RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,
                                Master Servicer,

                                       and
                         BANK ONE, NATIONAL ASSOCIATION,
                                     Trustee

                               SERIES SUPPLEMENT,
                         DATED AS OF SEPTEMBER 1, 2001,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of July 1, 2001

                       Mortgage Pass-Through Certificates

                                 Series 2001-S22



<PAGE>


<TABLE>
<CAPTION>



                                TABLE OF CONTENTS

                                                                                          Page

                                          ARTICLE I

                                         DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions............................................................6
        Section 1.02  Use of Words and Phrases..............................................29

                                   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).......................................................30
        Section 2.02  Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)......30
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company...............................................................30
        Section 2.04  Representations and Warranties of Sellers. (See Section 2.04 of the Standard
                      Terms)................................................................33
        Section 2.05  Execution and Authentication of Certificates..........................33

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

        Section 4.01  Certificate Account.  (See Section 4.01 of the Standard Terms)........35
        Section 4.02  Distributions.........................................................35
        Section 4.03  Statements to Certificateholders.  (See Section 4.03(a) through (d) of the
                      Standard Terms and Exhibit Four attached hereto)......................51
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      Master Servicer. (See Section 4.04 of the Standard Terms).............51
        Section 4.05  Allocation of Realized Losses.........................................51
        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.  (See
                      Section 4.06 of the Standard Terms)...................................53
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of the
                      Standard Terms).......................................................53



<PAGE>



        Section 4.08  Surety Bond.  (See Section 4.08 of the Standard Terms)................53
        Section 4.09  Distributions on the Uncertificated REMIC I Regular Interests.........53
        Section 4.10  Distributions on the Uncertificated Class A-V REMIC Regular
                      Interests.............................................................54

                                    ARTICLE V

                                THE CERTIFICATES

        Section 5.01. The Certificates.  (See Section 5.01 of the Standard Terms)...........56
        Section 5.02. Registration of Transfer and Exchange of Certificates.................56
        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.  (See Section 5.03 of the
                      Standard Terms).......................................................56
        Section 5.04. Persons Deemed Owners.  (See Section 5.04 of the Standard Terms)......56
        Section 5.05. Appointment of Paying Agent.  (See Section 5.05 of the Standard
                      Terms)................................................................56

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                                   ARTICLE VII

                                     DEFAULT

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                                   ARTICLE IX

                                   TERMINATION

                                    ARTICLE X

                                REMIC PROVISIONS

        Section 10.01 REMIC Administration.  (See Section 10.01 of the Standard Terms)......61
        Section 10.02 Master Servicer; REMIC Administrator and Trustee Indemnification.  (See
                      Section 10.02 of the  Standard Terms).................................61
        Section 10.03 Designation of REMIC(s)...............................................61
        Section 10.04 [Reserved]............................................................61
        Section 10.05 Compliance with Withholding Requirements..............................61




<PAGE>



                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

        Section 11.01 Amendment.  (See Section 11.01 of the Standard Terms).................62
        Section 11.02 Recordation of Agreement.  Counterparts.  (See Section 11.02 of the Standard
                      Terms)................................................................62
        Section 11.03 Limitation on Rights of Certificateholders.  (See Section 11.03 of the
                      Standard Terms).......................................................62
        Section 11.04 Governing Laws.  (See Section 11.04 of the Standard Terms)............62
        Section 11.05 Notices...............................................................62
        Section 11.06 Required Notices to Rating Agency and Subservicer.  (See Section 11.06 of
                      the Standard Terms)...................................................63
        Section 11.07 Severability of Provisions. (See Section 11.07 of the Standard Terms).63
        Section 11.08 Supplemental Provisions for Resecuritization.  (See Section 11.08 of the
                      Standard Terms).......................................................63
        Section 11.09 Allocation of Voting Rights...........................................63

                                   ARTICLE XII

                                   [RESERVED]


</TABLE>


<PAGE>



EXHIBITS

Exhibit One:          Mortgage Loan Schedule for Loan Group I
Exhibit Two:          Mortgage Loan Schedule for Loan Group II
Exhibit Three:        Schedule of Discount Fractions
Exhibit Four:         Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Five:         Standard Terms of Pooling and Servicing
                      Agreement dated as of July 1, 2001
Exhibit Six:          Aggregate Planned Principal Balances
Exhibit Seven:        Aggregate Targeted Principal Balances



<PAGE>




        This is a Series Supplement,  dated as of September 1, 2001 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of July 1, 2001 and attached as Exhibit Five hereto (the  "Standard  Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among  RESIDENTIAL  FUNDING  MORTGAGE  SECURITIES I, 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  BANK  ONE,  NATIONAL
ASSOCIATION, as Trustee (together with its permitted successors and assigns, the
"Trustee").

                              PRELIMINARY STATEMENT

        The  Company   intends  to  sell  Mortgage   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  Trust  Fund.  As  provided  herein,  the REMIC  Administrator  will make an
election  to  treat  the  entire  segregated  pool of  assets  described  in the
definition  of  REMIC I (as  defined  herein),  and  subject  to this  Agreement
(including the Mortgage Loans but excluding the Initial  Monthly  Payment Fund),
as a real estate mortgage  investment conduit (a "REMIC") for federal income tax
purposes and such segregated pool of assets will be designated as "REMIC I." 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).  A segregated
pool of assets consisting of the  Uncertificated  REMIC I Regular Interests will
be  designated as "REMIC II," and the REMIC  Administrator  will make a separate
REMIC election with respect thereto.  The Class I-A-1 Certificates,  Class I-A-2
Certificates,  Class I-A-3 Certificates,  Class I-A-4 Certificates,  Class I-A-5
Certificates,  Class I-A-6 Certificates,  Class I-A-7 Certificates,  Class I-A-8
Certificates,  Class I-A-P Certificates, Class II-A-1 Certificates, Class II-A-2
Certificates,  Class  II-A-3  Certificates,  Class II- A-4  Certificates,  Class
II-A-5 Certificates, Class II-A-6 Certificates, Class II-A-P Certificates, Class
M-1  Certificates,  Class M-2 Certificates,  Class M-3  Certificates,  Class B-1
Certificates,  Class B-2 Certificates,  Class B-3  Certificates,  Uncertificated
Class I-A-V REMIC  Regular  Interests  and  Uncertificated  Class  II-A-V  REMIC
Regular  Interests  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.  The Class I-A-V and Class  II-A-V  Certificates  will
represent the entire beneficial  ownership interest in the Uncertificated  Class
I-A-V REMIC Regular Interests and the Uncertificated  Class II-A-V REMIC Regular
Interests, respectively.

        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.  Any  cross-reference  to a section of the Pooling and
Servicing  Agreement,  to the extent the terms of the Standard  Terms and Series
Supplement conflict with respect to that section,  shall be a cross-reference to
the  related  section  of the  Series  Supplement.  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 the
Series Supplement.


                                             -1-

<PAGE>



        The  following  table  irrevocably  sets  forth  the  designation,   the
Uncertificated REMIC I Pass- Through Rate, the initial Uncertificated  Principal
Balance,  and solely for  purposes of  satisfying  Treasury  regulation  Section
1.860G-1(a)(4)(iii),  the  "latest  possible  maturity  date"  for  each  of the
Uncertificated  REMIC I Regular Interests.  None of the  Uncertificated  REMIC I
Regular Interests will be certificated.

<TABLE>
<CAPTION>


                           Uncertificated    Initial Uncertificated           Latest
                           REMIC-I-Pass      Principal-Balance         Possible-Maturity(1)
      Designation           Through Rate

<S>                            <C>               <C>                              <C> <C>
 Uncertificated REMIC I        6.75%             $93,777,000.00         September 25, 2031
   Regular Interest N
 Uncertificated REMIC I        6.75%             $27,990,000.00         September 25, 2031
   Regular Interest P
 Uncertificated REMIC I        6.75%            $100,019,000.00         September 25, 2031
   Regular Interest Q
 Uncertificated REMIC I        6.75%             $10,276,000.00         September 25, 2031
   Regular Interest R
 Uncertificated REMIC I        6.75%             $79,161,037.21         September 25, 2031
   Regular Interest S
 Uncertificated REMIC I        6.75%             $81,000,000.00         September 25, 2031
   Regular Interest T
 Uncertificated REMIC I        6.75%             $23,900,000.00         September 25, 2031
   Regular Interest V
 Uncertificated REMIC I        6.75%             $83,305,000.00         September 25, 2031
   Regular Interest W
 Uncertificated REMIC I        6.75%             $71,231,339.88         September 25, 2031
   Regular Interest X
 Uncertificated REMIC I        0.00%                $517,395.43         September 25, 2031
   Regular Interest Y
 Uncertificated REMIC I        0.00%                $458,032.78         September 25, 2031
   Regular Interest Z
 Uncertificated REMIC I     Variable (2)             N/A(3)             September 25, 2031
   Group I IO Regular
       Interests
 Uncertificated REMIC I     Variable (2)             N/A(3)             September 25, 2031
  Group II IO Regular
       Interests
</TABLE>

______________

(1)  Solely  for  purposes  of  Section   1.860G-1(a)(4)(iii)  of  the  Treasury
     regulations,  the Distribution Date immediately following the maturity date
     for the Mortgage Loan with the latest  maturity date has been designated as
     the "latest possible maturity date" for each REMIC I Regular Interest.

(2)  Calculated  in   accordance   with  the   definition   of   "Uncertificated
     Pass-Through Rate" herein

(3)  The Uncertificated  REMIC I Group I IO Regular Interests and Uncertificated
     REMIC I Group II IO  Regular  Interests  have no  Uncertificated  Principal
     Balance.



                                             -2-

<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                     Minimum
DESIGNATION      Rate          Balance           Features1             Date        S&P/Fitch  Denominations2

<S>       <C>   <C>        <C>                                            <C> <C>                 <C>
Class I-A-1     5.875%     $  93,777,000.00     Senior/PAC      September 25, 2031  AAA/AAA       $25,000
Class I-A-2     6.375%     $  27,990,000.00     Senior/PAC      September 25, 2031  AAA/AAA       $25,000
Class I-A-3     6.350%     $  10,276,000.00     Senior/PAC      September 25, 2031  AAA/AAA       $25,000
                                            Senior/TAC/Accretion
Class I-A-4     6.250%     $ 100,019,000.00      Directed       September 25, 2031  AAA/AAA       $25,000
                                              Senior/Accrual/
Class I-A-5     6.750%     $  16,894,000.00      Companion      September 25, 2031  AAA/AAA       $25,000
Class I-A-6     6.750%     $           0.00 Senior/Interest OnlySeptember 25, 2031  AAA/AAA         10%
                                                   Super
Class I-A-7    see below   $  51,944,000.00  Senior/Component   September 25, 2031  AAA/AAA       $25,000
Class I-A-8     6.750%     $     970,000.00   Senior Support    September 25, 2031  AAA/AAA       $25,000
                                            Senior/PAC/Accretion
Class II-A-1    5.875%     $  81,000,000.00      Directed       September 25, 2031  AAA/AAA       $25,000
                                            Senior/PAC/Accretion
Class II-A-2    6.375%     $  23,900,000.00      Directed       September 25, 2031  AAA/AAA       $25,000
                                            Senior/TAC/Accretion
Class II-A-3    6.250%     $  83,305,000.00      Directed       September 25, 2031  AAA/AAA       $25,000
                                              Senior/Accrual/
Class II-A-4    6.750%     $  13,991,000.00      Companion      September 25, 2031  AAA/AAA       $25,000
                                                   Super
Class II-A-5   see below   $  48,473,000.00  Senior/Component   September 25, 2031  AAA/AAA       $25,000
Class II-A-6    6.750%     $     970,000.00   Senior Support    September 25, 2031  AAA/AAA       $25,000
Class I-A-P     0.000%     $     517,395.43 Senior/Principal OnlSeptember 25, 2031  AAA/AAA       $25,000


___________

1    The Class I-A-1,  Class I-A-2, Class I-A-3, Class I-A-4, Class I-A-5, Class
     I-A-6, Class I-A-7, Class I-A-8, Class II-A-1, Class II-A- 2, Class II-A-3,
     Class II-A-4,  Class II-A-5, Class II-A-6 and Class M Certificates shall be
     Book-Entry  Certificates.  The Class A-P,  Class  A-V,  Class R and Class B
     Certificates shall be delivered to the holders thereof in physical form.

2    The  Certificates,  other  than the  Class  I-A-6,  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-P,  Class  B-1,  Class B-2 and Class B-3  Certificates)  in excess
     thereof,  except  that  one  Certificate  of any of the  Certificates  that
     contains  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. The Class I-A-6 Certificates shall be issuable
     in minimum  denominations of not less than a 10% Percentage  Interest.  The
     Class R  Certificates  and  Class A-V  Certificates  shall be  issuable  in
     minimum denominations of not less than a 20% Percentage Interest; provided,
     however,  that one Class R  Certificate  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%.



                                             -3-

<PAGE>




Class I-A-V  Variable Rate $                Senior/Interest OnlySeptember 25, 2031  AAA/AAA         20%
Class II-A-P    0.000%     $     458,032.78 Senior/Principal OnlSeptember 25, 2031  AAA/AAA       $25,000
Class II-A-V Variable Rate $           0.00   Senior/Interest OnlySeptember 25, 2031  AAA/AAA         20%
Class R-I       6.750%     $         100.00   Senior/Residual   September 25, 2031  AAA/AAA         20%
Class R-II      6.750%     $         100.00   Senior/Residual   September 25, 2031  AAA/AAA         20%
Class M-1       6.750%     $   8,575,500.00      Mezzanine      September 25, 2031   NA/AA        $25,000
Class M-2       6.750%     $   3,429,900.00      Mezzanine      September 25, 2031   NA/A        $250,000
Class M-3       6.750%     $   2,000,800.00      Mezzanine      September 25, 2031  NA/BBB       $250,000
Class B-1       6.750%     $   1,143,300.00     Subordinate     September 25, 2031   NA/BB       $250,000
Class B-2       6.750%     $     857,500.00     Subordinate     September 25, 2031   NA/B        $250,000
Class B-3       6.750%     $   1,143,277.09     Subordinate     September 25, 2031   NA/NA       $250,000

</TABLE>

        The Class I-A-7  Certificates  are  comprised of five  components,  each
having the following  designations,  Pass-Through  Rates,  initial  principal or
notional amounts and features:

<TABLE>
<CAPTION>

                        INITIAL COMPONENT
                        PRINCIPAL BALANCE     PASS-THROUGH RATE               DESIGNATIONS
                      --------------------    -----------------     --------------------------------
<S>       <C>           <C>              <C>        <C>               <C>
Class I-A-7-1 Componen  $  12,156,277.78*(1)        6.750%(1)               Senior/Interest Only
Class I-A-7-2 Componen  $   1,555,000.00*(2)        6.750%(2)               Senior/Interest Only
Class I-A-7-3 Componen  $       3,857,000.00        6.750%                      Senior/PAC
Class I-A-7-4 Componen  $   7,408,814.81*(3)        6.750%(3)               Senior/Interest Only
Class I-A-7-5 Componen  $      48,087,000.00        6.750%           Senior/TAC/Accretion Directed/Accrual
</TABLE>

  *Initial notional amount.

(1)For federal income tax purposes,  Accrued  Certificate  Interest on the Class
I-A-7-1 Component will be calculated as the product of a Pass-Through Rate equal
to 0.875% and a Notional Amount equal to the Uncertificated Principal Balance of
Uncertificated REMIC I Regular Interest N.

(2)For federal income tax purposes,  Accrued  Certificate  Interest on the Class
I-A-7-2 Component will be calculated as the product of a Pass-Through Rate equal
to 0.375% and a Notional Amount equal to the Uncertificated Principal Balance of
Uncertificated REMIC I Regular Interest P.

(3)For federal income tax purposes,  Accrued  Certificate  Interest on the Class
I-A-7-4 Component will be calculated as the product of a Pass-Through Rate equal
to 0.500% and a Notional Amount equal to the Uncertificated Principal Balance of
Uncertificated REMIC I Regular Interest Q.

        The  Components  of the  Class  I-A-7  Certificates  are not  separately
transferable.

        The Class II-A-5  Certificates  are comprised of five  components,  each
having the following  designations,  Pass-Through  Rates,  initial  principal or
notional amounts and features:

<TABLE>
<CAPTION>

                        INITIAL COMPONENT
                        PRINCIPAL BALANCE     PASS-THROUGH RATE               DESIGNATIONS
                      --------------------    -----------------     --------------------------------
<S>        <C>                  <C>           <C>        <C>                       <C>
Class II-A-5-1 Component        $ 10,500,000.00*(1)        6.750%(1)               Senior/Interest Only
Class II-A-5-2 Component        $  1,327,777.78*(2)        6.750%(2)               Senior/Interest Only





                                             -4-

<PAGE>




Class II-A-5-3 Component        $      8,251,000.00         6.750%                  Senior/PAC/Accrual
Class II-A-5-4 Component        $  6,170,740.74*(3)        6.750%(3)               Senior/Interest Only
Class II-A-5-5 Component        $     40,222,000.00         6.750%           Senior/TAC/Accretion Directed/Accrual
</TABLE>

  *Initial notional amount.

(1)For federal income tax purposes,  Accrued  Certificate  Interest on the Class
II-A-5-1  Component  will be  calculated as the product of a  Pass-Through  Rate
equal to 0.875%  and a Notional  Amount  equal to the  Uncertificated  Principal
Balance of Uncertificated REMIC I Regular Interest T.

(2)For federal income tax purposes,  Accrued  Certificate  Interest on the Class
II-A-5-2  Component  will be  calculated as the product of a  Pass-Through  Rate
equal to 0.375%  and a Notional  Amount  equal to the  Uncertificated  Principal
Balance of Uncertificated REMIC I Regular Interest V.

(3)For federal income tax purposes,  Accrued  Certificate  Interest on the Class
II-A-5-4  Component  will be  calculated as the product of a  Pass-Through  Rate
equal to 0.500%  and a Notional  Amount  equal to the  Uncertificated  Principal
Balance of Uncertificated REMIC I Regular Interest W.

        The  Components  of the Class  II-A-5  Certificates  are not  separately
transferable.

        The  Mortgage  Loans  are  comprised  of two  Loan  Groups  and  have an
aggregate principal balance as of the Cut-off Date of $571,634,905.30.

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


                                             -5-

<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 Directed  Certificates:  Any of the Class I-A-4  Certificates,
Class I-A-7  Certificates  (to the extent of the Class I-A-7-5  Component),  the
Class II-A-1 Certificates,  Class II-A-2 Certificates, Class II-A-3 Certificates
or Class II-A-5 Certificates (to the extent of the Class II-A-5-5 Component).

        Accretion  Directed  TAC  Certificates:  Any  one  of  the  Class  I-A-4
Certificates,  Class  I-A-7  Certificates  (to the  extent of the Class  I-A-7-5
Component),  Class II-A-3  Certificates  and Class II-A- 5 Certificates  (to the
extent of the Class II-A-5-5 Component).

        Accretion Termination Date: Any of the Class I-A-5 Accretion Termination
Date,  Class  I-A-  7-5  Accretion  Termination  Date,  Class  II-A-4  Accretion
Termination  Date, Class II-A-5-3  Accretion  Termination Date or Class II-A-5-5
Accretion Termination Date.

        Accrual  Certificates:  Any one of the Class I-A-5  Certificates,  Class
I-A-7 Certificates (to the extent of the Class I-A-7-5 Component),  Class II-A-4
or Class II-A-5  Certificates (to the extent of the Class II-A-5-3  Component or
Class II-A-5-5 Component).

        Accrual Distribution Amount: Any of the Class I-A-5 Accrual Distribution
Amount,   Class  I-A-7-5  Accrual  Distribution  Amount,  Class  II-A-4  Accrual
Distribution  Amount,  Class  II-A-5-3  Accrual  Distribution  Amount  or  Class
II-A-5-5 Accrual Distribution Amount.

        Accrued  Certificate  Interest:  With respect to each Distribution Date,
(a) in the case of each  Class of  Certificates  (other  than  the  Class  I-A-7
Certificates  (to the  extent  of the Class  I-A-7-1  Component,  Class  I-A-7-2
Component and Class I-A-7-4 Component), Class II-A-5 Certificates (to the extent
of the Class II-A-5-1  Component,  Class  II-A-5-2  Component and Class II-A-5-4
Component),   Interest  Only  Certificates  and  Principal  Only  Certificates),
interest  accrued during the related  Interest Accrual Period on the Certificate
Principal  Balance  (or with  respect to the Class I-A- 7  Certificates,  to the
extent of the Class I-A-7-3  Component and Class I-A-7-5  Component,  the amount
thereof, or with respect to the Class II-A-5 Certificates,  to the extent of the
Class II-A-5-3 Component and Class II-A-5-5 Component,  the amount thereof),  of
the Certificates of that Class  immediately  prior to such  Distribution Date at
the related Pass-Through Rate and (b) as to the Class I-A-7 Certificates (to the
extent of the Class I-A-7-1 Component, Class I-A-7-2 Component and Class I-A-7-4
Component),  Class  II-A-5  Certificates  (to the  extent of the Class  II-A-5-1
Component,


                                             -6-

<PAGE>



Class  II-A-5-2  Component and Class  II-A-5-4  Component) and the Interest Only
Certificates, interest accrued during the related Interest Accrual Period at the
related  Pass-Through  Rate on the 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  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 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 in the  related  Loan  Group  which  remained  unreimbursed
               following  the  Cash  Liquidation  or  REO  Disposition  of  such
               Mortgage  Loan  or REO  Property  or (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,

with all such reductions  allocated among all of the  Certificates in proportion
to their  respective  amounts of Accrued  Certificate  Interest  payable 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.

        Aggregate   Planned   Principal   Balance:   With  respect  to  the  PAC
Certificates and each  Distribution  Date, the amount set forth for such Classes
on such Distribution Date on Exhibit Six hereto.


                                             -7-

<PAGE>



        Aggregate  Targeted  Principal  Balance:  With respect to the  Accretion
Directed TAC Certificates and each  Distribution  Date, the amount set forth for
such Classes on such Distribution Date on Exhibit Seven hereto.

        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)
$159,736 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 (other than Additional  Collateral
               Loans, if any) having a Loan-to-Value  Ratio 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, if any) 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.

        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 below the
lower of the then-current  rating or the rating assigned to such Certificates as
of


                                             -8-

<PAGE>



the Closing  Date by such Rating  Agency and (ii) provide a copy of such written
confirmation to the Trustee.

        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  "Bank  One,  National  Association,  as  trustee,  in  trust  for  the
registered holders of Residential  Funding Mortgage Securities I, Inc., Mortgage
Pass-Through  Certificates,  Series  2001-S22"  and  which  must be an  Eligible
Account.

        Class A Certificate: Any one of the Group I Certificates or the Group II
Certificates (other than the 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.

     Class A-V  Certificate:  Any one of the Class I-A-V  Certificates  or Class
II-A-V Certificates

     Class A-P  Certificate:  Any one of the Class I-A-P  Certificates  or Class
II-A-P Certificates

        Class I-A-5 Accretion  Termination Date: The earlier to occur of (i) the
Distribution Date on which the aggregate of the Certificate Principal Balance of
the Class I-A-4  Certificates and the amount of the Class I-A-7-5  Component has
been reduced to zero and (ii) the Credit Support Depletion Date.

        Class I-A-7-5  Accretion  Termination  Date: The earlier to occur of (i)
the Distribution  Date on which the Certificate  Principal  Balance of the Class
I-A-4  Certificates  has  been  reduced  to zero and  (ii)  the  Credit  Support
Depletion Date.

        Class II-A-4 Accretion Termination Date: The earlier to occur of (i) the
Distribution Date on which the aggregate of the Certificate Principal Balance of
the Class II-A-3 Certificates and the amount of the Class II-A-5-5 Component has
been reduced to zero and (ii) the Credit Support Depletion Date.

        Class II-A-5-3  Accretion  Termination Date: The earlier to occur of (i)
the Distribution  Date on which the aggregate  Certificate  Principal Balance of
the Class II-A-1  Certificates and Class II-A-2 Certificates has been reduced to
zero and (ii) the Credit Support Depletion Date.

        Class II-A-5-5  Accretion  Termination Date: The earlier to occur of (i)
the Distribution  Date on which the Certificate  Principal  Balance of the Class
II-A-3  Certificates  has been  reduced  to zero and  (ii)  the  Credit  Support
Depletion Date.

        Class  I-A-5  Accrual   Distribution   Amount:   With  respect  to  each
Distribution Date prior to the Class I-A-5 Accretion Termination Date, an amount
equal to the aggregate amount of Accrued Certificate Interest on the Class I-A-5
Certificates, for such date, to the extent added to the


                                             -9-

<PAGE>



Certificate  Principal  Balance thereof  pursuant to Section  4.02(g);  provided
that,  with  respect  to each  Distribution  Date on or after  the  Class  I-A-5
Accretion  Termination Date, the Accrued Certificate Interest on the Class I-A-5
Certificates  for such date  remaining  after  reduction of the aggregate of the
Certificate  Principal  Balance  of the Class  I-A-4 and the amount of the Class
I-A-7-5 Component to zero will be payable to the Class I-A-5  Certificateholders
pursuant to Section  4.02(a)(i) hereof on the Class I-A-5 Accretion  Termination
Date; and provided further,  that if the Class I-A-5 Accretion  Termination Date
is the Credit Support  Depletion Date, the entire amount of Accrued  Certificate
Interest  on the Class I-A-5  Certificates  for that date will be payable to the
Class I-A-5 Certificateholders pursuant to Section 4.02(a)(i) hereof.

        Class  I-A-7-5  Accrual   Distribution  Amount:  With  respect  to  each
Distribution  Date prior to the Class  I-A-7-5  Accretion  Termination  Date, an
amount  equal to the  aggregate  amount of Accrued  Certificate  Interest on the
Class I-A-7 Certificates, to the extent of the Class I-A-7-5 Component, for such
date,  to the extent added to the amount  thereof  pursuant to Section  4.02(h);
provided  that,  with  respect to each  Distribution  Date on or after the Class
I-A-7-5  Accretion  Termination  Date, the Accrued  Certificate  Interest on the
Class I-A-7 Certificates, to the extent of the Class I-A-7-5 Component, for such
date remaining after reduction of the Certificate Principal Balance of the Class
I-A-4 Certificates to zero will be payable to the Class I-A-7 Certificateholders
pursuant to Section 4.02(a)(i) hereof on the Class I-A-7-5 Accretion Termination
Date; and provided further, that if the Class I-A-7-5 Accretion Termination Date
is the Credit Support  Depletion Date, the entire amount of Accrued  Certificate
Interest on the Class  I-A-7  Certificates,  to the extent of the Class  I-A-7-5
Component,  for that date will be payable to the Class I-A-7  Certificateholders
pursuant to Section 4.02(a)(i) hereof.

        Class  II-A-4  Accrual   Distribution   Amount:  With  respect  to  each
Distribution  Date prior to the Class  II-A-4  Accretion  Termination  Date,  an
amount  equal to the  aggregate  amount of Accrued  Certificate  Interest on the
Class II-A-4 Certificates, for such date, to the extent added to the Certificate
Principal  Balance  thereof  pursuant to Section  4.02(i);  provided that,  with
respect  to each  Distribution  Date on or  after  the  Class  II-A-4  Accretion
Termination  Date,  the  Accrued  Certificate   Interest  on  the  Class  II-A-4
Certificates  for  such  date  remaining  after  reduction  of  the  Certificate
Principal  Balance of the Class II-A-3  Certificates and the amount of the Class
II-A-5-5   Component   to   zero   will  be   payable   to  the   Class   II-A-4
Certificateholders  pursuant to Section  4.02(a)(i)  hereof on the Class  II-A-4
Accretion  Termination  Date;  and  provided  further,  that if the Class II-A-4
Accretion  Termination  Date is the Credit  Support  Depletion  Date, the entire
amount of Accrued Certificate Interest on the Class II-A-4 Certificates for that
date will be payable to the Class II-A-4 Certificateholders  pursuant to Section
4.02(a)(i) hereof.

        Class  II-A-5-3  Accrual  Distribution  Amount:  With  respect  to  each
Distribution  Date on or after the Distribution  Date in April 2002 and prior to
the Class II-A-5-3 Accretion  Termination Date, an amount equal to the aggregate
amount of Accrued Certificate Interest on the Class II-A-5 Certificates,  to the
extent of the Class  II-A-5-3  Component,  for such date, to the extent added to
the amount thereof pursuant to Section  4.02(j);  provided that, with respect to
each  Distribution  Date on or after the Class  II-A-5-3  Accretion  Termination
Date, the Accrued Certificate Interest on the Class


                                      -10-

<PAGE>



II-A-5  Certificates,  to the extent of the Class II-A-5-3  Component,  for such
date remaining  after  reduction of the  Certificate  Principal  Balances of the
Class II-A-1  Certificates and Class II-A-2 Certificates to zero will be payable
to the Class II-A-5 Certificateholders  pursuant to Section 4.02(a)(i) hereof on
the Class II-A-5-3 Accretion Termination Date; and provided further, that if the
Class II-A-5-3 Accretion  Termination Date is the Credit Support Depletion Date,
the  entire  amount  of  Accrued  Certificate   Interest  on  the  Class  II-A-5
Certificates,  to the extent of the Class II-A-5-3 Component, for that date will
be payable to the Class II-A-5 Certificateholders pursuant to Section 4.02(a)(i)
hereof.

        Class  II-A-5-5  Accrual  Distribution  Amount:  With  respect  to  each
Distribution  Date prior to the Class II-A-5-5  Accretion  Termination  Date, an
amount  equal to the  aggregate  amount of Accrued  Certificate  Interest on the
Class II-A-5  Certificates,  to the extent of the Class II-A-5-5 Component,  for
such  date,  to the  extent  added to the  amount  thereof  pursuant  to Section
4.02(k);  provided that, with respect to each  Distribution Date on or after the
Class II-A-5-5 Accretion  Termination Date, the Accrued Certificate  Interest on
the Class II-A-5-5 Certificates,  to the extent of the Class II-A-5-5 Component,
for such date remaining after reduction of the Certificate  Principal Balance of
the Class  II-A-3  Certificates  to zero  will be  payable  to the Class  II-A-5
Certificateholders  pursuant to Section  4.02(a)(i) hereof on the Class II-A-5-5
Accretion  Termination  Date; and provided  further,  that if the Class II-A-5-5
Accretion  Termination  Date is the Credit  Support  Depletion  Date, the entire
amount of Accrued Certificate Interest on the Class II-A-5 Certificates,  to the
extent of the Class  II-A-5-5  Component,  for that date will be  payable to the
Class II-A-5 Certificateholders pursuant to Section 4.02(a)(i) hereof.

        Class R Certificate: Any one of the Class R-I Certificates or 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 the REMIC for
purposes of the REMIC Provisions.

        Closing Date: September 27, 2001.

        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
Agreement  is located at 1 Bank One Plaza,  Suite  IL1-0126,  Chicago,  Illinois
60670-0126, Attention: Residential Funding Corporation Series 2001-S22.

        Corresponding  Certificated  Interests:  With respect to  Uncertificated
REMIC I Regular  Interest  N, the Class  I-A-1  Certificates;  With  respect  to
Uncertificated  REMIC I Regular Interest P, the Class I-A-2  Certificates;  With
respect  to  Uncertificated   REMIC  I  Regular  Interest  Q,  the  Class  I-A-4
Certificates;  with respect to  Uncertificated  REMIC I Regular  Interest R, the
Class  I-A-3  Certificates;  with  respect  to  Uncertificated  REMIC I  Regular
Interest S, the Class I-A-7-3 Component,  the Class I-A-7-5 Component, the Class
I-A-5 Certificates, the Class I-A-8 Certificates and the portions of the Class M
Certificates  and  Class B  Certificates  relating  to the  Group I Loans;  with
respect  to  Uncertificated  REMIC  I  Regular  Interest  T,  the  Class  II-A-1
Certificates; with respect


                                      -11-

<PAGE>



to  Uncertificated  REMIC I Regular  Interest V, the Class II-A-2  Certificates;
with  respect to  Uncertificated  REMIC I Regular  Interest W, the Class  II-A-3
Certificates;  with respect to  Uncertificated  REMIC I Regular  Interest X, the
Class II-A-4  Certificates,  the Class II-A-6  Certificates,  the Class II-A-5-3
Component,  the Class II-A-5-5  Component,  the Class R-II  Certificates and the
portions of the Class M Certificates  and the Class B  Certificates  relating to
the Group II Loans; with respect to  Uncertificated  REMIC I Regular Interest Y,
the Class I-A-P  Certificates;  with respect to  Uncertificated  REMIC I Regular
Interest Z, the Class II-A-P  Certificates;  with respect to the  Uncertificated
REMIC I Group I IO Regular  Interest,  the  related  Uncertificated  Class I-A-V
REMIC Regular Interest; and with respect to each Uncertificated REMIC I Group II
IO Regular  Interest,  the related  Uncertificated  Class II-A-V  REMIC  Regular
Interest.

        Cut-off Date: September 1, 2001.

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

     Discount Net Mortgage  Rate:  With respect to either loan group,  6.75% per
annum.

        Due Period:  With  respect to each  Distribution  Date and any  Mortgage
Loan, the period commencing on the second day of the month prior to the month in
which such  Distribution Date occurs and ending on the first day of the 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  related  Senior
Certificates,  (ii) the related Senior Principal Distribution Amount (determined
without regard to Section  4.02(a)(ii)(Y)(D)  of this Series Supplement),  (iii)
the related Class A-P Principal  Distribution  Amount (determined without regard
to Section  4.02(b)(i)(E)  of this  Series  Supplement)  and (iv) the  aggregate
amount of Accrued  Certificate  Interest on the Class M, Class B-1 and Class B-2
Certificates.

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date,  an amount  equal to: (X) prior to the third  anniversary  of the  Cut-off
Date, an amount equal to 1.00% 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 third to 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)  0.50% of the
aggregate  outstanding  principal balance of all of the Mortgage 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 of this Series  Supplement  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.


                                      -12-

<PAGE>



        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 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.

        Group I  Certificate:  Any one of the Class I-A-1,  Class  I-A-2,  Class
I-A-3,  Class I-A-4,  Class I-A-5,  Class I-A-6, Class I-A-7, Class I-A-8, Class
I-A-P,  Class  I-A-V and 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 A, each such Certificate  (other than the Class I-
A-V and Class R-I Certificates)  evidencing an interest designated as a "regular
interest" in REMIC II for purposes of the REMIC  Provisions and  representing an
undivided interest in Loan Group I.

        Group I Loans:  The Mortgage Loans designated in Exhibit One.

        Group I 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 Group I Certificates (other than
the Class I-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) in Loan Group I immediately  prior to
such Distribution Date.

        Group I Senior  Principal  Distribution  Amount:  As to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount related
to Loan  Group I  remaining  after the  distribution  therefrom  of all  amounts
required  to be  distributed  therefrom  pursuant to Section  4.02(a)(i)(X)  and
Section 4.02(a)(ii)(X) of this Series Supplement, and (b) the sum of the amounts
required to be distributed  therefrom to the Group I Certificateholders  on such
Distribution Date pursuant to Section 4.02(a)(ii)(Y) and Section 4.02(a)(xvi).

        Group II Certificate:  Any one of the Class II-A-1,  Class II-A-2, Class
II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-P, Class II-A-V and
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 A, each such  Certificate  (other  than the Class  II-A-V and Class R-II
Certificates)  representing  an interest  designated as a "regular  interest" in
REMIC II for purposes of the REMIC  Provisions,  and  representing  an undivided
interest in Loan Group II.

        Group II Loans:  The Mortgage Loans designated in Exhibit Two.

        Group II 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 Group II Certificates (other than
the Class II-A-P Certificates) immediately prior to such


                                      -13-

<PAGE>



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) in Loan Group II
immediately prior to such Distribution Date.

        Group II Senior Principal  Distribution  Amount:  As to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount related
to Loan Group II  remaining  after the  distribution  therefrom  of all  amounts
required  to be  distributed  therefrom  pursuant to Section  4.02(a)(i)(Y)  and
Section 4.02(a)(ii)(X) of this Series Supplement, and (b) the sum of the amounts
required to be distributed  therefrom to the Group II Certificateholders on such
Distribution Date pursuant to Section  4.02(a)(ii)(Y)  and Section  4.02(a)(xvi)
and (xvii).

        Indirect Depository Participant: An institution that is not a Depository
Participant  but clears  through or  maintains  a  custodial  relationship  with
Participants and has access to the Depository's clearing system.

        Initial Monthly Payment Fund: $395,561, representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
in October  2001,  for those  Mortgage  Loans for which the Trustee  will not be
entitled to receive such payment in  accordance  with the  definition  of "Trust
Fund".

        Initial  Notional Amount:  With respect to the Class I-A-7-1  Component,
$12,156,277.78.  However, for federal income tax purposes,  the Initial Notional
Amount of the Class I-A-7-1  Component will be  $93,777,000.00.  With respect to
the Class I-A-7-2  Component,  $1,555,000.00.  However,  for federal  income tax
purposes,  the Initial  Notional  Amount of the Class I-A-7-2  Component will be
$27,990,000.00.  With  respect to the Class  I-A-7-4  Component,  $7,408,814.81.
However,  for federal income tax purposes,  the Initial  Notional  Amount of the
Class I-A-7-4 Component will be $100,019,000.00. With respect to the Class I-A-6
Certificates, $608,948.15. However, for federal income tax purposes, the Initial
Notional Amount of the Class I-A-6  Certificates  will be  $10,276,000.00.  With
respect to the Class II-A-5-1 Component,  $10,500,000.00.  However,  for federal
income tax purposes, the Initial Notional Amount of the Class II-A-5-1 Component
will  be  $81,000,000.00.   With  respect  to  the  Class  II-A-5-2   Component,
$1,327,777.78.  However,  for federal income tax purposes,  the Initial Notional
Amount of the Class II-A-5-2 Component will be  $23,900,000.00.  With respect to
the Class II-A-5-4  Component,  $6,170,740.74.  However,  for federal income tax
purposes,  the Initial  Notional Amount of the Class II-A-5-4  Component will be
$83,305,000.00.  With respect to any 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  Class  A-V REMIC
Regular Interests 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:


                                      -14-

<PAGE>



        Class M-1: 1.50%                    Class B-1: 0.20%
        Class M-2: 0.60%                    Class B-2: 0.15%
        Class M-3: 0.35%                    Class B-3: 0.20%

     Interest  Accrual  Period:   With  respect  to  any  Certificates  and  any
Distribution  Date,  the  calendar  month  preceding  the  month in  which  such
Distribution Date occurs.

        Interest Only Certificates:  Any one of Class I-A-6 Certificates,  Class
I-A-7 Certificates,  to the extent of the Class I-A-7-1 Component, Class I-A-7-2
Component and Class I-A-7-4 Component, Class II-A-5 Certificates,  to the extent
of the Class II-A-5-1  Component,  Class  II-A-5-2  Component and Class II-A-5-4
Component,  or  any  one  of the  Class  A-V  Certificates.  The  Interest  Only
Certificates will have no Certificate Principal Balance.

        Loan Group:  Loan Group I or Loan Group II.

     Loan Group I: The group of Mortgage Loans comprised of the Group I Loans.

     Loan Group II: The group of Mortgage Loans comprised of the Group II Loans.

     Maturity  Date:  September  25, 2031,  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 (with  respect to the Group I Loans) and Exhibit Two (with
respect to the Group II Loans)  (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 in the related Loan
Group:
        (a)    the Mortgage Loan identifying number ("RFC LOAN #");
        (b)    the maturity of the Mortgage Note ("MATURITY DATE");
        (c)    the Mortgage Rate ("ORIG RATE");
        (d)    the Subservicer pass-through rate ("CURR NET");
        (e)    the Net Mortgage Rate ("NET MTG RT");
        (f)    the Pool Strip Rate ("STRIP");
        (g)  the initial scheduled  monthly payment of principal,  if any, and
               interest ("ORIGINAL P & I");
        (h)    the Cut-off Date Principal Balance ("PRINCIPAL BAL");
        (i)    the Loan-to-Value Ratio at origination ("LTV");
        (j)    the rate at which the  Subservicing  Fee accrues  ("SUBSERV FEE")
               and at which the Servicing Fee accrues ("MSTR SERV FEE");
        (k)    a  code  "T,"  "BT"  or  "CT"  under  the  column  "LN  FEATURE,"
               indicating  that the  Mortgage  Loan is  secured  by a second  or
               vacation residence;
        (l)    a code "N" under the  column  "OCCP  CODE,"  indicating  that the
               Mortgage Loan is secured by a non-owner occupied residence; and


                                      -15-

<PAGE>



        (m) whether such  Mortgage  Loan  constitutes a Group I Loan or Group II
Loan.

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

        Notional Amount:  As of any date of  determination,  with respect to the
Class I-A-6 Certificates, an amount equal to 8/135 multiplied by the Certificate
Principal  Balance of the Class  I-A-3  Certificates  immediately  prior to that
date.  As  of  the  Closing  Date,  the  Notional  Amount  of  the  Class  I-A-6
Certificates is equal to approximately $608,948.15.  However, for federal income
tax purposes,  the Notional Amount of the Class I-A-6  Certificates  will be the
Uncertificated  Principal Balance of Uncertificated  REMIC I Regular Interest R,
and when a Notional Amount equal to Uncertificated REMIC I Regular Interest R is
multiplied by a Pass-Through Rate of 0.400%,  the resulting Accrued  Certificate
Interest  will be the economic  equivalent of the Accrued  Certificate  Interest
resulting under the definition  thereof.  As of any date of determination,  with
respect to the Class I-A-7-1  Component,  an amount equal to 7/54  multiplied by
the Certificate  Principal Balance of the Class I-A-1  Certificates  immediately
prior to that date.  As of the Closing  Date,  the Notional  Amount of the Class
I-A-7-1 Component is equal to approximately $12,156,277.78. However, for federal
income tax purposes,  the Notional Amount of the Class I-A-7-1 Component will be
the Uncertificated  Principal Balance of Uncertificated REMIC I Regular Interest
N, and when a Notional Amount equal to Uncertificated REMIC I Regular Interest N
is  multiplied  by  a  Pass-Through  Rate  of  0.875%,   the  resulting  Accrued
Certificate  Interest will be the economic equivalent of the Accrued Certificate
Interest   resulting   under  the  definition   thereof.   As  of  any  date  of
determination,  with respect to the Class I-A-7-2 Component,  an amount equal to
1/18  multiplied  by  the  Certificate  Principal  Balance  of the  Class  I-A-2
Certificates  immediately  prior  to that  date.  As of the  Closing  Date,  the
Notional  Amount  of the  Class  I-A-7-2  Component  is equal  to  approximately
$1,555,000.00.  However, for federal income tax purposes, the Notional Amount of
the Class I-A-7- 2 Component  will be the  Uncertificated  Principal  Balance of
Uncertificated  REMIC I Regular  Interest P, and when a Notional Amount equal to
Uncertificated  REMIC I Regular Interest P is multiplied by a Pass-Through  Rate
of 0.375%,  the  resulting  Accrued  Certificate  Interest  will be the economic
equivalent of the Accrued  Certificate  Interest  resulting under the definition
thereof.  As of any date of  determination,  with  respect to the Class  I-A-7-4
Component,  an amount  equal to 2/27  multiplied  by the  Certificate  Principal
Balance of the Class I-A-4  Certificates  immediately  prior to that date. As of
the Closing Date, the Notional Amount of the Class I-A-7-4 Component is equal to
approximately  $7,408,814.81.  However,  for federal  income tax  purposes,  the
Notional  Amount  of the  Class  I-A-7-4  Component  will be the  Uncertificated
Principal  Balance  of  Uncertificated  REMIC I Regular  Interest  Q, and when a
Notional Amount equal to Uncertificated REMIC I Regular Interest Q is multiplied
by a Pass-Through  Rate of 0.500%,  the resulting Accrued  Certificate  Interest
will be the economic  equivalent of the Accrued  Certificate  Interest resulting
under the definition thereof.  As of any date of determination,  with respect to
the  Class  II-A-5-1  Component,  an  amount  equal  to 7/54  multiplied  by the
Certificate Principal Balance of the Class II-A-1 Certificates immediately prior
to that date. As of the Closing Date, the Notional  Amount of the Class II-A-5-1
Component is equal to approximately $10,500,000.00.  However, for federal income
tax purposes,  the Notional  Amount of the Class II-A-5-1  Component will be the
Uncertificated Principal Balance


                                      -16-

<PAGE>



of  Uncertificated  REMIC I Regular Interest T, and when a Notional Amount equal
to  Uncertificated  REMIC I Regular  Interest T is multiplied by a  Pass-Through
Rate of 0.875%, the resulting Accrued Certificate  Interest will be the economic
equivalent of the Accrued  Certificate  Interest  resulting under the definition
thereof.  As of any date of  determination,  with respect to the Class  II-A-5-2
Component,  an amount  equal to 1/18  multiplied  by the  Certificate  Principal
Balance of the Class II- A-2 Certificates  immediately prior to that date. As of
the Closing Date, the Notional  Amount of the Class II-A-5-2  Component is equal
to approximately  $1,327,777.78.  However, for federal income tax purposes,  the
Notional  Amount  of the Class  II-A-5-2  Component  will be the  Uncertificated
Principal  Balance  of  Uncertificated  REMIC I Regular  Interest  V, and when a
Notional Amount equal to Uncertificated REMIC I Regular Interest V is multiplied
by a Pass-Through  Rate of 0.375%,  the resulting Accrued  Certificate  Interest
will be the economic  equivalent of the Accrued  Certificate  Interest resulting
under the definition thereof.  As of any date of determination,  with respect to
the  Class  II-A-5-4  Component,  an  amount  equal  to 2/27  multiplied  by the
Certificate Principal Balance of the Class II-A-3 Certificates immediately prior
to that date. As of the Closing Date, the Notional  Amount of the Class II-A-5-4
Component is equal to approximately  $6,170,740.74.  However, for federal income
tax purposes,  the Notional  Amount of the Class II-A-5-4  Component will be the
Uncertificated  Principal Balance of Uncertificated  REMIC I Regular Interest W,
and when a Notional Amount equal to Uncertificated REMIC I Regular Interest W is
multiplied by a Pass- Through Rate of 0.500%, the resulting Accrued  Certificate
Interest  will be the economic  equivalent of the Accrued  Certificate  Interest
resulting  under the  definition  thereof.  As of any  Distribution  Date,  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 applicable Uncertificated Class A-V REMIC Regular Interests
represented by such Class or Subclass 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).

        Pass-Through Rate: With respect to the Class A Certificates  (other than
the Class A-V and Principal Only  Certificates),  Class M Certificates,  Class B
Certificates and Class R Certificates  and any Distribution  Date, the per annum
rates set forth in the Preliminary Statement hereto. However, for federal income
tax  purposes,  the  Pass-Through  Rate of the Class I-A-7-1  Component  will be
0.875%, and when such Pass-Through Rate is multiplied by a Notional Amount equal
to the  Uncertificated  Principal  Balance  of  Uncertificated  REMIC I  Regular
Interest N, the  resulting  Accrued  Certificate  Interest  will be the economic
equivalent of the Accrued  Certificate  Interest  resulting under the definition
thereof. In addition,  for federal income tax purposes, the Pass-Through Rate of
the Class I-A-7-2  Component will be 0.375%,  and when such Pass-Through Rate is
multiplied by a Notional Amount equal to the Uncertificated Principal Balance of
Uncertificated  REMIC I Regular  Interest P, the resulting  Accrued  Certificate
Interest  will be the economic  equivalent of the Accrued  Certificate  Interest
resulting  under the  definition  thereof.  In addition,  for federal income tax
purposes,  the Pass-Through  Rate of the Class I-A-7-4 Component will be 0.500%,
and when such  Pass-Through Rate is multiplied by a Notional Amount equal to the
Uncertificated  Principal Balance of Uncertificated  REMIC I Regular Interest Q,
the resulting Accrued  Certificate  Interest will be the economic  equivalent of
the Accrued  Certificate  Interest  resulting under the definition  thereof.  In
addition, for federal income tax purposes, the Pass-Through


                                      -17-

<PAGE>



Rate of the Class I-A-6  Certificates will be 0.400%, and when such Pass-Through
Rate is multiplied by a Notional  Amount equal to the  Uncertificated  Principal
Balance of  Uncertificated  REMIC I Regular  Interest R, the  resulting  Accrued
Certificate  Interest will be the economic equivalent of the Accrued Certificate
Interest resulting under the definition thereof. In addition, for federal income
tax purposes,  the  Pass-Through  Rate of the Class  II-A-5-1  Component will be
0.875%, and when such Pass-Through Rate is multiplied by a Notional Amount equal
to the  Uncertificated  Principal  Balance  of  Uncertificated  REMIC I  Regular
Interest T, the  resulting  Accrued  Certificate  Interest  will be the economic
equivalent of the Accrued  Certificate  Interest  resulting under the definition
thereof. In addition,  for federal income tax purposes, the Pass-Through Rate of
the Class II-A-5-2  Component will be 0.375%, and when such Pass-Through Rate is
multiplied by a Notional Amount equal to the Uncertificated Principal Balance of
Uncertificated  REMIC I Regular  Interest V, the resulting  Accrued  Certificate
Interest  will be the economic  equivalent of the Accrued  Certificate  Interest
resulting  under the  definition  thereof.  In addition,  for federal income tax
purposes,  the Pass-Through Rate of the Class II-A-5-3 Component will be 0.500%,
and when such  Pass-Through Rate is multiplied by a Notional Amount equal to the
Uncertificated  Principal Balance of Uncertificated  REMIC I Regular Interest W,
the resulting Accrued  Certificate  Interest will be the economic  equivalent of
the Accrued Certificate  Interest resulting under the definition  thereof.  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 in the related Loan
Group 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  I-A-V  Certificates  and  the  initial  Distribution  Date,  the
Pass-Through  Rate is equal to  0.3040%  per  annum.  With  respect to the Class
II-A-V Certificates and the initial  Distribution Date, the Pass-Through Rate is
equal  to  0.3170%  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 applicable Uncertificated Class A-V REMIC Regular Interests
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.

        Prepayment Assumption: A prepayment assumption of 275% of the prepayment
speed  assumption,  used for  determining the accrual of original issue discount
and market  discount  and premium on the  Certificates  for  federal  income tax
purposes.  The prepayment speed assumption assumes a constant rate of prepayment
of mortgage loans of 0.2% per annum of the then outstanding principal balance of
such  mortgage  loans in the  first  month of the  life of the  mortgage  loans,
increasing by an additional  0.2% per annum in each  succeeding  month until the
thirtieth month,  and a constant 6% per annum rate of prepayment  thereafter for
the life of the mortgage loans.

     Prepayment Distribution  Percentage:  With respect to any Distribution Date
and each Class


                                      -18-

<PAGE>



of  Subordinate   Certificates  for  each  Loan  Group,   under  the  applicable
circumstances set forth below, the respective percentages set forth below:

               (i) For any Distribution  Date prior to the Distribution  Date in
        October 2006 (unless the Certificate  Principal  Balances of the related
        Senior  Certificates  (other than the Class A-P Certificates)  have been
        reduced to zero), 0%.

               (ii) For any  Distribution  Date for which  clause (i) above does
        not  apply,  and 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
        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


                                      -19-

<PAGE>



        Class had not been  reduced  to zero,  plus (2) the  related  Adjustment
Percentage.

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

        REMIC I: The  segregated  pool of assets  related to this  Series,  with
respect  to which a REMIC  election  is to be made  (except as  provided  below)
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  Pledged  Assets  for  any  Pledged  Asset  Loan,
               including amounts on deposit in the Initial Monthly Payment Fund,

        (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

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

        Notwithstanding the foregoing,  the REMIC election specifically excludes
the Initial Monthly Payment Fund.

        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 the Class I-A-1,  Class I- A-2, Class I-A-3,  Class I-A-4,  Class
I-A-5, Class I-A-6, Class I-A-7, Class I-A-8, Class II-A-1,  Class II-A-2, Class
II-A-3,  Class II-A-4,  Class II-A-5,  Class II-A-6,  Class I-A-P, Class II-A-P,
Class I-A-V,  Class II-A-V,  Class M-1,  Class M-2,  Class M-3, Class B-1, Class
B-2,  Class B-3 and Class  R-II  Certificates  pursuant  to Section  2.06,  with
respect to which a separate REMIC election is to be made.

        REMIC II Certificates: Any of the Class I-A-1, Class I-A-2, Class I-A-3,
Class I-A-4,  Class I-A-5,  Class I-A-6, Class I-A-7, Class I-A-8, Class II-A-1,
Class II-A-2,  Class II-A-3,  Class II-A-4,  Class II-A-5,  Class II-A-6,  Class
I-A-P, Class II-A-P, Class I-A-V, Class II-A-V, Class M-1, Class M-2, Class M-3,
Class B-1, Class B-2, Class B-3 and R-II Certificates.



                                      -20-

<PAGE>



        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, respectively.

        Senior Percentage:  The Group I Senior Percentage,  with respect to Loan
Group I, or the Group II Senior Percentage, with respect to Loan Group II.

     Senior  Principal   Distribution  Amount:  The  Group  I  Senior  Principal
Distribution Amount or Group II Senior Principal Distribution Amount.

     Senior Support  Certificates:  Any of the Class I-A-8 Certificates or Class
II-A-6 Certificates.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$5,716,349  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
44.30% (which  percentage is equal to the percentage of Mortgage Loans 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.

        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 below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the Closing Date by


                                      -21-

<PAGE>



such Rating Agency and (ii) provide a copy of such written  confirmation  to the
Trustee.

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and Loan Group and each Class of Subordinate Certificates, (a)
the sum of (i) the  product  of (x) the  Class's  pro rata  share,  based on the
Certificate  Principal Balance of each such Class then outstanding,  and (y) the
aggregate of the amounts  calculated  for such  Distribution  Date under clauses
(1), (2) and (3) of Section 4.02(a)(ii)(Y)(A) of this Series Supplement (without
giving effect to the Senior  Percentage) to the extent not payable to the Senior
Certificates;  (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)  of this
Series Supplement (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 to the extent
of Eligible Funds 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) with  respect to the Class of  Subordinate  Certificates
with the Lowest  Priority,  any  Excess  Subordinate  Principal  Amount for such
Distribution   Date;   provided,   however,   that  the  Subordinate   Principal
Distribution   Amount  for  any  Class  of  Subordinate   Certificates   on  any
Distribution Date shall in no event exceed the outstanding Certificate Principal
Balance of such Class of Certificates immediately prior to such date.

     Super Senior  Certificates:  Any of the Class I-A-7  Certificates  or Class
II-A-5 Certificates.

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

        Super Senior Optimal Percentage: As to any Distribution Date on or after
the Credit Support Depletion Date and the Super Senior Certificates  relating to
a Loan Group, a fraction,  expressed as a percentage,  the numerator of which is
the Certificate  Principal  Balance of the applicable Super Senior  Certificates
immediately  prior to such Distribution Date and the denominator of which is the
aggregate  Certificate  Principal  Balance of the  related  Senior  Certificates
(other  than the  related  Class  A-P  Certificates)  immediately  prior to such
Distribution Date.

        Trust Fund:  REMIC I, REMIC II and the Initial Monthly Payment Fund.



                                      -22-

<PAGE>



        Uncertificated Class I-A-V REMIC Accrued Interest:  With respect to each
Distribution Date, as to each Uncertificated Class I-A-V REMIC Regular Interest,
an amount equal to the  aggregate  amount of Accrued  Certificate  Interest that
would  result  under  the  terms  of  the   definition   thereof  on  each  such
uncertificated  interest,  if  the  Pass-Through  Rate  on  such  uncertificated
interest was equal to the related  Uncertificated Class I-A-V REMIC Pass-Through
Rate and the notional  amount of such  uncertificated  interest was equal to the
related  Uncertificated  Class I-A-V REMIC Notional Amount;  provided,  that any
reduction  in the  amount of Accrued  Certificate  Interest  resulting  from the
allocation of Prepayment Interest  Shortfalls,  Realized Losses or other amounts
to the Class I-A-V  Certificateholders  pursuant to Section 4.05 hereof shall be
allocated to the Uncertificated Class I-A- V REMIC Regular Interests pro rata in
accordance  with the amount of interest  accrued  with  respect to each  related
Uncertificated Class I-A-V REMIC Notional Amount and such Distribution Date.

        Uncertificated  Class I-A-V REMIC Notional Amount:  With respect to each
Uncertificated  Class I-A-V REMIC  Regular  Interest,  the amount of the related
Uncertificated REMIC I Group I IO Notional Amount.

        Uncertificated Class I-A-V REMIC Pass-Through Rate: With respect to each
Uncertificated  Class I-A-V REMIC Regular Interest,  the related  Uncertificated
REMIC I Pass-Through  Rate. For federal income tax purposes,  an amount equal to
100% of the  interest  paid  on the  related  Uncertificated  REMIC I Group I IO
Regular Interest.

     Uncertificated Class A-V REMIC Regular Interests:  The Uncertificated Class
I-A-V REMIC  Regular  Interests or  Uncertificated  Class  II-A-V REMIC  Regular
Interests

        Uncertificated   Class   I-A-V   REMIC   Regular   Interests:   The   99
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund numbered  sequentially  from 1 through 99 each  relating to the  particular
Group I Loan identified by sequential number on the Mortgage Loan Schedule, each
having no principal balance,  and each bearing the respective Pool Strip Rate on
the Stated Principal Balance of the related Mortgage Loan.

        Uncertificated Class II-A-V REMIC Accrued Interest: With respect to each
Distribution  Date,  as  to  each  Uncertificated  Class  II-A-V  REMIC  Regular
Interest,  an  amount  equal to the  aggregate  amount  of  Accrued  Certificate
Interest  that would  result under the terms of the  definition  thereof on each
such  uncertificated  interest,  if the Pass-Through Rate on such uncertificated
interest was equal to the related Uncertificated Class II-A-V REMIC Pass-Through
Rate and the notional  amount of such  uncertificated  interest was equal to the
related  Uncertificated Class II-A-V REMIC Notional Amount;  provided,  that any
reduction  in the  amount of Accrued  Certificate  Interest  resulting  from the
allocation of Prepayment Interest  Shortfalls,  Realized Losses or other amounts
to the Class II-A-V Certificateholders  pursuant to Section 4.05 hereof shall be
allocated to the Uncertificated Class II-A-V REMIC Regular Interests pro rata in
accordance  with the amount of interest  accrued  with  respect to each  related
Uncertificated Class II-A-V REMIC Notional Amount and such Distribution Date.



                                      -23-

<PAGE>



        Uncertificated  Class II-A-V REMIC Notional Amount: With respect to each
Uncertificated  Class II-A-V REMIC Regular  Interest,  the amount of the related
Uncertificated REMIC I Group II IO Notional Amount.

        Uncertificated  Class II-A-V REMIC  Pass-Through  Rate:  With respect to
each   Uncertificated   Class  II-A-V  REMIC  Regular   Interest,   the  related
Uncertificated  REMIC I Pass-Through  Rate. For federal income tax purposes,  an
amount equal to 100% of the interest paid on the related  Uncertificated REMIC I
Group II IO Regular Interest.

        Uncertificated   Class   II-A-V   REMIC   Regular   Interests:   The  66
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund numbered  sequentially  from 1 through 66 each  relating to the  particular
Group II Loan  identified  by sequential  number on the Mortgage Loan  Schedule,
each having no principal  balance,  and each bearing the  respective  Pool Strip
Rate on the Stated Principal Balance of the related Mortgage Loan.

        Uncertificated  Principal Balance:  With respect to each  Uncertificated
REMIC I Regular Interest on any date of determination, an amount equal to (A)(i)
$93,777,000.00  with respect to Uncertificated  REMIC I Regular Interest N, (ii)
$27,990,000.00 with respect to Uncertificated  REMIC I Regular Interest P, (iii)
$100,019,000.00  with respect to Uncertificated REMIC I Regular Interest Q, (iv)
$10,276,000.00  with respect to  Uncertificated  REMIC I Regular Interest R, (v)
$79,161,037.21  with respect to Uncertificated  REMIC I Regular Interest S, (vi)
$81,000,000.00 with respect to Uncertificated  REMIC I Regular Interest T, (vii)
$23,900,000.00 with respect to Uncertificated REMIC I Regular Interest V, (viii)
$83,305,000.00  with respect to Uncertificated  REMIC I Regular Interest W, (ix)
$71,231,339.88  with respect to  Uncertificated  REMIC I Regular Interest X, (x)
$517,395.43 with respect to  Uncertificated  REMIC I Regular Interest Y and (xi)
$458,032.78 with respect to  Uncertificated  REMIC I Regular Interest Z, to such
interest  and applied to reduce the  Uncertificated  Principal  Balance  thereof
pursuant to Section  4.09(a)(ii)  and (y) the  aggregate  of all  reductions  in
Uncertificated  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 4.09(d).

        Uncertificated   REMIC  I  Accrued   Interest:   With  respect  to  each
Distribution  Date,  (i) as to  Uncertificated  REMIC I Regular  Interest  N, an
amount equal to the aggregate amount of Accrued Certificate  Interest that would
result under the terms of the definition thereof on the Class I-A-1 Certificates
if the Pass-Through Rate on such Class were equal to the related  Uncertificated
REMIC I Pass-Through Rate and the related Uncertificated  Principal Balance were
the Certificate  Principal  Balance,  (ii) as to Uncertificated  REMIC I Regular
Interest  P, an amount  equal to the  aggregate  amount of  Accrued  Certificate
Interest  that would  result  under the terms of the  definition  thereof on the
Class I-A-2  Certificates if the  Pass-Through  Rate on such Class were equal to
the  related   Uncertificated   REMIC  I  Pass-Through   Rate  and  the  related
Uncertificated  Principal Balance were the Certificate Principal Balance,  (iii)
as to  Uncertificated  REMIC I  Regular  Interest  Q,  an  amount  equal  to the
aggregate  amount of Accrued  Certificate  Interest  that would result under the
terms of the  definition  thereof on the Class  I-A-4  Certificates,  (iv) as to
Uncertificated REMIC I Regular


                                      -24-

<PAGE>



Interest  R, an amount  equal to the  aggregate  amount of  Accrued  Certificate
Interest  that would  result  under the terms of the  definition  thereof on the
Class I-A-3  Certificates if the  Pass-Through  Rate on such Class were equal to
the  related   Uncertificated   REMIC  I  Pass-Through   Rate  and  the  related
Uncertificated  Principal Balance were the Certificate Principal Balance, (v) as
to  Uncertificated  REMIC I Regular Interest S, an amount equal to the aggregate
amount of Accrued Certificate  Interest that would result under the terms of the
definition thereof on the Class I-A-7-3 Component,  the Class I-A-7-5 Component,
the Class I-A-5  Certificates,  the Class I-A-8 Certificates and the portions of
the Class M Certificates and Class B Certificates  relating to the Group I Loans
if the Pass-Through Rate on such Class were equal to the related  Uncertificated
REMIC I Pass-Through Rate and the related Uncertificated  Principal Balance were
the Certificate  Principal  Balance,  (vi) as to Uncertificated  REMIC I Regular
Interest  T, an amount  equal to the  aggregate  amount of  Accrued  Certificate
Interest  that would  result  under the terms of the  definition  thereof on the
Class II-A-1  Certificates if the Pass- Through Rate on such Class were equal to
the  related   Uncertificated   REMIC  I  Pass-Through   Rate  and  the  related
Uncertificated  Principal Balance were the Certificate Principal Balance,  (vii)
as to  Uncertificated  REMIC I  Regular  Interest  V,  an  amount  equal  to the
aggregate  amount of Accrued  Certificate  Interest  that would result under the
terms  of  the  definition  thereof  on the  Class  II-A-2  Certificates  if the
Pass-Through Rate on such Classes were equal to the related Uncertificated REMIC
I Pass-Through  Rate and the related  Uncertificated  Principal Balance were the
Certificate  Principal  Balance,  (viii)  as to  Uncertificated  REMIC I Regular
Interest  W, an amount  equal to the  aggregate  amount of  Accrued  Certificate
Interest  that would  result  under the terms of the  definition  thereof on the
Class II-A-3 Certificates if the Pass-Through Rate on such Classes were equal to
the  related   Uncertificated   REMIC  I  Pass-Through   Rate  and  the  related
Uncertificated Principal Balance were the Certificate Principal Balance, (ix) as
to  Uncertificated  REMIC I Regular Interest X, an amount equal to the aggregate
amount of Accrued Certificate  Interest that would result under the terms of the
definition  thereof  on  the  Class  II-A-4   Certificates,   the  Class  II-A-6
Certificates,  the Class II-A-5-3 Component,  the Class II-A-5-5 Component,  the
Class R-II  Certificates  and the portions of the Class M  Certificates  and the
Class B Certificates  relating to the Group II Loans if the Pass-Through Rate on
such Classes were equal to the related  Uncertificated REMIC I Pass-Through Rate
and the related Uncertificated  Principal Balance were the Certificate Principal
Balance,  (x) as to Uncertificated REMIC I Regular Interest Y and Uncertificated
REMIC I Regular  Interest Z, the  Uncertificated  REMIC I Regular Interest Y and
Uncertificated REMIC I Regular Interest Z will receive no Uncertificated REMIC I
Accrued  Interest,  (xi) as to each  Uncertificated  REMIC I Group I IO  Regular
Interest,  an  amount  equal to the  aggregate  amount  of  Accrued  Certificate
Interest  that would  result under the terms of the  definition  thereof on each
such uncertificated  interest,  if the Pass- Through Rate on such uncertificated
interest was equal to the related  Uncertificated REMIC I Pass- Through Rate and
the  notional  amount of such  uncertificated  interest was equal to the related
Uncertificated  REMIC  I  Group  I IO  Notional  Amount  and  (xii)  as to  each
Uncertificated  REMIC I Group II IO  Regular  Interest,  an amount  equal to the
aggregate  amount of Accrued  Certificate  Interest  that would result under the
terms of the definition  thereof on each such  uncertificated  interest,  if the
Pass-Through  Rate on such  uncertificated  interest  was  equal to the  related
Uncertificated  REMIC I  Pass-Through  Rate  and  the  notional  amount  of such
uncertificated interest was equal to the related Uncertificated REMIC I Group II
IO  Notional  Amount;  provided,  that any  reduction  in the  amount of Accrued
Certificate Interest resulting from the allocation of Prepayment


                                      -25-

<PAGE>



Interest  Shortfalls,  Realized  Losses  or other  amounts  to the  Certificates
pursuant  to  Sections  4.02(a)  and  4.05  hereof  shall  be  allocated  to the
Uncertificated  REMIC I Regular  Interests for which such  Certificates  are the
Corresponding Certificated Interests.

        Uncertificated  REMIC I Group I IO Notional Amount: With respect to each
Uncertificated REMIC I Group I IO Regular Interest, the Stated Principal Balance
of the related Non-Discount Mortgage Loan.

        Uncertificated   REMIC  I  Group  I  IO   Regular   Interests:   The  99
uncertificated partial undivided beneficial ownership interests in REMIC I, each
relating to a Group I Mortgage Loan with a Net Mortgage Rate in excess of 6.75%,
each having no principal  balance,  and each bearing  interest at the respective
Uncertificated  REMIC  I  Pass-Through  Rate  on the  Uncertificated  REMIC I IO
Notional Amount.

        Uncertificated REMIC I Group II IO Notional Amount: With respect to each
Uncertificated  REMIC I Group  II IO  Regular  Interest,  the  Stated  Principal
Balance of the related Non-Discount Mortgage Loan.

        Uncertificated   REMIC  II  Group  II  IO  Regular  Interests:   The  66
uncertificated partial undivided beneficial ownership interests in REMIC I, each
relating  to a Group II  Mortgage  Loan  with a Net  Mortgage  Rate in excess of
6.75%,  each  having no  principal  balance,  and each  bearing  interest at the
respective  Uncertificated REMIC I Pass-Through Rate on the Uncertificated REMIC
I Group II IO Notional Amount.

        Uncertificated  REMIC I Pass-Through  Rate:  With respect to each of the
Uncertificated  REMIC I  Regular  Interests  N, P, Q, R, S, T, V, W, X, Y and Z,
6.75%,6.75%,  6.75%,  6.75%, 6.75%, 6.75%, 6.75%, 6.75%, 6.75%, 0.00% and 0.00%,
respectively.  With  respect  to the  Uncertificated  REMIC I Group I IO Regular
Interests and Uncertificated  REMIC I Group II IO Regular  Interests,  an amount
equal to the Pool Strip Rate for the related Mortgage Loan.

        Uncertificated  REMIC I Regular  Interest N: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate  Certificate  Principal  Balance  of the  Class  I-A-1
Certificates, and which bears interest at a rate equal to 6.75% per annum.

        Uncertificated  REMIC I Regular  Interest P: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate  Certificate  Principal  Balance  of the  Class  I-A-2
Certificates, and which bears interest at a rate equal to 6.75% per annum.

        Uncertificated  REMIC I Regular  Interest Q: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate  Certificate  Principal  Balance  of the  Class  I-A-4
Certificates, and which bears interest at a rate equal to 6.75% per annum.

     Uncertificated  REMIC  I  Regular  Interest  R: An  uncertificated  partial
undivided beneficial


                                      -26-

<PAGE>



ownership  interest in REMIC I having a principal balance equal to the aggregate
Certificate  Principal Balance of the Class I-A-3 Certificates,  and which bears
interest at a rate equal to 6.75% per annum.

        Uncertificated  REMIC I Regular  Interest S: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the  aggregate  Certificate  Principal  Balance  of the  Class  I-A-7-3
Component, the Class I-A-7-5 Component, the Class I-A-5 Certificates,  the Class
I-A-8  Certificates  and the  portions of the Class M  Certificates  and Class B
Certificates  relating to the Group I Loans,  and which bears interest at a rate
equal to 6.75% per annum.

        Uncertificated  REMIC I Regular  Interest T: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to the  aggregate  Certificate  Principal  Balance  of the  Class  II-A-1
Certificates, and which bears interest at a rate equal to 6.75% per annum.

        Uncertificated  REMIC I Regular  Interest V: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to the  aggregate  Certificate  Principal  Balance  of the  Class  II-A-2
Certificates, and which bears interest at a rate equal to 6.75% per annum.

        Uncertificated  REMIC I Regular  Interest W: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to the  aggregate  Certificate  Principal  Balance  of the  Class  II-A-3
Certificates, and which bears interest at a rate equal to 6.75% per annum.

        Uncertificated  REMIC I Regular  Interest X: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to the  aggregate  Certificate  Principal  Balance  of the  Class  II-A-4
Certificates,  the Class II-A-6 Certificates,  the Class II-A-5-3 Component, the
Class II-A-5-5  Component,  the Class R-II  Certificates and the portions of the
Class M  Certificates  and the  Class B  Certificates  relating  to the Group II
Loans, and which bears interest at a rate equal to 6.75% per annum.

        Uncertificated  REMIC I Regular  Interest Y: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate  Certificate  Principal  Balance  of the  Class  I-A-P
Certificates, and which bears interest at a rate equal to 0.00% per annum.

        Uncertificated  REMIC I Regular  Interest Z: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to the  aggregate  Certificate  Principal  Balance  of the  Class  II-A-P
Certificates, and which bears interest at a rate equal to 0.00% per annum.

        Uncertificated REMIC I Regular Interests: Uncertificated REMIC I Regular
Interest N, Uncertificated  REMIC I Regular Interest P,  Uncertificated  REMIC I
Regular Interest Q,  Uncertificated  REMIC I Regular Interest R,  Uncertificated
REMIC  I  Regular  Interest  S,  Uncertificated  REMIC  I  Regular  Interest  T,
Uncertificated  REMIC I  Regular  Interest  V,  Uncertificated  REMIC I  Regular
Interest W, Uncertificated  REMIC I Regular Interest X,  Uncertificated  REMIC I
Regular   Interest   Y,   Uncertificated   REMIC  I  Regular   Interest  Z,  the
Uncertificated  REMIC I Group I IO Regular Interests and Uncertificated  REMIC I
Group II IO


                                      -27-

<PAGE>



Regular Interests.

        Uncertificated REMIC I Group I IO Regular Interest Distribution Amounts:
With  respect to any  Distribution  Date,  the sum of the  amounts  deemed to be
distributed on the  Uncertificated  Class I-A-V REMIC Regular Interests for such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC  I  Group  II  IO  Regular  Interest  Distribution
Amounts: With respect to any Distribution Date, the sum of the amounts deemed to
be distributed on the  Uncertificated  Class II-A-V REMIC Regular  Interests for
such Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest N  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  N  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest P  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  P  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest Q  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  Q  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest R  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  R  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest S  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  S  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest T  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  T  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest V  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  V  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest W  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  W  for  such
Distribution Date pursuant to Section 4.09(a).

     Uncertificated REMIC I Regular Interest X Distribution Amount: With respect
to any


                                      -28-

<PAGE>



Distribution  Date,  the sum of the  amounts  deemed  to be  distributed  on the
Uncertificated REMIC I Regular Interest X for such Distribution Date pursuant to
Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest Y  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  Y  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest Z  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  Z  for  such
Distribution Date pursuant to Section 4.09(a).

Uncertificated   REMIC  I  Regular   Interest Distribution  Amounts:  The

Uncertificated   REMIC  I  Regular   Interest   N   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   P   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   Q   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   R   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   S   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   T   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   V   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   W   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   X   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   Y   Distribution   Amount,   the
Uncertificated  REMIC I Group I IO Regular Interest  Distribution Amount and the
Uncertificated REMIC I Group II IO Regular Interest Distribution Amount.

        Underwriters:  Greenwich Capital Markets, Inc. and UBS Warburg LLC.

        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.


                                      -29-

<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  Exhibits  One and Two
               hereto with respect to each Mortgage Loan or the Mortgage  Loans,
               as  the  case  may  be,  in  Loan  Group  I and  Loan  Group  II,
               respectively, 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 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, 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 that (a) 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%,  (b) at least 25% of such  balance  if the  Loan-to-Value
               Ratio is between 90.00% and 85.01%,  and (c) 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;



                                      -30-

<PAGE>



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

                      (vi) No more  than  0.9% of the  Group I Loans and no more
               than 1.1% of the Group II 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 1.0% of the Group I Loans and no more than 1.0% of the
               Group II 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) No more  than  9.43% of the Group I Loans and no more
               than 9.46% of the Group II Loans by  aggregate  Stated  Principal
               Balance as of the Cut-off Date were underwritten  under a reduced
               loan documentation program;

                      (x) Each  Mortgagor  represented  in its loan  application
               with  respect to the  related  Mortgage  Loan that the  Mortgaged
               Property would be  owner-occupied  and therefore  would not be an
               investor  property as of the date of origination of such Mortgage
               Loan. No Mortgagor is a corporation or a partnership;

                    (xi)  None of the  Group I Loans or Group II Loans as of the
               Cut-off Date were Buydown Mortgage Loans;

                      (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


                                      -31-

<PAGE>



               has been provided as described in the Program Guide;

                      (xiv)  None of the Mortgage Loans are Cooperative Loans;

                      (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  contains in the related
               Mortgage File a Destroyed Mortgage Note; and

                    (xviii)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
is continuing shall constitute the sole remedy  respecting such breach available
to the Certificateholders or the Trustee on behalf of the Certificateholders.


                                      -32-

<PAGE>



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.

        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,  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  Certificates  in  authorized   denominations  which  evidence
ownership of the entire Trust Fund.



                                      -33-

<PAGE>



                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS
                     (SEE ARTICLE III OF THE STANDARD TERMS)


                                      -34-

<PAGE>



                                   ARTICLE IV

                         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  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, 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) below),  in each
        case to the extent of the Available Distribution Amount:

                      (i) (X) from the Available  Distribution Amount related to
               the Group I Loans,  to the Group I  Certificates  (other than the
               Class  I-A-P  Certificates),  on a pro  rata  basis  based on the
               Accrued   Certificate   Interest   payable  on  such  Classes  of
               Certificates  (or  Subclasses,  if any, with respect to the Class
               I-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) (the "Group I Senior  Interest  Distribution
               Amount"); and

                             (Y) from the Available  Distribution Amount related
               to the Group II Loans, to the Group II  Certificates  (other than
               the Class  II-A-P  Certificates),  on a pro rata  basis  based on
               Accrued   Certificate   Interest   payable  on  such  Classes  of
               Certificates  (or  Subclasses,  if any, with respect to the Class
               II-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) (the "Group II Senior Interest  Distribution
               Amount"); and


                                      -35-

<PAGE>



                      (ii) (X) to the Class A-P Certificates,  the related Class
               A-P  Principal   Distribution   Amount  (as  defined  in  Section
               4.02(b)(i) herein); 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)(ii)  through Section 4.02(e),  the sum of the
               following  (applied to reduce the Certificate  Principal Balances
               of such Senior Certificates, as applicable):

                             (A)  the  related   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)
                             in the related Loan Group,  whether or not received
                             on or  prior  to the  related  Determination  Date,
                             minus the  principal  portion of any  related  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 in such Loan Group)  which  together
                             with other Bankruptcy Losses exceeds the Bankruptcy
                             Amount;

                                    (2)  the  Stated  Principal  Balance  of any
                             Mortgage Loan in the related Loan Group repurchased
                             during the preceding  calendar  month (or deemed to
                             have been so repurchased in accordance with Section
                             3.07(b) of the Standard Terms) pursuant to Sections
                             2.02,  2.04  or  4.07  of the  Standard  Terms  and
                             Section 2.03 of the Standard  Terms and this Series
                             Supplement,   and  the  amount  of  any   shortfall
                             deposited in the  Custodial  Account in  connection
                             with the  substitution  of a Deleted  Mortgage Loan
                             from the  related  Loan Group  pursuant  to Section
                             2.04 of the  Standard  Terms or Section 2.03 of the
                             Standard Terms and this Series  Supplement,  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 in such Loan Group); and

                                    (3)  the  principal  portion  of  all  other
                             unscheduled collections with respect to the related
                             Loan Group  (other than  Principal  Prepayments  in
                             Full  and  Curtailments  and  amounts  received  in
                             connection   with   a  Cash   Liquidation   or  REO
                             Disposition  of a Mortgage  Loan in such Loan Group
                             described  in  Section  4.02(a)(ii)(Y)(B)  of  this
                             Series Supplement, including without limitation any
                             related Insurance  Proceeds,  Liquidation  Proceeds
                             and


                                      -36-

<PAGE>



                             REO   Proceeds)   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 in the
                      related Loan Group 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 related
                      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 related Senior Accelerated Distribution Percentage
                      for such Distribution  Date times the related  unscheduled
                      collections   (including  without   limitation   Insurance
                      Proceeds,  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  related  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 with respect to
                      the related Loan Group 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 allocated to the related Loan Group
                      but only to the extent of  Eligible  Funds in the  related
                      Loan Group for such Distribution Date;

                             (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; and


                                      -37-

<PAGE>




                             (F) to the Holders of the Group I  Certificates  or
                      Group II Certificates, as applicable,  amounts required to
                      be distributed pursuant to Section 4.02(c);

                      (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;

                      (v) to the  Holders  of the  Class  M-1  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               derived from each Loan Group for such Class of  Certificates  for
               such Distribution Date, minus (y) the amount of any related 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
               derived from each Loan Group for such Class of  Certificates  for
               such Distribution Date, minus (y) the amount of any related 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) of this  Series  Supplement  are
               insufficient  therefor,  applied in reduction of the  Certificate
               Principal Balance of the Class M-2 Certificates;



                                      -38-

<PAGE>



                      (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
               derived from each Loan Group for such Class of  Certificates  for
               such  Distribution Date minus (y) the amount of any related 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) of this Series Supplement 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
               derived from each Loan Group for such Class of  Certificates  for
               such  Distribution Date minus (y) the amount of any related 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) of this  Series  Supplement  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;

                      (xiii) to the  Holders of the Class B-2  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               derived from each Loan Group for such Class of  Certificates  for
               such  Distribution Date minus (y) the amount of any related 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) of this Series  Supplement  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)


                                      -39-

<PAGE>



               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) of this  Series
               Supplement are insufficient therefor;

                      (xv) to the  Holders  of the  Class B-3  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               derived from each Loan Group for such Class of  Certificates  for
               such  Distribution Date minus (y) the amount of any related 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  Senior  Certificates,  in the  priority  set
               forth in Section 4.02(b) of this Series Supplement,  the portion,
               if any, of the Available Distribution Amount for the related Loan
               Group  remaining  after the foregoing  distributions,  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   for  each  Loan   Group   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

                      (xvii) to the Class R-II  Certificates,  the  balance,  if
               any, of the Available Distribution Amount for both Loan Groups.

        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 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:


                                      -40-

<PAGE>




                      (i) to the  Class  I-A-P  Certificates  and  Class  II-A-P
               Certificates  from the  related  Available  Distribution  Amount,
               until the  Certificate  Principal  Balance  thereof is reduced to
               zero, an amount (in the case of the Class I-A-P Certificates, the
               "Class I-A-P Principal  Distribution  Amount," and in the case of
               the  Class  II-A-P  Certificates,  the  "Class  II-A-P  Principal
               Distribution Amount," and collectively,  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 in the related  Loan Group 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 in the related Loan Group  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   and   repurchases
                      (including deemed repurchases under Section 3.07(b) of the
                      Standard Terms) of Discount  Mortgage Loans in the related
                      Loan Group (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 in the  related
                      Loan  Group  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  Discount
                      Mortgage  Loan to the  extent  applied  as  recoveries  of
                      principal;

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

                             (E) the amount of any related Class A-P  Collection
                      Shortfalls  for such  Distribution  Date and the amount of
                      any such Class A-P Collection


                                      -41-

<PAGE>



                      Shortfalls remaining unpaid for all previous  Distribution
                      Dates, but only to the extent of the Eligible Funds in the
                      related Loan Group for such Distribution Date;

                      (ii) the  following  amounts shall be  distributed  to the
               Group I Certificates (other than the Class I-A-P Certificates) as
               follows:

                             (A) an amount  equal to the Class  I-A-7-5  Accrual
                      Distribution  Amount  shall be  distributed  to the  Class
                      I-A-4  Certificates,   until  the  Certificate   Principal
                      Balance thereof has been reduced to zero;

                             (B) an  amount  equal to the  Class  I-A-5  Accrual
                      Distribution Amount shall be distributed sequentially,  to
                      the Class I-A-4  Certificates and Class I-A-7-5 Component,
                      without regard to the Aggregate Targeted Principal Balance
                      for  such  Distribution  Date,  in  each  case  until  the
                      Certificate  Principal  Balance or amount thereof has been
                      reduced to zero;

                             (C)  the  Group  I  Senior  Principal  Distribution
                      Amount   shall   be   distributed,   to  the   Class   R-I
                      Certificates,  until  the  Certificate  Principal  Balance
                      thereof has been reduced to zero; and

                             (D) the  balance  of the  Group I Senior  Principal
                      Distribution   Amount  remaining  after  the  distribution
                      described  in  clause  (C)  above  shall  be  distributed,
                      concurrently  on a pro rata basis,  in accordance with the
                      respective  aggregate  outstanding  Certificate  Principal
                      Balances  and amount of such classes of  Certificates  and
                      component in clauses (1) and (2) below, as follows:

                    (1) to the Class I-A-8  Certificates,  until the Certificate
                    Principal Balance thereof has been reduced to zero; and

                    (2) to the Class  I-A-1,  Class I-A-2,  Class  I-A-3,  Class
                    I-A-4, Class I-A-5 Certificates, Class I-A-7-3 Component and
                    Class  I-A-7-5   Component  in  the  following   manner  and
                    priority:

                         (a) first, to the Class I-A-1, Class I-A-2 and Class I-
                    A-3 Certificates and Class I-A-7-3  Component,  in each case
                    until the aggregate of the Certificate Principal Balances of
                    the Class  I-A-1,  Class I-A-2 and Class I-A-3  Certificates
                    and the  amount  of the  Class  I-A-7-3  Component  has been
                    reduced  to  the  applicable   Aggregate  Planned  Principal
                    Balance for such Distribution  Date, in the following manner
                    and priority:



                                      -42-

<PAGE>



                         (i) first,  sequentially,  to the Class I-A-1 and Class
                    I-A-2  Certificates,  in each  case  until  the  Certificate
                    Principal Balance thereof has been reduced to zero; and

                         (ii) second,  concurrently  (A)  72.7092620109%  to the
                    Class I-A-3 Certificates and (B) 27.2907379891% to the Class
                    I-A-7-3  Component,  until the aggregate of the  Certificate
                    Principal Balance of the Class I-A-3 Certificates and amount
                    of the Class I-A-7-3 Component has been reduced to zero;

                         (b)   second,   sequentially,   to  the   Class   I-A-4
                    Certificates and Class I-A-7-5 Component, in each case until
                    the aggregate of the  Certificate  Principal  Balance of the
                    Class  I-A-4  Certificates  and amount of the Class  I-A-7-5
                    Component  has  been  reduced  to the  applicable  Aggregate
                    Targeted Principal Balance for such Distribution Date;

                         (c) third, to the Class I-A-5  Certificates,  until the
                    Certificate  Principal  Balance  thereof has been reduced to
                    zero;

                         (d) fourth, concurrently (A) 60.00% to the Class I-A- 4
                    Certificates and (B) 40.00% to the Class I-A-7-5  Component,
                    without regard to the Aggregate  Targeted  Principal Balance
                    for such Distribution Date, until the Certificate  Principal
                    Balance of the Class I-A-4  Certificates has been reduced to
                    zero;

                         (e)  fifth,  to the Class  I-A-7-5  Component,  without
                    regard to the Aggregate  Targeted Principal Balance for such
                    Distribution Date, until the amount thereof has been reduced
                    to zero; and

                         (f) sixth,  sequentially,  to the Class I-A-1 and Class
                    I- A-2 Certificates, without regard to the Aggregate Planned
                    Principal Balance for such  Distribution  Date, in each case
                    until the  Certificate  Principal  Balance  thereof has been
                    reduced to zero; and

                         (g) seventh, concurrently (A) 72.7092620109% to the


                                      -43-

<PAGE>



                    Class I-A-3 Certificates and (B) 27.2907379891% to the Class
                    I-A-7-3  Component,  without regard to the Aggregate Planned
                    Principal Balance for such  Distribution  Date, in each case
                    until the  Certificate  Principal  Balance or amount thereof
                    has been reduced to zero.

                      (iii) the following  amounts shall be  distributed  to the
               Group II Certificates (other than the Class II-A-P  Certificates)
               as follows:

                             (A)  Commencing on the  Distribution  Date in April
                      2002,  an  amount  equal  to the  Class  II-A-5-3  Accrual
                      Distribution Amount shall be distributed sequentially,  to
                      the   Class   II-A-1   Certificates   and   Class   II-A-2
                      Certificates,  in each  case  until the  aggregate  of the
                      Certificate  Principal  Balance  of the Class  II-A-1  and
                      Class  II-A-2  Certificates  and the  amount  of the Class
                      II-A-5-3  Component  has been  reduced  to the  applicable
                      Aggregate  Planned Principal Balance for such Distribution
                      Date;

                             (B) an amount equal to the Class  II-A-5-5  Accrual
                      Distribution  Amount  shall be  distributed  to the  Class
                      II-A-3  Certificates,   until  the  Certificate  Principal
                      Balance thereof has been reduced to zero;

                             (C) an  amount  equal to the Class  II-A-4  Accrual
                      Distribution Amount shall be distributed sequentially,  to
                      the  Class   II-A-3   Certificates   and  Class   II-A-5-5
                      Component,   without  regard  to  the  Aggregate  Targeted
                      Principal Balance for such Distribution Date, in each case
                      until the Certificate  Principal Balance or amount thereof
                      has been reduced to zero;

                             (D) the  Group  II  Senior  Principal  Distribution
                      Amount   shall   be   distributed   to  the   Class   R-II
                      Certificates,  until  the  Certificate  Principal  Balance
                      thereof has been reduced to zero;

                             (E) the  balance  of the Group II Senior  Principal
                      Distribution   Amount  remaining  after  the  distribution
                      described  in  clause  (D)  above  shall  be  distributed,
                      concurrently  on a pro rata basis,  in accordance with the
                      respective  aggregate  outstanding  Certificate  Principal
                      Balances and amounts of such classes of  Certificates  and
                      components in clauses (1) and (2) below, as follows:

                    (1) to the Class II-A-6 Certificates,  until the Certificate
                    Principal Balance thereof has been reduced to zero; and

                    (2) to the Class II-A-1,  Class II-A-2,  Class II-A-3, Class
                    II-A- 4  Certificates,  Class  II-A-5-3  Component and Class
                    II-A-5-5


                                      -44-

<PAGE>



                    Component in the following manner and priority:

                         (a)   first,   sequentially,   to  the   Class   II-A-1
                    Certificates,  Class II-A-2  Certificates and Class II-A-5-3
                    Component,   in  each  case  until  the   aggregate  of  the
                    Certificate   Principal   Balances   of  the  Class   II-A-1
                    Certificates and Class II-A-2 Certificates and the amount of
                    the  Class  II-A-5-3  Component  has  been  reduced  to  the
                    applicable  Aggregate  Planned  Principal  Balance  for such
                    Distribution Date;

                         (b)   second,   sequentially,   to  the  Class   II-A-3
                    Certificates  and  Class  II-A-5-5  Component,  in each case
                    until the aggregate of the Certificate  Principal Balance of
                    the  Class  II-A-3  Certificates  and  amount  of the  Class
                    II-A-5-5  Component  has  been  reduced  to  the  applicable
                    Aggregate  Targeted  Principal Balance for such Distribution
                    Date;

                         (c) third, to the Class II-A-4 Certificates,  until the
                    Certificate  Principal  Balance  thereof has been reduced to
                    zero;

                         (d) fourth,  concurrently (A) 60.00% to the Class II-A-
                    3  Certificates   and  (B)  40.00%  to  the  Class  II-A-5-5
                    Component,   without   regard  to  the  Aggregate   Targeted
                    Principal  Balance  for such  Distribution  Date,  until the
                    Certificate   Principal   Balance   of  the   Class   II-A-3
                    Certificates has been reduced to zero;

                         (e) fifth,  to the Class  II-A-5-5  Component,  without
                    regard to the Aggregate  Targeted Principal Balance for such
                    Distribution Date, until the amount thereof has been reduced
                    to zero; and

                         (f)   sixth,   sequentially,   to  the   Class   II-A-1
                    Certificates,  Class II-A-2  Certificates and Class II-A-5-3
                    Component, without regard to the Aggregate Planned Principal
                    Balance for such  Distribution  Date, in each case until the
                    Certificate  Principal  Balance or amount  thereof  has been
                    reduced to zero.

               (c) Prior to the occurrence of the Credit Support  Depletion Date
        but after the reduction of the Certificate  Principal Balances of either
        the Group I  Certificates  or the  Group II  Certificates  to zero,  the
        remaining  Group I Certificates  or Group II Certificates as applicable,
        will be entitled to receive, in addition to any Principal Prepayments in
        Full and


                                      -45-

<PAGE>



        Curtailments  related to such Certificates'  respective Loan Group, 100%
        of the Principal  Prepayments in Full and  Curtailments  on the Mortgage
        Loans in the other Loan Group, and in accordance with the priorities set
        forth in clause  4.02(b)  above,  and in  reduction  of the  Certificate
        Principal  Balances  thereof,  on any  Distribution  Date unless (i) the
        weighted  average of the initial  Subordinate  Percentages for both Loan
        Groups,  weighted on the basis of the Stated  Principal  Balances of the
        Mortgage  Loans in the  related  Loan  Group,  is at least two times the
        weighted  average of the initial  Subordinate  Percentages for both Loan
        Groups  (calculated  on such basis) and (ii) the  outstanding  principal
        balance of the Mortgage Loans in both Loan Groups  delinquent 60 days or
        more averaged over the last six months, as a percentage of the aggregate
        outstanding  Certificate  Principal  Balance of the Class M Certificates
        and  Class B  Certificates,  is  less  than  50%.  In  addition,  on any
        Distribution  Date prior to the Credit  Support  Depletion Date on which
        the  aggregate  Certificate  Principal  Balance  of  either  the Group I
        Certificates  or the Group II  Certificates,  as applicable,  is greater
        than the aggregate Stated Principal Balance of the Mortgage Loans in the
        related Loan Group in each case after giving effect to  distributions to
        be made on such Distribution Date, (1) 100% of the Principal Prepayments
        in Full and Curtailments allocable to the Class M Certificates and Class
        B  Certificates  on the  Mortgage  Loans in the other Loan Group will be
        distributed to such Class or Classes of Group I Certificates or Group II
        Certificates,  as applicable,  and in accordance with the priorities set
        forth in clause  4.02(b)  above,  and in  reduction  of the  Certificate
        Principal Balances thereof,  until the aggregate  Certificate  Principal
        Balance of such Class or Classes of  Certificates  equals the  aggregate
        Stated  Principal  Balance of the  Mortgage  Loans in the  related  Loan
        Group, and (2) an amount equal to one month's interest at the applicable
        Pass-Through  Rate for such  Class or  Classes  of  Certificates  on the
        amount  of  such  difference  will be  distributed  from  the  Available
        Distribution  Amount for the other Loan Group  allocable  to the Class M
        Certificates  and Class B Certificates  first to pay any unpaid interest
        on such Class or Classes of  Certificates  and then to pay  principal on
        such Classes in the manner described in (1) above.

               (d) On or after the  occurrence of the Credit  Support  Depletion
        Date but prior to the reduction of the Certificate Principal Balances of
        the Senior Support  Certificates  to zero,  all  priorities  relating to
        distributions  as  described  above in  respect of  principal  among the
        various  Classes  of  Senior  Certificates  (other  than the  Class  A-P
        Certificates) will be disregarded,  and (i) the remaining Group I Senior
        Principal  Distribution  Amount  will  be  distributed  to the  Group  I
        Certificates  (other  than the  Class  I-A-P  Certificates)  pro rata in
        accordance  with  their  respective  outstanding  Certificate  Principal
        Balances,  (ii) the  remaining  Group II Senior  Principal  Distribution
        Amount will be distributed to the Group II Certificates  (other than the
        Class II-A-P  Certificates) pro rata in accordance with their respective
        outstanding  Certificate  Principal  Balances,  (iii) the related Senior
        Interest Distribution Amount will be distributed as described in Section
        4.02(a)(i)(X)  and (Y) and (iv) an amount equal to the Discount Fraction
        of  the  principal   portion  of  scheduled   payments  and  unscheduled
        collections  received or advanced in respect of Discount  Mortgage Loans
        in each  Loan  Group  will  be  distributed  to the  related  Class  A-P
        Certificates;,  provided that the aggregate amount  distributable to the
        Senior Support Certificates and Super Senior


                                      -46-

<PAGE>



        Certificates   will  be  distributed  among  such  Certificates  in  the
        following priority: first, to the related Super Senior Certificates,  up
        to an amount equal to the Accrued Certificate  Interest thereon;  second
        to the related Super Senior Certificates, up to the related Super Senior
        Optimal Principal  Distribution  Amount, in reduction of the Certificate
        Principal Balance thereof,  until such Certificate Principal Balance has
        been reduced to zero; third, to the related Senior Support Certificates,
        up to an amount equal to the Accrued Certificate  Interest thereon;  and
        fourth, to the related Senior Support Certificates, the remainder, until
        the Certificate Principal Balance thereof is reduced to zero.

               (e) On or after the  occurrence of the Credit  Support  Depletion
        Date and upon  reduction of the  Certificate  Principal  Balances of the
        Senior  Support   Certificates  to  zero,  all  priorities  relating  to
        distributions  as  described  above in  respect of  principal  among the
        various  Classes  of  Senior  Certificates  (other  than the  Class  A-P
        Certificates) will be disregarded,  and (i) the remaining Group I Senior
        Principal  Distribution  Amount  will  be  distributed  to the  Group  I
        Certificates  (other  than the  Class  I-A-P  Certificates)  pro rata in
        accordance  with  their  respective  outstanding  Certificate  Principal
        Balances,  (ii) the  remaining  Group II Senior  Principal  Distribution
        Amount will be distributed to the Group II Certificates  (other than the
        Class II-A-P  Certificates) pro rata in accordance with their respective
        outstanding  Certificate  Principal  Balances,  (iii) the related Senior
        Interest Distribution Amount will be distributed as described in Section
        4.02(a)(i)(X)  and (Y) and (iv) an amount equal to the Discount Fraction
        of  the  principal   portion  of  scheduled   payments  and  unscheduled
        collections  received or advanced in respect of Discount  Mortgage Loans
        in each  Loan  Group  will  be  distributed  to the  related  Class  A-P
        Certificates.

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

               (g) On each  Distribution Date prior to the Class I-A-5 Accretion
        Termination  Date, an amount equal to the Accrued  Certificate  Interest
        that would  otherwise  be  distributed  on the Class I-A-5  Certificates
        shall be added to the Certificate  Principal  Balance of the Class I-A-5
        Certificates.  On or after the Class I-A-5 Accretion  Termination  Date,
        the entire  amount of Accrued  Certificate  Interest  on the Class I-A-5
        Certificates  for such  Distribution  Date shall be payable to the Class
        I-A-5  Certificateholders  pursuant  to  Section  4.02(a)(i)(X)  of this
        Series  Supplement to the extent not required to reduce the aggregate of
        the Certificate  Principal  Balance of the Class I-A-4  Certificates and
        the  amount of the Class  I-A-7-5  Component  to zero on such  Accretion
        Termination Date; provided that if the Accretion Termination Date is the
        Credit Support Depletion Date, the entire amount of Accrued  Certificate
        Interest on the Class I-A-5 Certificates for such Distribution Date will
        be paid to


                                      -47-

<PAGE>



        the  Class  I-A-5  Certificateholders.   Any  such  Accrued  Certificate
        Interest on the Class I-A-5 Certificates which is required to be paid to
        the  holders  of the  Class  I-A-4  Certificates  and  the  Class  I-A-7
        Certificates, to the extent of the Class I-A-7-5 Component, on the Class
        I-A-5  Accretion  Termination  Date  will be  added  to the  Certificate
        Principal  Balance  of  the  Class  I-A-5  Certificates  in  the  manner
        described in the first sentence of this Section 4.02(g).

               (h)  On  each  Distribution  Date  prior  to  the  Class  I-A-7-5
        Accretion  Termination Date, an amount equal to the Accrued  Certificate
        Interest  that  would  otherwise  be  distributed  on  the  Class  I-A-7
        Certificates,  to the extent of the Class  I-A-7-5  Component,  shall be
        added to the  amount of the  Class  I-A-7-5  Component.  On or after the
        Class I-A-7-5  Accretion  Termination Date, the entire amount of Accrued
        Certificate  Interest on the Class I-A-7 Certificates,  to the extent of
        the Class I-A-7-5 Component, for such Distribution Date shall be payable
        to the Class I-A-7 Certificateholders  pursuant to Section 4.02(a)(i)(X)
        of this  Series  Supplement  to the  extent not  required  to reduce the
        Certificate Principal Balance of the Class I-A-4 Certificates to zero on
        such  Accretion   Termination  Date;  provided  that  if  the  Accretion
        Termination Date is the Credit Support Depletion Date, the entire amount
        of Accrued Certificate Interest on the Class I-A-7 Certificates,  to the
        extent of the Class I-A-7-5  Component,  for such Distribution Date will
        be  paid  to  the  Class  I-A-7  Certificateholders.  Any  such  Accrued
        Certificate  Interest on the Class I-A-7 Certificates,  to the extent of
        the Class I-A-7-5 Component, which is required to be paid to the holders
        of  the  Class  I-A-4   Certificates  on  the  Class  I-A-7-5  Accretion
        Termination  Date  will be  added to the  amount  of the  Class  I-A-7-5
        Component in the manner  described in the first sentence of this Section
        4.02(h).

               (i) On each Distribution Date prior to the Class II-A-4 Accretion
        Termination  Date, an amount equal to the Accrued  Certificate  Interest
        that would  otherwise be  distributed  on the Class II-A-4  Certificates
        shall be added to the Certificate  Principal Balance of the Class II-A-4
        Certificates.  On or after the Class II-A-4 Accretion  Termination Date,
        the entire  amount of Accrued  Certificate  Interest on the Class II-A-4
        Certificates  for such  Distribution  Date shall be payable to the Class
        II-A-4  Certificateholders  pursuant  to Section  4.02(a)(i)(Y)  of this
        Series  Supplement to the extent not required to reduce the aggregate of
        the Certificate  Principal Balance of the Class II-A-3  Certificates and
        the amount of the Class  II-A-5-5  Component  to zero on such  Accretion
        Termination Date; provided that if the Accretion Termination Date is the
        Credit Support Depletion Date, the entire amount of Accrued  Certificate
        Interest on the Class II-A-4  Certificates  for such  Distribution  Date
        will be paid to the Class  II-A-4  Certificateholders.  Any such Accrued
        Certificate  Interest on the Class II-A-4 Certificates which is required
        to be paid to the holders of the Class II-A-3 Certificates and the Class
        II-A-5 Certificates,  to the extent of the Class II-A-5-5 Component,  on
        the  Class  II-A-4  Accretion  Termination  Date  will be  added  to the
        Certificate  Principal  Balance of the Class II-A-4  Certificates in the
        manner described in the first sentence of this Section 4.02(i).

               (j)  On  each  Distribution  Date  prior  to the  Class  II-A-5-3
        Accretion  Termination Date, an amount equal to the Accrued  Certificate
        Interest that would otherwise be distributed


                                      -48-

<PAGE>



        on the Class II-A-5  Certificates,  to the extent of the Class  II-A-5-3
        Component, shall be added to the amount of the Class II-A-5-3 Component.
        On or after the Class II-A-5-3  Accretion  Termination  Date, the entire
        amount of Accrued Certificate Interest on the Class II-A-5 Certificates,
        to the extent of the Class  II-A-5-3  Component,  for such  Distribution
        Date shall be payable to the Class II-A-5 Certificateholders pursuant to
        Section  4.02(a)(i)(Y)  of this  Series  Supplement  to the  extent  not
        required  to reduce  the  Certificate  Principal  Balances  of the Class
        II-A-1  Certificates  and  Class  II-A-2  Certificates  to  zero on such
        Accretion  Termination Date; provided that if the Accretion  Termination
        Date is the Credit Support  Depletion Date, the entire amount of Accrued
        Certificate Interest on the Class II-A-5 Certificates,  to the extent of
        the Class II-A-5-3 Component, for such Distribution Date will be paid to
        the  Class  II-A-5  Certificateholders.  Any  such  Accrued  Certificate
        Interest on the Class  II-A-5  Certificates,  to the extent of the Class
        II-A-5-3  Component,  which is required to be paid to the holders of the
        II-A-1  Certificates and Class II-A-2 Certificates on the Class II-A-5-3
        Accretion  Termination  Date  will be added to the  amount  of the Class
        II-A-5-3 Component in the manner described in the first sentence of this
        Section 4.02(j).

               (k)  On  each  Distribution  Date  prior  to the  Class  II-A-5-5
        Accretion  Termination Date, an amount equal to the Accrued  Certificate
        Interest  that  would  otherwise  be  distributed  on the  Class  II-A-5
        Certificates,  to the extent of the Class II-A-5-5  Component,  shall be
        added to the  amount of the Class  II-A-5-5  Component.  On or after the
        Class II-A-5-5 Accretion  Termination Date, the entire amount of Accrued
        Certificate Interest on the Class II-A-5 Certificates,  to the extent of
        the  Class  II-A-5-5  Component,  for such  Distribution  Date  shall be
        payable  to the Class  II-A-5  Certificateholders  pursuant  to  Section
        4.02(a)(i)(Y)  of this Series  Supplement  to the extent not required to
        reduce  the   Certificate   Principal   Balance  of  the  Class   II-A-3
        Certificates to zero on such Accretion  Termination Date;  provided that
        if the Accretion  Termination Date is the Credit Support Depletion Date,
        the entire  amount of Accrued  Certificate  Interest on the Class II-A-5
        Certificates,  to the extent of the Class II- A-5-5 Component,  for such
        Distribution  Date will be paid to the Class II-A-5  Certificateholders.
        Any such Accrued Certificate  Interest on the Class II-A-5 Certificates,
        to the extent of the Class II-A-5-5  Component,  which is required to be
        paid to the  holders of the II-A-3  Certificates  on the Class  II-A-5-5
        Accretion  Termination  Date  will be added to the  amount  of the Class
        II-A-5-5 Component in the manner described in the first sentence of this
        Section 4.02(k).

               (l) In addition to the foregoing  distributions,  with respect to
        any Mortgage Loan that was previously the subject of a Cash  Liquidation
        or an REO  Disposition  that  resulted in a Realized  Loss, in the event
        that  within  two  years  of the date on which  such  Realized  Loss was
        determined to have occurred the Master Servicer receives amounts,  which
        the  Master  Servicer  reasonably   believes  to  represent   subsequent
        recoveries (net of any related liquidation expenses), or determines that
        it  holds  surplus  amounts  previously   reserved  to  cover  estimated
        expenses, specifically related to such Mortgage Loan (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


                                      -49-

<PAGE>



        Section 2.04),  the Master Servicer shall distribute such amounts to the
        applicable  Certificateholders  of the Class or  Classes  to which  such
        Realized  Loss  was  allocated  (with  the  amounts  to  be  distributed
        allocated  among such Classes in the same  proportions  as such Realized
        Loss   was   allocated),   and   within   each   such   Class   to   the
        Certificateholders of record as of the Record Date immediately preceding
        the date of such  distribution  (or if such Class of  Certificates is no
        longer outstanding, to the Certificateholders of record at the time that
        such Realized Loss was allocated); provided that no such distribution to
        any Class of Certificates of subsequent recoveries related to a Mortgage
        Loan shall exceed,  either individually or in the aggregate and together
        with any other amounts paid in reimbursement therefor, the amount of the
        related  Realized Loss that was allocated to such Class of Certificates.
        Notwithstanding  the foregoing,  no such distribution shall be made with
        respect to the  Certificates  of any Class to the extent that either (i)
        such Class was protected  against the related  Realized Loss pursuant to
        any instrument or fund  established  under Section 11.01(e) or (ii) such
        Class of  Certificates  has been deposited into a separate trust fund or
        other structuring vehicle and separate certificates or other instruments
        representing  interests therein have been issued in one or more classes,
        and  any  of  such  separate  certificates  or  other  instruments  were
        protected  against the  related  Realized  Loss  pursuant to any limited
        guaranty, payment obligation, irrevocable letter of credit, surety bond,
        insurance  policy  or  similar  instrument  or  a  reserve  fund,  or  a
        combination thereof. Any amount to be so distributed with respect to the
        Certificates of any Class shall be distributed by the Master Servicer to
        the  Certificateholders  of record  as of the  Record  Date  immediately
        preceding  the  date  of  such  distribution  (i)  with  respect  to the
        Certificates of any Class (other than the Class A-V Certificates),  on a
        pro rata basis  based on the  Percentage  Interest  represented  by each
        Certificate  of such Class as of such Record Date and (ii) with  respect
        to the Class A-V Certificates,  to the related Class A-V Certificates or
        any Subclass thereof in the same proportion as the related Realized Loss
        was allocated. Any amounts to be so distributed shall not be remitted to
        or  distributed  from the Trust Fund,  and shall  constitute  subsequent
        recoveries  with respect to Mortgage  Loans that are no longer assets of
        the Trust Fund.

               (m) 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.

               (n) 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


                                      -50-

<PAGE>



        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).

          Section 4.03  Statements to  Certificateholders.  (See Section 4.03(a)
               through  (d) of the  Standard  Terms and  Exhibit  Four  attached
               hereto)

        (e) The Trustee  will make the reports  referred to in this Section 4.03
(and, at its option,  any additional files containing the same information in an
alternative format) available each month to Certificateholders and other parties
to the  Agreement  via the  Trustee's  website,  which is  presently  located at
www.abs.bankone.com.  Persons  that are  unable  to use the  above  website  are
entitled to have a paper copy mailed to them via first class mail by calling the
Trustee at (800)  524-9472.  The Trustee  shall have the right to change the way
the reports  referred to in this Section 4.03 are  distributed  in order to make
such  distribution  more convenient  and/or more accessible to the above parties
and to the  Certificateholders.  The Trustee shall  provide  timely and adequate
notification to all the parties  mentioned  above and to the  Certificateholders
regarding any such change.

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


                                      -51-

<PAGE>



Certificate Principal Balance thereof has been reduced to zero; and, thereafter,
if any such  Realized  Losses are on a Discount  Mortgage  Loan,  to the related
Class A-P  Certificates in an amount equal to the related  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  (A) in the case of a Group I Loan,  among the Group I
Certificates  (other  than the Class  I-A-P  Certificates)  and the Class  I-A-V
Certificates  in the case of an interest loss, on a pro rata basis or (B) in the
case of a Group II Loan,  among the Group II Certificates  (other than the Class
II-A-P  Certificates)  and  the  Class  II-A-V  Certificates  in the  case of an
interest  loss, on a pro rata basis (subject to Section  4.02(c)),  as described
below. Any Excess Special Hazard Losses,  Excess Bankruptcy Losses, Excess Fraud
Losses, 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 Group I Senior  Percentage or Group II Senior  Percentage (as applicable) of
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  (A) in the case of a Group I Loan,  among  the  Group I  Certificates
(other than the Class I-A-P  Certificates)  and the Class I-A-V  Certificates in
the case of an interest  loss, on a pro rata basis or (B) in the case of a Group
II  Loan,  among  the  Group  II  Certificates  (other  than  the  Class  II-A-P
Certificates) and the Class II-A-V Certificates in the case of an interest loss,
on a pro rata basis,  as described  below;  and the  remainder of such  Realized
Losses  will  be  allocated   among  the  Class  M  Certificates   and  Class  B
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 related  Senior  Support  Certificates  until the  Certificate
Principal Balance of such Senior Support Certificates is reduced to zero.

        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;  provided  that,  in  determining  the
Certificate  Principal  Balance of the Accrual  Certificates  for the purpose of
allocating  any portion of a Realized Loss thereto,  the  Certificate  Principal
Balance of the Accrual Certificates shall be deemed to be equal to the lesser of
(a) the original  Certificate  Principal Balance of such Certificate and (b) the
Certificate  Principal  Balance of such  Certificate  prior to giving  effect to
distributions  made  on  such  Distribution  Date.  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. 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 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 principal portion of Debt Service


                                      -52-

<PAGE>



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

            (ii) In accordance  with the priority set forth in Section  4.09(b),
        an  amount  equal to the sum of the  amounts  in  respect  of  principal
        distributable on the Class I-A-1 Certificates, Class I-A-2 Certificates,
        Class  I-A-3  Certificates,   Class  I-A-4  Certificates,   Class  I-A-5
        Certificates,  Class I-A-7 Certificates, Class I-A-8 Certificates, Class
        II-A-1   Certificates,   Class   II-A-2   Certificates,   Class   II-A-3
        Certificates,  Class II-A-4  Certificates,  Class  II-A-5  Certificates,
        Class  II-A-6  Certificates,  Class  I-A-P  Certificates,  Class  II-A-P
        Certificates,  Class M-1 Certificates, Class M-2 Certificates, Class M-3
        Certificates,  Class B-1 Certificates, Class B-2 Certificates, Class B-3
        Certificates  and Class R-II  Certificates  under  Section  4.02(a),  as
        allocated thereto pursuant to Section 4.02(b).

        (b)  The  amount  described  in  Section  4.09(a)(ii)  shall  be  deemed
distributed   to  (i)   Uncertificated   REMIC  I  Regular   Interest   N,  (ii)
Uncertificated  REMIC I Regular Interest P, (iii) Uncertificated REMIC I Regular
Interest Q, (iv)  Uncertificated  REMIC I Regular Interest R, (v) Uncertificated
REMIC I Regular  Interest  S, (vi)  Uncertificated  REMIC I Regular  Interest T,
(vii) Uncertificated  REMIC I Regular Interest V, (viii)  Uncertificated REMIC I
Regular  Interest  W,  (ix)  Uncertificated  REMIC I  Regular  Interest  X,  (x)
Uncertificated REMIC I Regular Interest Y and (xi)


                                      -53-

<PAGE>



Uncertificated  REMIC I Regular  Interest  Z with the  amount to be  distributed
allocated among such interests in accordance  with the priority  assigned to the
(i) Class I-A-1 Certificates,  (ii) Class I-A-2 Certificates,  (iii) Class I-A-4
Certificates,  (iv) Class I-A-3 Certificates, (v) Class I-A-7-3 Component, Class
I-A-7-5 Component,  Class I-A-5  Certificates,  Class I-A-8 Certificates and the
portions of the Class M Certificates  and Class B  Certificates  relating to the
Group I Loans, (vi) Class II-A-1 Certificates,  (vii) Class II-A-2 Certificates,
(viii) Class II-A-3 Certificates,  (ix) Class II-A-4, Class II-A-6 Certificates,
Class II-A-5-3 Component,  Class II-A-5-5 Component, Class R-II Certificates and
the portions of the Class M Certificates  and the Class B Certificates  relating
to the Group II Loans Certificates,  (x) Class I-A-P Certificates and (xi) Class
II-A-P 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 4.09(a)(i) 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,  Realized Losses  allocated to the Certificates
shall be  allocated  to  Uncertificated  REMIC I Regular  Interests  in the same
amounts and priorities as allocated to the Corresponding Certificated Interests.

        (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
REMIC II 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 4.09.  The amount deemed  distributable
hereunder with respect to the Class I-A-V  Certificates  shall equal 100% of the
amounts  payable with respect to the  Uncertificated  Class I-A-V REMIC  Regular
Interests.  The amount deemed distributable  hereunder with respect to the Class
II-A-V  Certificates shall equal 100% of the amounts payable with respect to the
Uncertificated Class II-A-V REMIC Regular Interests.

        (f) Notwithstanding the deemed distributions on the Uncertificated REMIC
I Regular Interests described in this Section 4.09,  distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.

          Section 4.10  Distributions  on the  Uncertificated  Class  A-V  REMIC
               Regular Interests.

        (a) On each Distribution Date, the Trustee shall be deemed to distribute
to  itself,  as the  holder  of  the  Uncertificated  Class  A-V  REMIC  Regular
Interests,  Uncertificated  Class  A-V REMIC  Accrued  Interest  on the  related
Uncertificated  Class A-V REMIC Regular  Interests for such  Distribution  Date,
plus any  related  Uncertificated  Class  A-V  REMIC  Accrued  Interest  thereon
remaining unpaid from any previous Distribution Date.



                                      -54-

<PAGE>



        (b) In determining from time to time the Uncertificated  Class A-V REMIC
Regular Interest  Distribution  Amounts,  Realized Losses allocated to the Class
A-V  Certificates  under  Section  4.05  shall be deemed  allocated  to  related
Uncertificated  Class A-V REMIC  Regular  Interests on a pro rata basis based on
the related  Uncertificated  Class A-V REMIC  Accrued  Interest  for the related
Distribution Date.

        (c) On each Distribution Date, the Trustee shall be deemed to distribute
from the Trust Fund, in the priority set forth in Sections 4.02(a), to the Class
A-V   Certificates,   the  amounts   distributable   thereon  from  the  related
Uncertificated  Class A-V REMIC Regular Interest  Distribution Amounts deemed to
have been  received by the Trustee from the Trust Fund under this Section  4.08.
The amount  deemed  distributable  hereunder  with  respect  to the Class  I-A-V
Certificates  shall  equal  100% of the  amounts  payable  with  respect  to the
Uncertificated   Class  I-A-V  REMIC  Regular   Interests.   The  amount  deemed
distributable  hereunder  with  respect to the Class II-A-V  Certificates  shall
equal 100% of the  amounts  payable  with  respect to the  Uncertificated  Class
II-A-V REMIC Regular Interests.

        (d) Notwithstanding the deemed distributions on the Uncertificated Class
A-V REMIC Regular  Interests  described in this Section 4.10,  distributions  of
funds from the Certificate Account shall be made only in accordance with Section
4.02.





                                      -55-

<PAGE>



                                    ARTICLE V

                                THE CERTIFICATES

          Section 5.01.  The  Certificates.  (See  Section  5.01 of the Standard
               Terms)

        Section 5.02. Registration of Transfer and Exchange of Certificates.

               (a) -  (e)(iii)(A).  (See Section  5.02(a) -  (e)(iii)(A)  of the
               Standard Terms)

               (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) - (h).  (See Section 5.02(f) - (h) of the Standard Terms)

          Section 5.03. Mutilated,  Destroyed, Lost or Stolen Certificates. (See
               Section 5.03 of the Standard Terms)

          Section 5.04. Persons Deemed Owners. (See Section 5.04 of the Standard
               Terms)

          Section 5.05.  Appointment  of Paying Agent.  (See Section 5.05 of the
               Standard Terms)



                                      -56-

<PAGE>



                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER
                     (SEE ARTICLE VI OF THE STANDARD TERMS)


                                      -57-

<PAGE>



                                   ARTICLE VII

                                     DEFAULT
                     (SEE ARTICLE VII OF THE STANDARD TERMS)


                                      -58-

<PAGE>



                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE
                    (SEE ARTICLE VIII OF THE STANDARD TERMS)


                                      -59-

<PAGE>



                                   ARTICLE IX

                                   TERMINATION
                     (SEE ARTICLE IX OF THE STANDARD TERMS)



                                      -60-

<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 REMIC(s).

        The REMIC Administrator will make elections to treat each of REMIC I and
REMIC II, and  subject  to this  Agreement  (including  the  Mortgage  Loans but
excluding the Initial  Monthly  Payment Fund) as a REMIC for federal  income tax
purposes.

        The Uncertificated  REMIC I Regular Interests shall be designated as the
"regular  interests" and the Class R-I  Certificates  shall be designated as the
sole class of  "residual  interest"  in REMIC I. The Class  I-A-1,  Class I-A-2,
Class I-A-3,  Class I-A-4,  Class I-A-5,  Class I-A-6, Class I-A-7, Class I-A-8,
Class II-A-1,  Class II-A-2,  Class II-A-3,  Class II-A-4,  Class II-A-5,  Class
II-A-6,  Class I-A-P, Class II-A-P,  Class M-1, Class M-2, Class M-3, Class B-1,
Class B-2 and  Class B-3  Certificates  and the  rights in and to which  will be
represented by the related 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 in the
Standard  Terms) 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) of the
Standard  Terms,  any such  Subclass will  represent the related  Uncertificated
Class A-V REMIC Regular Interest or Interests specified by the initial Holder of
the related Class A-V Certificates pursuant to said Section.

        Section 10.04 [Reserved].

        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  interest 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.


                                      -61-

<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 and the Company, as applicable:


           RECIPIENT                                        Address

                                 8400 Normandale Lake Boulevard
                                 Suite 250, Minneapolis, Minnesota  55437,
Company                          Attention:  President
                                 2255 N. Ontario Street, Suite 400
                                 Burbank, California 91504-2130,
Master Servicer                  Attention:  Managing Director/Master Servicing
                                 Corporate Trust Office
                                 The Trustee  designates its offices  located at
                                 14 Wall  Street,  8th Floor New York,  New York
                                 10005, for the purposes of Section 8.12
Trustee                          of the Standard Terms
                                 One State Street Plaza
Fitch                            New York, New York 10004
                                 55 Water Street
Standard & Poor's                New York, New York 10041



Any notice  required or permitted to be mailed to a  Certificateholder  shall be
given by first class mail,


                                      -62-

<PAGE>



postage  prepaid,  at the  address  of such  holder as shown in the  Certificate
Register.  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.  (See
               Section 11.06 of the Standard Terms)

          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%  of  all  Voting   Rights  shall  be  allocated   among  Holders  of
Certificates, other than the Class A-V Certificates and Class R Certificates, in
proportion to the outstanding Certificate Principal Balances of their respective
Certificates,  1.0% of all Voting Rights shall be allocated among the Holders of
the  Class  I-A-6  Certificates,  0.5% and 0.5% of all  Voting  Rights  shall be
allocated  among the Holders of the Class I-A-V  Certificates  and Class  II-A-V
Certificates,  respectively  in  accordance  with  their  respective  Percentage
Interests;  and 0.5% and 0.5% of all Voting Rights shall be allocated  among the
Holders of the Class R-I Certificates and Class R-II Certificates, respectively,
in accordance with their respective Percentage Interests.


                                      -63-

<PAGE>



                                   ARTICLE XII

                                   [RESERVED]



                                      -64-

<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.


[Seal]                                          RESIDENTIAL FUNDING MORTGAGE
                                                        SECURITIES I, INC.

Attest:                                         By:
        Name:  Lisa Lundsten                            Name:  Randy Van Zee
        Title:   Vice President                         Title:    Vice President



[Seal]
                                                RESIDENTIAL FUNDING CORPORATION

Attest:                                         By:
        Name:  Randy Van Zee                          Name:  Lisa Lundsten
        Title:   Director                             Title:   Managing Director



[Seal]                                          BANK ONE, NATIONAL ASSOCIATION
                                                                  as Trustee

Attest:
        Name:                                   By:
        Title:                                      Name:   Keith R. Richardson
                                                    Title:     Vice President




                                             -1-

<PAGE>




STATE OF MINNESOTA              )
                                ) ss.:
COUNTY OF HENNEPIN              )

               On the 27th day of September,  2001 before me, a notary public in
and for said State,  personally appeared Randy Van Zee, known to me to be a Vice
President  of  Residential  Funding  Mortgage  Securities  I,  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.

                                                    Notary Public

                                                    -----------------

[Notarial Seal]


                                             -2-

<PAGE>




STATE OF MINNESOTA              )
                                ) ss.:
COUNTY OF HENNEPIN              )

               On the 27th day of September,  2001 before me, a notary public in
and for said  State,  personally  appeared  Lisa  Lundsten,  known to me to be a
Managing Director 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.


                                                    Notary Public

                                                    ------------------

[Notarial Seal]


                                             -3-

<PAGE>




STATE OF ILLINOIS               )
                                ) ss.:
COUNTY OF COOK                  )

               On the 27th day of September,  2001 before me, a notary public in
and for said State, personally appeared Keith R. Richardson, known to me to be a
Vice President of Bank One, National Association, a national banking association
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.


                                                    Notary Public

                                                    -------------------


[Notarial Seal]



                                             -4-

<PAGE>



                                   EXHIBIT ONE
                     MORTGAGE LOAN SCHEDULE FOR LOAN GROUP I




  RUN ON     : 09/21/01           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 12.32.35           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RFMSI 2001-S22   GROUP 1                       CUTOFF : 09/01/01
  POOL       : 0004536
             :
             :
  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
  ----------------------------------------------------------------------------

      4324957                              .2500
      389,386.31                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4363175                              .2500
      331,570.39                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4410259                              .2500
      317,995.51                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4478150                              .2500
      397,774.35                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4505380                              .2500
      311,110.60                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4537367                              .2500
      337,255.73                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450
1



      4581922                              .2500
      333,232.88                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4592382                              .2500
      320,262.71                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4623106                              .2500
      460,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4627920                              .2500
      730,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4651078                              .1250
      322,928.31                          .0800
            7.0000                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4675013                              .2500
      647,557.72                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4689932                              .2500
      329,260.67                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4714615                              .5000
      300,488.72                          .0300
            7.2500                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000
1



      4719613                              .2500
      348,218.10                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4726076                              .2500
      434,335.96                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4748440                              .2500
      748,025.00                          .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      4763476                              .2500
      299,257.96                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      4770654                              .2500
      330,630.16                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      4772968                              .2500
      345,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4773770                              .2500
      349,733.68                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4774165                              .2500
      328,661.96                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450
1



      4797328                              .2500
      319,774.15                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4817922                              .2500
      413,725.19                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4819521                              .2500
      218,983.19                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4831708                              .2500
      399,419.14                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      4840438                              .2500
      358,779.77                          .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      4845244                              .2500
      648,469.59                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4845771                              .2500
      399,339.47                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4856473                              .2500
      696,173.77                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000
1



      4868742                              .2500
      399,304.58                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4876642                              .2500
      418,037.65                          .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      4879410                              .2500
      649,900.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4881230                              .2500
      548,240.60                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      4882137                              .2500
      597,387.12                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4886007                              .2500
      359,193.47                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4889509                              .2500
      284,277.56                          .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      4895412                              .2500
      332,363.19                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200
1



      4908048                              .2500
      324,503.90                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4910797                              .2500
      345,704.15                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4922607                              .2500
      395,771.93                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4929825                              .2500
      359,726.07                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4934109                              .2500
      261,785.24                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      4937522                              .2500
      460,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      4946193                              .2500
      435,659.88                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4950256                              .2500
      204,709.68                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700
1



      4953560                              .2500
      282,500.00                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      4958669                              .2500
      353,937.13                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4958749                              .2500
      409,389.54                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4962457                              .2500
      590,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4972484                              .2500
      374,721.69                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4973366                              .2500
      319,756.51                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4975469                              .2500
      310,650.07                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4975763                              .2500
      318,712.73                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950
1



      4976021                              .2500
      359,100.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4977736                              .2500
      367,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4978329                              .2500
      379,703.56                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4982831                              .3750
      308,254.25                          .0300
            7.1250                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      4984134                              .2500
      425,328.40                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4987370                              .2500
      407,345.52                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4987592                              .2500
      128,058.94                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4990125                              .2500
      356,735.05                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200
1



      5001352                              .2500
      375,047.17                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5011312                              .2500
      299,777.35                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5011492                              .2500
      322,195.01                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5013877                              .2500
      324,289.83                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5013886                              .2500
      446,641.84                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5013899                              .2500
      373,869.79                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5013900                              .2500
      706,700.28                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5013927                              .2500
      386,054.59                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450
1



      5013940                              .2500
      385,780.36                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.7500                        1.4200

      5013943                              .2500
      391,401.59                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5013956                              .2500
      407,450.65                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5013990                              .2500
      399,073.42                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5015374                              .2500
      389,717.73                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5015415                              .2500
      187,963.86                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5016102                              .2500
      396,113.56                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      5021931                              .2500
      309,502.72                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450
1



      5022379                              .2500
      420,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5022484                              .2500
      649,505.40                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5022525                              .2500
      455,286.40                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5025575                              .2500
      551,178.12                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5027950                              .2500
      291,383.59                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5028739                              .2500
      305,778.53                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5032232                              .2500
      351,171.24                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5033346                              .2500
      649,492.93                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700
1



      5034344                              .2500
      346,255.44                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5036903                              .2500
      349,112.78                          .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      5037010                              .2500
      399,058.20                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5037016                              .2500
      339,165.39                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5037079                              .2500
      376,838.86                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5037619                              .2500
      355,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5039690                              .2500
      371,709.80                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5040932                              .2500
      635,528.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200
1



      5041883                              .2500
      375,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5045708                              .2500
      301,364.73                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5048252                              .2500
      287,837.36                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5049977                              .2500
      307,574.67                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5055866                              .2500
      650,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5062901                              .2500
      501,545.33                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      5065019                              .2500
      649,007.76                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5078949                              .2500
      364,483.10                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700
1



      5078992                              .2500
      486,500.96                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5079895                              .2500
      341,477.93                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5080221                              .2500
      332,253.24                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5081906                              .2500
      496,798.54                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5085932                              .2500
      134,899.81                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5086456                              .2500
      520,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5088285                              .2500
      343,769.18                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5088476                              .2500
      349,720.12                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450
1



      5102021                              .2500
      473,411.63                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      5110178                              .2500
      354,683.48                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5110709                              .2500
      450,048.64                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5112796                              .2500
      349,726.96                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5116130                              .2500
      449,241.73                          .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      5134125                              .2500
      399,339.47                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5134697                              .2500
      327,774.27                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
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1



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            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5471328                              .2500
      303,200.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5471351                              .2500
      335,000.00                          .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      5471353                              .2500
      315,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5471375                              .2500
      200,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5471378                              .2500
      365,100.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950
1



      5471444                              .2500
      234,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5473244                              .2500
      362,655.69                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5473247                              .2500
      397,182.13                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      5473248                              .2500
      360,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5473271                              .2500
      323,747.24                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5476930                              .2500
      355,900.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5479714                              .2500
      360,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5483404                              .2500
      525,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950
1



      5483407                              .2500
      165,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5483503                              .2500
      352,500.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5494343                              .2500
      380,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5506457                              .2500
      320,200.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5506460                              .2500
      314,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5506466                              .2500
      330,000.00                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      5506489                              .2500
      375,000.00                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      5506506                              .2500
      333,000.00                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000
1



      5506521                              .2500
      275,000.00                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

  TOTAL NUMBER OF LOANS:      783
  TOTAL BALANCE........:        311,740,532.64


  RUN ON     : 09/21/01            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 12.32.35            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RFMSI 2001-S22 GRP1  FIXED SUMMARY REPORT      CUTOFF : 09/01/01
  POOL       : 0004536
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ----------------------------------------------------------------------------
  CURR NOTE RATE                        7.3822            6.5000      8.6250
  RFC NET RATE                          7.1162            6.2500      8.3750
  NET MTG RATE(INVSTR RATE)             7.0428            6.2200      8.2950
  POST STRIP RATE                       6.7388            6.2200      6.7500
  SUB SERV FEE                           .2660             .1250       .5000
  MSTR SERV FEE                          .0735             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .3040             .0000      1.5450







  TOTAL NUMBER OF LOANS:   783
  TOTAL BALANCE........:     311,740,532.64


                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 09/21/01           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 12.32.35          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RFMSI 2001-S22 GRP1                            CUTOFF : 09/01/01
  POOL       : 0004536
             :
             :
  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 #
  ______________________________________________________________________________


    4324957          964/G01             F          391,200.00         ZZ
                                         360        389,386.31          1
                                       7.375          2,701.92         80
                                       7.125          2,701.92
    SANTA CRUZ       CA   95060          1            02/23/01         00
    0433099041                           05           04/01/01          0
    400107745                            O            03/01/31
    0


    4363175          994/X14             F          333,000.00         ZZ
                                         360        331,570.39          1
                                       7.250          2,271.65         90
                                       7.000          2,271.65
    MONTVILLE        NJ   07045          1            03/29/01         11
    1000230122                           05           05/01/01         25
    1000230122                           O            04/01/31
    0


    4410259          994/G01             F          319,000.00         ZZ
                                         360        317,995.51          1
                                       7.250          2,176.15         70
                                       7.000          2,176.15
    LOS GATOS        CA   95032          5            04/24/01         00
    0433075843                           03           06/01/01          0
    1000274908                           O            05/01/31
    0


    4478150          E45/G01             F          399,000.00         ZZ
                                         360        397,774.35          1
                                       7.375          2,755.79         95
                                       7.125          2,755.79
    SUWANEE          GA   30024          1            04/09/01         11
    0432746931                           03           06/01/01         30
1


    120869                               O            05/01/31
    0


    4505380          163/X14             F          312,000.00         ZZ
                                         360        311,110.60          1
                                       7.750          2,235.21         72
                                       7.500          2,235.21
    FREMONT          CA   94538          5            03/26/01         00
    78040057                             05           06/01/01          0
    78040057                             O            05/01/31
    0


    4537367          588/G01             F          337,500.00         ZZ
                                         360        337,255.73          1
                                       7.625          2,388.80         90
                                       7.375          2,388.80
    EAST WINDSOR TO  NJ   08520          1            07/26/01         14
    0433075181                           05           09/01/01         25
    1038700                              O            08/01/31
    0


    4581922          994/X14             F          334,000.00         ZZ
                                         360        333,232.88          1
                                       7.375          2,306.85         67
                                       7.125          2,306.85
    BETHESDA         MD   20814          2            05/09/01         00
    1818159105                           05           07/01/01          0
    1818159105                           O            06/01/31
    0


    4592382          994/X14             F          321,000.00         ZZ
                                         360        320,262.71          1
                                       7.375          2,217.07         59
                                       7.125          2,217.07
    PT PLEASANT BEA  NJ   08742          5            05/02/01         00
    4318223265                           05           07/01/01          0
    4318223265                           O            06/01/31
    0


    4623106          964/G01             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       7.250          3,138.01         74
                                       7.000          3,138.01
    HUNINGTON BEACH  CA   92646          2            08/15/01         00
    0433143617                           03           10/01/01          0
    117434                               O            09/01/31
    0


1


    4627920          975/G01             F          730,000.00         ZZ
                                         360        730,000.00          1
                                       7.250          4,979.89         65
                                       7.000          4,979.89
    LOS ANGELES      CA   90004          2            08/01/01         00
    0433148624                           05           10/01/01          0
    2011516                              O            09/01/31
    0


    4651078          069/G01             F          324,000.00         ZZ
                                         360        322,928.31          1
                                       7.000          2,155.59         80
                                       6.875          2,155.59
    IRVINE           CA   92604          1            04/24/01         00
    0432861607                           03           06/01/01          0
    35188146543                          O            05/01/31
    0


    4675013          168/168             F          650,000.00         ZZ
                                         360        647,557.72          1
                                       7.500          4,544.89         56
                                       7.250          4,544.89
    BELVEDERE        CA   94920          2            03/12/01         00
    0439608406                           05           05/01/01          0
    0439608406                           O            04/01/31
    0


    4689932          994/X14             F          330,000.00         ZZ
                                         360        329,260.67          1
                                       7.500          2,307.41         69
                                       7.250          2,307.41
    SACRAMENTO       CA   95864          5            04/27/01         00
    718209769                            05           07/01/01          0
    718209769                            O            06/01/31
    0


    4714615          405/405             F          301,680.00         ZZ
                                         360        300,488.72          2
                                       7.250          2,057.99         90
                                       6.750          2,057.99
    SAN DIEGO        CA   92104          1            03/30/01         11
    0017272089                           05           05/01/01         25
    0017272089                           O            04/01/31
    0


    4719613          664/G01             F          349,000.00         ZZ
                                         360        348,218.10          1
                                       7.500          2,440.26         80
                                       7.250          2,440.26
1


    CHATSWORTH       CA   91311          5            05/04/01         00
    0432967149                           05           07/01/01          0
    0008068066                           O            06/01/31
    0


    4726076          D03/D03             F          435,000.00         ZZ
                                         360        434,335.96          1
                                       7.375          3,004.44         67
                                       7.125          3,004.44
    PALO ALTO        CA   94303          5            05/30/01         00
    1102049                              05           08/01/01          0
    1102049                              O            07/01/31
    0


    4748440          664/G01             F          750,000.00         ZZ
                                         360        748,025.00          1
                                       6.875          4,926.97         58
                                       6.625          4,926.97
    POTOMAC          MD   20854          2            05/29/01         00
    0432961274                           03           07/01/01          0
    3756426                              O            06/01/31
    0


    4763476          664/G01             F          300,000.00         ZZ
                                         360        299,257.96          1
                                       7.000          1,995.91         45
                                       6.750          1,995.91
    SAN JOSE         CA   95126          2            05/25/01         00
    0432956654                           05           07/01/01          0
    0008086399                           O            06/01/31
    0


    4770654          664/G01             F          331,450.00         ZZ
                                         360        330,630.16          1
                                       7.000          2,205.15         90
                                       6.750          2,205.15
    WESTON           WI   33327          1            06/01/01         12
    0432959369                           03           07/01/01         25
    8090045                              O            06/01/31
    0


    4772968          964/G01             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       7.250          2,353.51         72
                                       7.000          2,353.51
    SAN FRANCISCO    CA   94112          5            08/01/01         00
    0433058153                           05           10/01/01          0
    125215                               O            09/01/31
    0
1




    4773770          588/G01             F          350,000.00         ZZ
                                         360        349,733.68          1
                                       7.375          2,417.36         67
                                       7.125          2,417.36
    SUMMIT           NJ   07901          5            07/25/01         00
    0433075488                           05           09/01/01          0
    1042060                              O            08/01/31
    0


    4774165          964/G01             F          328,900.00         ZZ
                                         360        328,661.96          1
                                       7.625          2,327.93         42
                                       7.375          2,327.93
    DOVE CANYON      CA   92679          2            07/19/01         00
    0433098498                           03           09/01/01          0
    124185                               O            08/01/31
    0


    4797328          356/G01             F          320,000.00         ZZ
                                         360        319,774.15          1
                                       7.750          2,292.52         73
                                       7.500          2,292.52
    HOLLISTER        CA   95023          5            07/11/01         00
    0433102027                           05           09/01/01          0
    2853141                              O            08/01/31
    0


    4817922          E84/G01             F          415,000.00         ZZ
                                         360        413,725.19          1
                                       7.375          2,866.30         70
                                       7.125          2,866.30
    MT PROSPECT      IL   60056          2            05/01/01         00
    0432813061                           05           06/01/01          0
    11303874                             O            05/01/31
    0


    4819521          477/G01             F          219,500.00         ZZ
                                         360        218,983.19          1
                                       7.250          1,497.38         57
                                       7.000          1,497.38
    LAGUNA NIGUEL    CA   92677          1            05/23/01         00
    0432927549                           09           07/01/01          0
    109753                               O            06/01/31
    0


    4831708          994/994             F          400,000.00         ZZ
                                         360        399,419.14          1
1


                                       7.625          2,831.18         75
                                       7.375          2,831.18
    ROCKVILLE CENTE  NY   11570          1            06/29/01         00
    4318366890                           05           08/01/01          0
    4318366890                           O            07/01/31
    0


    4840438          L46/L46             F          360,000.00         ZZ
                                         360        358,779.77          1
                                       6.875          2,364.94         72
                                       6.625          2,364.94
    CEDAR HILL       TX   75104          2            04/13/01         00
    0000934224                           03           06/01/01          0
    0000934224                           O            05/01/31
    0


    4845244          E11/G01             F          650,000.00         ZZ
                                         360        648,469.59          1
                                       7.250          4,434.15         76
                                       7.000          4,434.15
    EDEN PRAIRIE     MN   55347          2            05/25/01         00
    0432871358                           05           07/01/01          0
    1                                    O            06/01/31
    0


    4845771          A19/G01             F          399,950.00         ZZ
                                         360        399,339.47          1
                                       7.375          2,762.36         24
                                       7.125          2,762.36
    LYNNFIELD        MA   01940          2            06/01/01         00
    0432899466                           05           08/01/01          0
    0454136                              O            07/01/31
    0


    4856473          144/144             F          697,900.00         ZZ
                                         360        696,173.77          1
                                       7.000          4,643.15         70
                                       6.750          4,643.15
    ROSLYN HEIGHTS   NY   11577          1            06/01/01         00
    160667147                            05           07/01/01          0
    12213017                             O            06/01/31
    0


    4868742          U42/G01             F          399,900.00         ZZ
                                         360        399,304.58          1
                                       7.500          2,796.16         43
                                       7.250          2,796.16
    AUSTIN           TX   78730          5            06/11/01         00
    0433057767                           03           08/01/01          0
1


    10100664                             O            07/01/31
    0


    4876642          L38/G01             F          419,100.00         ZZ
                                         360        418,037.65          1
                                       6.875          2,753.19         80
                                       6.625          2,753.19
    CARLSBAD         CA   92009          1            05/17/01         00
    0433127180                           05           07/01/01          0
    070600000003247                      O            06/01/31
    0


    4879410          964/G01             F          649,900.00         ZZ
                                         360        649,900.00          1
                                       7.500          4,544.20         69
                                       7.250          4,544.20
    SAN JOSE         CA   95124          1            08/03/01         00
    0433059359                           05           10/01/01          0
    126935                               O            09/01/31
    0


    4881230          E22/G01             F          549,600.00         ZZ
                                         360        548,240.60          1
                                       7.000          3,656.50         80
                                       6.750          3,656.50
    AUSTIN           TX   78746          1            05/30/01         00
    0412614455                           05           07/01/01          0
    0412614455                           O            06/01/31
    0


    4882137          L46/L46             F          600,000.00         ZZ
                                         360        597,387.12          1
                                       7.375          4,144.05         71
                                       7.125          4,144.05
    FENTON           MI   48430          1            04/02/01         00
    0002087179                           05           05/01/01          0
    0002087179                           O            04/01/31
    0


    4886007          E22/G01             F          360,000.00         ZZ
                                         360        359,193.47          1
                                       7.500          2,517.17         89
                                       7.250          2,517.17
    SEATTLE          WA   98199          1            05/23/01         04
    0412659724                           05           07/01/01         25
    0412659724                           O            06/01/31
    0


1


    4889509          B60/G01             F          285,000.00         ZZ
                                         360        284,277.56          1
                                       6.875          1,872.25         75
                                       6.625          1,872.25
    CARLSBAD         CA   92009          2            05/21/01         00
    0433102274                           03           07/01/01          0
    332904                               O            06/01/31
    0


    4895412          168/168             F          333,500.00         ZZ
                                         360        332,363.19          1
                                       8.000          2,447.10         80
                                       7.750          2,447.10
    PLEASANTON       CA   94588          2            03/06/01         00
    0869340921                           05           05/01/01          0
    0869340921                           O            04/01/31
    0


    4908048          E44/G01             F          325,000.00         ZZ
                                         360        324,503.90          1
                                       7.375          2,244.69         22
                                       7.125          2,244.69
    EDEN             UT   84310          2            06/12/01         00
    0432916674                           05           08/01/01          0
    58010329                             O            07/01/31
    0


    4910797          U62/G01             F          346,500.00         ZZ
                                         360        345,704.15          1
                                       7.375          2,393.19         90
                                       7.125          2,393.19
    LANHAM           MD   20706          2            05/25/01         04
    0433046349                           03           07/01/01         30
    2001245848                           O            06/01/31
    0


    4922607          W64/G01             F          397,302.18         ZZ
                                         360        395,771.93          1
                                       7.375          2,744.07         29
                                       7.125          2,744.07
    GREAT NECK       NY   11020          2            03/12/01         00
    0433010006                           05           05/01/01          0
    6892103                              O            04/01/31
    0


    4929825          W39/G01             F          360,000.00         ZZ
                                         360        359,726.07          1
                                       7.375          2,486.43         80
                                       7.125          2,486.43
1


    BATON ROUGE      LA   70810          1            07/12/01         00
    0433060845                           03           09/01/01          0
    991195                               O            08/01/31
    0


    4934109          H22/G01             F          262,000.00         ZZ
                                         360        261,785.24          2
                                       7.000          1,743.09         65
                                       6.750          1,743.09
    ASTORIA          NY   11106          2            07/25/01         00
    0433067295                           05           09/01/01          0
    342944                               O            08/01/31
    0


    4937522          964/G01             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       7.625          3,255.85         73
                                       7.375          3,255.85
    SAN FRANCISCO    CA   94122          2            08/01/01         00
    0433054749                           07           10/01/01          0
    400129158                            O            09/01/31
    0


    4946193          B57/G01             F          436,000.00         ZZ
                                         360        435,659.88          1
                                       7.250          2,974.29         80
                                       7.000          2,974.29
    LOS ANGELES      CA   91607          1            07/12/01         00
    0433055696                           05           09/01/01          0
    2114928                              O            08/01/31
    0


    4950256          E22/G01             F          205,000.00         ZZ
                                         360        204,709.68          2
                                       7.750          1,468.65         82
                                       7.500          1,468.65
    GLENWOOD SPRING  CO   81601          2            06/07/01         01
    0412625014                           05           08/01/01         25
    0412625014                           O            07/01/31
    0


    4953560          D03/D03             F          282,500.00         ZZ
                                         360        282,500.00          1
                                       7.000          1,879.48         63
                                       6.750          1,879.48
    SALINAS          CA   93906          5            08/01/01         00
    1103217                              05           10/01/01          0
    1103217                              O            09/01/31
    0
1




    4958669          B57/G01             F          354,200.00         ZZ
                                         360        353,937.13          1
                                       7.500          2,476.62         70
                                       7.250          2,476.62
    RANCHO PALOS VE  CA   90275          1            07/13/01         00
    0433084357                           05           09/01/01          0
    2115018                              O            08/01/31
    0


    4958749          E22/G01             F          410,000.00         ZZ
                                         360        409,389.54          1
                                       7.500          2,866.78         75
                                       7.250          2,866.78
    TAMPA            FL   33626          2            06/08/01         00
    0412508848                           03           08/01/01          0
    0412508848                           O            07/01/31
    0


    4962457          964/G01             F          590,000.00         ZZ
                                         360        590,000.00          1
                                       7.375          4,074.98         54
                                       7.125          4,074.98
    FREMONT          CA   94539          5            07/27/01         00
    0433052644                           05           10/01/01          0
    131176                               O            09/01/31
    0


    4972484          757/G01             F          375,000.00         ZZ
                                         360        374,721.69          1
                                       7.500          2,622.06         70
                                       7.250          2,622.06
    KITTERY POINT    ME   03905          5            07/06/01         00
    0433080330                           05           09/01/01          0
    1000233112                           O            08/01/31
    0


    4973366          624/G01             F          320,000.00         ZZ
                                         360        319,756.51          1
                                       7.375          2,210.16         80
                                       7.125          2,210.16
    SALINAS          CA   93906          5            07/18/01         00
    0433060340                           05           09/01/01          0
    46100110296F                         O            08/01/31
    0


    4975469          E22/G01             F          311,125.00         ZZ
                                         360        310,650.07          1
1


                                       7.375          2,148.86         95
                                       7.125          2,148.86
    LANGHORNE        PA   19047          1            06/15/01         04
    0412707697                           03           08/01/01         35
    0412707697                           O            07/01/31
    0


    4975763          588/G01             F          319,200.00         ZZ
                                         360        318,712.73          1
                                       7.375          2,204.64         80
                                       7.125          2,204.64
    LEESBURG         VA   20176          1            06/28/01         00
    0432956407                           09           08/01/01          0
    1042944                              O            07/01/31
    0


    4976021          144/144             F          359,100.00         ZZ
                                         360        359,100.00          1
                                       7.375          2,480.21         90
                                       7.125          2,480.21
    GOSHEN           NY   10924          1            08/02/01         01
    160670984                            05           10/01/01         25
    160670984                            O            09/01/31
    0


    4977736          D03/D03             F          367,000.00         ZZ
                                         360        367,000.00          1
                                       7.125          2,472.55         80
                                       6.875          2,472.55
    SUNNYVALE        CA   94087          2            08/03/01         00
    1102977                              01           10/01/01          0
    1102977                              O            09/01/31
    0


    4978329          757/G01             F          380,000.00         ZZ
                                         360        379,703.56          1
                                       7.250          2,592.27         75
                                       7.000          2,592.27
    FALMOUTH         ME   04105          5            07/11/01         00
    0433049533                           05           09/01/01          0
    1000317493                           O            08/01/31
    0


    4982831          405/405             F          309,000.00         ZZ
                                         360        308,254.25          1
                                       7.125          2,081.80         83
                                       6.750          2,081.80
    LEESBURG         VA   20176          2            05/24/01         14
    0017451782                           05           07/01/01         12
1


    0017451782                           O            06/01/31
    0


    4984134          E22/G01             F          430,000.00         ZZ
                                         360        425,328.40          1
                                       7.500          3,006.62         70
                                       7.250          3,006.62
    BOCA RATON       FL   33496          1            06/18/01         00
    0412616427                           03           08/01/01          0
    0412616427                           O            07/01/31
    0


    4987370          B60/G01             F          408,000.00         ZZ
                                         360        407,345.52          1
                                       7.125          2,748.77         79
                                       6.875          2,748.77
    POWAY            CA   92064          1            06/13/01         00
    0433101995                           05           08/01/01          0
    334987                               O            07/01/31
    0


    4987592          253/253             F          128,571.00         ZZ
                                         360        128,058.94          1
                                       7.125            866.21         51
                                       6.875            866.21
    SOUTHLAKE        TX   76092          2            06/26/01         00
    968895                               05           08/01/01          0
    968895                               O            07/01/31
    0


    4990125          B57/G01             F          357,000.00         ZZ
                                         360        356,735.05          1
                                       7.500          2,496.20         73
                                       7.250          2,496.20
    SIERRA MADRE     CA   91024          2            07/20/01         00
    0433104338                           05           09/01/01          0
    2114411                              O            08/01/31
    0


    5001352          E22/G01             F          375,635.00         ZZ
                                         360        375,047.17          1
                                       7.250          2,562.49         80
                                       7.000          2,562.49
    FRISCO           TX   75034          1            06/22/01         00
    0412724320                           03           08/01/01          0
    0412724320                           O            07/01/31
    0


1


    5011312          356/G01             F          300,000.00         ZZ
                                         360        299,777.35          1
                                       7.500          2,097.65         79
                                       7.250          2,097.65
    EAST PALO ALTO   CA   94303          2            06/29/01         00
    0433055142                           01           09/01/01          0
    2879104                              O            08/01/31
    0


    5011492          B60/G01             F          322,700.00         ZZ
                                         360        322,195.01          1
                                       7.250          2,201.38         59
                                       7.000          2,201.38
    SAN JOSE         CA   95124          2            06/05/01         00
    0433084472                           05           08/01/01          0
    334063                               O            07/01/31
    0


    5013877          286/286             F          325,000.00         ZZ
                                         360        324,289.83          1
                                       7.625          2,300.33         79
                                       7.375          2,300.33
    GRANT            MN   55082          2            05/22/01         00
    436765                               05           07/01/01          0
    436765                               O            06/01/31
    0


    5013886          286/286             F          448,000.00         ZZ
                                         360        446,641.84          1
                                       7.625          3,170.92         80
                                       7.375          3,170.92
    DARNESTOWN       MD   20878          1            06/05/01         00
    429945                               05           07/01/01          0
    429945                               O            06/01/31
    0


    5013899          286/286             F          374,400.00         ZZ
                                         360        373,869.79          1
                                       7.750          2,682.25         80
                                       7.500          2,682.25
    WHITEFISH BAY    WI   53217          1            06/07/01         00
    438377                               05           08/01/01          0
    438377                               O            07/01/31
    0


    5013900          286/286             F          709,300.00         ZZ
                                         360        706,700.28          1
                                       7.625          5,020.39         23
                                       7.375          5,020.39
1


    TETON VILLAGE    WY   83025          2            03/08/01         00
    264112                               03           05/01/01          0
    264112                               O            04/01/31
    0


    5013927          286/286             F          386,900.00         ZZ
                                         360        386,054.59          1
                                       7.625          2,738.45         71
                                       7.375          2,738.45
    BILLINGS         MT   59106          2            05/25/01         00
    284597                               05           07/01/01          0
    284597                               O            06/01/31
    0


    5013940          286/286             F          386,250.00         ZZ
                                         360        385,780.36          1
                                       8.500          2,969.93         80
                                       8.250          2,969.93
    ASHBURN          VA   20148          1            06/06/01         00
    368127                               03           08/01/01          0
    368127                               O            07/01/31
    0


    5013943          286/286             F          392,000.00         ZZ
                                         360        391,401.59          1
                                       7.375          2,707.45         80
                                       7.125          2,707.45
    INDIANAPOLIS     IN   46227          1            06/07/01         00
    401765                               03           08/01/01          0
    401765                               O            07/01/31
    0


    5013956          286/286             F          408,000.00         ZZ
                                         360        407,450.65          1
                                       8.000          2,993.76         79
                                       7.750          2,993.76
    SILVER SPRING    MD   20905          1            06/21/01         00
    9974822                              05           08/01/01          0
    9974822                              O            07/01/31
    0


    5013990          286/286             F          400,000.00         ZZ
                                         360        399,073.42          1
                                       7.375          2,762.70         58
                                       7.125          2,762.70
    STAMFORD         CT   06905          1            06/04/01         00
    9848300                              05           07/01/01          0
    9848300                              O            06/01/31
    0
1




    5015374          356/G01             F          390,000.00         ZZ
                                         360        389,717.73          1
                                       7.625          2,760.40         61
                                       7.375          2,760.40
    UNION CITY       CA   94587          5            06/29/01         00
    0433055282                           05           09/01/01          0
    2880169                              O            08/01/31
    0


    5015415          700/G01             F          188,100.00         ZZ
                                         360        187,963.86          1
                                       7.625          1,331.36         95
                                       7.375          1,331.36
    CORONA           CA   92883          1            07/09/01         10
    0433051497                           03           09/01/01         30
    00259972                             O            08/01/31
    0


    5016102          E22/G01             F          396,750.00         ZZ
                                         360        396,113.56          1
                                       7.125          2,672.98         68
                                       6.875          2,672.98
    FLOWER MOUND     TX   75022          2            06/21/01         00
    0412736753                           03           08/01/01          0
    0412736753                           O            07/01/31
    0


    5021931          B60/G01             F          310,000.00         ZZ
                                         360        309,502.72          1
                                       7.125          2,088.53         68
                                       6.875          2,088.53
    FULLERTON        CA   92835          5            06/11/01         00
    0433079860                           09           08/01/01          0
    336239                               O            07/01/31
    0


    5022379          964/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       7.375          2,900.84         38
                                       7.125          2,900.84
    CUPERTINO        CA   95014          5            08/10/01         00
    0433100799                           05           10/01/01          0
    132997                               O            09/01/31
    0


    5022484          B57/G01             F          650,000.00         ZZ
                                         360        649,505.40          1
1


                                       7.375          4,489.39         77
                                       7.125          4,489.39
    CORONADO         CA   92118          1            07/01/01         00
    0433055688                           05           09/01/01          0
    2114841                              O            08/01/31
    0


    5022525          R65/G01             F          456,000.00         ZZ
                                         360        455,286.40          1
                                       7.250          3,110.72         80
                                       7.000          3,110.72
    BEL AIR          MD   21015          1            06/29/01         00
    0433058732                           05           08/01/01          0
    20013622                             O            07/01/31
    0


    5025575          B60/G01             F          552,000.00         ZZ
                                         360        551,178.12          1
                                       7.500          3,859.66         80
                                       7.250          3,859.66
    ENCINO AREA      CA   91316          1            06/21/01         00
    0433131711                           05           08/01/01          0
    340058                               O            07/01/31
    0


    5027950          B57/G01             F          291,600.00         ZZ
                                         360        291,383.59          1
                                       7.500          2,038.91         80
                                       7.250          2,038.91
    EUREKA           CA   95503          1            07/11/01         00
    0433048931                           05           09/01/01          0
    2140276                              O            08/01/31
    0


    5028739          369/G01             F          306,000.00         ZZ
                                         360        305,778.53          1
                                       7.625          2,165.85         90
                                       7.375          2,165.85
    ANTIOCH          CA   94509          1            07/05/01         14
    0433028925                           05           09/01/01         25
    0073131294                           O            08/01/31
    0


    5032232          E86/G01             F          352,000.00         ZZ
                                         360        351,171.24          1
                                       7.250          2,401.26         80
                                       7.000          2,401.26
    LANCASTER        PA   17601          2            05/25/01         00
    0433058328                           05           07/01/01          0
1


    0000109517                           O            06/01/31
    0


    5033346          L86/G01             F          650,000.00         ZZ
                                         360        649,492.93          1
                                       7.250          4,434.15         59
                                       7.000          4,434.15
    ARCADIA          CA   91006          1            07/10/01         00
    0433056934                           05           09/01/01          0
    20507601                             O            08/01/31
    0


    5034344          J40/G01             F          346,500.00         ZZ
                                         360        346,255.44          1
                                       7.750          2,482.37         90
                                       7.500          2,482.37
    DAWSONVILLE      GA   30534          4            07/06/01         12
    0433110632                           05           09/01/01         25
    7713658                              O            08/01/31
    0


    5036903          994/X14             F          350,000.00         T
                                         360        349,112.78          1
                                       6.875          2,299.26         65
                                       6.625          2,299.26
    WELLS            ME   04090          1            05/04/01         00
    1000273240                           05           07/01/01          0
    1000273240                           O            06/01/31
    0


    5037010          994/X14             F          400,000.00         ZZ
                                         360        399,058.20          2
                                       7.250          2,728.71         89
                                       7.000          2,728.71
    SAN DIEGO        CA   92107          1            05/09/01         04
    0218245482                           05           07/01/01         25
    0218245482                           O            06/01/31
    0


    5037016          994/X14             F          350,000.00         ZZ
                                         360        339,165.39          1
                                       7.375          2,417.36         61
                                       7.125          2,417.36
    SCOTTSDALE       AZ   85259          2            05/22/01         00
    0402871233                           03           07/01/01          0
    0402871233                           O            06/01/31
    0


1


    5037079          994/X14             F          378,000.00         ZZ
                                         360        376,838.86          1
                                       7.375          2,610.75         90
                                       7.125          2,610.75
    ENTERPRISE       AL   36330          2            04/19/01         04
    0402447450                           05           06/01/01         25
    0402447450                           O            05/01/31
    0


    5037619          964/G01             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       7.375          2,451.90         50
                                       7.125          2,451.90
    MORAGA           CA   94556          2            07/31/01         00
    0433081353                           05           10/01/01          0
    126009                               O            09/01/31
    0


    5039690          757/G01             F          372,000.00         ZZ
                                         360        371,709.80          1
                                       7.250          2,537.70         80
                                       7.000          2,537.70
    ALEXANDRIA       VA   22301          1            07/09/01         00
    0433104163                           05           09/01/01          0
    5DISALVOJX                           O            08/01/31
    0


    5040932          E23/G01             F          636,000.00         ZZ
                                         360        635,528.00          1
                                       7.500          4,447.00         80
                                       7.250          4,447.00
    DUBLIN           CA   94568          1            07/26/01         00
    0433102159                           03           09/01/01          0
    61001438                             O            08/01/31
    0


    5041883          964/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.375          2,590.03         73
                                       7.125          2,590.03
    HUNTINGTON BEAC  CA   92648          5            08/03/01         00
    0433058013                           09           10/01/01          0
    133480                               O            09/01/31
    0


    5045708          964/G01             F          301,600.00         ZZ
                                         360        301,364.73          1
                                       7.250          2,057.44         80
                                       7.000          2,057.44
1


    BREA             CA   92821          1            07/24/01         00
    0433050804                           05           09/01/01          0
    111113                               O            08/01/31
    0


    5048252          E86/G01             F          288,500.00         ZZ
                                         360        287,837.36          1
                                       7.375          1,992.60         37
                                       7.125          1,992.60
    DALLAS           TX   75225          2            05/29/01         00
    0432905685                           05           07/01/01          0
    0000109295                           O            06/01/31
    0


    5049977          H29/G01             F          308,000.00         ZZ
                                         360        307,574.67          1
                                       7.875          2,233.22         80
                                       7.625          2,233.22
    WAKEFIELD        MA   01880          2            06/19/01         00
    0432932085                           05           08/01/01          0
    7700017983                           O            07/01/31
    0


    5055866          253/253             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.625          4,600.66         62
                                       7.375          4,600.66
    DALLAS           TX   75230          1            08/03/01         00
    969121                               05           10/01/01          0
    969121                               O            09/01/31
    0


    5062901          136/136             F          505,000.00         ZZ
                                         360        501,545.33          1
                                       7.000          3,359.78         56
                                       6.750          3,359.78
    CHAPPAQUA        NY   10514          1            06/19/01         00
    4634590                              05           08/01/01          0
    4634590                              O            07/01/31
    0


    5065019          714/G01             F          650,000.00         ZZ
                                         360        649,007.76          1
                                       7.375          4,489.39         52
                                       7.125          4,489.39
    MEQUON           WI   53092          2            06/26/01         00
    0433056058                           03           08/01/01          0
    464226                               O            07/01/31
    0
1




    5078949          K88/G01             F          365,000.00         ZZ
                                         360        364,483.10          1
                                       7.750          2,614.91         53
                                       7.500          2,614.91
    MONTCLAIR TOWNS  NJ   07042          2            06/08/01         00
    0432991917                           05           08/01/01          0
    15703                                O            07/01/31
    0


    5078992          168/168             F          488,000.00         ZZ
                                         360        486,500.96          1
                                       7.375          3,370.49         80
                                       7.125          3,370.49
    BAYVILLE         NY   11709          1            04/25/01         00
    0189767162                           05           06/01/01          0
    0189767162                           O            05/01/31
    0


    5079895          E86/G01             F          342,000.00         ZZ
                                         360        341,477.93          1
                                       7.375          2,362.11         72
                                       7.125          2,362.11
    MARIETTA         GA   30064          5            06/22/01         00
    0432931913                           05           08/01/01          0
    115276                               O            07/01/31
    0


    5080221          Q73/G01             F          332,500.00         ZZ
                                         360        332,253.24          1
                                       7.500          2,324.89         95
                                       7.250          2,324.89
    CLINTON          MS   39056          2            07/11/01         01
    0433052669                           05           09/01/01         30
    2742609                              O            08/01/31
    0


    5081906          B68/G01             F          500,000.00         ZZ
                                         360        496,798.54          1
                                       7.250          3,410.88         63
                                       7.000          3,410.88
    NORTH ANDOVER    MA   01845          2            05/11/01         00
    0432971778                           05           07/01/01          0
    1031033395                           O            06/01/31
    0


    5085932          E47/G01             F          135,000.00         ZZ
                                         360        134,899.81          1
1


                                       7.500            943.94         48
                                       7.250            943.94
    HELOTES          TX   78023          1            07/30/01         00
    0433091063                           05           09/01/01          0
    7362510652                           O            08/01/31
    0


    5086456          U96/G01             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       7.375          3,591.51         80
                                       7.125          3,591.51
    KAMUELA          HI   96743          1            08/01/01         00
    0433131869                           05           10/01/01          0
    10700003                             O            09/01/31
    0


    5088285          H12/G01             F          344,000.00         ZZ
                                         360        343,769.18          1
                                       8.000          2,524.15         80
                                       7.750          2,524.15
    OMAHA            NE   68106          2            06/28/01         00
    0432926368                           05           09/01/01          0
    0800013722101                        O            08/01/31
    0


    5088476          994/994             F          350,000.00         ZZ
                                         360        349,720.12          1
                                       7.125          2,358.01         90
                                       6.875          2,358.01
    DENVER           CO   80209          1            07/17/01         11
    5018469892                           05           09/01/01         25
    5018469892                           O            08/01/31
    0


    5102021          R65/G01             F          473,800.00         ZZ
                                         360        473,411.63          1
                                       7.000          3,152.20         80
                                       6.750          3,152.20
    WASHINGTON       DC   20009          1            07/19/01         00
    0433057338                           05           09/01/01          0
    20013451                             O            08/01/31
    0


    5110178          E86/G01             F          355,500.00         ZZ
                                         360        354,683.48          1
                                       7.375          2,455.35         82
                                       7.125          2,455.35
    CHANTILLY        VA   20151          1            05/17/01         14
    0433018843                           03           07/01/01         25
1


    0000118087                           O            06/01/31
    0


    5110709          738/G01             F          450,400.00         ZZ
                                         360        450,048.64          1
                                       7.250          3,072.53         80
                                       7.000          3,072.53
    ATLANTA          GA   30305          1            07/18/01         00
    0433061199                           05           09/01/01          0
    5857605                              O            08/01/31
    0


    5112796          B60/G01             F          350,000.00         ZZ
                                         360        349,726.96          1
                                       7.250          2,387.62         50
                                       7.000          2,387.62
    REDMOND          WA   98053          1            07/05/01         00
    0433101938                           03           09/01/01          0
    335782                               O            08/01/31
    0


    5116130          W86/W86             F          450,000.00         ZZ
                                         360        449,241.73          1
                                       6.875          2,956.18         59
                                       6.625          2,956.18
    WHITEFISH        MT   59937          5            06/04/01         00
    702416                               05           08/01/01          0
    702416                               O            07/01/31
    0


    5134125          A21/A21             F          399,950.00         ZZ
                                         360        399,339.47          1
                                       7.375          2,762.36         60
                                       7.125          2,762.36
    TENAFLY          NJ   07670          5            06/28/01         00
    0100119332                           05           08/01/01          0
    0100119332                           O            07/01/31
    0


    5134697          F25/G01             F          328,000.00         ZZ
                                         360        327,774.27          1
                                       7.875          2,378.23         80
                                       7.625          2,378.23
    BRONX            NY   10469          1            07/25/01         00
    0433021789                           05           09/01/01          0
    0476601                              O            08/01/31
    0


1


    5136703          E86/G01             F          360,000.00         ZZ
                                         360        359,173.15          1
                                       7.375          2,486.43         36
                                       7.125          2,486.43
    SCARSDALE        NY   10583          2            05/24/01         00
    0433058237                           05           07/01/01          0
    106003                               O            06/01/31
    0


    5136889          R65/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       7.375          2,555.50         73
                                       7.125          2,555.50
    WASHINGTON       DC   20011          5            08/13/01         00
    0433119344                           05           10/01/01          0
    20013454                             O            09/01/31
    0


    5137074          964/G01             F          287,550.00         T
                                         360        287,550.00          1
                                       7.750          2,060.04         90
                                       7.500          2,060.04
    SOUTH LAKE TAHO  CA   96150          1            08/07/01         10
    0433083805                           09           10/01/01         25
    135833                               O            09/01/31
    0


    5137940          964/G01             F          350,000.00         ZZ
                                         360        349,713.11          1
                                       7.000          2,328.56         76
                                       6.750          2,328.56
    WATSONVILLE      CA   95076          5            07/20/01         00
    0433034592                           05           09/01/01          0
    135713                               O            08/01/31
    0


    5139976          964/G01             F          585,000.00         ZZ
                                         360        584,520.48          1
                                       7.000          3,892.02         43
                                       6.750          3,892.02
    SAN CLEMENTE     CA   92672          2            07/23/01         00
    0433050192                           05           09/01/01          0
    123321                               O            08/01/31
    0


    5141671          E82/G01             F          356,750.00         ZZ
                                         360        356,478.55          1
                                       7.375          2,463.98         66
                                       7.125          2,463.98
1


    REDMOND          WA   98052          2            06/18/01         00
    0400453742                           05           09/01/01          0
    0400453742                           O            08/01/31
    0


    5143591          F25/G01             F          320,000.00         ZZ
                                         360        319,756.51          1
                                       7.375          2,210.16         54
                                       7.125          2,210.16
    RYE BROOK        NY   10573          1            07/25/01         00
    0433008471                           05           09/01/01          0
    0479049                              O            08/01/31
    0


    5146673          A06/G01             F          480,000.00         ZZ
                                         360        479,634.75          1
                                       7.375          3,315.25         60
                                       7.125          3,315.25
    WEST BLOOMFIELD  MI   48324          2            07/21/01         00
    0433101771                           05           09/01/01          0
    1                                    O            08/01/31
    0


    5150488          E11/G01             F          397,000.00         ZZ
                                         360        396,705.37          1
                                       7.500          2,775.88         57
                                       7.250          2,775.88
    EDINA            MN   55435          5            07/20/01         00
    0433087715                           05           09/01/01          0
    0010001033773                        O            08/01/31
    0


    5153377          T44/G01             F          325,800.00         ZZ
                                         360        325,558.21          1
                                       7.500          2,278.04         90
                                       7.250          2,278.04
    MAPLE VALLEY     WA   98038          1            07/23/01         01
    0433060183                           03           09/01/01         25
    1016651                              O            08/01/31
    0


    5157992          U62/G01             F          284,800.00         ZZ
                                         360        284,343.15          1
                                       7.125          1,918.75         80
                                       6.875          1,918.75
    SIMI VALLEY      CA   93065          5            06/22/01         00
    0433051562                           03           08/01/01          0
    2001257411                           O            07/01/31
    0
1




    5158619          601/G01             F          340,000.00         ZZ
                                         360        339,293.41          1
                                       7.875          2,465.24         47
                                       7.625          2,465.24
    PRINCETON TOWNS  NJ   08540          5            05/10/01         00
    0433107166                           05           07/01/01          0
    01022009                             O            06/01/31
    0


    5160417          116/116             F          498,200.00         ZZ
                                         360        497,820.90          1
                                       7.375          3,440.95         78
                                       7.125          3,440.95
    THE WOODLANDS    TX   77380          2            07/25/01         00
    091020284                            05           09/01/01          0
    091020284                            O            08/01/31
    0


    5165984          964/G01             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       7.375          2,175.63         54
                                       7.125          2,175.63
    ARROYO GRANDE    CA   93420          1            08/01/01         00
    0433081544                           05           10/01/01          0
    134142                               O            09/01/31
    0


    5166623          664/G01             F          487,500.00         ZZ
                                         360        486,294.19          1
                                       7.000          3,243.35         75
                                       6.750          3,243.35
    ATLANTA          GA   30342          5            05/18/01         00
    0432971588                           03           07/01/01          0
    0008087140                           O            06/01/31
    0


    5166704          664/G01             F          325,000.00         ZZ
                                         360        324,196.11          1
                                       7.000          2,162.24         44
                                       6.750          2,162.24
    REDWOOD CITY     CA   94061          5            05/03/01         00
    0432968006                           05           07/01/01          0
    0008080962                           O            06/01/31
    0


    5168555          757/G01             F          366,000.00         ZZ
                                         360        366,000.00          1
1


                                       7.625          2,590.53         46
                                       7.375          2,590.53
    WASHINGTON       DC   20007          5            08/02/01         00
    0433074176                           05           10/01/01          0
    1000321826                           O            09/01/31
    0


    5169238          994/994             F          378,000.00         ZZ
                                         360        377,131.82          1
                                       7.375          2,610.75         90
                                       7.125          2,610.75
    PHOENIX          AZ   85048          1            05/08/01         11
    1818301558                           03           07/01/01         25
    1818301558                           O            06/01/31
    0


    5169394          664/G01             F          636,000.00         ZZ
                                         360        634,387.84          1
                                       6.875          4,178.07         80
                                       6.625          4,178.07
    AUSTIN           TX   78730          1            05/21/01         00
    0432969038                           03           07/01/01          0
    0008092868                           O            06/01/31
    0


    5170057          144/144             F          325,000.00         ZZ
                                         360        324,758.80          1
                                       7.500          2,272.45         80
                                       7.250          2,272.45
    BAITING HOLLOW   NY   11933          5            07/27/01         00
    140652412                            05           09/01/01          0
    140652412                            O            08/01/31
    0


    5172725          893/G01             F          374,000.00         ZZ
                                         360        373,700.92          1
                                       7.125          2,519.71         54
                                       6.875          2,519.71
    REDWOOD CITY     CA   94065          1            07/31/01         00
    0433058310                           03           09/01/01          0
    H10516041                            O            08/01/31
    0


    5173691          405/405             F          457,200.00         ZZ
                                         360        456,256.15          1
                                       7.625          3,236.04         78
                                       7.125          3,236.04
    AUSTIN           TX   78734          2            07/02/01         00
    0017535527                           05           08/01/01          0
1


    0017535527                           O            07/01/31
    0


    5173696          405/405             F          408,000.00         ZZ
                                         360        407,377.16          1
                                       7.375          2,817.96         80
                                       6.875          2,817.96
    BALTIMORE        MD   21218          1            06/29/01         00
    0017540634                           05           08/01/01          0
    0017540634                           O            07/01/31
    0


    5175259          B60/G01             F          348,000.00         ZZ
                                         360        347,728.53          1
                                       7.250          2,373.97         73
                                       7.000          2,373.97
    LEESBURG         VA   20176          5            07/25/01         00
    0433084597                           09           09/01/01          0
    339338                               O            08/01/31
    0


    5176781          480/G01             F          425,000.00         ZZ
                                         360        424,684.59          1
                                       7.500          2,971.66         63
                                       7.250          2,971.66
    DAVIE            FL   33328          1            07/25/01         00
    0433073996                           03           09/01/01          0
    3697034                              O            08/01/31
    0


    5183186          E11/G01             F          394,400.00         ZZ
                                         360        394,099.90          1
                                       7.375          2,724.02         80
                                       7.125          2,724.02
    BROOKLYN PARK    MN   55443          1            07/26/01         00
    0433061017                           05           09/01/01          0
    0003001033117                        O            08/01/31
    0


    5185079          E22/G01             F          468,000.00         ZZ
                                         360        467,643.89          1
                                       7.375          3,232.36         80
                                       7.125          3,232.36
    PLANO            TX   75093          1            07/23/01         00
    0412828154                           03           09/01/01          0
    0412828154                           O            08/01/31
    0


1


    5194099          964/G01             F          362,000.00         ZZ
                                         360        362,000.00          1
                                       7.375          2,500.24         54
                                       7.125          2,500.24
    SANTA BARBARA    CA   93111          5            08/06/01         00
    0433086519                           05           10/01/01          0
    136772                               O            09/01/31
    0


    5194310          E22/G01             F          300,000.00         ZZ
                                         360        299,754.09          1
                                       7.000          1,995.91         75
                                       6.750          1,995.91
    COLORADO SPRING  CO   80906          2            07/19/01         00
    0412802456                           05           09/01/01          0
    0412802456                           O            08/01/31
    0


    5194337          E22/G01             F          480,000.00         ZZ
                                         360        479,625.55          1
                                       7.250          3,274.45         80
                                       7.000          3,274.45
    BELLEVUE         WA   98006          1            07/19/01         00
    0412830960                           03           09/01/01          0
    0412830960                           O            08/01/31
    0


    5194527          F25/G01             F          540,000.00         ZZ
                                         360        540,000.00          1
                                       7.625          3,822.09         80
                                       7.375          3,822.09
    CHAPPAQUA        NY   10514          1            08/13/01         00
    0433098688                           05           10/01/01          0
    1EDENBAUM                            O            09/01/31
    0


    5194977          P60/G01             F          570,000.00         ZZ
                                         360        570,000.00          1
                                       7.250          3,888.40         80
                                       7.000          3,888.40
    LAMBERTVILLE     MI   48144          1            08/17/01         00
    0433135027                           05           10/01/01          0
    6100060576                           O            09/01/31
    0


    5195176          227/G01             F          368,000.00         ZZ
                                         360        367,175.54          1
                                       7.500          2,573.11         80
                                       7.250          2,573.11
1


    MCLEAN           VA   22101          1            06/01/01         00
    0433098795                           05           07/01/01          0
    1941976                              O            06/01/31
    0


    5195274          714/G01             F          369,600.00         ZZ
                                         360        369,318.76          1
                                       7.375          2,552.74         80
                                       7.125          2,552.74
    MEQUON           WI   53092          1            07/17/01         00
    0433047222                           03           09/01/01          0
    0000000                              O            08/01/31
    0


    5197543          964/G01             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       7.250          2,217.07         54
                                       7.000          2,217.07
    FREMONT          CA   94539          5            08/02/01         00
    0433099629                           05           10/01/01          0
    137651                               O            09/01/31
    0


    5198212          757/G01             F          500,000.00         ZZ
                                         360        499,638.11          1
                                       7.625          3,538.97         80
                                       7.375          3,538.97
    SUWANEE          GA   30024          1            07/30/01         00
    0433131133                           03           09/01/01          0
    1000345304                           O            08/01/31
    0


    5199886          696/G01             F          323,400.00         ZZ
                                         360        323,159.99          2
                                       7.500          2,261.26         75
                                       7.250          2,261.26
    WASHINGTON       DC   20002          1            07/13/01         00
    0433007747                           05           09/01/01          0
    31201313                             O            08/01/31
    0


    5199890          696/G01             F          397,200.00         ZZ
                                         360        396,912.52          1
                                       7.625          2,811.36         70
                                       7.375          2,811.36
    BETHESDA         MD   20814          2            07/25/01         00
    0433040243                           05           09/01/01          0
    10001041                             O            08/01/31
    0
1




    5200860          D03/D03             F          295,625.00         ZZ
                                         360        295,625.00          1
                                       7.125          1,991.68         21
                                       6.875          1,991.68
    BURLINGAME       CA   94010          1            08/02/01         00
    1103897                              05           10/01/01          0
    1103897                              O            09/01/31
    0


    5202445          E22/G01             F          297,500.00         ZZ
                                         360        297,267.93          1
                                       7.250          2,029.47         85
                                       7.000          2,029.47
    MIAMI            FL   33133          1            07/05/01         01
    0412702508                           05           09/01/01         20
    0412702508                           O            08/01/31
    0


    5202513          E22/G01             F          518,900.00         ZZ
                                         360        518,485.04          1
                                       7.125          3,495.93         80
                                       6.875          3,495.93
    HEATH            TX   75032          1            07/25/01         00
    0412835589                           03           09/01/01          0
    0412835589                           O            08/01/31
    0


    5202674          A06/G01             F          338,000.00         ZZ
                                         360        337,742.80          1
                                       7.375          2,334.49         76
                                       7.125          2,334.49
    LIVONIA          MI   48152          2            07/13/01         00
    0433016540                           05           09/01/01          0
    021000020111232                      O            08/01/31
    0


    5203364          P60/G01             F          320,000.00         ZZ
                                         360        319,756.51          1
                                       7.375          2,210.16         80
                                       7.125          2,210.16
    JAMESTOWN        OH   45335          2            08/01/01         00
    0433071404                           05           09/01/01          0
    6100062131                           O            08/01/31
    0


    5204026          825/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
1


                                       7.250          4,434.15         47
                                       7.000          4,434.15
    CRESTED BUTTE    CO   81224          2            08/03/01         00
    0433084415                           05           10/01/01          0
    18139                                O            09/01/31
    0


    5204106          L94/G01             F          372,000.00         ZZ
                                         360        371,716.94          1
                                       7.375          2,569.31         80
                                       7.125          2,569.31
    FARMINGTON       UT   84025          2            07/31/01         00
    0433132099                           03           09/01/01          0
    1000005151                           O            08/01/31
    0


    5204438          B60/G01             F          437,500.00         ZZ
                                         360        437,158.71          1
                                       7.250          2,984.52         50
                                       7.000          2,984.52
    CARLSBAD         CA   92009          1            07/25/01         00
    0433085552                           03           09/01/01          0
    341544                               O            08/01/31
    0


    5205862          286/286             F          389,500.00         ZZ
                                         360        388,948.41          1
                                       7.750          2,790.43         78
                                       7.500          2,790.43
    CASTLE ROCK      CO   80104          2            06/13/01         00
    437284                               03           08/01/01          0
    437284                               O            07/01/31
    0


    5205901          286/286             F          332,000.00         ZZ
                                         360        331,505.68          1
                                       7.500          2,321.39         80
                                       7.250          2,321.39
    CARMEL           IN   46033          2            06/12/01         00
    437783                               05           08/01/01          0
    437783                               O            07/01/31
    0


    5205904          286/286             F          319,000.00         ZZ
                                         360        318,223.15          1
                                       7.500          2,230.50         80
                                       7.250          2,230.50
    MCHENRY          IL   60050          1            06/13/01         00
    430382                               05           08/01/01          0
1


    430382                               O            07/01/31
    0


    5205908          286/286             F          414,000.00         ZZ
                                         360        413,368.01          1
                                       7.375          2,859.40         80
                                       7.125          2,859.40
    CHATHAM          NJ   07928          2            06/08/01         00
    392903                               05           08/01/01          0
    392903                               O            07/01/31
    0


    5205909          286/286             F          300,000.00         ZZ
                                         360        299,564.34          1
                                       7.625          2,123.39         80
                                       7.375          2,123.39
    CORAL SPRINGS    FL   33076          2            06/11/01         00
    425300                               05           08/01/01          0
    425300                               O            07/01/31
    0


    5205911          286/286             F          452,000.00         ZZ
                                         360        451,343.62          1
                                       7.625          3,199.23         80
                                       7.375          3,199.23
    FREEHOLD         NJ   07728          1            06/13/01         00
    429519                               05           08/01/01          0
    429519                               O            07/01/31
    0


    5205921          286/286             F          324,000.00         ZZ
                                         360        323,505.40          1
                                       7.375          2,237.79         80
                                       7.125          2,237.79
    VIENNA           VA   22182          1            06/14/01         00
    402767                               03           08/01/01          0
    402767                               O            07/01/31
    0


    5205935          286/286             F          388,000.00         ZZ
                                         360        387,130.74          1
                                       7.500          2,712.95         80
                                       7.250          2,712.95
    POTOMAC FALLS    VA   20165          2            05/30/01         00
    378228                               03           07/01/01          0
    378228                               O            06/01/31
    0


1


    5205936          286/286             F          400,000.00         ZZ
                                         360        399,200.02          1
                                       7.500          2,796.86         80
                                       7.250          2,796.86
    MIDDLETOWN       OH   45044          2            06/14/01         00
    279542                               05           08/01/01          0
    279542                               O            07/01/31
    0


    5205961          286/286             F          324,000.00         ZZ
                                         360        323,505.40          1
                                       7.375          2,237.79         80
                                       7.125          2,237.79
    RICHMOND         VA   23229          2            06/07/01         00
    380946                               05           08/01/01          0
    380946                               O            07/01/31
    0


    5205989          286/286             F          342,400.00         ZZ
                                         360        341,632.89          1
                                       7.500          2,394.11         80
                                       7.250          2,394.11
    POTOMAC          MD   20854          1            05/21/01         00
    438999                               03           07/01/01          0
    438999                               O            06/01/31
    0


    5206011          286/286             F          100,000.00         ZZ
                                         360         99,847.34          1
                                       7.375            690.68         59
                                       7.125            690.68
    PEORIA           AZ   85382          1            06/04/01         00
    9946985                              03           08/01/01          0
    9946985                              O            07/01/31
    0


    5206022          286/286             F          320,000.00         ZZ
                                         360        319,511.52          1
                                       7.375          2,210.16         72
                                       7.125          2,210.16
    ELKRIDGE         UT   84651          2            06/12/01         00
    9845084                              05           08/01/01          0
    9845084                              O            07/01/31
    0


    5206944          964/G01             F          658,900.00         ZZ
                                         360        658,900.00          1
                                       7.125          4,439.13         55
                                       6.875          4,439.13
1


    NOVATO           CA   94947          2            08/10/01         00
    0433103520                           05           10/01/01          0
    137484                               O            09/01/31
    0


    5208212          B60/G01             F          650,000.00         ZZ
                                         360        649,480.21          1
                                       7.125          4,379.17         80
                                       6.875          4,379.17
    LEXINGTON        MA   02421          1            07/31/01         00
    0433084670                           05           09/01/01          0
    339663                               O            08/01/31
    0


    5209353          405/405             F          436,000.00         ZZ
                                         360        435,699.94          1
                                       7.875          3,161.31         73
                                       7.375          3,161.31
    RENO             NV   89509          2            07/02/01         00
    0017555996                           05           09/01/01          0
    0017555996                           O            08/01/31
    0


    5211999          225/G01             F          350,000.00         ZZ
                                         360        349,215.84          1
                                       7.500          2,447.26         58
                                       7.250          2,447.26
    MEAD             CO   80542          2            06/04/01         00
    0433029246                           05           07/01/01          0
    7264657                              O            06/01/31
    0


    5212047          E82/G01             F          446,200.00         ZZ
                                         360        445,851.92          1
                                       7.250          3,043.87         80
                                       7.000          3,043.87
    CENTREVILLE      VA   20120          1            07/27/01         00
    0400446803                           03           09/01/01          0
    0400446803                           O            08/01/31
    0


    5212048          E82/G01             F          306,000.00         ZZ
                                         360        305,761.29          1
                                       7.250          2,087.46         80
                                       7.000          2,087.46
    PARK CITY        UT   84098          1            07/24/01         00
    0400433454                           05           09/01/01          0
    0400433454                           O            08/01/31
    0
1




    5212051          E82/G01             F          539,200.00         ZZ
                                         360        538,758.02          1
                                       7.000          3,587.31         80
                                       6.750          3,587.31
    CARMEL           IN   46033          1            03/31/01         00
    0400418802                           05           09/01/01          0
    0400418802                           O            08/01/31
    0


    5214493          225/G01             F          336,000.00         ZZ
                                         360        335,265.78          1
                                       7.625          2,378.19         80
                                       7.375          2,378.19
    PRINCETON        NJ   08540          1            05/25/01         00
    0433002706                           05           07/01/01          0
    6535560                              O            06/01/31
    0


    5215858          757/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.375          2,762.71         77
                                       7.125          2,762.71
    ALPHARETTA       GA   30004          1            08/09/01         00
    0433074788                           03           10/01/01          0
    1000343432                           O            09/01/31
    0


    5215933          964/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.375          2,417.36         36
                                       7.125          2,417.36
    FREMONT          CA   94536          2            08/10/01         00
    0433125168                           05           10/01/01          0
    134828                               O            09/01/31
    0


    5218792          U87/G01             F          395,000.00         ZZ
                                         360        395,000.00          1
                                       6.750          2,561.96         49
                                       6.500          2,561.96
    MOUNTAIN VIEW    CA   94040          5            08/03/01         00
    0433084134                           05           10/01/01          0
    1384                                 O            09/01/31
    0


    5221757          R65/G01             F          363,200.00         ZZ
                                         360        363,200.00          1
1


                                       6.875          2,385.97         80
                                       6.625          2,385.97
    MANASSAS         VA   20112          1            08/16/01         00
    0433145828                           05           10/01/01          0
    20014482                             O            09/01/31
    0


    5227452          964/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.125          2,223.27         55
                                       6.875          2,223.27
    SAN RAMON        CA   94583          5            08/09/01         00
    0433095700                           05           10/01/01          0
    138007                               O            09/01/31
    0


    5228219          964/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.125          2,155.90         56
                                       6.875          2,155.90
    SAN RAFAEL       CA   94901          2            08/07/01         00
    0433085339                           09           10/01/01          0
    400123051                            O            09/01/31
    0


    5228872          E22/G01             F          340,000.00         ZZ
                                         360        339,728.11          1
                                       7.125          2,290.64         80
                                       6.875          2,290.64
    WOODINVILLE      WA   98072          1            07/19/01         00
    0412845406                           05           09/01/01          0
    0412845406                           O            08/01/31
    0


    5228962          994/994             F          839,000.00         T
                                         360        837,781.66          1
                                       7.625          5,938.39         65
                                       7.375          5,938.39
    MOULTONBORO      NH   03254          1            06/26/01         00
    91850450                             05           08/01/01          0
    91850450                             O            07/01/31
    0


    5230042          227/G01             F          431,763.00         ZZ
                                         360        431,103.90          1
                                       7.375          2,982.08         74
                                       7.125          2,982.08
    GLENDALE         AZ   85304          2            06/25/01         00
    0433090321                           03           08/01/01          0
1


    1917000                              O            07/01/31
    0


    5232065          B57/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.375          2,762.70         48
                                       7.125          2,762.70
    LAKE ARROWHEAD   CA   92352          1            08/02/01         00
    0433081601                           29           10/01/01          0
    2115967                              O            09/01/31
    0


    5235294          994/X14             F          319,200.00         ZZ
                                         360        318,712.73          1
                                       7.375          2,204.64         80
                                       7.125          2,204.64
    TUSCALOOSA       AL   35406          1            06/28/01         00
    0080560092                           03           08/01/01          0
    0080560092                           O            07/01/31
    0


    5235297          994/X14             F          359,100.00         ZZ
                                         360        358,578.53          1
                                       7.625          2,541.69         90
                                       7.375          2,541.69
    SOUTH BEAUFORT   SC   29902          2            06/20/01         12
    0080645292                           03           08/01/01         25
    0080645292                           O            07/01/31
    0


    5235303          994/X14             F          650,000.00         ZZ
                                         360        648,804.95          1
                                       7.500          4,544.90         75
                                       7.250          4,544.90
    MIAMI            FL   33143          1            06/21/01         00
    0080677778                           05           08/01/01          0
    0080677778                           O            07/01/31
    0


    5235305          994/X14             F          334,300.00         ZZ
                                         360        333,826.58          1
                                       7.750          2,394.97         80
                                       7.500          2,394.97
    FENTON           MO   63026          1            06/08/01         00
    0080684800                           03           08/01/01          0
    0080684800                           O            07/01/31
    0


1


    5235306          994/X14             F          550,000.00         ZZ
                                         360        549,181.09          1
                                       7.500          3,845.68         79
                                       7.250          3,845.68
    LEAWOOD          KS   66211          1            06/19/01         00
    0080705653                           03           08/01/01          0
    0080705653                           O            07/01/31
    0


    5235307          994/X14             F          351,000.00         ZZ
                                         360        350,515.31          1
                                       7.875          2,544.99         90
                                       7.625          2,544.99
    CARLSTADT        NJ   07072          1            06/29/01         04
    0080718501                           05           08/01/01         25
    0080718501                           O            07/01/31
    0


    5235309          994/X14             F          412,150.00         ZZ
                                         360        411,520.85          1
                                       7.375          2,846.62         48
                                       7.125          2,846.62
    HERMOSA BEACH    CA   90254          2            06/04/01         00
    0218024036                           05           08/01/01          0
    0218024036                           O            07/01/31
    0


    5235310          994/X14             F          361,500.00         ZZ
                                         360        360,544.46          1
                                       8.125          2,684.13         63
                                       7.875          2,684.13
    PLYMOUTH         MI   48170          2            04/10/01         00
    0218062697                           05           06/01/01          0
    0218062697                           O            05/01/31
    0


    5235311          994/X14             F          383,500.00         ZZ
                                         360        382,861.29          1
                                       7.375          2,648.74         70
                                       7.125          2,648.74
    BROOKLYN         NY   11229          2            05/31/01         00
    0218074569                           05           08/01/01          0
    0218074569                           O            07/01/31
    0


    5235314          994/X14             F          402,000.00         ZZ
                                         360        400,825.05          1
                                       7.625          2,845.33         79
                                       7.375          2,845.33
1


    BUMPASS          VA   23024          2            04/05/01         00
    0218120966                           03           06/01/01          0
    0218120966                           O            05/01/31
    0


    5235319          994/X14             F          324,000.00         ZZ
                                         360        322,751.21          1
                                       7.375          2,237.79         80
                                       7.125          2,237.79
    BRANDON          FL   33511          1            05/03/01         00
    0218221442                           05           07/01/01          0
    0218221442                           O            06/01/31
    0


    5235336          994/X14             F          649,950.00         ZZ
                                         360        648,457.19          1
                                       7.375          4,489.04         78
                                       7.125          4,489.04
    OAKLAND TOWNSHI  MI   48363          1            05/21/01         00
    0218297897                           29           07/01/01          0
    0218297897                           O            06/01/31
    0


    5235337          994/X14             F          432,000.00         ZZ
                                         360        431,340.54          1
                                       7.375          2,983.72         80
                                       7.125          2,983.72
    POTOMAC          MD   20854          2            06/14/01         00
    0218308017                           05           08/01/01          0
    0218308017                           O            07/01/31
    0


    5235339          994/X14             F          685,300.00         ZZ
                                         360        684,116.62          1
                                       6.750          4,444.84         70
                                       6.500          4,444.84
    MAMARONECK       NY   10543          1            06/12/01         00
    0218316994                           05           08/01/01          0
    0218316994                           O            07/01/31
    0


    5235341          994/X14             F          360,000.00         ZZ
                                         360        359,173.15          1
                                       7.375          2,486.43         80
                                       7.125          2,486.43
    MARIETTA         GA   30062          2            05/21/01         00
    0218324006                           03           07/01/01          0
    0218324006                           O            06/01/31
    0
1




    5235347          994/X14             F          334,500.00         ZZ
                                         360        333,750.60          1
                                       7.500          2,338.87         75
                                       7.250          2,338.87
    STILLWATER       MN   55082          2            05/30/01         00
    0218359960                           05           07/01/01          0
    0218359960                           O            06/01/31
    0


    5235350          994/X14             F          392,500.00         ZZ
                                         360        391,620.64          1
                                       7.500          2,744.42         78
                                       7.250          2,744.42
    ASHBURN          VA   20148          2            05/31/01         00
    0218368656                           03           07/01/01          0
    0218368656                           O            06/01/31
    0


    5235351          994/X14             F          318,000.00         ZZ
                                         360        317,526.53          1
                                       7.500          2,223.50         76
                                       7.250          2,223.50
    SW LEESBURG      VA   20175          2            06/08/01         00
    0218372443                           03           08/01/01          0
    0218372443                           O            07/01/31
    0


    5235359          994/X14             F          510,000.00         ZZ
                                         360        384,554.67          1
                                       7.625          3,609.75         75
                                       7.375          3,609.75
    BELLEVEUE        WA   98006          2            06/07/01         00
    0218403271                           03           08/01/01          0
    0218403271                           O            07/01/31
    0


    5235361          994/X14             F          315,000.00         ZZ
                                         360        314,530.98          1
                                       7.500          2,202.53         80
                                       7.250          2,202.53
    ATLANTA          GA   30338          1            06/08/01         00
    0218405458                           05           08/01/01          0
    0218405458                           O            07/01/31
    0


    5235364          994/X14             F          380,000.00         ZZ
                                         360        379,405.33          1
1


                                       7.250          2,592.27         68
                                       7.000          2,592.27
    ATASCADERO       CA   93422          5            06/12/01         00
    0218442709                           05           08/01/01          0
    0218442709                           O            07/01/31
    0


    5235368          994/X14             F          338,500.00         ZZ
                                         360        337,983.26          1
                                       7.375          2,337.94         78
                                       7.125          2,337.94
    SAVAGE           MN   55378          2            06/18/01         00
    0218450645                           05           08/01/01          0
    0218450645                           O            07/01/31
    0


    5235369          994/X14             F          310,000.00         ZZ
                                         360        309,526.79          1
                                       7.375          2,141.09         80
                                       7.125          2,141.09
    LAKE OSWEGO      OR   97034          1            06/15/01         00
    0218456329                           05           08/01/01          0
    0218456329                           O            07/01/31
    0


    5235371          994/X14             F          312,000.00         ZZ
                                         360        311,558.16          1
                                       7.750          2,235.21         80
                                       7.500          2,235.21
    LONG BEACH       CA   90802          1            06/14/01         00
    0218464463                           01           08/01/01          0
    0218464463                           O            07/01/31
    0


    5235373          994/X14             F          320,000.00         ZZ
                                         360        319,499.24          1
                                       7.250          2,182.96         80
                                       7.000          2,182.96
    TUCSON           AZ   85750          1            06/21/01         00
    0218468985                           05           08/01/01          0
    0218468985                           O            07/01/31
    0


    5235374          994/X14             F          439,000.00         ZZ
                                         360        438,362.52          1
                                       7.625          3,107.21         76
                                       7.375          3,107.21
    NW WASHINGTON    DC   20015          2            06/22/01         00
    0218470122                           05           08/01/01          0
1


    0218470122                           O            07/01/31
    0


    5235375          994/X14             F          650,000.00         ZZ
                                         360        649,168.19          1
                                       8.250          4,883.23         62
                                       8.000          4,883.23
    CALABASAS        CA   91302          5            06/13/01         00
    0218478695                           03           08/01/01          0
    0218478695                           O            07/01/31
    0


    5235376          994/994             F          624,200.00         ZZ
                                         360        623,401.20          1
                                       8.250          4,689.41         70
                                       8.000          4,689.41
    LOS ANGELES      CA   90049          2            06/19/01         00
    0218484388                           05           08/01/01          0
    0218484388                           O            07/01/31
    0


    5235383          994/X14             F          565,000.00         ZZ
                                         360        564,115.14          1
                                       7.250          3,854.30         77
                                       7.000          3,854.30
    EUGENE           OR   97405          2            06/21/01         00
    0218505463                           05           08/01/01          0
    0218505463                           O            07/01/31
    0


    5235386          994/X14             F          530,000.00         ZZ
                                         360        528,022.74          1
                                       7.625          3,751.31         78
                                       7.375          3,751.31
    BERNARDS TWP     NJ   07920          1            06/29/01         00
    0218522377                           05           08/01/01          0
    0218522377                           O            07/01/31
    0


    5235391          994/X14             F          530,000.00         ZZ
                                         360        529,230.36          1
                                       7.625          3,751.31         67
                                       7.375          3,751.31
    TROY             MI   48098          2            06/06/01         00
    0402659879                           05           08/01/01          0
    0402659879                           O            07/01/31
    0


1


    5235392          994/X14             F          381,000.00         ZZ
                                         360        379,547.23          1
                                       7.375          2,631.48         73
                                       7.125          2,631.48
    CITY OF SEA ISL  NJ   08243          5            04/25/01         00
    0402712567                           01           06/01/01          0
    0402712567                           O            05/01/31
    0


    5235393          994/X14             F          400,000.00         ZZ
                                         360        399,081.24          1
                                       7.375          2,762.71         75
                                       7.125          2,762.71
    PINEHURST        NC   28374          2            05/17/01         00
    0402735560                           05           07/01/01          0
    0402735560                           O            06/01/31
    0


    5235394          994/X14             F          392,000.00         ZZ
                                         360        391,121.77          1
                                       7.500          2,740.92         80
                                       7.250          2,740.92
    SIOUX FALLS      SD   57103          2            05/07/01         00
    0402744917                           05           07/01/01          0
    0402744917                           O            06/01/31
    0


    5235396          994/X14             F          479,900.00         ZZ
                                         360        478,877.27          1
                                       7.750          3,438.07         80
                                       7.500          3,438.07
    ALEXANDRIA       VA   22310          1            05/25/01         00
    0402888718                           03           07/01/01          0
    0402888718                           O            06/01/31
    0


    5235399          994/X14             F          324,000.00         ZZ
                                         360        323,274.10          1
                                       7.500          2,265.46         90
                                       7.250          2,265.46
    BIGFORK          MT   59911          2            05/24/01         10
    0403049925                           05           07/01/01         25
    0403049925                           O            06/01/31
    0


    5235402          994/X14             F          395,000.00         ZZ
                                         360        394,069.98          1
                                       7.250          2,694.60         64
                                       7.000          2,694.60
1


    MONTVALE         NJ   07645          5            05/03/01         00
    0403067648                           05           07/01/01          0
    0403067648                           O            06/01/31
    0


    5235405          994/X14             F          527,000.00         ZZ
                                         360        526,111.98          1
                                       6.875          3,462.01         76
                                       6.625          3,462.01
    MIAMI            FL   33143          2            06/06/01         00
    0403339305                           05           08/01/01          0
    0403339305                           O            07/01/31
    0


    5235406          994/X14             F          399,000.00         ZZ
                                         360        398,739.00          1
                                       8.125          2,962.56         80
                                       7.875          2,962.56
    BRENTWOOD        TN   37027          2            06/28/01         00
    0403346068                           03           09/01/01          0
    0403346068                           O            08/01/31
    0


    5235407          994/X14             F          334,000.00         ZZ
                                         360        333,502.69          1
                                       7.500          2,335.38         80
                                       7.250          2,335.38
    MANORVILLE       NY   11949          1            06/14/01         00
    0403463514                           05           08/01/01          0
    0403463514                           O            07/01/31
    0


    5235408          994/X14             F          409,500.00         ZZ
                                         360        409,203.61          1
                                       7.625          2,898.42         75
                                       7.375          2,898.42
    EVERGREEN        CO   80439          2            07/11/01         00
    0403471551                           03           09/01/01          0
    0403471551                           O            08/01/31
    0


    5235413          994/X14             F          418,000.00         ZZ
                                         360        417,063.51          1
                                       7.500          2,922.72         64
                                       7.250          2,922.72
    SCARBOROUGH      ME   04074          2            04/30/01         00
    1000244196                           01           07/01/01          0
    1000244196                           O            06/01/31
    0
1




    5235415          994/X14             F          346,500.00         ZZ
                                         360        345,742.84          1
                                       7.625          2,452.51         87
                                       7.375          2,452.51
    STAMFORD         CT   06905          2            05/21/01         26
    1000246866                           05           07/01/01         25
    1000246866                           O            06/01/31
    0


    5235418          994/X14             F          360,000.00         ZZ
                                         360        359,173.12          1
                                       7.375          2,486.44         63
                                       7.125          2,486.44
    BELMONT          MA   02478          2            05/18/01         00
    1000264209                           05           07/01/01          0
    1000264209                           O            06/01/31
    0


    5235419          994/X14             F          348,500.00         ZZ
                                         360        347,927.01          1
                                       7.000          2,318.58         80
                                       6.750          2,318.58
    VOORHEES         NJ   08043          1            06/15/01         00
    1000264916                           03           08/01/01          0
    1000264916                           O            07/01/31
    0


    5235424          994/X14             F          334,000.00         ZZ
                                         360        333,113.00          1
                                       7.250          2,278.47         80
                                       7.000          2,278.47
    PORTLAND         ME   04101          1            06/01/01         00
    1000276837                           05           07/01/01          0
    1000276837                           O            06/01/31
    0


    5235429          994/X14             F          460,000.00         ZZ
                                         360        458,781.10          1
                                       7.000          3,060.39         78
                                       6.750          3,060.39
    EAST GREENWICH   RI   02818          1            05/09/01         00
    1000290507                           05           07/01/01          0
    1000290507                           O            06/01/31
    0


    5235434          994/X14             F          440,000.00         ZZ
                                         360        438,938.11          1
1


                                       7.125          2,964.37         37
                                       6.875          2,964.37
    WESTON           MA   02493          5            05/25/01         00
    1000294229                           05           07/01/01          0
    1000294229                           O            06/01/31
    0


    5235436          994/X14             F          443,000.00         ZZ
                                         360        441,904.24          1
                                       7.000          2,947.30         80
                                       6.750          2,947.30
    CHATHAM          NJ   07928          1            05/21/01         00
    1000296396                           05           07/01/01          0
    1000296396                           O            06/01/31
    0


    5235445          994/X14             F          310,000.00         ZZ
                                         360        309,514.88          1
                                       7.250          2,114.75         76
                                       7.000          2,114.75
    LONG BRANCH      NJ   07740          1            06/12/01         00
    1000309008                           01           08/01/01          0
    1000309008                           O            07/01/31
    0


    5236775          964/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.375          2,590.03         57
                                       7.125          2,590.03
    OAKLAND          CA   94611          2            08/08/01         00
    0433085263                           05           10/01/01          0
    400135834                            O            09/01/31
    0


    5237134          B60/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.250          2,728.71         74
                                       7.000          2,728.71
    NORTH HAMPTON    NH   03862          5            08/06/01         00
    0433144532                           05           10/01/01          0
    341560                               O            09/01/31
    0


    5237294          964/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       7.125          2,694.54         45
                                       6.875          2,694.54
    ALBANY           CA   94706          1            08/16/01         00
    0433102100                           05           10/01/01          0
1


    125813                               O            09/01/31
    0


    5237862          E22/G01             F          481,000.00         ZZ
                                         360        480,606.04          1
                                       7.250          3,281.27         74
                                       7.000          3,281.27
    NORTH PALM BEAC  FL   33408          2            07/26/01         00
    0412794232                           05           09/01/01          0
    0412794232                           O            08/01/31
    0


    5238367          225/G01             F          388,000.00         ZZ
                                         360        387,450.53          1
                                       7.750          2,779.68         78
                                       7.500          2,779.68
    ALEXANDRIA       VA   22310          2            06/18/01         00
    0433029121                           03           08/01/01          0
    6538694                              O            07/01/31
    0


    5238948          E82/G01             F          506,000.00         ZZ
                                         360        505,574.90          1
                                       6.875          3,324.06         80
                                       6.625          3,324.06
    SCOTTSDALE       AZ   85255          1            07/26/01         00
    0400460234                           03           09/01/01          0
    0400460234                           O            08/01/31
    0


    5238949          E82/G01             F          187,200.00         ZZ
                                         360        187,061.07          1
                                       7.500          1,308.93         54
                                       7.250          1,308.93
    RIDGEDALE        MO   65739          2            07/26/01         00
    0400456273                           05           09/01/01          0
    1641950                              O            08/01/31
    0


    5240885          956/G01             F          364,000.00         ZZ
                                         360        363,729.86          1
                                       7.500          2,545.14         80
                                       7.250          2,545.14
    MAHTOMEDI        MN   55115          1            07/25/01         00
    0433060274                           05           09/01/01          0
    3511070052                           O            08/01/31
    0


1


    5244259          964/G01             F          430,000.00         ZZ
                                         360        430,000.00          1
                                       7.125          2,896.99         48
                                       6.875          2,896.99
    LA CANADA FLINT  CA   91011          5            08/13/01         00
    0433104023                           05           10/01/01          0
    126506                               O            09/01/31
    0


    5246451          E22/G01             F          520,000.00         ZZ
                                         360        519,584.16          1
                                       7.125          3,503.34         80
                                       6.875          3,503.34
    DALLAS           TX   75287          1            08/01/01         00
    0412862385                           03           09/01/01          0
    0412862385                           O            08/01/31
    0


    5246574          253/253             F          315,000.00         ZZ
                                         360        314,772.01          1
                                       7.625          2,229.55         90
                                       7.375          2,229.55
    AUSTIN           TX   78734          4            07/06/01         14
    957301                               03           09/01/01         25
    957301                               O            08/01/31
    0


    5253663          461/G01             F          390,000.00         ZZ
                                         360        389,710.56          1
                                       7.500          2,726.94         50
                                       7.250          2,726.94
    SAN JOSE         CA   95120          5            07/13/01         00
    0433022977                           05           09/01/01          0
    9030679120                           O            08/01/31
    0


    5253671          461/G01             F          360,000.00         ZZ
                                         360        359,732.82          1
                                       7.500          2,517.18         50
                                       7.250          2,517.18
    SARATOGA         CA   95070          5            07/18/01         00
    0433077047                           05           09/01/01          0
    9030698120                           O            08/01/31
    0


    5253674          461/G01             F          362,000.00         ZZ
                                         360        361,717.60          1
                                       7.250          2,469.48         90
                                       7.000          2,469.48
1


    IRVINE           CA   92602          1            07/27/01         11
    0433035409                           03           09/01/01         25
    9030724496                           O            08/01/31
    0


    5253682          461/G01             F          395,000.00         ZZ
                                         360        394,706.85          1
                                       7.500          2,761.90         41
                                       7.250          2,761.90
    NEWPORT BEACH    CA   92661          2            07/12/01         00
    0433035011                           05           09/01/01          0
    9030592588                           O            08/01/31
    0


    5253697          461/G01             F          323,000.00         ZZ
                                         360        322,754.21          1
                                       7.375          2,230.89         57
                                       7.125          2,230.89
    SAN JOSE         CA   95118          2            06/29/01         00
    0433035938                           05           09/01/01          0
    9030651418                           O            08/01/31
    0


    5256046          F99/G01             F          475,000.00         ZZ
                                         360        474,629.45          1
                                       7.250          3,240.34         71
                                       7.000          3,240.34
    GUILFORD         CT   06437          1            07/27/01         00
    0433056603                           05           09/01/01          0
    4702113981                           O            08/01/31
    0


    5258236          964/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       7.375          2,762.36         48
                                       7.125          2,762.36
    LOS ANGELES      CA   91436          2            08/08/01         00
    0433075918                           05           10/01/01          0
    134642                               O            09/01/31
    0


    5259184          225/G01             F          375,000.00         ZZ
                                         360        374,066.78          1
                                       7.250          2,558.17         67
                                       7.000          2,558.17
    BATON ROUGE      LA   70820          1            05/18/01         00
    0433028321                           03           07/01/01          0
    7268569                              O            06/01/31
    0
1




    5259856          511/511             F          292,500.00         ZZ
                                         360        292,500.00          1
                                       7.250          1,995.37         90
                                       7.000          1,995.37
    SUFFOLK          VA   23434          2            08/10/01         11
    0002401513                           05           10/01/01         25
    0002401513                           O            09/01/31
    0


    5260217          964/G01             F          330,000.00         ZZ
                                         360        329,742.57          1
                                       7.250          2,251.18         38
                                       7.000          2,251.18
    SAN LUIS OBISPO  CA   93401          2            07/27/01         00
    0433046018                           05           09/01/01          0
    127889                               O            08/01/31
    0


    5260499          696/G01             F          390,000.00         ZZ
                                         360        389,703.24          1
                                       7.375          2,693.63         75
                                       7.125          2,693.63
    VIENNA           VA   22181          2            08/01/01         00
    0433016979                           03           09/01/01          0
    22301122                             O            08/01/31
    0


    5261983          F97/F97             F          485,000.00         ZZ
                                         360        484,259.65          1
                                       7.375          3,349.77         58
                                       7.125          3,349.77
    EVANSTON         IL   60201          2            06/21/01         00
    8000075512                           05           08/01/01          0
    8000075512                           O            07/01/31
    0


    5262410          F97/F97             F          492,000.00         ZZ
                                         360        491,248.96          1
                                       7.375          3,398.12         68
                                       7.125          3,398.12
    CHICAGO          IL   60611          2            06/20/01         00
    8000073781                           06           08/01/01          0
    8000073781                           O            07/01/31
    0


    5262491          F97/F97             F          354,000.00         ZZ
                                         360        353,459.62          1
1


                                       7.375          2,444.99         46
                                       7.125          2,444.99
    MICHIGAN CITY    IN   46360          2            06/06/01         00
    8000080273                           05           08/01/01          0
    8000080273                           O            07/01/31
    0


    5262769          F97/F97             F          550,000.00         ZZ
                                         360        549,201.31          1
                                       7.625          3,892.87         69
                                       7.375          3,892.87
    LAS VEGAS        NV   89144          1            06/22/01         00
    8000091089                           05           08/01/01          0
    8000091089                           O            07/01/31
    0


    5263003          F97/F97             F          287,500.00         ZZ
                                         360        287,061.13          1
                                       7.375          1,985.69         34
                                       7.125          1,985.69
    LAKE GENEVA      WI   53147          2            06/04/01         00
    8000079607                           05           08/01/01          0
    8000079607                           O            07/01/31
    0


    5265691          E82/G01             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       7.625          2,632.99         64
                                       7.375          2,632.99
    LEESBURG         VA   20175          2            07/31/01         00
    0400447173                           03           10/01/01          0
    1951639                              O            09/01/31
    0


    5266065          F97/F97             F          610,000.00         ZZ
                                         360        609,068.83          1
                                       7.375          4,213.12         78
                                       7.125          4,213.12
    BARRINGTON       IL   60010          2            05/21/01         00
    8000082616                           05           08/01/01          0
    8000082616                           O            07/01/31
    0


    5267094          286/286             F          382,400.00         ZZ
                                         360        382,174.23          1
                                       8.625          2,974.27         80
                                       8.375          2,974.27
    BUFFALO GROVE    IL   60089          2            07/09/01         00
    436760                               05           09/01/01          0
1


    436760                               O            08/01/31
    0


    5267095          286/286             F          429,600.00         ZZ
                                         360        428,960.35          1
                                       7.500          3,003.83         72
                                       7.250          3,003.83
    NAPERVILLE       IL   60564          2            06/29/01         00
    101637                               05           08/01/01          0
    101637                               O            07/01/31
    0


    5269125          964/G01             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       7.125          4,042.31         80
                                       6.875          4,042.31
    SACRAMENTO       CA   95819          1            08/16/01         00
    0433129095                           05           10/01/01          0
    138546                               O            09/01/31
    0


    5273910          964/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       7.250          2,728.36         51
                                       7.000          2,728.36
    LOS ANGELES      CA   90064          2            08/10/01         00
    0433098381                           05           10/01/01          0
    137114                               O            09/01/31
    0


    5275761          E22/G01             F          350,000.00         ZZ
                                         360        349,726.96          1
                                       7.250          2,387.62         75
                                       7.000          2,387.62
    STATELINE        NV   89449          5            07/25/01         00
    0412846214                           05           09/01/01          0
    0412846214                           O            08/01/31
    0


    5276666          E86/G01             F          355,000.00         ZZ
                                         360        354,497.27          1
                                       7.750          2,543.26         79
                                       7.500          2,543.26
    FAIR LAWN        NJ   07410          1            06/28/01         00
    0433036829                           05           08/01/01          0
    118578                               O            07/01/31
    0


1


    5280784          227/G01             F          520,000.00         ZZ
                                         360        519,206.19          1
                                       7.375          3,591.52         80
                                       7.125          3,591.52
    RENO             NV   89509          1            06/25/01         00
    0433077922                           03           08/01/01          0
    1919406                              O            07/01/31
    0


    5282083          227/G01             F          242,593.00         ZZ
                                         360        241,951.75          1
                                       8.125          1,801.25         80
                                       7.875          1,801.25
    WOODBRIDGE       VA   22193          1            05/04/01         00
    0433057049                           05           06/01/01          0
    1776059                              O            05/01/31
    0


    5284350          964/G01             F          476,000.00         ZZ
                                         360        476,000.00          1
                                       6.875          3,126.98         80
                                       6.625          3,126.98
    ANAHEIM          CA   92807          1            08/07/01         00
    0433102662                           05           10/01/01          0
    135899                               O            09/01/31
    0


    5285583          B57/G01             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       7.250          2,899.25         46
                                       7.000          2,899.25
    NEWPORT BEACH    CA   92660          1            08/01/01         00
    0433042215                           05           10/01/01          0
    2115969                              O            09/01/31
    0


    5288416          E82/G01             F          455,900.00         T
                                         360        455,900.00          1
                                       7.250          3,110.04         55
                                       7.000          3,110.04
    HONOLULU         HI   96821          2            08/06/01         00
    0400457982                           03           10/01/01          0
    0400457982                           O            09/01/31
    0


    5288807          696/G01             F          412,000.00         ZZ
                                         360        411,701.81          1
                                       7.625          2,916.11         80
                                       7.375          2,916.11
1


    ASHBURN          VA   20147          1            07/24/01         00
    0433019593                           03           09/01/01          0
    22301099                             O            08/01/31
    0


    5291155          562/G01             F          408,800.00         ZZ
                                         360        408,800.00          1
                                       7.250          2,788.74         80
                                       7.000          2,788.74
    PELHAM           NY   10804          1            08/23/01         00
    0433144243                           05           10/01/01          0
    297022650                            O            09/01/31
    0


    5292393          588/G01             F          498,400.00         ZZ
                                         360        498,011.20          1
                                       7.250          3,399.97         80
                                       7.000          3,399.97
    MILLBURN         NJ   07041          1            07/16/01         00
    0433075629                           05           09/01/01          0
    1044358                              O            08/01/31
    0


    5292866          994/X14             F          473,000.00         ZZ
                                         360        472,690.58          1
                                       8.125          3,512.02         58
                                       7.875          3,512.02
    SHELBURNE        VT   05482          2            06/26/01         00
    1000258229                           05           09/01/01          0
    1000258229                           O            08/01/31
    0


    5293230          588/G01             F          382,443.00         ZZ
                                         360        382,121.70          1
                                       6.875          2,512.38         80
                                       6.625          2,512.38
    HORSHAM TOWNSHI  PA   19002          1            07/12/01         00
    0433075637                           05           09/01/01          0
    1041040                              O            08/01/31
    0


    5294240          994/X14             F          296,000.00         ZZ
                                         360        295,780.33          1
                                       7.500          2,069.67         80
                                       7.250          2,069.67
    RENO             NV   89509          1            07/03/01         00
    718504359                            05           09/01/01          0
    718504359                            O            08/01/31
    0
1




    5298464          588/G01             F          374,800.00         ZZ
                                         360        374,213.47          1
                                       7.250          2,556.80         69
                                       7.000          2,556.80
    BOROUGH OF MONM  NJ   07750          5            06/26/01         00
    0433074960                           05           08/01/01          0
    1037280                              O            07/01/31
    0


    5298562          588/G01             F          480,000.00         ZZ
                                         360        479,596.74          1
                                       6.875          3,153.26         75
                                       6.625          3,153.26
    ARLINGTON        VA   22213          1            07/16/01         00
    0433074879                           05           09/01/01          0
    1044278                              O            08/01/31
    0


    5298694          696/G01             F          464,000.00         ZZ
                                         360        464,000.00          1
                                       7.250          3,165.30         80
                                       7.000          3,165.30
    BETHESDA         MD   20817          1            08/09/01         00
    0433038205                           05           10/01/01          0
    31801121                             O            09/01/31
    0


    5299209          588/G01             F          308,000.00         ZZ
                                         360        307,765.64          1
                                       7.375          2,127.28         80
                                       7.125          2,127.28
    KENSINGTON       MD   20895          1            07/16/01         00
    0433075124                           05           09/01/01          0
    1045558                              O            08/01/31
    0


    5299723          588/G01             F          301,200.00         ZZ
                                         360        300,704.78          1
                                       7.000          2,003.89         80
                                       6.750          2,003.89
    WHITEMARSH TOWN  PA   19444          1            06/29/01         00
    0433075223                           05           08/01/01          0
    1042005                              O            07/01/31
    0


    5300942          227/G01             F          465,600.00         ZZ
                                         360        465,245.71          1
1


                                       7.375          3,215.79         80
                                       7.125          3,215.79
    SUGAR LAND       TX   77479          4            07/13/01         00
    0433088564                           03           09/01/01          0
    1920106                              O            08/01/31
    0


    5302672          588/G01             F          519,200.00         ZZ
                                         360        518,814.68          1
                                       7.500          3,630.32         80
                                       7.250          3,630.32
    VIENNA           VA   22182          1            07/20/01         00
    0433075371                           03           09/01/01          0
    1043678                              O            08/01/31
    0


    5304313          588/G01             F          339,000.00         ZZ
                                         360        338,469.50          1
                                       7.250          2,312.58         80
                                       7.000          2,312.58
    BRANCHBURG TOWN  NJ   08853          1            06/07/01         00
    0433074986                           05           08/01/01          0
    1040768                              O            07/01/31
    0


    5305686          696/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.250          2,558.16         50
                                       7.000          2,558.16
    MCLEAN           VA   22101          1            08/10/01         00
    0433038320                           05           10/01/01          0
    25100123                             O            09/01/31
    0


    5305688          696/G01             F          325,600.00         ZZ
                                         360        325,358.36          1
                                       7.500          2,276.64         80
                                       7.250          2,276.64
    NORTH POTOMAC    MD   20878          1            07/31/01         00
    0433070661                           03           09/01/01          0
    32701178                             O            08/01/31
    0


    5308819          E22/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.500          2,622.05         75
                                       7.250          2,622.05
    EDISON TOWNSHIP  NJ   08820          2            08/06/01         00
    0412738734                           05           10/01/01          0
1


    0412738734                           O            09/01/31
    0


    5308863          E22/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.500          2,307.41         80
                                       7.250          2,307.41
    OVERLAND PARK    KS   66221          1            08/10/01         00
    0412853657                           03           10/01/01          0
    0412853657                           O            09/01/31
    0


    5308866          E22/G01             F          845,000.00         T
                                         360        845,000.00          1
                                       7.500          5,908.36         65
                                       7.250          5,908.36
    RANCHO DE TAOS   NM   87557          2            08/03/01         00
    0412856148                           05           10/01/01          0
    0412856148                           O            09/01/31
    0


    5310916          952/G01             F          411,000.00         ZZ
                                         360        411,000.00          1
                                       6.875          2,699.98         51
                                       6.625          2,699.98
    CLOSTER          NJ   07624          5            08/03/01         00
    0433098290                           05           10/01/01          0
    20013832                             O            09/01/31
    0


    5313467          Q59/G01             F          342,000.00         ZZ
                                         360        342,000.00          1
                                       7.125          2,304.12         90
                                       6.875          2,304.12
    STEVENSON RANCH  CA   91381          1            08/15/01         11
    0433136777                           03           10/01/01         25
    303905                               O            09/01/31
    0


    5315267          696/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.750          2,334.95         79
                                       6.500          2,334.95
    FAIRFAX          VA   22032          1            08/08/01         00
    0433042702                           05           10/01/01          0
    21701190                             O            09/01/31
    0


1


    5319263          E22/G01             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       7.750          2,235.21         80
                                       7.500          2,235.21
    LATHRUP VILLAGE  MI   48076          2            08/08/01         00
    0412889826                           05           10/01/01          0
    0412889826                           O            09/01/31
    0


    5319269          E22/G01             F           69,000.00         ZZ
                                         360         69,000.00          1
                                       7.875            500.30         75
                                       7.625            500.30
    HIALEAH          FL   33016          2            08/07/01         00
    0412894636                           01           10/01/01          0
    0412894636                           O            09/01/31
    0


    5319363          E82/G01             F          417,000.00         ZZ
                                         360        417,000.00          1
                                       7.250          2,844.68         67
                                       7.000          2,844.68
    LAKE OSWEGO      OR   97035          2            08/10/01         00
    0400456992                           05           10/01/01          0
    0400456992                           O            09/01/31
    0


    5325749          227/G01             F          183,300.00         ZZ
                                         360        183,146.00          1
                                       6.875          1,204.16         80
                                       6.625          1,204.16
    ALEXANDRIA       VA   22304          1            07/20/01         00
    0433112042                           01           09/01/01          0
    1775336                              O            08/01/31
    0


    5333168          588/G01             F          316,000.00         ZZ
                                         360        315,759.55          1
                                       7.375          2,182.53         80
                                       7.125          2,182.53
    MANASQUAN BOROU  NJ   08736          1            07/23/01         00
    0433075116                           05           09/01/01          0
    1044971                              O            08/01/31
    0


    5337405          588/G01             F          368,000.00         ZZ
                                         360        367,726.89          1
                                       7.500          2,573.11         80
                                       7.250          2,573.11
1


    NEW PROVIDENCE   NJ   07974          1            07/27/01         00
    0433075264                           05           09/01/01          0
    1045816                              O            08/01/31
    0


    5338045          K79/G01             F          351,400.00         ZZ
                                         360        351,400.00          1
                                       7.500          2,457.04         70
                                       7.250          2,457.04
    WESTBOROUGH      MA   01581          1            08/10/01         00
    0433088879                           05           10/01/01          0
    13918                                O            09/01/31
    0


    5338273          696/G01             F          322,000.00         ZZ
                                         360        322,000.00          1
                                       7.500          2,251.47         80
                                       7.250          2,251.47
    FAIRFAX          VA   22030          1            08/10/01         00
    0433098225                           05           10/01/01          0
    25201094                             O            09/01/31
    0


    5338490          G75/G75             F          318,400.00         ZZ
                                         360        318,169.55          1
                                       7.625          2,253.62         80
                                       7.375          2,253.62
    PRINCETON        NJ   08540          1            07/16/01         00
    03924328                             05           09/01/01          0
    03924328                             O            08/01/31
    0


    5338491          G75/G75             F          348,800.00         ZZ
                                         360        348,541.13          1
                                       7.500          2,438.87         80
                                       7.250          2,438.87
    WASHINGTON       DC   20007          1            07/27/01         00
    04427046                             05           09/01/01          0
    04427046                             O            08/01/31
    0


    5338495          G75/G75             F          343,200.00         ZZ
                                         360        342,688.99          1
                                       7.500          2,399.71         80
                                       7.250          2,399.71
    CLARKSVILLE      MD   21029          2            06/25/01         00
    04389450                             05           08/01/01          0
    04389450                             O            07/01/31
    0
1




    5338496          G75/G75             F          528,000.00         ZZ
                                         360        527,173.71          1
                                       7.250          3,601.90         80
                                       7.000          3,601.90
    LONGWOOD         FL   32779          1            06/29/01         00
    04377708                             03           08/01/01          0
    04377708                             O            07/01/31
    0


    5338501          G75/G75             F          329,600.00         ZZ
                                         360        329,355.38          1
                                       7.500          2,304.62         80
                                       7.250          2,304.62
    ROCKVILLE        VA   23146          2            07/17/01         00
    04390592                             05           09/01/01          0
    04390592                             O            08/01/31
    0


    5338505          G75/G75             F          331,100.00         ZZ
                                         360        330,848.06          1
                                       7.375          2,286.83         79
                                       7.125          2,286.83
    STERLING         VA   20164          2            07/02/01         00
    04368280                             05           09/01/01          0
    04368280                             O            08/01/31
    0


    5338507          G75/G75             F          382,720.00         ZZ
                                         360        382,121.07          1
                                       7.250          2,610.83         80
                                       7.000          2,610.83
    STAFFORD         VA   22554          1            06/29/01         00
    04317308                             03           08/01/01          0
    04317308                             O            07/01/31
    0


    5338509          G75/G75             F          384,600.00         ZZ
                                         360        383,998.14          1
                                       7.250          2,623.65         55
                                       7.000          2,623.65
    BANNER ELK       NC   28604          2            06/15/01         00
    04367377                             05           08/01/01          0
    04367377                             O            07/01/31
    0


    5338514          G75/G75             F          369,000.00         ZZ
                                         360        368,450.57          1
1


                                       7.500          2,580.11         90
                                       7.250          2,580.11
    MONROVIA         MD   21770          1            06/19/01         01
    04229666                             05           08/01/01         25
    04229666                             O            07/01/31
    0


    5338519          G75/G75             F          176,400.00         ZZ
                                         360        176,275.49          1
                                       7.750          1,263.76         90
                                       7.500          1,263.76
    CINCINNATI       OH   45245          1            07/16/01         01
    04373988                             05           09/01/01         25
    04373988                             O            08/01/31
    0


    5338520          G75/G75             F          400,000.00         ZZ
                                         360        399,486.35          1
                                       6.750          2,594.40         80
                                       6.500          2,594.40
    WEST PIKELAND T  PA   19425          1            08/02/01         00
    04279851                             03           09/01/01          0
    04279851                             O            08/01/31
    0


    5338529          G75/G75             F          281,100.00         ZZ
                                         360        280,891.38          1
                                       7.500          1,965.50         80
                                       7.250          1,965.50
    COOKSVILLE       MD   21723          1            07/31/01         00
    04322208                             03           09/01/01          0
    04322208                             O            08/01/31
    0


    5338530          G75/G75             F          492,000.00         ZZ
                                         360        491,652.75          1
                                       7.750          3,524.75         80
                                       7.500          3,524.75
    RICHMOND         VA   23220          1            07/26/01         00
    04363141                             05           09/01/01          0
    04363141                             O            08/01/31
    0


    5338531          G75/G75             F          300,000.00         ZZ
                                         360        299,777.35          1
                                       7.500          2,097.65         75
                                       7.250          2,097.65
    PARK RIDGE       IL   60068          1            07/30/01         00
    04405684                             05           09/01/01          0
1


    04405684                             O            08/01/31
    0


    5338532          G75/G75             F          343,600.00         ZZ
                                         360        343,338.55          1
                                       7.375          2,373.16         90
                                       7.125          2,373.16
    CLAYTON          NC   27520          1            07/31/01         12
    04361945                             03           09/01/01         25
    04361945                             O            08/01/31
    0


    5339541          588/G01             F          316,000.00         ZZ
                                         360        315,771.29          1
                                       7.625          2,236.63         80
                                       7.375          2,236.63
    BERNARDS TOWNSH  NJ   07920          1            07/31/01         00
    0433075132                           09           09/01/01          0
    1045544                              O            08/01/31
    0


    5339969          964/G01             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       6.750            908.04         80
                                       6.500            908.04
    LAS VEGAS        NV   89147          1            08/22/01         00
    0433133097                           05           10/01/01          0
    141289                               O            09/01/31
    0


    5340040          588/G01             F          411,000.00         ZZ
                                         360        410,654.71          1
                                       6.875          2,699.98         54
                                       6.625          2,699.98
    MOUNT LAUREL TO  NJ   08054          1            07/16/01         00
    0433075447                           03           09/01/01          0
    1039300                              O            08/01/31
    0


    5341703          E22/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.375          2,348.30         80
                                       7.125          2,348.30
    DALLAS           TX   75230          1            08/14/01         00
    0412879819                           05           10/01/01          0
    0412879819                           O            09/01/31
    0


1


    5343507          L60/F27             F          380,000.00         ZZ
                                         360        379,148.64          1
                                       7.500          2,657.02         80
                                       7.250          2,657.02
    PHOENIX          MD   21131          1            05/23/01         00
    6990328348                           05           07/01/01          0
    6990328348                           O            06/01/31
    0


    5343532          L60/F27             F          445,000.00         ZZ
                                         300        443,982.31          1
                                       7.500          3,288.51         62
                                       7.250          3,288.51
    ASHLAND          VA   23005          5            06/11/01         00
    6920073555                           05           08/01/01          0
    6920073555                           O            07/01/26
    0


    5343538          L60/F27             F          312,000.00         ZZ
                                         360        311,228.30          1
                                       7.000          2,075.74         80
                                       6.750          2,075.74
    DURHAM           NC   27712          1            05/25/01         00
    6610716286                           05           07/01/01          0
    6610716286                           O            06/01/31
    0


    5343539          L60/F27             F          343,000.00         ZZ
                                         360        342,231.54          1
                                       7.500          2,398.31         77
                                       7.250          2,398.31
    FLORENCE         SC   29501          2            05/24/01         00
    6610677655                           05           07/01/01          0
    6610677655                           O            06/01/31
    0


    5343543          L60/F27             F          395,000.00         T
                                         360        394,440.62          1
                                       7.750          2,829.83         76
                                       7.500          2,829.83
    COROLLA          NC   27927          2            06/16/01         00
    6990360160                           03           08/01/01          0
    6990360160                           O            07/01/31
    0


    5343547          L60/F27             F          353,700.00         T
                                         360        352,867.22          1
                                       7.250          2,412.86         75
                                       7.000          2,412.86
1


    SOUTHERN SHORES  NC   27949          2            06/07/01         00
    6990374161                           05           07/01/01          0
    6990374161                           O            06/01/31
    0


    5343551          L60/F27             F          285,000.00         ZZ
                                         360        284,564.95          1
                                       7.375          1,968.42         76
                                       7.125          1,968.42
    PASADENA         MD   21122          2            05/31/01         00
    6960166114                           05           08/01/01          0
    6960166114                           O            07/01/31
    0


    5343556          L60/F27             F          650,000.00         ZZ
                                         360        648,392.25          1
                                       7.000          4,324.47         73
                                       6.750          4,324.47
    VIRGINIA BEACH   VA   23451          2            05/16/01         00
    6920062782                           05           07/01/01          0
    6920062782                           O            06/01/31
    0


    5343557          L60/F27             F          328,250.00         ZZ
                                         360        326,010.19          1
                                       7.375          2,267.14         78
                                       7.125          2,267.14
    JAMESTOWN        NC   27282          2            05/09/01         00
    6610695211                           03           07/01/01          0
    6610695211                           O            06/01/31
    0


    5343558          L60/F27             F          422,000.00         T
                                         360        421,054.54          1
                                       7.500          2,950.69         67
                                       7.250          2,950.69
    PANAMA CITY BEA  FL   32413          2            05/14/01         00
    6960161325                           03           07/01/01          0
    6960161325                           O            06/01/31
    0


    5343562          L60/F27             F          332,000.00         ZZ
                                         360        331,493.20          1
                                       7.375          2,293.04         80
                                       7.125          2,293.04
    MC DONOUGH       GA   30253          1            06/14/01         00
    6960163476                           03           08/01/01          0
    6960163476                           O            07/01/31
    0
1




    5343563          L60/F27             F          431,500.00         ZZ
                                         360        430,072.78          1
                                       7.000          2,870.78         58
                                       6.750          2,870.78
    WASHINGTON       DC   20015          2            05/04/01         00
    6990352265                           05           06/01/01          0
    6990352265                           O            05/01/31
    0


    5343566          L60/F27             F          450,000.00         ZZ
                                         360        449,016.70          1
                                       7.625          3,185.07         75
                                       7.375          3,185.07
    BOONE            NC   28607          2            05/04/01         00
    6610679267                           05           07/01/01          0
    6610679267                           O            06/01/31
    0


    5343570          L60/F27             F          350,000.00         ZZ
                                         360        349,215.87          1
                                       7.500          2,447.25         80
                                       7.250          2,447.25
    RUTHERFORDTON    NC   28139          2            05/18/01         00
    6610688231                           05           07/01/01          0
    6610688231                           O            06/01/31
    0


    5343571          L60/F27             F          389,000.00         ZZ
                                         240        386,810.75          1
                                       7.250          3,074.56         65
                                       7.000          3,074.56
    BROOKS           GA   30205          2            05/24/01         00
    6610655414                           05           07/01/01          0
    6610655414                           O            06/01/21
    0


    5343574          L60/F27             F          325,920.00         ZZ
                                         360        325,171.42          1
                                       7.375          2,251.05         80
                                       7.125          2,251.05
    DURHAM           NC   27707          1            05/23/01         00
    6610713945                           05           07/01/01          0
    6610713945                           O            06/01/31
    0


    5343587          L60/F27             F          350,000.00         ZZ
                                         360        349,235.20          1
1


                                       7.625          2,477.28         77
                                       7.375          2,477.28
    KEY WEST         FL   33040          2            04/27/01         00
    6960143831                           05           07/01/01          0
    6960143831                           O            06/01/31
    0


    5343590          L60/F27             F          384,000.00         ZZ
                                         360        383,111.27          1
                                       7.500          2,684.98         74
                                       7.250          2,684.98
    WALDORF          MD   20601          5            06/22/01         00
    6920104884                           05           08/01/01          0
    6920104884                           O            07/01/31
    0


    5343598          L60/F27             F          392,000.00         ZZ
                                         360        391,121.77          1
                                       7.500          2,740.92         80
                                       7.250          2,740.92
    ALPHARETTA       GA   30005          1            05/04/01         00
    6960050353                           05           07/01/01          0
    6960050353                           O            06/01/31
    0


    5343608          L60/F27             F          500,000.00         ZZ
                                         360        498,574.70          1
                                       7.750          3,582.06         44
                                       7.500          3,582.06
    CHAPEL HILL      NC   27514          5            04/06/01         00
    6990327201                           05           06/01/01          0
    6990327201                           O            05/01/31
    0


    5343616          L60/F27             F          324,000.00         ZZ
                                         360        323,255.82          1
                                       7.375          2,237.79         80
                                       7.125          2,237.79
    STEM             NC   27581          1            05/21/01         00
    6610689831                           05           07/01/01          0
    6610689831                           O            06/01/31
    0


    5343645          L60/F27             F          140,000.00         T
                                         360        139,811.50          1
                                       8.000          1,027.27         33
                                       7.750          1,027.27
    SOUTHPORT        NC   28461          2            06/29/01         00
    6610278351                           03           08/01/01          0
1


    6610278351                           O            07/01/31
    0


    5343660          L60/F27             F          286,000.00         ZZ
                                         360        285,326.64          1
                                       7.250          1,951.02         69
                                       7.000          1,951.02
    RICHMOND         VA   23226          2            05/11/01         00
    6920072028                           05           07/01/01          0
    6920072028                           O            06/01/31
    0


    5343675          L60/F27             F          316,000.00         ZZ
                                         360        314,841.81          1
                                       7.625          2,236.63         80
                                       7.375          2,236.63
    GLEN ALLEN       VA   23059          1            03/29/01         00
    6990334348                           05           05/01/01          0
    6990334348                           O            04/01/31
    0


    5343679          L60/F27             F          321,600.00         ZZ
                                         360        319,961.49          1
                                       7.250          2,193.88         80
                                       7.000          2,193.88
    WINSTON SALEM    NC   27106          1            04/25/01         00
    6610680427                           03           06/01/01          0
    6610680427                           O            05/01/31
    0


    5343682          L60/F27             F          325,000.00         ZZ
                                         360        324,050.09          1
                                       7.625          2,300.33         73
                                       7.375          2,300.33
    CANTON           NC   28716          2            04/23/01         00
    6990284782                           05           06/01/01          0
    6990284782                           O            05/01/31
    0


    5343683          L60/F27             F          327,300.00         ZZ
                                         360        326,007.87          1
                                       7.250          2,232.76         80
                                       7.000          2,232.76
    CLARKSVILLE      MD   21029          1            03/30/01         00
    6990278006                           05           05/01/01          0
    6990278006                           O            04/01/31
    0


1


    5343687          L60/F27             F          340,000.00         ZZ
                                         360        338,819.16          1
                                       6.750          2,205.23         80
                                       6.500          2,205.23
    WOODBRIDGE       VA   22192          1            04/27/01         00
    6920049166                           03           06/01/01          0
    6920049166                           O            05/01/31
    0


    5343693          L60/F27             F          348,400.00         ZZ
                                         360        347,329.78          1
                                       7.375          2,406.31         80
                                       7.125          2,406.31
    OLNEY            MD   20832          1            04/30/01         00
    6920053597                           03           06/01/01          0
    6920053597                           O            05/01/31
    0


    5343696          L60/F27             F          352,000.00         ZZ
                                         360        350,945.20          1
                                       7.500          2,461.24         80
                                       7.250          2,461.24
    GREAT FALLS      VA   22066          1            04/30/01         00
    6960144617                           03           06/01/01          0
    6960144617                           O            05/01/31
    0


    5343701          L60/F27             F          360,000.00         ZZ
                                         360        359,152.41          1
                                       7.250          2,455.83         80
                                       7.000          2,455.83
    GREENSBORO       NC   27455          2            05/09/01         00
    6610681830                           03           07/01/01          0
    6610681830                           O            06/01/31
    0


    5343704          L60/F27             F          367,200.00         ZZ
                                         360        366,072.01          1
                                       7.375          2,536.16         80
                                       7.125          2,536.16
    SILVER SPRING    MD   20910          1            04/24/01         00
    6990323672                           05           06/01/01          0
    6990323672                           O            05/01/31
    0


    5343705          L60/F27             F          370,000.00         ZZ
                                         360        368,891.30          1
                                       7.500          2,587.09         78
                                       7.250          2,587.09
1


    CHAPIN           SC   29036          2            04/06/01         00
    6610650765                           05           06/01/01          0
    6610650765                           O            05/01/31
    0


    5343707          L60/F27             F          376,000.00         T
                                         360        374,411.13          1
                                       7.250          2,564.98         80
                                       7.000          2,564.98
    SUNSET BEACH     NC   28468          1            03/30/01         00
    6990333333                           05           05/01/01          0
    6990333333                           O            04/01/31
    0


    5343709          L60/F27             F          380,800.00         ZZ
                                         360        379,296.63          1
                                       7.250          2,597.73         80
                                       7.000          2,597.73
    VIRGINIA BEACH   VA   23451          2            03/31/01         00
    6990322927                           05           05/01/01          0
    6990322927                           O            04/01/31
    0


    5343714          L60/F27             F          390,500.00         ZZ
                                         360        389,270.40          1
                                       7.250          2,663.90         80
                                       7.000          2,663.90
    GREENSBORO       NC   27455          1            04/10/01         00
    6610656771                           03           06/01/01          0
    6610656771                           O            05/01/31
    0


    5343720          L60/F27             F          403,500.00         ZZ
                                         360        401,492.91          1
                                       6.875          2,650.71         80
                                       6.625          2,650.71
    WAKE FOREST      NC   27587          2            03/26/01         00
    6990313219                           05           05/01/01          0
    6990313219                           O            04/01/31
    0


    5343723          L60/F27             F          413,000.00         ZZ
                                         358        411,457.98          1
                                       7.500          2,892.06         72
                                       7.250          2,892.06
    KITTY HAWK       NC   27949          2            06/01/01         00
    6610310344                           03           07/01/01          0
    6610310344                           O            04/01/31
    0
1




    5343724          L60/F27             F          415,000.00         ZZ
                                         360        413,401.53          1
                                       7.375          2,866.31         73
                                       7.125          2,866.31
    KENSINGTON       MD   20895          2            03/20/01         00
    6990318113                           05           05/01/01          0
    6990318113                           O            04/01/31
    0


    5343725          L60/F27             F          415,000.00         T
                                         360        413,725.19          1
                                       7.375          2,866.30         67
                                       7.125          2,866.30
    PENHOOK          VA   24137          1            04/02/01         00
    6920050679                           03           06/01/01          0
    6920050679                           O            05/01/31
    0


    5343727          L60/F27             F          417,250.00         ZZ
                                         360        416,267.61          1
                                       7.250          2,846.38         73
                                       7.000          2,846.38
    LEXINGTON        SC   29072          2            04/27/01         00
    6610678740                           03           07/01/01          0
    6610678740                           O            06/01/31
    0


    5343736          L60/F27             F          450,000.00         ZZ
                                         360        448,617.65          1
                                       7.375          3,108.04         63
                                       7.125          3,108.04
    HILTON HEAD      SC   29926          5            04/06/01         00
    6990341093                           05           06/01/01          0
    6990341093                           O            05/01/31
    0


    5343741          L60/F27             F          460,000.00         ZZ
                                         240        456,947.62          1
                                       7.250          3,635.73         80
                                       7.000          3,635.73
    WRIGHTSVILLE BE  NC   28480          2            05/03/01         00
    6610461504                           05           07/01/01          0
    6610461504                           O            06/01/21
    0


    5343743          L60/F27             F          468,800.00         ZZ
                                         360        467,463.63          1
1


                                       7.750          3,358.54         80
                                       7.500          3,358.54
    EDGEWATER        MD   21037          1            04/30/01         00
    6920029327                           03           06/01/01          0
    6920029327                           O            05/01/31
    0


    5343752          L60/F27             F          505,000.00         ZZ
                                         360        503,448.72          1
                                       7.375          3,487.91         57
                                       7.125          3,487.91
    HILLSBOROUGH     NC   27278          2            04/20/01         00
    6610693448                           03           06/01/01          0
    6610693448                           O            05/01/31
    0


    5343753          L60/F27             F          509,700.00         ZZ
                                         360        507,687.78          1
                                       7.250          3,477.05         80
                                       7.000          3,477.05
    LEESBURG         VA   20175          1            03/06/01         00
    6920015261                           05           05/01/01          0
    6920015261                           O            04/01/31
    0


    5343764          L60/F27             F          560,000.00         T
                                         360        557,998.09          1
                                       7.750          4,011.91         80
                                       7.500          4,011.91
    LANCASTER        VA   22503          1            03/30/01         00
    6990288214                           05           05/01/01          0
    6990288214                           O            04/01/31
    0


    5346682          950/G01             F          368,000.00         ZZ
                                         360        367,719.98          1
                                       7.375          2,541.69         80
                                       7.125          2,541.69
    BELLEVUE         WA   98004          1            07/17/01         00
    0433097805                           05           09/01/01          0
    101000225115                         O            08/01/31
    0


    5348494          E33/G01             F          459,000.00         ZZ
                                         360        459,000.00          1
                                       7.125          3,092.37         68
                                       6.875          3,092.37
    HIGHWOOD         IL   60040          2            08/10/01         00
    0433089414                           05           10/01/01          0
1


    WARSHELL                             O            09/01/31
    0


    5352093          956/G01             F          375,500.00         ZZ
                                         360        375,214.27          1
                                       7.375          2,593.49         89
                                       7.125          2,593.49
    LAS VEGAS        NV   89113          2            07/24/01         10
    0433102142                           03           09/01/01         25
    01543                                O            08/01/31
    0


    5353681          696/G01             F          394,000.00         ZZ
                                         360        393,700.20          1
                                       7.375          2,721.26         80
                                       7.125          2,721.26
    MCLEAN           VA   22101          1            07/30/01         00
    0433053469                           05           09/01/01          0
    23101060                             O            08/01/31
    0


    5353688          696/G01             F          428,000.00         ZZ
                                         360        428,000.00          1
                                       7.375          2,956.09         70
                                       7.125          2,956.09
    ARLINGTON        VA   22207          2            08/10/01         00
    0433052396                           05           10/01/01          0
    22301123                             O            09/01/31
    0


    5353957          956/G01             F          294,500.00         ZZ
                                         360        294,270.26          1
                                       7.250          2,009.01         95
                                       7.000          2,009.01
    WEST COVINA      CA   91791          1            07/26/01         04
    0433123130                           05           09/01/01         30
    1911070056                           O            08/01/31
    0


    5356117          L20/G01             F          443,500.00         ZZ
                                         360        443,500.00          1
                                       7.125          2,987.94         68
                                       6.875          2,987.94
    SALT LAKE CITY   UT   84121          5            08/17/01         00
    0433147030                           05           10/01/01          0
    283170                               O            09/01/31
    0


1


    5359983          696/G01             F          857,500.00         ZZ
                                         360        857,500.00          1
                                       7.125          5,777.14         70
                                       6.875          5,777.14
    FALLS CHURCH     VA   22046          2            08/10/01         00
    0433054731                           05           10/01/01          0
    10001046                             O            09/01/31
    0


    5363200          E22/G01             F          115,000.00         ZZ
                                         360        115,000.00          1
                                       7.375            794.28         75
                                       7.125            794.28
    DALLAS           TX   75230          1            08/03/01         00
    0412842098                           07           10/01/01          0
    0412842098                           O            09/01/31
    0


    5366817          994/994             F          360,000.00         ZZ
                                         360        359,752.25          1
                                       7.875          2,610.25         68
                                       7.625          2,610.25
    SALEM            MA   01970          5            07/05/01         00
    321-851020-8                         05           09/01/01          0
    321-851020-8                         O            08/01/31
    0


    5367948          G51/G01             F          360,000.00         ZZ
                                         360        359,726.07          1
                                       7.375          2,486.43         47
                                       7.125          2,486.43
    BOULDER          CO   80303          5            08/03/01         00
    0433103363                           05           09/01/01          0
    5868571                              O            08/01/31
    0


    5369262          E82/G01             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       7.500          1,195.66         60
                                       7.250          1,195.66
    BURKE            VA   22015          2            08/13/01         00
    0400442695                           05           10/01/01          0
    0400442695                           O            09/01/31
    0


    5371872          696/G01             F          268,000.00         ZZ
                                         360        268,000.00          1
                                       7.750          1,919.98         80
                                       7.500          1,919.98
1


    WASHINGTON       DC   20010          1            08/13/01         00
    0433070984                           05           10/01/01          0
    25601185                             O            09/01/31
    0


    5371873          696/G01             F          505,000.00         ZZ
                                         360        505,000.00          1
                                       7.375          3,487.91         78
                                       7.125          3,487.91
    MCLEAN           VA   22102          2            08/15/01         00
    0433060126                           05           10/01/01          0
    25301112                             O            09/01/31
    0


    5373821          E22/G01             F          354,000.00         ZZ
                                         360        354,000.00          1
                                       7.000          2,355.17         85
                                       6.750          2,355.17
    FEDERAL WAY      WA   98003          1            08/07/01         01
    0412875510                           05           10/01/01         12
    0412875510                           O            09/01/31
    0


    5373832          E22/G01             F          152,950.00         ZZ
                                         360        152,950.00          1
                                       7.750          1,095.75         95
                                       7.500          1,095.75
    EUGENE           OR   97405          1            08/14/01         01
    0412887473                           05           10/01/01         30
    0412887473                           O            09/01/31
    0


    5373853          E22/G01             F          348,500.00         ZZ
                                         360        348,500.00          1
                                       7.000          2,318.58         75
                                       6.750          2,318.58
    CASTRO VALLEY    CA   94546          5            08/09/01         00
    0412905754                           05           10/01/01          0
    0412905754                           O            09/01/31
    0


    5373945          994/994             F          535,150.00         ZZ
                                         360        534,333.08          1
                                       7.375          3,696.15         67
                                       7.125          3,696.15
    EASTON           CT   06612          2            06/08/01         00
    1000206642                           05           08/01/01          0
    1000206642                           O            07/01/31
    0
1




    5374195          623/G01             F          454,750.00         ZZ
                                         360        453,731.19          1
                                       7.500          3,179.68         79
                                       7.250          3,179.68
    SCOTTSDALE       AZ   85258          2            05/31/01         00
    0433110087                           01           07/01/01          0
    1978404                              O            06/01/31
    0


    5374203          623/G01             F          560,000.00         ZZ
                                         360        559,573.89          1
                                       7.375          3,867.78         80
                                       7.125          3,867.78
    AURORA           CO   80016          2            07/25/01         00
    0433111606                           03           09/01/01          0
    1984808                              O            08/01/31
    0


    5374211          623/G01             F          286,200.00         ZZ
                                         360        285,070.11          1
                                       7.250          1,952.39         89
                                       7.000          1,952.39
    STAFFORD         CT   06076          4            03/30/01         10
    0433112489                           05           05/01/01         25
    5266027                              O            04/01/31
    0


    5379635          M29/G01             F          364,600.00         ZZ
                                         360        364,322.57          1
                                       7.375          2,518.20         80
                                       7.125          2,518.20
    HIGHLANDS RANCH  CO   80129          1            07/27/01         00
    0433065950                           03           09/01/01          0
    010798CB                             O            08/01/31
    0


    5385064          994/X14             F          346,500.00         ZZ
                                         360        345,761.57          1
                                       7.750          2,482.37         70
                                       7.500          2,482.37
    HOPINTON         NH   03229          5            06/22/01         00
    1000222449                           05           08/01/01          0
    1000222449                           O            07/01/31
    0


    5385085          994/X14             F          520,000.00         ZZ
                                         360        519,145.02          1
1


                                       7.000          3,459.58         70
                                       6.750          3,459.58
    EAST GREENWOCH   RI   02818          1            06/28/01         00
    100313400                            05           08/01/01          0
    100313400                            O            07/01/31
    0


    5385307          696/G01             F          319,200.00         ZZ
                                         360        319,200.00          1
                                       7.500          2,231.89         80
                                       7.250          2,231.89
    PURCELLVILLE     VA   20132          1            08/10/01         00
    0433098696                           05           10/01/01          0
    24001132                             O            09/01/31
    0


    5385838          025/025             F          330,000.00         ZZ
                                         360        329,142.80          1
                                       6.750          2,140.38         63
                                       6.500          2,140.38
    ALEXANDRIA       VA   22304          5            05/24/01         00
    0130243835                           05           07/01/01          0
    0130243835                           O            06/01/31
    0


    5385982          025/025             F          460,000.00         ZZ
                                         360        459,332.00          1
                                       7.625          3,255.86         80
                                       7.375          3,255.86
    GENEVA           FL   32732          1            06/25/01         00
    0139177745                           05           08/01/01          0
    0139177745                           O            07/01/31
    0


    5386320          025/025             F          510,000.00         ZZ
                                         360        509,240.65          1
                                       7.500          3,565.99         66
                                       7.250          3,565.99
    ORINDA           CA   94563          5            05/31/01         00
    0130146434                           05           08/01/01          0
    0130146434                           O            07/01/31
    0


    5393593          369/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.375          4,489.39         66
                                       7.125          4,489.39
    AUSTIN           TX   78746          1            08/09/01         00
    0433139243                           03           10/01/01          0
1


    0073295396                           O            09/01/31
    0


    5395594          E22/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.125          2,694.87         62
                                       6.875          2,694.87
    MISSION VIEJO    CA   92692          5            08/08/01         00
    0412847220                           03           10/01/01          0
    0412847220                           O            09/01/31
    0


    5395596          E22/G01             F          465,000.00         ZZ
                                         360        465,000.00          1
                                       7.125          3,132.79         70
                                       6.875          3,132.79
    LAGUNA BEACH     CA   92651          1            08/17/01         00
    0412851305                           05           10/01/01          0
    0412851305                           O            09/01/31
    0


    5395605          E22/G01             F          393,000.00         ZZ
                                         360        393,000.00          1
                                       7.250          2,680.95         53
                                       7.000          2,680.95
    SAN JOSE         CA   95148          5            08/13/01         00
    0412867202                           05           10/01/01          0
    0412867202                           O            09/01/31
    0


    5395619          E22/G01             F          496,000.00         ZZ
                                         360        496,000.00          1
                                       7.250          3,383.59         80
                                       7.000          3,383.59
    SAN JOSE         CA   95123          2            08/15/01         00
    0412885824                           05           10/01/01          0
    0412885824                           O            09/01/31
    0


    5395652          E22/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.125          2,021.16         65
                                       6.875          2,021.16
    SAN JOSE         CA   95136          5            08/14/01         00
    0412923740                           05           10/01/01          0
    0412923740                           O            09/01/31
    0


1


    5395941          E84/G01             F          520,000.00         ZZ
                                         360        519,423.64          1
                                       7.625          3,680.53         80
                                       7.375          3,680.53
    OAKLAND          CA   94618          1            07/19/01         00
    0433141637                           05           09/01/01          0
    54010545                             O            08/01/31
    0


    5396101          E84/G01             F          400,000.00         ZZ
                                         360        399,333.33          1
                                       7.000          2,661.21         67
                                       6.750          2,661.21
    SAN FRANCISCO    CA   94122          1            07/16/01         00
    0433141793                           05           09/01/01          0
    51010098                             O            08/01/31
    0


    5400378          964/G01             F          506,000.00         ZZ
                                         360        506,000.00          1
                                       7.000          3,366.43         80
                                       6.750          3,366.43
    MISSION VIEJO    CA   92692          1            08/24/01         00
    0433129723                           03           10/01/01          0
    138932                               O            09/01/31
    0


    5400704          E84/G01             F          524,000.00         ZZ
                                         360        523,591.23          1
                                       7.250          3,574.60         80
                                       7.000          3,574.60
    PLEASANTON       CA   94566          1            07/19/01         00
    0433141934                           05           09/01/01          0
    54010541                             O            08/01/31
    0


    5400921          E84/G01             F          364,000.00         ZZ
                                         360        363,716.05          1
                                       7.250          2,483.12         80
                                       7.000          2,483.12
    LOS ANGELES      CA   90064          1            07/24/01         00
    0433141280                           05           09/01/01          0
    12051893                             O            08/01/31
    0


    5401320          E84/G01             F          343,200.00         ZZ
                                         360        342,938.85          1
                                       7.375          2,370.40         80
                                       7.125          2,370.40
1


    TRACY            CA   95376          1            07/18/01         00
    0433140282                           05           09/01/01          0
    73110203                             O            08/01/31
    0


    5401930          E84/G01             F          480,000.00         ZZ
                                         360        479,625.55          1
                                       7.250          3,274.45         80
                                       7.000          3,274.45
    BURLINGAME       CA   94010          1            07/11/01         00
    0433141926                           05           09/01/01          0
    50410087                             O            08/01/31
    0


    5402038          076/076             F          596,000.00         ZZ
                                         360        594,743.64          1
                                       7.375          4,116.42         80
                                       7.125          4,116.42
    CARTHAGE         MO   64836          2            07/12/01         00
    5388763                              05           09/01/01          0
    5388763                              O            08/01/31
    0


    5402086          E84/G01             F          488,000.00         ZZ
                                         360        487,637.83          1
                                       7.500          3,412.17         80
                                       7.250          3,412.17
    SPRINGFIELD      VA   22150          2            07/10/01         00
    0433141553                           05           09/01/01          0
    70308728                             O            08/01/31
    0


    5402197          E84/G01             F          436,000.00         ZZ
                                         360        435,579.58          1
                                       7.375          3,011.34         80
                                       7.125          3,011.34
    ALAMEDA          CA   94501          1            07/20/01         00
    0433141496                           05           09/01/01          0
    53510096                             O            08/01/31
    0


    5403048          E84/G01             F          315,000.00         ZZ
                                         360        313,817.87          1
                                       7.375          2,175.63         51
                                       7.125          2,175.63
    MOORPARK         CA   93021          2            07/24/01         00
    0433140241                           03           09/01/01          0
    12051627                             O            08/01/31
    0
1




    5403374          E84/G01             F          544,000.00         ZZ
                                         360        543,596.27          1
                                       7.500          3,803.73         34
                                       7.250          3,803.73
    BERKELEY         CA   94707          2            07/02/01         00
    0433140357                           05           09/01/01          0
    54010365                             O            08/01/31
    0


    5405301          696/G01             F          186,000.00         ZZ
                                         360        186,000.00          1
                                       7.250          1,268.85         80
                                       7.000          1,268.85
    HAGERSTOWN       MD   21740          1            08/15/01         00
    0433098365                           05           10/01/01          0
    30301101                             O            09/01/31
    0


    5405305          696/G01             F          376,000.00         ZZ
                                         360        376,000.00          1
                                       7.250          2,564.98         80
                                       7.000          2,564.98
    WASHINGTON       DC   20036          1            08/17/01         00
    0433104254                           01           10/01/01          0
    32601216                             O            09/01/31
    0


    5407472          E22/G01             F          372,500.00         ZZ
                                         360        372,500.00          1
                                       7.125          2,509.60         45
                                       6.875          2,509.60
    LAGUNA BEACH     CA   92651          5            08/09/01         00
    0412924524                           05           10/01/01          0
    0412924524                           O            09/01/31
    0


    5407509          E84/G01             F          335,000.00         ZZ
                                         360        334,751.38          1
                                       7.500          2,342.37         51
                                       7.250          2,342.37
    BELLEVUE         WA   98006          5            07/09/01         00
    0433083326                           03           09/01/01          0
    42410336                             O            08/01/31
    0


    5407539          E84/G01             F          459,400.00         ZZ
                                         360        459,041.62          1
1


                                       7.250          3,133.92         80
                                       7.000          3,133.92
    OAKLAND          CA   94610          1            07/12/01         00
    0433141843                           05           09/01/01          0
    54010196                             O            08/01/31
    0


    5407598          E82/G01             F          221,800.00         ZZ
                                         360        221,800.00          1
                                       7.375          1,531.92         53
                                       7.125          1,531.92
    MIAMI BEACH      FL   33139          2            08/17/01         00
    0400470597                           05           10/01/01          0
    1990990                              O            09/01/31
    0


    5407620          E84/G01             F          328,000.00         ZZ
                                         360        327,750.42          1
                                       7.375          2,265.41         80
                                       7.125          2,265.41
    NEWARK           CA   94560          1            07/23/01         00
    0433144235                           05           09/01/01          0
    23012416                             O            08/01/31
    0


    5407757          E84/G01             F          364,000.00         ZZ
                                         360        363,729.86          1
                                       7.500          2,545.14         73
                                       7.250          2,545.14
    SAN FRANCISCO    CA   94115          1            07/20/01         00
    0433079878                           08           09/01/01          0
    23012449                             O            08/01/31
    0


    5407760          E33/G01             F          594,500.00         ZZ
                                         360        594,500.00          1
                                       7.125          4,005.26         55
                                       6.875          4,005.26
    LAKE FOREST      IL   60045          2            08/09/01         00
    0433124559                           05           10/01/01          0
    HEDDLE                               O            09/01/31
    0


    5407768          E84/G01             F          410,000.00         ZZ
                                         360        409,680.16          1
                                       7.250          2,796.92         63
                                       7.000          2,796.92
    SAN FRANCISCO    CA   94114          2            07/06/01         00
    0433144201                           01           09/01/01          0
1


    23012634                             O            08/01/31
    0


    5407809          E84/G01             F          359,600.00         ZZ
                                         360        359,033.12          1
                                       7.500          2,514.38         80
                                       7.250          2,514.38
    BEN LOMOND       CA   95005          1            07/09/01         00
    0433126786                           05           09/01/01          0
    15302315                             O            08/01/31
    0


    5407810          E84/G01             F          396,000.00         ZZ
                                         360        395,713.39          1
                                       7.625          2,802.86         80
                                       7.375          2,802.86
    NEVADA CITY      CA   95959          1            07/18/01         00
    0433074531                           05           09/01/01          0
    75512080                             O            08/01/31
    0


    5407815          964/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.375          2,624.57         59
                                       7.125          2,624.57
    REDWOOD CITY     CA   94065          2            08/01/01         00
    0433096237                           05           10/01/01          0
    134837                               O            09/01/31
    0


    5407895          E84/G01             F          468,000.00         ZZ
                                         360        467,652.68          1
                                       7.500          3,272.32         80
                                       7.250          3,272.32
    SANANSELMO       CA   94960          1            07/12/01         00
    0433081890                           05           09/01/01          0
    37011458                             O            08/01/31
    0


    5407902          E84/G01             F          367,000.00         ZZ
                                         360        366,727.63          1
                                       7.500          2,566.12         72
                                       7.250          2,566.12
    SAN FRANCISCO    CA   94127          5            07/17/01         00
    0433141876                           07           09/01/01          0
    54010493                             O            08/01/31
    0


1


    5408025          E84/G01             F          419,000.00         ZZ
                                         360        418,673.14          1
                                       7.250          2,858.32         70
                                       7.000          2,858.32
    PACIFICA         CA   94044          1            07/19/01         00
    0433144086                           05           09/01/01          0
    23012607                             O            08/01/31
    0


    5408126          E84/G01             F          314,400.00         ZZ
                                         360        314,148.58          1
                                       7.125          2,118.17         80
                                       6.875          2,118.17
    SNOHOMISH        WA   98296          1            07/19/01         00
    0433125648                           03           09/01/01          0
    42410265                             O            08/01/31
    0


    5408219          E84/G01             F          300,000.00         ZZ
                                         360        299,771.72          1
                                       7.375          2,072.03         80
                                       7.125          2,072.03
    ALAMEDA          CA   94501          1            07/17/01         00
    0433141587                           05           09/01/01          0
    75012040                             O            08/01/31
    0


    5408266          E84/G01             F          575,000.00         ZZ
                                         360        574,562.47          1
                                       7.375          3,971.38         64
                                       7.125          3,971.38
    FAIR OAKS        CA   95628          2            07/20/01         00
    0433103454                           05           09/01/01          0
    75511797                             O            08/01/31
    0


    5408362          E84/G01             F          330,000.00         ZZ
                                         360        329,748.89          1
                                       7.375          2,279.23         53
                                       7.125          2,279.23
    SAN FRANCISCO    CA   94122          5            07/05/01         00
    0433141207                           05           09/01/01          0
    31010037                             O            08/01/31
    0


    5408371          E84/G01             F          397,500.00         ZZ
                                         360        397,205.00          1
                                       7.500          2,779.38         75
                                       7.250          2,779.38
1


    LAKE FOREST      IL   60045          5            07/26/01         00
    0433103280                           05           09/01/01          0
    11802925                             O            08/01/31
    0


    5408428          E84/G01             F          370,000.00         ZZ
                                         360        369,711.37          1
                                       7.250          2,524.05         61
                                       7.000          2,524.05
    SAN BRUNO        CA   94066          5            07/03/01         00
    0433140266                           05           09/01/01          0
    23010691                             O            08/01/31
    0


    5408694          E84/G01             F          350,000.00         ZZ
                                         360        349,746.68          1
                                       7.625          2,477.28         74
                                       7.375          2,477.28
    EVANSTON         IL   60201          1            07/23/01         00
    0433140480                           05           09/01/01          0
    11203605                             O            08/01/31
    0


    5409596          E84/G01             F          400,000.00         ZZ
                                         360        399,710.50          1
                                       7.625          2,831.17         77
                                       7.375          2,831.17
    IRVING           TX   75063          1            07/27/01         00
    0433141967                           03           09/01/01          0
    81080417                             O            08/01/31
    0


    5409628          025/025             F          288,000.00         ZZ
                                         360        287,581.78          1
                                       7.625          2,038.45         80
                                       7.375          2,038.45
    ENCINITAS        CA   92007          1            06/26/01         00
    0139284103                           05           08/01/01          0
    0139284103                           O            07/01/31
    0


    5410542          025/025             F          292,000.00         ZZ
                                         360        289,443.91          1
                                       8.250          2,193.70         80
                                       8.000          2,193.70
    SEABROOK         TX   77586          1            08/04/00         00
    0137943809                           05           10/01/00          0
    0137943809                           O            09/01/30
    0
1




    5410616          025/025             F          532,000.00         ZZ
                                         360        531,584.99          1
                                       7.250          3,629.18         80
                                       7.000          3,629.18
    LAFAYETTE        CA   94549          1            07/01/01         00
    0130324502                           05           09/01/01          0
    0130324502                           O            08/01/31
    0


    5410877          025/025             F          305,100.00         ZZ
                                         360        304,905.44          1
                                       8.250          2,292.12         90
                                       8.000          2,292.12
    FALLS CHURCH     VA   22046          1            07/18/01         12
    0139315808                           01           09/01/01         25
    0139315808                           O            08/01/31
    0


    5410951          025/025             F          300,000.00         ZZ
                                         340        299,226.50          1
                                       7.500          2,131.23         52
                                       7.250          2,131.23
    PORT CHARLOTTE   FL   33948          1            05/14/01         00
    0009536913                           03           07/01/01          0
    0009536913                           O            10/01/29
    0


    5411496          025/025             F          513,750.00         ZZ
                                         360        512,581.69          1
                                       7.875          3,725.04         75
                                       7.625          3,725.04
    MONTARA          CA   94037          5            05/22/01         00
    0130278161                           05           07/01/01          0
    0130278161                           O            06/01/31
    0


    5411651          964/G01             F          303,900.00         ZZ
                                         360        303,900.00          1
                                       7.500          2,124.91         80
                                       7.250          2,124.91
    TORRANCE         CA   90505          1            08/28/01         00
    0433137916                           05           10/01/01          0
    143294                               O            09/01/31
    0


    5411845          025/025             F          419,800.00         ZZ
                                         360        419,143.04          1
1


                                       7.250          2,863.78         80
                                       7.000          2,863.78
    FALLBROOK        CA   92028          1            06/01/01         00
    0138679741                           05           08/01/01          0
    0138679741                           O            07/01/31
    0


    5412075          025/025             F          387,400.00         ZZ
                                         360        385,778.01          1
                                       7.375          2,675.68         65
                                       7.125          2,675.68
    UNION CITY       CA   94587          5            06/20/01         00
    0130287303                           03           08/01/01          0
    0130287303                           O            07/01/31
    0


    5412241          025/025             F          330,000.00         ZZ
                                         360        329,331.30          1
                                       8.000          2,421.42         75
                                       7.750          2,421.42
    SOUTHFIELD       MI   48034          2            06/02/01         00
    0139115265                           05           07/01/01          0
    0139115265                           O            06/01/31
    0


    5412392          196/G01             F          256,000.00         ZZ
                                         360        255,814.71          1
                                       7.625          1,811.96         80
                                       7.375          1,811.96
    CONCORD          CA   94520          1            07/05/01         00
    0433113537                           05           09/01/01          0
    1428154                              O            08/01/31
    0


    5412412          196/G01             F          560,000.00         ZZ
                                         360        559,604.76          1
                                       7.750          4,011.91         70
                                       7.500          4,011.91
    CAVE CREEK       AZ   85331          2            07/24/01         00
    0433113685                           05           09/01/01          0
    1433246                              O            08/01/31
    0


    5412424          196/G01             F          275,000.00         ZZ
                                         360        274,780.08          1
                                       7.125          1,852.73         67
                                       6.875          1,852.73
    IRVINE           CA   92606          1            07/30/01         00
    0433108370                           03           09/01/01          0
1


    1436286                              O            08/01/31
    0


    5412569          025/025             F          320,000.00         ZZ
                                         360        318,437.34          1
                                       7.500          2,237.49         50
                                       7.250          2,237.49
    DAYTONA BEACH    FL   32124          5            04/02/01         00
    0025546730                           03           06/01/01          0
    0025546730                           O            05/01/31
    0


    5413860          964/G01             F          430,000.00         ZZ
                                         360        430,000.00          1
                                       7.250          2,933.36         69
                                       7.000          2,933.36
    MILL VALLEY      CA   94941          5            08/16/01         00
    0433101839                           05           10/01/01          0
    138906                               O            09/01/31
    0


    5415418          E22/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.125          2,223.27         68
                                       6.875          2,223.27
    PACIFICA         CA   94044          5            08/13/01         00
    0412873218                           05           10/01/01          0
    0412873218                           O            09/01/31
    0


    5415421          E22/G01             F          318,400.00         ZZ
                                         360        318,400.00          1
                                       7.375          2,199.11         80
                                       7.125          2,199.11
    CONCORD          CA   94518          2            08/10/01         00
    0412876047                           05           10/01/01          0
    0412876047                           O            09/01/31
    0


    5415439          E22/G01             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       7.250          1,091.48         80
                                       7.000          1,091.48
    FOLSOM           CA   95630          1            08/20/01         00
    0412900557                           05           10/01/01          0
    0412900557                           O            09/01/31
    0


1


    5415443          E22/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.125          2,425.39         80
                                       6.875          2,425.39
    MILPITAS         CA   95035          1            08/13/01         00
    0412905242                           01           10/01/01          0
    0412905242                           O            09/01/31
    0


    5415449          E22/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.250          2,728.71         80
                                       7.000          2,728.71
    SAN MATEO        CA   94403          1            08/10/01         00
    0412916959                           05           10/01/01          0
    0412916959                           O            09/01/31
    0


    5415489          025/025             F          388,000.00         ZZ
                                         360        386,664.41          1
                                       7.375          2,679.82         70
                                       7.125          2,679.82
    SAN JOSE         CA   95124          5            05/24/01         00
    0139054639                           05           07/01/01          0
    0139054639                           O            06/01/31
    0


    5415522          025/025             F          450,000.00         ZZ
                                         360        449,674.31          1
                                       7.625          3,185.07         63
                                       7.375          3,185.07
    SAN DIEGO        CA   92130          5            07/02/01         00
    0130320484                           03           09/01/01          0
    0130320484                           O            08/01/31
    0


    5415558          025/025             F          385,000.00         ZZ
                                         360        384,158.70          1
                                       7.625          2,725.01         74
                                       7.375          2,725.01
    NEWTON           MA   02460          5            05/15/01         00
    0139145106                           01           07/01/01          0
    0139145106                           O            06/01/31
    0


    5415732          025/025             F          500,000.00         ZZ
                                         344        497,898.19          1
                                       7.500          3,540.14         63
                                       7.250          3,540.14
1


    PALM HARBOR      FL   34683          1            04/24/01         00
    0020840450                           05           05/01/01          0
    0020840450                           O            12/01/29
    0


    5415759          H58/G01             F          365,185.00         ZZ
                                         360        365,185.00          1
                                       7.250          2,491.21         80
                                       7.000          2,491.21
    TRACY            CA   95377          1            08/14/01         00
    0433128725                           05           10/01/01          0
    0000073724                           O            09/01/31
    0


    5415909          956/G01             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       7.125          2,122.21         72
                                       6.875          2,122.21
    STOCKTON         CA   95219          1            08/02/01         00
    0433142064                           03           10/01/01          0
    4511070107                           O            09/01/31
    0


    5415982          025/025             F          464,000.00         ZZ
                                         360        463,655.64          1
                                       7.500          3,244.36         80
                                       7.250          3,244.36
    RICHMOND         VA   23226          1            07/06/01         00
    0139191035                           05           09/01/01          0
    0139191035                           O            08/01/31
    0


    5416027          025/025             F          623,000.00         ZZ
                                         360        622,025.06          1
                                       7.250          4,249.96         55
                                       7.000          4,249.96
    MORAGA           CA   94556          2            06/04/01         00
    0139135883                           05           08/01/01          0
    0139135883                           O            07/01/31
    0


    5416297          025/025             F          520,000.00         ZZ
                                         360        518,480.15          1
                                       7.625          3,680.53         80
                                       7.375          3,680.53
    PONCE INLET      FL   32127          2            04/25/01         00
    0025456054                           05           06/01/01          0
    0025456054                           O            05/01/31
    0
1




    5416760          956/G01             F          362,000.00         ZZ
                                         360        362,000.00          1
                                       7.000          2,408.40         80
                                       6.750          2,408.40
    CAMARILLO        CA   93012          1            08/08/01         00
    0433132453                           05           10/01/01          0
    2911070097                           O            09/01/31
    0


    5417233          025/025             F          360,000.00         ZZ
                                         360        358,594.24          1
                                       7.625          2,548.06         73
                                       7.375          2,548.06
    HIGHLAND         UT   84003          5            04/05/01         00
    0139023394                           03           06/01/01          0
    0139023394                           O            05/01/31
    0


    5417367          025/025             F          364,500.00         ZZ
                                         360        363,742.51          1
                                       7.875          2,642.88         90
                                       7.625          2,642.88
    COLUMBIA         SC   29223          1            05/29/01         12
    0439225577                           03           07/01/01         25
    0439225577                           O            06/01/31
    0


    5417946          025/025             F          332,500.00         ZZ
                                         360        331,809.00          1
                                       7.875          2,410.86         80
                                       7.625          2,410.86
    LAKE ORION       MI   48360          2            06/01/01         00
    0139026868                           01           07/01/01          0
    0139026868                           O            06/01/31
    0


    5421100          405/405             F          500,000.00         ZZ
                                         360        498,167.43          1
                                       7.625          3,538.97         59
                                       7.125          3,538.97
    SAN FRANCISCO    CA   94132          2            03/27/01         00
    0012106613                           05           05/01/01          0
    0012106613                           O            04/01/31
    0


    5421101          405/405             F          302,000.00         ZZ
                                         360        301,049.04          1
1


                                       7.250          2,060.18         69
                                       6.750          2,060.18
    TAMPA            FL   33611          2            04/16/01         00
    0012116232                           03           06/01/01          0
    0012116232                           O            05/01/31
    0


    5421102          405/405             F          340,000.00         ZZ
                                         360        339,238.27          1
                                       7.500          2,377.33         80
                                       7.000          2,377.33
    CALABASAS        CA   91302          1            05/04/01         00
    0012119590                           05           07/01/01          0
    0012119590                           O            06/01/31
    0


    5421107          405/405             F          416,000.00         ZZ
                                         360        415,683.46          1
                                       7.375          2,873.21         80
                                       6.875          2,873.21
    HUNTINGTON BEAC  CA   92646          1            07/01/01         00
    0012278065                           05           09/01/01          0
    0012278065                           O            08/01/31
    0


    5421112          405/405             F          423,000.00         ZZ
                                         360        422,370.18          1
                                       7.500          2,957.68         78
                                       7.000          2,957.68
    FRISCO           TX   75034          2            06/23/01         00
    0012292694                           05           08/01/01          0
    0012292694                           O            07/01/31
    0


    5421116          405/405             F          400,000.00         ZZ
                                         360        399,404.42          1
                                       7.500          2,796.86         64
                                       7.000          2,796.86
    POTOMAC          MD   20854          1            07/02/01         00
    0012304325                           05           08/01/01          0
    0012304325                           O            07/01/31
    0


    5421121          405/405             F          485,000.00         ZZ
                                         360        484,621.65          1
                                       7.250          3,308.56         65
                                       6.750          3,308.56
    SANTA BARBARA    CA   93105          5            07/16/01         00
    0017291311                           05           09/01/01          0
1


    0017291311                           O            08/01/31
    0


    5421123          405/405             F          560,000.00         ZZ
                                         360        559,563.14          1
                                       7.250          3,820.19         80
                                       6.750          3,820.19
    LOS ANGELES      CA   91344          2            07/27/01         00
    0017365412                           03           09/01/01          0
    0017365412                           O            08/01/31
    0


    5421128          405/405             F          600,000.00         ZZ
                                         360        596,725.24          1
                                       7.375          4,144.05         66
                                       6.875          4,144.05
    LOS ANGELES      CA   91311          1            07/12/01         00
    0017460270                           05           09/01/01          0
    0017460270                           O            08/01/31
    0


    5421130          405/405             F          329,777.00         ZZ
                                         360        329,499.95          1
                                       6.875          2,166.40         80
                                       6.625          2,166.40
    BRENTWOOD        CA   94513          1            07/19/01         00
    0017476474                           03           09/01/01          0
    0017476474                           O            08/01/31
    0


    5421132          405/405             F          360,000.00         ZZ
                                         360        359,739.44          1
                                       7.625          2,548.06         45
                                       7.125          2,548.06
    BURLINGAME       CA   94010          5            07/12/01         00
    0017537473                           05           09/01/01          0
    0017537473                           O            08/01/31
    0


    5421134          405/405             F          620,000.00         ZZ
                                         360        619,551.26          1
                                       7.625          4,388.32         80
                                       7.125          4,388.32
    SANTA MONICA     CA   90405          1            07/25/01         00
    0017553744                           05           09/01/01          0
    0017553744                           O            08/01/31
    0


1


    5421136          405/405             F          315,900.00         ZZ
                                         360        315,682.59          1
                                       7.875          2,290.50         64
                                       7.375          2,290.50
    LOS ANGELES      CA   90039          2            07/18/01         00
    0017562430                           05           09/01/01          0
    0017562430                           O            08/01/31
    0


    5421137          405/405             F          414,000.00         ZZ
                                         360        413,677.04          1
                                       7.250          2,824.21         76
                                       6.750          2,824.21
    LOS ANGELES      CA   91602          1            07/23/01         00
    0017565516                           05           09/01/01          0
    0017565516                           O            08/01/31
    0


    5421144          405/405             F          319,000.00         ZZ
                                         360        318,757.26          1
                                       7.375          2,203.26         80
                                       6.875          2,203.26
    WALNUT CREEK     CA   94596          2            07/13/01         00
    0017583139                           05           09/01/01          0
    0017583139                           O            08/01/31
    0


    5421146          405/405             F          600,000.00         ZZ
                                         360        598,625.00          1
                                       7.250          4,093.06         66
                                       6.750          4,093.06
    OAKLAND          CA   94618          5            07/19/01         00
    0017587759                           05           09/01/01          0
    0017587759                           O            08/01/31
    0


    5421149          405/405             F          650,000.00         ZZ
                                         360        649,517.60          1
                                       7.500          4,544.90         49
                                       7.000          4,544.90
    OAKLAND          CA   94611          2            07/16/01         00
    0017593435                           05           09/01/01          0
    0017593435                           O            08/01/31
    0


    5421152          405/405             F          300,000.00         ZZ
                                         360        299,771.72          1
                                       7.375          2,072.03         40
                                       6.875          2,072.03
1


    SANTA CRUZ       CA   95060          2            07/19/01         00
    0017595703                           05           09/01/01          0
    0017595703                           O            08/01/31
    0


    5421153          405/405             F          560,000.00         ZZ
                                         360        559,563.14          1
                                       7.250          3,820.19         74
                                       6.750          3,820.19
    SAN JOSE         CA   95124          1            07/23/01         00
    0017597998                           05           09/01/01          0
    0017597998                           O            08/01/31
    0


    5421154          405/405             F          394,000.00         ZZ
                                         360        393,692.64          1
                                       7.250          2,687.78         55
                                       6.750          2,687.78
    LOS ANGELES      CA   90035          1            07/27/01         00
    0017598061                           05           09/01/01          0
    0017598061                           O            08/01/31
    0


    5421155          405/405             F          426,000.00         ZZ
                                         360        425,706.83          1
                                       7.875          3,088.80         70
                                       7.375          3,088.80
    LA CANADA FLINT  CA   91011          2            07/23/01         00
    0017602368                           05           09/01/01          0
    0017602368                           O            08/01/31
    0


    5421156          405/405             F          371,700.00         ZZ
                                         360        371,402.75          1
                                       7.125          2,504.22         52
                                       6.750          2,504.22
    SOUTH SAN FRANC  CA   94080          2            07/23/01         00
    0017604307                           05           09/01/01          0
    0017604307                           O            08/01/31
    0


    5421157          405/405             F          376,000.00         ZZ
                                         360        375,706.68          1
                                       7.250          2,564.99         42
                                       6.750          2,564.99
    SAN CARLOS       CA   94070          2            07/24/01         00
    0017605080                           05           09/01/01          0
    0017605080                           O            08/01/31
    0
1




    5421159          405/405             F          345,800.00         ZZ
                                         360        345,543.36          1
                                       7.500          2,417.89         80
                                       7.000          2,417.89
    SAN RAMON        CA   94583          1            07/24/01         00
    0017605999                           03           09/01/01          0
    0017605999                           O            08/01/31
    0


    5421160          405/405             F          500,000.00         ZZ
                                         360        499,590.15          1
                                       7.000          3,326.52         50
                                       6.750          3,326.52
    LOS ANGELES      CA   90292          2            07/30/01         00
    0017606062                           05           09/01/01          0
    0017606062                           O            08/01/31
    0


    5421161          405/405             F          388,000.00         ZZ
                                         360        387,712.04          1
                                       7.500          2,712.96         80
                                       7.000          2,712.96
    WALNUT CREEK     CA   94596          1            07/16/01         00
    0017607193                           05           09/01/01          0
    0017607193                           O            08/01/31
    0


    5421162          405/405             F          344,800.00         ZZ
                                         360        344,544.10          1
                                       7.500          2,410.90         75
                                       7.000          2,410.90
    CENTREVILLE      VA   20120          2            07/25/01         00
    0017611179                           05           09/01/01          0
    0017611179                           O            08/01/31
    0


    5421166          405/405             F          621,000.00         ZZ
                                         360        619,687.19          1
                                       7.125          4,183.80         46
                                       6.750          4,183.80
    MANHATTAN BEACH  CA   90266          2            07/19/01         00
    0017612698                           05           09/01/01          0
    0017612698                           O            08/01/31
    0


    5421168          405/405             F          377,688.00         ZZ
                                         360        377,393.37          1
1


                                       7.250          2,576.50         80
                                       6.750          2,576.50
    LOS ANGELES      CA   91307          1            07/19/01         00
    0017617515                           05           09/01/01          0
    0017617515                           O            08/01/31
    0


    5421169          405/405             F          400,000.00         ZZ
                                         360        399,695.63          1
                                       7.375          2,762.70         67
                                       6.875          2,762.70
    BETHESDA         MD   20816          5            07/27/01         00
    0017618141                           05           09/01/01          0
    0017618141                           O            08/01/31
    0


    5421170          405/405             F          320,000.00         ZZ
                                         360        319,750.36          1
                                       7.250          2,182.97         79
                                       6.750          2,182.97
    WEBSTER GROVE    MO   63119          2            07/30/01         00
    0017621681                           05           09/01/01          0
    0017621681                           O            08/01/31
    0


    5421171          405/405             F          282,500.00         ZZ
                                         360        282,274.08          1
                                       7.125          1,903.26         65
                                       6.750          1,903.26
    HUNTINGTON BEAC  CA   92647          2            07/30/01         00
    0017626888                           05           09/01/01          0
    0017626888                           O            08/01/31
    0


    5421175          405/405             F          487,462.00         ZZ
                                         360        487,091.08          1
                                       7.375          3,366.78         75
                                       6.875          3,366.78
    REDWOOD CITY     CA   94062          1            07/23/01         00
    0017631052                           05           09/01/01          0
    0017631052                           O            08/01/31
    0


    5421176          405/405             F          447,000.00         ZZ
                                         360        446,633.59          1
                                       7.000          2,973.91         60
                                       6.750          2,973.91
    MANHATTAN BEACH  CA   90266          1            07/26/01         00
    0017631532                           05           09/01/01          0
1


    0017631532                           O            08/01/31
    0


    5421177          405/405             F          368,000.00         ZZ
                                         360        367,726.89          1
                                       7.500          2,573.11         68
                                       7.000          2,573.11
    OAKLAND          CA   94611          2            07/19/01         00
    0017636671                           05           09/01/01          0
    0017636671                           O            08/01/31
    0


    5421178          405/405             F          475,950.00         ZZ
                                         360        475,622.45          1
                                       7.875          3,450.97         80
                                       7.375          3,450.97
    CALABASAS        CA   91302          1            07/31/01         00
    0017637349                           01           09/01/01          0
    0017637349                           O            08/01/31
    0


    5421180          405/405             F          460,000.00         ZZ
                                         360        459,658.61          1
                                       7.500          3,216.39         55
                                       7.000          3,216.39
    NEWPORT BEACH    CA   92661          1            07/20/01         00
    0017640178                           05           09/01/01          0
    0017640178                           O            08/01/31
    0


    5421182          405/405             F          430,400.00         ZZ
                                         360        430,072.50          1
                                       7.375          2,972.67         80
                                       6.875          2,972.67
    RANCHO PALOS VE  CA   90275          1            07/25/01         00
    0017643420                           05           09/01/01          0
    0017643420                           O            08/01/31
    0


    5421184          405/405             F          331,000.00         ZZ
                                         360        330,760.43          1
                                       7.625          2,342.80         72
                                       7.125          2,342.80
    THOUSAND OAKS    CA   91361          5            07/21/01         00
    0017648106                           03           09/01/01          0
    0017648106                           O            08/01/31
    0


1


    5421185          405/405             F          550,000.00         ZZ
                                         360        549,601.92          1
                                       7.625          3,892.87         65
                                       7.125          3,892.87
    SAN MATEO        CA   94402          1            07/30/01         00
    0017648197                           05           09/01/01          0
    0017648197                           O            08/01/31
    0


    5421186          405/405             F          360,000.00         ZZ
                                         360        359,719.16          1
                                       7.250          2,455.84         80
                                       6.750          2,455.84
    CAMARILLO        CA   93010          1            07/31/01         00
    0017649096                           01           09/01/01          0
    0017649096                           O            08/01/31
    0


    5421187          405/405             F          420,000.00         ZZ
                                         360        419,425.00          1
                                       7.500          2,936.71         80
                                       7.000          2,936.71
    FOUNTAIN VALLEY  CA   92708          1            07/27/01         00
    0017649856                           05           09/01/01          0
    0017649856                           O            08/01/31
    0


    5421188          405/405             F          336,000.00         ZZ
                                         360        335,750.63          1
                                       7.500          2,349.37         80
                                       7.000          2,349.37
    MARTINEZ         CA   94553          1            07/27/01         00
    0017653437                           05           09/01/01          0
    0017653437                           O            08/01/31
    0


    5421190          405/405             F          548,800.00         ZZ
                                         360        548,371.88          1
                                       7.250          3,743.79         80
                                       6.750          3,743.79
    AUSTIN           TX   78738          1            07/25/01         00
    0017658451                           03           09/01/01          0
    0017658451                           O            08/01/31
    0


    5421192          405/405             F          585,000.00         ZZ
                                         360        584,543.65          1
                                       7.250          3,990.73         80
                                       6.750          3,990.73
1


    AUSTIN           TX   78734          2            07/31/01         00
    0017666108                           05           09/01/01          0
    0017666108                           O            08/01/31
    0


    5421193          405/405             F          480,000.00         ZZ
                                         360        479,625.55          1
                                       7.250          3,274.45         78
                                       6.750          3,274.45
    HALF MOON BAY    CA   94019          1            07/31/01         00
    0019890938                           05           09/01/01          0
    0019890938                           O            08/01/31
    0


    5421195          405/405             F          327,600.00         ZZ
                                         360        327,350.72          1
                                       7.375          2,262.66         90
                                       6.875          2,262.66
    SAN MARCOS       CA   92069          1            07/19/01         11
    0019909761                           03           09/01/01         25
    0019909761                           O            08/01/31
    0


    5423184          025/025             F          416,000.00         ZZ
                                         360        415,727.88          1
                                       8.125          3,088.79         67
                                       7.875          3,088.79
    EVANSTON         IL   60201          2            07/16/01         00
    130360027                            05           09/01/01          0
    130360027                            O            08/01/31
    0


    5423894          696/G01             F          293,200.00         ZZ
                                         360        293,200.00          1
                                       7.250          2,000.14         80
                                       7.000          2,000.14
    ALEXANDRIA       VA   22302          1            08/21/01         00
    0433106663                           05           10/01/01          0
    22801149                             O            09/01/31
    0


    5423898          696/G01             F          400,000.00         ZZ
                                         360        399,687.96          1
                                       7.250          2,728.71         60
                                       7.000          2,728.71
    OAKTON           VA   22124          2            07/25/01         00
    0433106580                           05           09/01/01          0
    24401017                             O            08/01/31
    0
1




    5424521          L49/G01             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       7.125          3,200.17         74
                                       6.875          3,200.17
    SAN CLEMENTE     CA   92673          1            08/06/01         00
    0433114113                           03           10/01/01          0
    10006449                             O            09/01/31
    0


    5424857          L49/G01             F          336,750.00         ZZ
                                         360        336,750.00          1
                                       7.250          2,297.23         75
                                       7.000          2,297.23
    FULLERTON        CA   92835          1            08/01/01         00
    0433114220                           03           10/01/01          0
    10007140                             O            09/01/31
    0


    5425119          025/025             F          330,000.00         ZZ
                                         360        327,873.60          1
                                       6.875          2,167.87         59
                                       6.625          2,167.87
    HJOLLISTER       CA   95023          5            04/02/01         00
    0139012595                           05           06/01/01          0
    0139012595                           O            05/01/31
    0


    5425157          025/025             F          749,000.00         ZZ
                                         360        746,699.18          1
                                       7.375          5,173.16         70
                                       7.125          5,173.16
    SEATTLE          WA   98105          1            04/18/01         00
    0139036818                           03           06/01/01          0
    0139036818                           O            05/01/31
    0


    5425159          025/025             F          367,500.00         ZZ
                                         360        366,613.09          1
                                       7.125          2,475.92         70
                                       6.875          2,475.92
    HUNTINGTON BEAC  CA   92648          1            05/11/01         00
    0139116180                           05           07/01/01          0
    0139116180                           O            06/01/31
    0


    5425160          025/025             F          355,000.00         ZZ
                                         360        336,564.14          1
1


                                       7.750          2,543.27         74
                                       7.500          2,543.27
    HEALDSBURG       CA   95448          2            02/06/01         00
    0138684865                           05           04/01/01          0
    0138684865                           O            03/01/31
    0


    5425176          025/025             F          315,000.00         ZZ
                                         360        314,442.63          1
                                       6.625          2,016.98         68
                                       6.375          2,016.98
    MOUNTAIN VIEW    CA   94041          2            06/22/01         00
    139255392                            01           08/01/01          0
    139255392                            O            07/01/31
    0


    5425181          025/025             F          374,000.00         ZZ
                                         360        373,144.86          1
                                       7.750          2,679.38         69
                                       7.500          2,679.38
    FREMONT          CA   94539          5            05/17/01         00
    0139137855                           05           07/01/01          0
    0139137855                           O            06/01/31
    0


    5425182          025/025             F          375,000.00         ZZ
                                         360        374,049.42          1
                                       6.875          2,463.49         66
                                       6.625          2,463.49
    REDWOOD CITY     CA   94062          1            05/06/01         00
    0139132120                           05           07/01/01          0
    0139132120                           O            06/01/31
    0


    5425185          025/025             F          467,500.00         ZZ
                                         360        466,371.75          1
                                       7.125          3,149.64         85
                                       6.875          3,149.64
    RANCHO PALOS VE  CA   90275          2            05/10/01         04
    0138917711                           05           07/01/01         12
    0138917711                           O            06/01/31
    0


    5425187          025/025             F          420,000.00         ZZ
                                         360        419,374.65          1
                                       7.500          2,936.70         69
                                       7.250          2,936.70
    SAN JOSE         CA   95123          5            06/22/01         00
    139229355                            05           08/01/01          0
1


    139229355                            O            07/01/31
    0


    5425188          025/025             F          380,000.00         ZZ
                                         360        379,359.67          1
                                       6.875          2,496.33         61
                                       6.625          2,496.33
    SAN LEANDRO      CA   94579          5            06/05/01         00
    0139054944                           03           08/01/01          0
    0139054944                           O            07/01/31
    0


    5425198          025/025             F          450,000.00         ZZ
                                         360        448,772.95          1
                                       6.500          2,844.31         75
                                       6.250          2,844.31
    GAITHERSBURG     MD   20882          5            05/29/01         00
    0130268378                           05           07/01/01          0
    0130268378                           O            06/01/31
    0


    5425203          025/025             F          302,800.00         ZZ
                                         360        302,360.29          1
                                       7.625          2,143.20         80
                                       7.375          2,143.20
    NAPERVILLE       IL   60540          1            06/29/01         00
    0139021976                           05           08/01/01          0
    0139021976                           O            07/01/31
    0


    5425212          025/025             F          516,000.00         ZZ
                                         360        515,212.31          1
                                       7.375          3,563.89         58
                                       7.125          3,563.89
    MILLBRAE         CA   94030          5            06/06/01         00
    0139188510                           05           08/01/01          0
    0139188510                           O            07/01/31
    0


    5425220          025/025             F          570,100.00         ZZ
                                         360        563,297.31          1
                                       7.500          3,986.23         79
                                       7.250          3,986.23
    SEATTLE          WA   98119          2            04/02/01         00
    0139037444                           05           06/01/01          0
    0139037444                           O            05/01/31
    0


1


    5426027          025/025             F          363,200.00         ZZ
                                         360        362,425.99          1
                                       7.750          2,602.01         80
                                       7.500          2,602.01
    SAN DIEGO        CA   92109          1            05/09/01         00
    0138921119                           05           07/01/01          0
    0138921119                           O            06/01/31
    0


    5428030          E22/G01             F          715,000.00         ZZ
                                         240        715,000.00          1
                                       7.500          5,759.99         70
                                       7.250          5,759.99
    MIAMI            FL   33156          2            08/20/01         00
    0412903643                           05           10/01/01          0
    0412903643                           O            09/01/21
    0


    5428102          E22/G01             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       7.375          1,215.59         80
                                       7.125          1,215.59
    MISSOULA         MT   59808          1            08/24/01         00
    0412973588                           05           10/01/01          0
    0412973588                           O            09/01/31
    0


    5428165          025/025             F          546,750.00         ZZ
                                         360        546,323.48          1
                                       7.250          3,729.80         75
                                       7.000          3,729.80
    PORTLAND         OR   97229          1            07/02/01         00
    130370604                            03           09/01/01          0
    130370604                            O            08/01/31
    0


    5428198          E82/G01             F          456,000.00         ZZ
                                         360        456,000.00          1
                                       7.375          3,149.48         34
                                       7.125          3,149.48
    SAN FRANCISCO    CA   94123          2            08/21/01         00
    0400459673                           05           10/01/01          0
    3830121                              O            09/01/31
    0


    5428207          E82/G01             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       7.500          2,482.21         74
                                       7.250          2,482.21
1


    OAKLAND          CA   94602          5            08/20/01         00
    0400467932                           05           10/01/01          0
    0400467932                           O            09/01/31
    0


    5428220          E82/G01             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       7.875          2,356.48         79
                                       7.625          2,356.48
    FAIRFAX STATION  VA   22039          2            08/21/01         00
    0400464434                           05           10/01/01          0
    0400464434                           O            09/01/31
    0


    5428896          L49/G01             F          455,250.00         ZZ
                                         360        454,912.13          1
                                       7.500          3,183.18         80
                                       7.250          3,183.18
    THOUSAND OAKS    CA   91320          1            07/24/01         00
    0433130879                           03           09/01/01          0
    10006934                             O            08/01/31
    0


    5431113          L49/G01             F          383,100.00         ZZ
                                         360        383,100.00          1
                                       7.250          2,613.42         80
                                       7.000          2,613.42
    IRVINE           CA   92602          1            08/01/01         00
    0433113560                           03           10/01/01          0
    10006779                             O            09/01/31
    0


    5431407          L49/G01             F          387,550.00         ZZ
                                         360        387,550.00          1
                                       7.250          2,643.78         80
                                       7.000          2,643.78
    FULLERTON        CA   92835          1            08/01/01         00
    0433108131                           03           10/01/01          0
    10007067                             O            09/01/31
    0


    5431649          L49/G01             F          390,000.00         ZZ
                                         360        389,695.76          1
                                       7.250          2,660.49         75
                                       7.000          2,660.49
    SAN LEANDRO      CA   94579          1            07/23/01         00
    0433108115                           03           09/01/01          0
    10007535                             O            08/01/31
    0
1




    5433393          L49/G01             F          356,450.00         ZZ
                                         360        355,408.16          1
                                       7.625          2,522.93         80
                                       7.375          2,522.93
    CARLSBAD         CA   92009          1            04/18/01         00
    0433130986                           03           06/01/01          0
    10006040                             O            05/01/31
    0


    5434076          L49/G01             F          414,900.00         ZZ
                                         360        414,900.00          1
                                       7.500          2,901.04         80
                                       7.250          2,901.04
    IRVINE           CA   92602          1            08/01/01         00
    0433115136                           03           10/01/01          0
    10006868                             O            09/01/31
    0


    5434437          L49/G01             F          325,250.00         ZZ
                                         360        325,250.00          1
                                       7.250          2,218.78         80
                                       7.000          2,218.78
    TRACY            CA   95376          1            08/01/01         00
    0433114030                           05           10/01/01          0
    10006800                             O            09/01/31
    0


    5435541          L49/G01             F          367,500.00         ZZ
                                         360        367,213.31          1
                                       7.250          2,507.00         80
                                       7.000          2,507.00
    FULLERTON        CA   92835          1            07/26/01         00
    0433114675                           03           09/01/01          0
    10006927                             O            08/01/31
    0


    5435842          L49/G01             F          314,000.00         ZZ
                                         360        313,772.73          1
                                       7.625          2,222.48         80
                                       7.375          2,222.48
    MURRIETA         CA   92562          1            07/23/01         00
    0433114683                           05           09/01/01          0
    10003705                             O            08/01/31
    0


    5439036          E22/G01             F        1,000,000.00         ZZ
                                         360      1,000,000.00          1
1


                                       7.375          6,906.75         49
                                       7.125          6,906.75
    FRANKLIN LAKES   NJ   07417          2            08/22/01         00
    0412670846                           05           10/01/01          0
    0412670846                           O            09/01/31
    0


    5439059          E22/G01             F          310,000.00         ZZ
                                         360        310,000.00          2
                                       7.375          2,141.09         62
                                       7.125          2,141.09
    SAN JOSE         CA   95125          2            08/15/01         00
    0412849887                           05           10/01/01          0
    0412849887                           O            09/01/31
    0


    5439060          E22/G01             F          721,700.00         ZZ
                                         360        721,700.00          1
                                       7.250          4,923.27         69
                                       7.000          4,923.27
    PHOENIX          AZ   85022          2            08/20/01         00
    0412853715                           05           10/01/01          0
    0412853715                           O            09/01/31
    0


    5439082          E22/G01             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       7.250          2,701.42         80
                                       7.000          2,701.42
    SAN JOSE         CA   95124          1            08/10/01         00
    0412885931                           05           10/01/01          0
    0412885931                           O            09/01/31
    0


    5439084          E22/G01             F          318,400.00         ZZ
                                         360        318,400.00          1
                                       7.125          2,145.12         80
                                       6.875          2,145.12
    YORBA LINDA      CA   92886          2            08/15/01         00
    0412886822                           05           10/01/01          0
    0412886822                           O            09/01/31
    0


    5439103          E22/G01             F          347,000.00         ZZ
                                         360        347,000.00          1
                                       7.500          2,426.27         59
                                       7.250          2,426.27
    SAN BRUNO        CA   94066          2            08/08/01         00
    0412906497                           05           10/01/01          0
1


    0412906497                           O            09/01/31
    0


    5439139          E22/G01             F          345,600.00         ZZ
                                         360        345,600.00          1
                                       7.375          2,386.97         80
                                       7.125          2,386.97
    SAN JOSE         CA   95123          1            08/16/01         00
    0412928228                           03           10/01/01          0
    0412928228                           O            09/01/31
    0


    5439140          E22/G01             F          401,000.00         ZZ
                                         360        401,000.00          1
                                       7.000          2,667.86         68
                                       6.750          2,667.86
    SAN JOSE         CA   95125          2            08/16/01         00
    0412928319                           05           10/01/01          0
    0412928319                           O            09/01/31
    0


    5439179          E22/G01             F           45,600.00         ZZ
                                         360         45,600.00          3
                                       7.500            318.84         80
                                       7.250            318.84
    SCRANTON         PA   18505          1            08/27/01         00
    0412957326                           05           10/01/01          0
    0412957326                           O            09/01/31
    0


    5439267          E82/G01             F          628,400.00         ZZ
                                         360        628,400.00          1
                                       7.500          4,393.86         74
                                       7.250          4,393.86
    HAZLEHURST       MS   39083          2            08/23/01         00
    0400467890                           05           10/01/01          0
    0400467890                           O            09/01/31
    0


    5439364          601/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       7.500          2,349.37         80
                                       7.250          2,349.37
    EASTON           CT   06612          1            08/15/01         00
    0433128618                           05           10/01/01          0
    60683646                             O            09/01/31
    0


1


    5439386          696/G01             F          976,500.00         ZZ
                                         360        976,500.00          1
                                       7.250          6,661.45         70
                                       7.000          6,661.45
    MCLEAN           VA   22102          1            08/24/01         00
    0433107331                           05           10/01/01          0
    25101109                             O            09/01/31
    0


    5439910          964/G01             F          148,500.00         ZZ
                                         360        148,500.00          1
                                       7.875          1,076.73         63
                                       7.625          1,076.73
    PENN VALLEY      CA   95946          2            08/09/01         00
    0433118726                           03           10/01/01          0
    134647                               O            09/01/31
    0


    5446197          696/G01             F          485,500.00         ZZ
                                         360        485,500.00          1
                                       7.250          3,311.97         48
                                       7.000          3,311.97
    POTOMAC          MD   20854          2            08/24/01         00
    0433116860                           05           10/01/01          0
    32901240                             O            09/01/31
    0


    5446789          956/G01             F          367,200.00         ZZ
                                         360        367,200.00          1
                                       7.375          2,536.16         90
                                       7.125          2,536.16
    PARK CITY        UT   84098          1            08/15/01         10
    0433149135                           05           10/01/01         25
    1000002791                           O            09/01/31
    0


    5450509          E22/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.250          2,251.18         60
                                       7.000          2,251.18
    CAMPBELL         CA   95008          2            08/14/01         00
    0412835761                           05           10/01/01          0
    0412835761                           O            09/01/31
    0


    5450530          E22/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       7.125          2,263.69         80
                                       6.875          2,263.69
1


    LIVERMORE        CA   94550          2            08/16/01         00
    0412897043                           05           10/01/01          0
    0412897043                           O            09/01/31
    0


    5450540          E22/G01             F          319,500.00         ZZ
                                         360        319,500.00          1
                                       7.250          2,179.55         90
                                       7.000          2,179.55
    LITTLETON        CO   80126          2            08/23/01         04
    0412907347                           03           10/01/01         25
    0412907347                           O            09/01/31
    0


    5450541          E22/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       7.250          2,292.11         80
                                       7.000          2,292.11
    SAN FRANCISCO    CA   94102          1            08/14/01         00
    0412908097                           05           10/01/01          0
    0412908097                           O            09/01/31
    0


    5450560          E22/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       7.250          2,292.11         80
                                       7.000          2,292.11
    YORBA LINDA      CA   92887          2            08/20/01         00
    0412922734                           03           10/01/01          0
    0412922734                           O            09/01/31
    0


    5456164          B57/G01             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       7.375          2,154.91         74
                                       7.125          2,154.91
    LOS ANGELES      CA   90066          2            08/08/01         00
    0433130010                           05           10/01/01          0
    2115711                              O            09/01/31
    0


    5459381          E22/G01             F          595,000.00         ZZ
                                         360        595,000.00          1
                                       7.500          4,160.33         70
                                       7.250          4,160.33
    ELMWOOD TOWHSHI  MI   49684          2            08/24/01         00
    0412810632                           05           10/01/01          0
    0412810632                           O            09/01/31
    0
1




    5459407          E22/G01             F          285,000.00         ZZ
                                         360        285,000.00          1
                                       7.125          1,920.10         75
                                       6.875          1,920.10
    CASTRO VALLEY    CA   94546          2            08/20/01         00
    0412881468                           05           10/01/01          0
    0412881468                           O            09/01/31
    0


    5459459          E22/G01             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       6.750          2,153.35         80
                                       6.500          2,153.35
    WALNUT CREEK     CA   94596          1            08/21/01         00
    0412933673                           05           10/01/01          0
    0412933673                           O            09/01/31
    0


    5459481          E22/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.250          2,558.16         60
                                       7.000          2,558.16
    ST. HELENA       CA   94574          5            08/22/01         00
    0412943359                           05           10/01/01          0
    0412943359                           O            09/01/31
    0


    5459483          E22/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.000          2,528.15         80
                                       6.750          2,528.15
    SAN BRUNO        CA   94066          1            08/20/01         00
    0412944100                           05           10/01/01          0
    0412944100                           O            09/01/31
    0


    5459495          E22/G01             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       7.875            652.56         60
                                       7.625            652.56
    LAGUNA WOODS     CA   92653          1            08/20/01         00
    0412952186                           01           10/01/01          0
    0412952186                           O            09/01/31
    0


    5459515          E22/G01             F          318,392.00         ZZ
                                         360        318,392.00          1
1


                                       7.125          2,145.07         80
                                       6.875          2,145.07
    BRENTWOOD        CA   94513          1            08/23/01         00
    0412970550                           05           10/01/01          0
    0412970550                           O            09/01/31
    0


    5459523          E22/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.000          2,395.09         80
                                       6.750          2,395.09
    CARLSBAD         CA   92009          1            08/24/01         00
    0412976912                           03           10/01/01          0
    0412976912                           O            09/01/31
    0


    5461875          623/G01             F          321,000.00         ZZ
                                         360        320,755.74          1
                                       7.375          2,217.07         80
                                       7.125          2,217.07
    FRESNO           CA   93720          1            07/26/01         00
    0433142593                           03           09/01/01          0
    1942847                              O            08/01/31
    0


    5461877          623/G01             F          288,000.00         ZZ
                                         360        287,780.85          1
                                       7.375          1,989.15         90
                                       7.125          1,989.15
    EL CENTRO        CA   92243          2            07/30/01         04
    0433143948                           05           09/01/01         25
    1961842                              O            08/01/31
    0


    5461879          623/G01             F          299,250.00         ZZ
                                         360        298,260.16          1
                                       7.000          1,990.92         90
                                       6.750          1,990.92
    CAMERON PARK     CA   95682          1            04/30/01         10
    0433139086                           05           06/01/01         25
    1967416                              O            05/01/31
    0


    5461883          623/G01             F          358,000.00         ZZ
                                         360        358,000.00          1
                                       7.000          2,381.79         74
                                       6.750          2,381.79
    SAN LUIS OBISPO  CA   93401          5            07/24/01         00
    0433139128                           05           10/01/01          0
1


    1971773                              O            09/01/31
    0


    5461885          623/G01             F          322,400.00         ZZ
                                         360        321,895.46          1
                                       7.250          2,199.34         80
                                       7.000          2,199.34
    SEAL BEACH       CA   90740          2            06/08/01         00
    0433139136                           05           08/01/01          0
    1973195                              O            07/01/31
    0


    5461887          623/G01             F          312,000.00         ZZ
                                         360        311,511.75          1
                                       7.250          2,128.39         80
                                       7.000          2,128.39
    GARDEN GROVE     CA   92845          1            06/15/01         00
    0433139748                           05           08/01/01          0
    1975712                              O            07/01/31
    0


    5461889          623/G01             F          337,600.00         ZZ
                                         360        337,097.33          1
                                       7.500          2,360.55         80
                                       7.250          2,360.55
    SANTA CLARA      CA   95050          1            06/05/01         00
    0433142015                           05           08/01/01          0
    1976799                              O            07/01/31
    0


    5461896          623/G01             F          345,000.00         ZZ
                                         360        344,730.87          1
                                       7.250          2,353.51         75
                                       7.000          2,353.51
    FRESNO           CA   93720          2            07/26/01         00
    0433145455                           03           09/01/01          0
    1980214                              O            08/01/31
    0


    5461903          623/G01             F          527,000.00         ZZ
                                         360        526,568.02          1
                                       7.000          3,506.15         73
                                       6.750          3,506.15
    (UPLAND AREA)    CA   91784          2            07/18/01         00
    0433142759                           03           09/01/01          0
    1981860                              O            08/01/31
    0


1


    5461908          623/G01             F          305,000.00         ZZ
                                         360        304,756.10          1
                                       7.125          2,054.84         71
                                       6.875          2,054.84
    SAN LUIS OBISPO  CA   93401          5            07/20/01         00
    0433131562                           05           09/01/01          0
    1983073                              O            08/01/31
    0


    5461909          623/G01             F          310,000.00         ZZ
                                         360        309,764.12          1
                                       7.375          2,141.09         80
                                       7.125          2,141.09
    MORGAN HILL      CA   95037          1            07/17/01         00
    0433145364                           03           09/01/01          0
    1983178                              O            08/01/31
    0


    5461912          623/G01             F          503,070.00         ZZ
                                         360        502,687.20          1
                                       7.375          3,474.58         80
                                       7.125          3,474.58
    TRACY            CA   95377          1            07/25/01         00
    0433131620                           03           09/01/01          0
    1983790                              O            08/01/31
    0


    5461915          623/G01             F          585,000.00         ZZ
                                         360        584,543.65          1
                                       7.250          3,990.73         65
                                       7.000          3,990.73
    SAN JOSE         CA   95148          1            07/17/01         00
    0433131638                           05           09/01/01          0
    1984270                              O            08/01/31
    0


    5461920          623/G01             F          300,000.00         ZZ
                                         360        299,765.97          1
                                       7.250          2,046.53         80
                                       7.000          2,046.53
    BURBANK          CA   91504          1            07/12/01         00
    0433142007                           05           09/01/01          0
    1984407                              O            08/01/31
    0


    5461923          623/G01             F          475,200.00         ZZ
                                         360        474,829.30          1
                                       7.250          3,241.70         80
                                       7.000          3,241.70
1


    IRVINE           CA   92606          1            07/27/01         00
    0433131612                           03           09/01/01          0
    1984556                              O            08/01/31
    0


    5461927          623/G01             F          520,000.00         ZZ
                                         360        519,573.75          1
                                       7.000          3,459.58         80
                                       6.750          3,459.58
    CORONADO         CA   92118          1            07/27/01         00
    0433131745                           03           09/01/01          0
    1984872                              O            08/01/31
    0


    5461932          623/G01             F          456,000.00         ZZ
                                         360        455,661.58          1
                                       7.500          3,188.42         80
                                       7.250          3,188.42
    YORBA LINDA      CA   92887          2            07/26/01         00
    0433141728                           05           09/01/01          0
    1985368                              O            08/01/31
    0


    5461940          623/G01             F          360,000.00         ZZ
                                         360        359,712.11          1
                                       7.125          2,425.39         80
                                       6.875          2,425.39
    IRVINE           CA   92620          2            07/26/01         00
    0433131679                           03           09/01/01          0
    1985849                              O            08/01/31
    0


    5461942          623/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.250          2,455.83         80
                                       7.000          2,455.83
    ORANGE           CA   92867          1            08/03/01         00
    0433145562                           05           10/01/01          0
    1985936                              O            09/01/31
    0


    5461945          623/G01             F          337,600.00         ZZ
                                         360        337,600.00          1
                                       7.375          2,331.72         80
                                       7.125          2,331.72
    FREMONT          CA   94555          1            08/06/01         00
    0433145570                           03           10/01/01          0
    1986130                              O            09/01/31
    0
1




    5461952          623/G01             F          393,750.00         ZZ
                                         360        393,169.92          1
                                       7.375          2,719.53         75
                                       7.125          2,719.53
    ORANGE           CA   92869          5            07/26/01         00
    0433142031                           05           09/01/01          0
    1986498                              O            08/01/31
    0


    5461957          623/G01             F          304,000.00         ZZ
                                         360        304,000.00          1
                                       7.250          2,073.82         80
                                       7.000          2,073.82
    SAN DIMAS        CA   91773          1            07/30/01         00
    0433142221                           05           10/01/01          0
    1986803                              O            09/01/31
    0


    5461958          623/G01             F          329,500.00         ZZ
                                         360        329,261.52          1
                                       7.625          2,332.18         74
                                       7.375          2,332.18
    RIGBY            ID   83442          5            07/27/01         00
    0433131778                           05           09/01/01          0
    1986864                              O            08/01/31
    0


    5461966          623/G01             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       7.250          2,619.56         80
                                       7.000          2,619.56
    BEAVERTON        OR   97007          1            08/07/01         00
    0433139763                           05           10/01/01          0
    1987474                              O            09/01/31
    0


    5461970          623/G01             F          379,500.00         ZZ
                                         360        379,500.00          1
                                       7.125          2,556.76         75
                                       6.875          2,556.76
    LONG BEACH       CA   90808          1            07/31/01         00
    0433131752                           05           10/01/01          0
    1987831                              O            09/01/31
    0


    5461977          623/G01             F          428,500.00         ZZ
                                         360        428,182.00          1
1


                                       7.500          2,996.13         62
                                       7.250          2,996.13
    OAKLEY           UT   84055          5            07/23/01         00
    0433141710                           05           09/01/01          0
    2787286                              O            08/01/31
    0


    5461979          623/G01             F          350,000.00         ZZ
                                         360        349,726.25          1
                                       7.500          2,447.25         79
                                       7.250          2,447.25
    BOUNTIFUL        UT   84010          2            08/01/01         00
    0433144631                           05           09/01/01          0
    2788592                              O            08/01/31
    0


    5461980          623/G01             F          318,500.00         ZZ
                                         360        317,751.54          1
                                       7.250          2,172.73         58
                                       7.000          2,172.73
    EL CERRITO       CA   94530          5            07/26/01         00
    0433144656                           05           09/01/01          0
    2790738                              O            08/01/31
    0


    5461989          623/G01             F          342,000.00         ZZ
                                         360        341,781.92          1
                                       8.250          2,569.33         95
                                       8.000          2,569.33
    REHOBOTH         MA   02769          1            07/11/01         10
    0433144789                           05           09/01/01         30
    5304448                              O            08/01/31
    0


    5461997          623/G01             F          569,150.00         ZZ
                                         360        563,444.53          1
                                       7.500          3,979.58         77
                                       7.250          3,979.58
    DALLAS           TX   75205          2            04/23/01         00
    0433142692                           05           06/01/01          0
    5340484                              O            05/01/31
    0


    5461999          623/G01             F          619,000.00         ZZ
                                         360        617,002.26          1
                                       7.125          4,170.32         75
                                       6.875          4,170.32
    AURORA           OH   44202          2            04/20/01         00
    0433144771                           05           06/01/01          0
1


    5341595                              O            05/01/31
    0


    5462009          623/G01             F          450,000.00         ZZ
                                         360        449,346.55          1
                                       7.625          3,185.07         70
                                       7.375          3,185.07
    WAYNE            IL   60184          2            06/25/01         00
    0433131851                           03           08/01/01          0
    5357422                              O            07/01/31
    0


    5462019          623/G01             F          406,400.00         ZZ
                                         360        406,140.85          1
                                       8.250          3,053.15         80
                                       8.000          3,053.15
    LEXINGTON        MA   02420          2            07/27/01         00
    0433143898                           05           09/01/01          0
    5361369                              O            08/01/31
    0


    5462021          623/G01             F          416,000.00         ZZ
                                         360        415,538.72          1
                                       7.500          2,908.73         75
                                       7.250          2,908.73
    POTOMAC          MD   20854          5            07/16/01         00
    0433145620                           05           09/01/01          0
    5361855                              O            08/01/31
    0


    5462023          623/G01             F          495,200.00         ZZ
                                         360        494,832.49          1
                                       7.500          3,462.51         80
                                       7.250          3,462.51
    NEWTON           MA   02460          1            07/20/01         00
    0433145703                           05           09/01/01          0
    5361902                              O            08/01/31
    0


    5462035          623/G01             F          387,600.00         ZZ
                                         360        387,352.84          1
                                       8.250          2,911.91         95
                                       8.000          2,911.91
    BURLINGTON       MA   01803          1            07/27/01         10
    0433145653                           05           09/01/01         30
    5363830                              O            08/01/31
    0


1


    5462042          623/G01             F          650,000.00         ZZ
                                         360        649,492.93          1
                                       7.250          4,434.15         66
                                       7.000          4,434.15
    ARLINGTON        VA   22207          2            07/24/01         00
    0433145422                           05           09/01/01          0
    5365558                              O            08/01/31
    0


    5462048          623/G01             F          327,500.00         ZZ
                                         360        327,500.00          1
                                       7.375          2,261.96         73
                                       7.125          2,261.96
    ALEXANDRIA       VA   22312          5            07/31/01         00
    0433145398                           05           10/01/01          0
    5365802                              O            09/01/31
    0


    5462059          623/G01             F          476,000.00         ZZ
                                         360        475,646.74          1
                                       7.500          3,328.26         80
                                       7.250          3,328.26
    CAMBRIDGE        MA   02139          1            07/30/01         00
    0433143872                           05           09/01/01          0
    5366462                              O            08/01/31
    0


    5462066          623/G01             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       7.250          4,093.06         67
                                       7.000          4,093.06
    SUDBURY          MA   01776          1            08/15/01         00
    0433145612                           05           10/01/01          0
    5368156                              O            09/01/31
    0


    5462073          623/G01             F          382,500.00         ZZ
                                         360        382,208.95          1
                                       7.375          2,641.83         75
                                       7.125          2,641.83
    SUWANEE          GA   30024          5            08/01/01         00
    0433144664                           03           09/01/01          0
    5368377                              O            08/01/31
    0


    5462077          623/G01             F          460,000.00         ZZ
                                         360        459,649.97          1
                                       7.375          3,177.11         70
                                       7.125          3,177.11
1


    LINCOLN          RI   02865          5            07/27/01         00
    0433144730                           05           09/01/01          0
    5368825                              O            08/01/31
    0


    5462078          623/G01             F          640,000.00         ZZ
                                         360        639,525.03          1
                                       7.500          4,474.97         79
                                       7.250          4,474.97
    LEXINGTON        MA   02420          2            08/02/01         00
    0433143930                           05           09/01/01          0
    5368991                              O            08/01/31
    0


    5462084          623/G01             F          455,200.00         ZZ
                                         360        454,862.18          1
                                       7.500          3,182.82         80
                                       7.250          3,182.82
    NORTHBOROUGH     MA   01532          1            07/31/01         00
    0433141603                           05           09/01/01          0
    5370012                              O            08/01/31
    0


    5462091          623/G01             F          285,300.00         ZZ
                                         360        285,300.00          1
                                       7.250          1,946.25         90
                                       7.000          1,946.25
    NEW PORT RICHEY  FL   34652          1            08/10/01         14
    0433141181                           03           10/01/01         25
    5370880                              O            09/01/31
    0


    5462286          E82/G01             F          239,800.00         ZZ
                                         360        239,800.00          1
                                       7.750          1,717.96         60
                                       7.500          1,717.96
    TAHOE VISTA      CA   96148          2            08/23/01         00
    0400456455                           05           10/01/01          0
    3848099                              O            09/01/31
    0


    5462288          E82/G01             F          326,300.00         ZZ
                                         360        326,300.00          1
                                       7.375          2,253.67         70
                                       7.125          2,253.67
    AROMAS           CA   95004          2            08/23/01         00
    0400479887                           05           10/01/01          0
    3473225                              O            09/01/31
    0
1




    5462353          623/G01             F          650,000.00         ZZ
                                         360        648,392.25          1
                                       7.000          4,324.47         54
                                       6.750          4,324.47
    BELMONT          MA   02478          1            05/15/01         00
    0433131794                           05           07/01/01          0
    5354548                              O            06/01/31
    0


    5462959          696/G01             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       7.250          4,093.06         72
                                       7.000          4,093.06
    OAKTON           VA   22124          1            08/24/01         00
    0433135563                           05           10/01/01          0
    24401108                             O            09/01/31
    0


    5468819          286/286             F          344,000.00         ZZ
                                         360        343,751.01          1
                                       7.625          2,434.82         73
                                       7.375          2,434.82
    SAN DIEGO        CA   92119          2            07/09/01         00
    342509                               05           09/01/01          0
    342509                               O            08/01/31
    0


    5468821          286/286             F          550,000.00         ZZ
                                         360        549,570.95          1
                                       7.250          3,751.97         72
                                       7.000          3,751.97
    NORTH OAKS       MN   55127          1            07/10/01         00
    279767                               05           09/01/01          0
    279767                               O            08/01/31
    0


    5468822          286/286             F          650,000.00         ZZ
                                         360        649,492.93          1
                                       7.250          4,434.15         79
                                       7.000          4,434.15
    BELLAIRE         TX   77401          1            07/19/01         00
    439783                               05           09/01/01          0
    439783                               O            08/01/31
    0


    5468824          286/286             F          620,000.00         ZZ
                                         360        619,539.87          1
1


                                       7.500          4,335.13         80
                                       7.250          4,335.13
    LUTHERVILLE      MD   21093          2            07/13/01         00
    375891                               05           09/01/01          0
    375891                               O            08/01/31
    0


    5468825          286/286             F          367,000.00         ZZ
                                         360        366,720.74          1
                                       7.375          2,534.78         75
                                       7.125          2,534.78
    SAN JOSE         CA   95111          2            07/11/01         00
    342851                               05           09/01/01          0
    342851                               O            08/01/31
    0


    5468828          286/286             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       7.375          2,244.70         74
                                       7.125          2,244.70
    CARLSBAD         CA   92009          5            08/02/01         00
    342017                               03           10/01/01          0
    342017                               O            09/01/31
    0


    5468836          286/286             F          288,750.00         T
                                         360        288,513.30          1
                                       7.000          1,921.07         75
                                       6.750          1,921.07
    OCEANSIDE        CA   92054          1            07/11/01         00
    342681                               05           09/01/01          0
    342681                               O            08/01/31
    0


    5468837          286/286             F          405,000.00         ZZ
                                         360        404,728.25          1
                                       8.000          2,971.75         75
                                       7.750          2,971.75
    SAN RAFAEL       CA   94903          1            07/09/01         00
    342021                               05           09/01/01          0
    342021                               O            08/01/31
    0


    5468840          286/286             F          399,000.00         ZZ
                                         360        398,718.38          1
                                       7.750          2,858.49         70
                                       7.500          2,858.49
    GLENDALE         CA   91206          2            07/09/01         00
    342209                               05           09/01/01          0
1


    342209                               O            08/01/31
    0


    5468845          286/286             F          316,000.00         ZZ
                                         360        315,771.29          1
                                       7.625          2,236.63         80
                                       7.375          2,236.63
    DENVER           CO   80202          1            07/17/01         00
    443596                               06           09/01/01          0
    443596                               O            08/01/31
    0


    5468853          286/286             F          345,000.00         ZZ
                                         360        344,743.96          1
                                       7.500          2,412.29         69
                                       7.250          2,412.29
    GLEN ELLYN       IL   60137          5            07/05/01         00
    438198                               05           09/01/01          0
    438198                               O            08/01/31
    0


    5468855          286/286             F          340,000.00         ZZ
                                         360        339,714.36          1
                                       6.875          2,233.56         90
                                       6.625          2,233.56
    MOUNT HOLLY      NJ   08060          1            07/13/01         14
    324731                               05           09/01/01         25
    324731                               O            08/01/31
    0


    5468856          286/286             F          532,000.00         ZZ
                                         360        531,605.17          1
                                       7.500          3,719.83         68
                                       7.250          3,719.83
    BERNARDS         NJ   07920          1            07/13/01         00
    58586                                05           09/01/01          0
    58586                                O            08/01/31
    0


    5468858          286/286             F          649,500.00         ZZ
                                         360        649,017.98          1
                                       7.500          4,541.40         50
                                       7.250          4,541.40
    ST LOUIS         MO   63141          2            07/17/01         00
    434901                               05           09/01/01          0
    434901                               O            08/01/31
    0


1


    5468860          286/286             F          342,800.00         ZZ
                                         360        342,302.20          1
                                       7.625          2,426.32         75
                                       7.375          2,426.32
    ASHVILLE         OH   43103          2            06/27/01         00
    90132                                05           08/01/01          0
    90132                                O            07/01/31
    0


    5468873          286/286             F          397,000.00         T
                                         360        396,690.30          1
                                       7.250          2,708.24         73
                                       7.000          2,708.24
    TRUCKEE          CA   96161          2            07/12/01         00
    342665                               03           09/01/01          0
    342665                               O            08/01/31
    0


    5468875          286/286             F          495,000.00         ZZ
                                         360        494,244.36          1
                                       7.375          3,418.85         68
                                       7.125          3,418.85
    THOUSAND OAKS    CA   91360          2            06/12/01         00
    425363                               05           08/01/01          0
    425363                               O            07/01/31
    0


    5468878          286/286             F          600,300.00         T
                                         360        599,886.88          1
                                       7.875          4,352.59         72
                                       7.625          4,352.59
    NUTRIOSO         AZ   85932          2            07/13/01         00
    445902                               05           09/01/01          0
    445902                               O            08/01/31
    0


    5468879          286/286             F          480,000.00         ZZ
                                         360        479,625.55          1
                                       7.250          3,274.45         67
                                       7.000          3,274.45
    LADERA RANCH     CA   92694          1            07/13/01         00
    425592                               05           09/01/01          0
    425592                               O            08/01/31
    0


    5468882          286/286             F          298,000.00         ZZ
                                         360        297,588.49          1
                                       7.875          2,160.71         78
                                       7.625          2,160.71
1


    HOLLISTON        MA   01746          2            06/22/01         00
    442510                               05           08/01/01          0
    442510                               O            07/01/31
    0


    5468886          286/286             F          319,100.00         ZZ
                                         360        318,857.19          1
                                       7.375          2,203.95         80
                                       7.125          2,203.95
    SAN CLEMENTE     CA   92673          1            07/13/01         00
    425430                               05           09/01/01          0
    425430                               O            08/01/31
    0


    5468889          286/286             F          425,000.00         ZZ
                                         360        424,668.46          1
                                       7.250          2,899.25         59
                                       7.000          2,899.25
    MARIETTA         GA   30067          1            07/16/01         00
    436557                               05           09/01/01          0
    436557                               O            08/01/31
    0


    5468892          286/286             F          330,350.00         ZZ
                                         360        330,098.63          1
                                       7.375          2,281.65         80
                                       7.125          2,281.65
    SAN CLEMENTE     CA   92673          1            07/13/01         00
    425436                               05           09/01/01          0
    425436                               O            08/01/31
    0


    5468900          286/286             F          300,000.00         ZZ
                                         360        299,777.35          1
                                       7.500          2,097.65         75
                                       7.250          2,097.65
    SAN JOSE         CA   95122          2            07/06/01         00
    342840                               05           09/01/01          0
    342840                               O            08/01/31
    0


    5468901          286/286             F          325,550.00         ZZ
                                         360        325,302.28          1
                                       7.375          2,248.50         80
                                       7.125          2,248.50
    SAN CLEMENTE     CA   92673          1            07/17/01         00
    425414                               05           09/01/01          0
    425414                               O            08/01/31
    0
1




    5468904          286/286             F          620,000.00         ZZ
                                         360        619,539.86          1
                                       7.500          4,335.14         30
                                       7.250          4,335.14
    DANVILLE         CA   94506          2            07/09/01         00
    342684                               03           09/01/01          0
    342684                               O            08/01/31
    0


    5468905          286/286             F          445,000.00         ZZ
                                         360        444,669.74          1
                                       7.500          3,111.51         80
                                       7.250          3,111.51
    POWELL           OH   43065          2            07/13/01         00
    452945                               05           09/01/01          0
    452945                               O            08/01/31
    0


    5468909          286/286             F          458,000.00         ZZ
                                         360        457,668.51          1
                                       7.625          3,241.70         39
                                       7.375          3,241.70
    DEL MAR          CA   92014          2            07/12/01         00
    342012                               05           09/01/01          0
    342012                               O            08/01/31
    0


    5468912          286/286             F          437,530.00         ZZ
                                         360        437,221.19          1
                                       7.750          3,134.52         80
                                       7.500          3,134.52
    WAUSAU           WI   54403          1            07/13/01         00
    447334                               05           09/01/01          0
    447334                               O            08/01/31
    0


    5468915          286/286             F          324,900.00         ZZ
                                         360        324,428.18          1
                                       7.625          2,299.63         90
                                       7.375          2,299.63
    SOUTH BRUNSWICK  NJ   08852          1            06/26/01         04
    441327                               05           08/01/01         25
    441327                               O            07/01/31
    0


    5468919          286/286             F          327,200.00         ZZ
                                         360        326,944.74          1
1


                                       7.250          2,232.09         80
                                       7.000          2,232.09
    SAN PEDRO        CA   90732          1            07/13/01         00
    342429                               05           09/01/01          0
    342429                               O            08/01/31
    0


    5468920          286/286             F          400,000.00         ZZ
                                         360        399,687.96          1
                                       7.250          2,728.71         63
                                       7.000          2,728.71
    SOLANA BEACH     CA   92075          5            07/17/01         00
    342356                               03           09/01/01          0
    342356                               O            08/01/31
    0


    5468921          286/286             F          419,600.00         ZZ
                                         360        419,296.30          1
                                       7.625          2,969.91         80
                                       7.375          2,969.91
    KIRTLAND         OH   44094          1            07/19/01         00
    448328                               05           09/01/01          0
    448328                               O            08/01/31
    0


    5468922          286/286             F          562,500.00         ZZ
                                         360        562,038.92          1
                                       7.000          3,742.33         79
                                       6.750          3,742.33
    BAYTOWN TOWNSHI  MN   55082          2            07/06/01         00
    441571                               05           09/01/01          0
    441571                               O            08/01/31
    0


    5468926          286/286             F          340,000.00         ZZ
                                         360        339,760.02          1
                                       7.750          2,435.81         80
                                       7.500          2,435.81
    CHICAGO          IL   60605          1            07/13/01         00
    444354                               06           09/01/01          0
    444354                               O            08/01/31
    0


    5468928          286/286             F          360,000.00         ZZ
                                         360        359,739.44          1
                                       7.625          2,548.06         80
                                       7.375          2,548.06
    TROY             MI   48085          2            07/19/01         00
    322339                               05           09/01/01          0
1


    322339                               O            08/01/31
    0


    5468933          286/286             F          307,500.00         ZZ
                                         360        307,271.79          1
                                       7.500          2,150.09         75
                                       7.250          2,150.09
    WESTON           FL   33322          1            07/16/01         00
    347710                               05           09/01/01          0
    347710                               O            08/01/31
    0


    5468934          286/286             F          323,000.00         ZZ
                                         360        322,766.23          1
                                       7.625          2,286.17         41
                                       7.375          2,286.17
    MASON            OH   45040          2            06/28/01         00
    442801                               03           09/01/01          0
    442801                               O            08/01/31
    0


    5468936          286/286             F          330,000.00         ZZ
                                         360        329,761.16          1
                                       7.625          2,335.72         62
                                       7.375          2,335.72
    PHOENIX          AZ   85020          5            07/16/01         00
    441380                               05           09/01/01          0
    441380                               O            08/01/31
    0


    5468944          286/286             F          345,000.00         ZZ
                                         360        344,743.95          1
                                       7.500          2,412.30         66
                                       7.250          2,412.30
    SANTA MONICA     CA   90403          2            07/03/01         00
    429095                               01           09/01/01          0
    429095                               O            08/01/31
    0


    5468952          286/286             F          327,000.00         ZZ
                                         360        326,757.31          1
                                       7.500          2,286.44         68
                                       7.250          2,286.44
    LINCOLNSHIRE     IL   60069          5            07/18/01         00
    408561                               03           09/01/01          0
    408561                               O            08/01/31
    0


1


    5468953          286/286             F          400,000.00         ZZ
                                         360        399,703.14          1
                                       7.500          2,796.86         66
                                       7.250          2,796.86
    DANVILLE         CA   94526          5            07/09/01         00
    342494                               05           09/01/01          0
    342494                               O            08/01/31
    0


    5468957          286/286             F          300,000.00         ZZ
                                         360        299,777.35          1
                                       7.500          2,097.65         54
                                       7.250          2,097.65
    SAN FRANCISCO    CA   94116          5            07/09/01         00
    342224                               05           09/01/01          0
    342224                               O            08/01/31
    0


    5468960          286/286             F          388,000.00         ZZ
                                         360        387,704.76          1
                                       7.375          2,679.82         80
                                       7.125          2,679.82
    IRVINE           CA   92612          1            07/18/01         00
    342637                               05           09/01/01          0
    342637                               O            08/01/31
    0


    5468964          286/286             F          334,400.00         ZZ
                                         360        334,145.55          1
                                       7.375          2,309.62         80
                                       7.125          2,309.62
    ARCADIA          CA   91006          1            07/13/01         00
    342673                               05           09/01/01          0
    342673                               O            08/01/31
    0


    5468970          286/286             F          355,000.00         ZZ
                                         360        354,736.53          1
                                       7.500          2,482.22         61
                                       7.250          2,482.22
    WOODLAND HILLS   CA   91367          1            07/10/01         00
    342544                               05           09/01/01          0
    342544                               O            08/01/31
    0


    5468978          286/286             F          312,000.00         ZZ
                                         360        311,511.75          1
                                       7.250          2,128.39         80
                                       7.000          2,128.39
1


    RICHMOND         CA   94803          1            07/06/01         00
    9856367                              05           08/01/01          0
    9856367                              O            07/01/31
    0


    5468979          286/286             F          555,000.00         ZZ
                                         360        554,588.11          1
                                       7.500          3,880.64         80
                                       7.250          3,880.64
    BRENTWOOD        CA   94513          1            07/13/01         00
    9863050                              03           09/01/01          0
    9863050                              O            08/01/31
    0


    5468980          286/286             F          335,500.00         ZZ
                                         360        335,244.72          1
                                       7.375          2,317.21         80
                                       7.125          2,317.21
    LADERA RANCH AR  CA   92694          1            07/16/01         00
    9874091                              03           09/01/01          0
    9874091                              O            08/01/31
    0


    5468981          286/286             F          436,000.00         ZZ
                                         360        435,684.44          1
                                       7.625          3,085.98         80
                                       7.375          3,085.98
    SAN JOSE         CA   95148          1            07/02/01         00
    9865273                              05           09/01/01          0
    9865273                              O            08/01/31
    0


    5468984          286/286             F          535,000.00         ZZ
                                         360        534,141.80          1
                                       7.125          3,604.39         80
                                       6.875          3,604.39
    LIVERMORE        CA   94550          2            06/27/01         00
    9852821                              05           08/01/01          0
    9852821                              O            07/01/31
    0


    5468985          286/286             F          332,500.00         ZZ
                                         360        332,253.24          1
                                       7.500          2,324.89         70
                                       7.250          2,324.89
    SAN MATEO        CA   94401          5            07/03/01         00
    9864642                              05           09/01/01          0
    9864642                              O            08/01/31
    0
1




    5468987          286/286             F          405,000.00         ZZ
                                         360        404,676.13          1
                                       7.125          2,728.56         72
                                       6.875          2,728.56
    SOUTH SAN FRANC  CA   94080          5            07/10/01         00
    9867832                              05           09/01/01          0
    9867832                              O            08/01/31
    0


    5468988          286/286             F          378,000.00         ZZ
                                         360        377,726.42          1
                                       7.625          2,675.46         80
                                       7.375          2,675.46
    DIAMOND BAR      CA   91765          1            07/10/01         00
    9870817                              03           09/01/01          0
    9870817                              O            08/01/31
    0


    5468989          286/286             F          350,000.00         ZZ
                                         360        349,465.72          1
                                       7.375          2,417.36         69
                                       7.125          2,417.36
    FREMONT          CA   94536          5            06/14/01         00
    9857930                              05           08/01/01          0
    9857930                              O            07/01/31
    0


    5468990          286/286             F          303,100.00         ZZ
                                         360        302,869.36          1
                                       7.375          2,093.44         80
                                       7.125          2,093.44
    BREA             CA   92821          1            07/11/01         00
    9861715                              03           09/01/01          0
    9861715                              O            08/01/31
    0


    5468991          286/286             F          360,000.00         ZZ
                                         360        359,463.99          1
                                       7.500          2,517.17         80
                                       7.250          2,517.17
    LA MESA          CA   91941          5            06/21/01         00
    9825999                              05           08/01/01          0
    9825999                              O            07/01/31
    0


    5468993          286/286             F          650,000.00         ZZ
                                         360        649,492.93          1
1


                                       7.250          4,434.15         52
                                       7.000          4,434.15
    ATHERTON         CA   94027          1            07/06/01         00
    9869519                              05           09/01/01          0
    9869519                              O            08/01/31
    0


    5468994          286/286             F          650,000.00         ZZ
                                         360        649,517.61          1
                                       7.500          4,544.89         62
                                       7.250          4,544.89
    SAN CLEMENTE     CA   92672          5            06/09/01         00
    9862125                              05           09/01/01          0
    9862125                              O            08/01/31
    0


    5468996          286/286             F          344,000.00         ZZ
                                         360        343,461.66          1
                                       7.250          2,346.69         80
                                       7.000          2,346.69
    APTOS            CA   95003          1            06/28/01         00
    9866113                              05           08/01/01          0
    9866113                              O            07/01/31
    0


    5468998          286/286             F          304,000.00         ZZ
                                         360        303,750.81          1
                                       7.000          2,022.52         70
                                       6.750          2,022.52
    PLEASANTON       CA   94566          5            07/02/01         00
    9867540                              05           09/01/01          0
    9867540                              O            08/01/31
    0


    5469001          286/286             F          324,000.00         ZZ
                                         360        323,753.46          1
                                       7.375          2,237.79         80
                                       7.125          2,237.79
    TRACY            CA   95377          1            07/11/01         00
    9849250                              05           09/01/01          0
    9849250                              O            08/01/31
    0


    5469003          286/286             F          314,300.00         ZZ
                                         360        314,083.70          1
                                       7.875          2,278.89         67
                                       7.625          2,278.89
    AGOURA HILLS     CA   91301          5            07/10/01         00
    9865730                              05           09/01/01          0
1


    9865730                              O            08/01/31
    0


    5469004          286/286             F          302,000.00         ZZ
                                         360        301,503.47          2
                                       7.000          2,009.21         72
                                       6.750          2,009.21
    SOLANA BEACH     CA   92075          2            06/27/01         00
    9942079                              05           08/01/01          0
    9942079                              O            07/01/31
    0


    5469006          286/286             F          650,000.00         ZZ
                                         360        649,517.61          1
                                       7.500          4,544.89         80
                                       7.250          4,544.89
    CALABASAS        CA   91302          2            07/03/01         00
    9853334                              03           09/01/01          0
    9853334                              O            08/01/31
    0


    5469008          286/286             F          382,400.00         ZZ
                                         360        381,871.93          1
                                       7.875          2,772.67         80
                                       7.625          2,772.67
    SAN JOSE         CA   95138          1            07/05/01         00
    9866472                              05           08/01/01          0
    9866472                              O            07/01/31
    0


    5469012          286/286             F          378,000.00         ZZ
                                         360        377,408.46          1
                                       7.250          2,578.63         90
                                       7.000          2,578.63
    PLACENTIA        CA   92870          1            06/15/01         11
    9831167                              03           08/01/01         25
    9831167                              O            07/01/31
    0


    5469013          286/286             F          342,500.00         ZZ
                                         360        342,264.30          1
                                       7.875          2,483.36         69
                                       7.625          2,483.36
    ORANGE           CA   92869          2            06/29/01         00
    9850314                              05           09/01/01          0
    9850314                              O            08/01/31
    0


1


    5469014          286/286             F          465,000.00         ZZ
                                         360        464,671.80          1
                                       7.750          3,331.32         62
                                       7.500          3,331.32
    CARPINTERIA      CA   93013          5            07/09/01         00
    9855675                              05           09/01/01          0
    9855675                              O            08/01/31
    0


    5469015          286/286             F          336,000.00         ZZ
                                         360        335,547.60          1
                                       8.000          2,465.45         80
                                       7.750          2,465.45
    CARLSBAD         CA   92009          1            06/03/01         00
    9867846                              03           08/01/01          0
    9867846                              O            07/01/31
    0


    5469016          286/286             F          316,800.00         ZZ
                                         360        316,552.87          1
                                       7.250          2,161.13         80
                                       7.000          2,161.13
    SLOUGHOUSE       CA   95683          5            06/28/01         00
    9838586                              05           09/01/01          0
    9838586                              O            08/01/31
    0


    5469017          286/286             F          350,000.00         ZZ
                                         360        349,733.68          1
                                       7.375          2,417.36         71
                                       7.125          2,417.36
    NORTHRIDGE AREA  CA   91326          1            07/16/01         00
    9868306                              03           09/01/01          0
    9868306                              O            08/01/31
    0


    5469018          286/286             F          536,300.00         ZZ
                                         360        535,901.99          1
                                       7.500          3,749.89         70
                                       7.250          3,749.89
    FULLERTON        CA   92835          2            07/06/01         00
    9868412                              03           09/01/01          0
    9868412                              O            08/01/31
    0


    5469019          286/286             F          360,000.00         ZZ
                                         360        359,719.17          1
                                       7.250          2,455.83         71
                                       7.000          2,455.83
1


    THOUSAND OAKS    CA   91360          5            07/11/01         00
    9865437                              05           09/01/01          0
    9865437                              O            08/01/31
    0


    5469020          286/286             F          300,000.00         ZZ
                                         360        299,564.36          1
                                       7.625          2,123.38         80
                                       7.375          2,123.38
    WILTON           CA   95693          1            06/25/01         00
    9863295                              05           08/01/01          0
    9863295                              O            07/01/31
    0


    5469021          286/286             F          550,000.00         ZZ
                                         360        549,570.95          1
                                       7.250          3,751.97         48
                                       7.000          3,751.97
    PORTOLA VALLEY   CA   94028          5            07/07/01         00
    9862495                              05           09/01/01          0
    9862495                              O            08/01/31
    0


    5469022          286/286             F          625,000.00         ZZ
                                         360        623,828.77          1
                                       7.375          4,316.72         70
                                       7.125          4,316.72
    PALO ALTO        CA   94303          5            06/26/01         00
    9862504                              05           08/01/01          0
    9862504                              O            07/01/31
    0


    5469023          286/286             F          550,000.00         ZZ
                                         360        549,181.09          1
                                       7.500          3,845.68         50
                                       7.250          3,845.68
    APTOS            CA   95003          5            06/27/01         00
    9860221                              05           08/01/01          0
    9860221                              O            07/01/31
    0


    5469024          286/286             F          358,500.00         ZZ
                                         360        358,233.95          1
                                       7.500          2,506.68         59
                                       7.250          2,506.68
    SAN FRANCISCO    CA   94116          5            07/17/01         00
    9838176                              05           09/01/01          0
    9838176                              O            08/01/31
    0
1




    5469026          286/286             F          375,000.00         ZZ
                                         360        374,398.46          1
                                       7.125          2,526.44         64
                                       6.875          2,526.44
    SAUSALITO        CA   94965          1            06/26/01         00
    9857553                              01           08/01/01          0
    9857553                              O            07/01/31
    0


    5469027          286/286             F          332,000.00         ZZ
                                         360        331,759.70          1
                                       7.625          2,349.88         80
                                       7.375          2,349.88
    BERKELEY         CA   94702          1            07/02/01         00
    9804056                              05           09/01/01          0
    9804056                              O            08/01/31
    0


    5469028          286/286             F          303,700.00         ZZ
                                         360        303,258.98          1
                                       7.625          2,149.57         75
                                       7.375          2,149.57
    SONOMA           CA   95476          5            06/26/01         00
    9830642                              05           08/01/01          0
    9830642                              O            07/01/31
    0


    5469029          286/286             F          375,000.00         ZZ
                                         360        374,383.45          1
                                       7.000          2,494.88         35
                                       6.750          2,494.88
    MENLO PARK       CA   94025          5            06/21/01         00
    9854167                              05           08/01/01          0
    9854167                              O            07/01/31
    0


    5469031          286/286             F          504,000.00         ZZ
                                         360        503,661.83          1
                                       8.000          3,698.17         80
                                       7.750          3,698.17
    SAN DIEGO        CA   92116          1            07/09/01         00
    9867711                              05           09/01/01          0
    9867711                              O            08/01/31
    0


    5469032          286/286             F          299,500.00         ZZ
                                         360        299,031.31          1
1


                                       7.250          2,043.12         75
                                       7.000          2,043.12
    FREMONT          CA   94536          2            06/25/01         00
    9840152                              05           08/01/01          0
    9840152                              O            07/01/31
    0


    5469033          286/286             F          644,000.00         ZZ
                                         360        643,509.97          1
                                       7.375          4,447.95         80
                                       7.125          4,447.95
    ORINDA           CA   94563          1            07/11/01         00
    9871232                              05           09/01/01          0
    9871232                              O            08/01/31
    0


    5469034          286/286             F          480,000.00         ZZ
                                         360        479,248.84          1
                                       7.250          3,274.45         74
                                       7.000          3,274.45
    SAN JOSE         CA   95148          2            06/28/01         00
    9826429                              05           08/01/01          0
    9826429                              O            07/01/31
    0


    5469035          286/286             F          328,250.00         ZZ
                                         360        328,000.23          1
                                       7.375          2,267.14         80
                                       7.125          2,267.14
    PLEASANT HILL    CA   94523          1            07/12/01         00
    9848061                              05           09/01/01          0
    9848061                              O            08/01/31
    0


    5469036          286/286             F          313,000.00         ZZ
                                         360        312,755.83          1
                                       7.250          2,135.21         51
                                       7.000          2,135.21
    SANTA ROSA       CA   95403          5            07/02/01         00
    9861806                              03           09/01/01          0
    9861806                              O            08/01/31
    0


    5469037          286/286             F          315,000.00         ZZ
                                         360        314,519.14          1
                                       7.375          2,175.63         75
                                       7.125          2,175.63
    SAN JOSE         CA   95122          5            06/20/01         00
    9848812                              05           08/01/01          0
1


    9848812                              O            07/01/31
    0


    5469038          286/286             F          291,000.00         ZZ
                                         360        290,533.20          1
                                       7.125          1,960.52         69
                                       6.875          1,960.52
    IRVINE           CA   92614          2            06/22/01         00
    9840057                              03           08/01/01          0
    9840057                              O            07/01/31
    0


    5469040          286/286             F          388,000.00         ZZ
                                         360        387,407.71          1
                                       7.375          2,679.82         80
                                       7.125          2,679.82
    SAN JOSE         CA   95121          2            06/22/01         00
    9852830                              05           08/01/01          0
    9852830                              O            07/01/31
    0


    5469042          286/286             F          308,000.00         ZZ
                                         360        307,747.54          1
                                       7.000          2,049.13         80
                                       6.750          2,049.13
    LIVERMORE        CA   94550          1            07/10/01         00
    9866891                              05           09/01/01          0
    9866891                              O            08/01/31
    0


    5469043          286/286             F          360,000.00         ZZ
                                         360        359,745.92          1
                                       7.750          2,579.08         80
                                       7.500          2,579.08
    SANTA CLARA      CA   95051          1            07/05/01         00
    9865029                              05           09/01/01          0
    9865029                              O            08/01/31
    0


    5469044          286/286             F          344,000.00         ZZ
                                         360        343,738.25          1
                                       7.375          2,375.92         80
                                       7.125          2,375.92
    SALINAS          CA   93901          5            07/06/01         00
    9866118                              05           09/01/01          0
    9866118                              O            08/01/31
    0


1


    5469045          286/286             F          380,000.00         ZZ
                                         360        379,724.96          1
                                       7.625          2,689.62         66
                                       7.375          2,689.62
    FOLSOM           CA   95630          2            07/05/01         00
    9863839                              05           09/01/01          0
    9863839                              O            08/01/31
    0


    5469047          286/286             F          396,000.00         ZZ
                                         360        395,424.96          1
                                       7.625          2,802.86         75
                                       7.375          2,802.86
    SAN DIEGO        CA   92117          2            06/27/01         00
    9835338                              05           08/01/01          0
    9835338                              O            07/01/31
    0


    5469049          286/286             F          496,000.00         ZZ
                                         360        495,297.60          1
                                       7.750          3,553.40         80
                                       7.500          3,553.40
    SAN JOSE         CA   95129          2            06/27/01         00
    9867954                              05           08/01/01          0
    9867954                              O            07/01/31
    0


    5469050          286/286             F          320,000.00         ZZ
                                         360        319,762.51          1
                                       7.500          2,237.49         80
                                       7.250          2,237.49
    SAN MARCOS       CA   92069          1            07/09/01         00
    9866884                              05           09/01/01          0
    9866884                              O            08/01/31
    0


    5469051          286/286             F        1,050,000.00         ZZ
                                         360      1,049,258.92          1
                                       7.750          7,522.33         57
                                       7.500          7,522.33
    WESTON           MA   02493          5            07/16/01         00
    9942977                              05           09/01/01          0
    9942977                              O            08/01/31
    0


    5469052          286/286             F          360,000.00         ZZ
                                         360        359,726.07          1
                                       7.375          2,486.43         80
                                       7.125          2,486.43
1


    LA VERNE         CA   91750          1            07/09/01         00
    9870417                              05           09/01/01          0
    9870417                              O            08/01/31
    0


    5469053          286/286             F          321,900.00         ZZ
                                         360        321,655.06          1
                                       7.375          2,223.28         80
                                       7.125          2,223.28
    OAKLEY           CA   94561          1            07/06/01         00
    9826870                              05           09/01/01          0
    9826870                              O            08/01/31
    0


    5469054          286/286             F          343,300.00         ZZ
                                         360        343,032.19          1
                                       7.250          2,341.91         80
                                       7.000          2,341.91
    ROSEVILLE        CA   95747          1            07/18/01         00
    9957866                              05           09/01/01          0
    9957866                              O            08/01/31
    0


    5469055          286/286             F          348,000.00         ZZ
                                         360        347,468.77          1
                                       7.375          2,403.55         80
                                       7.125          2,403.55
    SAN CLEMENTE     CA   92672          2            06/22/01         00
    9955986                              05           08/01/01          0
    9955986                              O            07/01/31
    0


    5469056          286/286             F          556,000.00         ZZ
                                         360        555,587.37          1
                                       7.500          3,887.63         80
                                       7.250          3,887.63
    DUBLIN           CA   94568          2            07/11/01         00
    9868572                              03           09/01/01          0
    9868572                              O            08/01/31
    0


    5469058          286/286             F          337,400.00         ZZ
                                         360        337,130.18          1
                                       7.125          2,273.13         90
                                       6.875          2,273.13
    CHINO HILLS      CA   91709          1            07/13/01         14
    9863366                              05           09/01/01         25
    9863366                              O            08/01/31
    0
1




    5469059          286/286             F          356,000.00         ZZ
                                         360        355,735.80          1
                                       7.500          2,489.20         80
                                       7.250          2,489.20
    SAN DIEGO        CA   92131          1            07/03/01         00
    9861134                              05           09/01/01          0
    9861134                              O            08/01/31
    0


    5469060          286/286             F          336,000.00         ZZ
                                         360        335,474.20          1
                                       7.250          2,292.11         65
                                       7.000          2,292.11
    SAN JOSE         CA   95148          2            06/19/01         00
    9843225                              05           08/01/01          0
    9843225                              O            07/01/31
    0


    5469061          286/286             F          337,000.00         ZZ
                                         360        336,498.24          1
                                       7.500          2,356.35         75
                                       7.250          2,356.35
    SAN JOSE         CA   95121          5            06/12/01         00
    9847304                              05           08/01/01          0
    9847304                              O            07/01/31
    0


    5469062          286/286             F          314,000.00         ZZ
                                         360        313,520.67          1
                                       7.375          2,168.72         72
                                       7.125          2,168.72
    SAN JOSE         CA   95121          2            06/29/01         00
    9851867                              05           08/01/01          0
    9851867                              O            07/01/31
    0


    5469063          286/286             F          364,800.00         ZZ
                                         360        364,522.42          1
                                       7.375          2,519.58         80
                                       7.125          2,519.58
    FALLBROOK        CA   92028          1            07/05/01         00
    9943915                              05           09/01/01          0
    9943915                              O            08/01/31
    0


    5469064          286/286             F          400,000.00         ZZ
                                         360        399,389.39          1
1


                                       7.375          2,762.70         62
                                       7.125          2,762.70
    SAN FRANCISCO    CA   94132          5            06/27/01         00
    9862895                              05           08/01/01          0
    9862895                              O            07/01/31
    0


    5469065          286/286             F          332,000.00         ZZ
                                         360        331,493.20          1
                                       7.375          2,293.04         80
                                       7.125          2,293.04
    SAN JOSE         CA   95111          1            06/28/01         00
    9861352                              03           08/01/01          0
    9861352                              O            07/01/31
    0


    5469067          286/286             F          337,000.00         ZZ
                                         360        336,737.11          1
                                       7.250          2,298.93         36
                                       7.000          2,298.93
    SEBASTOPOL       CA   95472          2            07/06/01         00
    9849047                              05           09/01/01          0
    9849047                              O            08/01/31
    0


    5469068          286/286             F          387,000.00         ZZ
                                         360        386,448.43          1
                                       7.750          2,772.52         90
                                       7.500          2,772.52
    MILPITAS         CA   95035          1            06/11/01         14
    9846606                              05           08/01/01         25
    9846606                              O            07/01/31
    0


    5471286          E22/G01             F          318,000.00         ZZ
                                         360        318,000.00          1
                                       7.375          2,196.35         75
                                       7.125          2,196.35
    GOLETA           CA   93117          5            08/23/01         00
    0412758245                           05           10/01/01          0
    0412758245                           O            09/01/31
    0


    5471304          E22/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       7.375          3,108.04         23
                                       7.125          3,108.04
    TIBURON          CA   94920          2            08/17/01         00
    0412870172                           05           10/01/01          0
1


    0412870172                           O            09/01/31
    0


    5471307          E22/G01             F          367,000.00         ZZ
                                         360        367,000.00          1
                                       7.375          2,534.78         69
                                       7.125          2,534.78
    LAFAYETTE        CA   94549          2            08/13/01         00
    0412877581                           05           10/01/01          0
    0412877581                           O            09/01/31
    0


    5471328          E22/G01             F          303,200.00         ZZ
                                         360        303,200.00          1
                                       7.250          2,068.36         80
                                       7.000          2,068.36
    NOVATO           CA   94945          1            08/16/01         00
    0412912875                           05           10/01/01          0
    0412912875                           O            09/01/31
    0


    5471351          E22/G01             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       6.875          2,200.71         57
                                       6.625          2,200.71
    AGOURA HILLS     CA   91301          5            08/23/01         00
    0412936510                           05           10/01/01          0
    0412936510                           O            09/01/31
    0


    5471353          E22/G01             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       7.500          2,202.53         62
                                       7.250          2,202.53
    LIVERMORE        CA   94550          1            08/17/01         00
    0412938763                           05           10/01/01          0
    0412938763                           O            09/01/31
    0


    5471375          E22/G01             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.375          1,381.35         80
                                       7.125          1,381.35
    SIMI VALLEY      CA   93065          2            08/23/01         00
    0412953895                           05           10/01/01          0
    0412953895                           O            09/01/31
    0


1


    5471378          E22/G01             F          365,100.00         ZZ
                                         360        365,100.00          1
                                       7.375          2,521.65         80
                                       7.125          2,521.65
    SAN JUAN CAPIST  CA   92675          1            08/27/01         00
    0412961104                           03           10/01/01          0
    0412961104                           O            09/01/31
    0


    5471444          E82/G01             F          234,000.00         ZZ
                                         360        234,000.00          1
                                       7.500          1,636.16         41
                                       7.250          1,636.16
    SAN JOSE         CA   95135          2            08/29/01         00
    0400457164                           05           10/01/01          0
    1832651                              O            09/01/31
    0


    5473244          076/076             F          363,170.00         ZZ
                                         360        362,655.69          1
                                       7.750          2,601.80         75
                                       7.500          2,601.80
    RANCHO SANTA MA  CA   92688          1            06/05/01         00
    5253444                              05           08/01/01          0
    5253444                              O            07/01/31
    0


    5473247          076/076             F          397,500.00         ZZ
                                         360        397,182.13          1
                                       7.125          2,678.03         87
                                       6.875          2,678.03
    AVENTURA         FL   33180          2            07/13/01         10
    5325924                              05           09/01/01         25
    5325924                              O            08/01/31
    0


    5473248          076/076             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.500          2,517.17         69
                                       7.250          2,517.17
    CEDAR RAPIDS     IA   52403          5            07/30/01         00
    5329334                              05           10/01/01          0
    5329334                              O            09/01/31
    0


    5473271          076/076             F          324,000.00         ZZ
                                         360        323,747.24          1
                                       7.250          2,210.26         80
                                       7.000          2,210.26
1


    NORTH BRANFORD   CT   06471          1            07/31/01         00
    8913005                              05           09/01/01          0
    8913005                              O            08/01/31
    0


    5476930          944/G01             F          355,900.00         ZZ
                                         360        355,900.00          1
                                       7.250          2,427.87         80
                                       7.000          2,427.87
    FAIR OAKS        CA   95628          1            08/07/01         00
    0433145836                           05           10/01/01          0
    01071197                             O            09/01/31
    0


    5479714          956/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.375          2,486.43         72
                                       7.125          2,486.43
    DALY CITY        CA   94015          2            08/14/01         00
    0433135878                           05           10/01/01          0
    111080152                            O            09/01/31
    0


    5483404          E22/G01             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       7.375          3,626.04         53
                                       7.125          3,626.04
    ENCINITAS        CA   92024          5            08/22/01         00
    0412912305                           05           10/01/01          0
    0412912305                           O            09/01/31
    0


    5483407          E22/G01             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       7.250          1,125.59         57
                                       7.000          1,125.59
    CAZADERO         CA   95421          5            08/22/01         00
    0412913659                           05           10/01/01          0
    0412913659                           O            09/01/31
    0


    5483503          E22/G01             F          352,500.00         ZZ
                                         360        352,500.00          1
                                       7.250          2,404.67         75
                                       7.000          2,404.67
    SHERMAN OAKS     CA   91401          1            08/28/01         00
    0412957979                           05           10/01/01          0
    0412957979                           O            09/01/31
    0
1




    5494343          E22/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.250          2,592.27         64
                                       7.000          2,592.27
    SIMI VALLEY      CA   93065          1            08/22/01         00
    0412790578                           03           10/01/01          0
    0412790578                           O            09/01/31
    0


    5506457          E22/G01             F          320,200.00         ZZ
                                         360        320,200.00          1
                                       7.250          2,184.33         75
                                       7.000          2,184.33
    ROHNERT PARK     CA   94928          2            07/27/01         00
    0412765117                           05           10/01/01          0
    0412765117                           O            09/01/31
    0


    5506460          E22/G01             F          314,000.00         ZZ
                                         360        314,000.00          1
                                       7.250          2,142.03         62
                                       7.000          2,142.03
    CARLSBAD         CA   92008          2            08/24/01         00
    0412790164                           05           10/01/01          0
    0412790164                           O            09/01/31
    0


    5506466          E22/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.000          2,195.50         36
                                       6.750          2,195.50
    PIEDMONT         CA   94611          5            08/23/01         00
    0412856494                           05           10/01/01          0
    0412856494                           O            09/01/31
    0


    5506489          E22/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.000          2,494.88         80
                                       6.750          2,494.88
    IRVINE           CA   92620          1            08/16/01         00
    0412917791                           05           10/01/01          0
    0412917791                           O            09/01/31
    0


    5506506          E22/G01             F          333,000.00         ZZ
                                         360        333,000.00          1
1


                                       7.000          2,215.46         50
                                       6.750          2,215.46
    MORRISON         CO   80465          2            08/30/01         00
    0412938771                           05           10/01/01          0
    0412938771                           O            09/01/31
    0


    5506521          E22/G01             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.000          1,829.58         50
                                       6.750          1,829.58
    SANTA ROSA       CA   95409          2            08/27/01         00
    0412959561                           05           10/01/01          0
    0412959561                           O            09/01/31
    0

   TOTAL NUMBER OF LOANS   :        783

   TOTAL ORIGINAL BALANCE  :   312,286,251.18

   TOTAL PRINCIPAL BALANCE :   311,740,532.64

   TOTAL ORIGINAL P+I      :     2,160,660.38

   TOTAL CURRENT P+I       :     2,160,660.38


                             ***************************
                             *      END OF REPORT      *
                             ***************************


<PAGE>



                                   EXHIBIT TWO
                    MORTGAGE LOAN SCHEDULE FOR LOAN GROUP II


  RUN ON     : 09/21/01           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 12.40.52           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RFMSI 2001-S22  GROUP 2                        CUTOFF : 09/01/01
  POOL       : 0004537
             :
             :
  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
  ----------------------------------------------------------------------

      4215510                              .2500
      435,350.82                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4724126                              .2500
      398,037.07                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4790498                              .2500
      348,897.90                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4798002                              .2500
      377,950.07                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4809548                              .2500
      547,497.89                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4839516                              .2500
      645,882.82                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700
1



      4861375                              .2500
      349,478.88                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4870601                              .2500
      512,904.62                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4871582                              .2500
      346,362.09                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4871853                              .2500
      496,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4887413                              .2500
      380,432.71                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4906093                              .2500
      386,833.60                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      4923251                              .2500
      561,120.53                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4930596                              .2500
      469,651.19                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200
1



      4937496                              .2500
      287,460.51                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4944368                              .2500
      504,606.05                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4948641                              .2500
      456,097.07                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.7500                        1.0450

      4948705                              .2500
      665,130.29                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4948844                              .2500
      407,334.58                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4948953                              .2500
      427,648.02                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.7500                        1.2950

      4952456                              .2500
      349,726.96                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4953929                              .2500
      998,511.06                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200
1



      4959195                              .2500
      550,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4961514                              .2500
      347,735.20                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4967845                              .2500
      373,623.36                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4975974                              .2500
       74,948.38                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      4977182                              .2500
      318,724.72                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4987122                              .2500
      464,837.10                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4989034                              .2500
      377,351.22                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      4999310                              .2500
      340,453.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450
1



      5002125                              .2500
      349,478.88                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5003560                              .2500
      429,083.64                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5007723                              .2500
      408,856.06                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5013863                              .2500
      359,506.80                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5013884                              .2500
      384,137.44                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5013916                              .2500
      384,426.75                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5013918                              .2500
      290,064.77                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5013922                              .2500
      344,473.35                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950
1



      5013926                              .2500
      310,525.25                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5013945                              .2500
      294,181.13                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5014017                              .2500
      424,427.76                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5016199                              .2500
      197,006.24                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5035444                              .2500
      383,742.34                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5036736                              .2500
      349,143.21                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5037158                              .2500
      399,168.73                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5045702                              .2500
      808,468.82                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700
1



      5046907                              .2500
      393,812.77                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5048911                              .2500
      349,438.57                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      5048931                              .2500
      395,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5050366                              .2500
      294,769.86                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5050785                              .2500
      339,734.77                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5051415                              .2500
      331,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5051811                              .2500
      345,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5053302                              .2500
      330,754.35                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200
1



      5053575                              .2500
      469,651.19                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5056682                              .2500
      297,773.25                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5057510                              .2500
      647,531.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5060446                              .2500
      299,803.76                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.7500                        1.0450

      5060568                              .2500
      341,633.29                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5060590                              .2500
      299,782.86                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5062705                              .2500
      499,579.93                          .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      5064481                              .2500
      284,254.46                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700
1



      5065128                              .2500
      305,261.68                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5071340                              .2500
      401,701.66                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5073026                              .2500
      349,478.88                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5075611                              .5000
      399,404.42                          .0800
            7.5000                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5076321                              .2500
      464,654.90                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5077368                              .2500
      549,611.81                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5086012                              .2500
      339,747.67                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5088380                              .2500
      335,325.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450
1



      5089755                              .2500
      398,680.92                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      5091198                              .2500
      999,257.85                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5094989                              .2500
      339,647.75                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5095393                              .2500
      338,635.62                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5095818                              .2500
      332,220.66                          .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      5100151                              .2500
      295,275.14                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5101204                              .2500
      371,709.80                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5105293                              .2500
      368,726.15                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200
1



      5109184                              .2500
      320,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5109916                              .2500
      309,758.17                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5110201                              .2500
      504,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5112249                              .2500
      358,919.79                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5112453                              .2500
      355,735.80                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5114362                              .2500
      599,587.08                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5114993                              .2500
      360,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5116786                              .2500
      296,762.50                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450
1



      5118620                              .2500
      539,589.10                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5119218                              .2500
      250,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5119363                              .2500
      351,725.41                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5122229                              .2500
      798,162.53                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5122520                              .2500
      996,928.12                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5124227                              .2500
      445,823.65                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5124497                              .2500
      361,600.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5126832                              .2500
      413,578.67                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200
1



      5127546                              .2500
      339,741.28                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5129798                              .2500
      299,760.09                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      5130210                              .2500
      274,795.91                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5131003                              .2500
      316,253.10                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5132984                              .2500
      398,709.04                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      5133289                              .2500
      349,726.96                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5134764                              .2500
      434,319.26                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5134807                              .2500
      340,017.22                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950
1



      5135089                              .2500
      486,351.01                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      5136869                              .2500
      594,569.36                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5137477                              .2500
      520,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5139043                              .2500
      396,455.56                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5139298                              .2500
      302,713.64                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      5141085                              .2500
      431,200.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5141185                              .2500
      359,726.07                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5141644                              .2500
      350,233.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450
1



      5141793                              .2500
      350,971.16                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5145157                              .2500
      329,742.57                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5145412                              .2500
      306,772.16                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5146627                              .2500
      385,806.21                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5146647                              .2500
      319,523.54                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

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            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200
1



      5468982                              .2500
      434,669.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5468997                              .2500
      527,627.34                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5469010                              .2500
      462,673.22                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5473241                              .2500
      458,299.33                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5473243                              .2500
      336,087.61                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5473249                              .2500
      355,985.61                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5473253                              .2500
      326,769.20                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5473254                              .2500
      562,675.16                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200
1



      5473255                              .2500
      399,731.61                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5473258                              .2500
      324,758.80                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5473260                              .2500
      374,754.70                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.7500                        1.0450

      5473261                              .2500
      473,935.82                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5473262                              .2500
      551,515.34                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5473265                              .2500
      399,687.96                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5473267                              .2500
      411,709.21                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5473268                              .2500
      394,721.21                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700
1



      5473269                              .2500
      468,677.23                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5483359                              .2500
      350,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5490641                              .2500
      437,400.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5494406                              .2500
      620,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5506468                              .2500
      250,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5506498                              .2500
      113,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

  TOTAL NUMBER OF LOANS:      652
  TOTAL BALANCE........:        259,894,372.66


  RUN ON     : 09/21/01            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 12.40.52            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RFMSI 2001-S22 GRP2  FIXED SUMMARY REPORT      CUTOFF : 09/01/01
  POOL       : 0004537
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ----------------------------------------------------------------------------
  CURR NOTE RATE                        7.3828            6.6250      8.5000
  RFC NET RATE                          7.1301            6.3750      8.1250
  NET MTG RATE(INVSTR RATE)             7.0551            6.3450      8.0450
  POST STRIP RATE                       6.7381            6.3450      6.7500
  SUB SERV FEE                           .2526             .2500       .5000
  MSTR SERV FEE                          .0750             .0300       .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .3170             .0000      1.2950







  TOTAL NUMBER OF LOANS:   652
  TOTAL BALANCE........:     259,894,372.66


                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 09/21/01           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 12.40.52          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RFMSI 2001-S22 GRP2                            CUTOFF : 09/01/01
  POOL       : 0004537
             :
             :
  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 #
  ______________________________________________________________________________


    4215510          227/G01             F          436,000.00         ZZ
                                         360        435,350.82          1
                                       7.500          3,048.58         80
                                       7.250          3,048.58
    MASON            OH   45040          4            06/29/01         11
    0433056843                           05           08/01/01         25
    1863596                              O            07/01/31
    0


    4724126          757/G01             F          399,000.00         ZZ
                                         360        398,037.07          1
                                       7.125          2,688.14         59
                                       6.875          2,688.14
    FAYETTEVILLE     GA   30215          2            05/10/01         00
    0432922722                           05           07/01/01          0
    1GILLEYPAT                           O            06/01/31
    0


    4790498          116/116             F          350,000.00         ZZ
                                         360        348,897.90          1
                                       7.250          2,387.62         72
                                       7.000          2,387.62
    MAGNOLIA         TX   77355          2            04/06/01         00
    091069309                            03           06/01/01          0
    091069309                            O            05/01/31
    0


    4798002          W64/G01             F          379,448.14         ZZ
                                         360        377,950.07          1
                                       7.250          2,588.51         69
                                       7.000          2,588.51
    MANHASSET        NY   11030          2            03/23/01         00
    0433009933                           05           05/01/01          0
1


    7088008                              O            04/01/31
    0


    4809548          168/168             F          550,000.00         ZZ
                                         360        547,497.89          1
                                       7.375          3,798.71         65
                                       7.125          3,798.71
    HASTINGS ON HUD  NY   10706          1            04/03/01         00
    0189767375                           05           06/01/01          0
    0189767375                           O            05/01/31
    0


    4839516          E84/G01             F          648,200.00         ZZ
                                         360        645,882.82          1
                                       7.750          4,643.78         74
                                       7.500          4,643.78
    CHICAGO          IL   60614          2            03/26/01         00
    0432814556                           07           05/01/01          0
    14602773                             O            04/01/31
    0


    4861375          144/144             F          350,000.00         ZZ
                                         360        349,478.88          1
                                       7.500          2,447.25         71
                                       7.250          2,447.25
    EAST MORICHES    NY   11940          2            06/22/01         00
    160643692                            05           08/01/01          0
    99ESCRIVANOT                         O            07/01/31
    0


    4870601          696/G01             F          514,000.00         ZZ
                                         360        512,904.62          1
                                       7.750          3,682.36         68
                                       7.500          3,682.36
    ARLINGTON        VA   22207          2            05/23/01         00
    0432825123                           05           07/01/01          0
    22301076                             O            06/01/31
    0


    4871582          956/G01             F          347,200.00         ZZ
                                         360        346,362.09          1
                                       7.125          2,339.15         81
                                       6.875          2,339.15
    SOUTH ELGIN      IL   60177          1            05/18/01         04
    0433057247                           03           07/01/01         12
    2311040290                           O            06/01/31
    0


1


    4871853          757/G01             F          496,000.00         ZZ
                                         360        496,000.00          1
                                       7.500          3,468.11         80
                                       7.250          3,468.11
    ACTON            MA   01720          1            08/09/01         00
    0433127016                           05           10/01/01          0
    2CHENTANI                            O            09/01/31
    0


    4887413          Q73/G01             F          381,000.00         ZZ
                                         360        380,432.71          1
                                       7.500          2,664.01         75
                                       7.250          2,664.01
    GUNTERSVILLE     AL   35976          2            06/18/01         00
    0433007440                           05           08/01/01          0
    ALVES1055410                         O            07/01/31
    0


    4906093          144/144             F          387,100.00         T
                                         360        386,833.60          1
                                       7.875          2,806.74         70
                                       7.625          2,806.74
    NEW PALTZ        NY   12561          1            07/31/01         00
    160670786                            05           09/01/01          0
    KEITH                                O            08/01/31
    0


    4923251          536/536             F          562,000.00         ZZ
                                         360        561,120.53          1
                                       7.250          3,833.83         67
                                       7.000          3,833.83
    HONOLULU         HI   96825          2            06/15/01         00
    1294719                              03           08/01/01          0
    1294719                              O            07/01/31
    0


    4930596          536/536             F          470,000.00         ZZ
                                         360        469,651.19          1
                                       7.500          3,286.31         71
                                       7.250          3,286.31
    HONOLULU         HI   96817          2            07/10/01         00
    1294552                              05           09/01/01          0
    1294552                              O            08/01/31
    0


    4937496          L46/L46             F          287,900.00         ZZ
                                         360        287,460.51          1
                                       7.375          1,988.46         80
                                       7.125          1,988.46
1


    CARROLLTON       TX   75082          1            06/18/01         00
    0000939371                           03           08/01/01          0
    0000939371                           O            07/01/31
    0


    4944368          536/536             F          505,000.00         ZZ
                                         360        504,606.05          1
                                       7.250          3,444.99         72
                                       7.000          3,444.99
    HONOLULU         HI   96821          1            06/26/01         00
    1296557                              05           09/01/01          0
    1296557                              O            08/01/31
    0


    4948641          286/286             F          457,000.00         ZZ
                                         360        456,097.07          1
                                       8.125          3,393.22         71
                                       7.875          3,393.22
    GLENCOE          MO   63038          2            05/18/01         00
    318213                               03           07/01/01          0
    318213                               O            06/01/31
    0


    4948705          286/286             F          666,700.00         ZZ
                                         360        665,130.29          1
                                       7.250          4,548.07         67
                                       7.000          4,548.07
    PITTSBURGH       PA   15217          2            05/24/01         00
    393266                               05           07/01/01          0
    393266                               O            06/01/31
    0


    4948844          286/286             F          408,320.00         ZZ
                                         360        407,334.58          1
                                       7.125          2,750.93         80
                                       6.875          2,750.93
    COLLEYVILLE      TX   76034          1            05/23/01         00
    339782                               03           07/01/01          0
    339782                               O            06/01/31
    0


    4948953          286/286             F          429,000.00         ZZ
                                         360        427,648.02          1
                                       8.375          3,260.71         66
                                       8.125          3,260.71
    CHICAGO          IL   60657          2            03/30/01         00
    9814305                              05           05/01/01          0
    9814305                              O            04/01/31
    0
1




    4952456          757/G01             F          350,000.00         ZZ
                                         360        349,726.96          1
                                       7.250          2,387.62         53
                                       7.000          2,387.62
    HICKORY          NC   28601          1            07/31/01         00
    0433038965                           03           09/01/01          0
    1000311801                           O            08/01/31
    0


    4953929          758/G01             F        1,000,000.00         ZZ
                                         360        998,511.06          1
                                       7.500          6,992.15         58
                                       7.250          6,992.15
    UNIVERSITY PARK  TX   75225          2            06/18/01         00
    0433104080                           05           08/01/01          0
    1                                    O            07/01/31
    0


    4959195          W49/G01             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       7.250          3,751.97         77
                                       7.000          3,751.97
    OVERLAND PARK    KS   66223          1            08/22/01         00
    0433128717                           05           10/01/01          0
    2001016981                           O            09/01/31
    0


    4961514          757/G01             F          348,000.00         ZZ
                                         360        347,735.20          1
                                       7.375          2,403.55         75
                                       7.125          2,403.55
    HAMPTON          NH   03842          2            07/27/01         00
    0433117934                           05           09/01/01          0
    1000307841                           O            08/01/31
    0


    4967845          E84/G01             F          376,000.00         ZZ
                                         360        373,623.36          1
                                       7.375          2,596.94         76
                                       7.125          2,596.94
    GREENVILLE       DE   19807          2            04/27/01         00
    0432861235                           03           06/01/01          0
    73810021                             O            05/01/31
    0


    4975974          H76/G01             F           75,000.00         ZZ
                                         360         74,948.38          1
1


                                       7.875            543.81         59
                                       7.625            543.81
    AUGUSTA          ME   04330          5            07/12/01         00
    0433099215                           05           09/01/01          0
    200188174                            O            08/01/31
    0


    4977182          K88/G01             F          319,200.00         ZZ
                                         360        318,724.72          1
                                       7.500          2,231.90         80
                                       7.250          2,231.90
    BERKELEY HEIGHT  NJ   07922          1            06/01/01         00
    0433098951                           05           08/01/01          0
    15520                                O            07/01/31
    0


    4987122          R84/G01             F          465,200.00         ZZ
                                         360        464,837.10          1
                                       7.250          3,173.48         80
                                       7.000          3,173.48
    DES MOINES       WA   98198          1            07/23/01         00
    0433042892                           05           09/01/01          0
    WA664725                             O            08/01/31
    0


    4989034          994/X14             F          377,900.00         ZZ
                                         360        377,351.22          1
                                       7.625          2,674.76         90
                                       7.375          2,674.76
    TOPSFIELD        MA   01983          1            06/29/01         11
    1000285549                           05           08/01/01         25
    1000285549                           O            07/01/31
    0


    4999310          B60/G01             F          341,000.00         ZZ
                                         360        340,453.00          1
                                       7.125          2,297.38         61
                                       6.875          2,297.38
    CAMBRIDGE        MA   02141          2            05/24/01         00
    0433102241                           01           08/01/01          0
    33220809                             O            07/01/31
    0


    5002125          G52/G01             F          350,000.00         ZZ
                                         360        349,478.88          1
                                       7.500          2,447.25         49
                                       7.250          2,447.25
    TUCSON           AZ   85750          1            06/07/01         00
    0432996270                           03           08/01/01          0
1


    9900000673                           O            07/01/31
    0


    5003560          168/168             F          430,000.00         ZZ
                                         360        429,083.64          1
                                       7.750          3,080.57         56
                                       7.500          3,080.57
    NEW ROCHELLE     NY   10804          1            05/09/01         00
    0189761164                           05           07/01/01          0
    0189761164                           O            06/01/31
    0


    5007723          E22/G01             F          411,500.00         ZZ
                                         360        408,856.06          1
                                       7.250          2,807.16         68
                                       7.000          2,807.16
    KIRKLAND         WA   98033          2            06/15/01         00
    0412743155                           05           08/01/01          0
    0412743155                           O            07/01/31
    0


    5013863          286/286             F          364,000.00         ZZ
                                         360        359,506.80          1
                                       7.250          2,483.13         65
                                       7.000          2,483.13
    ANN ARBOR        MI   48103          1            06/04/01         00
    333858                               05           08/01/01          0
    333858                               O            07/01/31
    0


    5013884          286/286             F          385,000.00         ZZ
                                         360        384,137.44          1
                                       7.500          2,691.98         62
                                       7.250          2,691.98
    BOULDER          CO   80301          1            05/31/01         00
    283743                               05           07/01/01          0
    283743                               O            06/01/31
    0


    5013916          286/286             F          385,000.00         ZZ
                                         360        384,426.75          1
                                       7.500          2,691.98         72
                                       7.250          2,691.98
    ST LOUIS         MO   63141          2            06/04/01         00
    375982                               05           08/01/01          0
    375982                               O            07/01/31
    0


1


    5013918          286/286             F          290,700.00         ZZ
                                         360        290,064.77          1
                                       7.625          2,057.56         85
                                       7.375          2,057.56
    TUCSON           AZ   85737          1            06/01/01         11
    379547                               03           07/01/01         12
    379547                               O            06/01/31
    0


    5013922          286/286             F          345,000.00         ZZ
                                         360        344,473.35          1
                                       7.375          2,382.83         70
                                       7.125          2,382.83
    NORTHVILLE       MI   48167          1            06/05/01         00
    401078                               05           08/01/01          0
    401078                               O            07/01/31
    0


    5013926          286/286             F          311,000.00         ZZ
                                         360        310,525.25          1
                                       7.375          2,148.00         74
                                       7.125          2,148.00
    WOBURN           MA   01801          2            06/05/01         00
    370785                               05           08/01/01          0
    370785                               O            07/01/31
    0


    5013945          286/286             F          295,545.00         ZZ
                                         360        294,181.13          1
                                       7.250          2,016.14         90
                                       7.000          2,016.14
    PORTLAND         OR   97225          1            05/23/01         12
    267947                               05           07/01/01         25
    267947                               O            06/01/31
    0


    5014017          286/286             F          425,000.00         ZZ
                                         360        424,427.76          1
                                       8.000          3,118.50         65
                                       7.750          3,118.50
    NEWTON           MA   02459          2            06/01/01         00
    9850714                              05           08/01/01          0
    9850714                              O            07/01/31
    0


    5016199          E82/G01             F          197,300.00         ZZ
                                         360        197,006.24          1
                                       7.500          1,379.55         80
                                       7.250          1,379.55
1


    PAOLI            PA   19301          1            06/25/01         00
    0400434155                           05           08/01/01          0
    0400434155                           O            07/01/31
    0


    5035444          588/G01             F          384,000.00         ZZ
                                         360        383,742.34          1
                                       8.000          2,817.66         80
                                       7.750          2,817.66
    BEDMINSTER TOWN  NJ   07921          1            07/16/01         00
    0433075553                           03           09/01/01          0
    1039391                              O            08/01/31
    0


    5036736          L75/G01             F          350,000.00         ZZ
                                         344        349,143.21          1
                                       7.625          2,507.75         42
                                       7.375          2,507.75
    EMERALD ISLE     NC   28594          4            05/29/01         00
    0433041654                           03           07/01/01          0
    555620906                            O            02/01/30
    0


    5037158          994/X14             F          400,000.00         ZZ
                                         360        399,168.73          1
                                       7.875          2,900.28         85
                                       7.625          2,900.28
    PORTER CORNERS   NY   12859          2            05/17/01         10
    0218175218                           05           07/01/01         12
    0218175218                           O            06/01/31
    0


    5045702          N47/G01             F          809,100.00         ZZ
                                         360        808,468.82          1
                                       7.250          5,519.49         45
                                       7.000          5,519.49
    MONTEREY         CA   93940          5            07/18/01         00
    0433067477                           05           09/01/01          0
    2011323                              O            08/01/31
    0


    5046907          E86/G01             F          394,400.00         ZZ
                                         360        393,812.77          1
                                       7.500          2,757.70         80
                                       7.250          2,757.70
    MC LEAN          VA   22101          1            06/15/01         00
    0432917342                           05           08/01/01          0
    2050000599420                        O            07/01/31
    0
1




    5048911          369/G01             F          350,000.00         ZZ
                                         360        349,438.57          1
                                       7.125          2,358.01         74
                                       6.875          2,358.01
    SPRING           TX   77379          1            07/02/01         00
    0433050614                           03           08/01/01          0
    16567767                             O            07/01/31
    0


    5048931          964/G01             F          395,000.00         ZZ
                                         360        395,000.00          1
                                       7.375          2,728.17         58
                                       7.125          2,728.17
    RANCHO PALOS VE  CA   90275          5            08/09/01         00
    0433097342                           05           10/01/01          0
    130683                               O            09/01/31
    0


    5050366          757/G01             F          295,000.00         ZZ
                                         360        294,769.86          1
                                       7.250          2,012.43         85
                                       7.000          2,012.43
    SHELTON          CT   06484          1            07/20/01         01
    0433077690                           05           09/01/01         12
    1000332658                           O            08/01/31
    0


    5050785          N47/G01             F          340,000.00         ZZ
                                         360        339,734.77          1
                                       7.250          2,319.40         67
                                       7.000          2,319.40
    SANTA CLARA      CA   95054          5            07/23/01         00
    0433046620                           05           09/01/01          0
    20310856                             O            08/01/31
    0


    5051415          964/G01             F          331,000.00         ZZ
                                         360        331,000.00          1
                                       7.375          2,286.13         63
                                       7.125          2,286.13
    SANTA ROSA       CA   95401          1            07/27/01         00
    0433050135                           05           10/01/01          0
    127531                               O            09/01/31
    0


    5051811          964/G01             F          345,000.00         ZZ
                                         360        345,000.00          1
1


                                       7.375          2,382.83         75
                                       7.125          2,382.83
    SOUTH SAN FRANC  CA   94080          5            07/30/01         00
    0433053550                           05           10/01/01          0
    400133673                            O            09/01/31
    0


    5053302          994/X14             F          331,000.00         ZZ
                                         360        330,754.35          1
                                       7.500          2,314.40         54
                                       7.250          2,314.40
    SAN JOSE         CA   95123          5            07/10/01         00
    0218554412                           05           09/01/01          0
    0218554412                           O            08/01/31
    0


    5053575          H22/G01             F          470,000.00         ZZ
                                         360        469,651.19          1
                                       7.500          3,286.31         78
                                       7.250          3,286.31
    MANHASSET        NY   11030          2            07/10/01         00
    0433007564                           05           09/01/01          0
    0006036                              O            08/01/31
    0


    5056682          N47/G01             F          298,000.00         ZZ
                                         360        297,773.25          1
                                       7.375          2,058.21         66
                                       7.125          2,058.21
    HOLLISTER        CA   95023          5            07/17/01         00
    0433085271                           05           09/01/01          0
    20111331                             O            08/01/31
    0


    5057510          H93/G01             F          648,000.00         ZZ
                                         360        647,531.00          1
                                       7.625          4,586.50         65
                                       7.375          4,586.50
    SHAWNEE MISSION  KS   66208          2            07/27/01         00
    0433103041                           05           09/01/01          0
    2001001272                           O            08/01/31
    0


    5060446          J95/G01             F          300,000.00         ZZ
                                         360        299,803.76          1
                                       8.125          2,227.49         80
                                       7.875          2,227.49
    ARLINGTON        VA   22213          1            07/06/01         00
    0433117413                           05           09/01/01          0
1


    18670828                             O            08/01/31
    0


    5060568          588/G01             F          341,900.00         ZZ
                                         360        341,633.29          1
                                       7.250          2,332.36         80
                                       7.000          2,332.36
    GAITHERSBURG     MD   20882          1            07/26/01         00
    0433074937                           05           09/01/01          0
    1044260                              O            08/01/31
    0


    5060590          356/G01             F          300,000.00         ZZ
                                         360        299,782.86          1
                                       7.625          2,123.39         60
                                       7.375          2,123.39
    UNION CITY       CA   94587          5            07/16/01         00
    0433053618                           05           09/01/01          0
    2874741                              O            08/01/31
    0


    5062705          B60/G01             F          500,000.00         ZZ
                                         360        499,579.93          1
                                       6.875          3,284.65         77
                                       6.625          3,284.65
    SAN MARINO       CA   91108          1            07/06/01         00
    0433085990                           05           09/01/01          0
    336187                               O            08/01/31
    0


    5064481          B60/G01             F          284,700.00         ZZ
                                         360        284,254.46          1
                                       7.250          1,942.16         78
                                       7.000          1,942.16
    WHITTIER         CA   90602          2            06/16/01         00
    0433084571                           05           08/01/01          0
    335821                               O            07/01/31
    0


    5065128          B60/G01             F          305,500.00         ZZ
                                         360        305,261.68          1
                                       7.250          2,084.05         80
                                       7.000          2,084.05
    ROSEVILLE        CA   95747          2            06/28/01         00
    0433085404                           03           09/01/01          0
    339035                               O            08/01/31
    0


1


    5071340          Q97/G01             F          402,000.00         ZZ
                                         360        401,701.66          1
                                       7.500          2,810.84         71
                                       7.250          2,810.84
    WOODBINE         MD   21797          2            07/19/01         00
    0433021664                           05           09/01/01          0
    16060192                             O            08/01/31
    0


    5073026          Q97/G01             F          350,000.00         ZZ
                                         360        349,478.88          1
                                       7.500          2,447.25         73
                                       7.250          2,447.25
    FOXBORO          MA   02035          1            06/26/01         00
    0432996155                           05           08/01/01          0
    16060023                             O            07/01/31
    0


    5075611          405/405             F          400,000.00         ZZ
                                         360        399,404.42          1
                                       7.500          2,796.86         51
                                       7.000          2,796.86
    FOREST HILLS     NY   11375          1            06/04/01         00
    0012149928                           05           08/01/01          0
    0012149928                           O            07/01/31
    0


    5076321          893/G01             F          465,000.00         ZZ
                                         360        464,654.90          1
                                       7.500          3,251.35         74
                                       7.250          3,251.35
    THOUSAND OAKS    CA   91362          1            07/09/01         00
    0433061090                           03           09/01/01          0
    H10605011                            O            08/01/31
    0


    5077368          E22/G01             F          550,000.00         ZZ
                                         360        549,611.81          1
                                       7.750          3,940.27         60
                                       7.500          3,940.27
    PELHAM           NY   10803          1            07/05/01         00
    0412675464                           05           09/01/01          0
    0412675464                           O            08/01/31
    0


    5086012          477/G01             F          340,000.00         ZZ
                                         360        339,747.67          1
                                       7.500          2,377.33         80
                                       7.250          2,377.33
1


    LIVERMORE        CA   94550          2            07/13/01         00
    0433046265                           05           09/01/01          0
    123008                               O            08/01/31
    0


    5088380          H22/G01             F          335,325.00         ZZ
                                         360        335,325.00          1
                                       7.625          2,373.41         85
                                       7.375          2,373.41
    MOUNT VERNON     NY   10552          1            08/02/01         10
    0433050101                           05           10/01/01         12
    0106048                              O            09/01/31
    0


    5089755          964/G01             F          399,000.00         ZZ
                                         360        398,680.92          1
                                       7.125          2,688.14         62
                                       6.875          2,688.14
    SAN RAFAEL       CA   94901          2            07/12/01         00
    0433053584                           05           09/01/01          0
    131458                               O            08/01/31
    0


    5091198          757/G01             F        1,000,000.00         ZZ
                                         360        999,257.85          1
                                       7.500          6,992.15         59
                                       7.250          6,992.15
    POTOMAC          MD   20854          1            07/25/01         00
    0433107430                           05           09/01/01          0
    1000313070                           O            08/01/31
    0


    5094989          624/G01             F          339,900.00         ZZ
                                         360        339,647.75          1
                                       7.500          2,376.63         80
                                       7.250          2,376.63
    BAINBRIDGE ISLA  WA   98110          1            07/20/01         00
    0433034048                           05           09/01/01          0
    85501210906F                         O            08/01/31
    0


    5095393          964/G01             F          338,900.00         ZZ
                                         360        338,635.62          1
                                       7.250          2,311.90         71
                                       7.000          2,311.90
    LOS ANGELS       CA   90066          2            07/06/01         00
    0433123114                           05           09/01/01          0
    130486                               O            08/01/31
    0
1




    5095818          B60/G01             F          332,500.00         ZZ
                                         360        332,220.66          1
                                       6.875          2,184.29         78
                                       6.625          2,184.29
    FOOTHILL RANCH   CA   92610          2            07/11/01         00
    0433086048                           03           09/01/01          0
    340906                               O            08/01/31
    0


    5100151          470/G01             F          295,500.00         ZZ
                                         360        295,275.14          1
                                       7.375          2,040.95         75
                                       7.125          2,040.95
    PETALUMA         CA   94954          1            07/16/01         00
    0433102886                           05           09/01/01          0
    56002749                             O            08/01/31
    0


    5101204          N47/G01             F          372,000.00         ZZ
                                         360        371,709.80          1
                                       7.250          2,537.70         80
                                       7.000          2,537.70
    BERKELEY         CA   94705          1            07/19/01         00
    0433085735                           05           09/01/01          0
    20210794                             O            08/01/31
    0


    5105293          E82/G01             F          369,000.00         ZZ
                                         360        368,726.15          1
                                       7.500          2,580.10         55
                                       7.250          2,580.10
    ATLANTA          GA   30306          2            05/22/01         00
    0400441523                           05           09/01/01          0
    0400441523                           O            08/01/31
    0


    5109184          U62/G01             F          320,000.00         ZZ
                                         240        320,000.00          1
                                       7.250          2,529.20         73
                                       7.000          2,529.20
    FAIRFIELD        CT   06430          5            08/01/01         00
    0433071925                           05           10/01/01          0
    2001255503                           O            09/01/21
    0


    5109916          B60/G01             F          310,000.00         ZZ
                                         360        309,758.17          1
1


                                       7.250          2,114.75         64
                                       7.000          2,114.75
    SANTA MONICA     CA   90405          1            07/12/01         00
    0433087731                           05           09/01/01          0
    338954                               O            08/01/31
    0


    5110201          575/G01             F          504,000.00         ZZ
                                         360        504,000.00          1
                                       7.500          3,524.04         80
                                       7.250          3,524.04
    MCLEAN           VA   22101          2            08/01/01         00
    0433135084                           05           10/01/01          0
    12009312                             O            09/01/31
    0


    5112249          B60/G01             F          359,200.00         ZZ
                                         360        358,919.79          1
                                       7.250          2,450.38         80
                                       7.000          2,450.38
    LOS ANGELES      CA   90066          1            07/10/01         00
    0433103561                           05           09/01/01          0
    339708                               O            08/01/31
    0


    5112453          B57/G01             F          356,000.00         ZZ
                                         360        355,735.80          1
                                       7.500          2,489.20         80
                                       7.250          2,489.20
    OAKDALE          CA   95361          1            07/18/01         00
    0433052438                           05           09/01/01          0
    2115677                              O            08/01/31
    0


    5114362          B57/G01             F          600,000.00         ZZ
                                         360        599,587.08          1
                                       7.875          4,350.42         80
                                       7.625          4,350.42
    LOS ANGELES      CA   90064          2            07/10/01         00
    0433055647                           05           09/01/01          0
    2114624                              O            08/01/31
    0


    5114993          975/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.375          2,486.43         66
                                       7.125          2,486.43
    IRVINE           CA   92612          2            08/08/01         00
    0433144326                           01           10/01/01          0
1


    2013379                              O            09/01/31
    0


    5116786          B60/G01             F          297,000.00         ZZ
                                         360        296,762.50          1
                                       7.125          2,000.94         75
                                       6.875          2,000.94
    GARDEN GROVE     CA   92840          2            07/10/01         00
    0433102464                           09           09/01/01          0
    324495                               O            08/01/31
    0


    5118620          624/G01             F          540,000.00         ZZ
                                         360        539,589.10          1
                                       7.375          3,729.65         80
                                       7.125          3,729.65
    REDONDO BEACH    CA   90277          1            07/17/01         00
    0433066842                           05           09/01/01          0
    46900110686F                         O            08/01/31
    0


    5119218          U62/G01             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       7.500          1,748.04         30
                                       7.250          1,748.04
    SOUTHAMPTON      NY   11968          5            08/17/01         00
    0433129210                           05           10/01/01          0
    2001275617                           O            09/01/31
    0


    5119363          N47/G01             F          352,000.00         ZZ
                                         360        351,725.41          1
                                       7.250          2,401.26         77
                                       7.000          2,401.26
    OAKLAND          CA   94610          1            07/30/01         00
    0433068608                           05           09/01/01          0
    20210837                             O            08/01/31
    0


    5122229          664/G01             F          800,000.00         ZZ
                                         360        798,162.53          1
                                       7.375          5,525.41         62
                                       7.125          5,525.41
    SANTA BARBARA    CA   93108          1            05/18/01         00
    0432954485                           05           07/01/01          0
    0008093999                           O            06/01/31
    0


1


    5122520          664/G01             F        1,000,000.00         ZZ
                                         360        996,928.12          1
                                       7.375          6,906.76         56
                                       7.125          6,906.76
    PARADISE VALLEY  AZ   85253          2            04/23/01         00
    0432954394                           03           06/01/01          0
    0008063802                           O            05/01/31
    0


    5124227          664/G01             F          446,850.00         ZZ
                                         360        445,823.65          1
                                       7.375          3,086.29         73
                                       7.125          3,086.29
    SNELLVILLE       GA   30078          2            05/11/01         00
    0432953347                           03           07/01/01          0
    000809939                            O            06/01/31
    0


    5124497          975/G01             F          361,600.00         ZZ
                                         360        361,600.00          1
                                       7.250          2,466.75         80
                                       7.000          2,466.75
    IRVINE           CA   92614          1            08/01/01         00
    0433094257                           05           10/01/01          0
    2013402                              O            09/01/31
    0


    5126832          588/G01             F          415,200.00         ZZ
                                         360        413,578.67          1
                                       7.500          2,903.14         80
                                       7.250          2,903.14
    BOROUGH OF KINN  NJ   07405          1            06/28/01         00
    0433103892                           05           08/01/01          0
    1037878                              O            07/01/31
    0


    5127546          893/G01             F          340,000.00         ZZ
                                         360        339,741.28          1
                                       7.375          2,348.30         80
                                       7.125          2,348.30
    SAN FRANCISCO    CA   94112          1            07/25/01         00
    0433048840                           07           09/01/01          0
    1071601                              O            08/01/31
    0


    5129798          B60/G01             F          300,000.00         ZZ
                                         360        299,760.09          1
                                       7.125          2,021.16         39
                                       6.875          2,021.16
1


    HUNTINGTON BEAC  CA   92649          1            07/12/01         00
    0433087814                           03           09/01/01          0
    340243                               O            08/01/31
    0


    5130210          A48/G01             F          275,000.00         ZZ
                                         360        274,795.91          1
                                       7.500          1,922.84         50
                                       7.250          1,922.84
    SAN JOSE         CA   95111          5            07/18/01         00
    0433065265                           05           09/01/01          0
    8111015251                           O            08/01/31
    0


    5131003          964/G01             F          316,500.00         ZZ
                                         360        316,253.10          1
                                       7.250          2,159.09         75
                                       7.000          2,159.09
    SCOTTSDALE       AZ   85258          5            07/23/01         00
    0433051364                           03           09/01/01          0
    131320                               O            08/01/31
    0


    5132984          664/G01             F          400,000.00         ZZ
                                         360        398,709.04          1
                                       7.125          2,694.88         80
                                       6.875          2,694.88
    SAN DIEGO        CA   92130          1            04/27/01         00
    0432945012                           03           06/01/01          0
    0008082794                           O            05/01/31
    0


    5133289          N47/G01             F          350,000.00         ZZ
                                         360        349,726.96          1
                                       7.250          2,387.62         77
                                       7.000          2,387.62
    CARDIFF          CA   92007          1            07/18/01         00
    0433047297                           05           09/01/01          0
    30111113                             O            08/01/31
    0


    5134764          956/G01             F          435,000.00         ZZ
                                         360        434,319.26          1
                                       7.250          2,967.47         77
                                       7.000          2,967.47
    VASHON           WA   98070          1            06/20/01         00
    0433001039                           05           08/01/01          0
    1311060046                           O            07/01/31
    0
1




    5134807          664/G01             F          340,800.00         ZZ
                                         360        340,017.22          1
                                       7.375          2,353.83         60
                                       7.125          2,353.83
    SEBASTOPOL       CA   95472          5            05/23/01         00
    0432947067                           05           07/01/01          0
    0008086332                           O            06/01/31
    0


    5135089          B60/G01             F          486,750.00         ZZ
                                         360        486,351.01          1
                                       7.000          3,238.36         75
                                       6.750          3,238.36
    SHERMAN OAKS     CA   91403          1            07/12/01         00
    0433050333                           05           09/01/01          0
    339456                               O            08/01/31
    0


    5136869          N47/G01             F          595,000.00         ZZ
                                         360        594,569.36          1
                                       7.625          4,211.37         73
                                       7.375          4,211.37
    BEVERLY HILLS    CA   90210          2            07/24/01         00
    0433067949                           05           09/01/01          0
    20210887                             O            08/01/31
    0


    5137477          N47/G01             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       7.375          3,591.51         80
                                       7.125          3,591.51
    SAN JOSE         CA   95120          1            08/01/01         00
    0433047081                           03           10/01/01          0
    20310987                             O            09/01/31
    0


    5139043          E85/G01             F          396,750.00         ZZ
                                         360        396,455.56          1
                                       7.500          2,774.13         75
                                       7.250          2,774.13
    SAN RAMON        CA   94583          5            07/24/01         00
    0433098928                           09           09/01/01          0
    6000237                              O            08/01/31
    0


    5139298          588/G01             F          303,200.00         ZZ
                                         360        302,713.64          1
1


                                       7.125          2,042.71         80
                                       6.875          2,042.71
    BERKELEY HEIGHT  NJ   07922          1            06/14/01         00
    0433103967                           05           08/01/01          0
    1040801                              O            07/01/31
    0


    5141085          964/G01             F          431,200.00         ZZ
                                         360        431,200.00          1
                                       7.625          3,052.01         80
                                       7.375          3,052.01
    WOODLAND HILLS   CA   91364          1            08/06/01         00
    0433076239                           05           10/01/01          0
    410134017                            O            09/01/31
    0


    5141185          893/G01             F          360,000.00         ZZ
                                         360        359,726.07          1
                                       7.375          2,486.43         70
                                       7.125          2,486.43
    BELMONT          CA   94002          5            07/19/01         00
    0433043015                           05           09/01/01          0
    H10621011                            O            08/01/31
    0


    5141644          664/G01             F          351,000.00         ZZ
                                         360        350,233.00          1
                                       7.625          2,484.36         90
                                       7.375          2,484.36
    SAN DIMAS        CA   91773          1            05/03/01         11
    0432962009                           05           07/01/01         25
    8087058                              O            06/01/31
    0


    5141793          664/G01             F          352,000.00         ZZ
                                         360        350,971.16          1
                                       7.625          2,491.44         80
                                       7.375          2,491.44
    STUDIO CITY      CA   91604          2            04/24/01         00
    0432964252                           05           06/01/01          0
    8045379                              O            05/01/31
    0


    5145157          893/G01             F          330,000.00         ZZ
                                         360        329,742.57          1
                                       7.250          2,251.18         73
                                       7.000          2,251.18
    SUNNYVALE        CA   94086          2            07/19/01         00
    0433042983                           09           09/01/01          0
1


    H10322031                            O            08/01/31
    0


    5145412          964/G01             F          307,000.00         ZZ
                                         360        306,772.16          1
                                       7.500          2,146.59         80
                                       7.250          2,146.59
    HUNTINGTON BEAC  CA   92646          2            07/19/01         00
    0433051455                           05           09/01/01          0
    132790                               O            08/01/31
    0


    5146627          964/G01             F          386,100.00         ZZ
                                         360        385,806.21          1
                                       7.375          2,666.70         90
                                       7.125          2,666.70
    CULVER CITY      CA   90232          1            07/26/01         04
    0433081338                           05           09/01/01         25
    125925                               O            08/01/31
    0


    5146647          R65/G01             F          320,000.00         ZZ
                                         360        319,523.54          1
                                       7.500          2,237.49         80
                                       7.250          2,237.49
    BEL AIR          MD   21015          2            06/15/01         00
    0433038429                           05           08/01/01          0
    20013225                             O            07/01/31
    0


    5146807          664/G01             F          295,200.00         ZZ
                                         360        294,480.38          1
                                       7.375          2,038.88         80
                                       7.125          2,038.88
    ANAHEIM          CA   92807          1            05/23/01         00
    0432946713                           03           07/01/01          0
    8140683                              O            06/01/31
    0


    5150521          664/G01             F          312,500.00         ZZ
                                         360        311,609.17          1
                                       7.750          2,238.79         63
                                       7.500          2,238.79
    LOS ANGELES      CA   90046          2            04/19/01         00
    0432960888                           05           06/01/01          0
    03934676                             O            05/01/31
    0


1


    5151962          975/G01             F          390,000.00         ZZ
                                         360        389,688.13          1
                                       7.125          2,627.50         75
                                       6.875          2,627.50
    ORANGE           CA   92867          1            07/24/01         00
    0433056157                           05           09/01/01          0
    2013398                              O            08/01/31
    0


    5152061          K21/G01             F          400,000.00         ZZ
                                         360        399,695.63          1
                                       7.375          2,762.70         78
                                       7.125          2,762.70
    CLAYTON          CA   94517          1            07/20/01         00
    0433058534                           03           09/01/01          0
    0115114                              O            08/01/31
    0


    5153135          B57/G01             F          549,500.00         ZZ
                                         360        549,081.88          1
                                       7.375          3,795.26         70
                                       7.125          3,795.26
    RANCHO PALOS VE  CA   90275          1            07/26/01         00
    0433052545                           05           09/01/01          0
    2115837                              O            08/01/31
    0


    5155093          696/G01             F          320,000.00         ZZ
                                         360        319,762.51          1
                                       7.500          2,237.49         56
                                       7.250          2,237.49
    FAIRFAX          VA   22033          1            07/10/01         00
    0432976322                           05           09/01/01          0
    23601094                             O            08/01/31
    0


    5157166          B60/G01             F          587,000.00         ZZ
                                         360        586,542.08          1
                                       7.250          4,004.38         78
                                       7.000          4,004.38
    HUNTINGTON BEAC  CA   92648          2            07/16/01         00
    0433084100                           03           09/01/01          0
    340331                               O            08/01/31
    0


    5157254          975/G01             F          354,000.00         ZZ
                                         360        353,737.28          1
                                       7.500          2,475.22         75
                                       7.250          2,475.22
1


    RANCHO SANTA MA  CA   92688          5            07/02/01         00
    0433071198                           03           09/01/01          0
    2012745                              O            08/01/31
    0


    5157855          E84/G01             F          330,000.00         ZZ
                                         360        329,260.67          1
                                       7.500          2,307.41         74
                                       7.250          2,307.41
    SCOTTSDALE       AZ   85255          1            05/22/01         00
    0433042181                           03           07/01/01          0
    11702018                             O            06/01/31
    0


    5158852          E82/G01             F          312,500.00         ZZ
                                         360        312,262.21          1
                                       7.375          2,158.36         79
                                       7.125          2,158.36
    LAPLATA          MD   20646          2            07/16/01         00
    0400448379                           05           09/01/01          0
    0432573103                           O            08/01/31
    0


    5161183          964/G01             F          356,000.00         ZZ
                                         360        355,722.28          1
                                       7.250          2,428.55         80
                                       7.000          2,428.55
    FAIR OAKS        CA   95628          1            07/17/01         00
    0433049426                           05           09/01/01          0
    131691                               O            08/01/31
    0


    5161721          944/G01             F          393,750.00         ZZ
                                         360        393,450.38          1
                                       7.375          2,719.54         75
                                       7.125          2,719.54
    SAN JOSE         CA   95148          2            07/26/01         00
    0433081882                           05           09/01/01          0
    W01022686                            O            08/01/31
    0


    5161792          664/G01             F          544,000.00         ZZ
                                         360        543,190.02          1
                                       7.500          3,803.73         80
                                       7.250          3,803.73
    WOODLAND HILLS   CA   91367          1            06/04/01         00
    0432971414                           05           08/01/01          0
    0008156739                           O            07/01/31
    0
1




    5161953          B57/G01             F          424,000.00         ZZ
                                         360        423,669.24          1
                                       7.250          2,892.43         80
                                       7.000          2,892.43
    OAK PARK         CA   91377          1            07/24/01         00
    0433147220                           05           09/01/01          0
    2115779                              O            08/01/31
    0


    5162809          T44/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.125          2,290.64         80
                                       6.875          2,290.64
    CASTRO VALLEY    CA   94546          1            08/14/01         00
    0433104148                           05           10/01/01          0
    1017920                              O            09/01/31
    0


    5163378          588/G01             F          347,000.00         ZZ
                                         360        346,415.39          1
                                       6.875          2,279.54         80
                                       6.625          2,279.54
    WEST GOSHEN TOW  PA   19382          1            06/21/01         00
    0432961563                           05           08/01/01          0
    1040647                              O            07/01/31
    0


    5163771          N47/G01             F          330,000.00         ZZ
                                         360        329,729.50          1
                                       7.000          2,195.50         71
                                       6.750          2,195.50
    SALINAS          CA   93907          5            07/16/01         00
    0433085776                           05           09/01/01          0
    20111336                             O            08/01/31
    0


    5164132          975/G01             F          395,000.00         ZZ
                                         360        394,699.43          1
                                       7.375          2,728.17         69
                                       7.125          2,728.17
    LA HABRA         CA   90631          2            07/16/01         00
    0433056132                           05           09/01/01          0
    2012560                              O            08/01/31
    0


    5164562          964/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
1


                                       7.500          2,447.25         70
                                       7.250          2,447.25
    RANCHO PALOS VE  CA   90275          2            08/01/01         00
    0433057965                           05           10/01/01          0
    400135937                            O            09/01/31
    0


    5165525          L86/G01             F          316,000.00         ZZ
                                         360        316,000.00          1
                                       7.750          2,263.86         80
                                       7.500          2,263.86
    SAN DIEGO        CA   92122          2            08/09/01         00
    0433132289                           05           10/01/01          0
    20507636                             O            09/01/31
    0


    5166294          E22/G01             F          560,000.00         ZZ
                                         360        559,604.76          1
                                       7.750          4,011.91         69
                                       7.500          4,011.91
    RIDGEFIELD       CT   06877          5            07/13/01         00
    0412765919                           05           09/01/01          0
    0412765919                           O            08/01/31
    0


    5166515          E22/G01             F          350,000.00         ZZ
                                         360        349,733.68          1
                                       7.375          2,417.36         76
                                       7.125          2,417.36
    DALY CITY        CA   94015          2            07/11/01         00
    0412808529                           05           09/01/01          0
    0412808529                           O            08/01/31
    0


    5167104          664/G01             F          398,000.00         ZZ
                                         360        397,039.50          1
                                       7.125          2,681.40         80
                                       6.875          2,681.40
    CHATSWORTH AREA  CA   91311          1            05/22/01         00
    0432966208                           05           07/01/01          0
    0008129611                           O            06/01/31
    0


    5169361          356/G01             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       7.500          2,482.22         64
                                       7.250          2,482.22
    DUBLIN           CA   94568          5            07/30/01         00
    0433124401                           05           10/01/01          0
1


    28850030                             O            09/01/31
    0


    5171666          A48/G01             F          379,000.00         ZZ
                                         360        378,711.61          1
                                       7.375          2,617.66         61
                                       7.125          2,617.66
    CORONADO         CA   92118          2            07/25/01         00
    0433132065                           01           09/01/01          0
    8511015284                           O            08/01/31
    0


    5173646          405/405             F          396,600.00         ZZ
                                         360        396,117.78          1
                                       8.500          3,049.51         90
                                       8.000          3,049.51
    LAS VEGAS        NV   89148          1            06/01/01         10
    0012240255                           03           08/01/01         25
    0012240255                           O            07/01/31
    0


    5173664          405/405             F          350,000.00         ZZ
                                         360        349,175.92          1
                                       7.250          2,387.62         70
                                       6.750          2,387.62
    POTOMAC          MD   20854          2            06/19/01         00
    0017405994                           05           08/01/01          0
    0017405994                           O            07/01/31
    0


    5173729          405/405             F          373,500.00         ZZ
                                         360        373,034.08          1
                                       8.375          2,838.87         90
                                       7.875          2,838.87
    CROWNSVILLE      MD   21032          1            06/27/01         10
    0017597907                           05           08/01/01         25
    0017597907                           O            07/01/31
    0


    5173935          H58/G01             F          362,850.00         ZZ
                                         360        362,573.91          1
                                       7.375          2,506.11         80
                                       7.125          2,506.11
    TRACY            CA   95377          1            07/25/01         00
    0433142395                           05           09/01/01          0
    0000072390                           O            08/01/31
    0


1


    5174246          624/G01             F          366,000.00         ZZ
                                         360        365,714.48          1
                                       7.250          2,496.77         68
                                       7.000          2,496.77
    APTOS            CA   95003          2            07/25/01         00
    0433041464                           05           09/01/01          0
    88611010846F                         O            08/01/31
    0


    5176232          E22/G01             F          464,000.00         ZZ
                                         360        463,646.94          1
                                       7.375          3,204.73         80
                                       7.125          3,204.73
    SUNNYVALE        CA   94086          1            07/12/01         00
    0412807471                           05           09/01/01          0
    0412807471                           O            08/01/31
    0


    5177922          738/G01             F          572,400.00         ZZ
                                         360        571,953.47          1
                                       7.250          3,904.78         80
                                       7.000          3,904.78
    BIRMINGHAM       AL   35216          1            08/01/01         00
    0433135167                           05           09/01/01          0
    00400774400003                       O            08/01/31
    0


    5178508          624/G01             F          290,000.00         ZZ
                                         360        289,773.77          1
                                       7.250          1,978.31         70
                                       7.000          1,978.31
    SAN DIEGO        CA   92126          5            07/25/01         00
    0433048352                           03           09/01/01          0
    3900410446F                          O            08/01/31
    0


    5179859          623/G01             F          339,800.00         ZZ
                                         360        339,268.24          1
                                       7.250          2,318.04         68
                                       7.000          2,318.04
    LITTLETON        CO   80125          1            06/27/01         00
    0433006483                           03           08/01/01          0
    1983258                              O            07/01/31
    0


    5179881          623/G01             F          284,000.00         ZZ
                                         360        283,577.14          1
                                       7.500          1,985.77         80
                                       7.250          1,985.77
1


    MUKWONAGO        WI   53149          2            06/20/01         00
    0433006467                           05           08/01/01          0
    5364103                              O            07/01/31
    0


    5181111          369/G01             F          308,000.00         ZZ
                                         360        307,759.73          1
                                       7.250          2,101.10         80
                                       7.000          2,101.10
    LAGUNA NIGUEL    CA   92677          1            07/24/01         00
    0433083755                           05           09/01/01          0
    16894691                             O            08/01/31
    0


    5181464          F96/G01             F          442,000.00         ZZ
                                         360        441,671.97          1
                                       7.500          3,090.53         80
                                       7.250          3,090.53
    BOROUGH OF PARA  NJ   07652          1            07/27/01         00
    0433080421                           05           09/01/01          0
    0103061                              O            08/01/31
    0


    5181712          944/G01             F          366,400.00         ZZ
                                         360        366,121.19          1
                                       7.375          2,530.64         80
                                       7.125          2,530.64
    AUBURN           CA   95602          2            07/18/01         00
    0433044419                           05           09/01/01          0
    W01032777                            O            08/01/31
    0


    5184424          964/G01             F          365,000.00         ZZ
                                         360        365,000.00          1
                                       7.375          2,520.96         71
                                       7.125          2,520.96
    ARROYO GRANDE    CA   93420          5            08/02/01         00
    0433086881                           05           10/01/01          0
    123825                               O            09/01/31
    0


    5185001          E22/G01             F          645,400.00         ZZ
                                         360        644,883.88          1
                                       7.125          4,348.18         70
                                       6.875          4,348.18
    BELLEVUE         WA   98006          2            07/16/01         00
    0412775124                           03           09/01/01          0
    0412775124                           O            08/01/31
    0
1




    5188003          W55/G01             F          492,000.00         ZZ
                                         360        492,000.00          1
                                       7.000          3,273.29         80
                                       6.750          3,273.29
    SANTA CLARA      CA   95051          1            08/01/01         00
    0433099421                           05           10/01/01          0
    000215637700                         O            09/01/31
    0


    5189060          369/G01             F          469,000.00         ZZ
                                         360        468,651.93          1
                                       7.500          3,279.32         70
                                       7.250          3,279.32
    PARADISE VALLEY  AZ   85253          1            07/26/01         00
    0433117421                           05           09/01/01          0
    16957810                             O            08/01/31
    0


    5189787          B23/G01             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       6.875          2,312.39         80
                                       6.625          2,312.39
    FULLERTON        CA   92832          1            08/08/01         00
    0433143971                           05           10/01/01          0
    88004680                             O            09/01/31
    0


    5192888          N47/G01             F          320,000.00         ZZ
                                         360        319,756.51          1
                                       7.375          2,210.16         72
                                       7.125          2,210.16
    HAYWARD          CA   94544          5            07/19/01         00
    0433054905                           05           09/01/01          0
    20510482                             O            08/01/31
    0


    5192979          N47/G01             F          380,000.00         ZZ
                                         360        379,696.12          1
                                       7.125          2,560.13         80
                                       6.875          2,560.13
    SANTEE           CA   92071          2            07/24/01         00
    0433102258                           05           09/01/01          0
    30111204                             O            08/01/31
    0


    5193884          K81/G01             F          125,900.00         ZZ
                                         360        125,808.88          1
1


                                       7.625            891.11         80
                                       7.375            891.11
    LAS VEGAS        NV   89110          1            07/27/01         00
    0433091436                           05           09/01/01          0
    1001991                              O            08/01/31
    0


    5194052          470/G01             F          315,000.00         ZZ
                                         360        314,741.79          1
                                       7.000          2,095.71         70
                                       6.750          2,095.71
    LAKE FOREST      CA   92630          2            07/20/01         00
    0433074150                           03           09/01/01          0
    01184323                             O            08/01/31
    0


    5194297          E22/G01             F          224,250.00         ZZ
                                         360        224,087.69          1
                                       7.625          1,587.23         72
                                       7.375          1,587.23
    ROUND TOP        TX   78954          2            07/13/01         00
    0412794182                           05           09/01/01          0
    0412794182                           O            08/01/31
    0


    5194637          550/550             F          400,000.00         ZZ
                                         360        399,684.84          1
                                       7.200          2,715.16         55
                                       6.950          2,715.16
    DARIEN           CT   06820          1            07/19/01         00
    120535146                            05           09/01/01          0
    120535146                            O            08/01/31
    0


    5195713          994/X14             F          500,000.00         ZZ
                                         360        499,326.77          1
                                       8.000          3,668.83         69
                                       7.750          3,668.83
    NORWELL          MA   02061          2            06/11/01         00
    1000239397                           05           08/01/01          0
    1000239397                           O            07/01/31
    0


    5196059          964/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.375          2,624.57         60
                                       7.125          2,624.57
    PISMO BEACH      CA   93449          2            08/07/01         00
    0433088390                           05           10/01/01          0
1


    135745                               O            09/01/31
    0


    5197629          F25/G01             F          434,000.00         ZZ
                                         360        434,000.00          1
                                       8.000          3,184.54         70
                                       7.750          3,184.54
    SOUTH SALEM      NY   10590          1            08/03/01         00
    0433060985                           05           10/01/01          0
    MCDONALD                             O            09/01/31
    0


    5198356          964/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.125          2,155.90         80
                                       6.875          2,155.90
    HUNTINGTON BEAC  CA   92649          1            08/07/01         00
    0433054814                           05           10/01/01          0
    136442                               O            09/01/31
    0


    5198794          964/G01             F          311,000.00         ZZ
                                         360        311,000.00          1
                                       7.500          2,174.56         80
                                       7.250          2,174.56
    HAWTHORNE        CA   90250          1            08/20/01         00
    0433111044                           05           10/01/01          0
    137246                               O            09/01/31
    0


    5198972          964/G01             F          321,000.00         ZZ
                                         360        321,000.00          1
                                       7.625          2,272.02         80
                                       7.375          2,272.02
    DUBLIN           CA   94568          2            08/01/01         00
    0433056173                           05           10/01/01          0
    400136860                            O            09/01/31
    0


    5198994          H58/G01             F          324,200.00         ZZ
                                         360        323,953.31          1
                                       7.375          2,239.17         80
                                       7.125          2,239.17
    SACRAMENTO       CA   95833          1            07/30/01         00
    0433058245                           03           09/01/01          0
    0000071742                           O            08/01/31
    0


1


    5199551          964/G01             F          412,000.00         ZZ
                                         360        412,000.00          1
                                       7.875          2,987.29         80
                                       7.625          2,987.29
    SAN RAFAEL       CA   94901          1            08/03/01         00
    0433081379                           05           10/01/01          0
    400137252                            O            09/01/31
    0


    5199889          696/G01             F          316,000.00         ZZ
                                         360        315,765.48          1
                                       7.500          2,209.52         80
                                       7.250          2,209.52
    LEESBURG         VA   20175          1            07/18/01         00
    0433014602                           03           09/01/01          0
    24001130                             O            08/01/31
    0


    5199962          964/G01             F          324,000.00         ZZ
                                         360        324,000.00          1
                                       7.500          2,265.46         80
                                       7.250          2,265.46
    CAMERON PARK     CA   95682          1            08/02/01         00
    0433094224                           05           10/01/01          0
    126065                               O            09/01/31
    0


    5200258          U87/G01             F          400,000.00         ZZ
                                         360        399,695.63          1
                                       7.375          2,762.70         64
                                       7.125          2,762.70
    YORBA LINDA      CA   92886          5            07/21/01         00
    0433084837                           05           09/01/01          0
    1615                                 O            08/01/31
    0


    5200364          964/G01             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       7.250          2,217.07         75
                                       7.000          2,217.07
    SAN LEANDRO      CA   94577          5            08/09/01         00
    0433106184                           05           10/01/01          0
    121109                               O            09/01/31
    0


    5202469          E22/G01             F          700,000.00         ZZ
                                         360        696,011.10          1
                                       7.250          4,775.23         63
                                       7.000          4,775.23
1


    COLLEYVILLE      TX   76034          2            07/20/01         00
    0412796047                           03           09/01/01          0
    0412796047                           O            08/01/31
    0


    5202485          E22/G01             F          650,000.00         ZZ
                                         360        649,492.93          1
                                       7.250          4,434.15         73
                                       7.000          4,434.15
    MEADOW VISTA     CA   95722          2            07/13/01         00
    0412814956                           03           09/01/01          0
    0412814956                           O            08/01/31
    0


    5202587          E82/G01             F          416,000.00         ZZ
                                         360        415,691.27          1
                                       7.500          2,908.73         80
                                       7.250          2,908.73
    FAIR OAKS        CA   95628          2            07/19/01         00
    0400454310                           05           09/01/01          0
    1992237                              O            08/01/31
    0


    5202594          E82/G01             F          100,700.00         ZZ
                                         360        100,513.43          1
                                       8.000            738.90         80
                                       7.750            738.90
    BELLINGHAM       WA   98225          2            07/23/01         00
    0400456349                           05           09/01/01          0
    1990520                              O            08/01/31
    0


    5202799          477/G01             F          311,200.00         ZZ
                                         360        310,724.95          1
                                       7.375          2,149.38         80
                                       7.125          2,149.38
    PEORIA           AZ   85382          2            06/28/01         00
    0433012960                           03           08/01/01          0
    115594                               O            07/01/31
    0


    5202971          225/G01             F          400,000.00         ZZ
                                         360        397,978.92          1
                                       7.375          2,762.71         66
                                       7.125          2,762.71
    PHOENIX          MD   21131          1            05/18/01         00
    0433028677                           05           07/01/01          0
    7271813                              O            06/01/31
    0
1




    5203137          225/G01             F          400,000.00         ZZ
                                         360        399,081.27          1
                                       7.375          2,762.70         67
                                       7.125          2,762.70
    BOCA RATON       FL   33486          1            05/30/01         00
    0433028842                           03           07/01/01          0
    6531114                              O            06/01/31
    0


    5203323          B57/G01             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       7.250          2,237.54         80
                                       7.000          2,237.54
    GILROY           CA   95020          1            08/02/01         00
    0433149077                           05           10/01/01          0
    2116027                              O            09/01/31
    0


    5203765          K68/G01             F          290,000.00         ZZ
                                         360        290,000.00          1
                                       7.625          2,052.61         72
                                       7.375          2,052.61
    BRANDON          MS   39047          5            08/02/01         00
    0433089513                           02           10/01/01          0
    1204494                              O            09/01/31
    0


    5203889          L81/G01             F          245,000.00         ZZ
                                         360        245,000.00          1
                                       7.125          1,650.61         65
                                       6.875          1,650.61
    FOUNTAIN VALLEY  CA   92708          1            08/09/01         00
    0433132339                           05           10/01/01          0
    013117                               O            09/01/31
    0


    5204599          B60/G01             F          328,000.00         ZZ
                                         360        327,744.13          1
                                       7.250          2,237.54         80
                                       7.000          2,237.54
    ALISO VIEJO      CA   92656          5            07/14/01         00
    0433085834                           05           09/01/01          0
    341708                               O            08/01/31
    0


    5205412          B57/G01             F          343,000.00         ZZ
                                         360        342,476.40          1
1


                                       7.375          2,369.02         80
                                       7.125          2,369.02
    SANTA CLARITA    CA   91321          2            06/25/01         00
    0433058294                           03           08/01/01          0
    2114933                              O            07/01/31
    0


    5205874          286/286             F          350,000.00         ZZ
                                         360        348,589.10          1
                                       7.500          2,447.26         70
                                       7.250          2,447.26
    SAINT JAMES      NY   11780          1            04/24/01         00
    9982686                              05           06/01/01          0
    9982686                              O            05/01/31
    0


    5205888          286/286             F          384,000.00         ZZ
                                         360        383,118.03          1
                                       7.375          2,652.19         80
                                       7.125          2,652.19
    HOUSTON          TX   77079          1            05/30/01         00
    339933                               03           07/01/01          0
    339933                               O            06/01/31
    0


    5205900          286/286             F          440,900.00         ZZ
                                         360        440,226.96          1
                                       7.375          3,045.19         75
                                       7.125          3,045.19
    LOUISVILLE       KY   40207          2            06/11/01         00
    275711                               05           08/01/01          0
    275711                               O            07/01/31
    0


    5205949          286/286             F          360,450.00         ZZ
                                         360        359,899.77          1
                                       7.375          2,489.54         76
                                       7.125          2,489.54
    SNOHOMISH        WA   98296          1            06/05/01         00
    424658                               05           08/01/01          0
    424658                               O            07/01/31
    0


    5205972          286/286             F          350,000.00         ZZ
                                         360        349,452.27          1
                                       7.250          2,387.62         68
                                       7.000          2,387.62
    LYONS            CO   80540          1            06/14/01         00
    377347                               05           08/01/01          0
1


    377347                               O            07/01/31
    0


    5205999          286/286             F          500,000.00         ZZ
                                         360        499,273.92          1
                                       7.625          3,538.97         76
                                       7.375          3,538.97
    SEATTLE          WA   98144          1            06/08/01         00
    9860226                              05           08/01/01          0
    9860226                              O            07/01/31
    0


    5206180          286/286             F          353,950.00         ZZ
                                         360        353,448.76          1
                                       7.750          2,535.74         67
                                       7.500          2,535.74
    GEORGETOWN       MA   01833          1            06/15/01         00
    9948397                              05           08/01/01          0
    9948397                              O            07/01/31
    0


    5206772          G51/G01             F          330,225.00         ZZ
                                         360        330,225.00          1
                                       7.125          2,224.79         85
                                       6.875          2,224.79
    HIGHLANDS RANCH  CO   80126          1            08/16/01         11
    0433117041                           03           10/01/01         12
    687561                               O            09/01/31
    0


    5208376          225/G01             F          321,750.00         T
                                         360        320,973.51          1
                                       7.125          2,167.69         90
                                       6.875          2,167.69
    SANTA ROSA BEAC  FL   32459          1            05/10/01         14
    0433028578                           05           07/01/01         25
    7269560                              O            06/01/31
    0


    5209328          405/405             F          400,000.00         ZZ
                                         360        399,404.42          1
                                       7.500          2,796.86         71
                                       7.000          2,796.86
    STILLWELL        KS   66085          2            07/06/01         00
    0012271177                           03           08/01/01          0
    0012271177                           O            07/01/31
    0


1


    5209711          E23/G01             F          320,000.00         ZZ
                                         360        319,756.51          1
                                       7.375          2,210.16         80
                                       7.125          2,210.16
    PLEASANT HILL    CA   94923          1            07/19/01         00
    0433055530                           05           09/01/01          0
    61001765                             O            08/01/31
    0


    5210070          P21/G01             F          334,400.00         ZZ
                                         360        334,400.00          1
                                       7.500          2,338.17         80
                                       7.250          2,338.17
    GLENDALE         CA   91206          1            08/02/01         00
    0433076502                           05           10/01/01          0
    0106034                              O            09/01/31
    0


    5210215          U87/G01             F          399,900.00         ZZ
                                         360        399,595.71          1
                                       7.375          2,762.01         66
                                       7.125          2,762.01
    YORBA LINDA      CA   92886          5            07/24/01         00
    0433101151                           05           09/01/01          0
    1611                                 O            08/01/31
    0


    5210805          B60/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.125          2,560.13         65
                                       6.875          2,560.13
    SHARON           MA   02067          5            08/03/01         00
    0433084613                           03           10/01/01          0
    343446                               O            09/01/31
    0


    5211055          B60/G01             F          424,000.00         ZZ
                                         360        423,685.33          1
                                       7.500          2,964.67         80
                                       7.250          2,964.67
    VALENCIA         CA   91355          2            07/06/01         00
    0433084001                           01           09/01/01          0
    336507                               O            08/01/31
    0


    5211280          E22/G01             F          336,000.00         ZZ
                                         360        335,750.64          1
                                       7.500          2,349.36         80
                                       7.250          2,349.36
1


    SAN RAMON        CA   94583          1            07/20/01         00
    0412826380                           05           09/01/01          0
    0412826380                           O            08/01/31
    0


    5212049          E82/G01             F          525,000.00         ZZ
                                         360        524,638.70          1
                                       7.875          3,806.61         70
                                       7.625          3,806.61
    SACRAMENTO       CA   95821          2            07/23/01         00
    0400455291                           05           09/01/01          0
    3500537                              O            08/01/31
    0


    5212409          E60/G01             F          352,000.00         T
                                         360        351,738.76          1
                                       7.500          2,461.24         65
                                       7.250          2,461.24
    CAMBRIA          CA   93428          1            07/09/01         00
    0433055324                           05           09/01/01          0
    513504                               O            08/01/31
    0


    5214280          964/G01             F          507,000.00         ZZ
                                         360        507,000.00          1
                                       7.625          3,588.52         79
                                       7.375          3,588.52
    ALBANY           CA   94706          2            08/09/01         00
    0433100948                           05           10/01/01          0
    136227                               O            09/01/31
    0


    5214560          964/G01             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       7.250          2,421.73         68
                                       7.000          2,421.73
    SONOMA           CA   95476          5            08/02/01         00
    0433088341                           05           10/01/01          0
    126305                               O            09/01/31
    0


    5218438          N47/G01             F          365,000.00         ZZ
                                         360        365,000.00          1
                                       7.250          2,489.94         80
                                       7.000          2,489.94
    WATSONVILLE      CA   95076          2            08/03/01         00
    0433130598                           05           10/01/01          0
    20310994                             O            09/01/31
    0
1




    5219043          B57/G01             F          388,000.00         ZZ
                                         360        388,000.00          1
                                       6.875          2,548.88         80
                                       6.625          2,548.88
    ALTADENA AREA    CA   91001          1            08/10/01         00
    0433126356                           05           10/01/01          0
    2160205                              O            09/01/31
    0


    5220440          562/G01             F          382,500.00         ZZ
                                         360        382,216.13          1
                                       7.500          2,674.50         62
                                       7.250          2,674.50
    MELVILLE         NY   11747          1            07/24/01         00
    0433035649                           05           09/01/01          0
    297022304                            O            08/01/31
    0


    5221876          116/116             F          406,600.00         ZZ
                                         360        406,298.24          1
                                       7.500          2,843.01         84
                                       7.250          2,843.01
    PINEHURST        TX   77362          2            08/01/01         12
    091068498                            05           09/01/01         12
    091068498                            O            08/01/31
    0


    5226513          069/G01             F        1,000,000.00         ZZ
                                         360        999,257.85          1
                                       7.500          6,992.15         66
                                       7.250          6,992.15
    NEWPORT COAST    CA   92657          1            07/11/01         00
    0433061181                           03           09/01/01          0
    35188165675                          O            08/01/31
    0


    5227696          N47/G01             F          297,650.00         ZZ
                                         360        297,650.00          1
                                       7.000          1,980.27         74
                                       6.750          1,980.27
    MISSION VIEJO    CA   92691          1            08/02/01         00
    0433070133                           03           10/01/01          0
    30310856                             O            09/01/31
    0


    5228093          470/G01             F          290,000.00         ZZ
                                         360        290,000.00          1
1


                                       7.375          2,002.96         65
                                       7.125          2,002.96
    SEBASTOPOL       CA   95472          5            08/02/01         00
    0433130283                           05           10/01/01          0
    72010966                             O            09/01/31
    0


    5228786          E22/G01             F          220,000.00         ZZ
                                         360        219,836.73          1
                                       7.500          1,538.27         71
                                       7.250          1,538.27
    MANSFIELD        TX   76063          4            07/23/01         00
    0412788234                           05           09/01/01          0
    0412788234                           O            08/01/31
    0


    5229126          N47/G01             F          374,000.00         ZZ
                                         360        374,000.00          1
                                       7.000          2,488.23         79
                                       6.750          2,488.23
    SAN DIEGO        CA   92130          2            08/02/01         00
    0433101946                           03           10/01/01          0
    30111411                             O            09/01/31
    0


    5231227          964/G01             F          406,000.00         ZZ
                                         360        405,698.69          1
                                       7.500          2,838.81         73
                                       7.250          2,838.81
    COLORADO SPRING  CO   80906          2            07/25/01         00
    0433033966                           05           09/01/01          0
    134075                               O            08/01/31
    0


    5231287          624/G01             F          326,000.00         ZZ
                                         360        325,751.94          1
                                       7.375          2,251.60         80
                                       7.125          2,251.60
    NORCO            CA   92860          2            07/20/01         00
    0433063112                           05           09/01/01          0
    34200710203                          O            08/01/31
    0


    5235248          E60/G01             F          320,000.00         ZZ
                                         360        319,762.51          1
                                       7.500          2,237.49         70
                                       7.250          2,237.49
    ATASCADERO       CA   93422          1            07/12/01         00
    0433068269                           05           09/01/01          0
1


    513576                               O            08/01/31
    0


    5235292          994/X14             F          350,000.00         ZZ
                                         360        348,870.41          1
                                       7.125          2,358.02         56
                                       6.875          2,358.02
    DULUTH           MN   55802          2            04/12/01         00
    0080484327                           05           06/01/01          0
    0080484327                           O            05/01/31
    0


    5235298          994/X14             F          328,000.00         ZZ
                                         360        327,473.84          1
                                       7.125          2,209.80         75
                                       6.875          2,209.80
    MONTICELLO       IN   47960          2            06/14/01         00
    0080660895                           05           08/01/01          0
    0080660895                           O            07/01/31
    0


    5235299          994/X14             F          402,000.00         ZZ
                                         360        401,386.36          1
                                       7.375          2,776.51         72
                                       7.125          2,776.51
    CORVALLIS        MT   59828          2            06/28/01         00
    0080672430                           05           08/01/01          0
    0080672430                           O            07/01/31
    0


    5235300          994/X14             F          353,500.00         ZZ
                                         360        352,973.68          1
                                       7.500          2,471.72         76
                                       7.250          2,471.72
    NEW ORLEANS      LA   70115          2            05/30/01         00
    0080672498                           05           08/01/01          0
    0080672498                           O            07/01/31
    0


    5235302          994/X14             F          303,500.00         ZZ
                                         360        303,048.11          1
                                       7.500          2,122.12         73
                                       7.250          2,122.12
    GAITHERSBURG     MD   20878          2            06/13/01         00
    0080677150                           03           08/01/01          0
    0080677150                           O            07/01/31
    0


1


    5235304          994/X14             F          378,000.00         ZZ
                                         360        377,478.01          1
                                       7.875          2,740.77         90
                                       7.625          2,740.77
    BROOKLYN         NY   11229          1            06/27/01         14
    0080683539                           05           08/01/01         25
    0080683539                           O            07/01/31
    0


    5235308          994/X14             F          331,200.00         ZZ
                                         360        330,730.97          1
                                       7.750          2,372.76         80
                                       7.500          2,372.76
    TRACY            CA   95377          1            06/12/01         00
    0217956790                           05           08/01/01          0
    0217956790                           O            07/01/31
    0


    5235313          994/X14             F          380,250.00         ZZ
                                         360        379,419.07          1
                                       7.625          2,691.39         75
                                       7.375          2,691.39
    LAGUNA HILLS     CA   92653          1            05/15/01         00
    0218103269                           05           07/01/01          0
    0218103269                           O            06/01/31
    0


    5235315          994/X14             F          350,000.00         ZZ
                                         360        348,897.90          1
                                       7.250          2,387.62         77
                                       7.000          2,387.62
    ALPINE           CA   91901          1            04/17/01         00
    0218153991                           05           06/01/01          0
    0218153991                           O            05/01/31
    0


    5235317          994/X14             F          392,000.00         ZZ
                                         360        391,099.64          1
                                       7.375          2,707.45         70
                                       7.125          2,707.45
    SAN JUAN CAPIST  CA   92675          1            05/24/01         00
    0218195935                           05           07/01/01          0
    0218195935                           O            06/01/31
    0


    5235322          994/X14             F          414,200.00         ZZ
                                         360        413,272.03          1
                                       7.500          2,896.15         73
                                       7.250          2,896.15
1


    FREDERICKSBURG   VA   22408          2            05/15/01         00
    0218227415                           03           07/01/01          0
    0218227415                           O            06/01/31
    0


    5235325          994/X14             F          600,000.00         ZZ
                                         360        598,688.92          1
                                       7.625          4,246.76         77
                                       7.375          4,246.76
    EL CAJON         CA   92090          2            05/24/01         00
    0218233611                           05           07/01/01          0
    0218233611                           O            06/01/31
    0


    5235329          994/X14             F          412,000.00         ZZ
                                         360        411,076.98          1
                                       7.500          2,880.76         80
                                       7.250          2,880.76
    FREMONT          CA   94539          1            04/30/01         00
    0218262933                           05           07/01/01          0
    0218262933                           O            06/01/31
    0


    5235332          994/X14             F          352,000.00         ZZ
                                         360        351,475.91          1
                                       7.500          2,461.23         79
                                       7.250          2,461.23
    SAN FRANCISCO    CA   94116          2            06/21/01         00
    0218287039                           05           08/01/01          0
    0218287039                           O            07/01/31
    0


    5235335          994/X14             F          301,000.00         ZZ
                                         360        300,492.79          1
                                       6.875          1,977.36         71
                                       6.625          1,977.36
    LADERA RANCH     CA   92694          2            06/01/01         00
    0218291627                           03           08/01/01          0
    0218291627                           O            07/01/31
    0


    5235338          994/X14             F          325,000.00         ZZ
                                         360        324,503.90          1
                                       7.375          2,244.69         77
                                       7.125          2,244.69
    YORBA LINDA      CA   92886          2            06/11/01         00
    0218316846                           05           08/01/01          0
    0218316846                           O            07/01/31
    0
1




    5235340          994/X14             F          320,250.00         ZZ
                                         360        319,532.53          1
                                       7.500          2,239.23         75
                                       7.250          2,239.23
    SOUTH RIDING     VA   20152          5            06/04/01         00
    0218317612                           05           07/01/01          0
    0218317612                           O            06/01/31
    0


    5235346          994/X14             F          346,500.00         ZZ
                                         360        345,957.76          1
                                       7.250          2,363.74         80
                                       7.000          2,363.74
    SAN RAFAEL       CA   94901          2            06/07/01         00
    0218351371                           05           08/01/01          0
    0218351371                           O            07/01/31
    0


    5235348          994/X14             F          300,000.00         ZZ
                                         360        299,616.08          1
                                       8.250          2,253.80         93
                                       8.000          2,253.80
    LEXINGTON        MA   02420          1            06/22/01         04
    0218364671                           05           08/01/01         30
    0218364671                           O            07/01/31
    0


    5235356          994/X14             F          348,000.00         ZZ
                                         360        347,413.61          1
                                       6.875          2,286.11         78
                                       6.625          2,286.11
    ELK GROVE        CA   95758          2            06/11/01         00
    0218391500                           05           08/01/01          0
    0218391500                           O            07/01/31
    0


    5235357          994/X14             F          294,500.00         ZZ
                                         360        294,093.33          1
                                       7.875          2,135.33         95
                                       7.625          2,135.33
    LEHI             UT   84143          1            06/08/01         11
    0218400301                           05           08/01/01         30
    0218400301                           O            07/01/31
    0


    5235358          994/X14             F          424,000.00         ZZ
                                         360        423,384.29          1
1


                                       7.625          3,001.05         80
                                       7.375          3,001.05
    NAPA             CA   94558          1            06/13/01         00
    0218402570                           05           08/01/01          0
    0218402570                           O            07/01/31
    0


    5235363          994/X14             F          340,000.00         ZZ
                                         360        339,493.76          1
                                       7.500          2,377.33         61
                                       7.250          2,377.33
    VACAVILLE        CA   95688          1            06/18/01         00
    0218430134                           05           08/01/01          0
    0218430134                           O            07/01/31
    0


    5235377          994/X14             F          407,000.00         ZZ
                                         360        406,492.30          1
                                       8.375          3,093.49         77
                                       8.125          3,093.49
    WINDSOR          CA   95492          2            06/22/01         00
    0218486433                           05           08/01/01          0
    0218486433                           O            07/01/31
    0


    5235378          994/X14             F          292,000.00         ZZ
                                         360        291,575.97          1
                                       7.625          2,066.76         80
                                       7.375          2,066.76
    DOWNEY           CA   90240          1            06/21/01         00
    0218496663                           05           08/01/01          0
    0218496663                           O            07/01/31
    0


    5235380          994/X14             F          504,000.00         ZZ
                                         360        502,859.00          1
                                       7.250          3,438.17         80
                                       7.000          3,438.17
    LOS ANGELES      CA   91326          1            06/15/01         00
    0218497778                           03           08/01/01          0
    0218497778                           O            07/01/31
    0


    5235382          994/X14             F          392,800.00         ZZ
                                         360        392,200.39          1
                                       7.375          2,712.97         80
                                       7.125          2,712.97
    PERRIS           CA   92501          1            06/26/01         00
    0218504763                           05           08/01/01          0
1


    0218504763                           O            07/01/31
    0


    5235385          994/X14             F          522,800.00         ZZ
                                         360        522,466.63          1
                                       8.250          3,927.62         64
                                       8.000          3,927.62
    LOS ANGELES      CA   90049          5            06/27/01         00
    0218521643                           05           09/01/01          0
    0218521643                           O            08/01/31
    0


    5235387          994/X14             F          389,700.00         ZZ
                                         360        389,105.12          1
                                       7.375          2,691.56         88
                                       7.125          2,691.56
    GRAVOIS MILLS    MO   65037          2            06/09/01         14
    0401441473                           05           08/01/01         25
    0401441473                           O            07/01/31
    0


    5235395          994/X14             F          388,000.00         ZZ
                                         360        387,377.60          1
                                       7.125          2,614.03         80
                                       6.875          2,614.03
    EAST ISLIP       NY   11730          1            06/27/01         00
    0402748625                           05           08/01/01          0
    0402748625                           O            07/01/31
    0


    5235397          994/X14             F          320,000.00         ZZ
                                         360        319,523.54          1
                                       7.500          2,237.49         74
                                       7.250          2,237.49
    GIBSONIA         PA   15044          1            06/22/01         00
    0402889131                           05           08/01/01          0
    0402889131                           O            07/01/31
    0


    5235401          994/X14             F          402,000.00         ZZ
                                         360        401,370.91          1
                                       7.250          2,742.35         77
                                       7.000          2,742.35
    CHARLOTTE        NC   28216          2            06/19/01         00
    0403065941                           03           08/01/01          0
    0403065941                           O            07/01/31
    0


1


    5235404          994/X14             F          283,300.00         ZZ
                                         360        282,091.75          1
                                       7.000          1,884.81         69
                                       6.750          1,884.81
    ATLANTA          GA   30318          5            05/24/01         00
    0403191190                           05           07/01/01          0
    0403191190                           O            06/01/31
    0


    5235409          994/X14             F          300,000.00         ZZ
                                         360        299,360.67          1
                                       7.750          2,149.24         56
                                       7.500          2,149.24
    GREEN BROOK      NJ   08812          1            05/16/01         00
    1000217908                           05           07/01/01          0
    1000217908                           O            06/01/31
    0


    5235417          994/X14             F          350,000.00         ZZ
                                         360        348,813.69          1
                                       6.875          2,299.25         63
                                       6.625          2,299.25
    TRUMBULL         CT   06611          1            04/06/01         00
    1000259775                           05           06/01/01          0
    1000259775                           O            05/01/31
    0


    5235422          994/X14             F          325,000.00         ZZ
                                         360        324,491.39          1
                                       7.250          2,217.08         25
                                       7.000          2,217.08
    NANTUCKET        MA   02554          2            06/14/01         00
    1000275028                           05           08/01/01          0
    1000275028                           O            07/01/31
    0


    5235432          994/X14             F          354,000.00         ZZ
                                         360        352,800.12          1
                                       6.875          2,325.53         72
                                       6.625          2,325.53
    COLORADO SPRING  CO   80919          1            04/09/01         00
    1000293909                           05           06/01/01          0
    1000293909                           O            05/01/31
    0


    5235437          994/X14             F          356,250.00         ZZ
                                         360        355,071.64          1
                                       7.000          2,370.15         75
                                       6.750          2,370.15
1


    PALATINE         IL   60067          5            05/24/01         00
    1000296421                           05           07/01/01          0
    1000296421                           O            06/01/31
    0


    5235443          994/X14             F          400,000.00         ZZ
                                         360        398,485.63          1
                                       6.875          2,627.72         41
                                       6.625          2,627.72
    SOUTH NATICK     MA   01760          1            04/12/01         00
    1000303902                           05           06/01/01          0
    1000303902                           O            05/01/31
    0


    5235444          994/X14             F          350,000.00         ZZ
                                         360        348,870.25          1
                                       7.125          2,358.02         78
                                       6.875          2,358.02
    DOBBS FERRY      NY   10522          1            05/02/01         00
    1000303911                           05           06/01/01          0
    1000303911                           O            05/01/31
    0


    5235448          994/X14             F          300,000.00         ZZ
                                         360        299,585.73          1
                                       7.875          2,175.21         75
                                       7.625          2,175.21
    EAST WINDSOR     NJ   08520          5            06/11/01         00
    1999991392                           05           08/01/01          0
    1999991392                           O            07/01/31
    0


    5235450          994/X14             F          556,000.00         ZZ
                                         360        554,204.12          1
                                       7.125          3,745.88         78
                                       6.875          3,745.88
    HASTINGS ON HUD  NY   10706          2            04/16/01         00
    1999991806                           03           06/01/01          0
    1999991806                           O            05/01/31
    0


    5236327          964/G01             F          326,250.00         ZZ
                                         360        326,250.00          1
                                       7.375          2,253.33         75
                                       7.125          2,253.33
    FULLERTON        CA   92835          5            08/08/01         00
    0433082591                           05           10/01/01          0
    137099                               O            09/01/31
    0
1




    5236433          470/G01             F          296,000.00         ZZ
                                         360        295,780.32          1
                                       7.500          2,069.68         80
                                       7.250          2,069.68
    COTO DE CAZA     CA   92679          1            07/24/01         00
    0433129459                           03           09/01/01          0
    01184547                             O            08/01/31
    0


    5237029          K21/G01             F          504,000.00         ZZ
                                         360        504,000.00          1
                                       7.375          3,481.00         70
                                       7.125          3,481.00
    TOPANGA          CA   90290          1            08/02/01         00
    0433049491                           05           10/01/01          0
    0114994                              O            09/01/31
    0


    5237858          E22/G01             F          324,000.00         ZZ
                                         360        323,740.90          1
                                       7.125          2,182.85         80
                                       6.875          2,182.85
    EL CERRITO       CA   94530          1            07/25/01         00
    0412790206                           05           09/01/01          0
    0412790206                           O            08/01/31
    0


    5238964          E82/G01             F          459,900.00         ZZ
                                         360        459,504.04          1
                                       6.750          2,982.90         80
                                       6.500          2,982.90
    MINNETONKA       MN   55345          1            07/31/01         00
    0400411377                           05           09/01/01          0
    0400411377                           O            08/01/31
    0


    5238966          E82/G01             F          296,000.00         ZZ
                                         360        295,774.77          1
                                       7.375          2,044.40         80
                                       7.125          2,044.40
    SAN DIEGO        CA   92116          2            07/26/01         00
    0400426524                           05           09/01/01          0
    0400426524                           O            08/01/31
    0


    5241561          964/G01             F          376,000.00         ZZ
                                         360        376,000.00          1
1


                                       7.000          2,501.54         80
                                       6.750          2,501.54
    WALNUT CREEK     CA   94596          1            08/21/01         00
    0433128469                           05           10/01/01          0
    139121                               O            09/01/31
    0


    5242282          964/G01             F          309,000.00         ZZ
                                         360        309,000.00          1
                                       7.375          2,134.19         75
                                       7.125          2,134.19
    WATSONVILLE      CA   95076          5            08/08/01         00
    0433081551                           05           10/01/01          0
    400138927                            O            09/01/31
    0


    5243914          964/G01             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       7.250          2,373.97         80
                                       7.000          2,373.97
    PLEASANT HILL    CA   94523          5            08/09/01         00
    0433106739                           05           10/01/01          0
    137852                               O            09/01/31
    0


    5244704          964/G01             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       7.500          2,167.57         80
                                       7.250          2,167.57
    THOUSAND OAKS    CA   91360          2            08/02/01         00
    0433057445                           05           10/01/01          0
    133790                               O            09/01/31
    0


    5244901          893/G01             F          397,500.00         ZZ
                                         360        397,500.00          1
                                       6.875          2,611.29         75
                                       6.625          2,611.29
    SAN BRUNO        CA   94066          1            08/10/01         00
    0433132123                           05           10/01/01          0
    M10801051                            O            09/01/31
    0


    5246377          E22/G01             F          376,000.00         ZZ
                                         360        375,706.69          1
                                       7.250          2,564.98         80
                                       7.000          2,564.98
    SAN JOSE         CA   95129          2            07/27/01         00
    0412791139                           09           09/01/01          0
1


    0412791139                           O            08/01/31
    0


    5246441          E22/G01             F          400,000.00         ZZ
                                         360        399,703.14          1
                                       7.500          2,796.86         48
                                       7.250          2,796.86
    LONGMONT         CO   80503          1            07/31/01         00
    0412853566                           03           09/01/01          0
    0412853566                           O            08/01/31
    0


    5248775          E22/G01             F          299,200.00         ZZ
                                         360        299,200.00          1
                                       7.375          2,066.50         80
                                       7.125          2,066.50
    UNION CITY       CA   94587          1            07/31/01         00
    0412865677                           05           10/01/01          0
    0412865677                           O            09/01/31
    0


    5249350          M18/G01             F          352,000.00         ZZ
                                         360        351,738.76          1
                                       7.500          2,461.24         80
                                       7.250          2,461.24
    BURBANK          CA   91501          1            07/24/01         00
    0433131810                           05           09/01/01          0
    980101327                            O            08/01/31
    0


    5249499          E82/G01             F          332,400.00         ZZ
                                         360        332,153.31          1
                                       7.500          2,324.19         79
                                       7.250          2,324.19
    VISALIA          CA   93292          2            07/30/01         00
    0400463667                           05           09/01/01          0
    0400463667                           O            08/01/31
    0


    5249511          E82/G01             F          131,500.00         ZZ
                                         360        131,500.00          1
                                       7.625            930.75         74
                                       7.375            930.75
    WASHINGTON       DC   20020          2            08/01/01         00
    0400464087                           05           10/01/01          0
    0400464087                           O            09/01/31
    0


1


    5250038          536/536             F          480,000.00         ZZ
                                         360        479,230.02          1
                                       7.125          3,233.85         80
                                       6.875          3,233.85
    HONOLULU         HI   96825          1            06/08/01         00
    1288430                              05           08/01/01          0
    1288430                              O            07/01/31
    0


    5251393          F99/G01             F          436,000.00         ZZ
                                         360        434,592.85          1
                                       7.125          2,937.42         78
                                       6.875          2,937.42
    WILTON           CT   06897          2            04/25/01         00
    0433059276                           05           06/01/01          0
    4702030219                           O            05/01/31
    0


    5251771          B57/G01             F          364,000.00         ZZ
                                         360        364,000.00          1
                                       7.250          2,483.12         80
                                       7.000          2,483.12
    MODESTO          CA   95356          1            08/09/01         00
    0433129418                           05           10/01/01          0
    2115695                              O            09/01/31
    0


    5253263          225/G01             F          585,000.00         ZZ
                                         360        583,443.04          1
                                       6.625          3,745.82         45
                                       6.375          3,745.82
    CHARLOTTE        NC   28226          2            05/30/01         00
    0433029105                           05           07/01/01          0
    7270708                              O            06/01/31
    0


    5253662          461/G01             F          313,000.00         ZZ
                                         360        312,761.83          1
                                       7.375          2,161.82         79
                                       7.125          2,161.82
    MANTECA          CA   95337          2            07/18/01         00
    0433023678                           05           09/01/01          0
    9030611784                           O            08/01/31
    0


    5253668          461/G01             F          472,000.00         ZZ
                                         360        471,631.79          1
                                       7.250          3,219.88         80
                                       7.000          3,219.88
1


    SAN DIEGO        CA   92109          1            07/25/01         00
    0433077021                           08           09/01/01          0
    9030699367                           O            08/01/31
    0


    5253670          461/G01             F          540,000.00         ZZ
                                         360        539,609.16          1
                                       7.625          3,822.09         70
                                       7.375          3,822.09
    LOS GATOS        CA   95030          5            07/13/01         00
    0433032471                           01           09/01/01          0
    9030697635                           O            08/01/31
    0


    5253672          461/G01             F          295,000.00         ZZ
                                         360        294,775.52          1
                                       7.375          2,037.50         60
                                       7.125          2,037.50
    MOUNTAIN VIEW    CA   94043          5            07/12/01         00
    0433077062                           05           09/01/01          0
    9030613970                           O            08/01/31
    0


    5253673          461/G01             F          330,000.00         ZZ
                                         360        329,748.89          1
                                       7.375          2,279.23         60
                                       7.125          2,279.23
    LOS ANGELES      CA   90048          5            07/26/01         00
    0433035268                           05           09/01/01          0
    9030742894                           O            08/01/31
    0


    5253680          461/G01             F          364,500.00         ZZ
                                         360        364,222.64          1
                                       7.375          2,517.52         90
                                       7.125          2,517.52
    SAN JOSE         CA   95111          1            07/23/01         14
    0433077104                           05           09/01/01         25
    9030652994                           O            08/01/31
    0


    5253681          461/G01             F          360,000.00         ZZ
                                         360        359,719.16          1
                                       7.250          2,455.84         80
                                       7.000          2,455.84
    SANTA CLARA      CA   95050          1            07/24/01         00
    0433077120                           09           09/01/01          0
    9030728109                           O            08/01/31
    0
1




    5253686          461/G01             F          540,400.00         ZZ
                                         360        539,998.94          1
                                       7.500          3,778.56         78
                                       7.250          3,778.56
    DANA POINT       CA   92629          2            07/17/01         00
    0433077211                           01           09/01/01          0
    9030643050                           O            08/01/31
    0


    5253687          461/G01             F          375,200.00         ZZ
                                         360        374,928.43          1
                                       7.625          2,655.65         80
                                       7.375          2,655.65
    REDONDO BEACH    CA   90277          1            07/19/01         00
    0433077229                           05           09/01/01          0
    9030571962                           O            08/01/31
    0


    5253688          461/G01             F          484,200.00         ZZ
                                         360        483,858.25          1
                                       7.750          3,468.87         60
                                       7.500          3,468.87
    BYRON            CA   94514          5            07/20/01         00
    0433077237                           03           09/01/01          0
    9030667240                           O            08/01/31
    0


    5253690          461/G01             F          283,800.00         ZZ
                                         360        283,589.37          1
                                       7.500          1,984.38         86
                                       7.250          1,984.38
    TORRANCE         CA   90505          2            07/17/01         12
    0433077278                           05           09/01/01         25
    9030707186                           O            08/01/31
    0


    5253691          461/G01             F          440,000.00         ZZ
                                         360        439,673.45          1
                                       7.500          3,076.55         66
                                       7.250          3,076.55
    RANCHO MIRAGE    CA   92270          2            07/12/01         00
    0433034915                           05           09/01/01          0
    9030626006                           O            08/01/31
    0


    5253692          461/G01             F          300,000.00         ZZ
                                         360        299,771.72          1
1


                                       7.375          2,072.03         71
                                       7.125          2,072.03
    SOUTH SAN FRANC  CA   94080          5            07/18/01         00
    0433028719                           03           09/01/01          0
    9030684625                           O            08/01/31
    0


    5253694          461/G01             F          497,600.00         ZZ
                                         360        497,239.84          1
                                       7.625          3,521.99         80
                                       7.375          3,521.99
    RANCHO PALOS VE  CA   90275          5            07/26/01         00
    0433023264                           05           09/01/01          0
    9030678130                           O            08/01/31
    0


    5253698          461/G01             F          408,000.00         ZZ
                                         360        407,681.72          1
                                       7.250          2,783.28         78
                                       7.000          2,783.28
    OXNARD           CA   93030          2            07/20/01         00
    0433077310                           05           09/01/01          0
    9030646947                           O            08/01/31
    0


    5253699          461/G01             F          308,600.00         ZZ
                                         360        308,359.26          1
                                       7.250          2,105.20         85
                                       7.000          2,105.20
    MURRIETA         CA   92563          2            07/20/01         11
    0433032729                           05           09/01/01         12
    9030416481                           O            08/01/31
    0


    5253700          461/G01             F          390,000.00         ZZ
                                         360        389,710.56          2
                                       7.500          2,726.94         80
                                       7.250          2,726.94
    HUNTINGTON BEAC  CA   92648          2            07/26/01         00
    0433077344                           05           09/01/01          0
    9030396766                           O            08/01/31
    0


    5253701          461/G01             F          315,000.00         ZZ
                                         360        314,760.31          1
                                       7.375          2,175.63         66
                                       7.125          2,175.63
    ALISO VIEJO      CA   92656          5            07/12/01         00
    0433033099                           03           09/01/01          0
1


    9030617260                           O            08/01/31
    0


    5253702          461/G01             F          592,000.00         ZZ
                                         360        591,538.18          1
                                       7.250          4,038.49         80
                                       7.000          4,038.49
    ENCINO           CA   91316          1            07/26/01         00
    0433077369                           05           09/01/01          0
    9030620306                           O            08/01/31
    0


    5253704          461/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.250          2,387.62         70
                                       7.000          2,387.62
    MORGAN HILL      CA   95037          5            07/26/01         00
    0433036530                           05           10/01/01          0
    9030731301                           O            09/01/31
    0


    5253705          461/G01             F          458,000.00         ZZ
                                         360        457,668.51          1
                                       7.625          3,241.70         79
                                       7.375          3,241.70
    STEVENSON RANCH  CA   91381          2            07/20/01         00
    0433030210                           03           09/01/01          0
    9030721401                           O            08/01/31
    0


    5253706          461/G01             F          407,500.00         ZZ
                                         360        407,240.14          1
                                       8.250          3,061.42         68
                                       8.000          3,061.42
    PALOS VERDES ES  CA   90274          1            07/27/01         00
    0433035631                           05           09/01/01          0
    9030741169                           O            08/01/31
    0


    5253708          461/G01             F          460,000.00         ZZ
                                         360        459,641.15          1
                                       7.250          3,138.02         65
                                       7.000          3,138.02
    LAGUNA NIGUEL    CA   92677          1            07/12/01         00
    0433028347                           03           09/01/01          0
    9030662373                           O            08/01/31
    0


1


    5253709          461/G01             F          372,000.00         ZZ
                                         360        371,723.92          1
                                       7.500          2,601.08         80
                                       7.250          2,601.08
    FOUNTAIN VALLEY  CA   92708          2            07/19/01         00
    0433077385                           05           09/01/01          0
    9030709166                           O            08/01/31
    0


    5253710          461/G01             F          565,000.00         ZZ
                                         360        564,570.08          1
                                       7.375          3,902.32         67
                                       7.125          3,902.32
    ANAHEIM          CA   92807          1            07/23/01         00
    0433077419                           05           09/01/01          0
    9030683759                           O            08/01/31
    0


    5256400          470/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.375          2,072.03         75
                                       7.125          2,072.03
    PISMO BEACH      CA   93449          5            08/06/01         00
    0433135316                           05           10/01/01          0
    11000706                             O            09/01/31
    0


    5258122          964/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       7.250          2,865.14         64
                                       7.000          2,865.14
    APTOS            CA   95003          1            08/10/01         00
    0433102316                           05           10/01/01          0
    136798                               O            09/01/31
    0


    5258407          964/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.500          2,517.17         80
                                       7.250          2,517.17
    HUNTINGTON BEAC  CA   92646          2            08/13/01         00
    0433095528                           03           10/01/01          0
    136778                               O            09/01/31
    0


    5259306          N47/G01             F          285,000.00         ZZ
                                         360        285,000.00          1
                                       7.000          1,896.11         79
                                       6.750          1,896.11
1


    SALINAS          CA   93906          1            08/02/01         00
    0433056629                           05           10/01/01          0
    20111385                             O            09/01/31
    0


    5259958          964/G01             F          522,000.00         ZZ
                                         360        522,000.00          1
                                       7.375          3,605.32         60
                                       7.125          3,605.32
    SAN JOSE         CA   95120          2            08/14/01         00
    0433103553                           05           10/01/01          0
    400137494                            O            09/01/31
    0


    5260154          M18/G01             F          316,000.00         ZZ
                                         360        316,000.00          1
                                       7.500          2,209.52         80
                                       7.250          2,209.52
    GLENDALE         CA   91202          1            07/25/01         00
    0433104247                           05           10/01/01          0
    980101307                            O            09/01/31
    0


    5260284          253/253             F          385,000.00         ZZ
                                         360        384,714.27          1
                                       7.500          2,691.98         70
                                       7.250          2,691.98
    CATHEDRAL CITY   CA   92234          4            07/10/01         00
    BAKER                                05           09/01/01          0
    BAKER                                O            08/01/31
    0


    5260568          536/536             F          284,000.00         ZZ
                                         360        283,577.14          1
                                       7.500          1,985.77         60
                                       7.250          1,985.77
    KOLOA            HI   96756          5            05/31/01         00
    1291996                              01           08/01/01          0
    1291996                              O            07/01/31
    0


    5262787          470/G01             F          329,800.00         ZZ
                                         360        329,800.00          1
                                       7.375          2,277.85         85
                                       7.125          2,277.85
    MISSION VIEJO    CA   92692          1            08/09/01         10
    0433148442                           03           10/01/01         12
    01184567                             O            09/01/31
    0
1




    5263216          F97/F97             F          300,000.00         ZZ
                                         240        298,364.48          1
                                       7.500          2,416.78         77
                                       7.250          2,416.78
    BARRINGTON       IL   60010          5            05/25/01         00
    8000086760                           05           07/01/01          0
    8000086760                           O            06/01/21
    0


    5263346          L94/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.250          4,434.15         62
                                       7.000          4,434.15
    PARK CITY        UT   84060          1            08/21/01         00
    0433132255                           05           10/01/01          0
    1000005308                           O            09/01/31
    0


    5265511          E22/G01             F          571,900.00         ZZ
                                         360        571,900.00          1
                                       7.000          3,804.86         74
                                       6.750          3,804.86
    SAN JOSE         CA   95120          2            07/31/01         00
    0412796518                           03           10/01/01          0
    0412796518                           O            09/01/31
    0


    5265559          E22/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       7.375          2,762.36         80
                                       7.125          2,762.36
    PLEASANTON       CA   94588          1            08/02/01         00
    0412852469                           03           10/01/01          0
    0412852469                           O            09/01/31
    0


    5265588          E22/G01             F          605,500.00         ZZ
                                         360        605,500.00          1
                                       7.250          4,130.58         70
                                       7.000          4,130.58
    LIVERMORE        CA   94550          1            08/02/01         00
    0412867848                           05           10/01/01          0
    0412867848                           O            09/01/31
    0


    5265610          E22/G01             F          480,000.00         ZZ
                                         360        480,000.00          1
1


                                       7.250          3,274.45         74
                                       7.000          3,274.45
    REDWOOD CITY     CA   94063          1            08/01/01         00
    0412880874                           03           10/01/01          0
    0412880874                           O            09/01/31
    0


    5265619          E22/G01             F          239,100.00         ZZ
                                         360        239,100.00          1
                                       7.875          1,733.64         95
                                       7.625          1,733.64
    BIRMINGHAM       AL   35242          1            08/06/01         01
    0412891392                           05           10/01/01         30
    0412891392                           O            09/01/31
    0


    5265682          E82/G01             F          256,100.00         ZZ
                                         360        255,909.94          1
                                       7.500          1,790.69         75
                                       7.250          1,790.69
    VENTURA          CA   93003          2            08/01/01         00
    0400466595                           05           09/01/01          0
    3991278                              O            08/01/31
    0


    5265689          E82/G01             F          556,000.00         ZZ
                                         360        556,000.00          1
                                       7.750          3,983.25         62
                                       7.500          3,983.25
    PHOENIX          AZ   85022          2            08/02/01         00
    0400448064                           03           10/01/01          0
    3358871                              O            09/01/31
    0


    5266206          F97/F97             F          400,000.00         ZZ
                                         360        398,531.28          1
                                       7.375          2,762.70         65
                                       7.125          2,762.70
    GLENVIEW         IL   60025          1            04/16/01         00
    800072564                            05           06/01/01          0
    800072564                            O            05/01/31
    0


    5267318          253/253             F          600,000.00         ZZ
                                         360        599,565.73          1
                                       7.625          4,246.77         53
                                       7.375          4,246.77
    CARNELIAN BAY    CA   96145          5            07/10/01         00
    951911                               05           09/01/01          0
1


    951911                               O            08/01/31
    0


    5267809          964/G01             F          411,200.00         ZZ
                                         360        411,200.00          1
                                       7.125          2,770.33         80
                                       6.875          2,770.33
    ARROYO GRANDE    CA   93420          1            08/08/01         00
    0433054699                           03           10/01/01          0
    137719                               O            09/01/31
    0


    5270837          H12/G01             F          351,100.00         ZZ
                                         360        350,845.89          1
                                       7.625          2,485.06         80
                                       7.375          2,485.06
    OVERLAND PARK    KS   66223          1            07/19/01         00
    0433043098                           03           09/01/01          0
    0800013812355                        O            08/01/31
    0


    5270885          N47/G01             F          311,850.00         ZZ
                                         360        311,850.00          1
                                       7.125          2,100.99         80
                                       6.875          2,100.99
    TRACY            CA   95377          1            08/16/01         00
    0433135845                           05           10/01/01          0
    20510237                             O            09/01/31
    0


    5271207          964/G01             F          488,000.00         ZZ
                                         360        488,000.00          1
                                       7.250          3,329.02         80
                                       7.000          3,329.02
    MISSION VIEJO    CA   92692          1            08/02/01         00
    0433058922                           05           10/01/01          0
    135026                               O            09/01/31
    0


    5271302          964/G01             F          399,750.00         ZZ
                                         360        399,750.00          1
                                       7.625          2,829.41         75
                                       7.375          2,829.41
    SACRAMENTO       CA   95864          5            08/15/01         00
    0433103413                           05           10/01/01          0
    122082                               O            09/01/31
    0


1


    5271341          893/G01             F          337,500.00         ZZ
                                         360        337,249.53          1
                                       7.500          2,359.85         75
                                       7.250          2,359.85
    SAN JOSE         CA   95132          2            07/24/01         00
    0433043114                           05           09/01/01          0
    M10710011                            O            08/01/31
    0


    5271468          964/G01             F          337,500.00         ZZ
                                         360        337,500.00          1
                                       7.500          2,359.85         75
                                       7.250          2,359.85
    FRESNO           CA   93711          5            08/22/01         00
    0433137999                           05           10/01/01          0
    139843                               O            09/01/31
    0


    5272902          964/G01             F          472,500.00         ZZ
                                         360        472,500.00          1
                                       7.500          3,303.79         70
                                       7.250          3,303.79
    FRESNO           CA   93704          5            08/13/01         00
    0433104122                           05           10/01/01          0
    132910                               O            09/01/31
    0


    5273024          696/G01             F          442,100.00         ZZ
                                         360        441,780.02          1
                                       7.625          3,129.16         80
                                       7.375          3,129.16
    ROCKVILLE        MD   20850          1            07/27/01         00
    0433034527                           03           09/01/01          0
    32700148                             O            08/01/31
    0


    5273349          806/G01             F          304,000.00         ZZ
                                         360        303,547.35          1
                                       7.500          2,125.62         80
                                       7.250          2,125.62
    VACAVILLE        CA   95687          1            06/19/01         00
    0433090248                           05           08/01/01          0
    1070003092                           O            07/01/31
    0


    5273643          964/G01             F          365,000.00         ZZ
                                         360        365,000.00          1
                                       7.125          2,459.07         65
                                       6.875          2,459.07
1


    REDWOOD CITY     CA   94065          1            08/17/01         00
    0433125713                           05           10/01/01          0
    400137855                            O            09/01/31
    0


    5274319          E87/G01             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       7.500          2,412.29         64
                                       7.250          2,412.29
    GOLETA           CA   93117          5            08/10/01         00
    0433106994                           29           10/01/01          0
    70003668                             O            09/01/31
    0


    5274634          964/G01             F          308,000.00         ZZ
                                         360        308,000.00          1
                                       7.500          2,153.58         65
                                       7.250          2,153.58
    NEVADA CITY      CA   95959          5            07/31/01         00
    0433054715                           05           10/01/01          0
    135709                               O            09/01/31
    0


    5275888          E82/G01             F          400,300.00         ZZ
                                         360        400,010.27          1
                                       7.625          2,833.30         69
                                       7.375          2,833.30
    SCOTTSDALE       AZ   85262          2            07/31/01         00
    0400455705                           03           09/01/01          0
    1992126                              O            08/01/31
    0


    5276871          822/G01             F          307,000.00         ZZ
                                         360        306,760.50          1
                                       7.250          2,094.29         50
                                       7.000          2,094.29
    AMHERST          NH   03031          2            06/26/01         00
    0433090891                           05           09/01/01          0
    4016000017                           O            08/01/31
    0


    5277150          R17/G01             F          312,000.00         ZZ
                                         360        310,934.01          1
                                       7.500          2,181.55         80
                                       7.250          2,181.55
    SAN DIEGO        CA   92128          1            05/24/01         00
    0433103645                           03           07/01/01          0
    1000040466                           O            06/01/31
    0
1




    5278959          227/G01             F          585,000.00         ZZ
                                         360        584,565.84          1
                                       7.500          4,090.41         78
                                       7.250          4,090.41
    SAN ANTONIO      TX   78258          4            07/10/01         00
    0433098993                           03           09/01/01          0
    1918969                              O            08/01/31
    0


    5279677          964/G01             F          349,000.00         ZZ
                                         360        349,000.00          1
                                       7.125          2,351.28         80
                                       6.875          2,351.28
    HUNTINGTON BEAC  CA   92646          1            08/06/01         00
    0433061942                           05           10/01/01          0
    137652                               O            09/01/31
    0


    5280080          964/G01             F          459,000.00         ZZ
                                         360        459,000.00          1
                                       7.000          3,053.74         68
                                       6.750          3,053.74
    LAGUNA NIGUEL    CA   92677          2            08/15/01         00
    0433130531                           03           10/01/01          0
    120518                               O            09/01/31
    0


    5282350          G52/G01             F          340,000.00         ZZ
                                         360        339,412.89          1
                                       6.750          2,205.23         72
                                       6.500          2,205.23
    SALINAS          CA   92908          1            06/25/01         00
    0433149572                           05           08/01/01          0
    6100000074                           O            07/01/31
    0


    5284433          964/G01             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       7.375          2,935.37         64
                                       7.125          2,935.37
    SAN LUIS OBISPO  CA   93405          2            08/22/01         00
    0433130481                           05           10/01/01          0
    137301                               O            09/01/31
    0


    5284522          964/G01             F          380,100.00         ZZ
                                         360        380,100.00          1
1


                                       7.500          2,657.71         79
                                       7.250          2,657.71
    ANAHEIM          CA   92808          2            08/06/01         00
    0433075991                           03           10/01/01          0
    410121241                            O            09/01/31
    0


    5285549          964/G01             F          303,200.00         ZZ
                                         360        302,945.27          1
                                       6.875          1,991.81         80
                                       6.625          1,991.81
    PASO ROBLES      CA   93446          1            07/25/01         00
    0433050168                           05           09/01/01          0
    133188                               O            08/01/31
    0


    5287811          E22/G01             F           81,900.00         ZZ
                                         360         81,900.00          1
                                       7.250            558.70         70
                                       7.000            558.70
    COLUMBIA         MD   21045          2            08/03/01         00
    0412694762                           01           10/01/01          0
    0412694762                           O            09/01/31
    0


    5287822          E22/G01             F          186,400.00         ZZ
                                         360        186,400.00          1
                                       7.250          1,271.58         80
                                       7.000          1,271.58
    FRESNO           CA   93720          2            08/01/01         00
    0412786725                           05           10/01/01          0
    0412786725                           O            09/01/31
    0


    5287861          E22/G01             F          409,600.00         ZZ
                                         360        409,600.00          1
                                       7.250          2,794.19         80
                                       7.000          2,794.19
    BELMONT          CA   94002          1            07/30/01         00
    0412866006                           05           10/01/01          0
    0412866006                           O            09/01/31
    0


    5287966          A06/G01             F          512,900.00         ZZ
                                         360        512,900.00          1
                                       7.125          3,455.51         53
                                       6.875          3,455.51
    WEST BLOOMFIELD  MI   48324          2            08/14/01         00
    0433124435                           05           10/01/01          0
1


    1849924                              O            09/01/31
    0


    5288169          253/253             F          650,000.00         ZZ
                                         360        649,517.60          1
                                       7.500          4,544.90         40
                                       7.250          4,544.90
    SAN JOSE         CA   95120          4            07/13/01         00
    1                                    05           09/01/01          0
    1                                    O            08/01/31
    0


    5288407          E82/G01             F          356,600.00         ZZ
                                         360        356,600.00          1
                                       7.250          2,432.64         72
                                       7.000          2,432.64
    SANTA ROSA       CA   95403          5            08/03/01         00
    0400453999                           03           10/01/01          0
    0400453999                           O            09/01/31
    0


    5288408          E82/G01             F          285,400.00         ZZ
                                         360        285,400.00          1
                                       7.500          1,995.56         64
                                       7.250          1,995.56
    PENRYN           CA   95663          2            08/03/01         00
    0400454740                           05           10/01/01          0
    0400454740                           O            09/01/31
    0


    5288412          E82/G01             F          504,000.00         ZZ
                                         360        504,000.00          1
                                       7.000          3,353.12         80
                                       6.750          3,353.12
    TRUMBULL         CT   06611          1            08/09/01         00
    0400460879                           05           10/01/01          0
    0400460879                           O            09/01/31
    0


    5288419          E82/G01             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       7.500          2,293.42         80
                                       7.250          2,293.42
    SAN MATEO        CA   94403          2            08/06/01         00
    0400465175                           05           10/01/01          0
    0400465175                           O            09/01/31
    0


1


    5289524          964/G01             F          317,000.00         ZZ
                                         360        317,000.00          1
                                       7.125          2,135.69         55
                                       6.875          2,135.69
    SOUTH SAN FRANC  CA   94080          5            08/15/01         00
    0433106051                           05           10/01/01          0
    400137801                            O            09/01/31
    0


    5289850          N47/G01             F          307,000.00         ZZ
                                         360        307,000.00          1
                                       7.250          2,094.28         75
                                       7.000          2,094.28
    CONCORD          CA   94521          5            08/09/01         00
    0433100815                           05           10/01/01          0
    20210965                             O            09/01/31
    0


    5289890          964/G01             F          515,000.00         ZZ
                                         360        515,000.00          1
                                       7.125          3,469.65         69
                                       6.875          3,469.65
    SAN JOSE         CA   95123          2            08/16/01         00
    0433125127                           05           10/01/01          0
    400138585                            O            09/01/31
    0


    5290705          286/286             F          417,300.00         ZZ
                                         348        416,971.15          1
                                       7.625          2,980.44         37
                                       7.375          2,980.44
    PROVO            UT   84601          2            07/14/01         00
    455898                               05           09/01/01          0
    455898                               O            08/01/30
    0


    5291691          N31/G01             F          161,600.00         ZZ
                                         360        161,600.00          1
                                       7.125          1,088.73         80
                                       6.875          1,088.73
    ALISO VIEJO      CA   92656          1            08/08/01         00
    0433088994                           01           10/01/01          0
    LLO1029                              O            09/01/31
    0


    5292104          588/G01             F          400,000.00         ZZ
                                         360        399,309.28          1
                                       6.750          2,594.39         68
                                       6.500          2,594.39
1


    LOWER MAFEFIELD  PA   18940          1            06/28/01         00
    0433075090                           05           08/01/01          0
    1039778                              O            07/01/31
    0


    5292994          B60/G01             F          215,000.00         ZZ
                                         360        215,000.00          1
                                       7.750          1,540.29         75
                                       7.500          1,540.29
    CINCINNATI       OH   45202          1            08/15/01         00
    0433105962                           01           10/01/01          0
    343973                               O            09/01/31
    0


    5293734          964/G01             F          585,000.00         ZZ
                                         360        585,000.00          1
                                       7.125          3,941.25         69
                                       6.875          3,941.25
    SAN RAFAEL       CA   94901          5            08/17/01         00
    0433125838                           05           10/01/01          0
    138287                               O            09/01/31
    0


    5295716          975/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.125          2,155.90         63
                                       6.875          2,155.90
    ARCADIA          CA   91006          1            08/14/01         00
    0433143997                           05           10/01/01          0
    2013551                              O            09/01/31
    0


    5298341          E22/G01             F          103,000.00         ZZ
                                         360        102,921.62          1
                                       7.375            711.40         55
                                       7.125            711.40
    FRESNO           CA   93722          2            07/24/01         00
    0412832784                           05           09/01/01          0
    0412832784                           O            08/01/31
    0


    5298368          E22/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       7.125          2,829.62         80
                                       6.875          2,829.62
    JACKSON          LA   70748          2            08/09/01         00
    0412880288                           03           10/01/01          0
    0412880288                           O            09/01/31
    0
1




    5298370          E22/G01             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       7.375          3,591.51         80
                                       7.125          3,591.51
    OAKLAND          CA   94605          1            08/02/01         00
    0412882813                           03           10/01/01          0
    0412882813                           O            09/01/31
    0


    5298374          E22/G01             F          544,000.00         ZZ
                                         360        544,000.00          1
                                       7.375          3,757.27         80
                                       7.125          3,757.27
    LOS ANGELES      CA   90046          1            08/06/01         00
    0412884926                           05           10/01/01          0
    0412884926                           O            09/01/31
    0


    5298646          588/G01             F          336,000.00         ZZ
                                         360        335,744.33          1
                                       7.375          2,320.67         80
                                       7.125          2,320.67
    RESTON           VA   20191          1            07/13/01         00
    0433075025                           03           09/01/01          0
    1041419                              O            08/01/31
    0


    5298696          696/G01             F          645,000.00         ZZ
                                         360        645,000.00          1
                                       7.375          4,454.85         54
                                       7.125          4,454.85
    MARSHALL         VA   20115          5            08/02/01         00
    0433050747                           05           10/01/01          0
    50101102                             O            09/01/31
    0


    5299407          B28/G01             F          319,800.00         G
                                         360        319,800.00          1
                                       7.500          2,236.09         80
                                       7.250          2,236.09
    OAKDALE          CA   95361          1            08/14/01         00
    0433134665                           05           10/01/01          0
    0107240034                           O            09/01/31
    0


    5301194          964/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
1


                                       7.125          3,368.59         73
                                       6.875          3,368.59
    SANTA CRUZ       CA   95060          1            08/16/01         00
    0433127958                           05           10/01/01          0
    139091                               O            09/01/31
    0


    5302129          588/G01             F          307,300.00         ZZ
                                         360        307,071.94          1
                                       7.500          2,148.69         72
                                       7.250          2,148.69
    FALLS CHURCH     VA   22043          1            07/16/01         00
    0433074929                           05           09/01/01          0
    1045396                              O            08/01/31
    0


    5305568          E82/G01             F          459,350.00         ZZ
                                         360        459,350.00          3
                                       8.000          3,370.55         67
                                       7.750          3,370.55
    BROOKLINE        MA   02445          2            08/08/01         00
    0400461026                           05           10/01/01          0
    0400461026                           O            09/01/31
    0


    5305569          E82/G01             F          391,500.00         ZZ
                                         360        391,500.00          1
                                       7.500          2,737.42         70
                                       7.250          2,737.42
    MANHATTAN BEACH  CA   90266          2            08/06/01         00
    0400467619                           05           10/01/01          0
    0400467619                           O            09/01/31
    0


    5305574          E82/G01             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       7.500          2,796.16         72
                                       7.250          2,796.16
    SAN FRANCISCO    CA   94131          5            08/06/01         00
    0400464228                           05           10/01/01          0
    0400464228                           O            09/01/31
    0


    5305575          E82/G01             F          372,500.00         ZZ
                                         360        372,500.00          1
                                       7.500          2,604.57         63
                                       7.250          2,604.57
    PRENNGROVE       CA   94951          2            08/06/01         00
    0400459780                           05           10/01/01          0
1


    0400459780                           O            09/01/31
    0


    5305577          E82/G01             F          305,000.00         ZZ
                                         360        305,000.00          1
                                       7.375          2,106.56         71
                                       7.125          2,106.56
    SAN JOSE         CA   95125          5            08/08/01         00
    0400453643                           09           10/01/01          0
    0400453643                           O            09/01/31
    0


    5305692          696/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.250          4,434.15         44
                                       7.000          4,434.15
    DUNKIRK          MD   20754          5            08/07/01         00
    0433038361                           05           10/01/01          0
    31201269                             O            09/01/31
    0


    5307995          W55/G01             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       7.250          2,237.54         80
                                       7.000          2,237.54
    SAN JOSE         CA   95130          1            08/15/01         00
    0433131422                           05           10/01/01          0
    000215629900                         O            09/01/31
    0


    5308109          964/G01             F          348,750.00         ZZ
                                         360        348,750.00          1
                                       7.375          2,408.73         75
                                       7.125          2,408.73
    ROHNERT PARK     CA   94928          5            08/21/01         00
    0433125523                           05           10/01/01          0
    400134202                            O            09/01/31
    0


    5308838          E22/G01             F          383,200.00         ZZ
                                         360        383,200.00          1
                                       6.875          2,517.35         80
                                       6.625          2,517.35
    MOUNTAIN VIEW    CA   94043          1            08/03/01         00
    0412813180                           05           10/01/01          0
    0412813180                           O            09/01/31
    0


1


    5309030          E82/G01             F          306,750.00         ZZ
                                         360        306,750.00          1
                                       7.750          2,197.59         74
                                       7.500          2,197.59
    ARCADIA          CA   91006          2            08/07/01         00
    0400456166                           05           10/01/01          0
    4218616                              O            09/01/31
    0


    5309033          E82/G01             F          347,400.00         ZZ
                                         360        347,400.00          1
                                       7.625          2,458.88         54
                                       7.375          2,458.88
    BAKERSFIELD      CA   93312          2            08/07/01         00
    0400459004                           05           10/01/01          0
    1985905                              O            09/01/31
    0


    5309034          E82/G01             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       7.375          2,451.90         67
                                       7.125          2,451.90
    FOUNTAIN VALLEY  CA   92708          2            08/07/01         00
    0400454351                           05           10/01/01          0
    0400454351                           O            09/01/31
    0


    5309036          E82/G01             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       7.625          1,557.15         80
                                       7.375          1,557.15
    PEABODY          MA   01960          2            08/09/01         00
    0400462800                           05           10/01/01          0
    0400462800                           O            09/01/31
    0


    5309037          E82/G01             F          375,000.00         ZZ
                                         360        374,692.62          1
                                       7.000          2,494.88         45
                                       6.750          2,494.88
    MILL NECK        NY   11765          2            07/31/01         00
    0400446100                           05           09/01/01          0
    0400446100                           O            08/01/31
    0


    5311682          964/G01             F          408,500.00         ZZ
                                         360        408,500.00          1
                                       7.375          2,821.41         75
                                       7.125          2,821.41
1


    DUBLIN           CA   94568          2            08/20/01         00
    0433125614                           03           10/01/01          0
    400138555                            O            09/01/31
    0


    5311708          B57/G01             F          308,000.00         ZZ
                                         360        307,765.64          1
                                       7.375          2,127.28         80
                                       7.125          2,127.28
    LOS ANGELES      CA   91325          2            07/26/01         00
    0433055704                           05           09/01/01          0
    2114162                              O            08/01/31
    0


    5313791          964/G01             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       7.375          2,569.31         80
                                       7.125          2,569.31
    CORTE MADERA     CA   94925          1            08/23/01         00
    0433132677                           09           10/01/01          0
    400141163                            O            09/01/31
    0


    5315265          696/G01             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       7.125          3,099.11         74
                                       6.875          3,099.11
    ARLINGTON        VA   22205          1            08/13/01         00
    0433060142                           05           10/01/01          0
    24501122                             O            09/01/31
    0


    5315266          696/G01             F          405,000.00         ZZ
                                         360        404,668.02          1
                                       7.000          2,694.48         78
                                       6.750          2,694.48
    OAKTON           VA   22124          1            07/31/01         00
    0433042694                           03           09/01/01          0
    25301096                             O            08/01/31
    0


    5316697          B57/G01             F          238,000.00         ZZ
                                         360        237,823.37          1
                                       7.500          1,664.13         72
                                       7.250          1,664.13
    SANTA CLARITA    CA   91351          2            07/26/01         00
    0433052057                           05           09/01/01          0
    2115000                              O            08/01/31
    0
1




    5317042          964/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       7.000          2,993.86         52
                                       6.750          2,993.86
    SAN FRANCISCO    CA   94117          5            08/21/01         00
    0433129251                           05           10/01/01          0
    400138437                            O            09/01/31
    0


    5317490          964/G01             F          303,000.00         ZZ
                                         360        303,000.00          1
                                       7.000          2,015.87         68
                                       6.750          2,015.87
    VACAVILLE        CA   95687          2            08/20/01         00
    0433137841                           05           10/01/01          0
    139117                               O            09/01/31
    0


    5319201          E22/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       7.125          2,627.50         62
                                       6.875          2,627.50
    NOVATO           CA   94949          5            08/03/01         00
    0412827149                           03           10/01/01          0
    0412827149                           O            09/01/31
    0


    5319233          E22/G01             F          272,000.00         ZZ
                                         360        272,000.00          1
                                       7.375          1,878.64         80
                                       7.125          1,878.64
    HUNTINGTON BEAC  CA   92647          2            08/06/01         00
    0412864894                           05           10/01/01          0
    0412864894                           O            09/01/31
    0


    5319249          E22/G01             F          341,000.00         ZZ
                                         360        341,000.00          1
                                       7.375          2,355.20         66
                                       7.125          2,355.20
    CLAYTON          CA   94517          2            08/06/01         00
    0412878043                           05           10/01/01          0
    0412878043                           O            09/01/31
    0


    5319355          E82/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
1


                                       7.000          2,660.88         74
                                       6.750          2,660.88
    ALLEN            TX   75013          1            08/15/01         00
    0400462438                           03           10/01/01          0
    0400462438                           O            09/01/31
    0


    5322408          N47/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.500          2,517.17         72
                                       7.250          2,517.17
    ENCINITAS        CA   92024          2            08/16/01         00
    0433150182                           03           10/01/01          0
    30110972                             O            09/01/31
    0


    5323649          227/G01             F          190,680.00         ZZ
                                         360        190,538.48          1
                                       7.500          1,333.27         80
                                       7.250          1,333.27
    ALEXANDRIA       VA   22304          1            07/19/01         00
    0433108248                           01           09/01/01          0
    1901017                              O            08/01/31
    0


    5333548          964/G01             F          213,000.00         ZZ
                                         360        213,000.00          1
                                       7.000          1,417.09         71
                                       6.750          1,417.09
    SAN LORENZO      CA   94580          2            08/22/01         00
    0433136504                           05           10/01/01          0
    122407                               O            09/01/31
    0


    5334938          L20/G01             F          302,000.00         ZZ
                                         360        302,000.00          1
                                       7.250          2,060.17         86
                                       7.000          2,060.17
    PARK CITY        UT   84098          2            08/17/01         14
    0433123064                           05           10/01/01         25
    271483                               O            09/01/31
    0


    5335456          944/G01             F          450,000.00         ZZ
                                         360        449,648.95          1
                                       7.250          3,069.80         23
                                       7.000          3,069.80
    REDWOOD CITY     CA   94062          5            07/17/01         00
    0433086543                           05           09/01/01          0
1


    R00091193                            O            08/01/31
    0


    5335649          Q51/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       7.250          2,865.14         71
                                       7.000          2,865.14
    DIAMOND BAR      CA   91765          1            08/01/01         00
    0433089091                           03           10/01/01          0
    0480435R1072408                      O            09/01/31
    0


    5338274          696/G01             F          500,000.00         ZZ
                                         360        499,619.54          1
                                       7.375          3,453.38         69
                                       7.125          3,453.38
    VIENNA           VA   22181          1            07/31/01         00
    0433070844                           05           09/01/01          0
    24401085                             O            08/01/31
    0


    5338321          168/168             F          410,000.00         ZZ
                                         360        408,420.80          1
                                       7.375          2,831.77         57
                                       7.125          2,831.77
    SAN RAMON        CA   94583          2            03/19/01         00
    0439624193                           03           05/01/01          0
    0439624193                           O            04/01/31
    0


    5338498          G75/G75             F          285,000.00         ZZ
                                         360        284,788.48          1
                                       7.500          1,992.77         68
                                       7.250          1,992.77
    BUFFALO GROVE    IL   60089          2            07/13/01         00
    04351920                             05           09/01/01          0
    04351920                             O            08/01/31
    0


    5338499          G75/G75             F          337,500.00         ZZ
                                         360        337,267.73          1
                                       7.875          2,447.11         75
                                       7.625          2,447.11
    SOUTH ORANGE VI  NJ   07079          5            07/10/01         00
    04385755                             05           09/01/01          0
    04385755                             O            08/01/31
    0


1


    5338511          G75/G75             F          303,900.00         ZZ
                                         360        303,424.41          1
                                       7.250          2,073.14         80
                                       7.000          2,073.14
    GAITHERSBURG     MD   20878          1            06/20/01         00
    04349545                             03           08/01/01          0
    04349545                             O            07/01/31
    0


    5338523          G75/G75             F          290,400.00         ZZ
                                         360        289,956.68          1
                                       7.375          2,005.73         80
                                       7.125          2,005.73
    MECHANICSVILLE   VA   23116          1            07/03/01         00
    04397039                             05           08/01/01          0
    04397039                             O            07/01/31
    0


    5338526          G75/G75             F          247,000.00         ZZ
                                         360        246,807.31          1
                                       7.250          1,684.98         56
                                       7.000          1,684.98
    YARMOUTHPORT     MA   02675          1            07/03/01         00
    04394261                             05           09/01/01          0
    04394261                             O            08/01/31
    0


    5338527          G75/G75             F          322,500.00         ZZ
                                         360        322,248.42          1
                                       7.250          2,200.02         75
                                       7.000          2,200.02
    VIRGINIA BEACH   VA   23454          5            07/25/01         00
    04410356                             05           09/01/01          0
    04410356                             O            08/01/31
    0


    5338528          G75/G75             F          340,000.00         ZZ
                                         360        339,753.92          1
                                       7.625          2,406.50         75
                                       7.375          2,406.50
    BRIGHTWATERS     NY   11718          5            07/13/01         00
    04391405                             05           09/01/01          0
    04391405                             O            08/01/31
    0


    5338714          964/G01             F          282,000.00         ZZ
                                         360        282,000.00          1
                                       7.125          1,899.89         80
                                       6.875          1,899.89
1


    FOLSOM           CA   95630          1            08/21/01         00
    0433128188                           05           10/01/01          0
    138059                               O            09/01/31
    0


    5339159          E60/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.250          2,387.62         42
                                       7.000          2,387.62
    ENCINO AREA      CA   91316          2            08/03/01         00
    0433102696                           05           10/01/01          0
    521690                               O            09/01/31
    0


    5339813          588/G01             F          350,000.00         ZZ
                                         360        349,759.14          1
                                       7.875          2,537.74         76
                                       7.625          2,537.74
    TOWNSHIP OF NOR  PA   18954          1            07/13/01         00
    0433075173                           05           09/01/01          0
    1045290                              O            08/01/31
    0


    5340197          588/G01             F          644,000.00         ZZ
                                         360        643,458.96          1
                                       6.875          4,230.62         80
                                       6.625          4,230.62
    BROOKVILLE       MD   20833          2            07/05/01         00
    0433075561                           05           09/01/01          0
    1036807                              O            08/01/31
    0


    5340430          Q59/G01             F          334,400.00         ZZ
                                         360        334,400.00          1
                                       7.250          2,281.20         80
                                       7.000          2,281.20
    YORBA LINDA      CA   92886          1            08/20/01         00
    0433143211                           05           10/01/01          0
    303938                               O            09/01/31
    0


    5341683          E22/G01             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       7.250          2,217.07         41
                                       7.000          2,217.07
    AURORA           CO   80016          5            08/09/01         00
    0412836843                           03           10/01/01          0
    0412836843                           O            09/01/31
    0
1




    5341697          E22/G01             F          391,500.00         ZZ
                                         360        391,500.00          1
                                       7.125          2,637.61         90
                                       6.875          2,637.61
    SAN JOSE         CA   95123          1            07/31/01         01
    0412872467                           05           10/01/01         25
    0412872467                           O            09/01/31
    0


    5341702          E22/G01             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.375          1,381.35         50
                                       7.125          1,381.35
    DALLAS           TX   75218          5            08/09/01         00
    0412877821                           05           10/01/01          0
    0412877821                           O            09/01/31
    0


    5341717          E22/G01             F          351,200.00         ZZ
                                         360        351,200.00          1
                                       7.750          2,516.04         80
                                       7.500          2,516.04
    EL DORADO HILLS  CA   95762          1            08/02/01         00
    0412891574                           03           10/01/01          0
    0412891574                           O            09/01/31
    0


    5341729          E22/G01             F          435,920.00         ZZ
                                         360        435,920.00          1
                                       7.250          2,973.74         80
                                       7.000          2,973.74
    SAN RAMON        CA   94583          1            08/08/01         00
    0412905804                           03           10/01/01          0
    0412905804                           O            09/01/31
    0


    5341734          E22/G01             F          318,000.00         ZZ
                                         360        318,000.00          1
                                       7.250          2,169.32         57
                                       7.000          2,169.32
    ROCKLIN          CA   95677          5            08/09/01         00
    0412909806                           05           10/01/01          0
    0412909806                           O            09/01/31
    0


    5341736          E22/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
1


                                       7.000          1,995.91         80
                                       6.750          1,995.91
    LAGUNA NIGUEL    CA   92677          1            08/09/01         00
    0412912503                           03           10/01/01          0
    0412912503                           O            09/01/31
    0


    5343358          U62/G01             F          322,000.00         ZZ
                                         360        321,754.99          1
                                       7.375          2,223.97         79
                                       7.125          2,223.97
    REDLANDS         CA   92373          2            07/20/01         00
    0433087590                           05           09/01/01          0
    2001230943                           O            08/01/31
    0


    5343496          L60/F27             F          305,400.00         ZZ
                                         360        304,662.95          1
                                       7.125          2,057.54         75
                                       6.875          2,057.54
    NEWNAN           GA   30265          5            05/25/01         00
    6610666173                           03           07/01/01          0
    6610666173                           O            06/01/31
    0


    5343498          L60/F27             F          650,000.00         ZZ
                                         360        648,469.59          1
                                       7.250          4,434.15         55
                                       7.000          4,434.15
    SUWANEE          GA   30024          5            05/25/01         00
    6610735396                           05           07/01/01          0
    6610735396                           O            06/01/31
    0


    5343499          L60/F27             F          357,600.00         ZZ
                                         360        356,715.50          1
                                       7.000          2,379.12         80
                                       6.750          2,379.12
    FAIRFAX          VA   22030          1            05/23/01         00
    6920063398                           05           07/01/01          0
    6920063398                           O            06/01/31
    0


    5343508          L60/F27             F          650,000.00         ZZ
                                         360        648,507.06          1
                                       7.375          4,489.39         70
                                       7.125          4,489.39
    VIENNA           VA   22182          1            05/11/01         00
    6920079251                           05           07/01/01          0
1


    6920079251                           O            06/01/31
    0


    5343541          L60/F27             F          200,000.00         ZZ
                                         360        199,702.21          1
                                       7.500          1,398.43         52
                                       7.250          1,398.43
    GOOSE CREEK      SC   29445          5            05/31/01         00
    6990367742                           05           08/01/01          0
    6990367742                           O            07/01/31
    0


    5343553          L60/F27             F          450,000.00         ZZ
                                         360        448,914.02          1
                                       7.125          3,031.73         64
                                       6.875          3,031.73
    CHARLOTTE        NC   28210          1            05/31/01         00
    6610718440                           03           07/01/01          0
    6610718440                           O            06/01/31
    0


    5343559          L60/F27             F          523,000.00         ZZ
                                         360        521,828.28          1
                                       7.500          3,656.89         80
                                       7.250          3,656.89
    CHARLOTTE        NC   28226          1            05/04/01         00
    6610595470                           05           07/01/01          0
    6610595470                           O            06/01/31
    0


    5343560          L60/F27             F          369,000.00         ZZ
                                         360        367,894.25          1
                                       7.500          2,580.11         90
                                       7.250          2,580.11
    RALEIGH          NC   27613          2            04/30/01         19
    6990345560                           05           06/01/01         25
    6990345560                           O            05/01/31
    0


    5343578          L60/F27             F          199,800.00         ZZ
                                         360        199,352.37          1
                                       7.500          1,397.03         33
                                       7.250          1,397.03
    FOLLY BEACH      SC   29439          5            05/21/01         00
    6610682187                           05           07/01/01          0
    6610682187                           O            06/01/31
    0


1


    5343580          L60/F27             F          650,000.00         ZZ
                                         360        648,469.59          1
                                       7.250          4,434.15         44
                                       7.000          4,434.15
    WARRENTON        VA   20186          5            05/21/01         00
    6990334682                           05           07/01/01          0
    6990334682                           O            06/01/31
    0


    5343604          L60/F27             F          302,400.00         ZZ
                                         360        301,705.45          1
                                       7.375          2,088.60         53
                                       7.125          2,088.60
    VIRGINIA BEACH   VA   23451          5            05/31/01         00
    6920076120                           05           07/01/01          0
    6920076120                           O            06/01/31
    0


    5343631          L60/F27             F           97,800.00         ZZ
                                         360         97,514.17          1
                                       7.625            692.22         80
                                       7.375            692.22
    KILL DEVIL HILL  NC   27948          1            04/20/01         00
    6990323478                           03           06/01/01          0
    6990323478                           O            05/01/31
    0


    5343632          L60/F27             F          100,000.00         ZZ
                                         357         99,566.66          1
                                       6.875            658.60         18
                                       6.625            658.60
    CHAPEL HILL      NC   27514          2            03/21/01         00
    6610633747                           03           05/01/01          0
    6610633747                           O            01/01/31
    0


    5343649          L60/F27             F          180,000.00         ZZ
                                         360        179,536.13          1
                                       8.250          1,352.28         80
                                       8.000          1,352.28
    HERNDON          VA   20170          2            04/20/01         00
    6990338769                           05           06/01/01          0
    6990338769                           O            05/01/31
    0


    5343658          L60/F27             F          267,705.00         ZZ
                                         359        267,261.91          1
                                       7.000          1,782.51         87
                                       6.750          1,782.51
1


    LEASBURG         NC   27291          2            06/22/01         12
    6610281395                           05           08/01/01         25
    6610281395                           O            06/01/31
    0


    5343669          L60/F27             F          300,000.00         ZZ
                                         360        299,777.36          1
                                       7.500          2,097.64         44
                                       7.250          2,097.64
    WAKE FOREST      NC   27587          2            07/03/00         00
    6610424404                           05           09/01/01          0
    6610424404                           O            08/01/31
    0


    5343686          L60/F27             F          340,000.00         ZZ
                                         360        338,624.31          1
                                       7.125          2,290.64         76
                                       6.875          2,290.64
    BRASELTON        GA   30517          2            03/26/01         00
    6990318881                           03           05/01/01          0
    6990318881                           O            04/01/31
    0


    5343695          L60/F27             F          350,000.00         ZZ
                                         360        348,484.24          1
                                       7.500          2,447.25         94
                                       7.250          2,447.25
    SOUTHERN SHORES  NC   27949          1            03/26/01         10
    6990300400                           05           05/01/01         30
    6990300400                           O            04/01/31
    0


    5343697          L60/F27             F          354,000.00         ZZ
                                         360        352,602.46          1
                                       7.250          2,414.90         80
                                       7.000          2,414.90
    MANASSAS         VA   20112          1            03/23/01         00
    6920009377                           03           05/01/01          0
    6920009377                           O            04/01/31
    0


    5343710          L60/F27             F          381,250.00         ZZ
                                         360        379,957.76          1
                                       6.875          2,504.54         80
                                       6.625          2,504.54
    FAIRFAX          VA   22030          1            04/30/01         00
    6920015059                           05           06/01/01          0
    6920015059                           O            05/01/31
    0
1




    5343711          L60/F27             F          382,000.00         ZZ
                                         360        380,911.04          1
                                       7.750          2,736.70         80
                                       7.500          2,736.70
    DUNN LORING      VA   22027          1            04/17/01         00
    6990336065                           03           06/01/01          0
    6990336065                           O            05/01/31
    0


    5343748          L60/F27             F          482,600.00         ZZ
                                         360        480,694.76          1
                                       7.250          3,292.18         80
                                       7.000          3,292.18
    BURKE            VA   22015          1            03/30/01         00
    6920020087                           05           05/01/01          0
    6920020087                           O            04/01/31
    0


    5343759          L60/F27             F          529,950.00         ZZ
                                         360        528,639.19          1
                                       7.000          3,525.77         80
                                       6.750          3,525.77
    MC LEAN          VA   22102          1            05/18/01         00
    6920013021                           03           07/01/01          0
    6920013021                           O            06/01/31
    0


    5343766          L60/F27             F          598,900.00         ZZ
                                         360        596,355.26          1
                                       6.875          3,934.35         76
                                       6.625          3,934.35
    MC LEAN          VA   22101          1            03/30/01         00
    6920027308                           05           05/01/01          0
    6920027308                           O            04/01/31
    0


    5343767          L60/F27             F          600,000.00         ZZ
                                         360        598,063.60          1
                                       7.125          4,042.31         75
                                       6.875          4,042.31
    MC LEAN          VA   22101          1            04/27/01         00
    6920024767                           05           06/01/01          0
    6920024767                           O            05/01/31
    0


    5343768          L60/F27             F          600,000.00         ZZ
                                         360        598,110.73          1
1


                                       7.250          4,093.06         57
                                       7.000          4,093.06
    GREENSBORO       NC   27410          1            04/30/01         00
    6990357356                           05           06/01/01          0
    6990357356                           O            05/01/31
    0


    5343773          L60/F27             F          650,000.00         ZZ
                                         360        647,170.14          1
                                       6.750          4,215.89         79
                                       6.500          4,215.89
    VIENNA           VA   22182          1            03/30/01         00
    6920010758                           03           05/01/01          0
    6920010758                           O            04/01/31
    0


    5343783          L60/F27             F          976,000.00         T
                                         360        973,147.35          1
                                       7.625          6,908.07         52
                                       7.375          6,908.07
    COROLLA          NC   27927          2            05/03/01         00
    6990336391                           05           06/01/01          0
    6990336391                           O            05/01/31
    0


    5344666          W56/M32             F          794,500.00         ZZ
                                         360        793,910.37          1
                                       7.500          5,555.26         70
                                       7.250          5,555.26
    SAN FRANCISCO    CA   94123          1            07/30/01         00
    0400461091                           05           09/01/01          0
    0400461091                           O            08/01/31
    0


    5345136          N47/G01             F          555,200.00         ZZ
                                         360        555,200.00          1
                                       7.000          3,693.76         80
                                       6.750          3,693.76
    SAN DIEGO        CA   92130          1            08/20/01         00
    0433131729                           03           10/01/01          0
    30111445                             O            09/01/31
    0


    5346665          964/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.375          2,279.23         69
                                       7.125          2,279.23
    NORCO            CA   92860          2            08/20/01         00
    0433131521                           05           10/01/01          0
1


    139865                               O            09/01/31
    0


    5351381          964/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.750          2,579.08         58
                                       7.500          2,579.08
    SAN LUIS OBISPO  CA   93401          5            08/03/01         00
    0433102472                           05           10/01/01          0
    136123                               O            09/01/31
    0


    5352084          956/G01             F          402,000.00         ZZ
                                         360        401,686.40          1
                                       7.250          2,742.35         74
                                       7.000          2,742.35
    VERDI            NV   89439          2            07/13/01         00
    0433083847                           05           09/01/01          0
    3711070020                           O            08/01/31
    0


    5353398          E22/G01             F          272,000.00         ZZ
                                         360        272,000.00          1
                                       8.000          1,995.84         80
                                       7.750          1,995.84
    HAWTHORNE        CA   90250          2            07/27/01         00
    0412717126                           05           10/01/01          0
    0412717126                           O            09/01/31
    0


    5353420          E22/G01             F          293,600.00         ZZ
                                         360        293,600.00          1
                                       6.750          1,904.28         49
                                       6.500          1,904.28
    KENSINGTON       CA   94707          2            08/09/01         00
    0412844359                           05           10/01/01          0
    0412844359                           O            09/01/31
    0


    5353426          E22/G01             F          750,000.00         ZZ
                                         360        750,000.00          1
                                       7.250          5,116.32         43
                                       7.000          5,116.32
    SIMI VALLEY      CA   93065          2            08/08/01         00
    0412848442                           05           10/01/01          0
    0412848442                           O            09/01/31
    0


1


    5353431          E22/G01             F          430,000.00         ZZ
                                         360        430,000.00          1
                                       7.375          2,969.90         66
                                       7.125          2,969.90
    HOLMDEL TOWNSHI  NJ   07733          1            08/15/01         00
    0412853277                           05           10/01/01          0
    0412853277                           O            09/01/31
    0


    5353497          E22/G01             F          290,400.00         ZZ
                                         360        290,400.00          1
                                       7.250          1,981.04         80
                                       7.000          1,981.04
    DANVILLE         CA   94506          1            08/10/01         00
    0412905036                           09           10/01/01          0
    0412905036                           O            09/01/31
    0


    5353683          696/G01             F          334,400.00         ZZ
                                         360        334,400.00          1
                                       6.750          2,168.91         80
                                       6.500          2,168.91
    SOUTH RIDING     VA   20152          1            08/15/01         00
    0433051380                           03           10/01/01          0
    23301230                             O            09/01/31
    0


    5353685          696/G01             F          328,000.00         ZZ
                                         360        327,737.70          1
                                       7.125          2,209.80         80
                                       6.875          2,209.80
    CENTREVILLE      VA   20121          1            07/30/01         00
    0433051232                           03           09/01/01          0
    21701182                             O            08/01/31
    0


    5354139          956/G01             F          313,000.00         ZZ
                                         360        312,749.70          1
                                       7.125          2,108.74         80
                                       6.875          2,108.74
    COLORADO SPRING  CO   80920          2            08/02/01         00
    0433074325                           05           09/01/01          0
    2411060107                           O            08/01/31
    0


    5354374          956/G01             F          364,000.00         ZZ
                                         360        363,729.86          1
                                       7.500          2,545.14         80
                                       7.250          2,545.14
1


    SAN FRANCISCO    CA   94110          1            07/24/01         00
    0433090883                           05           09/01/01          0
    311070075                            O            08/01/31
    0


    5356076          956/G01             F          349,000.00         ZZ
                                         360        348,727.74          1
                                       7.250          2,380.80         74
                                       7.000          2,380.80
    SAN JOSE         CA   95121          2            07/30/01         00
    0433094026                           05           09/01/01          0
    11070203                             O            08/01/31
    0


    5357648          964/G01             F          348,800.00         ZZ
                                         360        348,800.00          1
                                       7.500          2,438.86         40
                                       7.250          2,438.86
    SAUSALITO        CA   94965          5            08/23/01         00
    0433132651                           05           10/01/01          0
    139188                               O            09/01/31
    0


    5360970          964/G01             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       6.875          2,627.06         64
                                       6.625          2,627.06
    HUNTINGTON  BEA  CA   92647          1            08/21/01         00
    0433130028                           05           10/01/01          0
    137378                               O            09/01/31
    0


    5363199          E22/G01             F          324,400.00         ZZ
                                         360        324,400.00          1
                                       7.250          2,212.98         80
                                       7.000          2,212.98
    MARTINEZ         CA   94553          1            08/10/01         00
    0412840910                           05           10/01/01          0
    0412840910                           O            09/01/31
    0


    5363207          E22/G01             F          516,800.00         ZZ
                                         360        516,800.00          1
                                       7.125          3,481.78         80
                                       6.875          3,481.78
    VENTURA          CA   93003          2            08/02/01         00
    0412870339                           05           10/01/01          0
    0412870339                           O            09/01/31
    0
1




    5368912          E82/G01             F          367,000.00         ZZ
                                         360        366,699.17          1
                                       7.000          2,441.66         57
                                       6.750          2,441.66
    THOUSAND OAKS    CA   91362          2            07/18/01         00
    0400453395                           05           09/01/01          0
    0400453395                           O            08/01/31
    0


    5368925          964/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.375          2,624.57         80
                                       7.125          2,624.57
    SIMI VALLEY      CA   93065          2            08/21/01         00
    0433128378                           03           10/01/01          0
    126720                               O            09/01/31
    0


    5369250          E82/G01             F          379,800.00         ZZ
                                         360        379,800.00          1
                                       7.625          2,688.20         80
                                       7.375          2,688.20
    COTATI           CA   94931          2            08/10/01         00
    0400458899                           05           10/01/01          0
    3707617                              O            09/01/31
    0


    5369258          E82/G01             F          490,000.00         ZZ
                                         360        490,000.00          1
                                       7.625          3,468.19         69
                                       7.375          3,468.19
    SAN JOSE         CA   95135          5            08/13/01         00
    0400465035                           05           10/01/01          0
    0400465035                           O            09/01/31
    0


    5369289          W56/W56             F          307,500.00         ZZ
                                         360        307,500.00          1
                                       7.125          2,071.68         57
                                       6.875          2,071.68
    HOUSTON          TX   77005          2            08/15/01         00
    0400455192                           05           10/01/01          0
    0400455192                           O            09/01/31
    0


    5369643          964/G01             F          529,900.00         ZZ
                                         360        529,900.00          1
1


                                       7.000          3,525.44         74
                                       6.750          3,525.44
    SAN JOSE         CA   95120          1            08/22/01         00
    0433128667                           05           10/01/01          0
    1383046                              O            09/01/31
    0


    5373808          E22/G01             F          531,600.00         ZZ
                                         360        531,600.00          1
                                       7.250          3,626.45         80
                                       7.000          3,626.45
    GLENDALE         CA   91214          2            08/09/01         00
    0412854044                           03           10/01/01          0
    0412854044                           O            09/01/31
    0


    5373820          E22/G01             F          364,300.00         ZZ
                                         360        364,300.00          1
                                       7.250          2,485.17         80
                                       7.000          2,485.17
    FLOWER MOUND     TX   75022          2            08/13/01         00
    0412875064                           05           10/01/01          0
    0412875064                           O            09/01/31
    0


    5374140          994/994             F          548,000.00         ZZ
                                         360        547,262.15          1
                                       8.000          4,021.03         69
                                       7.750          4,021.03
    TARPON SPRINGS   FL   34689          2            06/28/01         00
    218439879                            03           08/01/01          0
    218439879                            O            07/01/31
    0


    5374187          623/G01             F          372,000.00         ZZ
                                         360        371,743.99          1
                                       7.875          2,697.26         78
                                       7.625          2,697.26
    TUCSON           AZ   85718          2            07/18/01         00
    0433112398                           03           09/01/01          0
    1940168                              O            08/01/31
    0


    5374191          623/G01             F          325,000.00         ZZ
                                         360        324,491.41          1
                                       7.250          2,217.07         60
                                       7.000          2,217.07
    SANTA MARIA      CA   93455          5            05/30/01         00
    0433112091                           05           08/01/01          0
1


    1974602                              O            07/01/31
    0


    5374204          623/G01             F          355,000.00         ZZ
                                         360        354,723.06          1
                                       7.250          2,421.73         75
                                       7.000          2,421.73
    SAN DIEGO        CA   92131          5            07/20/01         00
    0433110061                           03           09/01/01          0
    1984962                              O            08/01/31
    0


    5374227          623/G01             F          633,000.00         ZZ
                                         360        632,518.34          1
                                       7.375          4,371.97         47
                                       7.125          4,371.97
    ATLANTA          GA   30328          5            07/13/01         00
    0433112232                           05           09/01/01          0
    5361357                              O            08/01/31
    0


    5374243          623/G01             F          552,000.00         ZZ
                                         360        551,579.97          1
                                       7.375          3,812.53         68
                                       7.125          3,812.53
    WINNETKA         IL   60093          5            07/13/01         00
    0433109535                           05           09/01/01          0
    5364819                              O            08/01/31
    0


    5374528          E82/G01             F          458,400.00         ZZ
                                         360        458,400.00          1
                                       7.875          3,323.72         77
                                       7.625          3,323.72
    SAN JOSE         CA   95148          2            08/13/01         00
    0400459822                           05           10/01/01          0
    0400459822                           O            09/01/31
    0


    5376265          964/G01             F          324,000.00         ZZ
                                         360        324,000.00          1
                                       7.250          2,210.25         80
                                       7.000          2,210.25
    BERKELEY         CA   94708          1            08/23/01         00
    0433126737                           05           10/01/01          0
    139788                               O            09/01/31
    0


1


    5376457          964/G01             F          321,000.00         ZZ
                                         360        321,000.00          1
                                       7.250          2,189.79         51
                                       7.000          2,189.79
    LOS ANGELES      CA   90066          2            08/23/01         00
    0433144706                           05           10/01/01          0
    140778                               O            09/01/31
    0


    5376875          994/994             F          365,000.00         ZZ
                                         360        364,748.81          1
                                       7.875          2,646.50         73
                                       7.625          2,646.50
    SAN JOSE         CA   95138          2            07/11/01         00
    218549842                            01           09/01/01          0
    218549842                            O            08/01/31
    0


    5378210          964/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.250          2,319.40         65
                                       7.000          2,319.40
    FOSTER CITY      CA   94404          5            08/23/01         00
    0433128220                           01           10/01/01          0
    400141829                            O            09/01/31
    0


    5382657          Q59/G01             F          325,500.00         ZZ
                                         360        325,500.00          1
                                       7.500          2,275.94         59
                                       7.250          2,275.94
    LOS ANGELES      CA   90020          2            08/09/01         00
    0433116787                           05           10/01/01          0
    1LIM                                 O            09/01/31
    0


    5384908          E22/G01             F          316,000.00         ZZ
                                         360        316,000.00          1
                                       7.375          2,182.53         75
                                       7.125          2,182.53
    CLAREMONT        CA   91711          2            08/08/01         00
    0412563819                           05           10/01/01          0
    0412563819                           O            09/01/31
    0


    5384931          E22/G01             F          357,000.00         ZZ
                                         360        357,000.00          1
                                       7.625          2,526.82         80
                                       7.375          2,526.82
1


    REDONDO BEACH    CA   90278          2            08/07/01         00
    0412822793                           05           10/01/01          0
    0412822793                           O            09/01/31
    0


    5384954          E22/G01             F          455,200.00         ZZ
                                         360        455,200.00          1
                                       7.125          3,066.77         80
                                       6.875          3,066.77
    LAGUNA BEACH     CA   92651          1            08/13/01         00
    0412860835                           05           10/01/01          0
    0412860835                           O            09/01/31
    0


    5384955          E22/G01             F          202,000.00         ZZ
                                         360        202,000.00          1
                                       6.875          1,327.00         70
                                       6.625          1,327.00
    CARLSBAD         CA   92009          2            08/14/01         00
    0412865255                           01           10/01/01          0
    0412865255                           O            09/01/31
    0


    5384960          E22/G01             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.500          1,398.43         67
                                       7.250          1,398.43
    LAREDO           TX   78041          5            08/13/01         00
    0412868788                           05           10/01/01          0
    0412868788                           O            09/01/31
    0


    5384964          E22/G01             F          398,500.00         ZZ
                                         360        398,500.00          1
                                       7.375          2,752.34         64
                                       7.125          2,752.34
    DANVILLE         CA   94526          2            08/10/01         00
    0412872236                           05           10/01/01          0
    0412872236                           O            09/01/31
    0


    5384966          E22/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.500          2,517.17         80
                                       7.250          2,517.17
    PACIFICA         CA   94044          2            08/09/01         00
    0412873028                           05           10/01/01          0
    0412873028                           O            09/01/31
    0
1




    5384968          E22/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.375          4,489.39         68
                                       7.125          4,489.39
    LAGUNA BEACH     CA   92651          2            08/06/01         00
    0412875577                           05           10/01/01          0
    0412875577                           O            09/01/31
    0


    5384969          E22/G01             F          445,000.00         ZZ
                                         360        445,000.00          1
                                       7.375          3,073.50         50
                                       7.125          3,073.50
    BOCA RATON       FL   33432          2            08/15/01         00
    0412875759                           06           10/01/01          0
    0412875759                           O            09/01/31
    0


    5384975          E22/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.375          2,486.43         62
                                       7.125          2,486.43
    SAN FRANCISCO    CA   94127          5            08/10/01         00
    0412886384                           05           10/01/01          0
    0412886384                           O            09/01/31
    0


    5384997          E22/G01             F          204,500.00         ZZ
                                         360        204,500.00          1
                                       7.250          1,395.05         44
                                       7.000          1,395.05
    GRASS VALLEY     CA   95949          5            08/14/01         00
    0412900649                           05           10/01/01          0
    0412900649                           O            09/01/31
    0


    5384999          E22/G01             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       7.250          3,751.97         75
                                       7.000          3,751.97
    RANCHO PALOS VE  CA   90275          2            08/09/01         00
    0412901308                           05           10/01/01          0
    0412901308                           O            09/01/31
    0


    5385001          E22/G01             F          345,000.00         ZZ
                                         360        345,000.00          1
1


                                       7.125          2,324.33         66
                                       6.875          2,324.33
    MISSION VIEJO    CA   92694          2            08/10/01         00
    0412901837                           03           10/01/01          0
    0412901837                           O            09/01/31
    0


    5385013          E22/G01             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       7.375          2,431.18         80
                                       7.125          2,431.18
    MOUNTAIN VIEW    CA   94043          2            08/13/01         00
    0412909624                           01           10/01/01          0
    0412909624                           O            09/01/31
    0


    5385020          E22/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.250          2,592.27         44
                                       7.000          2,592.27
    MORGAN HILL      CA   95037          5            08/10/01         00
    0412913485                           05           10/01/01          0
    0412913485                           O            09/01/31
    0


    5385024          E22/G01             F          185,000.00         ZZ
                                         360        185,000.00          1
                                       7.375          1,277.75         65
                                       7.125          1,277.75
    SAN LEANDRO      CA   94577          1            08/13/01         00
    0412917502                           01           10/01/01          0
    0412917502                           O            09/01/31
    0


    5385025          E22/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.375          2,417.36         49
                                       7.125          2,417.36
    ORINDA           CA   94563          5            08/13/01         00
    0412918005                           05           10/01/01          0
    0412918005                           O            09/01/31
    0


    5385306          696/G01             F          547,000.00         ZZ
                                         360        547,000.00          1
                                       6.875          3,593.40         62
                                       6.625          3,593.40
    GREAT FALLS      VA   22066          1            08/20/01         00
    0433098605                           05           10/01/01          0
1


    24401102                             O            09/01/31
    0


    5385515          025/025             F          372,000.00         ZZ
                                         360        371,145.59          1
                                       7.375          2,569.31         75
                                       7.125          2,569.31
    LITTLETON        CO   80122          5            05/10/01         00
    01387560093                          03           07/01/01          0
    01387560093                          O            06/01/31
    0


    5385744          025/025             F          457,500.00         ZZ
                                         360        456,449.21          1
                                       7.375          3,159.84         75
                                       7.125          3,159.84
    CHICO            CA   95973          2            05/23/01         00
    0138738034                           05           07/01/01          0
    0138738034                           O            06/01/31
    0


    5385943          025/025             F          362,000.00         ZZ
                                         360        361,082.37          1
                                       6.875          2,378.09         74
                                       6.625          2,378.09
    VORBA LINDA      CA   92887          2            05/23/01         00
    0138923347                           05           07/01/01          0
    0138923347                           O            06/01/31
    0


    5395578          E22/G01             F          266,400.00         ZZ
                                         360        266,400.00          1
                                       7.000          1,772.37         90
                                       6.750          1,772.37
    PLANO            TX   75025          1            08/17/01         04
    0412700783                           03           10/01/01         25
    0412700783                           O            09/01/31
    0


    5399462          B60/G01             F          256,000.00         ZZ
                                         360        256,000.00          1
                                       7.500          1,789.99         80
                                       7.250          1,789.99
    LITTLE ROCK      AR   72211          1            08/15/01         00
    0433105970                           05           10/01/01          0
    341932                               O            09/01/31
    0


1


    5402046          076/076             F          432,000.00         ZZ
                                         360        431,663.00          1
                                       7.250          2,947.00         34
                                       7.000          2,947.00
    STEAMBOAT SPRIN  CO   80487          2            07/13/01         00
    5445003                              05           09/01/01          0
    5445003                              O            08/01/31
    0


    5402051          076/076             F          351,000.00         ZZ
                                         360        350,745.95          1
                                       7.625          2,484.36         75
                                       7.375          2,484.36
    PELLA            IA   50219          5            07/06/01         00
    5544953                              05           09/01/01          0
    5544953                              O            08/01/31
    0


    5402055          076/076             F          429,000.00         ZZ
                                         360        428,656.93          1
                                       7.125          2,890.26         69
                                       6.875          2,890.26
    SEATTLE          WA   98115          1            07/11/01         00
    5638875                              05           09/01/01          0
    5638875                              O            08/01/31
    0


    5405302          696/G01             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       7.375          3,591.51         80
                                       7.125          3,591.51
    KENSINGTON       MD   20895          1            08/16/01         00
    0433102068                           05           10/01/01          0
    31101098                             O            09/01/31
    0


    5405304          696/G01             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       7.250          3,274.45         80
                                       7.000          3,274.45
    MCLEAN           VA   22101          1            08/10/01         00
    0433098134                           05           10/01/01          0
    22301125                             O            09/01/31
    0


    5405310          696/G01             F          608,000.00         ZZ
                                         360        607,525.70          1
                                       7.250          4,147.63         70
                                       7.000          4,147.63
1


    WASHINGTON       DC   20036          5            08/06/01         00
    0433083086                           05           09/01/01          0
    32601222                             O            08/01/31
    0


    5407579          E84/G01             F          454,400.00         ZZ
                                         360        454,036.62          1
                                       7.125          3,061.38         58
                                       6.875          3,061.38
    FALLS CHURCH     VA   22043          2            07/25/01         00
    0433082302                           03           09/01/01          0
    70308997                             O            08/01/31
    0


    5407733          511/511             F          357,000.00         ZZ
                                         360        356,760.46          1
                                       8.000          2,619.54         79
                                       7.750          2,619.54
    LACONNER         WA   98257          2            07/09/01         00
    2293776                              05           09/01/01          0
    2293776                              O            08/01/31
    0


    5407790          E84/G01             F          616,000.00         ZZ
                                         360        615,519.46          1
                                       7.250          4,202.21         80
                                       7.000          4,202.21
    BOXFORD          MA   01921          1            07/30/01         00
    0433077260                           05           09/01/01          0
    45011386                             O            08/01/31
    0


    5407936          E84/G01             F          368,000.00         ZZ
                                         360        367,261.67          1
                                       7.375          2,541.68         80
                                       7.125          2,541.68
    GENEVA           IL   60134          1            07/23/01         00
    0433074713                           03           09/01/01          0
    11006897                             O            08/01/31
    0


    5408272          E84/G01             F          376,000.00         ZZ
                                         360        375,720.95          1
                                       7.500          2,629.05         80
                                       7.250          2,629.05
    BALLWIN          MO   63011          1            07/24/01         00
    0433085438                           03           09/01/01          0
    11903342                             O            08/01/31
    0
1




    5408436          E84/G01             F          585,000.00         ZZ
                                         360        584,554.86          1
                                       7.375          4,040.45         57
                                       7.125          4,040.45
    CHICAGO          IL   60614          1            07/16/01         00
    0433141215                           05           09/01/01          0
    11207998                             O            08/01/31
    0


    5411543          025/025             F          382,000.00         ZZ
                                         360        381,416.87          1
                                       7.375          2,638.38         75
                                       7.125          2,638.38
    BRASELTON        GA   30517          2            06/29/01         00
    0025370867                           03           08/01/01          0
    0025370867                           O            07/01/31
    0


    5412679          025/025             F          550,000.00         ZZ
                                         360        548,827.90          1
                                       7.750          3,940.27         62
                                       7.500          3,940.27
    NEWTON           MA   02460          2            05/29/01         00
    139215933                            05           07/01/01          0
    139215933                            O            06/01/31
    0


    5413604          696/G01             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       7.375          2,652.19         80
                                       7.125          2,652.19
    POTOMAC          MD   20854          2            08/17/01         00
    0433102852                           05           10/01/01          0
    32701174                             O            09/01/31
    0


    5415761          025/025             F          308,000.00         ZZ
                                         360        307,006.00          1
                                       7.125          2,075.05         80
                                       6.875          2,075.05
    KNOXVILLE        TN   37919          2            04/25/01         00
    0025587130                           05           06/01/01          0
    0025587130                           O            05/01/31
    0


    5420922          956/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
1


                                       7.250          2,728.71         89
                                       7.000          2,728.71
    SNOQUALMIE       WA   98065          1            08/03/01         01
    0433130689                           05           10/01/01         25
    1311070138                           O            09/01/31
    0


    5421110          405/405             F          375,000.00         ZZ
                                         360        374,398.46          1
                                       7.125          2,526.44         80
                                       6.750          2,526.44
    ELKRIDGE         MD   21075          1            06/19/01         00
    0012287298                           03           08/01/01          0
    0012287298                           O            07/01/31
    0


    5421114          405/405             F          344,000.00         ZZ
                                         360        343,500.44          1
                                       7.625          2,434.82         80
                                       7.125          2,434.82
    ADDISON          TX   75248          1            06/29/01         00
    0012299087                           03           08/01/01          0
    0012299087                           O            07/01/31
    0


    5421118          405/405             F          292,800.00         ZZ
                                         360        292,577.20          1
                                       7.375          2,022.30         80
                                       6.875          2,022.30
    SOUTHLAKE        TX   76092          1            07/16/01         00
    0012317525                           05           09/01/01          0
    0012317525                           O            08/01/31
    0


    5421761          025/025             F          274,000.00         ZZ
                                         360        273,430.59          1
                                       7.875          1,986.69         69
                                       7.625          1,986.69
    SALINE           MI   48176          5            05/19/01         00
    0139117915                           05           07/01/01          0
    0139117915                           O            06/01/31
    0


    5421952          956/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.125          2,425.39         80
                                       6.875          2,425.39
    PORTLAND         OR   97266          2            08/08/01         00
    0433106895                           05           10/01/01          0
1


    1711070158                           O            09/01/31
    0


    5423890          696/G01             F          239,600.00         ZZ
                                         360        239,600.00          1
                                       7.250          1,634.49         80
                                       7.000          1,634.49
    NORTH POTOMAC    MD   20878          1            08/17/01         00
    0433102837                           03           10/01/01          0
    30501123                             O            09/01/31
    0


    5423896          696/G01             F          551,000.00         ZZ
                                         360        551,000.00          1
                                       7.375          3,805.62         69
                                       7.125          3,805.62
    WASHINGTON       DC   20009          2            08/20/01         00
    0433112703                           05           10/01/01          0
    32601221                             O            09/01/31
    0


    5423899          696/G01             F          318,750.00         ZZ
                                         360        318,750.00          1
                                       7.375          2,201.53         75
                                       7.125          2,201.53
    BETHESDA         MD   20814          5            08/22/01         00
    0433102787                           05           10/01/01          0
    31101176                             O            09/01/31
    0


    5425120          025/025             F          316,800.00         ZZ
                                         360        316,316.40          1
                                       7.375          2,188.06         80
                                       7.125          2,188.06
    SAVANNAH         GA   31404          1            04/28/01         00
    0025981150                           07           08/01/01          0
    0025981150                           O            07/01/31
    0


    5425130          025/025             F          511,900.00         ZZ
                                         360        511,118.57          1
                                       7.375          3,535.57         56
                                       7.125          3,535.57
    BEDFORD          MA   01730          2            06/06/01         00
    0130282502                           05           08/01/01          0
    0130282502                           O            07/01/31
    0


1


    5425131          025/025             F          650,000.00         ZZ
                                         360        649,032.21          1
                                       7.500          4,544.89         75
                                       7.250          4,544.89
    IPSWICH          MA   01938          1            06/21/01         00
    0130355316                           05           08/01/01          0
    0130355316                           O            07/01/31
    0


    5425133          025/025             F          595,000.00         ZZ
                                         360        593,699.82          1
                                       7.625          4,211.38         70
                                       7.375          4,211.38
    HALLANDALE       FL   33009          5            05/10/01         00
    0130172034                           05           07/01/01          0
    0130172034                           O            06/01/31
    0


    5425167          025/025             F          550,000.00         ZZ
                                         360        548,310.46          1
                                       7.375          3,798.72         75
                                       7.125          3,798.72
    AUSTIN           TX   78730          2            04/16/01         00
    0137935193                           05           06/01/01          0
    0137935193                           O            05/01/31
    0


    5425177          025/025             F          333,750.00         ZZ
                                         360        332,646.08          1
                                       7.000          2,220.45         75
                                       6.750          2,220.45
    SEATTLE          WA   98105          5            04/24/01         00
    0139032833                           05           06/01/01          0
    0139032833                           O            05/01/31
    0


    5425194          025/025             F          285,000.00         ZZ
                                         360        284,564.95          1
                                       7.375          1,968.42         75
                                       7.125          1,968.42
    BILLINGS         MT   59106          5            06/08/01         00
    0139018725                           05           08/01/01          0
    0139018725                           O            07/01/31
    0


    5425213          025/025             F          365,000.00         ZZ
                                         360        363,345.05          1
                                       7.750          2,614.91         85
                                       7.500          2,614.91
1


    DALEVILLE        VA   24083          2            06/21/01         04
    0138807607                           05           08/01/01         12
    0138807607                           O            07/01/31
    0


    5425214          025/025             F          350,000.00         ZZ
                                         360        349,295.04          1
                                       6.750          2,270.10         58
                                       6.500          2,270.10
    LEESBURG         VA   20176          2            06/20/01         00
    0138190160                           05           08/01/01          0
    0138190160                           O            07/01/31
    0


    5425215          025/025             F          325,200.00         ZZ
                                         360        324,286.57          1
                                       7.750          2,329.77         78
                                       7.500          2,329.77
    OCALA            FL   34476          1            06/06/01         00
    0025147422                           05           08/01/01          0
    0025147422                           O            07/01/31
    0


    5428005          E22/G01             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       7.125          2,694.20         62
                                       6.875          2,694.20
    FORT WORTH       TX   76109          2            08/20/01         00
    0412874588                           05           10/01/01          0
    0412874588                           O            09/01/31
    0


    5428222          E82/G01             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       7.500          2,293.42         80
                                       7.250          2,293.42
    STERLING         VA   20165          2            08/20/01         00
    0400472858                           03           10/01/01          0
    3633093                              O            09/01/31
    0


    5428242          025/025             F          318,750.00         ZZ
                                         360        317,927.47          1
                                       7.375          2,201.53         85
                                       7.125          2,201.53
    WILLOW SPRINGS   NC   27592          1            06/29/01         19
    0139319057                           05           08/01/01         12
    0139319057                           O            07/01/31
    0
1




    5428323          025/025             F          300,000.00         ZZ
                                         360        299,327.90          1
                                       7.500          2,097.64         71
                                       7.250          2,097.64
    JACKSONVILLE     FL   32256          5            05/17/01         00
    0025763319                           03           07/01/01          0
    0025763319                           O            06/01/31
    0


    5432326          N60/N60             F          350,000.00         ZZ
                                         360        348,684.92          1
                                       7.500          2,447.25         42
                                       7.250          2,447.25
    HILTON HEAD ISL  SC   29928          4            03/13/01         00
    1                                    03           05/01/01          0
    1                                    O            04/01/31
    0


    5434103          025/025             F          357,000.00         ZZ
                                         360        356,481.60          1
                                       7.625          2,526.82         85
                                       7.375          2,526.82
    NAZARETH         PA   18064          2            06/21/01         04
    0138353586                           05           08/01/01         12
    0138353586                           O            07/01/31
    0


    5439048          E22/G01             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       7.250          2,373.97         75
                                       7.000          2,373.97
    WINSTON SALEM    NC   27104          5            08/21/01         00
    0412821977                           05           10/01/01          0
    0412821977                           O            09/01/31
    0


    5439388          696/G01             F          329,600.00         ZZ
                                         360        329,600.00          1
                                       7.375          2,276.47         80
                                       7.125          2,276.47
    CLIFTON          VA   20124          1            08/24/01         00
    0433107174                           03           10/01/01          0
    25101204                             O            09/01/31
    0


    5446196          696/G01             F          600,000.00         ZZ
                                         360        600,000.00          1
1


                                       6.750          3,891.59         48
                                       6.500          3,891.59
    WASHINGTON       DC   20007          2            08/16/01         00
    0433116894                           05           10/01/01          0
    31801128                             O            09/01/31
    0


    5446198          696/G01             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       7.375          2,375.92         80
                                       7.125          2,375.92
    VIENNA           VA   22182          2            08/24/01         00
    0433107497                           03           10/01/01          0
    21301120                             O            09/01/31
    0


    5450576          E22/G01             F          195,000.00         ZZ
                                         360        195,000.00          1
                                       7.250          1,330.24         74
                                       7.000          1,330.24
    AUSTIN           TX   78739          5            08/21/01         00
    0412929226                           03           10/01/01          0
    0412929226                           O            09/01/31
    0


    5459416          E22/G01             F          620,000.00         ZZ
                                         360        620,000.00          1
                                       7.250          4,229.49         69
                                       7.000          4,229.49
    HONOLULU         HI   96816          2            08/20/01         00
    0412896771                           05           10/01/01          0
    0412896771                           O            09/01/31
    0


    5459429          E22/G01             F        1,187,000.00         ZZ
                                         360      1,187,000.00          1
                                       7.500          8,299.68         60
                                       7.250          8,299.68
    ALAMO            CA   94507          2            08/21/01         00
    0412912263                           05           10/01/01          0
    0412912263                           O            09/01/31
    0


    5461902          623/G01             F          305,000.00         ZZ
                                         360        304,667.92          1
                                       7.375          2,106.56         79
                                       7.125          2,106.56
    LAS VEGAS        NM   87701          5            07/11/01         00
    0433145505                           05           09/01/01          0
1


    1981312                              O            08/01/31
    0


    5461955          623/G01             F          349,000.00         ZZ
                                         360        348,740.99          1
                                       7.500          2,440.26         88
                                       7.250          2,440.26
    FLAGSTAFF        AZ   86001          1            07/25/01         10
    0433142056                           03           09/01/01         25
    1986754                              O            08/01/31
    0


    5461960          623/G01             F          483,000.00         ZZ
                                         360        482,211.39          1
                                       7.375          3,335.96         67
                                       7.125          3,335.96
    COLORADO SPRING  CO   80906          2            07/30/01         00
    0433142379                           05           09/01/01          0
    1986932                              O            08/01/31
    0


    5461982          623/G01             F          549,000.00         ZZ
                                         360        549,000.00          1
                                       8.375          4,172.80         63
                                       8.125          4,172.80
    LINDON           UT   84042          2            08/03/01         00
    0433141645                           05           10/01/01          0
    2791217                              O            09/01/31
    0


    5461998          623/G01             F          590,000.00         ZZ
                                         360        588,187.62          1
                                       7.375          4,074.98         74
                                       7.125          4,074.98
    CHESTERFIELD     MI   48047          2            04/16/01         00
    0433141629                           05           06/01/01          0
    5341396                              O            05/01/31
    0


    5462022          623/G01             F          393,000.00         ZZ
                                         360        388,670.94          1
                                       7.500          2,747.91         79
                                       7.250          2,747.91
    MARSHALL         MI   49068          5            07/27/01         00
    0433145711                           05           09/01/01          0
    5361863                              O            08/01/31
    0


1


    5462027          623/G01             F          496,000.00         ZZ
                                         360        495,631.90          1
                                       7.500          3,468.10         53
                                       7.250          3,468.10
    ISLE OF PALMS    SC   29451          2            07/17/01         00
    0433145687                           03           09/01/01          0
    5362194                              O            08/01/31
    0


    5462043          623/G01             F          596,000.00         ZZ
                                         360        596,000.00          1
                                       7.250          4,065.77         80
                                       7.000          4,065.77
    WALPOLE          MA   02081          1            08/15/01         00
    0433131539                           05           10/01/01          0
    5365618                              O            09/01/31
    0


    5462045          623/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.375          3,453.38         63
                                       7.125          3,453.38
    FARMINGTON       CT   06032          1            08/09/01         00
    0433144045                           05           10/01/01          0
    5365706                              O            09/01/31
    0


    5462047          623/G01             F          350,000.00         ZZ
                                         360        349,726.96          1
                                       7.250          2,387.62         44
                                       7.000          2,387.62
    POTOMAC          MD   20854          2            08/02/01         00
    0433144052                           05           09/01/01          0
    5365752                              O            08/01/31
    0


    5462050          623/G01             F          530,000.00         ZZ
                                         360        530,000.00          1
                                       7.375          3,660.58         67
                                       7.125          3,660.58
    DARIEN           CT   06820          5            08/02/01         00
    0433145406                           05           10/01/01          0
    5365866                              O            09/01/31
    0


    5462065          623/G01             F          316,500.00         ZZ
                                         360        316,227.50          1
                                       6.750          2,052.81         75
                                       6.500          2,052.81
1


    HADDAM           CT   06441          5            08/01/01         00
    0433144714                           05           09/01/01          0
    5367976                              O            08/01/31
    0


    5462070          623/G01             F          440,000.00         ZZ
                                         360        439,648.59          1
                                       7.375          3,038.97         80
                                       7.125          3,038.97
    BETHESDA         MD   20817          1            08/01/01         00
    0433144698                           05           09/01/01          0
    5368335                              O            08/01/31
    0


    5462081          623/G01             F          503,000.00         ZZ
                                         360        502,617.25          1
                                       7.375          3,474.10         80
                                       7.125          3,474.10
    BELMONT          MA   02478          1            07/31/01         00
    0433141579                           05           09/01/01          0
    5369517                              O            08/01/31
    0


    5462085          623/G01             F          478,000.00         ZZ
                                         360        478,000.00          1
                                       7.375          3,301.43         67
                                       7.125          3,301.43
    VIENNA           VA   22182          1            08/10/01         00
    0433141058                           03           10/01/01          0
    5370025                              O            09/01/31
    0


    5462350          623/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.250          4,434.14         48
                                       7.000          4,434.14
    DEL MAR          CA   92014          2            08/01/01         00
    0433145463                           03           10/01/01          0
    1980329                              O            09/01/31
    0


    5462354          623/G01             F          586,000.00         ZZ
                                         360        585,531.39          1
                                       7.125          3,947.99         59
                                       6.875          3,947.99
    ATLANTA          GA   30342          2            08/01/01         00
    0433141546                           05           09/01/01          0
    5369236                              O            08/01/31
    0
1




    5468818          286/286             F          414,800.00         ZZ
                                         360        414,484.36          1
                                       7.375          2,864.93         80
                                       7.125          2,864.93
    ZIONSVILLE       IN   46077          1            07/13/01         00
    396996                               03           09/01/01          0
    396996                               O            08/01/31
    0


    5468832          286/286             F          306,000.00         ZZ
                                         360        305,772.90          1
                                       7.500          2,139.60         84
                                       7.250          2,139.60
    WILDWOOD         MO   63038          2            07/13/01         11
    434464                               03           09/01/01         12
    434464                               O            08/01/31
    0


    5468835          286/286             F          293,950.00         ZZ
                                         348        293,507.13          1
                                       7.875          2,149.76         75
                                       7.625          2,149.76
    MESA             AZ   85205          2            06/22/01         00
    307800                               05           08/01/01          0
    307800                               O            07/01/30
    0


    5468842          286/286             F          325,000.00         ZZ
                                         360        324,752.71          1
                                       7.375          2,244.69         68
                                       7.125          2,244.69
    PRIOR LAKE       MN   55372          5            07/03/01         00
    440879                               05           09/01/01          0
    440879                               O            08/01/31
    0


    5468844          286/286             F          295,000.00         ZZ
                                         360        294,339.06          1
                                       7.500          2,062.69         95
                                       7.250          2,062.69
    LAS VEGAS        NV   89110          1            05/25/01         21
    424989                               03           07/01/01         30
    424989                               O            06/01/31
    0


    5468846          286/286             F          452,000.00         ZZ
                                         360        451,310.02          1
1


                                       7.375          3,121.85         80
                                       7.125          3,121.85
    GLEN ECHO        MD   20812          2            07/05/01         00
    380711                               05           08/01/01          0
    380711                               O            07/01/31
    0


    5468850          286/286             F          450,000.00         ZZ
                                         360        449,640.14          1
                                       7.125          3,031.74         51
                                       6.875          3,031.74
    BROOKLINE        MA   02467          1            07/18/01         00
    396102                               05           09/01/01          0
    396102                               O            08/01/31
    0


    5468859          286/286             F          640,000.00         ZZ
                                         360        639,500.74          1
                                       7.250          4,365.93         78
                                       7.000          4,365.93
    GRIFFIN          GA   30224          2            07/13/01         00
    427495                               05           09/01/01          0
    427495                               O            08/01/31
    0


    5468865          286/286             F          408,000.00         ZZ
                                         360        407,689.55          1
                                       7.375          2,817.95         80
                                       7.125          2,817.95
    MEQUON           WI   53092          1            07/10/01         00
    443486                               05           09/01/01          0
    443486                               O            08/01/31
    0


    5468871          286/286             F          391,905.00         ZZ
                                         360        391,350.00          1
                                       7.750          2,807.66         80
                                       7.500          2,807.66
    CENTERVILLE      OH   45458          1            07/01/01         00
    182244                               05           08/01/01          0
    182244                               O            07/01/31
    0


    5468872          286/286             F          650,000.00         ZZ
                                         360        649,492.93          1
                                       7.250          4,434.15         60
                                       7.000          4,434.15
    AUSTIN           TX   78735          2            07/13/01         00
    438522                               03           09/01/01          0
1


    438522                               O            08/01/31
    0


    5468874          286/286             F          350,000.00         ZZ
                                         360        349,713.11          1
                                       7.000          2,328.56         54
                                       6.750          2,328.56
    SCOTTSDALE       AZ   85259          1            07/06/01         00
    313537                               05           09/01/01          0
    313537                               O            08/01/31
    0


    5468880          286/286             F          562,250.00         ZZ
                                         360        561,811.39          1
                                       7.250          3,835.54         65
                                       7.000          3,835.54
    ENGLEWOOD        CO   80111          5            07/13/01         00
    322302                               03           09/01/01          0
    322302                               O            08/01/31
    0


    5468883          286/286             F          340,000.00         ZZ
                                         360        339,741.28          1
                                       7.375          2,348.30         80
                                       7.125          2,348.30
    ALBUQUERQUE      NM   87122          5            07/16/01         00
    322511                               05           09/01/01          0
    322511                               O            08/01/31
    0


    5468884          286/286             F          624,000.00         ZZ
                                         360        622,974.04          1
                                       7.000          4,151.49         80
                                       6.750          4,151.49
    OAK HILL         VA   20171          1            06/15/01         00
    381429                               05           08/01/01          0
    381429                               O            07/01/31
    0


    5468888          286/286             F          440,000.00         ZZ
                                         360        438,108.69          1
                                       7.625          3,114.29         71
                                       7.375          3,114.29
    FOUNTAIN HILLS   AZ   85268          1            05/31/01         00
    9653821                              05           07/01/01          0
    9653821                              O            06/01/31
    0


1


    5468893          286/286             F          964,000.00         ZZ
                                         360        963,319.61          1
                                       7.750          6,906.22         65
                                       7.500          6,906.22
    RANCHO SANTA FE  CA   92067          2            07/10/01         00
    342448                               05           09/01/01          0
    342448                               O            08/01/31
    0


    5468895          286/286             F          368,000.00         ZZ
                                         360        367,726.89          1
                                       7.500          2,573.11         80
                                       7.250          2,573.11
    SCOTTSDALE       AZ   85262          5            07/12/01         00
    444539                               03           09/01/01          0
    444539                               O            08/01/31
    0


    5468897          286/286             F          479,620.00         ZZ
                                         360        479,255.04          1
                                       7.375          3,312.62         73
                                       7.125          3,312.62
    VIENNA           VA   22180          2            07/11/01         00
    462240                               05           09/01/01          0
    462240                               O            08/01/31
    0


    5468898          286/286             F          310,000.00         ZZ
                                         360        309,739.56          1
                                       6.875          2,036.48         80
                                       6.625          2,036.48
    ASHBURN          VA   20147          1            07/13/01         00
    454785                               03           09/01/01          0
    454785                               O            08/01/31
    0


    5468899          286/286             F          388,890.00         ZZ
                                         360        388,101.95          1
                                       8.000          2,853.54         83
                                       7.750          2,853.54
    MYRTLE BEACH     SC   29579          2            05/21/01         11
    78441                                05           07/01/01         12
    78441                                O            06/01/31
    0


    5468906          286/286             F          291,500.00         ZZ
                                         360        290,986.89          1
                                       7.250          1,988.55         83
                                       7.000          1,988.55
1


    MATAWAN          NJ   07747          2            06/25/01         04
    442994                               05           08/01/01         12
    442994                               O            07/01/31
    0


    5468907          286/286             F          591,000.00         ZZ
                                         360        590,527.38          1
                                       7.125          3,981.68         61
                                       6.875          3,981.68
    DUBLIN           OH   43017          2            07/19/01         00
    477708                               05           09/01/01          0
    477708                               O            08/01/31
    0


    5468908          286/286             F          291,000.00         ZZ
                                         360        290,784.04          1
                                       7.500          2,034.71         75
                                       7.250          2,034.71
    STERLING         VA   20165          5            07/06/01         00
    443604                               03           09/01/01          0
    443604                               O            08/01/31
    0


    5468923          286/286             F          650,000.00         ZZ
                                         360        649,007.77          1
                                       7.375          4,489.39         69
                                       7.125          4,489.39
    CORCORAN         MN   55340          5            06/28/01         00
    444023                               05           08/01/01          0
    444023                               O            07/01/31
    0


    5468929          286/286             F          511,200.00         ZZ
                                         360        510,811.02          1
                                       7.375          3,530.73         80
                                       7.125          3,530.73
    HOUSTON          TX   77005          1            07/16/01         00
    444100                               05           09/01/01          0
    444100                               O            08/01/31
    0


    5468930          286/286             F          400,000.00         ZZ
                                         360        399,703.14          1
                                       7.500          2,796.86         90
                                       7.250          2,796.86
    COLUMBIA         SC   29209          2            07/19/01         12
    427289                               03           09/01/01         25
    427289                               O            08/01/31
    0
1




    5468937          286/286             F          400,000.00         ZZ
                                         360        399,672.12          1
                                       7.000          2,661.21         58
                                       6.750          2,661.21
    HAMPSTEAD        NC   28443          2            07/16/01         00
    444211                               05           09/01/01          0
    444211                               O            08/01/31
    0


    5468939          286/286             F          400,000.00         ZZ
                                         360        399,389.37          1
                                       7.375          2,762.70         89
                                       7.125          2,762.70
    EVANS            GA   30809          1            06/29/01         01
    441904                               05           08/01/01         25
    441904                               O            07/01/31
    0


    5468941          286/286             F          400,000.00         ZZ
                                         360        399,717.68          1
                                       7.750          2,865.65         78
                                       7.500          2,865.65
    BELLBROOK        OH   45440          1            07/16/01         00
    399585                               05           09/01/01          0
    399585                               O            08/01/31
    0


    5468942          286/286             F          511,200.00         ZZ
                                         360        510,811.01          1
                                       7.375          3,530.74         80
                                       7.125          3,530.74
    MERRIMAC         MA   01860          1            07/19/01         00
    454134                               05           09/01/01          0
    454134                               O            08/01/31
    0


    5468943          286/286             F          340,000.00         ZZ
                                         360        339,700.02          1
                                       6.625          2,177.06         58
                                       6.375          2,177.06
    RANDOLPH         NJ   07869          1            07/13/01         00
    431040                               05           09/01/01          0
    431040                               O            08/01/31
    0


    5468945          286/286             F          439,000.00         ZZ
                                         360        438,648.93          1
1


                                       7.125          2,957.63         62
                                       6.875          2,957.63
    SHAKER HTS       OH   44122          1            07/16/01         00
    391803                               05           09/01/01          0
    391803                               O            08/01/31
    0


    5468946          286/286             F          500,000.00         ZZ
                                         355        499,404.09          1
                                       7.375          3,466.73         69
                                       7.125          3,466.73
    MOON TWP         PA   15108          1            07/18/01         00
    74695                                05           09/01/01          0
    74695                                O            03/01/31
    0


    5468948          286/286             F          600,000.00         ZZ
                                         360        599,543.44          1
                                       7.375          4,144.06         80
                                       7.125          4,144.06
    WATERFORD        VA   20197          1            07/16/01         00
    455547                               05           09/01/01          0
    455547                               O            08/01/31
    0


    5468958          286/286             F          436,500.00         ZZ
                                         360        436,176.05          1
                                       7.500          3,052.08         75
                                       7.250          3,052.08
    POTOMAC          MD   20854          1            07/16/01         00
    9651045                              05           09/01/01          0
    9651045                              O            08/01/31
    0


    5468961          286/286             F          581,200.00         ZZ
                                         360        580,789.79          1
                                       7.750          4,163.79         80
                                       7.500          4,163.79
    SUDBURY          MA   01776          1            07/19/01         00
    377207                               05           09/01/01          0
    377207                               O            08/01/31
    0


    5468963          286/286             F          412,000.00         ZZ
                                         360        411,709.21          1
                                       7.750          2,951.62         80
                                       7.500          2,951.62
    CRYSTAL LAKE     IL   60012          1            07/18/01         00
    442886                               05           09/01/01          0
1


    442886                               O            08/01/31
    0


    5468966          286/286             F          410,000.00         ZZ
                                         360        409,710.62          1
                                       7.750          2,937.30         55
                                       7.500          2,937.30
    BOSTON           MA   02108          1            07/16/01         00
    381644                               01           09/01/01          0
    381644                               O            08/01/31
    0


    5468967          286/286             F          309,600.00         ZZ
                                         360        309,392.26          1
                                       8.000          2,271.74         80
                                       7.750          2,271.74
    FT LAUDERDALE    FL   33311          2            07/19/01         00
    316046                               05           09/01/01          0
    316046                               O            08/01/31
    0


    5468968          286/286             F          542,400.00         ZZ
                                         360        541,987.27          1
                                       7.375          3,746.23         80
                                       7.125          3,746.23
    AUSTIN           TX   78735          1            07/16/01         00
    440695                               03           09/01/01          0
    440695                               O            08/01/31
    0


    5468969          286/286             F          585,000.00         ZZ
                                         360        584,543.64          1
                                       7.250          3,990.74         75
                                       7.000          3,990.74
    WASHINGTON       DC   20015          1            07/16/01         00
    295031                               05           09/01/01          0
    295031                               O            08/01/31
    0


    5468972          286/286             F          406,800.00         ZZ
                                         360        406,498.09          2
                                       7.500          2,844.41         80
                                       7.250          2,844.41
    EVANSON          IL   60201          1            07/17/01         00
    439836                               05           09/01/01          0
    439836                               O            08/01/31
    0


1


    5468982          286/286             F          435,000.00         ZZ
                                         360        434,669.00          1
                                       7.375          3,004.44         50
                                       7.125          3,004.44
    RIDGEFIELD       CT   06877          2            07/13/01         00
    9870030                              05           09/01/01          0
    9870030                              O            08/01/31
    0


    5468997          286/286             F          528,000.00         ZZ
                                         360        527,627.34          1
                                       7.750          3,782.66         80
                                       7.500          3,782.66
    PONTE VEDRA BEA  FL   32082          1            07/16/01         00
    9872266                              03           09/01/01          0
    9872266                              O            08/01/31
    0


    5469010          286/286             F          463,000.00         ZZ
                                         360        462,673.22          1
                                       7.750          3,316.99         80
                                       7.500          3,316.99
    ALPINE           UT   84004          2            07/05/01         00
    9861828                              05           09/01/01          0
    9861828                              O            08/01/31
    0


    5473241          076/076             F          459,000.00         ZZ
                                         360        458,299.33          1
                                       7.375          3,170.20         75
                                       7.125          3,170.20
    VIRGINIA BEACH   VA   23451          2            06/28/01         00
    5193514                              05           08/01/01          0
    5193514                              O            07/01/31
    0


    5473243          076/076             F          336,350.00         ZZ
                                         360        336,087.61          1
                                       7.250          2,294.50         75
                                       7.000          2,294.50
    BAKERTON         WV   25410          5            07/06/01         00
    5242525                              05           09/01/01          0
    5242525                              O            08/01/31
    0


    5473249          076/076             F          356,250.00         T
                                         360        355,985.61          1
                                       7.500          2,490.95         75
                                       7.250          2,490.95
1


    LAKE OZARK       MO   65049          1            07/31/01         00
    5367283                              05           09/01/01          0
    5367283                              O            08/01/31
    0


    5473253          076/076             F          327,000.00         ZZ
                                         360        326,769.20          1
                                       7.750          2,342.67         75
                                       7.500          2,342.67
    MADISON          WI   53704          5            07/20/01         00
    5515033                              05           09/01/01          0
    5515033                              O            08/01/31
    0


    5473254          076/076             F          568,000.00         ZZ
                                         360        562,675.16          1
                                       7.500          3,971.54         80
                                       7.250          3,971.54
    CARMEL           IN   46033          2            07/16/01         00
    5517225                              05           09/01/01          0
    5517225                              O            08/01/31
    0


    5473255          076/076             F          400,000.00         ZZ
                                         360        399,731.61          1
                                       8.000          2,935.06         78
                                       7.750          2,935.06
    PARKLAND         FL   33076          1            08/03/01         00
    5530215                              05           09/01/01          0
    5530215                              O            08/01/31
    0


    5473258          076/076             F          325,000.00         ZZ
                                         360        324,758.80          1
                                       7.500          2,272.45         79
                                       7.250          2,272.45
    SPRINGFIELD      MO   65804          2            07/26/01         00
    5640023                              05           09/01/01          0
    5640023                              O            08/01/31
    0


    5473260          076/076             F          375,000.00         ZZ
                                         360        374,754.70          1
                                       8.125          2,784.36         90
                                       7.875          2,784.36
    MOUNT SINAI      NY   11766          1            08/06/01         12
    5751843                              05           09/01/01         25
    5751843                              O            08/01/31
    0
1




    5473261          076/076             F          475,000.00         ZZ
                                         360        473,935.82          1
                                       7.500          3,321.27         80
                                       7.250          3,321.27
    CHESTER          NJ   07930          1            05/30/01         00
    5776005                              01           07/01/01          0
    5776005                              O            06/01/31
    0


    5473262          076/076             F          552,000.00         ZZ
                                         360        551,515.34          1
                                       7.500          3,859.66         80
                                       7.250          3,859.66
    CARMEL           IN   46032          1            07/31/01         00
    5815184                              05           09/01/01          0
    5815184                              O            08/01/31
    0


    5473265          076/076             F          400,000.00         ZZ
                                         360        399,687.96          1
                                       7.250          2,728.71         79
                                       7.000          2,728.71
    GREENWICH        CT   06870          1            07/27/01         00
    7003187                              05           09/01/01          0
    7003187                              O            08/01/31
    0


    5473267          076/076             F          412,000.00         ZZ
                                         360        411,709.21          1
                                       7.750          2,951.62         80
                                       7.500          2,951.62
    LINCOLN          NE   68502          1            07/31/01         00
    7099190                              05           09/01/01          0
    7099190                              O            08/01/31
    0


    5473268          076/076             F          395,000.00         ZZ
                                         360        394,721.21          1
                                       7.750          2,829.83         80
                                       7.500          2,829.83
    TRUMBULL         CT   06611          1            07/26/01         00
    8427755                              05           09/01/01          0
    8427755                              O            08/01/31
    0


    5473269          076/076             F          469,000.00         ZZ
                                         360        468,677.23          1
1


                                       7.875          3,400.58         65
                                       7.625          3,400.58
    WESTPORT         CT   06880          1            07/16/01         00
    8427977                              05           09/01/01          0
    8427977                              O            08/01/31
    0


    5483359          E22/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.250          2,387.62         63
                                       7.000          2,387.62
    RENO             NV   89509          5            08/24/01         00
    0412867988                           05           10/01/01          0
    0412867988                           O            09/01/31
    0


    5490641          E82/G01             F          437,400.00         ZZ
                                         360        437,400.00          1
                                       7.625          3,095.89         79
                                       7.375          3,095.89
    BROOKLINE        MA   02445          2            08/28/01         00
    0400454799                           05           10/01/01          0
    3014515                              O            09/01/31
    0


    5494406          E22/G01             F          620,000.00         T
                                         360        620,000.00          1
                                       7.250          4,229.49         60
                                       7.000          4,229.49
    KEY WEST         FL   33040          2            09/04/01         00
    0412954653                           05           10/01/01          0
    0412954653                           O            09/01/31
    0


    5506468          E22/G01             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       7.750          1,791.03         69
                                       7.500          1,791.03
    DALLAS           TX   75230          5            08/28/01         00
    0412874661                           05           10/01/01          0
    0412874661                           O            09/01/31
    0


    5506498          E22/G01             F          113,000.00         ZZ
                                         240        113,000.00          1
                                       7.500            910.32         74
                                       7.250            910.32
    HOUSTON          TX   77070          5            08/24/01         00
    0412927931                           03           10/01/01          0
1


    0412927931                           O            09/01/21
    0

   TOTAL NUMBER OF LOANS   :        652

   TOTAL ORIGINAL BALANCE  :   260,170,683.14

   TOTAL PRINCIPAL BALANCE :   259,894,372.66

   TOTAL ORIGINAL P+I      :     1,799,442.73

   TOTAL CURRENT P+I       :     1,799,442.73


                             ***************************
                             *      END OF REPORT      *
                             ***************************


<PAGE>



                                  EXHIBIT THREE
                         SCHEDULE OF DISCOUNT FRACTIONS


Loan Number     Current Balance Net Mortgage Rate  Discount Fraction  PO Balance
5425198 "$448,772.95 "  0.0622  0.078518519     "$35,236.99 "
5425176 "$314,442.63 "  0.06345 0.06    "$18,866.56 "
5235339 "$684,116.62 "  0.0647  0.041481481     "$28,378.17 "
5385838 "$329,142.80 "  0.0647  0.041481481     "$13,653.33 "
5343687 "$338,819.16 "  0.0647  0.041481481     "$14,054.72 "
5459459 "$332,000.00 "  0.0647  0.041481481     "$13,771.85 "
5218792 "$395,000.00 "  0.0647  0.041481481     "$16,385.19 "
5315267 "$360,000.00 "  0.0647  0.041481481     "$14,933.33 "
5338520 "$399,486.35 "  0.0647  0.041481481     "$16,571.29 "
5339969 "$140,000.00 "  0.0647  0.041481481     "$5,807.41 "
5325749 "$183,146.00 "  0.06595 0.022962963     "$4,205.57 "
5310916 "$411,000.00 "  0.06595 0.022962963     "$9,437.78 "
4876642 "$418,037.65 "  0.06595 0.022962963     "$9,599.38 "
5284350 "$476,000.00 "  0.06595 0.022962963     "$10,930.37 "
4889509 "$284,277.56 "  0.06595 0.022962963     "$6,527.86 "
5343720 "$401,492.91 "  0.06595 0.022962963     "$9,219.47 "
5340040 "$410,654.71 "  0.06595 0.022962963     "$9,429.85 "
5471351 "$335,000.00 "  0.06595 0.022962963     "$7,692.59 "
5468855 "$339,714.36 "  0.06595 0.022962963     "$7,800.85 "
5293230 "$382,121.70 "  0.06595 0.022962963     "$8,774.65 "
5238948 "$505,574.90 "  0.06595 0.022962963     "$11,609.50 "
4840438 "$358,779.77 "  0.06595 0.022962963     "$8,238.65 "
5235405 "$526,111.98 "  0.06595 0.022962963     "$12,081.09 "
4748440 "$748,025.00 "  0.06595 0.022962963     "$17,176.87 "
5221757 "$363,200.00 "  0.06595 0.022962963     "$8,340.15 "
5169394 "$634,387.84 "  0.06595 0.022962963     "$14,567.42 "
5116130 "$449,241.73 "  0.06595 0.022962963     "$10,315.92 "
5036903 "$349,112.78 "  0.06595 0.022962963     "$8,016.66 "
5298562 "$479,596.74 "  0.06595 0.022962963     "$11,012.96 "
5425182 "$374,049.42 "  0.06595 0.022962963     "$8,589.28 "
5425188 "$379,359.67 "  0.06595 0.022962963     "$8,711.22 "
5425119 "$327,873.60 "  0.06595 0.022962963     "$7,528.95 "
5421130 "$329,499.95 "  0.06595 0.022962963     "$7,566.30 "
5235419 "$347,927.01 "  0.0672  0.004444444     "$1,546.34 "
4953560 "$282,500.00 "  0.0672  0.004444444     "$1,255.56 "
4856473 "$696,173.77 "  0.0672  0.004444444     "$3,094.11 "
5235429 "$458,781.10 "  0.0672  0.004444444     "$2,039.03 "
5235436 "$441,904.24 "  0.0672  0.004444444     "$1,964.02 "
5421186 "$359,719.16 "  0.0672  0.004444444     "$1,598.75 "
5421171 "$282,274.08 "  0.0672  0.004444444     "$1,254.55 "
5421192 "$584,543.65 "  0.0672  0.004444444     "$2,597.97 "
5421170 "$319,750.36 "  0.0672  0.004444444     "$1,421.11 "
5421168 "$377,393.37 "  0.0672  0.004444444     "$1,677.30 "
5459483 "$380,000.00 "  0.0672  0.004444444     "$1,688.89 "
5459523 "$360,000.00 "  0.0672  0.004444444     "$1,600.00 "
5461879 "$298,260.16 "  0.0672  0.004444444     "$1,325.60 "
5461883 "$358,000.00 "  0.0672  0.004444444     "$1,591.11 "
5421176 "$446,633.59 "  0.0672  0.004444444     "$1,985.04 "
5194310 "$299,754.09 "  0.0672  0.004444444     "$1,332.24 "
5439140 "$401,000.00 "  0.0672  0.004444444     "$1,782.22 "
5062901 "$501,545.33 "  0.0672  0.004444444     "$2,229.09 "
5102021 "$473,411.63 "  0.0672  0.004444444     "$2,104.05 "
5137940 "$349,713.11 "  0.0672  0.004444444     "$1,554.28 "
5139976 "$584,520.48 "  0.0672  0.004444444     "$2,597.87 "
4770654 "$330,630.16 "  0.0672  0.004444444     "$1,469.47 "
5166704 "$324,196.11 "  0.0672  0.004444444     "$1,440.87 "
5421190 "$548,371.88 "  0.0672  0.004444444     "$2,437.21 "
5212051 "$538,758.02 "  0.0672  0.004444444     "$2,394.48 "
5421193 "$479,625.55 "  0.0672  0.004444444     "$2,131.67 "
4714615 "$300,488.72 "  0.0672  0.004444444     "$1,335.51 "
5462353 "$648,392.25 "  0.0672  0.004444444     "$2,881.74 "
4763476 "$299,257.96 "  0.0672  0.004444444     "$1,330.04 "
5299723 "$300,704.78 "  0.0672  0.004444444     "$1,336.47 "
5166623 "$486,294.19 "  0.0672  0.004444444     "$2,161.31 "
5421101 "$301,049.04 "  0.0672  0.004444444     "$1,338.00 "
5421146 "$598,625.00 "  0.0672  0.004444444     "$2,660.56 "
5421137 "$413,677.04 "  0.0672  0.004444444     "$1,838.56 "
5343538 "$311,228.30 "  0.0672  0.004444444     "$1,383.24 "
5343556 "$648,392.25 "  0.0672  0.004444444     "$2,881.74 "
5343563 "$430,072.78 "  0.0672  0.004444444     "$1,911.43 "
4881230 "$548,240.60 "  0.0672  0.004444444     "$2,436.62 "
5461903 "$526,568.02 "  0.0672  0.004444444     "$2,340.30 "
5421121 "$484,621.65 "  0.0672  0.004444444     "$2,153.87 "
5421156 "$371,402.75 "  0.0672  0.004444444     "$1,650.68 "
5373821 "$354,000.00 "  0.0672  0.004444444     "$1,573.33 "
5373853 "$348,500.00 "  0.0672  0.004444444     "$1,548.89 "
5385085 "$519,145.02 "  0.0672  0.004444444     "$2,307.31 "
5416760 "$362,000.00 "  0.0672  0.004444444     "$1,608.89 "
5396101 "$399,333.33 "  0.0672  0.004444444     "$1,774.81 "
5400378 "$506,000.00 "  0.0672  0.004444444     "$2,248.89 "
5421123 "$559,563.14 "  0.0672  0.004444444     "$2,486.95 "
5421160 "$499,590.15 "  0.0672  0.004444444     "$2,220.40 "
4934109 "$261,785.24 "  0.0672  0.004444444     "$1,163.49 "
5468836 "$288,513.30 "  0.0672  0.004444444     "$1,282.28 "
5421166 "$619,687.19 "  0.0672  0.004444444     "$2,754.17 "
5468922 "$562,038.92 "  0.0672  0.004444444     "$2,497.95 "
5468998 "$303,750.81 "  0.0672  0.004444444     "$1,350.00 "
5469004 "$301,503.47 "  0.0672  0.004444444     "$1,340.02 "
5421153 "$559,563.14 "  0.0672  0.004444444     "$2,486.95 "
5469042 "$307,747.54 "  0.0672  0.004444444     "$1,367.77 "
5421154 "$393,692.64 "  0.0672  0.004444444     "$1,749.75 "
5506466 "$330,000.00 "  0.0672  0.004444444     "$1,466.67 "
5506489 "$375,000.00 "  0.0672  0.004444444     "$1,666.67 "
5506506 "$333,000.00 "  0.0672  0.004444444     "$1,480.00 "
5506521 "$275,000.00 "  0.0672  0.004444444     "$1,222.22 "
4982831 "$308,254.25 "  0.0672  0.004444444     "$1,370.02 "
5421157 "$375,706.68 "  0.0672  0.004444444     "$1,669.81 "
5461927 "$519,573.75 "  0.0672  0.004444444     "$2,309.22 "
5469029 "$374,383.45 "  0.0672  0.004444444     "$1,663.93 "




<PAGE>

Loan Number     Current Balance Net Mortgage Rate Discount Fraction PO Balance
5468943 "$339,700.02 "  0.06345 0.06    "$20,382.00 "
5253263 "$583,443.04 "  0.06345 0.06    "$35,006.58 "
5446196 "$600,000.00 "  0.0647  0.041481481     "$24,888.89 "
5343773 "$647,170.14 "  0.0647  0.041481481     "$26,845.58 "
5353420 "$293,600.00 "  0.0647  0.041481481     "$12,178.96 "
5353683 "$334,400.00 "  0.0647  0.041481481     "$13,871.41 "
5462065 "$316,227.50 "  0.0647  0.041481481     "$13,117.59 "
5292104 "$399,309.28 "  0.0647  0.041481481     "$16,563.94 "
5238964 "$459,504.04 "  0.0647  0.041481481     "$19,060.91 "
5282350 "$339,412.89 "  0.0647  0.041481481     "$14,079.35 "
5425214 "$349,295.04 "  0.0647  0.041481481     "$14,489.28 "
5062705 "$499,579.93 "  0.06595 0.022962963     "$11,471.84 "
5219043 "$388,000.00 "  0.06595 0.022962963     "$8,909.63 "
5285549 "$302,945.27 "  0.06595 0.022962963     "$6,956.52 "
5244901 "$397,500.00 "  0.06595 0.022962963     "$9,127.78 "
5308838 "$383,200.00 "  0.06595 0.022962963     "$8,799.41 "
5235432 "$352,800.12 "  0.06595 0.022962963     "$8,101.34 "
5235417 "$348,813.69 "  0.06595 0.022962963     "$8,009.80 "
5235356 "$347,413.61 "  0.06595 0.022962963     "$7,977.65 "
5235335 "$300,492.79 "  0.06595 0.022962963     "$6,900.20 "
5235443 "$398,485.63 "  0.06595 0.022962963     "$9,150.41 "
5360970 "$399,900.00 "  0.06595 0.022962963     "$9,182.89 "
5468898 "$309,739.56 "  0.06595 0.022962963     "$7,112.54 "
5095818 "$332,220.66 "  0.06595 0.022962963     "$7,628.77 "
5343632 "$99,566.66 "   0.06595 0.022962963     "$2,286.35 "
5343710 "$379,957.76 "  0.06595 0.022962963     "$8,724.96 "
5189787 "$352,000.00 "  0.06595 0.022962963     "$8,082.96 "
5343766 "$596,355.26 "  0.06595 0.022962963     "$13,694.08 "
5163378 "$346,415.39 "  0.06595 0.022962963     "$7,954.72 "
5340197 "$643,458.96 "  0.06595 0.022962963     "$14,775.72 "
5385943 "$361,082.37 "  0.06595 0.022962963     "$8,291.52 "
5385306 "$547,000.00 "  0.06595 0.022962963     "$12,560.74 "
5384955 "$202,000.00 "  0.06595 0.022962963     "$4,638.52 "
5241561 "$376,000.00 "  0.0672  0.004444444     "$1,671.11 "
5135089 "$486,351.01 "  0.0672  0.004444444     "$2,161.56 "
5163771 "$329,729.50 "  0.0672  0.004444444     "$1,465.46 "
5227696 "$297,650.00 "  0.0672  0.004444444     "$1,322.89 "
5235437 "$355,071.64 "  0.0672  0.004444444     "$1,578.10 "
5188003 "$492,000.00 "  0.0672  0.004444444     "$2,186.67 "
5235404 "$282,091.75 "  0.0672  0.004444444     "$1,253.74 "
5194052 "$314,741.79 "  0.0672  0.004444444     "$1,398.85 "
5229126 "$374,000.00 "  0.0672  0.004444444     "$1,662.22 "
5173664 "$349,175.92 "  0.0672  0.004444444     "$1,551.89 "
5319355 "$399,950.00 "  0.0672  0.004444444     "$1,777.56 "
5425177 "$332,646.08 "  0.0672  0.004444444     "$1,478.43 "
5421110 "$374,398.46 "  0.0672  0.004444444     "$1,663.99 "
5395578 "$266,400.00 "  0.0672  0.004444444     "$1,184.00 "
5369643 "$529,900.00 "  0.0672  0.004444444     "$2,355.11 "
5368912 "$366,699.17 "  0.0672  0.004444444     "$1,629.77 "
5345136 "$555,200.00 "  0.0672  0.004444444     "$2,467.56 "
5343759 "$528,639.19 "  0.0672  0.004444444     "$2,349.51 "
5343658 "$267,261.91 "  0.0672  0.004444444     "$1,187.83 "
5343499 "$356,715.50 "  0.0672  0.004444444     "$1,585.40 "
5468874 "$349,713.11 "  0.0672  0.004444444     "$1,554.28 "
5333548 "$213,000.00 "  0.0672  0.004444444     $946.67
5259306 "$285,000.00 "  0.0672  0.004444444     "$1,266.67 "
5317490 "$303,000.00 "  0.0672  0.004444444     "$1,346.67 "
5317042 "$450,000.00 "  0.0672  0.004444444     "$2,000.00 "
5315266 "$404,668.02 "  0.0672  0.004444444     "$1,798.52 "
5309037 "$374,692.62 "  0.0672  0.004444444     "$1,665.30 "
5468937 "$399,672.12 "  0.0672  0.004444444     "$1,776.32 "
5468884 "$622,974.04 "  0.0672  0.004444444     "$2,768.77 "
5288412 "$504,000.00 "  0.0672  0.004444444     "$2,240.00 "
5280080 "$459,000.00 "  0.0672  0.004444444     "$2,040.00 "
5265511 "$571,900.00 "  0.0672  0.004444444     "$2,541.78 "
5341736 "$300,000.00 "  0.0672  0.004444444     "$1,333.33 "

<PAGE>



                                  EXHIBIT FOUR

                          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 Group I Senior,  Group II Senior,  Class M and
     Class B Percentages, 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,  the number and  aggregate  principal  balances  of Mortgage
     Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more
     days and the number and aggregate  principal balance of Mortgage Loans that
     are in foreclosure;

          (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


                                             -1-

<PAGE>



        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) [RESERVED];

          (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  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; and

               (xxii) the Class I-A-5  Accrual  Distribution  Amount,  the Class
        I-A-7-5   Accrual   Distribution   Amount,   the  Class  II-A-4  Accrual
        Distribution  Amount, the Class I-A-5-3 Accrual  Distribution Amount and
        the Class  I-A-5-5  Accrual  Distribution  Amount 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    will    initially   be   located   at
http://www.abs.bankone.com.  To receive  this  statement  via first  class mail,
telephone the Trustee at (800) 524-9472.



                                             -2-

<PAGE>



                                  EXHIBIT FIVE

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF JULY 1, 2001


                                 EXECUTION COPY

--------------------------------------------------------------------------------



                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT




                            Dated as of July 1, 2001




                 Residential Funding Mortgage Securities I, Inc.




                       Mortgage Pass-Through Certificates





--------------------------------------------------------------------------------







<PAGE>

<TABLE>
<CAPTION>


                                TABLE OF CONTENTS

                                                                                          PAGE


                                          ARTICLE I

                                         DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions............................................................1
        Section 1.02  Use of Words and Phrases..............................................29

                                          ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES
        Section 2.01  Conveyance of Mortgage Loans..........................................30
        Section 2.02  Acceptance by Trustee.................................................36
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company...............................................................37
        Section 2.04  Representations and Warranties of Sellers.............................39
        Section 2.05  Execution and Authentication of Certificates/Issuance of Certificates
                      Evidencing Interests in REMIC I.......................................41
        Section 2.06  Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                       Acceptance by the Trustee.............................................41
        Section 2.07  Issuance of Certificates Evidencing Interests in REMIC II.............41
       Section 2.08  Purposes and Powers of the Trust......................................41

                                         ARTICLE III

                                 ADMINISTRATION AND SERVICING
                                      OF MORTGAGE LOANS
        Section 3.01  Master Servicer to Act as Servicer....................................41
        Section 3.02  Subservicing Agreements Between Master Servicer and Subservicers;
                      Enforcement of Subservicers' and Sellers' Obligations.................43
        Section 3.03  Successor Subservicers................................................44
        Section 3.04  Liability of the Master Servicer......................................44
        Section 3.05  No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders....................................................45
        Section 3.06  Assumption or Termination of Subservicing Agreements by Trustee.......45
        Section 3.07  Collection of Certain Mortgage Loan Payments;  Deposits to Custodial
                      Account...............................................................45
        Section 3.08  Subservicing Accounts; Servicing Accounts.............................48
        Section 3.09  Access to Certain Documentation and Information Regarding the Mortgage
                      Loans.................................................................49
        Section 3.10  Permitted Withdrawals from the Custodial Account......................50
        Section 3.11  Maintenance of the Primary Insurance Policies; Collections Thereunder
                       .....................................................................51


                                              i

<PAGE>



        Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity Coverage.....52
        Section 3.13  Enforcement of Due-on-Sale Clauses; Assumption and Modification
                      Agreements; Certain Assignments.......................................54
        Section 3.14  Realization Upon Defaulted Mortgage Loans.............................56
        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.......................59
        Section 3.16  Servicing and Other Compensation; Compensating Interest...............60
        Section 3.17  Reports to the Trustee and the Company................................61
        Section 3.18  Annual Statement as to Compliance.....................................61
        Section 3.19  Annual Independent Public Accountants' Servicing Report...............62
        Section 3.20  Rights of the Company in Respect of the Master Servicer...............62
        Section 3.21  Administration of Buydown Funds.......................................63

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS
        Section 4.01  Certificate Account...................................................63
        Section 4.02  Distributions.........................................................64
        Section 4.03  Statements to Certificateholders......................................64
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      Master Servicer.......................................................65
        Section 4.05  Allocation of Realized Losses.........................................66
        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.........66
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.........................67
        Section 4.08  Surety Bond...........................................................67

                                          ARTICLE V

                                       THE CERTIFICATES
        Section 5.01  The Certificates......................................................68
        Section 5.02  Registration of Transfer and Exchange of Certificates.................70
        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.....................75
        Section 5.04  Persons Deemed Owners.................................................76
        Section 5.05  Appointment of Paying Agent...........................................76

                                          ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER
        Section 6.01  Respective Liabilities of the Company and the Master Servicer.........77
        Section 6.02  Merger or Consolidation of the Company or the Master Servicer; Assignment
                      of Rights and Delegation of Duties by Master Servicer.................77
        Section 6.03  Limitation on Liability of the Company, the Master Servicer and Others
                       .....................................................................78
        Section 6.04  Company and Master Servicer Not to Resign.............................79

                                         ARTICLE VII



                                              ii

<PAGE>



                                           DEFAULT
        Section 7.01  Events of Default.....................................................79
        Section 7.02  Trustee or Company to Act; Appointment of Successor...................81
        Section 7.03  Notification to Certificateholders....................................82
        Section 7.04  Waiver of Events of Default...........................................82

                                         ARTICLE VIII

                                    CONCERNING THE TRUSTEE
        Section 8.01  Duties of Trustee.....................................................83
        Section 8.02  Certain Matters Affecting the Trustee.................................84
        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.................86
        Section 8.04  Trustee May Own Certificates..........................................86
        Section 8.05  Master Servicer to Pay Trustee's Fees and Expenses; Indemnification...86
        Section 8.06  Eligibility Requirements for Trustee..................................87
        Section 8.07  Resignation and Removal of the Trustee................................88
        Section 8.08  Successor Trustee.....................................................89
        Section 8.09  Merger or Consolidation of Trustee....................................89
        Section 8.10  Appointment of Co-Trustee or Separate Trustee.........................89
        Section 8.11  Appointment of Custodians.............................................90
        Section 8.12  Appointment of Office or Agency.......................................91

                                          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
                                                                                            91
        Section 9.02  Additional Termination Requirements...................................94
        Section 9.03  Termination of Multiple REMICs........................................95

                                          ARTICLE X

                                       REMIC PROVISIONS
        Section 10.01 REMIC Administration..................................................95
        Section 10.02 Master Servicer, REMIC Administrator and Trustee Indemnification......99
        Section 10.03 Designation of REMIC(s)...............................................99

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment.............................................................99
        Section 11.02 Recordation of Agreement; Counterparts...............................102
        Section 11.03 Limitation on Rights of Certificateholders...........................102
        Section 11.04 Governing Law........................................................103
        Section 11.05 Notices..............................................................103


                                             iii

<PAGE>



        Section 11.06 Required Notices to Rating Agency and Subservicer....................103
        Section 11.07 Severability of Provisions...........................................104
        Section 11.08 Supplemental Provisions for Resecuritization.........................104
        Section 11.09 Allocation of Voting Rights..........................................105
</TABLE>


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




                                              iv

<PAGE>



        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of July 1, 2001 (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  FUNDING MORTGAGE  SECURITIES I,
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  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:

                                    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


                                              1

<PAGE>



               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 or (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,

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.



                                              2

<PAGE>



     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.

        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, 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


                                              3

<PAGE>



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
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 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 (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 Section 3.16(e) is
less than  Prepayment  Interest  Shortfalls  incurred on the  Mortgage  Loans in
connection  with  Principal  Prepayments  in Full  received  during the  related
Prepayment  Period  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


                                              4

<PAGE>



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.

        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.

        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.

        Certificate Insurer: As defined in the Series Supplement.



                                              5

<PAGE>



        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)   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

        (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
               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 the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates then outstanding.

     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.

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.



                                              6

<PAGE>



        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.

        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 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,
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.



                                              7

<PAGE>



     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, 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.



                                              8

<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.


                                              9

<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
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
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).


                                              10

<PAGE>



        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 applicable 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.

        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

               2.     by military, naval or air forces; or

               3.   by an agent  of any such  government,  power,  authority  or
                    forces;


                                              11

<PAGE>



     (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, Inc. 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.

     Fraud Losses:  Losses on Mortgage  Loans as to which there was fraud in the
origination of such Mortgage Loan.

        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  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.


                                              12

<PAGE>



        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.

        Interim Certification:  As defined in Section 2.02.

     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.


                                              13

<PAGE>



        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 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.

     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.



                                              14

<PAGE>



        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
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.


                                              15

<PAGE>



        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 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.  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.

        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


                                              16

<PAGE>



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;

               (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


                                              17

<PAGE>



        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.

     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,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property and other property of whatever kind or


                                              18

<PAGE>



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
(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
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).



                                              19

<PAGE>



     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  mortgage loan purchase and conduit servicing program and
all supplements  and amendments  thereto  published by Residential  Funding from
time to time.

        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
               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;



                                              20

<PAGE>



        (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 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  or  expenses  as to which the
                    Master Servicer or Subservicer is entitled to  reimbursement
                    thereunder but which have not been previously reimbursed,


                                              21

<PAGE>



        (b)    which is the subject of a Servicing Modification,  (i) the amount
               by  which  the  interest  portion  of a  Monthly  Payment  or the
               principal balance of such Mortgage Loan was reduced, 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.

        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.



                                              22

<PAGE>



        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.

        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, 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.



                                              23

<PAGE>



        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
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%


                                              24

<PAGE>



        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

          (ii) that for any Distribution  Date on which the Senior Percentage is
               greater than the  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.


                                              25

<PAGE>



        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  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 and (iv) compliance  with the obligations  under
Sections 3.01, 3.08, 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.

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, pursuant to a modification of such Mortgage Loan 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,  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 Cut-off Date Principal  Balance of the
Mortgage  Loan,  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


                                              26

<PAGE>



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).

        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.

     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,


                                              27

<PAGE>



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.

        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


                                              28

<PAGE>



               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,

        (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:  A citizen or resident of the United  States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws  of,  the  United  States,  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  unless  all  persons  that own an
interest in such partnership either directly or through any entity that is not a
corporation  for United States  federal  income tax purposes are required by the
applicable  operating agreement to be United States Persons,  any state thereof,
or the District of Columbia (except in the case of a partnership,  to the extent
provided in Treasury  regulations) or any political  subdivision  thereof, or an
estate that is described in Section  7701(a)(30)(D) of the Code, or a trust that
is described in Section 7701(a)(30)(E) of the Code.

     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.



                                              29

<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 on
or before 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



                                              30

<PAGE>



                      (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.

               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


                                              31

<PAGE>



               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  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


                                              32

<PAGE>



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
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. However, if the Mortgage Loans and any Uncertificated REMIC Regular
Interests are held to be property of the Company or of Residential  Funding,  or
if for any reason this Agreement is held or deemed to create a security interest
in the Mortgage Loans and any Uncertificated REMIC Regular Interests, then it is
intended  that (a) this  Agreement  shall be 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;


                                              33

<PAGE>



(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, 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


                                              34

<PAGE>



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.

        (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 all money,  securities,  security
entitlements,    accounts,   general   intangibles,    instruments,   documents,
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) all security interests in and lien of the Company as owner of
such Mortgage Loan in the Pledged  Amounts and all money,  securities,  security
entitlements,    accounts,   general   intangibles,    instruments,   documents,
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
is credited to the  Custodial  Account,  (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


                                              35

<PAGE>



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
2.01(b)(I)(i)  and Section  2.01(b)(II)(i),  (iii),  (v),  (vi) and (viii) above
(except that for purposes of such  acknowledgment  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


                                              36

<PAGE>



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 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;



                                              37

<PAGE>



                      (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;

                      (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


                                              38

<PAGE>



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.

        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 (to the extent assigned to the Company  pursuant to the
Assignment  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


                                              39

<PAGE>



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 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.


                                              40

<PAGE>



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

               As provided in Section 2.05 of the Series Supplement.


        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.

                                   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


                                              41

<PAGE>



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 is 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.  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


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<PAGE>



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
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


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<PAGE>



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 such  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
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


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<PAGE>



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.

          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


                                              45

<PAGE>



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), 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; and provided, further, that no
such  modification  shall reduce the interest  rate on a Mortgage Loan below the
sum of the Pool Strip Rate and the sum of the rates at which the  Servicing  Fee
and the  Subservicing  Fee  with  respect  to such  Mortgage  Loan  accrues.  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;



                                              46

<PAGE>



                    (iii) Insurance  Proceeds 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
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


                                              47

<PAGE>



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  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


                                              48

<PAGE>



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.

        (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.



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<PAGE>



        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 or 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
               particular  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 (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


                                              50

<PAGE>



               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,  any Advance  made in
               connection  with a  modification  of a  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  has been  added to the  outstanding
               principal   balance  of  the  Mortgage   Loan,   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.

        (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  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


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<PAGE>



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.

        (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.


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<PAGE>



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).

        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


                                              53

<PAGE>



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.

        (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


                                              54

<PAGE>



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 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.


                                              55

<PAGE>




        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. 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 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


                                              56

<PAGE>



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  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.



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        (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.

        (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


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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)(provided  that, if
such  recovery is of an amount  previously  allocated  to one or more Classes of
Certificates  as a Realized Loss,  such recovery  shall be allocated  among such
Classes in the same  proportions as the allocation of such Realized  Losses and,
if any such Class of  Certificates  to which such Realized Loss was allocated is
no longer  outstanding,  such  subsequent  recovery  shall be distributed to the
persons who were the Holders of such Class of Certificates when it was retired);
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.

        (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


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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
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.



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        (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.

        (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,  the Trustee and any
Certificate Insurer on or before March 31 of each year, beginning with the first
March 31 that occurs at least six months  after the Cut-off  Date,  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


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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.

        Section 3.19  Annual Independent Public Accountants' Servicing Report.

        On or before  March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  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


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Company shall not have any responsibility or 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.

                                          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


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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.

        Section 4.02  Distributions.

        As provided in Section 4.02 of the Series Supplement.

        Section 4.03  Statements to Certificateholders.

        (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 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.

        (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


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<PAGE>



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.

        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
Monthly  Payments were  delinquent 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


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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.

        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


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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 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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<PAGE>



                                    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
deemed inconsistent if they


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<PAGE>



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;


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<PAGE>



provided,  however,  that such  representation  letters  will not be 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  fourteen 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 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


                                              71

<PAGE>



               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),  and PTE  2000-58,  65 Fed.  Reg.  67765
               (November   13,  2000)  (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,  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.

                             (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


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                      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.

                      (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


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<PAGE>



               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.


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<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
Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate issued pursuant to this Section


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<PAGE>



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.



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                                   ARTICLE VI

                       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


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rating of the Classes of Certificates that have been rated in effect immediately
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.



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        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.

                                   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,


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               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

                      (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.



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<PAGE>



        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.

        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


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<PAGE>



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
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.


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                                  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


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               Master  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:



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                      (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;

                      (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



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                      (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  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


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<PAGE>



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.

        (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


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<PAGE>



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 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.



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        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  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


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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.

        (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


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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
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.

                                          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.


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        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.

        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,  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 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



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                      (iii) that the Record Date  otherwise  applicable  to such
               Distribution  Date  is not  applicable,  and in the  case  of the
               Senior  Certificates and Class M 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
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,  Class M or Class B  Certificates,  upon
presentation  and  surrender  of  the  Certificates  by  the  Certificateholders
thereof, 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).

        (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


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<PAGE>



been surrendered for cancellation,  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 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.  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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                      (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.

                                    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


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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.

        (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)


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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
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


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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.

        (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 any
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


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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.

        (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.


                                          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,



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                      (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 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


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evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each  Class of  Certificates  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 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


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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  K, 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.

        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


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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.

        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,  shall
notify each Rating  Agency and 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), (d), (g), (h), (i) or (j) below or
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,



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     (c) the  termination  or  appointment  of a  successor  Master  Servicer or
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) a change in the location of the  Custodial  Account or 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  of any such
event known to the Master Servicer.

        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


                                             104

<PAGE>


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.





                                             105

<PAGE>




<PAGE>



                                         EXHIBIT SIX

                      AGGREGATE PLANNED PRINCIPAL BALANCES



                                                               AGGREGATE
                                    AGGREGATE                  PLANNED-PRINCIPAL
                                   PLANNED-PRINCIPAL  ALANCES  FOR CLASS II-A-1
                                   BALANCES  FOR  CLASSES      AND CLASS II-A-2
                                   I-A-1, I-A-2 AND I-A-3      CERTIFICATES AND
                                   CERTIFICATES AND I-A-7-3    II-A-5-3 OMPONENT
        DISTRIBUTION DATE               COMPONENT
Initial Balance...................       $135,900,000.00      $113,151,000.00
October 25, 2001..................        135,900,000.00       113,151,000.00
November 25, 2001.................        135,900,000.00       113,151,000.00
December 25, 2001.................        135,900,000.00       113,151,000.00
January 25, 2002..................        135,900,000.00       113,151,000.00
February 25, 2002.................        135,900,000.00       113,151,000.00
March 25, 2002....................        135,900,000.00       113,151,000.00
April 25, 2002....................        135,079,257.20       112,473,824.91
May 25, 2002......................        134,194,006.23       111,742,887.26
June 25, 2002.....................        133,244,646.46       110,958,515.52
July 25, 2002.....................        132,231,618.94       110,121,072.90
August 25, 2002 ..................        131,155,406.06       109,230,957.05
September 25, 2002................        130,016,531.27       108,288,599.86
October 25, 2002..................        128,815,558.68       107,294,467.10
November 25, 2002.................        127,553,092.62       106,249,058.12
December 25, 2002.................        126,229,777.22       105,152,905.42
January 25, 2003..................        124,846,295.89       104,006,574.27
February 25, 2003.................        123,403,370.71       102,810,662.21
March 25, 2003....................        121,901,761.94       101,565,798.62
April 25, 2003....................        120,342,267.28       100,272,644.13
May 25, 2003......................        118,725,721.25        98,931,890.11
June 25, 2003.....................        117,052,994.47        97,544,258.05
July 25, 2003.....................        115,324,992.87        96,110,498.93
August 25, 2003 ..................        113,542,656.90        94,631,392.55
September 25, 2003................        111,706,960.73        93,107,746.87
October 25, 2003..................        109,818,911.32        91,540,397.27
November 25, 2003.................        107,879,547.56        89,930,205.77
December 25, 2003.................        105,889,939.27        88,278,060.29
January 25, 2004..................        103,851,186.28        86,584,873.79
February 25, 2004.................        101,825,837.54        84,897,766.22
March 25, 2004....................         99,813,806.88        83,221,751.46
April 25, 2004....................         97,815,008.68        81,556,758.19
May 25, 2004......................         95,829,357.88        79,902,715.56
June 25, 2004.....................         93,856,769.98        78,259,553.19
July 25, 2004.....................         91,897,161.02        76,627,201.15
August 25, 2004 ..................         89,950,447.60        75,005,589.97
September 25, 2004................         88,016,546.87        73,394,650.62
October 25, 2004..................         86,095,376.49        71,794,314.55
November 25, 2004.................         84,186,854.70        70,204,513.62
December 25, 2004.................         82,290,900.24        68,625,180.17
January 25, 2005..................         80,407,432.39        67,056,246.95



                                             -1-

<PAGE>




February 25, 2005.................         78,536,370.98        65,497,647.19
March 25, 2005....................         76,677,636.32        63,949,314.50
April 25, 2005....................         74,831,149.27        62,411,182.98
May 25, 2005......................         72,996,831.21        60,883,187.12
June 25, 2005.....................         71,174,604.01        59,365,261.86
July 25, 2005.....................         69,364,390.08        57,857,342.56
August 25, 2005 ..................         67,566,112.32        56,359,364.99
September 25, 2005................         65,779,694.12        54,871,265.36
October 25, 2005..................         64,005,059.40        53,392,980.28
November 25, 2005.................         62,242,132.57        51,924,446.79
December 25, 2005.................         60,490,838.51        50,465,602.32
January 25, 2006..................         58,751,102.61        49,016,384.74
February 25, 2006.................         57,022,850.77        47,576,732.29
March 25, 2006....................         55,306,009.32        46,146,583.64
April 25, 2006....................         53,600,505.13        44,725,877.85
May 25, 2006......................         51,906,265.50        43,314,554.38
June 25, 2006.....................         50,223,218.24        41,912,553.10
July 25, 2006.....................         48,551,291.61        40,519,814.25
August 25, 2006...................         46,890,414.36        39,136,278.47
September 25, 2006................         45,240,515.69        37,761,886.79
October 25, 2006..................         43,618,601.83        36,410,813.31
November 25, 2006.................         42,007,452.39        35,068,705.75
December 25, 2006.................         40,406,997.78        33,735,506.14
January 25, 2007..................         38,817,168.83        32,411,156.88
February 25, 2007.................         37,237,896.85        31,095,600.74
March 25, 2007....................         35,669,113.57        29,788,780.87
April 25, 2007....................         34,110,751.18        28,490,640.78
May 25, 2007......................         32,562,742.30        27,201,124.35
June 25, 2007.....................         31,025,020.01        25,920,175.83
July 25, 2007.....................         29,497,517.80        24,647,739.83
August 25, 2007...................         27,980,169.60        23,383,761.31
September 25, 2007................         26,472,909.78        22,128,185.61
October 25, 2007..................         25,026,827.37        20,919,647.33
November 25, 2007.................         23,626,304.95        19,749,171.86
December 25, 2007.................         22,269,952.09        18,615,597.83
January 25, 2008..................         20,956,420.15        17,517,798.76
February 25, 2008.................         19,684,401.03        16,454,682.02
March 25, 2008....................         18,452,625.96        15,425,187.84
April 25, 2008....................         17,259,864.32        14,428,288.32
May 25, 2008......................         16,104,922.52        13,462,986.46
June 25, 2008.....................         14,986,642.90        12,528,315.29
July 25, 2008.....................         13,903,902.62        11,623,336.90
August 25, 2008...................         12,855,612.68        10,747,141.66
September 25, 2008................         11,840,716.85         9,898,847.29
October 25, 2008..................         10,897,156.77         9,110,081.81
November 25, 2008.................          9,983,722.02         8,346,489.51



                                             -2-

<PAGE>




December 25, 2008.................          9,099,478.24         7,607,289.86
January 25, 2009..................          8,243,519.52         6,891,726.04
February 25, 2009.................          7,414,967.52         6,199,064.31
March 25, 2009....................          6,612,970.70         5,528,593.28
April 25, 2009....................          5,836,703.46         4,879,623.23
May 25, 2009......................          5,085,365.38         4,251,485.49
June 25, 2009.....................          4,358,180.45         3,643,531.77
July 25, 2009.....................          3,654,396.36         3,055,133.56
August 25, 2009...................          2,973,283.76         2,485,681.54
September 25, 2009................          2,314,135.58         1,934,585.01
October 25, 2009..................          1,707,206.90         1,427,067.96
November 25, 2009.................          1,119,529.24           935,642.38
December 25, 2009.................            550,502.65           459,806.95
January 25, 2010..................                  0.00                 0.00
February 25, 2010.................                  0.00                 0.00
March 25, 2010....................                  0.00                 0.00
April 25, 2010....................                  0.00                 0.00
May 25, 2010......................                  0.00                 0.00
June 25, 2010.....................                  0.00                 0.00
July 25, 2010.....................                  0.00                 0.00
August 25, 2010...................                  0.00                 0.00
September 25, 2010................                  0.00                 0.00
October 25, 2010..................                  0.00                 0.00
November 25, 2010.................                  0.00                 0.00
December 25, 2010.................                  0.00                 0.00
January 25, 2011..................                  0.00                 0.00
February 25, 2011.................                  0.00                 0.00
March 25, 2011....................                  0.00                 0.00
April 25, 2011....................                  0.00                 0.00
May 25, 2011 and thereafter.......                  0.00                 0.00



                                             -3-

<PAGE>



                                        EXHIBIT SEVEN

                            AGGREGATE TARGETED PRINCIPAL BALANCES



                                                              AGGREGATE
                                         AGGREGATE       TARGETED-PRINCIPAL
                                   -TARGETED-PRINCIPAL---ALANCES FOR CLASS II-
                                   BALANCES FOR CLASSES B-3 CERTIFICATES AND
                                      A-4 AND I-A-7-5   A  CLASS II-A-5-5
                                         COMPONENT       -----COMPONENT
        DISTRIBUTION DATE

Initial Balance...................       $148,106,000.00      $123,527,000.00
October 25, 2001..................        147,230,053.23       122,814,043.56
November 25, 2001.................        146,169,348.77       121,947,179.49
December 25, 2001.................        144,924,392.59       120,926,817.20
January 25, 2002..................        143,495,918.43       119,753,539.00
February 25, 2002.................        141,884,989.15       118,428,201.19
March 25, 2002....................        140,092,997.53       116,951,934.79
April 25, 2002....................        138,942,408.88       116,003,320.56
May 25, 2002......................        137,679,039.63       114,960,625.41
June 25, 2002.....................        136,304,867.91       113,825,472.38
July 25, 2002.....................        134,822,153.46       112,599,719.35
August 25, 2002 ..................        133,233,433.83       111,285,455.92
September 25, 2002................        131,541,519.58       109,884,999.50
October 25, 2002..................        129,749,488.56       108,400,890.66
November 25, 2002.................        127,860,679.21       106,835,887.61
December 25, 2002.................        125,878,683.02       105,192,959.97
January 25, 2003..................        123,807,335.99       103,475,281.79
February 25, 2003.................        121,650,709.28       101,686,223.81
March 25, 2003....................        119,413,098.96        99,829,345.01
April 25, 2003....................        117,099,014.91        97,908,383.42
May 25, 2003......................        114,713,169.00        95,927,246.36
June 25, 2003.....................        112,260,462.42        93,889,999.95
July 25, 2003.....................        109,745,972.32        91,800,858.06
August 25, 2003 ..................        107,174,937.82        89,664,170.67
September 25, 2003................        104,552,745.32        87,484,411.74
October 25, 2003..................        101,884,913.28        85,266,166.57
November 25, 2003.................         99,177,076.47        83,014,118.69
December 25, 2003.................         96,434,969.73        80,733,036.44
January 25, 2004..................         93,664,411.38        78,427,759.13
February 25, 2004.................         90,974,291.11        76,180,633.82
March 25, 2004....................         88,362,817.22        73,999,144.89
April 25, 2004....................         85,828,234.42        71,881,828.00
May 25, 2004......................         83,368,823.08        69,827,248.58
June 25, 2004.....................         80,982,898.57        67,834,001.20
July 25, 2004.....................         78,668,810.50        65,900,709.06
August 25, 2004 ..................         76,424,942.09        64,026,023.36
September 25, 2004................         74,249,709.49        62,208,622.75
October 25, 2004..................         72,141,561.10        60,447,212.82
November 25, 2004.................         70,098,976.98        58,740,525.55
December 25, 2004.................         68,120,468.15        57,087,318.76



                                             -4-

<PAGE>




January 25, 2005..................         66,204,576.05        55,486,375.62
February 25, 2005.................         64,349,871.88        53,936,504.13
March 25, 2005....................         62,554,956.04        52,436,536.67
April 25, 2005....................         60,818,457.52        50,985,329.45
May 25, 2005......................         59,139,033.35        49,581,762.07
June 25, 2005.....................         57,515,368.05        48,224,737.06
July 25, 2005.....................         55,946,173.05        46,913,179.41
August 25, 2005 ..................         54,430,186.20        45,646,036.14
September 25, 2005................         52,966,171.19        44,422,275.81
October 25, 2005..................         51,552,917.08        43,240,888.18
November 25, 2005.................         50,189,237.77        42,100,883.69
December 25, 2005.................         48,873,971.51        41,001,293.12
January 25, 2006..................         47,605,980.42        39,941,167.15
February 25, 2006.................         46,384,150.01        38,919,575.96
March 25, 2006....................         45,207,388.70        37,935,608.88
April 25, 2006....................         44,074,627.38        36,988,373.94
May 25, 2006......................         42,984,818.95        36,076,997.56
June 25, 2006.....................         41,936,937.91        35,200,624.15
July 25, 2006.....................         40,929,979.88        34,358,415.77
August 25, 2006...................         39,962,961.20        33,549,551.74
September 25, 2006................         39,034,918.53        32,773,228.34
October 25, 2006..................         38,179,126.53        32,057,177.77
November 25, 2006.................         37,360,095.53        31,371,820.59
December 25, 2006.................         36,576,922.58        30,716,403.47
January 25, 2007..................         35,828,723.44        30,090,188.66
February 25, 2007.................         35,114,632.24        29,492,453.75
March 25, 2007....................         34,433,801.06        28,922,491.29
April 25, 2007....................         33,785,399.59        28,379,608.54
May 25, 2007......................         33,168,614.80        27,863,127.16
June 25, 2007.....................         32,582,650.55        27,372,382.90
July 25, 2007.....................         32,026,727.30        26,906,725.37
August 25, 2007...................         31,500,081.72        26,465,517.70
September 25, 2007................         31,001,966.43        26,048,136.31
October 25, 2007..................         30,496,197.51        25,628,370.16
November 25, 2007.................         29,981,654.40        25,201,241.67
December 25, 2007.................         29,458,964.29        24,767,275.50
January 25, 2008..................         28,928,727.61        24,326,973.95
February 25, 2008.................         28,391,519.07        23,880,817.80
March 25, 2008....................         27,847,888.48        23,429,267.05
April 25, 2008....................         27,298,361.70        22,972,761.67
May 25, 2008......................         26,743,441.47        22,511,722.32
June 25, 2008.....................         26,183,608.27        22,046,551.02
July 25, 2008.....................         25,619,321.07        21,577,631.85
August 25, 2008...................         25,051,018.14        21,105,331.59
September 25, 2008................         24,479,117.81        20,630,000.32
October 25, 2008..................         23,893,183.99        20,142,939.55



                                             -5-

<PAGE>


November 25, 2008.................         23,305,056.45        19,654,020.38
December 25, 2008.................         22,715,078.37        19,163,530.15
January 25, 2009..................         22,123,576.19        18,671,742.20
February 25, 2009.................         21,530,860.23        18,178,916.43
March 25, 2009....................         20,937,225.33        17,685,299.76
April 25, 2009....................         20,342,951.39        17,191,126.64
May 25, 2009......................         19,748,303.96        16,696,619.52
June 25, 2009.....................         19,153,534.77        16,201,989.30
July 25, 2009.....................         18,558,882.26        15,707,435.76
August 25, 2009...................         17,964,572.07        15,213,147.98
September 25, 2009................         17,370,817.57        14,719,304.79
October 25, 2009..................         16,770,880.80        14,220,289.43
November 25, 2009.................         16,172,527.11        13,722,576.90
December 25, 2009.................         15,575,907.30        13,226,293.76
January 25, 2010..................         14,980,708.23        12,730,634.38
February 25, 2010.................         13,854,519.70        11,791,460.25
March 25, 2010....................         12,747,421.39        10,868,225.42
April 25, 2010....................         11,658,998.74         9,960,584.01
May 25, 2010......................         10,588,845.37         9,068,196.96
June 25, 2010.....................          9,536,562.99         8,190,731.96
July 25, 2010.....................          8,501,761.19         7,327,863.27
August 25, 2010...................          7,484,057.28         6,479,271.59
September 25, 2010................          6,483,076.16         5,644,643.97
October 25, 2010..................          5,517,947.30         4,839,931.85
November 25, 2010.................          4,568,064.67         4,047,952.58
December 25, 2010.................          3,633,095.85         3,268,428.78
January 25, 2011..................          2,712,714.91         2,501,088.50
February 25, 2011.................          1,806,602.28         1,745,665.05
March 25, 2011....................            914,444.60         1,001,896.98
April 25, 2011....................             37,690.68           271,191.01
May 25, 2011 and thereafter.......                  0.00                 0.00



                                             -6-

<PAGE>