**Exhibit 15(a)(l)(v)**

 
|        | **•**              | **Ernst & Young LLP** | **•** | **Phone: (703) 747-1000** |
|--------|-------------------------|---------------------------|------------|---------------------------|
|   | **8484 Westpark Drive** | **www.ey.com**            |
|   | **McLean, VA 22102**    |                      |

 

**Report of Independent Accountants**

 

Management

CRIIMI MAE Services LimitedPartnership and Subsidiaries

 

We have examinedmanagement’s assertion, included in the accompanying report titled *Report of Management,*that CRIIMI MAEServices Limited Partnership and Subsidiaries (the Partnership) complied withthe minimum servicing standards set forth in the Mortgage Bankers Associationof America’s *Uniform Single Attestation forMortgage Bankers*(USAP) (except,, for commercial loan andmultifamily loan servicing, minimum servicing standards V.4*.*and VI.1., which the Mortgage BankersAssociation of America has interpreted as inapplicable to such servicing)during the year ended December 31, 2003. Management is responsible for thePartnership’s compliance with those requirements.  Our responsibility is to express an opinion on management’sassertions about the Partnership’s compliance based on our examination.

 

Our examination was made inaccordance with attestation standards established by the American Institute ofCertified Public Accountants and, accordingly, included examining, on a testbasis, evidence about the Partnership’s compliance with those requirements andperforming such other procedures as we considered necessary in thecircumstances.  We believe that ourexamination provides a reasonable basis for our opinion. Our examination doesnot provide a legal determination on the Partnership’s compliance withspecified requirements.

 

In our opinion, management’sassertion that the Partnership complied with the aforementioned requirementsduring the year ended December 31, 2003, is fairly stated, in all materialrespects.

 

This report is intendedsolely for the information and use of management and  the investors of the Partnership’s servicing portfolio and is notintended to be and should not be used by anyone other than these specifiedparties.

 

 
|              |   | /s/ Ernst  & Young LLP |
|-------------------|--------|----------------------------|
|              |
|              |
| February 20, 2004 |

 

 

A Member Practice of Ernst & Young Global

 

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Report of Management

 

We, as members of managementof CRIIMI MAE Services Limited Partnership and Subsidiaries (the Partnership), areresponsible for complying with the minimum servicing standards as set forth inthe Mortgage Bankers Association of America’s *UniformSingle Attestation Program for Mortgage Bankers* (USAP) (except, forcommercial loan and multifamily loan servicing, minimum servicing standardsV.4. and VI.1., which the Mortgage Bankers Association of America hasinterpreted as inapplicable to such servicing).  We are also responsible for establishing and maintainingeffective internal control over compliance with these standards.  We have performed an evaluation of thePartnership’s compliance with the minimum servicing standards as set forth inthe USAP as of December 31, 2003 and for the year then ended.  Based on this evaluation, we assert thatduring the year ended December 31, 2003, the Partnership complied, in allmaterial respects, with the minimum servicing standards set forth in the USAP.

 

As of and for the year endedDecember 31, 2003, the Partnership had in effect a fidelity bond policy in theaggregate amount of $10 million and an errors and omissions policy in the aggregate amount of $20 million.

 

 
|             | /s/ Barry Blattman       |
|------------------|--------------------------|
|             | Barry Blattman           |
|             | Chairman of the Board    |
|             | Chief Executive Officer  |
|             |                     |
|             |                     |
|             | /s/ Cynthia O. Azzara    |
|             | Cynthia O.  Azzara       |
|             | Executive Vice President |
|             | Chief Financial Officer  |
|             |                     |
|             |                     |
|             | /s/ Stephen Abelman      |
|             | Stephen Abelman          |
|             | Executive Vice President |
|             | Asset Management         |
|             |                     |
|             |                     |
|             | /s/ Eugene J. Bredow     |
|             | Eugene J. Bredow         |
|             | Vice President           |
|             | Corporate Controller     |
|             |                     |
| February 20,2004 |                     |

 

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