and franchises as a corporation under the laws of the state of
its  incorporation,  and will each obtain and preserve its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

(b) Any Person  into which the Company or the Master  Servicer  may be merged or
consolidated,  or any corporation  resulting from any merger or consolidation to
which  the  Company  or the  Master  Servicer  shall be a party,  or any  Person
succeeding to the business of the Company or the Master  Servicer,  shall be the
successor of the Company or the Master Servicer,  as the case may be, hereunder,
without the  execution  or filing of any paper or any further act on the part of
any of the parties  hereto,  anything  herein to the  contrary  notwithstanding;
provided, however, that the successor or surviving Person to the Master Servicer
shall be qualified to service  mortgage loans on behalf of Fannie Mae or Freddie
Mac; and  provided  further that each Rating  Agency's  ratings,  if any, of the
Senior,  Class M or Class B  Certificates  in effect  immediately  prior to such
merger or consolidation will not be qualified,  reduced or withdrawn as a result
thereof (as evidenced by a letter to such effect from each Rating Agency).

(c)  Notwithstanding  anything else in this Section 6.02 and Section 6.04 to the
contrary,  the Master Servicer may assign its rights and delegate its duties and
obligations  under  this  Agreement;  provided  that the Person  accepting  such
assignment  or  delegation  shall be a  Person  which is  qualified  to  service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's
rating of the Classes of Certificates that have been rated in effect immediately


                                       82
<PAGE>

prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

Section 6.03.  Limitation on Liability of the Company,
                      the Master Servicer and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

                                       83
<PAGE>

Section 6.04.  Company and Master Servicer Not to Resign.
               -----------------------------------------

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

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<PAGE>

                                  ARTICLE VII

                                     DEFAULT

Section 7.01.  Events of Default.
               -----------------

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

(i)     the Master  Servicer shall fail to distribute or cause to be distributed
        to the Holders of Certificates of any Class any distribution required to
        be made  under  the  terms of the  Certificates  of such  Class and this
        Agreement and, in either case,  such failure shall  continue  unremedied
        for a period of 5 days after the date upon which written  notice of such
        failure, requiring such failure to be remedied, shall have been given to
        the  Master  Servicer  by the  Trustee  or the  Company or to the Master
        Servicer,  the Company and the Trustee by the Holders of Certificates of
        such Class  evidencing  Percentage  Interests  aggregating not less than
        25%; or

(ii) the Master  Servicer  shall  fail to  observe  or  perform in any  material
     respect any other of the  covenants or agreements on the part of the Master
     Servicer  contained in the  Certificates  of any Class or in this Agreement
     and such failure shall continue  unremedied for a period of 30 days (except
     that such  number of days  shall be 15 in the case of a failure  to pay the
     premium for any Required  Insurance Policy) after the date on which written
     notice of such failure,  requiring the same to be remedied, shall have been
     given to the  Master  Servicer  by the  Trustee or the  Company,  or to the
     Master Servicer, the Company and the Trustee by the Holders of Certificates
     of  any  Class  evidencing,  in the  case  of any  such  Class,  Percentage
     Interests aggregating not less than 25%; or

(iii)   a decree or order of a court or agency or supervisory  authority  having
        jurisdiction in the premises in an involuntary case under any present or
        future  federal  or  state  bankruptcy,  insolvency  or  similar  law or
        appointing a conservator  or receiver or  liquidator in any  insolvency,
        readjustment  of debt,  marshalling of assets and liabilities or similar
        proceedings,  or for the winding-up or liquidation of its affairs, shall
        have been entered  against the Master  Servicer and such decree or order
        shall have remained in force undischarged or unstayed for a period of 60
        days; or

(iv)    the Master Servicer shall consent to the appointment of a conservator or
        receiver  or  liquidator  in  any  insolvency,   readjustment  of  debt,
        marshalling of assets and  liabilities,  or similar  proceedings  of, or
        relating  to,  the  Master  Servicer  or  of,  or  relating  to,  all or
        substantially all of the property of the Master Servicer; or

(v)     the Master  Servicer  shall  admit in writing its  inability  to pay its
        debts  generally as they become due,  file a petition to take  advantage
        of, or commence a voluntary  case under,  any  applicable  insolvency or
        reorganization  statute,  make  an  assignment  for the  benefit  of its
        creditors, or voluntarily suspend payment of its obligations; or

                                       85
<PAGE>

(vi)    the Master Servicer shall notify the Trustee pursuant to Section 4.04(b)
        that it is unable to deposit in the Certificate  Account an amount equal
        to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

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<PAGE>

Section 7.02.  Trustee or Company to Act; Appointment of Successor.
               ----------------------------------------------------

(a) On and after the time the Master  Servicer  receives a notice of termination
pursuant to Section 7.01 or resigns in accordance with Section 6.04, the Trustee
or, upon notice to the Company and with the Company's  consent  (which shall not
be unreasonably withheld) a designee (which meets the standards set forth below)
of the Trustee, shall be the successor in all respects to the Master Servicer in
its capacity as servicer under this Agreement and the  transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities  relating  thereto  placed on the Master  Servicer  (except  for the
responsibilities, duties and liabilities contained in Sections 2.02 and 2.03(a),
excluding  the duty to notify  related  Subservicers  or Sellers as set forth in
such  Sections,  and its  obligations  to  deposit  amounts in respect of losses
incurred  prior to such notice or  termination on the investment of funds in the
Custodial  Account or the Certificate  Account  pursuant to Sections 3.07(c) and
4.01(b) by the terms and provisions hereof); provided, however, that any failure
to  perform  such  duties or  responsibilities  caused by the  preceding  Master
Servicer's failure to provide information  required by Section 4.04 shall not be
considered a default by the Trustee  hereunder.  As compensation  therefor,  the
Trustee shall be entitled to all funds  relating to the Mortgage Loans which the
Master  Servicer would have been entitled to charge to the Custodial  Account or
the  Certificate  Account if the Master  Servicer had continued to act hereunder
and, in addition, shall be entitled to the income from any Permitted Investments
made with  amounts  attributable  to the  Mortgage  Loans held in the  Custodial
Account or the Certificate  Account.  If the Trustee has become the successor to
the Master  Servicer in  accordance  with  Section  6.04 or Section  7.01,  then
notwithstanding  the above, the Trustee may, if it shall be unwilling to so act,
or shall, if it is unable to so act,  appoint,  or petition a court of competent
jurisdiction to appoint,  any established housing and home finance  institution,
which  is  also  a  Fannie  Mae-  or  Freddie  Mac-approved  mortgage  servicing
institution, having a net worth of not less than $10,000,000 as the successor to
the  Master  Servicer  hereunder  in the  assumption  of all or any  part of the
responsibilities,  duties  or  liabilities  of the  Master  Servicer  hereunder.
Pending appointment of a successor to the Master Servicer hereunder, the Trustee
shall become  successor to the Master Servicer and shall act in such capacity as
hereinabove  provided.  In connection with such appointment and assumption,  the
Trustee may make such arrangements for the compensation of such successor out of
payments on  Mortgage  Loans as it and such  successor  shall  agree;  provided,
however,  that no such  compensation  shall be in excess of that  permitted  the
initial Master Servicer hereunder.  The Company,  the Trustee, the Custodian and
such successor shall take such action,  consistent with this Agreement, as shall
be  necessary to  effectuate  any such  succession.  The  Servicing  Fee for any
successor  Master  Servicer  appointed  pursuant  to this  Section  7.02 will be
lowered with respect to those Mortgage Loans, if any, where the Subservicing Fee
accrues at a rate of less than  0.20% per annum in the event that the  successor
Master  Servicer  is  not  servicing  such  Mortgage  Loans  directly  and it is
necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum in
order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the


                                       87
<PAGE>

transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage Loan or servicing of such  Mortgage  Loan on the MERS(R)  System to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

Section 7.03.  Notification to Certificateholders.
               -----------------------------------

(a) Upon any such  termination  or  appointment  of a  successor  to the  Master
Servicer,   the  Trustee  shall  give  prompt  written  notice  thereof  to  the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

(b) Within 60 days after the  occurrence  of any Event of  Default,  the Trustee
shall transmit by mail to all Holders of Certificates  notice of each such Event
of Default  hereunder  known to the Trustee,  unless such Event of Default shall
have been cured or waived.

Section 7.04.  Waiver of Events of Default.

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

                                       88
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01.  Duties of Trustee.
               -----------------

(a) The Trustee,  prior to the  occurrence  of an Event of Default and after the
curing or waiver of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are  specifically  set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived),  the Trustee shall  exercise such of the rights and powers vested in it
by this  Agreement,  and use the same degree of care and skill in their exercise
as a prudent  investor  would  exercise  or use under the  circumstances  in the
conduct of such investor's own affairs.

(b) The Trustee,  upon  receipt of all  resolutions,  certificates,  statements,
opinions,  reports,  documents,  orders or other  instruments  furnished  to the
Trustee  which  are  specifically  required  to be  furnished  pursuant  to  any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

(c)     No provision of this Agreement shall be construed to relieve the Trustee
        from liability for its own negligent  action,  its own negligent failure
        to act or its own willful misconduct; provided, however, that:

     (i)  Prior to the  occurrence of an Event of Default,  and after the curing
          or waiver of all such Events of Default which may have  occurred,  the
          duties and  obligations  of the Trustee shall be determined  solely by
          the express  provisions  of this  Agreement,  the Trustee shall not be
          liable except for the  performance  of such duties and  obligations as
          are specifically set forth in this Agreement,  no implied covenants or
          obligations shall be read into this Agreement against the Trustee and,
          in the  absence of bad faith on the part of the  Trustee,  the Trustee
          may  conclusively  rely,  as to the  truth of the  statements  and the
          correctness of the opinions expressed  therein,  upon any certificates
          or  opinions  furnished  to the  Trustee by the  Company or the Master


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          Servicer and which on their face, do not contradict  the  requirements
          of this Agreement;

     (ii) The Trustee  shall not be  personally  liable for an error of judgment
          made in good faith by a Responsible Officer or Responsible Officers of
          the Trustee,  unless it shall be proved that the Trustee was negligent
          in ascertaining the pertinent facts;

(iii)   The Trustee  shall not be  personally  liable with respect to any action
        taken, suffered or omitted to be taken by it in good faith in accordance
        with  the   direction  of   Certificateholders   of  any  Class  holding
        Certificates  which  evidence,  as to such Class,  Percentage  Interests
        aggregating  not  less  than 25% as to the  time,  method  and  place of
        conducting any proceeding  for any remedy  available to the Trustee,  or
        exercising  any trust or power  conferred  upon the Trustee,  under this
        Agreement;

(iv)    The Trustee  shall not be charged with  knowledge of any default  (other
        than a default in payment to the  Trustee)  specified in clauses (i) and
        (ii) of Section 7.01 or an Event of Default  under clauses  (iii),  (iv)
        and (v) of Section  7.01  unless a  Responsible  Officer of the  Trustee
        assigned to and working in the  Corporate  Trust Office  obtains  actual
        knowledge  of such  failure  or event or the  Trustee  receives  written
        notice of such failure or event at its  Corporate  Trust Office from the
        Master Servicer, the Company or any Certificateholder; and

(v)     Except to the extent  provided in Section  7.02,  no  provision  in this
        Agreement  shall  require  the  Trustee  to expend or risk its own funds
        (including,  without limitation, the making of any Advance) or otherwise
        incur any personal financial  liability in the performance of any of its
        duties as Trustee hereunder,  or in the exercise of any of its rights or
        powers, if the Trustee shall have reasonable  grounds for believing that
        repayment of funds or adequate  indemnity against such risk or liability
        is not reasonably assured to it.

(d)     The Trustee shall timely pay, from its own funds,  the amount of any and
        all  federal,  state and local  taxes  imposed  on the Trust Fund or its
        assets or transactions  including,  without limitation,  (A) "prohibited
        transaction"  penalty taxes as defined in Section 860F of the Code,  if,
        when  and as  the  same  shall  be  due  and  payable,  (B)  any  tax on
        contributions  to a REMIC  after the  Closing  Date  imposed  by Section
        860G(d)  of the Code  and (C) any tax on "net  income  from  foreclosure
        property"  as defined in Section  860G(c) of the Code,  but only if such
        taxes arise out of a breach by the Trustee of its obligations hereunder,
        which  breach  constitutes  negligence  or  willful  misconduct  of  the
        Trustee.

Section 8.02.  Certain Matters Affecting the Trustee.
               -------------------------------------

(a)     Except as otherwise provided in Section 8.01:

(i)     The Trustee may rely and shall be protected in acting or refraining from
        acting  upon  any  resolution,  Officers'  Certificate,  certificate  of
        auditors  or any  other  certificate,  statement,  instrument,  opinion,
        report, notice, request,  consent, order, appraisal, bond or other paper
        or  document  believed  by it to be genuine  and to have been  signed or
        presented by the proper party or parties;

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<PAGE>

(ii)    The Trustee may consult with counsel and any Opinion of Counsel shall be
        full and complete  authorization and protection in respect of any action
        taken or  suffered  or  omitted  by it  hereunder  in good  faith and in
        accordance with such Opinion of Counsel;

(iii)The Trustee  shall be under no  obligation to exercise any of the trusts or
     powers vested in it by this  Agreement or to  institute,  conduct or defend
     any  litigation  hereunder or in relation  hereto at the request,  order or
     direction of any of the  Certificateholders,  pursuant to the provisions of
     this Agreement,  unless such  Certificateholders  shall have offered to the
     Trustee  reasonable  security or indemnity against the costs,  expenses and
     liabilities  which may be incurred  therein or thereby;  nothing  contained
     herein  shall,  however,  relieve the Trustee of the  obligation,  upon the
     occurrence of an Event of Default (which has not been cured or waived),  to
     exercise such of the rights and powers vested in it by this Agreement,  and
     to use the same  degree  of care and skill in their  exercise  as a prudent
     investor  would exercise or use under the  circumstances  in the conduct of
     such investor's own affairs;

(iv) The Trustee shall not be personally  liable for any action taken,  suffered
     or omitted  by it in good  faith and  believed  by it to be  authorized  or
     within  the  discretion  or  rights  or  powers  conferred  upon it by this
     Agreement;

(v)  Prior to the  occurrence  of an Event of  Default  hereunder  and after the
     curing or waiver of all  Events of  Default  which may have  occurred,  the
     Trustee  shall  not be bound to make any  investigation  into the  facts or
     matters  stated  in any  resolution,  certificate,  statement,  instrument,
     opinion,  report, notice, request,  consent, order, approval, bond or other
     paper or  document,  unless  requested  in  writing  so to do by Holders of
     Certificates  of  any  Class  evidencing,  as  to  such  Class,  Percentage
     Interests,  aggregating not less than 50%; provided,  however,  that if the
     payment within a reasonable  time to the Trustee of the costs,  expenses or
     liabilities likely to be incurred by it in the making of such investigation
     is, in the opinion of the Trustee, not reasonably assured to the Trustee by
     the security afforded to it by the terms of this Agreement, the Trustee may
     require  reasonable  indemnity  against  such  expense  or  liability  as a
     condition  to  so  proceeding.   The  reasonable   expense  of  every  such
     examination  shall be paid by the Master  Servicer,  if an Event of Default
     shall   have   occurred   and  is   continuing,   and   otherwise   by  the
     Certificateholder requesting the investigation;

(vi) The Trustee may  execute any of the trusts or powers  hereunder  or perform
     any duties  hereunder either directly or by or through agents or attorneys;
     and

(vii)To the extent  authorized  under the Code and the  regulations  promulgated
     thereunder,  each  Holder  of a  Class  R  Certificate  hereby  irrevocably
     appoints and authorizes the Trustee to be its attorney-in-fact for purposes
     of  signing  any Tax  Returns  required  to be filed on behalf of the Trust
     Fund. The Trustee shall sign on behalf of the Trust Fund and deliver to the
     Master Servicer in a timely manner any Tax Returns prepared by or on behalf
     of the Master  Servicer  that the Trustee is required to sign as determined
     by the Master Servicer pursuant to applicable  federal,  state or local tax


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     laws,  provided that the Master  Servicer  shall  indemnify the Trustee for
     signing any such Tax Returns that contain errors or omissions.

(b)     Following the issuance of the Certificates, the Trustee shall not accept
        any  contribution of assets to the Trust Fund unless (subject to Section
        10.01(f)) it shall have  obtained or been  furnished  with an Opinion of
        Counsel  to the  effect  that such  contribution  will not (i) cause any
        portion  of any REMIC  formed  under the  Series  Supplement  to fail to
        qualify as a REMIC at any time that any  Certificates are outstanding or
        (ii) cause the Trust Fund to be subject to any  federal  tax as a result
        of such  contribution  (including  the  imposition of any federal tax on
        "prohibited transactions" imposed under Section 860F(a) of the Code).

Section 8.03.  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

Section 8.04.  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

Section 8.05.  Master Servicer to Pay Trustee's Fees
                      and Expenses; Indemnification.

(a)     The Master  Servicer  covenants and agrees to pay to the Trustee and any
        co-trustee  from time to time, and the Trustee and any co-trustee  shall
        be entitled to, reasonable  compensation  (which shall not be limited by
        any  provision of law in regard to the  compensation  of a trustee of an
        express  trust)  for  all  services  rendered  by  each  of  them in the
        execution  of  the  trusts  hereby  created  and  in  the  exercise  and
        performance of any of the powers and duties hereunder of the Trustee and
        any  co-trustee,  and the  Master  Servicer  will pay or  reimburse  the
        Trustee and any  co-trustee  upon request for all  reasonable  expenses,
        disbursements  and  advances  incurred  or  made by the  Trustee  or any
        co-trustee in accordance  with any of the  provisions of this  Agreement
        (including   the   reasonable   compensation   and  the   expenses   and
        disbursements  of its counsel and of all  persons not  regularly  in its
        employ,  and the expenses  incurred by the Trustee or any  co-trustee in
        connection  with the  appointment  of an office or  agency  pursuant  to
        Section  8.12) except any such expense,  disbursement  or advance as may
        arise from its negligence or bad faith.

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(b)     The Master Servicer agrees to indemnify the Trustee for, and to hold the
        Trustee  harmless  against,  any loss,  liability  or  expense  incurred
        without  negligence or willful misconduct on the Trustee's part, arising
        out of, or in connection with, the acceptance and  administration of the
        Trust Fund, including the costs and expenses (including reasonable legal
        fees and expenses) of defending  itself  against any claim in connection
        with the  exercise or  performance  of any of its powers or duties under
        this Agreement and the Custodial Agreement, provided that:

(i)     with respect to any such claim,  the Trustee shall have given the Master
        Servicer  written notice  thereof  promptly after the Trustee shall have
        actual knowledge thereof;

(ii)    while  maintaining  control  over its own  defense,  the  Trustee  shall
        cooperate and consult fully with the Master  Servicer in preparing  such
        defense; and

(iii)   notwithstanding  anything in this Agreement to the contrary,  the Master
        Servicer  shall not be liable for settlement of any claim by the Trustee
        entered  into  without the prior  consent of the Master  Servicer  which
        consent shall not be unreasonably withheld.

No termination of this Agreement  shall affect the  obligations  created by this
Section  8.05(b) of the Master  Servicer  to  indemnify  the  Trustee  under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

Section 8.06.  Eligibility Requirements for Trustee.
               ------------------------------------

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so  published.  In case at any time the  Trustee  shall  cease to be eligible in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

Section 8.07.  Resignation and Removal of the Trustee.
               --------------------------------------

(a) The Trustee may at any time resign and be discharged  from the trusts hereby
created by giving  written  notice  thereof to the Company.  Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by


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<PAGE>

written  instrument,  in  duplicate,  one  copy of  which  instrument  shall  be
delivered to the resigning Trustee and one copy to the successor trustee.  If no
successor  trustee shall have been so appointed  and have  accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

(b) If at any time the Trustee shall cease to be eligible in accordance with the
provisions  of  Section  8.06 and shall  fail to resign  after  written  request
therefor by the Company, or if at any time the Trustee shall become incapable of
acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
or of its property  shall be appointed,  or any public officer shall take charge
or  control of the  Trustee or of its  property  or affairs  for the  purpose of
rehabilitation,  conservation  or  liquidation,  then the Company may remove the
Trustee and appoint a successor trustee by written instrument, in duplicate, one
copy of which  instrument  shall be  delivered to the Trustee so removed and one
copy to the  successor  trustee.  In  addition,  in the event  that the  Company
determines  that  the  Trustee  has  failed  (i) to  distribute  or  cause to be
distributed  to the  Certificateholders  any amount  required to be  distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

(c) The Holders of  Certificates  entitled to at least 51% of the Voting  Rights
may at any time remove the  Trustee  and appoint a successor  trustee by written
instrument  or  instruments,  in  triplicate,  signed by such  Holders  or their
attorneys-in-fact  duly authorized,  one complete set of which instruments shall
be delivered to the Company,  one complete set to the Trustee so removed and one
complete set to the successor so appointed.

(d) Any  resignation  or removal of the Trustee and  appointment  of a successor
trustee pursuant to any of the provisions of this Section shall become effective
upon  acceptance of appointment by the successor  trustee as provided in Section
8.08.

Section 8.08.  Successor Trustee.
               -----------------

(a) Any successor  trustee  appointed as provided in Section 8.07 shall execute,
acknowledge  and  deliver  to the  Company  and to its  predecessor  trustee  an
instrument accepting such appointment  hereunder,  and thereupon the resignation
or removal of the predecessor  trustee shall become effective and such successor
trustee shall become effective and such successor  trustee,  without any further
act, deed or conveyance,  shall become fully vested with all the rights, powers,
duties and obligations of its predecessor hereunder,  with the like effect as if
originally named as trustee herein. The predecessor trustee shall deliver to the


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<PAGE>

successor  trustee all Mortgage Files and related  documents and statements held
by it hereunder  (other than any Mortgage Files at the time held by a Custodian,
which  shall  become  the agent of any  successor  trustee  hereunder),  and the
Company,  the Master  Servicer and the  predecessor  trustee  shall  execute and
deliver such  instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.

(b) No successor  trustee shall accept  appointment  as provided in this Section
unless at the time of such acceptance  such successor  trustee shall be eligible
under the provisions of Section 8.06.

(c) Upon  acceptance of appointment  by a successor  trustee as provided in this
Section,  the  Company  shall  mail  notice of the  succession  of such  trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

Section 8.09.  Merger or Consolidation of Trustee.
               ----------------------------------

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

Section 8.10.  Appointment of Co-Trustee or Separate Trustee.
               ---------------------------------------------

(a) Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting  any legal  requirements  of any  jurisdiction  in which any part of the
Trust Fund or property securing the same may at the time be located,  the Master
Servicer and the Trustee  acting  jointly shall have the power and shall execute
and  deliver all  instruments  to appoint  one or more  Persons  approved by the
Trustee to act as  co-trustee  or  co-trustees,  jointly  with the  Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof,  and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

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<PAGE>

(b) In the case of any appointment of a co-trustee or separate  trustee pursuant
to this Section 8.10 all rights,  powers,  duties and  obligations  conferred or
imposed upon the Trustee  shall be  conferred  or imposed upon and  exercised or
performed by the  Trustee,  and such  separate  trustee or  co-trustee  jointly,
except  to the  extent  that  under  any law of any  jurisdiction  in which  any
particular act or acts are to be performed  (whether as Trustee  hereunder or as
successor to the Master Servicer hereunder), the Trustee shall be incompetent or
unqualified  to perform such act or acts,  in which event such  rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

(c) Any notice, request or other writing given to the Trustee shall be deemed to
have  been  given to each of the then  separate  trustees  and  co-trustees,  as
effectively  as if  given  to each of  them.  Every  instrument  appointing  any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact,  with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name.  If any separate  trustee or  co-trustee  shall die,
become  incapable  of  acting,  resign  or  be  removed,  all  of  its  estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

Section 8.11.  Appointment of Custodians.
               -------------------------

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.

Section 8.12.  Appointment of Office or Agency.
               -------------------------------

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where

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Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.


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                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

Section 9.01.  Optional  Purchase by the Master  Servicer  of All  Certificates;
     Termination  Upon  Purchase by the Master  Servicer or  Liquidation  of All
     Mortgage Loans

(a)     Subject to Section 9.02, the respective obligations and responsibilities
        of the Company,  the Master  Servicer and the Trustee  created hereby in
        respect of the Certificates (other than the obligation of the Trustee to
        make   certain   payments   after   the  Final   Distribution   Date  to
        Certificateholders  and the  obligation  of the Company to send  certain
        notices as hereinafter  set forth) shall  terminate upon the last action
        required  to be taken by the  Trustee  on the  Final  Distribution  Date
        pursuant to this Article IX following the earlier of:

(i)  the later of the final  payment or other  liquidation  (or any Advance with
     respect  thereto) of the last Mortgage Loan  remaining in the Trust Fund or
     the disposition of all property  acquired upon  foreclosure or deed in lieu
     of foreclosure of any Mortgage Loan, or

(ii) the purchase by the Master  Servicer of all Mortgage Loans and all property
     acquired in respect of any Mortgage  Loan  remaining in the Trust Fund at a
     price equal to 100% of the unpaid  principal  balance of each Mortgage Loan
     or, if less than such unpaid  principal  balance,  the fair market value of
     the related  underlying  property  of such  Mortgage  Loan with  respect to
     Mortgage  Loans as to which  title has been  acquired  if such fair  market
     value is less than such unpaid  principal  balance (net of any unreimbursed
     Advances  attributable  to principal) on the day of repurchase plus accrued
     interest thereon at the Net Mortgage Rate (or Modified Net Mortgage Rate in
     the case of any Modified  Mortgage Loan) to, but not  including,  the first
     day of the month in which such repurchase  price is distributed,  provided,
     however,  that in no event shall the trust created hereby  continue  beyond
     the  expiration  of  --------  -------  21 years from the death of the last
     survivor of the  descendants of Joseph P. Kennedy,  the late  ambassador of
     the United States to the Court of St. James,  living on the date hereof and
     provided further that the purchase price set forth above shall be increased
     as  is  necessary,   as  determined  by  the  Master  Servicer,   to  avoid
     disqualification  of any  portion  of any REMIC  formed  under  the  Series
     Supplement as a REMIC.

        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal Balance of the Mortgage Loans.

        If such right is exercised by the Master  Servicer,  the Master Servicer
shall be deemed to have been reimbursed for the full amount of any  unreimbursed
Advances theretofore made by it with respect to the Mortgage Loans. In addition,
the Master Servicer shall provide to the Trustee the  certification  required by
Section 3.15 and the Trustee and any Custodian shall, promptly following payment
of the  purchase  price,  release  to the Master  Servicer  the  Mortgage  Files
pertaining to the Mortgage Loans being purchased.

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<PAGE>

        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage Loans,  the Master Servicer shall have the right, at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

(b)     The Master  Servicer shall give the Trustee not less than 60 days' prior
        notice of the Distribution Date on which the Master Servicer anticipates
        that the final distribution will be made to Certificateholders  (whether
        as a result  of the  exercise  by the  Master  Servicer  of its right to
        purchase  the  assets of the Trust  Fund or  otherwise)  or on which the
        Master Servicer  anticipates that the Certificates will be purchased (as
        a  result  of the  exercise  by the  Master  Servicer  to  purchase  the
        outstanding  Certificates).  Notice of any  termination  specifying  the
        anticipated  Final  Distribution  Date (which shall be a date that would
        otherwise be a Distribution Date) upon which the  Certificateholders may
        surrender their Certificates to the Trustee (if so required by the terms
        hereof) for payment of the final distribution and cancellation or notice
        of  any  purchase  of  the  outstanding  Certificates,   specifying  the
        Distribution   Date  upon  which  the   Holders  may   surrender   their
        Certificates to the Trustee for payment,  shall be given promptly by the
        Master Servicer (if it is exercising its right to purchase the assets of
        the Trust Fund or to purchase the outstanding  Certificates),  or by the
        Trustee (in any other case) by letter to the  Certificateholders  mailed
        not  earlier  than the 15th day and not  later  than the 25th day of the
        month next preceding the month of such final distribution specifying:

(i)     the anticipated Final  Distribution Date upon which final payment of the
        Certificates is anticipated to be made upon  presentation  and surrender
        of  Certificates  at  the  office  or  agency  of  the  Trustee  therein
        designated where required  pursuant to this Agreement or, in the case of
        the purchase by the Master Servicer of the outstanding Certificates, the
        Distribution Date on which such purchase is to be made,

(ii)    the amount of any such final payment,  or in the case of the purchase of
        the  outstanding  Certificates,  the purchase  price, in either case, if
        known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable,  and in the case of the Senior  Certificates,  or in the
        case of all of the  Certificates  in connection with the exercise by the
        Master Servicer of its right to purchase the Certificates,  that payment
        will be made only upon presentation and surrender of the Certificates at
        the office or agency of the Trustee therein specified.

If the Master  Servicer is  obligated  to give notice to  Certificateholders  as
aforesaid,  it shall give such notice to the  Certificate  Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to


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Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account,  before  the Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

(c) In the case of the Senior  Certificates,  upon presentation and surrender of
the Certificates by the Certificateholders thereof, and in the case of the Class
M and Class B Certificates,  upon presentation and surrender of the Certificates
by the Certificateholders  thereof in connection with the exercise by the Master
Servicer of its right to purchase the Certificates,  and otherwise in accordance
with Section 4.01(a), the Trustee shall distribute to the Certificateholders (i)
the  amount  otherwise  distributable  on  such  Distribution  Date,  if  not in
connection with the Master  Servicer's  election to repurchase the assets of the
Trust  Fund or the  outstanding  Certificates,  or (ii) if the  Master  Servicer
elected  to so  repurchase  the  assets  of the  Trust  Fund or the  outstanding
Certificates,  an  amount  determined  as  follows:  (A)  with  respect  to each
Certificate the outstanding  Certificate Principal Balance thereof, plus Accrued
Certificate  Interest for the related  Interest  Accrual  Period thereon and any
previously  unpaid  Accrued  Certificate  Interest,  subject to the priority set
forth in Section 4.02(a), and (B) with respect to the Class R Certificates,  any
excess of the amounts available for distribution (including the repurchase price
specified  in clause  (ii) of  subsection  (a) of this  Section)  over the total
amount distributed under the immediately  preceding clause (A).  Notwithstanding
the reduction of the Certificate  Principal  Balance of any Class of Subordinate
Certificates  to zero,  such  Class  will be  outstanding  hereunder  until  the
termination of the respective  obligations and  responsibilities of the Company,
the Master Servicer and the Trustee hereunder in accordance with Article IX.

(d) If any  Certificateholders  shall not surrender their Certificates for final
payment  and  cancellation  on or  before  the  Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have been surrendered for cancellation,  the Trustee shall pay to the Master

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Servicer  all  amounts  distributable  to the  holders  thereof  and the  Master
Servicer shall  thereafter hold such amounts until  distributed to such Holders.
No interest  shall accrue or be payable to any  Certificateholder  on any amount
held in the  escrow  account  or by the  Master  Servicer  as a  result  of such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.

(e) If any  Certificateholders  do not surrender their Certificates on or before
the Distribution Date on which a purchase of the outstanding  Certificates is to
be made,  the  Trustee  shall on such date  cause  all funds in the  Certificate
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain  outstanding  hereunder until the Master Servicer
has terminated the respective obligations and responsibilities created hereby in
respect of the  Certificates  pursuant to this  Article IX. The Master  Servicer
shall be for all purposes the Holder thereof as of such date.

Section 9.02.  Additional Termination Requirements.
               -----------------------------------

(a)     Each  REMIC  that  comprises  the  Trust  Fund  shall be  terminated  in
        accordance with the following additional  requirements,  unless (subject
        to Section  10.01(f)) the Trustee and the Master  Servicer have received
        an Opinion of Counsel  (which Opinion of Counsel shall not be an expense
        of the  Trustee)  to the effect  that the  failure of each such REMIC to
        comply with the requirements of this Section 9.02 will not (i) result in
        the  imposition on the Trust of taxes on "prohibited  transactions,"  as
        described in Section  860F of the Code,  or (ii) cause any such REMIC to
        fail  to  qualify  as a  REMIC  at any  time  that  any  Certificate  is
        outstanding:

(i)     The Master Servicer shall establish a 90-day liquidation period for each
        such  REMIC and  specify  the first  day of such  period in a  statement
        attached  to the Trust  Fund's  final Tax Return  pursuant  to  Treasury
        regulations Section 1.860F-1. The Master Servicer also shall satisfy all
        of the requirements of a qualified liquidation for a REMIC under Section
        860F of the Code and regulations thereunder;

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<PAGE>

(ii)    The Master Servicer shall notify the Trustee at the commencement of such
        90-day  liquidation period and, at or prior to the time of making of the
        final payment on the  Certificates,  the Trustee shall sell or otherwise
        dispose of all of the  remaining  assets of the Trust Fund in accordance
        with the terms hereof; and

(iii)   If the  Master  Servicer  or the  Company  is  exercising  its  right to
        purchase the assets of the Trust Fund, the Master Servicer shall, during
        the 90-day  liquidation period and at or prior to the Final Distribution
        Date, purchase all of the assets of the Trust Fund for cash.

(b)     Each Holder of a Certificate and the Trustee hereby irrevocably approves
        and appoints the Master Servicer as its attorney-in-fact to adopt a plan
        of complete  liquidation for each REMIC at the expense of the Trust Fund
        in accordance with the terms and conditions of this Agreement.

Section 9.03.  Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.


                                      102
<PAGE>


                                   ARTICLE X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.
               --------------------

(a) The REMIC  Administrator  shall make an  election to treat the Trust Fund as
one or more REMICs under the Code and, if necessary, under applicable state law.
The assets of each such REMIC will be set forth in the Series  Supplement.  Such
election  will be  made  on  Form  1066  or  other  appropriate  federal  tax or
information return (including Form 8811) or any appropriate state return for the
taxable  year  ending  on the  last  day of  the  calendar  year  in  which  the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

(b) The Closing Date is hereby designated as the "startup day" of the Trust Fund
within the meaning of Section 860G(a)(9) of the Code.

(c) The REMIC  Administrator  shall hold a Class R  Certificate  representing  a
0.01%  Percentage  Interest each Class of the Class R Certificates  and shall be
designated as "the tax matters  person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1.  The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each REMIC in  relation  to any tax  matter or  controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial  proceeding  relating to an examination or audit by any governmental
taxing authority with respect  thereto.  The legal expenses,  including  without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability  resulting  therefrom  shall be expenses of the Trust Fund and the
REMIC Administrator  shall be entitled to reimbursement  therefor out of amounts
attributable  to the  Mortgage  Loans on  deposit  in the  Custodial  Account as
provided by Section  3.10 unless such legal  expenses  and costs are incurred by
reason  of the REMIC  Administrator's  willful  misfeasance,  bad faith or gross
negligence.  If  the  REMIC  Administrator  is no  longer  the  Master  Servicer
hereunder,  at its option the REMIC  Administrator  may  continue  its duties as
REMIC  Administrator  and shall be paid  reasonable  compensation  not to exceed
$3,000 per year by any successor Master Servicer  hereunder for so acting as the
REMIC Administrator.

(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns  that it  determines  are required  with  respect to each REMIC  created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing  such returns  shall be borne by the REMIC  Administrator  without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and
hold harmless the Trustee with respect to any tax or liability  arising from the
Trustee's  signing of Tax Returns that contain errors or omissions.  The Trustee
and Master  Servicer shall promptly  provide the REMIC  Administrator  with such
information  as the REMIC  Administrator  may from time to time  request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.

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<PAGE>

(e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a Class R
Certificate  such  information  as is necessary for the  application  of any tax
relating  to the  transfer of a Class R  Certificate  to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

(f) The Master Servicer and the REMIC  Administrator shall take such actions and
shall cause each REMIC created  hereunder to take such actions as are reasonably
within the Master Servicer's or the REMIC Administrator's  control and the scope
of its  duties  more  specifically  set forth  herein as shall be  necessary  or
desirable  to  maintain  the  status  of each  REMIC as a REMIC  under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the
Code)  (either  such  event,  in the  absence  of an  Opinion  of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each REMIC  created  hereunder,  endanger  such status or,
unless the Master  Servicer,  the REMIC  Administrator  or both, as  applicable,
determine in its or their sole  discretion  to indemnify  the Trust Fund against
the imposition of such a tax,  result in the imposition of such a tax.  Wherever
in this Agreement a  contemplated  action may not be taken because the timing of
such action might result in the  imposition  of a tax on the Trust Fund,  or may
only be taken  pursuant  to an  Opinion of Counsel  that such  action  would not
impose a tax on the Trust Fund,  such action may  nonetheless  be taken provided
that the  indemnity  given in the  preceding  sentence with respect to any taxes
that  might be  imposed  on the  Trust  Fund has been  given  and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition, prior to taking any action with respect to any REMIC created hereunder
or any  related  assets  thereof,  or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement,  the Trustee
will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee,  in writing, with respect to whether such action could cause an
Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no


                                      104
<PAGE>

event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

(g) In the event  that any tax is imposed on  "prohibited  transactions"  of any
REMIC  created  hereunder as defined in Section  860F(a)(2) of the Code, on "net
income  from  foreclosure  property"  of any such  REMIC as  defined  in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such  reimbursement  the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate  Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.

(h) The Trustee and the Master Servicer shall,  for federal income tax purposes,
maintain  books and records  with respect to each REMIC  created  hereunder on a
calendar  year and on an accrual  basis or as  otherwise  may be required by the
REMIC Provisions.

(i) Following the Startup Day, neither the Master Servicer nor the Trustee shall
accept  any  contributions  of  assets  to any REMIC  created  hereunder  unless
(subject to Section  10.01(f))  the Master  Servicer and the Trustee  shall have
received an Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in such REMIC will
not  cause  the  REMIC  to fail to  qualify  as a REMIC  at any  time  that  any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

(j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to Section
10.01(f)) enter into any  arrangement by which any REMIC created  hereunder will
receive a fee or other  compensation  for  services nor permit any such REMIC to
receive any income from assets other than  "qualified  mortgages"  as defined in
Section 860G(a)(3) of the Code or "permitted  investments" as defined in Section
860G(a)(5) of the Code.


                                      105
<PAGE>

(k)  Solely for the  purposes  of Section  1.860G-1(a)(4)(iii)  of the  Treasury
Regulations,  the  "latest  possible  maturity  date" by which  the  Certificate
Principal  Balance of each Class of  Certificates  (other than the Interest Only
Certificates)  representing a regular  interest in the applicable  REMIC and the
Uncertificated  Principal Balance of each Uncertificated  REMIC Regular Interest
(other than each  Uncertificated  REMIC Regular Interest  represented by a Class
A-V  Certificate,  if any) and the rights to the Interest Only  Certificates and
Uncertificated  REMIC Regular  Interest  represented by a Class A-V  Certificate
would be  reduced to zero is the  Maturity  Date for each such  Certificate  and
Interest.

(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare
and file with the Internal  Revenue Service Form 8811,  "Information  Return for
Real Estate Mortgage  Investment  Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for each REMIC created hereunder.

(m)  Neither  the Trustee  nor the Master  Servicer  shall  sell,  dispose of or
substitute  for any of the Mortgage  Loans  (except in  connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify  the Trust Fund against such tax,  cause such REMIC to be subject to a
tax on  "prohibited  transactions"  or  "contributions"  pursuant  to the  REMIC
Provisions.

Section 10.02. Master Servicer, REMIC Administrator and Trustee Indemnification.
               -----------------------------------------------------------------

(a) The Trustee  agrees to  indemnify  the Trust Fund,  the  Company,  the REMIC
Administrator and the Master Servicer for any taxes and costs including, without
limitation,  any  reasonable  attorneys fees imposed on or incurred by the Trust
Fund,  the  Company  or the  Master  Servicer,  as a result  of a breach  of the
Trustee's covenants set forth in Article VIII or this Article X.

(b) The REMIC Administrator agrees to indemnify the Trust Fund, the Company, the
Master  Servicer  and the  Trustee for any taxes and costs  (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Company,  the Master Servicer or the Trustee,  as a result of a breach
of the REMIC Administrator's  covenants set forth in this Article X with respect
to compliance  with the REMIC  Provisions,  including  without  limitation,  any
penalties  arising from the Trustee's  execution of Tax Returns  prepared by the
REMIC Administrator that contain errors or omissions;  provided,  however,  that
such  liability  will not be imposed to the extent such breach is a result of an
error or omission in  information  provided  to the REMIC  Administrator  by the
Master Servicer in which case Section 10.02(c) will apply.


                                      106
<PAGE>

(c) The Master  Servicer  agrees to indemnify the Trust Fund,  the Company,  the
REMIC Administrator and the Trustee for any taxes and costs (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund,  the Company,  the REMIC  Administrator  or the Trustee,  as a result of a
breach of the  Master  Servicer's  covenants  set forth in this  Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

Section 10.03. Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

                                      107
<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.
               ---------

(a)     This  Agreement or any  Custodial  Agreement may be amended from time to
        time by the Company,  the Master  Servicer and the Trustee,  without the
        consent of any of the Certificateholders:

(i)     to cure any ambiguity,

(ii)    to correct or supplement any provisions herein or therein,  which may be
        inconsistent  with any other provisions  herein or therein or to correct
        any error,

(iii)   to modify,  eliminate or add to any of its  provisions to such extent as
        shall be necessary or  desirable  to maintain the  qualification  of the
        Trust Fund as a REMIC at all times that any  Certificate  is outstanding
        or to avoid or  minimize  the risk of the  imposition  of any tax on the
        Trust Fund  pursuant to the Code that would be a claim against the Trust
        Fund,  provided  that the Trustee has  received an Opinion of Counsel to
        the effect that (A) such action is  necessary  or  desirable to maintain
        such qualification or to avoid or minimize the risk of the imposition of
        any such tax and (B)  such  action  will  not  adversely  affect  in any
        material respect the interests of any Certificateholder,

(iv) to change the timing and/or  nature of deposits into the Custodial  Account
     or the  Certificate  Account or to change  the name in which the  Custodial
     Account is maintained,  provided that (A) the  Certificate  Account Deposit
     Date shall in no event be later than the  related  Distribution  Date,  (B)
     such change  shall not, as  evidenced  by an Opinion of Counsel,  adversely
     affect in any material respect the interests of any  Certificateholder  and
     (C) such change shall not result in a reduction  of the rating  assigned to
     any Class of Certificates below the lower of the then-current rating or the
     rating  assigned to such  Certificates as of the Closing Date, as evidenced
     by a letter from each Rating Agency to such effect,

(v)  to modify,  eliminate or add to the  provisions  of Section  5.02(f) or any
     other provision hereof restricting transfer of the Class R Certificates, by
     virtue of their being the "residual  interests"  in a REMIC,  provided that
     (A) such change shall not result in reduction of the rating assigned to any
     such Class of Certificates  below the lower of the  then-current  rating or
     the  rating  assigned  to such  Certificates  as of the  Closing  Date,  as
     evidenced by a letter from each Rating Agency to such effect,  and (B) such
     change shall not (subject to Section 10.01(f)),  as evidenced by an Opinion
     of Counsel (at the expense of the party seeking so to modify,  eliminate or
     add such  provisions),  cause any  REMIC  created  hereunder  or any of the
     Certificateholders  (other than the  transferor) to be subject to a federal
     tax caused by a transfer to a Person that is not a Permitted Transferee,

(vi)    to make any other  provisions  with  respect  to  matters  or  questions
        arising under this Agreement or such Custodial Agreement which shall not


                                      108
<PAGE>

        be  materially  inconsistent  with  the  provisions  of this  Agreement,
        provided  that such  action  shall not,  as  evidenced  by an Opinion of
        Counsel,  adversely  affect in any material respect the interests of any
        Certificateholder or

               (vii)  to amend  any  provision  herein  or  therein  that is not
        material to any of the Certificateholders.

(b)     This Agreement or any Custodial  Agreement may also be amended from time
        to time by the  Company,  the Master  Servicer  and the Trustee with the
        consent of the Holders of  Certificates  evidencing in the aggregate not
        less than 66% of the Percentage  Interests of each Class of Certificates
        with a Certificate  Principal Balance greater than zero affected thereby
        for the purpose of adding any provisions to or changing in any manner or
        eliminating  any of the  provisions of this  Agreement or such Custodial
        Agreement  or of  modifying  in any manner the rights of the  Holders of
        Certificates of such Class;  provided,  however,  that no such amendment
        shall:

(i)     reduce in any manner  the  amount  of, or delay the timing of,  payments
        which are  required to be  distributed  on any  Certificate  without the
        consent of the Holder of such Certificate,

(ii)    reduce the aforesaid percentage of Certificates of any Class the Holders
        of which are required to consent to any such amendment, in any such case
        without  the consent of the  Holders of all  Certificates  of such Class
        then outstanding.

(c)     Notwithstanding  any contrary  provision of this Agreement,  the Trustee
        shall not consent to any  amendment  to this  Agreement  unless it shall
        have first received an Opinion of Counsel  (subject to Section  10.01(f)
        and at the expense of the party  seeking such  amendment)  to the effect
        that such  amendment or the exercise of any power  granted to the Master
        Servicer,  the Company or the Trustee in accordance  with such amendment
        will not result in the  imposition of a federal tax on the Trust Fund or
        cause any REMIC created  under the Series  Supplement to fail to qualify
        as a REMIC at any time that any Certificate is outstanding.

(d)     Promptly  after the  execution of any such  amendment  the Trustee shall
        furnish  written  notification of the substance of such amendment to the
        Custodian and each Certificateholder.  It shall not be necessary for the
        consent of  Certificateholders  under this Section  11.01 to approve the
        particular form of any proposed amendment, but it shall be sufficient if
        such  consent  shall  approve  the  substance  thereof.  The  manner  of
        obtaining  such  consents and of  evidencing  the  authorization  of the
        execution  thereof  by  Certificateholders  shall  be  subject  to  such
        reasonable regulations as the Trustee may prescribe.

(e)     The Company shall have the option, in its sole discretion, to obtain and
        deliver to the  Trustee  any  corporate  guaranty,  payment  obligation,
        irrevocable letter of credit,  surety bond,  insurance policy or similar
        instrument or a reserve fund, or any  combination of the foregoing,  for
        the  purpose  of  protecting  the  Holders  of the Class B  Certificates
        against  any or all  Realized  Losses  or  other  shortfalls.  Any  such
        instrument  or fund shall be held by the  Trustee for the benefit of the
        Class B Certificateholders,  but shall not be and shall not be deemed to
        be under any  circumstances  included in the Trust  Fund.  To the extent
        that any such instrument or fund  constitutes a reserve fund for federal


                                      109
<PAGE>

        income tax  purposes,  (i) any reserve fund so  established  shall be an
        outside  reserve fund and not an asset of the Trust Fund,  (ii) any such
        reserve  fund  shall  be  owned  by  the  Company,   and  (iii)  amounts
        transferred  by the Trust Fund to any such reserve fund shall be treated
        as  amounts  distributed  by  the  Trust  Fund  to  the  Company  or any
        successor,  all  within  the  meaning of  Treasury  Regulations  Section
        1.860G-2(h)  as it reads as of the Cut-off Date. In connection  with the
        provision  of any  such  instrument  or  fund,  this  Agreement  and any
        provision hereof may be modified, added to, deleted or otherwise amended
        in any manner that is related or incidental  to such  instrument or fund
        or the  establishment or  administration  thereof,  such amendment to be
        made by written  instrument  executed or consented to by the Company but
        without the consent of any  Certificateholder and without the consent of
        the  Master  Servicer  or the  Trustee  being  required  unless any such
        amendment  would  impose  any  additional  obligation  on, or  otherwise
        adversely  affect the  interests of the Senior  Certificateholders,  the
        Class M  Certificateholders,  the Master  Servicer  or the  Trustee,  as
        applicable;  provided  that the  Company  obtains  (subject  to  Section
        10.01(f))  an  Opinion  of  Counsel  (which  need not be an  opinion  of
        Independent  counsel)  to the effect  that any such  amendment  will not
        cause (a) any  federal  tax to be imposed on the Trust  Fund,  including
        without limitation, any federal tax imposed on "prohibited transactions"
        under  Section  860F(a)(1)  of the Code or on  "contributions  after the
        startup  date" under  Section  860G(d)(1)  of the Code and (b) any REMIC
        created  hereunder  to fail to  qualify  as a REMIC at any time that any
        Certificate  is  outstanding.  In the event that the  Company  elects to
        provide  such  coverage  in the form of a limited  guaranty  provided by
        General Motors  Acceptance  Corporation,  the Company may elect that the
        text of such amendment to this Agreement shall be  substantially  in the
        form attached hereto as Exhibit K (in which case  Residential  Funding's
        Subordinate  Certificate  Loss  Obligation  as described in such exhibit
        shall be established by Residential Funding's consent to such amendment)
        and that the limited  guaranty  shall be  executed in the form  attached
        hereto as Exhibit L, with such  changes as the Company  shall deem to be
        appropriate;  it being  understood  that the  Trustee has  reviewed  and
        approved  the  content of such forms and that the  Trustee's  consent or
        approval to the use thereof is not required.

Section 11.02. Recordation of Agreement; Counterparts.
               ---------------------------------------

(a) To the extent  permitted by  applicable  law,  this  Agreement is subject to
recordation in all appropriate  public offices for real property  records in all
the  counties  or other  comparable  jurisdictions  in  which  any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

(b) For the purpose of facilitating  the recordation of this Agreement as herein
provided and for other purposes,  this Agreement may be executed  simultaneously
in any number of counterparts,  each of which counterparts shall be deemed to be
an  original,  and  such  counterparts  shall  constitute  but one and the  same
instrument.

                                      110
<PAGE>

Section 11.03. Limitation on Rights of Certificateholders.
               -------------------------------------------

(a) The  death or  incapacity  of any  Certificateholder  shall not  operate  to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal  representatives  or heirs to claim an accounting or to take any action or
proceeding  in any court for a partition  or winding up of the Trust  Fund,  nor
otherwise  affect the rights,  obligations and liabilities of any of the parties
hereto.

(b) No  Certificateholder  shall  have any right to vote  (except  as  expressly
provided herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto,  nor shall anything
herein set forth, or contained in the terms of the Certificates, be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any
third  person by reason of any action  taken by the  parties  to this  Agreement
pursuant to any provision hereof.

(c) No Certificateholder shall have any right by virtue of any provision of this
Agreement to institute  any suit,  action or proceeding in equity or at law upon
or under or with respect to this Agreement,  unless such Holder previously shall
have given to the  Trustee a written  notice of default  and of the  continuance
thereof, as hereinbefore  provided,  and unless also the Holders of Certificates
of any  Class  evidencing  in the  aggregate  not less  than 25% of the  related
Percentage  Interests of such Class,  shall have made  written  request upon the
Trustee to institute such action,  suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such reasonable  indemnity as it
may require against the costs,  expenses and liabilities to be incurred  therein
or  thereby,  and the  Trustee,  for 60 days after its  receipt of such  notice,
request and offer of indemnity, shall have neglected or refused to institute any
such action,  suit or proceeding  it being  understood  and intended,  and being
expressly    covenanted   by   each    Certificateholder    with   every   other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

Section 11.04. Governing Law.
               -------------

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

                                      111
<PAGE>

Section 11.05. Notices.
               -------

        As provided in Section 11.05 of the Series Supplement.

Section 11.06. Required Notices to Rating Agency and Subservicer.
               --------------------------------------------------

        The Company,  the Master  Servicer or the Trustee,  as  applicable,  (i)
shall  notify  each  Rating  Agency  at such  time as it is  otherwise  required
pursuant  to this  Agreement  to give  notice of the  occurrence  of, any of the
events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below,  (ii)
shall notify the Subservicer at such time as it is otherwise  required  pursuant
to this  Agreement  to give  notice  of the  occurrence  of,  any of the  events
described in clause (a), (b), (c)(1),  (g)(1),  or (i) below, or (iii) provide a
copy to each Rating  Agency at such time as  otherwise  required to be delivered
pursuant to this Agreement of any of the statements described in clauses (e) and
(f) below:

(a)     a material change or amendment to this Agreement,

(b)     the occurrence of an Event of Default,

(c)     (1) the termination or appointment of a successor Master Servicer or (2)
        the termination or appointment of a successor Trustee or a change in the
        majority ownership of the Trustee,

(d)     the filing of any claim  under the Master  Servicer's  blanket  fidelity
        bond and the errors and omissions  insurance  policy required by Section
        3.12 or the  cancellation  or  modification  of coverage  under any such
        instrument,

(e)     the  statement  required to be delivered to the Holders of each Class of
        Certificates pursuant to Section 4.03,

(f)     the  statements  required to be delivered  pursuant to Sections 3.18 and
        3.19,

(g)     (1) a change in the location of the Custodial Account or (2) a change in
        the location of the Certificate Account,

(h)     the  occurrence of any monthly cash flow shortfall to the Holders of any
        Class of Certificates  resulting from the failure by the Master Servicer
        to make an Advance pursuant to Section 4.04,

(i)     the occurrence of the Final Distribution Date, and

(j)  the repurchase of or substitution for any Mortgage Loan,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt written notice to each Rating Agency and the Subservicer,  if applicable,
of any such event known to the Master Servicer.

                                      112
<PAGE>

Section 11.07. Severability of Provisions.
               --------------------------

        If any one or more of the covenants, agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

Section 11.08. Supplemental Provisions for Resecuritization.
               ---------------------------------------------

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective  interests would not be materially adversely affected thereby. To the
extent that the terms of the  Supplemental  Article do not in any way affect any
provisions  of this  Agreement as to any of the  Certificates  initially  issued
hereunder,  the adoption of the  Supplemental  Article  shall not  constitute an
"amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

Section 11.09. Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

Section 11.10. No Petition.
               -----------

               As provided in Section 11.10 of the Series Supplement.



                                      113
<PAGE>

                                    EXHIBIT A


FORM OF  CLASS  A  CERTIFICATE,   [PRINCIPAL  ONLY/CLASS  A-P]  CERTIFICATE  AND
     [INTEREST ONLY/CLASS A-V] CERTIFICATE



        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986.

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

        [THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS SUPPLEMENT), [AND ASSUMING A CONSTANT
PASS-THROUGH RATE EQUAL TO THE INITIAL  PASS-THROUGH RATE,] THIS CERTIFICATE HAS
BEEN ISSUED WITH NO MORE THAN $[ ] OF OID PER  [$1,000]  [$100,000]  OF [INITIAL
CERTIFICATE  PRINCIPAL BALANCE] [NOTIONAL AMOUNT], THE YIELD TO MATURITY IS [ ]%
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$[  ]  PER  [$1,000]  [$100,000]  OF  [INITIAL  CERTIFICATE  PRINCIPAL  BALANCE]
[NOTIONAL AMOUNT],  COMPUTED USING THE APPROXIMATE  METHOD. NO REPRESENTATION IS
MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE PREPAYMENT SPEED
ASSUMPTION  OR AT ANY  OTHER  RATE OR AS TO THE  CONSTANCY  OF THE  PASS-THROUGH
RATE.]



                                       1
<PAGE>

Certificate No.                  [        %][Variable] Pass-Through Rate
                --------          --------
                                 [based on a Notional Amount]
Class A-     Senior
Date of Pooling and Servicing    [Percentage Interest:       %]
                                                       ------
Agreement and Cut-off Date:
___________ 1, ____              Aggregate Initial [Certificate Principal
                                 Balance] [[Interest Only/Class A-V] Notional
First Distribution Date:         Amount] [Subclass Notional Amount] of the
_________ 25, ____               Class A-     Certificates:
                                         ----

Master Servicer:                 [Initial] [Certificate Principal
Residential Funding              Balance] [Interest Only/Class A-V] [Subclass]
Corporation                      Notional Amount] of this Certificate:
                                 $                          ]
Assumed Final
Distribution Date:               CUSIP 76110F-
___________ 25, ____


                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
                                 SERIES ____-___

               evidencing a percentage  interest in the distributions  allocable
               to the  Class  A-  Certificates  with  respect  to a  Trust  Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL ACCREDIT LOANS, INC.

               This  Certificate  is payable solely from the assets of the Trust
Fund,  and does not  represent  an  obligation  of or  interest  in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

     This  certifies  that  _________________  is the  registered  owner  of the
Percentage  Interest  evidenced by this  Certificate  [(obtained by dividing the
[Initial  Certificate  Principal  Balance]  [Initial  [Interest  Only/Class A-V]
Notional  Amount] of this  Certificate  by the  aggregate  [Initial  Certificate
Principal Balance of all Class A- Certificates]  [Initial  [Interest  Only/Class
A-V] Notional Amounts of all [Interest  Only/Class A-V]  Certificates],  both as
specified  above)]  in  certain  distributions  with  respect  to the Trust Fund
consisting  primarily  of  an  interest  in  a  pool  of  conventional  one-  to
four-family  fixed interest rate first  mortgage  loans (the "Mortgage  Loans"),
formed and sold by Residential  Accredit  Loans,  Inc.  (hereinafter  called the
"Company," which term includes any successor entity under the Agreement referred
to below).  The Trust  Fund was  created  pursuant  to a Pooling  and  Servicing


                                       2
<PAGE>

Agreement  dated as specified  above (the  "Agreement")  among the Company,  the
Master Servicer and __________________, as trustee (the "Trustee"), a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this Certificate and the amount [(of interest
and  principal,  if any)]  required  to be  distributed  to  Holders of Class A-
Certificates on such Distribution Date. [The [Interest  Only/Class A-V] Notional
Amount  of  the  [Interest  Only/Class  A-V]  Certificates  as of  any  date  of
determination is equal to the aggregate Stated Principal Balance of the Mortgage
Loans corresponding to the Uncertificated REMIC Regular Interests represented by
such [Interest  Only/Class A-V]  Certificates.] [The Subclass Notional Amount of
the [Interest  Only/Class A-V]-  Certificates as of any date of determination is
equal  to  the  aggregate  Stated  Principal   Balance  of  the  Mortgage  Loans
corresponding to the Uncertificated REMIC Regular Interests  represented by such
[Interest  Only/Class A-V]-  Certificates  immediately prior to such date.] [The
[Interest  Only/Class  A-V][-  ]  Certificates  have  no  Certificate  Principal
Balance.]

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The [Initial Certificate  Principal Balance] [Initial [Interest Only/Class
A-V] Notional Amount] [initial  Subclass Notional Amount] of this Certificate is
set forth above.] [The Certificate  Principal  Balance hereof will be reduced to
the extent of  distributions  allocable  to principal  and any  Realized  Losses
allocable hereto.]

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is


                                       3
<PAGE>

reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is


                                       4
<PAGE>

registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purposes have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.


                                       5
<PAGE>



               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_________________________],
                                              as Trustee




                                            By:
                                               ---------------------------------
                                                 Authorized Signatory


                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  A-  Certificates  referred  to in the
within-mentioned Agreement.



                                            [---------------------------],
                                                 as Certificate Registrar





                                            By:
                                               ---------------------------------
                                                 Authorized Signatory


                                       6
<PAGE>


                                              A-1





                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)   unto________________________________________   (Please   print  or
typewrite name and address  including  postal zip code of assignee) a Percentage
Interest evidenced by the within Mortgage Asset-Backed  Pass-Through Certificate
and hereby  authorizes the transfer of registration of such interest to assignee
on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:



                                          _______________________________
Dated: ________________________           Signature by or on behalf of assignor




                                           _______________________________
                                                 Signature Guaranteed


                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available    funds   to    _______________________    for   the    account    of
__________________________  account number  _________________,  or, if mailed by
check, to  ________________________.  Applicable  statements should be mailed to
___________________________.


     This information is provided by ______________________,  the assignee named
above, or ___________________, as its agent.



                                       7
<PAGE>

                                    EXHIBIT B

                           FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY  FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  THIS  CERTIFICATE  HAS
BEEN ISSUED WITH NO MORE THAN $[____] OF OID PER $[1,000] OF INITIAL CERTIFICATE
PRINCIPAL  BALANCE,  THE YIELD TO  MATURITY  IS  [_____]%  AND THE AMOUNT OF OID
ATTRIBUTABLE  TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $[____] PER $[1,000]
OF INITIAL CERTIFICATE PRINCIPAL BALANCE, COMPUTED UNDER THE APPROXIMATE METHOD.
NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE PREPAYMENT SPEED ASSUMPTION OR AT ANY OTHER RATE.


        Any Transferee of this Certificate will be deemed to have represented by
virtue of its purchase or holding of this  Certificate (or interest herein) that
EITHER (a) such Transferee is not an investment  manager, a named fiduciary or a
trustee of any Plan, OR ANY OTHER PERSON,  acting,  directly or  indirectly,  on
behalf of or purchasing any Certificate  with "plan assets" of any Plan (a "plan
investor"),  (B) it has acquired and is holding such  Certificate in reliance on
Prohibited  Transaction  Exemption  ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29,


                                       1
<PAGE>

1994), as amended by PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), PTE 2000-58,
65 Fed. Reg.  67765  (November 13, 2000),  AND PTE 2002-41,  67 Fed. Reg.  54487
(August 22, 2002) (the "RFC Exemption"),  and that it understands that there are
certain conditions to the availability of the RFC Exemption  including that such
Certificate  must be rated,  at the time of purchase,  not lower than "BBB-" (or
its equivalent) by Standard & Poor's, Fitch or Moody's or (C) (I) the transferee
is an insurance  company,  (II) the source of funds to be used by it to purchase
the Certificate is an "insurance company general account" (within the meaning of
U.S. Department of Labor Prohibited Transaction Class Exemption ("PTCE") 95-60),
and (iii) the CONDITIONS SET FORTH IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN
SATISFIED  (EACH ENTITY THAT SATISFIES  THIS CLAUSE (C), A "cOMPLYING  INSURANCE
COMPANY).

        If this  Certificate (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD BY ANY
PERSON  THAT  DOES  NOT  SATISFY  THE  CONDITIONS  DESCRIBED  IN  THE  PRECEDING
PARAGRAPH,  THEN THE LAST  preceding  Transferee  that  either (i) is not a Plan
Investor,  (II) ACQUIRED SUCH  CERTIFICATE IN COMPLIANCE WITH THE RFC EXEMPTION,
or (iiI) is a  Complying  Insurance  Company  shall be  restored,  to the extent
permitted by law, to all rights and  obligations  as  Certificate  Owner thereof
retroactive to the date of such Transfer of this Certificate.  The Trustee shall
be  under no  liability  to any  Person  for  making  any  payments  due on this
Certificate to such preceding Transferee.

        Any purported  Certificate  Owner whose  acquisition  or holding of this
Certificate (or interest  herein) was effected in violation of the  restrictions
in Section  5.02(e) of the Pooling and Servicing  Agreement  shall indemnify and
hold harmless the Company,  the Trustee,  the Master Servicer,  any Subservicer,
and the Trust Fund from and against any and all  liabilities,  claims,  costs or
expenses incurred by such parties as a result of such acquisition or holding.

                                       2
<PAGE>

Certificate No.                                   [      ]% Pass-Through Rate

Class M-    Subordinate                           Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class M Certificates:
Agreement and Cut-off Date:                       $
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $

Master Servicer:                                  CUSIP: 76110F-
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class  M-  Certificates  with  respect  to  the  Trust  Fund  consisting
        primarily of a pool of conventional  one- to four-family  fixed interest
        rate first mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS,
        INC.

               This  Certificate  is payable solely from the assets of the Trust
Fund,  and does not  represent  an  obligation  of or  interest  in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

     This  certifies  that  _______________  is  the  registered  owner  of  the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Certificate  Principal Balance of this Certificate by the aggregate  Certificate
Principal  Balance of all Class M-  Certificates,  both as  specified  above) in
certain  distributions  with respect to a Trust Fund  consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Accredit  Loans,
Inc. (hereinafter called the "Company," which term includes any successor entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the  Company,  the Master  Servicer  and  __________________,  as  trustee  (the
"Trustee"),  a summary of certain of the  pertinent  provisions  of which is set
forth hereafter.  To the extent not defined herein,  the capitalized  terms used


                                       3
<PAGE>

herein have the meanings  assigned in the Agreement.  This Certificate is issued
under and is subject to the terms,  provisions  and conditions of the Agreement,
to which  Agreement the Holder of this  Certificate  by virtue of the acceptance
hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of Class M-
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               As described  above, no transfer of this Class M Certificate will
be made unless (i) the Trustee  has  received  either an opinion of counsel or a
representation  letter,  each as  described  in the  Agreement,  relating to the
permissibility  of such  transfer  under ERISA and Section 4975 of the Code,  or
(ii) this Certificate is held by a Depository, in which case the Transferee will
be deemed to have made  representations  relating to the  permissibility of such
transfer  under  ERISA and Section  4975 of the Code,  as  described  in Section
5.02(e) of the Agreement.  In addition,  any purported  Certificate  Owner whose
acquisition or holding of this  Certificate (or interest herein) was effected in
violation  of  the  restrictions  in  Section  5.02(e)  of the  Agreement  shall
indemnify and hold harmless the Company, the Trustee,  the Master Servicer,  any
Subservicer,  and the  Trust  Fund  from and  against  any and all  liabilities,
claims,  costs  or  expenses  incurred  by  such  parties  as a  result  of such
acquisition or holding.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer


                                       4
<PAGE>

funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the


                                       5
<PAGE>

Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                       6
<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee




                                            By:
                                               ---------------------------------
                                                 Authorized Signatory


                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.




                                            [-------------------------],
                                                  as Certificate Registrar



                                            By:
                                               ---------------------------------
                                                 Authorized Signatory


                                       7
<PAGE>


                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)   unto________________________________________   (Please   print  or
typewrite name and address  including  postal zip code of assignee) a Percentage
Interest evidenced by the within Mortgage Asset-Backed  Pass-Through Certificate
and hereby  authorizes the transfer of registration of such interest to assignee
on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:



                                          _______________________________
Dated: ________________________           Signature by or on behalf of assignor




                                           _______________________________
                                                 Signature Guaranteed


                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available    funds   to    _______________________    for   the    account    of
__________________________  account number  _________________,  or, if mailed by
check, to  ________________________.  Applicable  statements should be mailed to
___________________________.


     This information is provided by ______________________,  the assignee named
above, or ___________________, as its agent.


                                       8
<PAGE>

                                    EXHIBIT C


                           FORM OF CLASS B CERTIFICATE

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR  CERTIFICATES
AND CLASS M CERTIFICATES [AND CLASS B-1] [CLASS B-2  CERTIFICATES]  DESCRIBED IN
THE AGREEMENT (AS DEFINED HEREIN).

THIS  CERTIFICATE  HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE SECURITIES
ACT OF 1933,  AS  AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS  WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER  APPLICABLE  STATE LAW AND IS TRANSFERRED IN ACCORDANCE  WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED,  RESPECTIVELY,  IN SECTIONS  860G AND 860D OF THE CODE.  THE  FOLLOWING
INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING  THE U.S.  FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE.  THE ISSUE
DATE OF THIS  CERTIFICATE  IS ___________  __, ____.  ASSUMING THAT THE MORTGAGE
LOANS PREPAY AT 100% OF THE  PREPAYMENT  SPEED  ASSUMPTION  (AS DESCRIBED IN THE
PROSPECTUS SUPPLEMENT),  THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $[ ]
OF OID PER  $[1,000]  OF INITIAL  CERTIFICATE  PRINCIPAL  BALANCE,  THE YIELD TO
MATURITY  IS [ ]% AND THE  AMOUNT OF OID  ATTRIBUTABLE  TO THE  INITIAL  ACCRUAL
PERIOD  IS NO MORE  THAN $[ ] PER  $[1,000]  OF  INITIAL  CERTIFICATE  PRINCIPAL
BALANCE,  COMPUTED UNDER THE APPROXIMATE  METHOD. NO REPRESENTATION IS MADE THAT
THE  MORTGAGE  LOANS  WILL  PREPAY  AT A  RATE  BASED  ON THE  PREPAYMENT  SPEED
ASSUMPTION OR AT ANY OTHER RATE.

                                       1
<PAGE>

Certificate No.                                   [      ]% Pass-Through Rate

Class B-     Subordinate                          Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class B-
Agreement and Cut-off Date:                       Certificates as of
___________ 1, ____                               the Cut-off Date:
                                                  $
First Distribution Date:
_________ 25, ____                                Initial Certificate Principal
                                                  Balance of this Certificate:
Master Servicer:                                  $
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____


                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

       evidencing a percentage  interest in any  distributions  allocable to the
       Class B- Certificates with respect to the Trust Fund consisting primarily
       of a pool of conventional  one- to four-family  fixed interest rate first
       mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

               This  Certificate  is payable solely from the assets of the Trust
Fund,  and does not  represent  an  obligation  of or  interest  in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

               This  certifies  that  Residential  Accredit  Loans,  Inc. is the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
(obtained by dividing the Certificate  Principal  Balance of this Certificate by
the aggregate Certificate  Principal Balance of all Class B- Certificates,  both
as  specified  above) in  certain  distributions  with  respect  to a Trust Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, Inc.  (hereinafter called the "Company," which term
includes any successor entity under the Agreement  referred to below). The Trust
Fund  was  created  pursuant  to a  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the Company,  the Master Servicer and
__________________,  as  trustee  (the  "Trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined


                                       2
<PAGE>

herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing on
the first  Distribution  Date specified  above, to the Person in whose name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               No transfer of this Class B Certificate  will be made unless such
transfer is exempt from the  registration  requirements of the Securities Act of
1933,  as  amended,  and  any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that such transfer is exempt  (describing  the applicable  exemption and
the  basis  therefor)  from  or is  being  made  pursuant  to  the  registration
requirements  of the Securities  Act of 1933, as amended,  and of any applicable
statute of any state and (ii) the transferee shall execute an investment  letter
in the form  described by the  Agreement.  The Holder hereof  desiring to effect
such  transfer  shall,  and does hereby agree to,  indemnify  the  Trustee,  the
Company,  the Master Servicer and the Certificate  Registrar acting on behalf of
the Trustee  against  any  liability  that may result if the  transfer is not so
exempt  or is not made in  accordance  with such  Federal  and  state  laws.  In
connection  with any such transfer,  the Trustee will also require either (i) an
opinion of counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer with respect to the permissibility
of such transfer under the Employee  Retirement  Income Security Act of 1974, as
amended  ("ERISA"),  and Section 4975 of the Internal  Revenue Code (the "Code")
and stating, among other things, that the transferee's  acquisition of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a  representation


                                       3
<PAGE>

letter,  in the form as described by Section  5.02(e) of the  Agreement,  either
stating that the transferee is not an employee  benefit or other plan subject to
the  prohibited  transaction  provisions of ERISA or Section 4975 of the Code (a
"Plan"), or any other person (including an investment manager, a named fiduciary
or a trustee  of any  Plan)  acting,  directly  or  indirectly,  on behalf of or
purchasing any  Certificate  with "plan assets" of any Plan, or stating that the
transferee  is an  insurance  company,  the  source of funds to be used by it to
purchase the Certificate is an "insurance  company general  account" (within the
meaning of Department of Labor Prohibited  Transaction Class Exemption  ("PTCE")
95-60),  and the purchase is being made in reliance upon the availability of the
exemptive relief afforded under Sections I and III of PTCE 95-60.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new


                                       4
<PAGE>

Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.


                                       5
<PAGE>


               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_____________________________],
                                   as Trustee



                                            By:
                                               ---------------------------------
                                                 Authorized Signatory



                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.



                                            [---------------------------],
                                                 as Certificate Registrar


                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                                       6
<PAGE>


                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)   unto________________________________________   (Please   print  or
typewrite name and address  including  postal zip code of assignee) a Percentage
Interest evidenced by the within Mortgage Asset-Backed  Pass-Through Certificate
and hereby  authorizes the transfer of registration of such interest to assignee
on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:



                                          _______________________________
Dated: ________________________           Signature by or on behalf of assignor




                                           _______________________________
                                                 Signature Guaranteed


                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available    funds   to    _______________________    for   the    account    of
__________________________  account number  _________________,  or, if mailed by
check, to  ________________________.  Applicable  statements should be mailed to
___________________________.


     This information is provided by ______________________,  the assignee named
above, or ___________________, as its agent.


                                       7
<PAGE>

                                    EXHIBIT D


                           FORM OF CLASS R CERTIFICATE

THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A "RESIDUAL
INTEREST"  IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED  TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
OR POLITICAL  SUBDIVISION  THEREOF,  ANY POSSESSION OF THE UNITED STATES, OR ANY
AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY
WHICH IS A CORPORATION  IF ALL OF ITS  ACTIVITIES  ARE SUBJECT TO TAX AND EXCEPT
FOR FREDDIE  MAC, A MAJORITY OF ITS BOARD OF  DIRECTORS  IS NOT SELECTED BY SUCH
GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR
ANY AGENCY OR INSTRUMENTALITY  OF EITHER OF THE FOREGOING,  (C) ANY ORGANIZATION
(OTHER THAN CERTAIN FARMERS' COOPERATIVES  DESCRIBED IN SECTION 521 OF THE CODE)
WHICH IS  EXEMPT  FROM THE TAX  IMPOSED  BY  CHAPTER 1 OF THE CODE  UNLESS  SUCH
ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING
THE TAX  IMPOSED  BY  SECTION  511 OF THE  CODE ON  UNRELATED  BUSINESS  TAXABLE
INCOME),  (D) RURAL  ELECTRIC AND  TELEPHONE  COOPERATIVES  DESCRIBED IN SECTION
1381(a)(2)(C)  OF THE CODE,  (E) AN ELECTING  LARGE  PARTNERSHIP  UNDER  SECTION
775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B),
(C), (D) OR (E) BEING HEREIN REFERRED TO AS A "DISQUALIFIED  ORGANIZATION"),  OR
(F) AN AGENT OF A DISQUALIFIED ORGANIZATION,  (2) NO PURPOSE OF SUCH TRANSFER IS
TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE  SATISFIES
CERTAIN  ADDITIONAL  CONDITIONS  RELATING  TO  THE  FINANCIAL  CONDITION  OF THE


                                       1
<PAGE>

PROPOSED  TRANSFEREE.   NOTWITHSTANDING  THE  REGISTRATION  IN  THE  CERTIFICATE
REGISTER OR ANY TRANSFER,  SALE OR OTHER  DISPOSITION  OF THIS  CERTIFICATE TO A
DISQUALIFIED  ORGANIZATION  OR AN AGENT  OF A  DISQUALIFIED  ORGANIZATION,  SUCH
REGISTRATION  SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT  WHATSOEVER  AND
SUCH  PERSON  SHALL  NOT BE  DEEMED TO BE A  CERTIFICATEHOLDER  FOR ANY  PURPOSE
HEREUNDER,  INCLUDING,  BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.  EACH HOLDER OF THIS  CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE
SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

Certificate No.                                   [      ]% Pass-Through Rate

Class R Senior                                    Aggregate Initial Certificate
                                                  Principal Balance of the
Date of Pooling and Servicing                     Class R Certificates:
Agreement and Cut-off Date:                       $100.00
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $

Master Servicer:                                  Percentage Interest:
Residential Funding Corporation                                 %
                                                  --------------

Assumed Final Distribution Date:                  CUSIP 76110F-
___________ 25, ____


                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class R Certificates with respect to the Trust Fund consisting primarily
        of a pool of conventional  one- to four-family fixed interest rate first
        mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

               This  Certificate  is payable solely from the assets of the Trust
Fund,  and does not  represent  an  obligation  of or  interest  in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

                                       2
<PAGE>

               This  certifies  that is the  registered  owner of the Percentage
Interest  evidenced  by this  Certificate  (obtained  by  dividing  the  Initial
Certificate  Principal  Balance of this  Certificate  by the  aggregate  Initial
Certificate  Principal  Balance of all Class R  Certificates,  both as specified
above) in  certain  distributions  with  respect  to the Trust  Fund  consisting
primarily of a pool of  conventional  one- to  four-family  fixed  interest rate
first  mortgage  loans (the  "Mortgage  Loans"),  formed and sold by Residential
Accredit Loans, Inc.  (hereinafter called the "Company," which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant to a Pooling and Servicing  Agreement dated as specified above
(the "Agreement") among the Company, the Master Servicer and __________________,
as trustee (the "Trustee"),  a summary of certain of the pertinent provisions of
which is set forth hereafter.  To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement.  This Certificate
is issued under and is subject to the terms,  provisions  and  conditions of the
Agreement,  to which  Agreement the Holder of this  Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

               Each Holder of this  Certificate will be deemed to have agreed to
be bound by the  restrictions  set forth in the Agreement to the effect that (i)
each person holding or acquiring any Ownership Interest in this Certificate must
be a United States Person and a Permitted  Transferee,  (ii) the transfer of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the


                                       3
<PAGE>

Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.

               No transfer of this Class R  Certificate  will be made unless the
Trustee has received either (i) an opinion of counsel  acceptable to and in form
and substance  satisfactory to the Trustee,  the Company and the Master Servicer
with  respect  to  the  permissibility  of  such  transfer  under  the  Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of the Internal Revenue Code (the "Code") and stating,  among other things, that
the  transferee's  acquisition  of a Class R Certificate  will not constitute or
result in a  non-exempt  prohibited  transaction  under  Section 406 of ERISA or
Section  4975 of the  Code  or  (ii) a  representation  letter,  in the  form as
described  by the  Agreement,  stating  that the  transferee  is not an employee
benefit or other plan subject to the prohibited  transaction provisions of ERISA
or  Section  4975 of the Code (a  "Plan"),  or any other  person  (including  an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly,  on behalf of or purchasing any Certificate with "plan assets" of
any Plan.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

                                       4
<PAGE>

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                       5
<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee




                                            By:
                                               ---------------------------------
                                                 Authorized Signatory


                          CERTIFICATE OF AUTHENTICATION

               This  is one of  the  Class  R  Certificates  referred  to in the
within-mentioned Agreement.




                                            [----------------------------],
                                                 as Certificate Registrar



                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                                       6
<PAGE>


                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)   unto________________________________________   (Please   print  or
typewrite name and address  including  postal zip code of assignee) a Percentage
Interest evidenced by the within Mortgage Asset-Backed  Pass-Through Certificate
and hereby  authorizes the transfer of registration of such interest to assignee
on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:



                                          _______________________________
Dated: ________________________           Signature by or on behalf of assignor




                                           _______________________________
                                                 Signature Guaranteed


                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available    funds   to    _______________________    for   the    account    of
__________________________  account number  _________________,  or, if mailed by
check, to  ________________________.  Applicable  statements should be mailed to
___________________________.


     This information is provided by ______________________,  the assignee named
above, or ___________________, as its agent.


                                       7
<PAGE>

                                    EXHIBIT E


                        FORM OF SELLER/SERVICER CONTRACT

        This  Seller/Servicer  Contract  (as  may be  amended,  supplemented  or
otherwise  modified from time to time, this "Contract") is made this day of , 20
, by and between  Residential  Funding  Corporation,  its successors and assigns
("Residential   Funding")  and  (the   "Seller/Servicer,"   and,  together  with
Residential Funding, the "parties" and each, individually, a "party").

        WHEREAS,  the  Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

        NOW,  THEREFORE,  in  consideration  of the  premises,  and  the  terms,
conditions and agreements set forth below, the parties agree as follows:

1.      INCORPORATION OF GUIDES BY REFERENCE.

        The  Seller/Servicer  acknowledges  that it has  received  and  read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.      AMENDMENTS.

        This Contract may not be amended or modified orally, and no provision of
this  Contract  may be waived or amended  except in writing  signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.

3.      REPRESENTATIONS AND WARRANTIES.

a.      Reciprocal Representations and Warranties.

               The  Seller/Servicer  and Residential Funding each represents and
warrants to the other that as of the date of this Contract:

                                  1
<PAGE>

(1)                   Each party is duly  organized,  validly  existing,  and in
                      good  standing  under  the  laws  of its  jurisdiction  of
                      organization,  is qualified,  if necessary, to do business
                      and in good standing in each  jurisdiction  in which it is
                      required to be so qualified,  and has the requisite  power
                      and  authority  to enter into this  Contract and all other
                      agreements  which are contemplated by this Contract and to
                      carry out its  obligations  hereunder and under the Guides
                      and under such other agreements.

(2)                   This  Contract  has been  duly  authorized,  executed  and
                      delivered  by each  party  and  constitutes  a  valid  and
                      legally  binding  agreement of each party  enforceable  in
                      accordance with its terms.

(3)                   There is no action, proceeding or investigation pending or
                      threatened,  and no basis  therefor  is  known  to  either
                      party,  that could  affect  the  validity  or  prospective
                      validity of this Contract.

(4)                   Insofar as its capacity to carry out any obligation  under
                      this Contract is concerned,  neither party is in violation
                      of  any  charter,   articles  of  incorporation,   bylaws,
                      mortgage, indenture, indebtedness,  agreement, instrument,
                      judgment,  decree,  order, statute, rule or regulation and
                      none of the  foregoing  adversely  affects its capacity to
                      fulfill any of its  obligations  under this Contract.  Its
                      execution of, and  performance  pursuant to, this Contract
                      will not result in a violation of any of the foregoing.

b.                    Seller/Servicer's    Representations,    Warranties    and
                      Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

4.      REMEDIES OF RESIDENTIAL FUNDING.

        If an Event of Seller  Default  or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.      SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.

        At no time shall the  Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

6.      PRIOR AGREEMENTS SUPERSEDED.

        This Contract  restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

                                      2
<PAGE>

7.      ASSIGNMENT.

        This Contract may not be assigned or  transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      NOTICES.

        All notices,  requests,  demands or other  communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:




      Attention:
      Telefacsimile Number:  (      )       -
                              ------  ------
9.      JURISDICTION AND VENUE.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other  substantive or procedural  rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum.  Each of the
parties agrees that a final  judgment in any such action or proceeding  shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment
or in any other manner  provided by law. Each of the parties  further agrees not
to institute  any legal  actions or  proceedings  against the other party or any
director,  officer,  employee,  attorney,  agent or property of the other party,
arising  out of or  relating  to  this  Contract  in any  court  other  than  as
hereinabove specified in this paragraph 9.

10.     MISCELLANEOUS.

                                       3
<PAGE>

        This Contract, including all documents incorporated by reference herein,
constitutes the entire  understanding  between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions  contemplated by this Contract.  All paragraph  headings  contained
herein  are for  convenience  only and  shall not be  construed  as part of this
Contract.  Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting  the  validity or  enforceability  of such  provision in any
other jurisdiction,  and, to this end, the provisions hereof are severable. This
Contract  shall be governed by, and construed  and enforced in accordance  with,
applicable federal laws and the laws of the State of Minnesota.


                                       4
<PAGE>

        IN WITNESS WHEREOF,  the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                                 SELLER/SERVICER

[Corporate Seal]

                                                       (Name of Seller/Servicer)
By:                                     By:
   --------------------------------
      (Signature) (Signature) By: By:
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------
======================================= ========================================

ATTEST:                                 RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]

By:                                     By:
   --------------------------------
      (Signature) (Signature) By: By:
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------


                                       5
<PAGE>

                                    EXHIBIT F
                          FORMS OF REQUEST FOR RELEASE

DATE:

TO:

RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
MIN#:
Borrower Name(s):
Reason for Document Request:      (circle one)

        Mortgage Loan Prepaid in Full              Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."


Residential Funding Corporation
Authorized Signature

******************************************************************************

TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

Enclosed Documents:          [ ]  Promissory Note
                             [ ]  Primary Insurance Policy
                             [ ]  Mortgage or Deed of Trust
                             [ ] Assignment(s) of Mortgage or Deed of Trust
                             [ ]  Title Insurance Policy
                             [ ]  Other:

Name:
     ------------------------
Title:
      -----------------------
Date:
     ------------------------



                                       1
<PAGE>

                                   EXHIBIT G-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF                         )
                                 )    ss.:
COUNTY OF                        )
               [NAME OF OFFICER], being first duly sworn, deposes and says:

1. That he is [Title of Officer] of [Name of Owner] (record or beneficial  owner
of the Mortgage Asset-Backed Pass-Through Certificates, Series ____-___, Class R
(the  "Owner")),  a  [savings  institution]  [corporation]  duly  organized  and
existing under the laws of [the State of
                                    ] [the United States], on behalf of which he
makes this affidavit and
agreement.

2. That the Owner (i) is not and will not be a "disqualified organization" or an
electing  large  partnership  as of [date of  transfer]  within  the  meaning of
Sections 860E(e)(5) and 775, respectively, of the Internal Revenue Code of 1986,
as amended (the "Code") or an electing large partnership under Section 775(a) of
the Code,  (ii) will endeavor to remain other than a  disqualified  organization
for so long as it retains its  ownership  interest in the Class R  Certificates,
and (iii) is acquiring the Class R  Certificates  for its own account or for the
account of another  Owner from which it has received an affidavit  and agreement
in  substantially  the same  form as this  affidavit  and  agreement.  (For this
purpose, a "disqualified organization" means an electing large partnership under
Section 775 of the Code, the United States,  any state or political  subdivision
thereof,  any agency or  instrumentality  of any of the foregoing (other than an
instrumentality  all of the  activities of which are subject to tax and,  except
for the Federal  Home Loan  Mortgage  Corporation,  a majority of whose board of
directors  is not  selected  by any such  governmental  entity)  or any  foreign
government,  international organization or any agency or instrumentality of such
foreign government or organization, any rural electric or telephone cooperative,
or any organization (other than certain farmers' cooperatives) that is generally
exempt from federal income tax unless such organization is subject to the tax on
unrelated business taxable income).

3. That the Owner is aware (i) of the tax that would be imposed on  transfers of
Class  R  Certificates   to   disqualified   organizations   or  electing  large
partnerships,  under  the  Code,  that  applies  to all  transfers  of  Class  R
Certificates after March 31, 1988; (ii) that such tax would be on the transferor
(or,  with  respect to transfers to electing  large  partnerships,  on each such
partnership),  or, if such transfer is through an agent (which person includes a
broker,  nominee or middleman)  for a disqualified  organization,  on the agent;
(iii) that the person  (other than with respect to  transfers to electing  large
partnerships)  otherwise  liable for the tax shall be relieved of liability  for
the tax if the  transferee  furnishes  to such  person  an  affidavit  that  the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R Certificates  may be  "noneconomic  residual  interests"  within the
meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes


                                      1
<PAGE>

due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

4. That the Owner is aware of the tax imposed on a "pass-through entity" holding
Class R  Certificates  if either the  pass-through  entity is an electing  large
partnership  under  Section 775 of the Code or if at any time during the taxable
year of the pass-through entity a disqualified organization is the record holder
of an  interest in such  entity.  (For this  purpose,  a "pass  through  entity"
includes a  regulated  investment  company,  a real estate  investment  trust or
common trust fund, a partnership, trust or estate, and certain cooperatives.)

5. The Owner is either (i) a citizen or  resident of the United  States,  (ii) a
corporation,  partnership  or  other  entity  treated  as  a  corporation  or  a
partnership for U.S.  federal income tax purposes and created or organized in or
under the laws of the  United  States,  any state  thereof  or the  District  of
Columbia (other than a partnership that is not treated as a United States person
under any applicable Treasury regulations), (iii) an estate that is described in
Section 7701(a)(30)(D) of the Code, or (iv) a trust that is described in Section
7701(a)(30)(E) of the Code.

6. The  Owner  hereby  agrees  that it will not  cause  income  from the Class R
Certificates to be attributable to a foreign  permanent  establishment  or fixed
base  (within  the meaning of an  applicable  income tax treaty) of the Owner or
another United States taxpayer.

7. That the Owner is aware that the Trustee  will not  register  the transfer of
any Class R  Certificates  unless the  transferee,  or the  transferee's  agent,
delivers to it an affidavit and agreement,  among other things, in substantially
the same form as this affidavit and agreement.  The Owner expressly  agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.

8. That the Owner has  reviewed  the  restrictions  set forth on the face of the
Class R Certificates  and the  provisions of Section  5.02(f) of the Pooling and
Servicing  Agreement  under  which  the Class R  Certificates  were  issued  (in
particular,  clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver  payments  to a person  other than the Owner and  negotiate a
mandatory sale by the Trustee in the event the Owner holds such  Certificates in
violation of Section 5.02(f)).  The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.

9. That the Owner consents to any additional  restrictions or arrangements  that
shall be deemed  necessary  upon advice of counsel to  constitute  a  reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.

10. The Owner's Taxpayer Identification Number is .

11. This affidavit and agreement  relates only to the Class R Certificates  held
by the Owner and not to any other holder of the Class R Certificates.  The Owner
understands  that the  liabilities  described  herein relate only to the Class R
Certificates.

                                       2
<PAGE>

12. That no purpose of the Owner  relating to the transfer of any of the Class R
Certificates  by the Owner is or will be to impede the  assessment or collection
of any tax; in making this representation,  the Owner warrants that the Owner is
familiar with (i) Treasury  Regulation Section 1.860E-1(c) and recent amendments
thereto,  effective as of July 19, 2002,  and (ii) the preamble  describing  the
adoption of the  amendments  to such  regulation,  which is  attached  hereto as
Exhibit 1.

13.  That the Owner has no  present  knowledge  or  expectation  that it will be
unable  to  pay  any  United  States  taxes  owed  by it so  long  as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R  Certificate
that the Owner  intends  to pay  taxes  associated  with  holding  such  Class R
Certificate  as they  become  due,  fully  understanding  that it may  incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.

14. That the Owner has no present  knowledge or expectation  that it will become
insolvent or subject to a bankruptcy  proceeding for so long as any of the Class
R Certificates remain outstanding.

15. The  Purchaser is not an employee  benefit plan or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974,  as amended  ("ERISA"),  or Section 4975 of the Code,  or an investment
manager,  named  fiduciary  or a trustee of any such plan,  or any other  Person
acting, directly or indirectly,  on behalf of or purchasing any Certificate with
"plan assets" of any such plan.


                                       3
<PAGE>

               IN WITNESS  WHEREOF,  the Owner has caused this  instrument to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this day of , 200 .




                                            [NAME OF OWNER]



                                            By:
                                               ---------------------------------
                                                 [Name of Officer]
                                                 [Title of Officer]
[Corporate Seal]

ATTEST:


[Assistant] Secretary

               Personally  appeared before me the above-named [Name of Officer],
known  or  proved  to me to be  the  same  person  who  executed  the  foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.

          Subscribed and sworn before me this _______ day of _____, 200___.




                                  NOTARY PUBLIC



                        COUNTY OF
                                 ---------------------------
                        STATE OF
                                ----------------------------
                         My Commission  expires the ____ day of _____,20 .


                                       4
<PAGE>


                                    EXHIBIT 1

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 602

[TD 9004]
RIN 1545-AW98


Real Estate Mortgage Investment Conduits

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations.

-----------------------------------------------------------------------

SUMMARY:  This  document  contains  final  regulations  relating  to safe harbor
transfers of noneconomic  residual interests in real estate mortgage  investment
conduits (REMICs).  The final regulations provide additional  limitations on the
circumstances under which transferors may claim safe harbor treatment.

DATES: Effective Date: These regulations are effective July 19, 2002.
    Applicability Date: For dates of applicability, see Sec. 1.860E-
(1)(c)(10).

FOR FURTHER INFORMATION CONTACT: Courtney Shepardson at (202) 622-3940
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

    The  collection  of  information  in this final rule has been  reviewed and,
pending  receipt and  evaluation of public  comments,  approved by the Office of
Management  and Budget (OMB) under 44 U.S.C.  3507 and assigned  control  number
1545-1675.
    The  collection  of  information  in  this  regulation  is in  Sec.  1.860E-
1(c)(5)(ii).  This  information  is  required to enable the IRS to verify that a
taxpayer is complying with the conditions of this regulation.  The collection of
information  is mandatory  and is  required.  Otherwise,  the taxpayer  will not
receive the benefit of safe harbor treatment as provided in the regulation.  The
likely respondents are businesses and other for-profit institutions.


                                       5
<PAGE>

    Comments on the  collection of  information  should be sent to the Office of
Management  and Budget,  Attn:  Desk Officer for the Department of the Treasury,
Office of Information and Regulatory Affairs, Washington, DC, 20503, with copies
to  the  Internal  Revenue  Service,   Attn:  IRS  Reports  Clearance   Officer,
W:CAR:MP:FP:S,  Washington,  DC 20224. Comments on the collection of information
should be received by September 17, 2002.  Comments are  specifically  requested
concerning:
    Whether  the   collection  of   information  is  necessary  for  the  proper
performance of the functions of the Internal Revenue Service,  including whether
the information will have practical utility;
    The accuracy of the  estimated  burden  associated  with the  collection  of
information (see below);
    How the quality, utility, and clarity of the information to be
collected may be enhanced;
    How the  burden of  complying  with the  collection  of  information  may be
minimized,  including through the application of automated collection techniques
or other forms of information technology; and
    Estimates of capital or start-up costs and costs of operation,  maintenance,
and purchase of service to provide information.
    An agency  may not  conduct  or  sponsor,  and a person is not  required  to
respond to, a  collection  of  information  unless it  displays a valid  control
number assigned by the Office of Management and Budget.
    The  estimated  total  annual  reporting  burden is 470  hours,  based on an
estimated  number of respondents  of 470 and an estimated  average annual burden
hours per respondent of one hour.
    Books or records relating to a collection of information must be retained as
long as their contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax return information are confidential,
as required by 26 U.S.C. 6103.

Background

    This document contains final regulations  regarding the proposed  amendments
to 26 CFR part 1 under  section  860E of the Internal  Revenue Code (Code).  The
regulations  provide the circumstances under which a transferor of a noneconomic
REMIC  residual   interest   meeting  the   investigation   and   representation
requirements  may avail  itself  of the safe  harbor by  satisfying  either  the
formula test or the asset test.
    Final regulations  governing REMICs, issued in 1992, contain rules governing
the transfer of noneconomic REMIC residual interests.  In general, a transfer of
a  noneconomic  residual  interest  is  disregarded  for all tax  purposes  if a
significant purpose of the transfer is to

[[Page 47452]]

enable the  transferor to impede the  assessment or collection of tax. A purpose
to impede the assessment or collection of tax (a wrongful purpose) exists if the
transferor,  at the time of the transfer,  either knew or should have known that
the transferee would be unwilling or unable to pay taxes due on its share of the


                                       6
<PAGE>

REMIC's taxable income.
    Under a safe harbor, the transferor of a REMIC noneconomic residual interest
is presumed not to have a wrongful  purpose if two  requirements  are satisfied:
(1) the  transferor  conducts a  reasonable  investigation  of the  transferee's
financial  condition  (the  investigation  requirement);  and (2) the transferor
secures a  representation  from the transferee to the effect that the transferee
understands the tax obligations  associated with holding a residual interest and
intends to pay those taxes (the representation requirement).
    The  IRS  and  Treasury  have  been  concerned  that  some   transferors  of
noneconomic  residual  interests  claim they  satisfy  the safe  harbor  even in
situations  where the economics of the transfer  clearly indicate the transferee
is unwilling or unable to pay the tax associated with holding the interest.  For
this reason,  on February 7, 2000, the IRS published in the Federal Register (65
FR 5807) a notice of proposed rulemaking (REG-100276-97; REG-122450-98) designed
to clarify the safe harbor by adding the "formula  test," an economic  test. The
proposed  regulation  provides  that the safe harbor is  unavailable  unless the
present value of the  anticipated  tax  liabilities  associated with holding the
residual  interest  does not  exceed the sum of:  (1) The  present  value of any
consideration  given to the transferee to acquire the interest;  (2) the present
value of the expected future distributions on the interest;  and (3) the present
value of the anticipated tax savings associated with holding the interest as the
REMIC generates losses.
    The notice of proposed  rulemaking also contained rules for FASITs.  Section
1.860H-6(g) of the proposed regulations  provides  requirements for transfers of
FASIT  ownership  interests  and adopts a safe harbor by  reference  to the safe
harbor provisions of the REMIC regulations.
    In January 2001, the IRS published Rev. Proc. 2001-12 (2001-3 I.R.B. 335) to
set forth an alternative  safe harbor that taxpayers could use while the IRS and
the  Treasury  considered  comments  on  the  proposed  regulations.  Under  the
alternative safe harbor, if a transferor meets the investigation requirement and
the representation  requirement but the transfer fails to meet the formula test,
the transferor  may invoke the safe harbor if the transferee  meets a two- prong
test (the asset test). A transferee generally meets the first prong of this test
if, at the time of the transfer, and in each of the two years preceding the year
of  transfer,  the  transferee's  gross  assets  exceed $100 million and its net
assets exceed $10 million. A transferee generally meets the second prong of this
test if it is a  domestic,  taxable  corporation  and agrees in  writing  not to
transfer  the  interest  to any person  other  than  another  domestic,  taxable
corporation that also satisfies the requirements of the asset test. A transferor
cannot rely on the asset test if the  transferor  knows,  or has reason to know,
that the  transferee  will not comply  with its written  agreement  to limit the


                                       7
<PAGE>

restrictions on subsequent transfers of the residual interest.
    Rev. Proc. 2001-12 provides that the asset test fails to be satisfied in the
case of a transfer or assignment of a noneconomic residual interest to a foreign
branch of an otherwise  eligible  transferee.  If such a transfer or  assignment
were permitted,  a corporate taxpayer might seek to claim that the provisions of
an  applicable  income tax treaty  would  resource  excess  inclusion  income as
foreign  source  income,  and that,  as a  consequence,  any U.S. tax  liability
attributable  to the excess  inclusion  income  could be offset by  foreign  tax
credits.  Such a claim would impede the  assessment or collection of U.S. tax on
excess inclusion income,  contrary to the congressional purpose of assuring that
such income will be taxable in all events. See, e.g., sections 860E(a)(1),  (b),
(e) and 860G(b) of the Code.
    The Treasury and the IRS have  learned that certain  taxpayers  transferring
noneconomic residual interests to foreign branches have attempted to rely on the
formula  test to obtain  safe  harbor  treatment  in an  effort  to  impede  the
assessment or collection of U.S. tax on excess  inclusion  income.  Accordingly,
the  final  regulations  provide  that if a  noneconomic  residual  interest  is
transferred  to a  foreign  permanent  establishment  or  fixed  base  of a U.S.
taxpayer,  the transfer is not eligible for safe harbor  treatment  under either
the asset  test or the  formula  test.  The  final  regulations  also  require a
transferee  to  represent  that it will not cause  income  from the  noneconomic
residual  interest to be attributable to a foreign  permanent  establishment  or
fixed base.
    Section 1.860E-1(c)(8)  provides computational rules that a taxpayer may use
to  qualify  for  safe  harbor   status   under  the   formula   test.   Section
1.860E-1(c)(8)(i)  provides that the transferee is presumed to pay tax at a rate
equal to the highest rate of tax specified in section 11(b).  Some  commentators
were  concerned that this presumed rate of taxation was too high because it does
not take into  consideration  taxpayers  subject to the alternative  minimum tax
rate. In light of the comments received,  this provision has been amended in the
final regulations to allow certain transferees that compute their taxable income
using the alternative  minimum tax rate to use the alternative  minimum tax rate
applicable to corporations.
    Additionally,  Sec.  1.860E-1(c)(8)(iii) provides that the present values in
the  formula  test  are to be  computed  using  a  discount  rate  equal  to the
applicable  Federal  short-term  rate prescribed by section  1274(d).  This is a
change  from  the  proposed   regulation  and  Rev.  Proc.   2001-12.  In  those
publications  the  provision  stated that "present  values are computed  using a
discount rate equal to the applicable Federal rate prescribed in section 1274(d)
compounded  semiannually"  and that "[a] lower  discount rate may be used if the
transferee can demonstrate that it regularly borrows, in the course of its trade
or  business,  substantial  funds at such  lower  rate from an  unrelated  third
party." The IRS and the Treasury  Department  have learned  that,  based on this
provision,  certain taxpayers have been attempting to use unrealistically low or
zero interest rates to satisfy the formula test,  frustrating  the intent of the
test.  Furthermore,  the  Treasury  Department  and the IRS believe  that a rule
allowing  for a rate  other than a rate based on an  objective  index  would add
unnecessary complexity to the safe harbor. As a result, the rule in the proposed
regulations  that  permits a transferee  to use a lower  discount  rate,  if the
transferee can demonstrate that it regularly  borrows  substantial funds at such
lower rate, is not included in the final regulations; and the Federal short-term


                                       8
<PAGE>

rate  has  been  substituted  for  the  applicable  Federal  rate.  To  simplify
taxpayers' computations, the final regulations allow use of any of the published
short-term  rates,  provided  that  the  present  values  are  computed  with  a
corresponding  period  of  compounding.  With the  exception  of the  provisions
relating to transfers to foreign  branches,  these  changes  generally  have the
proposed  applicability  date of February 4, 2000,  but  taxpayers may choose to
apply the interest  rate formula set forth in the proposed  regulation  and Rev.
Proc. 2001-12 for transfers occurring before August 19, 2002.
    It is anticipated that when final regulations are adopted with respect to

[[Page 47453]]

FASITs,  Sec.  1.860H-6(g)  of the  proposed  regulations  will  be  adopted  in
substantially  its  present  form,  with the result  that the final  regulations
contained  in this  document  will  also  govern  transfers  of FASIT  ownership
interests with substantially the same applicability date as is contained in this
document.

Effect on Other Documents

    Rev.  Proc.  2001-12  (2001-3  I.R.B.  335) is  obsolete  for  transfers  of
noneconomic residual interests in REMICs occurring on or after August 19, 2002.

Special Analyses

    It is hereby  certified that these  regulations  will not have a significant
economic impact on a substantial number of small entities. This certification is
based  on the  fact  that it is  unlikely  that a  substantial  number  of small
entities will hold REMIC residual interests. Therefore, a Regulatory Flexibility
Analysis  under  the  Regulatory  Flexibility  Act (5 U.S.C.  chapter  6) is not
required.  It  has  been  determined  that  this  Treasury  decision  is  not  a
significant regulatory action as defined in Executive Order 12866.  Therefore, a
regulatory assessment is not required. It also has been determined that sections
553(b) and 553(d) of the  Administrative  Procedure Act (5 U.S.C.  chapter 5) do
not apply to these regulations.

Drafting Information

    The principal author of these regulations is Courtney  Shepardson.  However,
other  personnel  from the IRS and  Treasury  Department  participated  in their
development.

List of Subjects

26 CFR Part 1

    Income taxes, Reporting and record keeping requirements.

26 CFR Part 602

    Reporting and record keeping requirements.

Adoption of Amendments to the Regulations

    Accordingly, 26 CFR parts 1 and 602 are amended as follows:

PART 1--INCOME TAXES

    Paragraph 1. The authority  citation for part 1 continues to read in part as
follows:

    Authority: 26 U.S.C. 7805 * * *



                                       9
<PAGE>

                                   EXHIBIT G-2


                         FORM OF TRANSFEROR CERTIFICATE


                                           __________   , 20    ____


Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, Class R

Ladies and Gentlemen:

               This letter is delivered to you in  connection  with the transfer
by (the  "Seller")  to (the  "Purchaser")  of $  Initial  Certificate  Principal
Balance of Mortgage  Asset-Backed  Pass-Through  Certificates,  Series ____-___,
Class R (the  "Certificates"),  pursuant  to  Section  5.02 of the  Pooling  and
Servicing  Agreement  (the  "Pooling  and  Servicing  Agreement"),  dated  as of
___________  1, ____ among  Residential  Accredit  Loans,  Inc.,  as seller (the
"Company"), Residential Funding Corporation, as master
servicer  (the  "Master  Servicer"),  and  __________________,  as trustee  (the
"Trustee").  All terms used  herein  and not  otherwise  defined  shall have the
meanings set forth in the Pooling and  Servicing  Agreement.  The Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

1. No purpose of the Seller  relating to the transfer of the  Certificate by the
Seller to the Purchaser is or will be to impede the  assessment or collection of
any tax.

2. The Seller  understands  that the  Purchaser has delivered to the Trustee and
the Master  Servicer a transfer  affidavit and agreement in the form attached to
the Pooling and Servicing  Agreement as Exhibit G-1. The Seller does not know or
believe that any representation contained therein is false.

3.  The  Seller  has  at  the  time  of  the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-1(c)(4)(i)  and,  as  a  result  of  that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to


                                       10
<PAGE>

indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the  future.  The  Seller  understands  that  the  transfer  of a Class R
Certificate  may not be respected for United States income tax purposes (and the
Seller may  continue  to be liable for United  States  income  taxes  associated
therewith) unless the Seller has conducted such an investigation.

4. The Seller has no actual knowledge that the proposed Transferee is not both a
United States Person and a Permitted Transferee.


                                Very truly yours,


                                            (Seller)



                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

                                       11
<PAGE>

                                    EXHIBIT H


                     FORM OF INVESTOR REPRESENTATION LETTER


                                  ______________, 20 ____

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series ____-___

               RE:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

               (the  "Purchaser")  intends to  purchase  from (the  "Seller")  $
Initial  Certificate  Principal  Balance of Mortgage  Asset-Backed  Pass-Through
Certificates,  Series ____-___,  Class (the "Certificates"),  issued pursuant to
the Pooling and Servicing  Agreement  (the  "Pooling and Servicing  Agreement"),
dated as of  ___________  1, ____ among  Residential  Accredit  Loans,  Inc., as
seller (the "Company"), Residential Funding Corporation, as master servicer (the
"Master  Servicer"),  and  __________________,  as trustee (the "Trustee").  All
terms used herein and not otherwise defined shall have the meanings set forth in
the Pooling and Servicing Agreement. The Purchaser hereby certifies,  represents
and warrants to, and  covenants  with,  the Company,  the Trustee and the Master
Servicer that:

1.             The Purchaser understands that (a) the Certificates have not been
               and will not be registered or qualified  under the Securities Act
               of 1933, as amended (the "Act") or any state  securities law, (b)
               the  Company  is not  required  to so  register  or  qualify  the
               Certificates,   (c)  the  Certificates  may  be  resold  only  if
               registered and qualified pursuant to the provisions of the Act or
               any  state   securities   law,  or  if  an  exemption  from  such
               registration and qualification is available,  (d) the Pooling and
               Servicing Agreement contains restrictions  regarding the transfer
               of the Certificates  and (e) the Certificates  will bear a legend
               to the foregoing effect.

                                       1
<PAGE>


2.             The Purchaser is acquiring the  Certificates  for its own account
               for  investment  only  and  not  with a view  to or for  sale  in
               connection with any distribution thereof in any manner that would
               violate the Act or any applicable state securities laws.

3.             The Purchaser is (a) a substantial,  sophisticated  institutional
               investor  having such  knowledge and  experience in financial and
               business matters, and, in particular,  in such matters related to
               securities  similar to the Certificates,  such that it is capable
               of  evaluating   the  merits  and  risks  of  investment  in  the
               Certificates,  (b)  able to bear  the  economic  risks of such an
               investment and (c) an "accredited investor" within the meaning of
               Rule 501(a) promulgated pursuant to the Act.

     4.   The Purchaser has been  furnished  with, and has had an opportunity to
          review  (a)  [a  copy  of  the  Private  Placement  Memorandum,  dated
          ______________, 20___, relating to the Certificates (b)] a copy of the
          Pooling and  Servicing  Agreement  and [b] [c] such other  information
          concerning the Certificates, the Mortgage Loans and the Company as has
          been  requested by the Purchaser from the Company or the Seller and is
          relevant to the Purchaser's decision to purchase the Certificates. The
          Purchaser has had any questions  arising from such review  answered by
          the Company or the Seller to the  satisfaction  of the Purchaser.  [If
          the  Purchaser  did not purchase the  Certificates  from the Seller in
          connection with the initial  distribution of the  Certificates and was
          provided  with  a  copy  of  the  Private  Placement  Memorandum  (the
          "Memorandum")  relating to the original sale (the "Original  Sale") of
          the Certificates by the Company, the Purchaser  acknowledges that such
          Memorandum  was provided to it by the Seller,  that the Memorandum was
          prepared by the Company solely for use in connection with the Original
          Sale and the Company did not  participate  in or facilitate in any way
          the purchase of the Certificates by the Purchaser from the Seller, and
          the Purchaser agrees that it will look solely to the Seller and not to
          the Company  with respect to any damage,  liability,  claim or expense
          arising  out of,  resulting  from or in  connection  with (a) error or
          omission,  or alleged error or omission,  contained in the Memorandum,
          or (b) any information, development or event arising after the date of
          the Memorandum.]

     5.   The  Purchaser  has not and will not nor has it  authorized or will it
          authorize  any  person  to (a)  offer,  pledge,  sell,  dispose  of or
          otherwise transfer any Certificate, any interest in any Certificate or
          any other  similar  security to any person in any manner,  (b) solicit
          any offer to buy or to accept a pledge,  disposition of other transfer
          of any  Certificate,  any  interest  in any  Certificate  or any other
          similar security from any person in any manner, (c) otherwise approach
          or  negotiate  with  respect to any  Certificate,  any interest in any
          Certificate  or any  other  similar  security  with any  person in any
          manner,  (d)  make  any  general  solicitation  by  means  of  general
          advertising or in any other manner or (e) take any other action,  that


                                       2
<PAGE>

          (as to any of (a) through (e) above) would  constitute a  distribution
          of any Certificate under the Act, that would render the disposition of
          any  Certificate  a  violation  of  Section  5 of the Act or any state
          securities law, or that would require  registration  or  qualification
          pursuant  thereto.  The Purchaser will not sell or otherwise  transfer
          any of the  Certificates,  except in compliance with the provisions of
          the Pooling and Servicing Agreement.

6.             The Purchaser

(a)            is  not  an  employee  benefit  or  other  plan  subject  to  the
               prohibited  transaction  provisions  of the  Employee  Retirement
               Income  Security Act of 1974,  as amended  ("ERISA"),  or Section
               4975 of the Internal Revenue Code of 1986, as amended (a "Plan"),
               or any other person  (including  an investment  manager,  a named
               fiduciary  or  a  trustee  of  any  Plan)  acting,   directly  or
               indirectly, on behalf of or purchasing any Certificate with "plan
               assets" of any Plan within the meaning of the Department of Labor
               ("DOL") regulation at 29 C.F.R. ss.2510.3-101; or

(b)            is an insurance company,  the source of funds to be used by it to
               purchase  the  Certificates  is  an  "insurance  company  general
               account" (within the meaning of DOL Prohibited  Transaction Class
               Exemption  ("PTCE")  95-60),  and the  purchase  is being made in
               reliance upon the  availability of the exemptive  relief afforded
               under Sections I and III of PTCE 95-60.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser will not transfer such  Certificates to any Plan or person unless such
Plan or person meets the requirements set forth in either 6(a) or (b) above.


                                Very truly yours,





                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------


                                       3
<PAGE>

                                    EXHIBIT I


                    FORM OF TRANSFEROR REPRESENTATION LETTER


                                                ___________, 20  ___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Attention: Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

               In   connection   with  the  sale  by  (the   "Seller")  to  (the
"Purchaser") of $ Initial Certificate Principal Balance of Mortgage Asset-Backed
Pass-Through Certificates,  Series ____-___, Class (the "Certificates"),  issued
pursuant to the Pooling and  Servicing  Agreement  (the  "Pooling and  Servicing
Agreement"),  dated as of ___________ 1, ____ among Residential  Accredit Loans,
Inc., as seller (the  "Company"),  Residential  Funding  Corporation,  as master
servicer, and __________________,  as trustee (the "Trustee"). The Seller hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

               Neither  the  Seller  nor  anyone  acting on its  behalf  has (a)
offered,  pledged,  sold, disposed of or otherwise  transferred any Certificate,
any interest in any  Certificate or any other similar  security to any person in
any  manner,  (b)  has  solicited  any  offer  to buy  or to  accept  a  pledge,
disposition  or  other  transfer  of  any  Certificate,   any  interest  in  any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar  security with any person in any manner,
(d) has made any general  solicitation by means of general advertising or in any
other manner, or (e) has taken any other action,  that (as to any of (a) through
(e)  above)  would  constitute  a  distribution  of the  Certificates  under the
Securities  Act of 1933 (the "Act"),  that would render the  disposition  of any
Certificate a violation of Section 5 of the Act or any state  securities law, or
that would require  registration or qualification  pursuant thereto.  The Seller
will not act, in any manner set forth in the foregoing  sentence with respect to
any Certificate.  The Seller has not and will not sell or otherwise transfer any
of the Certificates, except in compliance with the provisions of the Pooling and
Servicing Agreement.

                                       1
<PAGE>


                                Very truly yours,


                                            (Seller)



                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

                                       2
<PAGE>

                                    EXHIBIT J


                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

                            Description  of  Rule  144A  Securities,   including
numbers:


____________________________________________________________________________


               The  undersigned  seller,  as registered  holder (the  "Seller"),
intends to transfer the Rule 144A Securities  described above to the undersigned
buyer (the "Buyer").

1.      In connection  with such transfer and in accordance  with the agreements
        pursuant  to which the Rule 144A  Securities  were  issued,  the  Seller
        hereby  certifies  the  following  facts:  Neither the Seller nor anyone
        acting  on  its  behalf  has  offered,  transferred,  pledged,  sold  or
        otherwise disposed of the Rule 144A Securities, any interest in the Rule
        144A Securities or any other similar security to, or solicited any offer
        to buy or accept a  transfer,  pledge or other  disposition  of the Rule
        144A  Securities,  any interest in the Rule 144A Securities or any other
        similar  security  from,  or otherwise  approached  or  negotiated  with
        respect  to the Rule  144A  Securities,  any  interest  in the Rule 144A
        Securities or any other similar security with, any person in any manner,
        or made any general  solicitation by means of general  advertising or in
        any other  manner,  or taken any other action,  that would  constitute a
        distribution  of the Rule 144A  Securities  under the  Securities Act of
        1933, as amended (the "1933 Act"),  or that would render the disposition
        of the Rule 144A  Securities a violation of Section 5 of the 1933 Act or
        require  registration  pursuant  thereto,  and that the  Seller  has not
        offered the Rule 144A  Securities  to any person other than the Buyer or
        another  "qualified  institutional  buyer" as defined in Rule 144A under
        the 1933 Act.

2.      The Buyer warrants and  represents  to, and covenants  with, the Seller,
        the  Trustee  and the Master  Servicer  (as  defined in the  Pooling and
        Servicing  Agreement (the "Agreement"),  dated as of ___________ 1, ____
        among Residential  Funding  Corporation as Master Servicer,  Residential
        Accredit  Loans,  Inc.  as  depositor  pursuant  to Section  5.02 of the
        Agreement and __________________, as trustee, as follows:

(a)     The  Buyer  understands  that the  Rule  144A  Securities  have not been
        registered under the 1933 Act or the securities laws of any state.

(b)     The Buyer considers  itself a substantial,  sophisticated  institutional
        investor  having such knowledge and experience in financial and business
        matters  that it is  capable  of  evaluating  the  merits  and  risks of
        investment in the Rule 144A Securities.

                                       1
<PAGE>

(c)  The Buyer has been furnished with all  information  regarding the Rule 144A
     Securities  that it has  requested  from the  Seller,  the  Trustee  or the
     Servicer.

(d)  Neither the Buyer nor anyone acting on its behalf has offered, transferred,
     pledged,  sold or  otherwise  disposed  of the Rule  144A  Securities,  any
     interest in the Rule 144A  Securities or any other similar  security to, or
     solicited  any  offer  to  buy  or  accept  a  transfer,  pledge  or  other
     disposition  of the Rule 144A  Securities,  any  interest  in the Rule 144A
     Securities or any other similar  security from, or otherwise  approached or
     negotiated  with respect to the Rule 144A  Securities,  any interest in the
     Rule 144A Securities or any other similar  security with, any person in any
     manner, or made any general solicitation by means of general advertising or
     in any other  manner,  or taken any other action,  that would  constitute a
     distribution of the Rule 144A  Securities  under the 1933 Act or that would
     render the disposition of the Rule 144A Securities a violation of Section 5
     of the 1933 Act or require registration  pursuant thereto, nor will it act,
     nor has it  authorized  or will it  authorize  any  person to act,  in such
     manner with respect to the Rule 144A Securities.

(e)  The Buyer is a "qualified  institutional  buyer" as that term is defined in
     Rule  144A  under  the 1933 Act and has  completed  either  of the forms of
     certification  to that  effect  attached  hereto as Annex 1 or Annex 2. The
     Buyer is aware that the sale to it is being made in  reliance on Rule 144A.
     The Buyer is acquiring the Rule 144A  Securities for its own account or the
     accounts of other qualified  institutional  buyers,  understands  that such
     Rule 144A  Securities may be resold,  pledged or transferred  only (i) to a
     person  reasonably  believed  to be a  qualified  institutional  buyer that
     purchases   for  its  own  account  or  for  the  account  of  a  qualified
     institutional  buyer to whom  notice is given  that the  resale,  pledge or
     transfer  is being made in  reliance  on Rule  144A,  or (ii)  pursuant  to
     another exemption from registration under the 1933 Act.

               [3. The Buyer

(a)     is not an  employee  benefit  or other plan  subject  to the  prohibited
        transaction provisions of the Employee Retirement Income Security Act of
        1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code
        of 1986,  as amended  (a  "Plan"),  or any other  person  (including  an
        investment  manager, a named fiduciary or a trustee of any Plan) acting,
        directly or indirectly,  on behalf of or purchasing any Certificate with
        "plan assets" of any Plan within the meaning of the  Department of Labor
        ("DOL") regulation at 29 C.F.R. ss. 2510.3-101; or

(b)     is an  insurance  company,  the  source  of  funds  to be  used by it to
        purchase the  Certificates  is an "insurance  company  general  account"
        (within  the  meaning  of DOL  Prohibited  Transaction  Class  Exemption
        ("PTCE")  95-60),  and the  purchase is being made in reliance  upon the
        availability  of the exemptive  relief afforded under Sections I and III
        of PTCE 95-60.]

4.   This  document  may be  executed  in one or  more  counterparts  and by the


                                       2
<PAGE>

     different parties hereto on separate  counterparts,  each of which, when so
     executed,  shall be deemed to be an original; such counterparts,  together,
     shall constitute one and the same document.

               IN  WITNESS  WHEREOF,  each  of the  parties  has  executed  this
document as of the date set forth below.


Print Name of Seller                              Print Name of Buyer
By:                                               By:
   ------------------------------------------
   Name:                                             Name:
   Title:                                            Title:
Taxpayer Identification                           Taxpayer Identification:
No.                                               No:
   ------------------------------------------
Date:                                             Date:
     ----------------------------------------


                                       3
<PAGE>


                              ANNEX 1 TO EXHIBIT J


            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

1. As  indicated  below,  the  undersigned  is the  President,  Chief  Financial
Officer, Senior Vice President or other executive officer of the Buyer.

2. In  connection  with  purchases  by the  Buyer,  the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary basis $ in securities (except for the excluded securities referred
to below) as of the end of the  Buyer's  most recent  fiscal  year (such  amount
being  calculated in accordance with Rule 144A) and (ii) the Buyer satisfies the
criteria in the category marked below.

--             Corporation,  etc. The Buyer is a corporation (other than a bank,
               savings   and   loan   association   or   similar   institution),
               Massachusetts   or  similar  business  trust,   partnership,   or
               charitable  organization  described  in Section  501(c)(3) of the
               Internal Revenue Code.

--   Bank.  The Buyer (a) is a national  bank or banking  institution  organized
     under the laws of any State,  territory or the  District of  Columbia,  the
     business of which is substantially confined to banking and is supervised by
     the State or  territorial  banking  commission or similar  official or is a
     foreign bank or equivalent institution, and (b) has an audited net worth of
     at  least  $25,000,000  as  demonstrated  in its  latest  annual  financial
     statements, a copy of which is attached hereto.

--   Savings and Loan. The Buyer (a) is a savings and loan association, building
     and loan association,  cooperative bank,  homestead  association or similar
     institution,  which  is  supervised  and  examined  by a State  or  Federal
     authority  having  supervision  over any such  institutions or is a foreign
     savings  and loan  association  or  equivalent  institution  and (b) has an
     audited net worth of at least  $25,000,000  as  demonstrated  in its latest
     annual financial statements.

--   Broker-Dealer.  The Buyer is a dealer registered  pursuant to Section 15 of
     the Securities Exchange Act of 1934.

--   Insurance  Company.  The Buyer is an insurance  company  whose  primary and
     predominant business activity is the writing of insurance or the reinsuring
     of risks  underwritten  by  insurance  companies  and which is  subject  to
     supervision by the insurance  commissioner or a similar  official or agency
     of a State or territory or the District of Columbia.

                                       1
<PAGE>

--   State or Local Plan.  The Buyer is a plan  established  and maintained by a
     State, its political subdivisions,  or any agency or instrumentality of the
     State or its political subdivisions, for the benefit of its employees.

--   ERISA  Plan.  The Buyer is an employee  benefit  plan within the meaning of
     Title I of the Employee Retirement Income Security Act of 1974.

--   Investment Adviser. The Buyer is an investment adviser registered under the
     Investment Advisers Act of 1940.

--   SBIC. The Buyer is a Small Business Investment Company licensed by the U.S.
     Small  Business  Administration  under  Section  301(c) or (d) of the Small
     Business Investment Act of 1958.

--   Business  Development  Company. The Buyer is a business development company
     as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

--   Trust  Fund.  The Buyer is a trust  fund  whose  trustee is a bank or trust
     company and whose  participants  are exclusively (a) plans  established and
     maintained  by a  State,  its  political  subdivisions,  or any  agency  or
     instrumentality of the State or its political subdivisions, for the benefit
     of its employees, or (b) employee benefit plans within the meaning of Title
     I of the Employee  Retirement  Income  Security  Act of 1974,  but is not a
     trust fund that includes as participants  individual retirement accounts or
     H.R. 10 plans.

3. The term  "securities"  as used herein does not  include  (i)  securities  of
issuers that are affiliated with the Buyer,  (ii) securities that are part of an
unsold  allotment  to or  subscription  by the Buyer,  if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit,  (iv) loan participations,
(v) repurchase  agreements,  (vi)  securities  owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

4. For purposes of determining the aggregate  amount of securities  owned and/or
invested on a discretionary  basis by the Buyer, the Buyer used the cost of such
securities to the Buyer and did not include any of the securities referred to in
the preceding  paragraph.  Further,  in determining such aggregate  amount,  the
Buyer may have included  securities owned by subsidiaries of the Buyer, but only
if such subsidiaries are consolidated with the Buyer in its financial statements
prepared in accordance with generally accepted accounting  principles and if the
investments  of such  subsidiaries  are  managed  under the  Buyer's  direction.
However,  such  securities  were not included if the Buyer is a  majority-owned,
consolidated  subsidiary  of  another  enterprise  and the Buyer is not itself a
reporting company under the Securities Exchange Act of 1934.

5. The Buyer  acknowledges  that it is familiar  with Rule 144A and  understands
that the seller to it and other parties related to the  Certificates are relying
and will  continue to rely on the  statements  made  herein  because one or more
sales to the Buyer may be in reliance on Rule 144A.

                                       2
<PAGE>

                           Will the Buyer be purchasing the Rule 144A
Yes           No           Securities only for the Buyer's own account?


6. If the answer to the  foregoing  question is "no",  the Buyer agrees that, in
connection  with any purchase of securities sold to the Buyer for the account of
a third party  (including  any separate  account) in reliance on Rule 144A,  the
Buyer will only  purchase for the account of a third party that at the time is a
"qualified  institutional  buyer"  within the meaning of Rule 144A. In addition,
the Buyer agrees that the Buyer will not purchase  securities  for a third party
unless the Buyer has  obtained a current  representation  letter from such third
party or taken other  appropriate  steps  contemplated  by Rule 144A to conclude
that  such  third  party   independently  meets  the  definition  of  "qualified
institutional buyer" set forth in Rule 144A.

7. The Buyer will notify each of the parties to which this certification is made
of any changes in the information and conclusions  herein.  Until such notice is
given,   the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation of this certification as of the date of such purchase.




                               Print Name of Buyer


                                            By:
                                                 -------------------------------
                                                 Name:
                                     Title:


                                            Date:
                                                 -------------------------------

                                       3
<PAGE>


                              ANNEX 2 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

8. As indicated below, the undersigned is the President, Chief Financial Officer
or  Senior  Vice  President  of the  Buyer  or,  if the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because  Buyer  is part of a Family  of  Investment
Companies (as defined below), is such an officer of the Adviser.

9.  In  connection   with  purchases  by  Buyer,   the  Buyer  is  a  "qualified
institutional  buyer" as  defined in SEC Rule 144A  because  (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least  $100,000,000 in securities  (other than the excluded  securities
referred to below) as of the end of the Buyer's  most recent  fiscal  year.  For
purposes  of  determining  the  amount of  securities  owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

--             The  Buyer  owned  $  in  securities  (other  than  the  excluded
               securities  referred to below) as of the end of the Buyer's  most
               recent  fiscal year (such amount being  calculated  in accordance
               with Rule 144A).

--             The Buyer is part of a Family of Investment Companies which owned
               in  the  aggregate  $ in  securities  (other  than  the  excluded
               securities  referred to below) as of the end of the Buyer's  most
               recent  fiscal year (such amount being  calculated  in accordance
               with Rule 144A).

10. The term "Family of  Investment  Companies" as used herein means two or more
registered   investment  companies  (or  series  thereof)  that  have  the  same
investment  adviser or  investment  advisers that are  affiliated  (by virtue of
being majority owned  subsidiaries  of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

11. The term  "securities"  as used herein does not  include (i)  securities  of
issuers that are affiliated  with the Buyer or are part of the Buyer's Family of
Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii)
loan  participations,  (iv)  repurchase  agreements,  (v)  securities  owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

12.  The  Buyer is  familiar  with Rule  144A and  understands  that each of the
parties to which this  certification  is made are relying  and will  continue to
rely on the  statements  made herein because one or more sales to the Buyer will
be in reliance on Rule 144A.  In addition,  the Buyer will only purchase for the
Buyer's own account.

                                       4
<PAGE>

13. The undersigned will notify each of the parties to which this  certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice,  the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation  of this  certification  by the undersigned as of the date of such
purchase.




                               Print Name of Buyer


                                            By:
                                                 ------------------------------
                                                 Name:
                                                      -------------------------
                                                 Title:
                                                       ------------------------


                                            IF AN ADVISER:



                               Print Name of Buyer


                                            Date:
                                                 ------------------------------

                                       5
<PAGE>

                                    EXHIBIT K


                   [TEXT OF AMENDMENT TO POOLING AND SERVICING
                  AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                LIMITED GUARANTY]

                                   ARTICLE XII

             Subordinate Certificate Loss Coverage; Limited Guaranty

               Section 12.01.  Subordinate  Certificate  Loss Coverage;  Limited
Guaranty.  (a) Subject to subsection (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the Master  Servicer  shall  determine  whether it or any  Sub-Servicer  will be
entitled to any  reimbursement  pursuant to Section 4.02(a) on such Distribution
Date for Advances or Sub-Servicer  Advances  previously made, (which will not be
Advances or Sub-Servicer  Advances that were made with respect to  delinquencies
which were  subsequently  determined to be Excess Special Hazard Losses,  Excess
Fraud Losses,  Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or Sub-Servicer  Advances  reimbursed  pursuant to
Section 4.02(a),  to the extent such Advances or Sub-Servicer  Advances have not
been included in the amount of the Realized Loss in the related  Mortgage  Loan,
and  shall  distribute  the same to the Class B  Certificateholders  in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).

               (b) Subject to  subsection  (c) below,  prior to the later of the
third Business Day prior to each Distribution Date or the related  Determination
Date, the Master  Servicer shall  determine  whether any Realized  Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary  Losses) will be allocated to the Class B Certificates on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

               (c) Demands for payments  pursuant to this Section  shall be made
prior to the later of the third Business Day prior to each  Distribution Date or
the  related  Determination  Date by the Master  Servicer  with  written  notice
thereof to the Trustee.  The maximum  amount that  Residential  Funding shall be
required to pay pursuant to this Section on any  Distribution  Date (the "Amount
Available")  shall  be  equal  to the  lesser  of (X)  minus  the sum of (i) all
previous  payments made under  subsections (a) and (b) hereof and (ii) all draws


                                       1
<PAGE>

under the Limited  Guaranty made in lieu of such payments as described  below in
subsection (d) and (Y) the then outstanding  Certificate  Principal  Balances of
the Class B Certificates, or such lower amount as may be established pursuant to
Section 12.02.  Residential  Funding's  obligations as described in this Section
are referred to herein as the "Subordinate Certificate Loss Obligation."

               (d) The Trustee will promptly  notify General  Motors  Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

               (e) All payments  made by  Residential  Funding  pursuant to this
Section or amounts paid under the Limited  Guaranty shall be deposited  directly
in the Certificate  Account,  for distribution on the Distribution Date for such
month to the Class B Certificateholders.

               (f) The Company shall have the option, in its sole discretion, to
substitute  for  either  or  both of the  Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution  shall  be made  unless  (A) the  substitute  Limited  Guaranty  or
Subordinate  Certificate  Loss Obligation is for an initial amount not less than
the then  current  Amount  Available  and  contains  provisions  that are in all
material  respects  equivalent to the original  Limited  Guaranty or Subordinate
Certificate   Loss   Obligation   (including   that  no  portion  of  the  fees,
reimbursements  or other  obligations under any such instrument will be borne by
the Trust  Fund),  (B) the long  term debt  obligations  of any  obligor  of any
substitute  Limited Guaranty or Subordinate  Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation  as of the date of  issuance  of the  Limited  Guaranty  and (b) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution  shall
not lower the  rating on the Class B  Certificates  below the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss


                                       2
<PAGE>

Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master Servicer
and the Trustee, that such substitute instrument  constitutes a legal, valid and
binding  obligation  of the  substitute  guarantor  or obligor,  enforceable  in
accordance  with its terms,  and  concerning  such  other  matters as the Master
Servicer and the Trustee  shall  reasonably  request.  Neither the Company,  the
Master  Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited  Guaranty  or  Subordinate  Certificate  Loss  Obligation  under any
circumstance.

               Section  12.02.  Amendments  Relating  to the  Limited  Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding  or  an  Affiliate  of  Residential  Funding,  or  (B)  such  amendment,
reduction,  deletion or cancellation is made in accordance with Section 11.01(e)
and,  provided  further that the Company  obtains  (subject to the provisions of
Section  10.01(f)  as if the  Company was  substituted  for the Master  Servicer
solely for the purposes of such provision),  in the case of a material amendment
or  supercession  (but not a reduction,  cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such amendment or  supercession  will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on  "prohibited  transactions"  under  Section  860F(a)(1)  of  the  Code  or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.


                                       3
<PAGE>

                                  EXHIBIT L


                           [FORM OF LIMITED GUARANTY]


                                LIMITED GUARANTY


                        RESIDENTIAL ACCREDIT LOANS, INC.


                 Mortgage Asset-Backed Pass-Through Certificates
                                 Series ____-___


                                            ______________, 200   ___

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

Ladies and Gentlemen:

     WHEREAS,   Residential   Funding   Corporation,   a  Delaware   corporation
("Residential  Funding"),  an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation,  a New York corporation ("GMAC"), plans to incur certain
obligations  as  described  under  Section  12.01 of the Pooling  and  Servicing
Agreement  dated as of ___________ 1, ____ (the  "Servicing  Agreement"),  among
Residential  Accredit  Loans,  Inc.  (the  "Company"),  Residential  Funding and
__________________  (the  "Trustee") as amended by Amendment No. ------ thereto,
dated  as  of  ,  with  respect  to  the  Mortgage   Asset-Backed   Pass-Through
Certificates, ---------------- Series ____-___ (the "Certificates"); and

               WHEREAS,  pursuant to Section 12.01 of the  Servicing  Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

               WHEREAS,  GMAC desires to provide certain assurances with respect
to the ability of Residential  Funding to secure sufficient funds and faithfully
to perform its Subordinate Certificate Loss Obligation;

               NOW THEREFORE,  in consideration of the premises herein contained
and  certain  other good and  valuable  consideration,  the  receipt of which is
hereby acknowledged, GMAC agrees as follows:

     1.  Provision of Funds.  (a) GMAC agrees to  contribute  and deposit in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related


                                       1
<PAGE>

Distribution  Date,  such moneys as may be required  by  Residential  Funding to
perform its Subordinate  Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the  Trustee  in  accordance  with  Section
12.01 of the Servicing Agreement.

               (b) The agreement set forth in the preceding  clause (a) shall be
absolute,  irrevocable  and  unconditional  and  shall  not be  affected  by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential  Funding,  by any  insolvency,  bankruptcy,  dissolution or other
proceeding affecting  Residential Funding or any other person, by any defense or
right of  counterclaim,  set-off  or  recoupment  that  GMAC  may  have  against
Residential  Funding or any other  person or by any other fact or  circumstance.
Notwithstanding  the  foregoing,  GMAC's  obligations  under  clause  (a)  shall
terminate  upon  the  earlier  of (x)  substitution  for this  Limited  Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement,  or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.

2. Waiver.  GMAC hereby  waives any failure or delay on the part of  Residential
Funding, the Trustee or any other person in asserting or enforcing any rights or
in making any claims or demands hereunder.  Any defective or partial exercise of
any such rights shall not preclude any other or further  exercise of that or any
other such right.  GMAC further waives demand,  presentment,  notice of default,
protest, notice of acceptance and any other notices with respect to this Limited
Guaranty,  including,  without  limitation,  those of action or nonaction on the
part of Residential Funding or the Trustee.

3.  Modification,  Amendment  and  Termination.  This  Limited  Guaranty  may be
modified,  amended or terminated  only by the written  agreement of GMAC and the
Trustee and only if such  modification,  amendment or  termination  is permitted
under Section 12.02 of the Servicing  Agreement.  The  obligations of GMAC under
this  Limited  Guaranty  shall  continue  and  remain  in  effect so long as the
Servicing  Agreement is not modified or amended in any way that might affect the
obligations  of GMAC under  this  Limited  Guaranty  without  the prior  written
consent of GMAC.

4.  Successor.  Except as otherwise  expressly  provided  herein,  the guarantee
herein set forth shall be binding upon GMAC and its respective successors.

5.  Governing  Law. This Limited  Guaranty  shall be governed by the laws of the
State of New York.

6.  Authorization  and Reliance.  GMAC  understands  that a copy of this Limited
Guaranty  shall be delivered to the Trustee in connection  with the execution of
Amendment  No. 1 to the  Servicing  Agreement  and GMAC  hereby  authorizes  the
Company  and the  Trustee  to rely on the  covenants  and  agreements  set forth
herein.

7.  Definitions.  Capitalized  terms used but not otherwise defined herein shall
have the meaning given them in the Servicing Agreement.

8.  Counterparts.  This  Limited  Guaranty  may be  executed  in any  number  of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.

                                       2
<PAGE>

               IN WITNESS  WHEREOF,  GMAC has caused this Limited Guaranty to be
executed and delivered by its respective  officers  thereunto duly authorized as
of the day and year first above written.



                            GENERAL MOTORS ACCEPTANCE
                                            CORPORATION


                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------


Acknowledged by:


------------------,
    as Trustee


By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------



RESIDENTIAL ACCREDIT LOANS, INC.


By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------

                                       3
<PAGE>

                                    EXHIBIT M


          FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN


                                                            , 20
                                        --------------------    --------

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:  Mortgage  Asset-Backed  Pass-Through  Certificates,   Series
                    ____-___ Assignment of Mortgage Loan

Ladies and Gentlemen:

     This letter is delivered to you in connection  with the  assignment by (the
"Trustee")  to (the  "Lender")  of (the  "Mortgage  Loan")  pursuant  to Section
3.13(d) of the Pooling and  Servicing  Agreement  (the  "Pooling  and  Servicing
Agreement"),  dated as of ___________ 1, ____ among Residential  Accredit Loans,
Inc., as seller (the  "Company"),  Residential  Funding  Corporation,  as master
servicer, and the Trustee. All terms used herein and not otherwise defined shall
have the meanings set forth in the Pooling and Servicing  Agreement.  The Lender
hereby  certifies,  represents  and warrants to, and covenants  with, the Master
Servicer and the Trustee that:

(i) the Mortgage Loan is secured by Mortgaged Property located in a jurisdiction
in which an  assignment  in lieu of  satisfaction  is required to preserve  lien
priority,  minimize or avoid mortgage  recording taxes or otherwise comply with,
or facilitate a refinancing under, the laws of such jurisdiction;

(ii) the substance of the assignment is, and is intended to be, a refinancing of
such Mortgage Loan and the form of the  transaction is solely to comply with, or
facilitate the transaction under, such local laws;

(iii) the Mortgage Loan  following the proposed  assignment  will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest on such Mortgage Loan prior to such proposed assignment; and

(iv) such  assignment  is at the  request  of the  borrower  under  the  related
Mortgage Loan.



                                Very truly yours,



                                            (Lender)


                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------


                                       1
<PAGE>

                                  EXHIBIT N


                          FORM OF REQUEST FOR EXCHANGE

                                                    [DATE]

==================
------------------

               Re:    Residential Accredit Loans, Inc.,
                      Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___

               Residential Funding Corporation,  as the Holder of a % Percentage
Interest of the [Interest Only/Class A-V][-1] Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

1.                    [Interest Only/Class A-V]- Certificates,  corresponding to
                      the  following  Uncertificated  REMIC  Regular  Interests:
                      [List numbers  corresponding to the related loans and Pool
                      Strip Rates from the Mortgage Loan Schedule].  The initial
                      Subclass Notional Amount and the Initial Pass-Through Rate
                      on the [Interest  Only/Class A-V]-  Certificates will be $
                      and %, respectively.

2.                    [Repeat as appropriate.]

               The  Subclasses  requested  above will represent in the aggregate
all of the Uncertificated  REMIC Regular Interests  represented by the [Interest
Only/Class A-V][-1] Certificates surrendered for exchange.

               All capitalized  terms used but not defined herein shall have the
meanings  set  forth  in  the  Pooling  and  Servicing  Agreement,  dated  as of
___________ 1, ____, among Residential Accredit Loans, Inc., Residential Funding
Corporation and __________________, as trustee.



                                            RESIDENTIAL FUNDING CORPORATION



                                            By:
                                               ------------------------------
                                            Name:
                                            Title:


                                        1
<PAGE>
                                  EXHIBIT O

                         Form of Form 10-K Certification


        I, [identify the certifying individual], certify that:

        1. I have  reviewed  the annual  report on Form 10-K for the fiscal year
[____], and all reports on Form 8-K containing distribution or servicing reports
filed in respect of periods  included in the year covered by that annual report,
of the trust (the  "Trust")  created  pursuant  to the Series  Supplement  dated
___________________  to the Standard  Terms of Pooling and  Servicing  Agreement
dated  ____________________  (together,  the "P&S Agreement")  among Residential
Accredit Loans,  Inc. (the  "Company"),  Residential  Funding  Corporation  (the
"Master Servicer") and [Name of Trustee] (the "Trustee");

        2. Based on my knowledge,  the information in these reports,  taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a  material  fact  necessary  to make  the  statements  made,  in  light  of the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by this annual report;

        3. Based on my  knowledge,  the  servicing  information  required  to be
provided  to the  Trustee by the Master  Servicer  under the P&S  Agreement  for
inclusion in these reports is included in these reports;

        4. I am responsible for reviewing the activities performed by the Master
Servicer  under the P&S  Agreement  and based upon my  knowledge  and the annual
compliance review required under the P&S Agreement,  and, except as disclosed in
the reports,  the Master  Servicer has fulfilled its  obligations  under the P&S
Agreement; and

        5. The reports  disclose all  significant  deficiencies  relating to the
Master Servicer's compliance with the minimum servicing standards based upon the
report provided by an independent public  accountant,  after conducting a review
in compliance with the Uniform Single  Attestation  Program for Mortgage Bankers
as set forth in the P&S Agreement, that is included in these reports.

        In giving the  certifications  above,  I have  reasonably  relied on the
information provided to me by the following unaffiliated parties: [the Trustee].

Date:_______________________



____________________________*
Name:
Title:

               *    to be  signed  by  the  senior  officer  in  charge  of  the
                    servicing functions of the Master Servicer


<PAGE>


                                    EXHIBIT P


            [FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE]

     The  undersigned,  a Responsible  Officer of  [_________]  (the  "Trustee")
certifies that:

        (a) The Trustee has performed all of the duties specifically required to
be  performed  by it pursuant  to the  provisions  of the Pooling and  Servicing
Agreement  dated  as of  [_________],  20[__]  (the  "Agreement")  by and  among
[__________], as depositor, Residential Funding Corporation, as master servicer,
and the Trustee in accordance with the standards set forth therein.

        (b) Based on my knowledge,  the list of  Certificateholders  as shown on
the Certificate Register as of the end of each calendar year that is provided by
the  Trustee  pursuant  to the  Agreement  is accurate as of the last day of the
20[__] calendar year.

Capitalized terms used and not defined herein shall have the meanings given such
terms in the Agreement.



     IN WITNESS WHEREOF,  I have duly executed this certificate as of _________,
20__.]




                                      Name:______________________
                                     Title:

                                        1
<PAGE>

                                   EXHIBIT Q

INFORMATION  TO BE  PROVIDED  BY THE  MASTER  SERVICER  TO THE  RATING  AGENCIES
RELATING TO REPORTABLE MODIFIED MORTGAGE LOANS

Account number

Transaction Identifier
Unpaid Principal  Balance prior to Modification  Next Due Date Monthly Principal
and Interest  Payment Total Servicing  Advances  Current  Interest Rate Original
Maturity  Date  Original Term to Maturity  (Months)  Remaining  Term to Maturity
(Months)  Trial  Modification  Indicator  Mortgagor  Equity  Contribution  Total
Servicer Advances Trial Modification Term (Months) Trial Modification Start Date
Trial  Modification  End Date Trial  Modification  Period Principal and Interest
Payment Trial Modification  Interest Rate Trial Modification Term Rate Reduction
Indicator  Interest  Rate  Post  Modification  Rate  Reduction  Start  Date Rate
Reduction End Date Rate Reduction Term

Term Modified Indicator
Modified Amortization Period
Modified Final Maturity Date
Total Advances Written Off
Unpaid Principal Balance Written Off
Other Past Due Amounts Written Off
Write Off Date
Unpaid Principal Balance Post Write Off
Capitalization Indicator
Mortgagor Contribution
Total Capitalized Amount
Modification Close Date
Unpaid Principal Balance  Post Capitalization Modification
Next Payment Due Date per Modification Plan
Principal and Interest Payment Post Modification

Interest Rate Post Modification
Payment Made Post Capitalization
Delinquency Status to Modification Plan


                                        1
<PAGE>


<PAGE>


                                  EXHIBIT FIVE

                CERTIFICATE POLICY OF MBIA INSURANCE CORPORATION

                                    [ON FILE]


                                       60
<PAGE>