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                                                                   Exhibit 4.5


                       FINANCIAL GUARANTY INSURANCE POLICY


Obligations:      $445,000,000                             Policy Number: 36722
                  GreenPoint Home Equity Loan Trust 2001-2
                  Home Equity Loan Asset-Backed Notes, Series 2001-2
                  $100,000,000 Class A-1 Variable Rate Asset-Backed Notes
                  $100,000,000 Class A-2 Variable Rate Asset-Backed Notes
                  $245,000,000 Class A-3 Variable Rate Asset-Backed Notes
                  Class S Certificates

         MBIA Insurance Corporation (the "Insurer"), in consideration of the
payment of the premium and subject to the terms of this Financial Guaranty
Insurance Policy (this "Policy"), hereby unconditionally and irrevocably
guarantees to any Owner that an amount equal to each full and complete Insured
Payment will be received from the Insurer by The Bank of New York, or its
successors, as trustee for the Owners (the "Indenture Trustee"), on behalf of
the Owners, for distribution by the Indenture Trustee to each Owner of each
Owner's proportionate share of the Insured Payment. The Insurer's obligations
hereunder with respect to a particular Insured Payment shall be discharged to
the extent funds equal to the applicable Insured Payment are received by the
Indenture Trustee, whether or not such funds are properly applied by the
Indenture Trustee. Insured Payments shall be made only at the time set forth in
this Policy, and no accelerated Insured Payments shall be made regardless of any
acceleration of the Obligations, unless such acceleration is at the sole option
of the Insurer.

         Notwithstanding the foregoing paragraph, this Policy does not cover
shortfalls, if any, attributable to the liability of the Trust or the Indenture
Trustee for withholding taxes, if any (including interest and penalties in
respect of any such liability).

         The Insurer will pay any Insured Payment that is a Preference Amount on
the Business Day following receipt on a Business Day by the Fiscal Agent (as
described below) of (a) a certified copy of the order requiring the return of a
preference payment, (b) an opinion of counsel satisfactory to the Insurer that
such order is final and not subject to appeal, (c) an assignment in such form as
is reasonably required by the Insurer, irrevocably assigning to the Insurer all
rights and claims of the Owner relating to or arising under the Obligations
against the debtor which made such preference payment or otherwise with respect
to such preference payment and (d) appropriate instruments to effect the
appointment of the Insurer as agent for such Owner in any legal proceeding
related to such preference payment, such instruments being in a form
satisfactory to the Insurer, provided that if such documents are received after
12:00 noon, New York City time, on such Business Day, they will be deemed to be
received on the following Business Day. Such payments shall be disbursed to the
receiver or trustee in bankruptcy named in the final order of the court
exercising jurisdiction on behalf of the Owner and not to any Owner directly
unless such Owner has returned principal or interest paid on the Obligations to
such receiver or trustee in bankruptcy, in which case such payment shall be
disbursed to such Owner.


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         The Insurer will pay any other amount payable hereunder no later than
12:00 noon, New York City time, on the later of the Payment Date on which the
related Deficiency Amount is due or the third Business Day following receipt in
New York, New York on a Business Day by State Street Bank and Trust Company,
N.A., as Fiscal Agent for the Insurer, or any successor fiscal agent appointed
by the Insurer (the "Fiscal Agent"), of a Notice (as described below), provided
that if such Notice is received after 12:00 noon, New York City time, on such
Business Day, it will be deemed to be received on the following Business Day. If
any such Notice received by the Fiscal Agent is not in proper form or is
otherwise insufficient for the purpose of making claim hereunder, it shall be
deemed not to have been received by the Fiscal Agent for purposes of this
paragraph, and the Insurer or the Fiscal Agent, as the case may be, shall
promptly so advise the Indenture Trustee and the Indenture Trustee may submit an
amended Notice.

         Insured Payments due hereunder, unless otherwise stated herein, will be
disbursed by the Fiscal Agent to the Indenture Trustee on behalf of the Owners
by wire transfer of immediately available funds in the amount of the Insured
Payment less, in respect of Insured Payments related to Preference Amounts, any
amount held by the Indenture Trustee for the payment of such Insured Payment and
legally available therefor.

         The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent
shall in no event be liable to Owners for any acts of the Fiscal Agent or any
failure of the Insurer to deposit, or cause to be deposited, sufficient funds to
make payments due under this Policy.

         Subject to the terms of the Agreement, the Insurer shall be subrogated
to the rights of each Owner to receive payments under the Obligations to the
extent of any payment made by the Insurer hereunder.

         As used herein, the following terms shall have the following meanings:

         "Agreement" means the Indenture dated as of November 1, 2001 between
GreenPoint Home Equity Loan Trust 2001-2, as Issuer and The Bank of New York, as
Indenture Trustee, without regard to any amendment or supplement thereto, unless
such amendment or supplement has been approved in writing by the Insurer.

         "Business Day" means any day other than (a) a Saturday or a Sunday (b)
a day on which the Insurer is closed or (c) a day on which banking institutions
in the State of New York, the State of California or in the city in which the
principal corporate trust office of the Indenture Trustee under the Agreement is
located are authorized or obligated by law or executive order to be closed.

         "Deficiency Amount" means (A) with respect any Class A Note, the sum of
(1) for any Payment Date the excess, if any, of (a) the sum of (i) the related
Interest Payment Amount (excluding any Relief Act Shortfalls, any interest
shortfalls resulting from prepayments, and any Deferred Interest) and (ii) the
related Overcollateralization Deficit over (b) the Total Available Funds for the
related Pool and (2) on the related Final Scheduled Payment Date, the
outstanding principal balance of each related Class of Class A Notes then
outstanding, after taking into account all payments to be made to such Class A
Notes on that date, and (B) with respect to the Class S Certificates, the
excess, if any, of (a) the amounts specified in clauses (iv) of Section 8.7(d)
of the Agreement for the related Payment Date over (b) the sum of the Available
Funds for each Class of Class A Notes remaining after distribution of the
amounts specified in clauses (i) to (iii) of Section 8.7(d) of the Agreement.


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         "Insured Payment" means (a) as of any Payment Date, any Deficiency
Amount and (b) any Preference Amount.

         "Notice" means the telephonic or telegraphic notice, promptly confirmed
in writing by facsimile substantially in the form of Exhibit A attached hereto,
the original of which is subsequently delivered by registered or certified mail,
from the Indenture Trustee specifying the Insured Payment which shall be due and
owing on the applicable Payment Date.

         "Owner" means each Class A Noteholder or Class S Certificateholder, as
the case may be (as defined in the Agreement), (other than the Indenture
Trustee, the Seller, or the Servicer) who, on the applicable Payment Date, is
entitled under the terms of the applicable Notes or Class S Certificates to
payment thereunder.

         "Preference Amount" means any amount previously distributed to an Owner
on the Obligations that is recoverable and sought to be recovered as a voidable
preference by a trustee in bankruptcy pursuant to the United States Bankruptcy
Code (11 U.S.C.), as amended from time to time in accordance with a final
nonappealable order of a court having competent jurisdiction.

         "Relief Act Shortfalls" means interest shortfalls resulting from the
application of the Soldiers' and Sailors' Civil Relief Act of 1940, as amended.

         "Total Available Funds" means, with respect to each Class of Class A
Notes and on any Payment Date, the sum of (i) the Available Funds for the
related Class of Class A Notes (excluding the fees of the Indenture Trustee and
the premium amount payable to the Insurer), (ii) any Crossover Amounts available
from the other Classes and (iii) amounts on deposit in the Reserve Fund (but
only to the extent that Available Funds with respect to the related Class, plus
any Crossover Amount available from the other Classes, are insufficient to pay
the amounts specified in clauses (iii) and (vii) of Section 8.7(d) of the
Agreement with respect to the related Class).

         Capitalized terms used herein and not otherwise defined herein shall
have the respective meanings set forth in the Agreement as of the date of
execution of this Policy, without giving effect to any subsequent amendment to
or modification of the Agreement unless such amendment or modification has been
approved in writing by the Insurer.

         Any notice hereunder or service of process on the Fiscal Agent may be
made at the address listed below for the Fiscal Agent or such other address as
the Insurer shall specify in writing to the Indenture Trustee.

         The notice address of the Fiscal Agent is 15th Floor, 61 Broadway, New
York, New York 10006, Attention: Municipal Registrar and Paying Agency, or such
other address as the Fiscal Agent shall specify to the Indenture Trustee in
writing.


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         THIS POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE
CONSTRUED UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE
CONFLICT OF LAWS PRINCIPLES THEREOF.

         The insurance provided by this Policy is not covered by the
Property/Casualty Insurance Security Fund specified in Article 76 of the New
York Insurance Law.

         This Policy is not cancelable for any reason. The premium on this
Policy is not refundable for any reason, including payment, or provision being
made for payment, prior to maturity of the Obligations.



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         IN WITNESS WHEREOF, the Insurer has caused this Policy to be executed
and attested this 20th day of November 2001.

                                MBIA INSURANCE CORPORATION


                                By  /s/ [Authorized Officer]
                                   -------------------------------------
                                    President


                                Attest:


                                By  /s/ [Authorized Officer]
                                   --------------------------------------
                                    Assistant Secretary



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                                    EXHIBIT A

                         TO FINANCIAL GUARANTY INSURANCE
                              POLICY NUMBER: 36722

                         NOTICE UNDER FINANCIAL GUARANTY
                         INSURANCE POLICY NUMBER: 36722


State Street Bank and Trust Company, N.A., as Fiscal Agent
     for MBIA Insurance Corporation
15th Floor
61 Broadway
New York, NY  10006
Attention:  Municipal Registrar and
              Paying Agency

MBIA Insurance Corporation
113 King Street
Armonk, NY  10504

         The undersigned, a duly authorized officer of The Bank of New York, as
indenture trustee (the "Indenture Trustee"), hereby certifies to State Street
Bank and Trust Company, N.A. (the "Fiscal Agent") and MBIA Insurance Corporation
(the "Insurer"), with reference to Financial Guaranty Insurance Policy Number:
36722 (the "Policy") issued by the Insurer in respect of the $445,000,000
GreenPoint Home Equity Loan Trust 2001-2, Home Equity Loan Asset-Backed Notes,
Series 2001-2, $100,000,000 Class A-1 Variable Rate Asset-Backed Notes,
$100,000,000 Class A-2 Variable Rate Asset-Backed Notes, and $245,000,000 Class
A-3 Variable Rate Asset-Backed Notes, and Class S Certificates (the
"Obligations"), that:

                  (a) the Indenture Trustee is the indenture trustee under the
         Indenture dated as of November 1, 2001, between GreenPoint Home Equity
         Loan Trust 2001-2, as Issuer and the Indenture Trustee, as indenture
         trustee for the Owners;

                  (b) the amount due under clause (A) of the definition of
         Deficiency Amount for the Payment Date occurring on        (the
         "Applicable Payment Date") with respect to the Class A-1 Notes is
         $        ;

                  (c) the amount due under clause (A) of the definition of
         Deficiency Amount for the Applicable Payment Date with respect to the
         Class A-2 Notes is $         ;

                  (d) the amount due under clause (A) of the definition of
         Deficiency Amount for the Applicable Payment Date with respect to the
         Class A-3 Notes is $                 ;

                  (e) the amount due under clause (B) of the definition of
         Deficiency Amount for the Applicable Payment Date with respect to the
         Class S Certificates is $                 ;

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                  (f) the sum of the amounts listed in paragraphs (b), (c), (d)
         and (e) above is $                  (the "Deficiency Amount");

                  (g) the amount of previously distributed payments on the
         Obligations that is recoverable and sought to be recovered as a
         voidable preference by a trustee in bankruptcy pursuant to the
         Bankruptcy Code in accordance with a final nonappealable order of a
         court having competent jurisdiction is $     (the "Preference Amount");

                  (h) the total Insured Payment due is $                 ,
         which amount equals the sum of the Deficiency Amount and the Preference
         Amount;

                  (i) the Indenture Trustee is making a claim under and pursuant
         to the terms of the Policy for the dollar amount of the Insured Payment
         set forth in (f) above to be applied to the payment of the Deficiency
         Amount for the Applicable Payment Date in accordance with the Agreement
         and for the dollar amount of the Insured Payment set forth in (g) above
         to be applied to the payment of any Preference Amount; and

                  (j) the Indenture Trustee directs that payment of the
         Insured Payment be made to the following account by bank wire transfer
         of federal or other immediately available funds in accordance with the
         terms of the Policy: [INDENTURE TRUSTEE'S ACCOUNT NUMBER].

         Any capitalized term used in this Notice and not otherwise defined
herein shall have the meaning assigned thereto in the Policy.

Any Person Who Knowingly And With Intent To Defraud Any Insurance Company Or
Other Person Files An Application For Insurance Or Statement Of Claim Containing
Any Materially False Information, Or Conceals For The Purpose Of Misleading,
Information Concerning Any Fact Material Thereto, Commits A Fraudulent Insurance
Act, Which Is A Crime, And Shall Also Be Subject To A Civil Penalty Not To
Exceed Five Thousand Dollars And The Stated Value Of The Claim For Each Such
Violation.

         IN WITNESS WHEREOF, the Indenture Trustee has executed and delivered
this Notice under the Policy as of the        day of        ,         .

                               The Bank of New York, as Indenture Trustee


                               By
                                  ---------------------------------------
                               Name
                                    -------------------------------------
                               Title
                                     ------------------------------------


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