Document:

RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,
                                Master Servicer,

                                       and
                         BANK ONE, NATIONAL ASSOCIATION,
                                     Trustee

                               SERIES SUPPLEMENT,
                            DATED AS OF JUNE 1, 2003,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            DATED AS OF MARCH 1, 2003

                       Mortgage Pass-Through Certificates

                                 Series 2003-S10

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          PAGE

                                   DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions..........................................................-4-
                      -----------
        Section 1.02  Use of Words and Phrases............................................-16-
                      ------------------------
        Section 1.03  Determination of LIBOR..............................................-16-
                      ----------------------

                                   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)..............................................................-18-
                      ------
        Section 2.02  Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)....-18-
                      ----------------------------------------------------------------
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      ------------------------------------------------------------------------
                      Company.............................................................-18-
                      -------
        Section 2.04  Representations and Warranties of Sellers...........................-20-
                      ------------------------------------------
        Section 2.05  Execution and Authentication of Certificates........................-23-
                      --------------------------------------------

                                   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)......-25-
                      --------------------------------------------------------------
        Section 4.02  Distributions.......................................................-25-
                      -------------
        Section 4.03  Statements to Certificateholders; Statements to Rating Agencies;
                      ----------------------------------------------------------------
                      Exchange Act Reporting.  (See Section 4.03 of the Standard Terms)...-33-
                      -----------------------------------------------------------------
        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)...........-33-
                      ---------------------------------------------------------
        Section 4.05  Allocation of Realized Losses.......................................-33-
                      -----------------------------
        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.  (See
                      --------------------------------------------------------------------
                      Section 4.06 of the Standard Terms).................................-35-
                      -----------------------------------
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of the
                      ------------------------------------------------------------------------
                      Standard Terms).....................................................-35-
                      ---------------
        Section 4.08  Surety Bond.  (See Section 4.08 of the Standard Terms)..............-35-
                      ------------------------------------------------------
        Section 4.09  [Reserved]..........................................................-35-
                      -----------
        Section 4.10  [Reserved]..........................................................-35-
                      ----------

<PAGE>

                                    ARTICLE V

                                THE CERTIFICATES

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                                   ARTICLE VII

                                     DEFAULT

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                                   ARTICLE IX

                                   TERMINATION
        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...............................................................-40-
                      -----
        Section 9.02  Additional Termination Requirements. (See Section 9.02 of the Standard
                      -----------------------------------
                      Terms)..............................................................-41-
        Section 9.03  Termination of Multiple REMICs. (See Section 9.03 of the Standard
                      ------------------------------
                      Terms)..............................................................-41-

                                    ARTICLE X

                                REMIC PROVISIONS
        Section 10.01 REMIC Administration. (See Section 10.01 of the Standard Terms).....-42-
                      ---------------------------------------------------------------
        Section 10.02 Master Servicer; REMIC Administrator and Trustee Indemnification. (See
                      ----------------------------------------------------------------------
                      Section 10.02 of the Standard Terms)................................-42-
                      ------------------------------------
        Section 10.03 Designation of REMIC(s).............................................-42-
                      ------------------------
        Section 10.04 Distributions on the Uncertificated REMIC Regular Interests.........-42-
                      ------------------------------------------------------------
        Section 10.05 Distributions on the Uncertificated Class A-V REMIC
                      ----------------------------------------------------
                      Regular Interests...................................................-43-
                      ------------------
        Section 10.06 Compliance with Withholding Requirements............................-43-
                      -----------------------------------------

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment. (See Section 11.01 of the Standard Terms)................-45-
                      ----------------------------------------------------
        Section 11.02 Recordation of Agreement. Counterparts. (See Section 11.02 of the
                      -----------------------------------------------------------------
                      Standard Terms).....................................................-45-
                      ---------------

<PAGE>

        Section 11.03 Limitation on Rights of Certificateholders. (See Section 11.03 of the
                      ---------------------------------------------------------------------
                      Standard Terms).....................................................-45-
                      ---------------
        Section 11.04 Governing Laws. (See Section 11.04 of the Standard Terms)...........-45-
                      ---------------------------------------------------------
        Section 11.05 Notices.............................................................-45-
                      -------
        Section 11.06 Required Notices to Rating Agency and Subservicer...................-46-
                      --------------------------------------------------
        Section 11.07 Severability of Provisions. (See Section 11.07 of the Standard Terms)-46-
                      ---------------------------------------------------------------------
        Section 11.08 Supplemental Provisions for Resecuritization. (See Section 11.08 of the
                      -----------------------------------------------------------------------
                      Standard Terms).....................................................-46-
                      ---------------
        Section 11.09 Allocation of Voting Rights.........................................-46-
                      ---------------------------

</TABLE>

<PAGE>

EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement dated as of March 1, 2003
Exhibit Five:         Targeted Principal Balances

<PAGE>

        This is a Series  Supplement,  dated  as of June 1,  2003  (the  "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of March 1, 2003 and attached as Exhibit Four hereto (the "Standard  Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among  RESIDENTIAL  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 A-1  Certificates,  Class A-2
Certificates,   Class  A-3  Certificates,  Class  A-4  Certificates,  Class  A-5
Certificates,   Class  A-6  Certificates,  Class  A-7  Certificates,  Class  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 the  Uncertificated  Class 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 A-V Certificates will represent the entire beneficial  ownership  interest
in the Uncertificated Class A-V REMIC Regular Interests.

        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.

        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

                                       -1-

<PAGE>

each of the Uncertificated REMIC I Regular Interests. None of the Uncertificated
REMIC I Regular Interests will be certificated.

<TABLE>
<CAPTION>

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

<S>                           <C>            <C>                           <C> <C>
REMIC I Regular Interest W    4.00%          $177,696,000.00          June 25, 2003
REMIC I Regular Interest X    8.00%          $106,617,000.00          June 25, 2003
REMIC I Regular Interest Y    5.50%          $125,892,250.56          June 25, 2003
REMIC I Regular Interest Z    0.00%            $771,718.60            June 25, 2003
REMIC I IO Regular Interests   (2)                 (3)                June 25, 2003
</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 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       MOODY'S/      MINIMUM
DESIGNATION       RATE         BALANCE             FEATURES1              DATE           S&P      DENOMINATIONS2

<S>     <C>      <C>                                      <C>              <C> <C>                   <C>
Class A-1        4.00%      $ 177,696,000.00    Senior                  June 25, 2033    Aaa/AAA       $25,000
Class A-2    Adjustable Rat$                    Senior/Floater          June 25, 2033    Aaa/AAA       $25,000
                                                Senior/Inverse
Class A-3    Adjustable Rat$                 Floater/Interest Only      June 25, 2033    Aaa/AAA       $25,000
Class A-4        5.50%     $                        Senior              June 25, 2033    Aaa/AAA       $25,000
Class A-5        5.50%     $                    Senior/Lockout          June 25, 2033    Aaa/AAA       $25,000
Class A-6        5.50%     $                      Senior/TAC            June 25, 2033    Aaa/AAA       $25,000
Class A-7        5.50%     $                   Senior/Companion         June 25, 2033    Aaa/AAA       $25,000
                                               Senior/Principal
Class A-P        0.00%                                Only              June 25, 2033    Aaa/AAA       $25,000
                                             Senior/Interest Only/
Class A-V    Variable Rate                      Variable Strip        June 25, 2033    Aaa/AAA         20%
Class R-I        5.50%                          Senior/Residual       June 25, 2033    Aaa/AAA         20%
Class R-II       5.50%                          Senior/Residual       June 25, 2033    Aaa/AAA         20%
Class M-1        5.50%                             Mezzanine          June 25, 2033     NA/AA        $25,000
Class M-2        5.50%                             Mezzanine          June 25, 2033      NA/A        $250,000
Class M-3        5.50%                             Mezzanine          June 25, 2033     NA/BBB       $250,000
Class B-1        5.50%                            Subordinate         June 25, 2033     NA/BB        $250,000
Class B-2        5.50%                            Subordinate         June 25, 2033      NA/B        $250,000
Class B-3        5.50%                            Subordinate         June 25, 2033     NA/NA        $250,000
</TABLE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $410,977,069.16.

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

          1    The Class A-1,  Class A-2, Class A-3, Class A-4, Class A-5, Class
               A-6 and Class A-7 Certificates 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  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 Class A-P and Class B  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 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>

                                   DEFINITIONS

        Section 1.01  Definitions.

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

        Adjustable Rate  Certificates:  Any one of the Class A-2 Certificates or
Class A-3 Certificates.

        Bankruptcy  Amount:  As of any date of determination  prior to the first
anniversary  of the Cut-off Date, an amount equal to the excess,  if any, of (A)
$100,000 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

                                       -4-

<PAGE>

               (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 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  2003-S10"  and  which  must be an  Eligible
Account.

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

        Class  R  Certificate:   Any  one  of  the  Class  R-I  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 D
and evidencing an interest designated as a "residual interest" in the each REMIC
for purposes of the REMIC Provisions.

        Closing Date: June 27, 2003.

        Corporate Trust Office:  The principal office of the Trustee at which at
any particular  time its corporate trust business with respect to this Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument is located at 1 Bank One Plaza,  Suite  IL1-0126,  Chicago,  Illinois
60670-0126, Attention: Residential Funding Corporation Series 2003-S10.

        Corresponding  Certificated  Interests:  With respect to  Uncertificated
REMIC I  Regular  Interest  W, the  Class  A-1  Certificates;  with  respect  to
Uncertificated  REMIC I Regular  Interest  X, the Class A-2  Certificates;  with
respect to Uncertificated REMIC I Regular Interest Y, the Class A- 4, Class A-5,
Class A-6,  Class A-7,  Class M-1,  Class M-2, Class M-3, Class B-1, Class B-2 ,
Class B-3 and Class R-II  Certificates;  with respect to Uncertificated  REMIC I
Regular  Interest  Z,  the  Class  A-P  Certificates;  and with  respect  to the
Uncertificated REMIC I IO Regular Interests, the Class A-V Certificates.

        Cut-off Date: June 1, 2003.

                                       -5-

<PAGE>

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

        Discount Net Mortgage Rate: 5.50% per annum.

     Due Period:  With respect to each  Distribution Date and any Mortgage Loan,
the calendar month of such Distribution Date.

        Eligible Funds: On any  Distribution  Date, the portion,  if any, of the
Available  Distribution  Amount  remaining after reduction by the sum of (i) the
aggregate  amount of Accrued  Certificate  Interest on the Senior  Certificates,
(ii) the Senior  Principal  Distribution  Amount  (determined  without regard to
Section  4.02(a)(ii)(Y)(D)  of this  Series  Supplement),  (iii)  the  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 second  anniversary  of the Cut-off
Date an amount equal to 2.00% of the aggregate  principal  balance of all of the
Mortgage  Loans as of the Cut-off  Date minus the  aggregate  amounts  allocated
through  subordination  with  respect  to  Fraud  Losses  up  to  that  date  of
determination, (Y) from the second to the third anniversary of the Cut-off Date,
an  amount  equal to  1.50% of the  aggregate  principal  balance  of all of the
Mortgage  Loans as of the Cut-off  Date minus the  aggregate  amounts  allocated
through  subordination  with  respect  to  Fraud  Losses  up  to  that  date  of
determination  and (Z) 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) 1.00% of the  aggregate
principal balance of all of the Mortgage Loans as of the most recent anniversary
of  the  Cut-off  Date  minus  (2)  the  aggregate   amounts  allocated  through
subordination  with respect to Fraud Losses since the most recent anniversary of
the  Cut-off  Date up to that  date of  determination.  On and  after  the fifth
anniversary of the Cut-off Date, the Fraud Loss Amount shall be zero.

        The Fraud  Loss  Amount may be  further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency 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.

        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: $113,433 representing  scheduled principal
amortization and interest at the Net Mortgage Rate during the Due Period in June
2003,  for those  Mortgage  Loans for which the Trustee  will not be entitled to
receive such payment in accordance with the definition

                                       -6-

<PAGE>

of "Trust Fund". The Initial Monthly Payment Fund will not be part of any REMIC.

        Initial  Notional  Amount:  With respect to the Class A-3  Certificates,
$106,617,000. With respect to the Class A-V Certificates,  $410,977,069.16.  For
federal  income tax  purposes,  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:

        Class M-1: 1.55%                    Class B-1: 0.15%
        Class M-2: 0.35%                    Class B-2: 0.10%
        Class M-3: 0.25%                    Class B-3: 0.15%

        Interest Accrual Period:  With respect to any  Certificates  (other than
the Adjustable Rate  Certificates) and any Distribution Date, the calendar month
preceding the month in which such Distribution Date occurs.  With respect to the
Adjustable Rate Certificates, the one-month period commencing on the 25th day of
the month preceding the month in which the  Distribution  Date occurs and ending
on the 24th day of the month in which the Distribution Date occurs.

        Interest  Only  Certificates:  Any one of the  Class  A-3 or  Class  A-V
Certificates.  The Interest Only Certificates will have no Certificate Principal
Balance.

        Inverse Floater Certificates: The Class A-3 Certificates.
        ----------------------------

        LIBOR  Business Day: Any day other than (i) a Saturday or Sunday or (ii)
a day  on  which  banking  institutions  in  London,  England  are  required  or
authorized to by law to be closed.

        LIBOR Rate Adjustment Date: With respect to each  Distribution  Date and
the Adjustable  Rate  Certificates,  the second LIBOR  Business Day  immediately
preceding the commencement of the related Interest Accrual Period on which banks
are open for dealing in foreign currency and exchange in London, England.

        Lockout Certificates: The Class A-5 Certificates.
        --------------------

        Lockout Prepayment Percentage: For any Distribution Date occurring prior
to the Distribution  Date in July 2008, 0%. For any Distribution  Date occurring
after the first five years  following the Closing Date, a percentage  determined
as  follows:  (i) for any  Distribution  Date  during  the sixth  year after the
Closing Date, 30%; (ii) for any Distribution  Date during the seventh year after
the Closing Date,  40%; (iii) for any  Distribution  Date during the eighth year
after the Closing  Date,  60%; (iv) for any  Distribution  Date during the ninth
year after the Closing Date, 80%; and (v) for any Distribution  Date thereafter,
100%.

                                       -7-

<PAGE>

        Lockout Scheduled Percentage:  For any Distribution Date occurring prior
to the  Distribution  Date in July 2008,  0%, and beginning on the  Distribution
Date in July 2008 and thereafter, 100%.

        Maturity  Date:  With  respect to each Class of  Certificates,  June 25,
2033, the Distribution Date immediately  following the latest scheduled maturity
date of any Mortgage Loan.

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

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

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

       Notional Amount:  As of any Distribution  Date, with respect to the Class
A-3  Certificates,  an amount equal to the Certificate  Principal Balance of the
Class A-2 Certificates,  which for federal income tax purposes is the equivalent
to the  Uncertificated  Principal  Balance  of  Uncertificated  REMIC I  Regular
Interest  X.  As of  any  Distribution  Date,  with  respect  to the  Class  A-V
Certificates,  the aggregate Stated Principal Balance of the Mortgage Loans. For
federal income tax purposes,  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 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  Certificates,  Adjustable  Rate  Certificates  and Principal Only
Certificates),   Class  M  Certificates,   Class  B  Certificates  and  Class  R
Certificates and any Distribution Date, the per annum rates set

                                       -8-

<PAGE>

forth in the  Preliminary  Statement  hereto.  With  respect  to the  Class  A-2
Certificates and the initial  Interest Accrual Period,  1.500% per annum, and as
to any Interest Accrual Period thereafter,  a per annum rate equal to LIBOR plus
0.40%,  subject to a maximum rate of 8.00% per annum and a minimum rate of 0.40%
per annum.  With respect to the Class A-3  Certificates and the initial Interest
Accrual  Period,  6.500%  per  annum,  and as to  any  Interest  Accrual  Period
thereafter,  a per annum rate equal to 7.60% minus  LIBOR,  subject to a maximum
rate of 7.60% per annum and a minimum  rate of 0.00% per annum.  With respect to
the  Class  A-V  Certificates   (other  than  any  Subclass   thereof)  and  any
Distribution  Date,  a  rate  equal  to the  weighted  average,  expressed  as a
percentage,  of the Pool Strip Rates of all Mortgage Loans as of the Due Date in
the related Due Period, weighted on the basis of the respective Stated Principal
Balances  of such  Mortgage  Loans  as of the  day  immediately  preceding  such
Distribution  Date (or,  with respect to the initial  Distribution  Date, at the
close of  business  on the Due Date in the  month  preceding  the  month of such
Distribution  Date).  With respect to the Class A-V Certificates and the initial
Distribution  Date the  Pass-Through  Rate is equal to 0.1251%  per annum.  With
respect to any Subclass of Class A-V Certificates  and any Distribution  Date, a
rate equal to the weighted average, expressed as a percentage, of the Pool Strip
Rates of all Mortgage Loans corresponding to the Uncertificated  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 Due Date in the month preceding the month of such  Distribution  Date).  The
Principal Only  Certificates  have no Pass-Through  Rate and are not entitled to
Accrued Certificate Interest.

       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 Assumption:  A prepayment assumption of 300% 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 of Subordinate  Certificates,  under the applicable circumstances
set forth below, the respective percentages set forth below:

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

              (ii) For any Distribution Date for which clause (i) above does not
       apply, and on which any Class of Subordinate  Certificates is outstanding
       with a Certificate Principal Balance greater than zero:

                                       -9-

<PAGE>

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

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

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

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

                                      -10-

<PAGE>

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

       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 (other than Monthly Payments due in the
              month of the Cut-off Date) as shall be on deposit in the Custodial
              Account or in the Certificate  Account and identified as belonging
              to the Trust  Fund,  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, 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 A-1,  Class A-2, Class A-3, Class A-4, Class A-5, Class
A-6,  Class A-7,  Class A-P,  Class A-V,  Class M-1, Class M-2, Class M-3, Class
B-1, Class B-2, Class B-3 and R-II  Certificates  pursuant to Section 2.06, with
respect to which a separate  REMIC  election is to be made.  The REMIC  election
with respect to REMIC II specifically excludes the Initial Monthly Payment Fund.

       REMIC II Certificates:  Any of the Class A-1, Class A-2, Class A-3, Class
A-4,  Class A-5,  Class A-6,  Class A-7,  Class A-P, Class 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.

       Scheduled Final Distribution Date: June 25, 2033.
       ---------------------------------

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

                                      -11-

<PAGE>

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

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

       Special Hazard Amount:  As of any  Distribution  Date, an amount equal to
$4,109,771  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 59.9%
(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
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

                                      -12-

<PAGE>

Closing  Date by 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 each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related  Subordinate  Class Percentage for such Class and
(y) the aggregate of the amounts  calculated  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; and (v) any amounts described in clauses (i), (ii) and (iii)
as determined for any previous  Distribution Date, that remain  undistributed to
the extent that such amounts are not  attributable to Realized Losses which have
been allocated to a Class of Subordinate  Certificates  minus (b) the sum of (i)
with respect to the Class of Subordinate  Certificates with the Lowest Priority,
any Excess Subordinate Principal Amount for such Distribution Date; and (ii) the
Capitalization  Reimbursement  Amount for such Distribution Date, other than the
related Discount Fraction of any portion of that amount related to each Discount
Mortgage  Loan,  multiplied  by a  fraction,  the  numerator  of  which  is  the
Subordinate  Principal   Distribution  Amount  for  such  Class  of  Subordinate
Certificates,  without giving effect to this clause (b)(ii), and the denominator
of which is the sum of the  principal  distribution  amounts  for all Classes of
Certificates other than the Class A-P Certificates, without giving effect to any
reductions for the Capitalization Reimbursement Amount.

       TAC Certificates: The Class A-6 Certificates.
       ----------------

       Targeted Principal Balance: With respect to the TAC Certificates and each
Distribution  Date,  the amount set forth on such  Distribution  Date on Exhibit
Five hereto.

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

       Uncertificated  Class A-V REMIC  Accrued  Interest:  With respect to each
Distribution Date, as to each  Uncertificated  Class 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 were equal to the related  Uncertificated  REMIC  Pass-Through Rate and
the notional  amount of such  uncertificated  interest were equal to the related
Uncertificated REMIC Notional Amount, and 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 A-V Certificateholders
pursuant to Section 4.05 hereof shall be allocated to the  Uncertificated  Class
A-V REMIC Regular Interests

                                      -13-

<PAGE>

pro rata in accordance with the amount of interest  accrued with respect to each
related Uncertificated REMIC Notional Amount and such Distribution Date.

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

       Uncertificated  Class A-V REMIC  Pass-Through  Rate: With respect to each
Uncertificated Class A-V REMIC Regular Interest, 100% of the interest payable on
the related Uncertificated REMIC I IO Regular Interest.

       Uncertificated  Class A-V REMIC Regular  Interest  Distribution  Amounts:
With  respect to any  Distribution  Date,  the sum of the  amounts  deemed to be
distributed  on the  Uncertificated  Class A-V REMIC Regular  Interests for such
Distribution Date pursuant to Section 4.08(a).

       Uncertificated Class A-V REMIC Regular Interests:  The 795 uncertificated
partial undivided  beneficial ownership interests in the Trust Fund, relating to
each Mortgage Loan,  numbered  sequentially from 1 through 795, each relating to
the  particular  Mortgage 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)
$177,696,000.00  with respect to Uncertificated REMIC I Regular Interest W, (ii)
$106,617,000.00 with respect to Uncertificated REMIC I Regular Interest X, (iii)
$125,892,250.56  with respect to Uncertificated  REMIC I Regular Interest Y, and
(iv)  $771,718.60  with respect to  Uncertificated  REMIC I Regular  Interest Z,
minus  (B)  the  sum of (x)  the  aggregate  of all  amounts  previously  deemed
distributed   with   respect  to  such   interest  and  applied  to  reduce  the
Uncertificated  Principal  Balance thereof pursuant to Section  10.04(a)(ii) and
(y) the aggregate of all reductions in  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 10.04(d).

       Uncertificated   REMIC  I  Accrued   Interest:   With   respect  to  each
Distribution  Date,  (i) 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 with respect to the Class A-1
Certificates  if  the  Pass-Through  Rate  on  such  Class  were  equal  to  the
Uncertificated  REMIC  I  Pass-Through  Rate  and the  Uncertificated  Principal
Balance was the Certificate Principal Balance, (ii) 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
with  respect to the Class A-2  Certificates  if the  Pass-Through  Rate on such
Class  were  equal  to the  Uncertificated  REMIC I  Pass-Through  Rate  and the
Uncertificated Principal Balance was the Certificate Principal Balance, (iii) as
to  Uncertificated  REMIC I Regular Interest Y, an amount equal to the aggregate
amount of Accrued Certificate  Interest that would result under the terms of the
definition  thereof with respect to the Class A-4,  Class A-5,  Class A-6, Class
A-7,  Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class
R-II  Certificates  if the Pass-  Through  Rate on such  Class were equal to the
Uncertificated  REMIC  I  Pass-Through  Rate  and the  Uncertificated  Principal
Balance was the Certificate  Principal Balance,  (iv) as to each  Uncertificated
REMIC 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
with respect to each such uncertificated  interest,  if the Pass-Through Rate on
each  such  uncertificated  interest  was  equal to the  Uncertificated  REMIC I
Pass-Through  Rate and the notional amount of such  uncertificated  interest was
equal to the  Uncertificated  REMIC I IO  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  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  Regular  Interest  W: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the Certificate  Principal Balance of the Class A-1  Certificates,  and
which bears interest at a rate equal to 4.00% 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 Certificate  Principal Balance of the Class A-2  Certificates,  and
which bears interest at a rate equal to 8.00% 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 A-4,  Class
A-5,  Class A-6,  Class A-7,  Class M-1,  Class M-2, Class M-3, Class B-1, Class
B-2, Class B-3 and Class R-II  Certificates,  and which bears interest at a rate
equal to 5.50% 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 Certificate  Principal Balance of the Class 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 W, Uncertificated  REMIC I Regular Interest X,  Uncertificated  REMIC I
Regular  Interest Y,  Uncertificated  REMIC I Regular  Interest Z and REMIC I IO
Regular Interests.

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

     Uncertificated REMIC I IO Regular Interests: The 795 uncertificated partial
undivided beneficial ownership interests in REMIC I, each relating to a Mortgage
Loan, each having no principal balance, and each bearing interest at the related
Uncertificated  REMIC I Pass-Through Rate on the related  Uncertificated REMIC I
IO Notional Amount.

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

                                      -14-

<PAGE>

     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 10.04(a).

     Uncertificated REMIC I Regular Interest X Distribution Amount: With respect
to any 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 10.04(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 10.04(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 10.04(a).

     Uncertificated   REMIC  I  Regular  Interest   Distribution   Amounts:  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  Regular  Interest  Z  Distribution   Amount  and  the
Uncertificated REMIC I IO Regular Interest Distribution Amount.

     Underwriter:   Lehman  Brothers  Inc.  or  Residential  Funding  Securities
Corporation, as applicable.

     Section 1.02     Use of Words and Phrases.

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

     Section 1.03     Determination of LIBOR.

     LIBOR  applicable  to the  calculation  of the  Pass-Through  Rates  on the
Adjustable  Rate  Certificates,  if any, for any Interest  Accrual Period (other
than the initial  Interest Accrual Period) will be determined on each LIBOR Rate
Adjustment Date.

     On each LIBOR Rate  Adjustment  Date (other  than for the initial  Interest
Accrual  Period),  LIBOR  shall be  established  by the  Trustee  and, as to any
Interest Accrual Period,  will equal the rate for one month United States dollar
deposits that appears on the Telerate Screen Page 3750 as of 11:00 a.m.,  London
time, on such LIBOR Rate Adjustment Date.  "Telerate Screen Page 3750" means the
display  designated as page 3750 on the Telerate  Service (or such other page as
may  replace  page 3750 on that  service for the  purpose of  displaying  London
interbank  offered rates of major  banks).  If such rate does not appear on such
page (or such other page as may replace that page

                                      -15-

<PAGE>

on that  service,  or if such  service is no longer  offered,  LIBOR shall be so
established  by use of such other  service for  displaying  LIBOR or  comparable
rates as may be  selected  by the  Trustee  after  consultation  with the Master
Servicer),  the rate will be the Reference Bank Rate. The "Reference  Bank Rate"
will be determined on the basis of the rates at which  deposits in U.S.  Dollars
are offered by the  reference  banks  (which shall be any three major banks that
are engaged in  transactions  in the London  interbank  market,  selected by the
Trustee after  consultation  with the Master Servicer) as of 11:00 a.m.,  London
time, on the LIBOR Rate Adjustment  Date to prime banks in the London  interbank
market for a period of one month in amounts approximately equal to the aggregate
Certificate   Principal   Balance  of  the  Adjustable  Rate  Certificates  then
outstanding. The Trustee will request the principal London office of each of the
reference  banks to  provide  a  quotation  of its  rate.  If at least  two such
quotations are provided,  the rate will be the arithmetic mean of the quotations
rounded  up to the next  multiple  of  1/16%.  If on such  date  fewer  than two
quotations are provided as requested,  the rate will be the  arithmetic  mean of
the rates  quoted by one or more major  banks in New York City,  selected by the
Trustee after consultation with the Master Servicer,  as of 11:00 a.m., New York
City time, on such date for loans in U.S.  Dollars to leading European banks for
a  period  of  one  month  in  amounts  approximately  equal  to  the  aggregate
Certificate   Principal   Balance  of  the  Adjustable  Rate  Certificates  then
outstanding.  If no such quotations can be obtained,  the rate will be LIBOR for
the prior  Distribution  Date, or in the case of the first LIBOR Rate Adjustment
Date,   1.10%  with  respect  to  the  Class  A-2  Certificates  and  Class  A-3
Certificates;  provided  however,  if, under the priorities listed previously in
this  paragraph,  LIBOR for a Distribution  Date would be based on LIBOR for the
previous  Distribution  Date for the third  consecutive  Distribution  Date, the
Trustee,   after  consultation  with  the  Master  Servicer,   shall  select  an
alternative  comparable  index over which the Trustee  has no control,  used for
determining  one-month Eurodollar lending rates that is calculated and published
or otherwise made available by an independent party.

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

     Promptly following each LIBOR Rate Adjustment Date the Trustee shall supply
the Master Servicer with the results of its determination of LIBOR on such date.
Furthermore,  the Trustee will supply to any  Certificateholder so requesting by
telephone the Pass-Through Rates on each of the Adjustable Rate Certificates for
the current and the immediately preceding Interest Accrual Period.

                                      -16-

<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

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

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

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

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

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

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

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

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

               (iv) To the best of the Company's  knowledge,  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;

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

                                      -17-

<PAGE>

               (vi) No more than 0.9% of the Mortgage Loans by aggregate Cut-off
        Date Principal  Balance are secured by Mortgaged  Properties  located in
        any one  zip  code  area in  California  and no  more  than  1.1% of the
        Mortgage Loans by aggregate  Cut-Off Date Principal  Balance 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  17.22%  of the  Mortgage  Loans by  aggregate
        Cut-off Date Principal  Balance 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 Mortgage Loans is a Buydown Mortgage Loan;

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

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

               (xiv) None of the Mortgage Loans 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

                                      -18-

<PAGE>

          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 or
        Additional Collateral 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.
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.

     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

                                      -19-

<PAGE>

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.  If the breach of representation  and warranty that gave rise to
the obligation to repurchase or substitute a Mortgage Loan pursuant to Section 4
of the  Assignment  Agreement was the  representation  and warranty set forth in
clause (xxxii) of Section 4 thereof, then the Master Servicer shall request that
Residential Funding pay to the Trust Fund,  concurrently with and in addition to
the  remedies  provided  in the  preceding  sentence,  an  amount  equal  to any
liability,  penalty or expense that was actually  incurred and paid out of or on
behalf of the Trust Fund,  and that directly  resulted  from such breach,  or if
incurred and paid by the Trust Fund thereafter,  concurrently with such payment.
In  the  event  that  Residential  Funding  elects  to  substitute  a  Qualified
Substitute  Mortgage Loan or Loans for a Deleted  Mortgage Loan pursuant to this
Section 2.04,  Residential  Funding shall deliver to the Trustee for the benefit
of the  Certificateholders  with respect to such Qualified  Substitute  Mortgage
Loan or Loans,  the original  Mortgage Note, the Mortgage,  an Assignment of the
Mortgage in recordable form if required pursuant to Section 2.01, and such other
documents and agreements as are required by Section 2.01, with the Mortgage Note
endorsed  as  required  by Section  2.01.  No  substitution  will be made in any
calendar month after the Determination Date for such month. Monthly Payments due
with respect to Qualified Substitute Mortgage Loans in the month of substitution
shall not be part of the Trust Fund and will be retained by the Master  Servicer
and  remitted  by the  Master  Servicer  to  Residential  Funding  on  the  next
succeeding  Distribution  Date. For the month of substitution,  distributions to
the  Certificateholders  will  include  the  Monthly  Payment  due on a  Deleted
Mortgage  Loan  for such  month  and  thereafter  Residential  Funding  shall be
entitled to retain all  amounts  received  in respect of such  Deleted  Mortgage
Loan.  The Master  Servicer shall amend or cause to be amended the Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to
reflect the removal of such Deleted Mortgage Loan and the substitution

                                      -20-

<PAGE>

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  and to make any  additional
payments required under the Assignment  Agreement in connection with a breach of
the  representation  and warranty in clause  (xxxii) of Section 4 thereof  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.

                                      -21-

<PAGE>

     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.

                                      -22-

<PAGE>

                                   ARTICLE III

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

                                      -23-

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

               (ii) (X) to the Class A-P  Certificates,  the 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 Senior Percentage for such Distribution Date times
               the sum of the following:

                                      -24-

<PAGE>

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

                             (2) the Stated  Principal  Balance of any  Mortgage
                      Loan repurchased  during the preceding  calendar month (or
                      deemed  to have been so  repurchased  in  accordance  with
                      Section   3.07(b)  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 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); and

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

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

                                      -25-

<PAGE>

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

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

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

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

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

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

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

               (v) to the Holders of the Class M-1 Certificates, an amount equal
        to (x) the Subordinate  Principal  Distribution Amount for such Class of
        Certificates  for such  Distribution  Date,  minus (y) the amount of any
        Class A-P Collection  Shortfalls for such Distribution Date or remaining
        unpaid for all previous  Distribution  Dates,  to the extent the amounts
        available pursuant to clause (x) of Sections  4.02(a)(vii),  (ix), (xi),
        (xiii), (xiv) and

                                      -26-

<PAGE>

        (xv) of this Series  Supplement are  insufficient  therefor,  applied in
        reduction  of  the  Certificate  Principal  Balance  of  the  Class  M-1
        Certificates;

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

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

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

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

                                      -27-

<PAGE>

        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)  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  for such
        Class of Certificates for such Distribution Date minus (y) the amount of
        any  Class  A-P  Collection  Shortfalls  for such  Distribution  Date or
        remaining  unpaid  for  all  previous   Distribution  Dates  applied  in
        reduction  of  the  Certificate  Principal  Balance  of  the  Class  B-3
        Certificates;

               (xvi) to the 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   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  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.

     Notwithstanding  the foregoing,  on any Distribution  Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate  Certificates are no longer
outstanding,  the Senior  Certificates,  Accrued  Certificate  Interest  thereon
remaining unpaid from any previous  Distribution Date will be distributable only
to the extent  that (1) a  shortfall  in the  amounts  available  to pay Accrued
Certificate  Interest on any Class of Certificates results from an interest rate
reduction  in  connection  with a  Servicing  Modification,  or (2) such  unpaid
Accrued Certificate Interest was attributable to interest shortfalls relating to
the  failure  of the  Master  Servicer  to make  any  required  Advance,  or the
determination  by the  Master  Servicer  that any  proposed  Advance  would be a
Nonrecoverable  Advance  with  respect to the related  Mortgage  Loan where such
Mortgage  Loan  has  not yet  been  the  subject  of a Cash  Liquidation  or REO
Disposition  or the related  Liquidation  Proceeds,  Insurance  Proceeds and REO
Proceeds have not yet been distributed to the Certificateholders.

                                      -28-

<PAGE>

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

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

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

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

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

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

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

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

                                      -29-

<PAGE>

               (ii)  the  Senior   Principal   Distribution   Amount   shall  be
        distributed to the Class R-I Certificates  and Class R-II  Certificates,
        concurrently  on a pro  rata  basis,  until  the  Certificate  Principal
        Balance thereof has been reduced to zero;

               (iii) the  balance of the Senior  Principal  Distribution  Amount
        remaining after the distribution described in clause (ii) above shall be
        distributed to the Lockout Certificates, in reduction of the Certificate
        Principal Balance thereof, in an amount equal to:

                      (A)  the  Lockout  Scheduled  Percentage  of  the  Lockout
               Certificates' pro rata share (based on the aggregate  Certificate
               Principal  Balance thereof relative to the aggregate  Certificate
               Principal  Balance  of all of the  Certificates  (other  than the
               Class A-P  Certificates))  of the  aggregate  of the  collections
               described  in  Section  4.02(a)(ii)(Y)(A),  (B) and  (E)  without
               application  of the Senior  Percentage or the Senior  Accelerated
               Distribution Percentage; and

                      (B)  the  Lockout  Prepayment  Percentage  of the  Lockout
               Certificates' pro rata share (based on the aggregate  Certificate
               Principal  Balance thereof relative to the aggregate  Certificate
               Principal  Balance  of all of the  Certificates  (other  than the
               Class A-P  Certificates))  of the  aggregate  of the  collections
               described in Section 4.02(a)(ii)(Y)(C) without application of the
               Senior Accelerated Distribution Percentage;

               provided  that,  if the  aggregate  of the  amounts  set forth in
               Section  4.02(a)(ii)(Y)(A),  (B), (C) and (E) (net of amounts set
               forth in Section  4.02(a)(ii)(Y)(F))  is more than the balance of
               the  Available  Distribution  Amount  remaining  after the Senior
               Interest  Distribution  Amount  and the  Class  A-P  Distribution
               Amount  have been  distributed,  the amount  paid to the  Lockout
               Certificates pursuant to this clause (iii) shall be reduced by an
               amount equal to the Lockout  Certificates'  pro rata share (based
               on the aggregate  Certificate  Principal Balance thereof relative
               to the  aggregate  Certificate  Principal  Balance  of the Senior
               Certificates  (other  than the Class A-P  Certificates))  of such
               difference;

               (iv) the  balance of the  Senior  Principal  Distribution  Amount
        remaining after the distributions, if any, described in clauses (ii) and
        (iii) above shall be distributed concurrently as follows:

                      (A)  5.0114762807%  in the  following  manner and order of
priority:

                             (1) first, to the Class A-6 Certificates, until the
                      Certificate  Principal Balance thereof has been reduced to
                      the Targeted Principal Balance for such Distribution Date;

                             (2) second,  to the Class A-7  Certificates,  until
                      the Certificate Principal Balance thereof has been reduced
                      to zero;

                                      -30-

<PAGE>

                             (3) third, to the Class A-6  Certificates,  without
                      regard  to  the  Targeted   Principal   Balance  for  such
                      Distribution Date, until the Certificate Principal Balance
                      thereof has been reduced to zero; and

                      (B)   94.9885237193%  to  the  Class  A-1  and  Class  A-2
               Certificates,  concurrently  on  a  pro  rata  basis,  until  the
               Certificate Principal Balances thereof have been reduced to zero;
               and

               (v) the  balance  of the  Senior  Principal  Distribution  Amount
        remaining  after the  distributions,  if any,  described in clauses (ii)
        through (iv) shall be distributed to the Class A-4  Certificates,  until
        the Certificate Principal Balance thereof has been reduced to zero; and

               (vi) the  balance of the  Senior  Principal  Distribution  Amount
        remaining  after the  distributions,  if any,  described in clauses (ii)
        through (v) shall be distributed to the Lockout Certificates,  until the
        Certificate Principal Balance thereof has been reduced to zero.

        (c) On or after the occurrence of the Credit Support Depletion Date, all
     priorities  relating to  distributions  as described in Section  4.02(b) of
     this  Series   Supplement   in  respect  of  principal   among  the  Senior
     Certificates  (other than the Class A-P Certificates)  will be disregarded,
     and (i) an amount equal to the Discount  Fraction of the principal  portion
     of scheduled and  unscheduled  payments  received or advanced in respect of
     the  Discount   Mortgage  Loans  will  be  distributed  to  the  Class  A-P
     Certificates,  (ii)  the  Senior  Principal  Distribution  Amount  will  be
     distributed to the remaining Senior  Certificates (other than the Class A-P
     Certificates)  pro rata in  accordance  with their  respective  outstanding
     Certificate  Principal  Balances  and (iii) the amount set forth in Section
     4.02(a)(i) herein will be distributed as set forth therein.

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

        (e) In  addition to the  foregoing  distributions,  with  respect to any
     Subsequent  Recoveries,  the Master  Servicer shall deposit such funds into
     the Custodial  Account pursuant to Section  3.07(b)(iii).  If, after taking
     into account such Subsequent  Recoveries,  the amount of a Realized Loss is
     reduced,  the  amount of such  Subsequent  Recoveries  will be  applied  to
     increase  the  Certificate  Principal  Balance of the Class of  Subordinate
     Certificates with the Highest Priority to which Realized Losses, other than
     Excess Bankruptcy Losses, Excess Fraud Losses, Excess Special Hazard Losses
     and  Extraordinary  Losses,  have been allocated,  but not by more than the
     amount  of  Realized   Losses   previously   allocated  to  that  Class  of
     Certificates  pursuant  to  Section  4.05.  The  amount  of  any  remaining
     Subsequent Recoveries will be applied to increase the Certificate Principal
     Balance of the Class of Certificates  with the next Lower  Priority,  up to
     the amount of such Realized  Losses  previously  allocated to that Class of
     Certificates

                                      -31-

<PAGE>

     pursuant to Section 4.05. Any remaining Subsequent  Recoveries will in turn
     be applied to increase the  Certificate  Principal  Balance of the Class of
     Certificates with the next Lower Priority up to the amount of such Realized
     Losses  previously  allocated  to that Class of  Certificates  pursuant  to
     Section 4.05, and so on. Holders of such  Certificates will not be entitled
     to any payment in respect of Accrued Certificate  Interest on the amount of
     such increases for any Interest  Accrual Period  preceding the Distribution
     Date on which such increase occurs.  Any such increases shall be applied to
     the  Certificate  Principal  Balance of each  Certificate  of such Class in
     accordance with its respective Percentage Interest.

        (f) 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.

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

          Section 4.03  Statements to  Certificateholders;  Statements to Rating
               Agencies;  Exchange  Act  Reporting.  (See  Section  4.03  of the
               Standard Terms)

          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

                                      -32-

<PAGE>

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  Certificate  Principal
Balance thereof has been reduced to zero; and, thereafter,  if any such Realized
Losses are on a Discount  Mortgage  Loan,  to the Class A-P  Certificates  in an
amount equal to the Discount Fraction of the principal portion thereof,  and the
remainder of such Realized Losses on the Discount  Mortgage Loans and the entire
amount of such Realized Losses on Non-Discount  Mortgage Loans will be allocated
among all the Senior  Certificates  (other than the Class A-V  Certificates  and
Class A-P  Certificates) in the case of the principal  portion of such loss on a
pro rata basis and among all of the Senior  Certificates  (other  than the Class
A-P Certificates) in the case of the interest portion of such loss on a pro rata
basis, as described below. Any Excess Special Hazard Losses,  Excess  Bankruptcy
Losses, Excess Fraud Losses, Extraordinary Losses on Non-Discount Mortgage Loans
will be  allocated  among  the  Senior  Certificates  (other  than the Class A-P
Certificates)  and Subordinate  Certificates,  on a pro rata basis, as described
below.  The principal  portion of such Realized Losses on the Discount  Mortgage
Loans will be allocated to the Class A-P  Certificates in an amount equal to the
Discount  Fraction  thereof and the  remainder  of such  Realized  Losses on the
Discount  Mortgage  Loans and the entire amount of such Realized  Losses on Non-
Discount Mortgage Loans will be allocated among the Senior  Certificates  (other
than the Class A-P  Certificates)  and Subordinate  Certificates,  on a pro rata
basis, as described below.

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

                                      -33-

<PAGE>

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

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

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

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

     Section 4.09     [Reserved].

     Section 4.10     [Reserved].

                                      -34-

<PAGE>

                                    ARTICLE V

                                THE CERTIFICATES
                      (SEE ARTICLE V OF THE STANDARD TERMS)

                                      -35-

<PAGE>

                                   ARTICLE VI

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

                                      -36-

<PAGE>

                                   ARTICLE VII

                                     DEFAULT
                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                      -37-

<PAGE>

                                  ARTICLE VIII

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

                                      -38-

<PAGE>

                                   ARTICLE IX

                                   TERMINATION

     Section          9.01  Optional  Purchase  by the  Master  Servicer  of All
                      Certificates;  Termination  Upon  Purchase  by the  Master
                      Servicer or Liquidation of All Mortgage Loans.

        (a)  Subject  to  Section   9.02,   the   respective   obligations   and
     responsibilities  of the  Company,  the  Master  Servicer  and the  Trustee
     created hereby in respect of the Certificates (other than the obligation of
     the Trustee to make certain payments after the Final  Distribution  Date to
     Certificateholders  and the  obligation  of the  Company  to  send  certain
     notices as  hereinafter  set forth)  shall  terminate  upon the last action
     required to be taken by the Trustee on the Final Distribution Date pursuant
     to this Article IX following the earlier of:

               (i) the later of the final payment or other  liquidation  (or any
        Advance with respect thereto) of the last Mortgage Loan remaining in the
        Trust Fund or the disposition of all property  acquired upon foreclosure
        or deed in lieu of foreclosure of any Mortgage Loan, or

               (ii) the purchase by the Master  Servicer of all  Mortgage  Loans
        and all property  acquired in respect of any Mortgage Loan  remaining in
        the Trust Fund at a price equal to 100% of the unpaid principal  balance
        of each  Mortgage Loan or, if less than such unpaid  principal  balance,
        the  fair  market  value  of the  related  underlying  property  of such
        Mortgage Loan with respect to Mortgage  Loans as to which title has been
        acquired  if such fair market  value is less than such unpaid  principal
        balance (net of any unreimbursed  Advances attributable to principal) on
        the day of repurchase plus accrued  interest thereon at the Net Mortgage
        Rate (or Modified Net Mortgage Rate in the case of any Modified Mortgage
        Loan) to,  but not  including,  the first day of the month in which such
        repurchase  price is distributed,  provided,  however,  that in no event
        shall the trust  created  hereby  continue  beyond the  expiration of 21
        years from the death of the last survivor of the  descendants  of Joseph
        P. Kennedy, the late ambassador of the United States to the Court of St.
        James,  living on the date hereof and provided further that the purchase
        price set forth above shall be increased as is necessary,  as determined
        by the Master Servicer, to avoid  disqualification of any portion of any
        REMIC formed under the Series  Supplement as a REMIC. The purchase price
        paid by the Master  Servicer  shall also  include  any  amounts  owed by
        Residential Funding pursuant to the penultimate paragraph of Section (d)
        of the  Assignment  Agreement  in respect of any  liability,  penalty or
        expense that resulted from a breach of the  representation  and warranty
        set forth in clause  (xxxii) of such Section,  that remain unpaid on the
        date of such purchase.

     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

                                      -39-

<PAGE>

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) - (e) (See Section 9.01(b) - (e) of the Standard Terms

          Section 9.02 Additional Termination Requirements. (See Section 9.02 of
               the Standard Terms)

          Section 9.03 Termination of Multiple REMICs.  (See Section 9.03 of the
               Standard Terms)

                                      -40-

<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 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  interests" in REMIC I. The Class A-1,  Class A-2, Class
A-3,  Class A-4,  Class A-5,  Class A-6,  Class A-7, Class A-P, Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3  Certificates  and the rights
in and to which  will be  represented  by the  Class A-V  Certificates,  will be
"regular  interests"  in REMIC II, and the Class R-II  Certificates  will be the
sole class of "residual  interests" therein for purposes of the REMIC Provisions
(as defined 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
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to said Section.

     Section  10.04   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
               10.04(b), an amount equal to the sum of the amounts in respect of
               principal distributable on the Class A-1 Certificates,  Class A-2
               Certificates,  Class A-4  Certificates,  Class A-5  Certificates,
               Class  A-6  Certificates,   Class  A-7  Certificates,  Class  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).

                                      -41-

<PAGE>

        (b) The  amount  described  in  Section  10.04(a)(ii)  shall  be  deemed
distributed   to  (i)   Uncertificated   REMIC  I  Regular   Interest   W,  (ii)
Uncertificated  REMIC I Regular Interest X, (iii) Uncertificated REMIC I Regular
Interest Y, and (iv) 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 A-1 Certificates,  (ii) Class A-2 Certificates,  (iii)
Class A-4,  Class A-5,  Class A-6,  Class A-7,  Class M-1, Class M-2, Class M-3,
Class B-1, Class B-2, Class B-3 and Class R-II  Certificates  and (iv) Class 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   10.04(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) Notwithstanding the deemed distributions on the Uncertificated REMIC
I Regular Interests described in this Section 10.04, distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.

        Section  10.05  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, from REMIC II, Uncertificated Class A-V REMIC Accrued Interest on the
Uncertificated  Class A-V REMIC Regular  Interests for such  Distribution  Date,
plus any  Uncertificated  Class A-V REMIC  Accrued  Interest  thereon  remaining
unpaid from any previous Distribution Date.

        (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 Uncertificated
Class  A-V  REMIC   Regular   Interests  on  a  pro  rata  basis  based  on  the
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 Section 4.02(a),  to the Class
A-V  Certificates,  the amounts  distributable  thereon from the  Uncertificated
Class  A-V  REMIC  Regular  Interest  Distribution  Amounts  deemed to have been
received by the Trustee from the Trust Fund under this Section 10.05. The amount
deemed distributable  hereunder with respect to the Class A-V Certificates shall
equal 100% of the amounts payable with respect to the  Uncertificated  Class A-V
REMIC Regular Interests.

                                      -42-

<PAGE>

        (d) Notwithstanding the deemed distributions on the Uncertificated Class
A-V REMIC Regular  Interests  described in this Section 10.05,  distributions of
funds from the Certificate Account shall be made only in accordance with Section
4.02.

        Section 10.06 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.

                                      -43-

<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
Trustee                          Corporate Trust Office
                                 The Trustee  designates its offices  located at
                                 c/o DTC Transfer Services 55 Water Street,  1st
                                 Floor-Jeanette Park Entrance New York, New York
                                 10041,  for the purposes of Section 8.12 of the
                                 Standard Terms 55 Water Street
Standard and Poor's              New York, New York 10041
Moody's                          99 Church Street
                                 New York, New York 10007

Any notice  required or permitted to be mailed to a  Certificateholder  shall be
given by first class  mail,  postage  prepaid,  at the address of such Holder as
shown  in the  Certificate  Register.  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.

                                      -44-

<PAGE>

       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,

              (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.  (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.

                                      -45-

<PAGE>

       97.0%  of  all  Voting  Rights  shall  be  allocated   among  Holders  of
Certificates,  other  than the  Interest  Only  and  Residual  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 A-3  Certificates  in  accordance  with  their  respective  Percentage
Interests; 1.0% of all Voting Rights shall be allocated among the Holders of the
Class A-V Certificates in accordance with their respective Percentage Interests;
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.

                                      -46-

<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:/s/ Joe Orning                           By:/s/ Julie Malanoski
       Name:  Joe Orning                                Name: Julie Malanoski
       Title: Vice President                            Title:   Vice President

[Seal]
                                                RESIDENTIAL FUNDING CORPORATION

Attest:/s/ Julie Malanoski                      By:/s/ Joe Orning
        Name:  Julie Malanoski                          Name: Joe Orning
        Title: Director                                 Title:   Associate

[Seal]                                                            BANK      ONE,
                                                                  NATIONAL
                                                                  ASSOCIATION as
                                                                  Trustee

Attest:/s/ R. Tarnas
       ----------------------------------------
        Name:  R. Tarnas                        By:    /s/ Keith R. Richardson
        Title: Vice President                          Name: Keith R. Richardson
                                                       Title:   Vice President

                                      -47-

<PAGE>

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

               On the 27th day of June,  2003 before me, a notary  public in and
for said State,  personally  appeared Julie Malanoski,  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]

                                      -48-

<PAGE>

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

               On the 27th day of June,  2003 before me, a notary  public in and
for said State,  personally appeared Joe Orning,  known to me to be an Associate
of Residential  Funding  Corporation,  one of the corporations that executed the
within  instrument,  and also known to me to be the person  who  executed  it on
behalf  of  said  corporation,  and  acknowledged  to me that  such  corporation
executed the within instrument.

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

                                                    Notary Public

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

[Notarial Seal]

                                      -49-

<PAGE>

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

               On the 27th day of June,  2003 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]

                                      -50-

<PAGE>

                                   EXHIBIT ONE
                             MORTGAGE LOAN SCHEDULE
                            (Available Upon Request)

1

  RUN ON     : 06/20/03           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 13.35.59           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S10                                 CUTOFF : 06/01/03
  POOL       : 0004706
             :
             :
  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
  ---------------------------------------------------------------------------

      7967639                              .2500
      280,810.48                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.5000                        1.0450

      8014173                              .2500
       76,531.74                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.5000                         .6700

      8332772                              .2500
      309,895.06                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.5000                         .4200

      8333270                              .2500
      387,366.84                          .0800
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            5.4700                         .0000
            5.4700                         .0000

      8749439                              .2500
      195,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450
1

      8749815                              .2500
      420,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8752061                              .2500
      314,300.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8752421                              .2500
      410,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8752899                              .2500
      400,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8753169                              .2500
      240,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8753267                              .2500
      348,500.00                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8753461                              .2500
      229,600.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8753727                              .2500
      429,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000
1

      8753751                              .2500
      538,450.46                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8754549                              .2500
      300,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8754735                              .2500
      150,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8754827                              .2500
      290,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8755337                              .2500
      333,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8755369                              .2500
      320,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8755813                              .2500
      649,950.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8755837                              .2500
      420,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450
1

      8756863                              .2500
      131,049.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8756893                              .2500
      345,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8758109                              .2500
      399,999.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8758345                              .2500
      379,500.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8758423                              .2500
      380,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.5000                         .4200

      8758903                              .2500
      322,700.00                          .0800
            5.9900                         .0000
            5.7400                         .0000
            5.6600                         .0000
            5.5000                         .1600

      8761975                              .2500
      650,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8762073                              .2500
      407,200.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700
1

      8762351                              .2500
      203,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8763231                              .2500
      390,400.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8765469                              .2500
      416,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8765833                              .2500
      361,250.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8766189                              .2500
      370,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8766243                              .2500
      214,500.00                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8766891                              .2500
      150,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8767101                              .2500
      648,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000
1

      8767241                              .2500
      182,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8767361                              .2500
      385,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8767403                              .2500
      399,900.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8768319                              .2500
      411,650.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8768575                              .2500
      350,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8769145                              .2500
      352,500.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8769147                              .2500
      510,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8769149                              .2500
      350,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450
1

      8769469                              .2500
      197,500.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8770061                              .2500
      407,900.00                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8770669                              .2500
      395,300.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8770675                              .2500
      378,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8770741                              .2500
      312,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8771037                              .2500
      468,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8772323                              .2500
      308,218.70                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8772421                              .2500
      480,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000
1

      8773561                              .2500
      415,200.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.5000                         .2950

      8777255                              .2500
      455,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8777347                              .2500
      875,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.5000                         .4200

      8777937                              .2500
      301,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8778343                              .2500
      365,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8780407                              .2500
      340,500.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8780427                              .2500
      377,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8786617                              .2500
      199,900.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450
1

      8787453                              .2500
      423,500.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8787497                              .2500
      400,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8787501                              .2500
      501,500.00                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8790325                              .2500
      500,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8790653                              .2500
      388,500.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8790659                              .2500
      380,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8790673                              .2500
      390,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8790677                              .2500
      500,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700
1

      8790681                              .2500
      400,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8790687                              .2500
      392,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8790691                              .2500
      399,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8791649                              .2500
      488,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

  TOTAL NUMBER OF LOANS:      978
  TOTAL BALANCE........:        410,977,069.16

1

  RUN ON     : 06/20/03            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 13.35.59            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S10       FIXED SUMMARY REPORT      CUTOFF : 06/01/03
  POOL       : 0004706
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ----------------------------------------------------------------------------
  CURR NOTE RATE                        5.9351            5.3750      6.8750
  RFC NET RATE                          5.6851            5.1250      6.6250
  NET MTG RATE(INVSTR RATE)             5.6148            5.0950      6.5450
  POST STRIP RATE                       5.4897            5.0950      5.5000
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0703             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .1251             .0000      1.0450

  TOTAL NUMBER OF LOANS:   978
  TOTAL BALANCE........:     410,977,069.16

                             ***************************
                             *      END OF REPORT      *
                             ***************************
1

  RUN ON     : 06/20/03           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 13.35.59          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S10                                 CUTOFF : 06/01/03
  POOL       : 0004706
             :
             :
  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 #
  ______________________________________________________________________________

    7967639          E82/G01             F          283,000.00         ZZ
                                         360        280,810.48          1
                                       6.875          1,859.11         85
                                       6.625          1,859.11
    WEST HOLLYWOOD   CA   90069          2            08/15/02         04
    0400668596                           01           10/01/02         12
    4915657                              O            09/01/32
    0

    8014173          624/G01             F           78,000.00         ZZ
                                         360         76,531.74          1
                                       6.500            493.01         83
                                       6.250            493.01
    HANFORD          CA   93230          2            08/21/02         11
    0434566436                           05           10/01/02         12
    1000008316                           O            09/01/32
    0

    8332772          E23/G01             F          312,000.00         ZZ
                                         360        309,895.06          1
                                       6.250          1,921.04         80
                                       6.000          1,921.04
    ROHNERT PARK     CA   94928          2            10/16/02         00
    0434821740                           05           12/01/02          0
    62003706                             O            11/01/32
    0

    8333270          E23/G01             F          390,000.00         ZZ
                                         360        387,366.84          1
                                       6.250          2,401.30         68
                                       6.000          2,401.30
    PETALUMA         CA   94952          1            10/01/02         00
    0435722038                           05           12/01/02          0
1

    62003585                             O            11/01/32
    0

    8353202          E23/G01             F          390,000.00         ZZ
                                         360        388,801.27          1
                                       5.875          2,307.00         70
                                       5.625          2,307.00
    CORONA           CA   92883          2            02/25/03         00
    0435568993                           03           04/01/03          0
    51025522                             O            03/01/33
    0

    8358516          420/G01             F          600,000.00         ZZ
                                         360        598,744.12          1
                                       5.750          3,501.44         75
                                       5.500          3,501.44
    SANTA ROSA       CA   95404          2            03/18/03         00
    0435586466                           05           05/01/03          0
    95300023                             O            04/01/33
    0

    8359306          E23/G01             F          396,000.00         ZZ
                                         360        395,133.03          1
                                       5.875          2,342.49         64
                                       5.625          2,342.49
    MORGAN HILL      CA   95037          2            03/24/03         00
    0435603543                           05           05/01/03          0
    63001121                             O            04/01/33
    0

    8359410          E23/G01             F          531,000.00         ZZ
                                         360        529,914.59          1
                                       5.875          3,141.07         80
                                       5.625          3,141.07
    SANTA CLARITA    CA   91350          2            03/01/03         00
    0435603790                           03           05/01/03          0
    51025224                             O            04/01/33
    0

    8359970          E23/G01             F          394,000.00         ZZ
                                         360        393,194.63          1
                                       5.875          2,330.66         74
                                       5.625          2,330.66
    PETALUMA         CA   94952          2            03/26/03         00
    0435599501                           05           05/01/03          0
    62006682                             O            04/01/33
    0

1

    8360592          E23/G01             F          362,000.00         ZZ
                                         360        361,201.40          1
                                       5.875          2,141.37         71
                                       5.625          2,141.37
    SANTA ROSA       CA   95403          2            03/26/03         00
    0435624747                           05           05/01/03          0
    62007012                             O            04/01/33
    0

    8361266          E23/G01             F          382,500.00         ZZ
                                         360        382,110.03          1
                                       5.875          2,262.63         36
                                       5.625          2,262.63
    GILROY           CA   95020          2            04/01/03         00
    0435651971                           05           06/01/03          0
    63001205                             O            05/01/33
    0

    8361456          E23/G01             F          385,000.00         ZZ
                                         360        384,598.03          1
                                       5.750          2,246.76         75
                                       5.500          2,246.76
    ROHNERT PARK     CA   94928          5            04/02/03         00
    0435672324                           05           06/01/03          0
    62006854                             O            05/01/33
    0

    8361542          E23/G01             F          385,000.00         ZZ
                                         360        384,607.48          1
                                       5.875          2,277.42         72
                                       5.625          2,277.42
    MISSION VIEJO    CA   92692          5            04/01/03         00
    0435627922                           03           06/01/03          0
    51025427                             O            05/01/33
    0

    8362502          E23/G01             F          570,500.00         ZZ
                                         360        569,904.37          1
                                       5.750          3,329.28         61
                                       5.500          3,329.28
    SAN DIEGO        CA   92103          2            04/03/03         00
    0435668587                           05           06/01/03          0
    62007127                             O            05/01/33
    0

    8363300          E23/G01             F          595,000.00         ZZ
                                         360        594,393.37          1
                                       5.875          3,519.65         80
                                       5.625          3,519.65
1

    MORGAN HILL      CA   95037          2            04/03/03         00
    0435702972                           03           06/01/03          0
    63001278                             O            05/01/33
    0

    8364240          N47/G01             F          380,000.00         ZZ
                                         360        379,621.71          1
                                       6.000          2,278.29         80
                                       5.750          2,278.29
    CHULA VISTA      CA   91911          2            04/11/03         00
    0435785217                           05           06/01/03          0
    30503269                             O            05/01/33
    0

    8364260          E23/G01             F          355,000.00         ZZ
                                         360        354,646.60          1
                                       6.000          2,128.40         57
                                       5.750          2,128.40
    SANTA CRUZ       CA   95060          2            04/16/03         00
    0435732805                           05           06/01/03          0
    63001514                             O            05/01/33
    0

    8364786          E23/G01             F          390,800.00         ZZ
                                         360        390,420.17          1
                                       6.125          2,374.54         80
                                       5.875          2,374.54
    IRVINE           CA   92620          1            04/21/03         00
    0435773973                           03           06/01/03          0
    51028894                             O            05/01/33
    0

    8365188          E23/G01             F          358,000.00         ZZ
                                         360        357,635.00          1
                                       5.875          2,117.71         56
                                       5.625          2,117.71
    PETALUMA         CA   94952          5            04/11/03         00
    0435752175                           03           06/01/03          0
    61010973                             O            05/01/33
    0

    8366046          E23/G01             F          396,000.00         ZZ
                                         360        395,596.26          1
                                       5.875          2,342.49         80
                                       5.625          2,342.49
    LA MESA          CA   91941          1            04/29/03         00
    0435769955                           05           06/01/03          0
    11019675                             O            05/01/33
    0
1

    8366732          N16/G01             F          275,000.00         ZZ
                                         360        274,712.88          1
                                       5.750          1,604.83         42
                                       5.500          1,604.83
    RANCHO SANTA MA  CA   92688          2            04/30/03         00
    0435783899                           05           06/09/03          0
    N16                                  O            05/09/33
    0

    8366990          N16/G01             F          427,000.00         ZZ
                                         360        426,554.18          1
                                       5.750          2,491.86         53
                                       5.500          2,491.86
    VENTURA          CA   93001          2            04/29/03         00
    0435808076                           05           06/08/03          0
    548631181                            O            05/08/33
    0

    8367360          E23/G01             F          377,000.00         ZZ
                                         360        376,615.63          1
                                       5.875          2,230.10         50
                                       5.625          2,230.10
    CARMEL VALLEY    CA   93924          2            04/21/03         00
    0435777727                           05           06/01/03          0
    63001435                             O            05/01/33
    0

    8367370          E23/G01             F          381,000.00         ZZ
                                         360        380,602.22          1
                                       5.750          2,223.41         48
                                       5.500          2,223.41
    LA JOLLA         CA   92037          2            04/24/03         00
    0435782859                           05           06/01/03          0
    11019259                             O            05/01/33
    0

    8367442          E23/G01             F          577,000.00         ZZ
                                         360        576,425.59          1
                                       6.000          3,459.41         77
                                       5.750          3,459.41
    RAMONA           CA   92065          2            04/30/03         00
    0435779194                           05           06/01/03          0
    11019097                             O            05/01/33
    0

    8367968          N16/G01             F          385,000.00         ZZ
                                         360        384,598.03          1
1

                                       5.750          2,246.76         45
                                       5.500          2,246.76
    JACKSON          WY   83001          2            04/25/03         00
    0435872981                           05           06/04/03          0
    520603647                            O            05/04/33
    0

    8368718          E23/G01             F          345,000.00         ZZ
                                         360        344,648.25          1
                                       5.875          2,040.81         47
                                       5.625          2,040.81
    CARMICHAEL       CA   95608          2            04/14/03         00
    0435817598                           03           06/01/03          0
    64001140                             O            05/01/33
    0

    8368722          E23/G01             F          349,500.00         ZZ
                                         360        349,168.38          1
                                       6.250          2,151.93         80
                                       6.000          2,151.93
    CHINO HILLS      CA   91709          2            04/29/03         00
    0435811963                           03           06/01/03          0
    51029056                             O            05/01/33
    0

    8370134          E23/G01             F          388,000.00         ZZ
                                         360        388,000.00          1
                                       5.750          2,264.26         80
                                       5.500          2,264.26
    EL CAJON         CA   92019          1            05/01/03         00
    0435901442                           05           07/01/03          0
    11019031                             O            06/01/33
    0

    8370230          E23/G01             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       5.875          2,034.89         73
                                       5.625          2,034.89
    COTATI           CA   94931          5            05/03/03         00
    0435874268                           05           07/01/03          0
    62007619                             O            06/01/33
    0

    8370316          E23/G01             F          118,000.00         ZZ
                                         360        118,000.00          1
                                       5.750            688.62         37
                                       5.500            688.62
    SEASIDE          CA   93955          2            05/05/03         00
    0435879978                           05           07/01/03          0
1

    63001537                             O            06/01/33
    0

    8370584          E23/G01             F          364,000.00         ZZ
                                         360        364,000.00          1
                                       6.125          2,211.70         31
                                       5.875          2,211.70
    SAN MARTIN       CA   95046          5            05/07/03         00
    0435882022                           05           07/01/03          0
    61009697                             O            06/01/33
    0

    8370614          E23/G01             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       5.875          2,034.89         80
                                       5.625          2,034.89
    WINDSOR          CA   95492          1            05/09/03         00
    0435882949                           05           07/01/03          0
    62007904                             O            06/01/33
    0

    8370790          E23/G01             F          391,000.00         ZZ
                                         360        391,000.00          1
                                       5.875          2,312.91         38
                                       5.625          2,312.91
    RANCHO SANTA FE  CA   92067          2            05/14/03         00
    0435884275                           03           07/01/03          0
    11020052                             O            06/01/33
    0

    8370890          H22/G01             F          600,000.00         ZZ
                                         240        600,000.00          1
                                       5.875          4,255.43         71
                                       5.625          4,255.43
    HOLLIS           NY   11423          1            05/23/03         00
    0435932041                           05           07/01/03          0
    0210011                              O            06/01/23
    0

    8370918          E23/G01             F          395,000.00         ZZ
                                         360        395,000.00          1
                                       5.750          2,305.11         52
                                       5.500          2,305.11
    ESCONDIDO        CA   92025          2            05/20/03         00
    0435892484                           05           07/01/03          0
    11019319                             O            06/01/33
    0

1

    8371498          111/111             F          336,000.00         ZZ
                                         360        335,640.79          1
                                       5.625          1,934.21         80
                                       5.375          1,934.21
    GARDENA          CA   90249          2            04/23/03         00
    682001170159                         01           06/01/03          0
    682001170159                         O            05/01/33
    0

    8371732          E23/G01             F          399,200.00         ZZ
                                         360        399,200.00          1
                                       5.750          2,329.62         80
                                       5.500          2,329.62
    SAN DIEGO        CA   92117          1            05/22/03         00
    0435896303                           05           07/01/03          0
    11020111                             O            06/01/33
    0

    8372392          E23/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       5.875          2,188.69         61
                                       5.625          2,188.69
    EL CAJON         CA   92019          5            05/13/03         00
    0435913595                           05           07/01/03          0
    11020155                             O            06/01/33
    0

    8436653          F28/G01             F          373,500.00         ZZ
                                         360        372,036.75          1
                                       6.125          2,269.43         42
                                       5.875          2,269.43
    CHICAGO          IL   60653          2            01/20/03         00
    0435357256                           05           03/01/03          0
    4261589                              O            02/01/33
    0

    8450295          W93/G01             F          371,000.00         ZZ
                                         360        369,886.43          1
                                       6.000          2,224.34         69
                                       5.750          2,224.34
    SAN DIEGO        CA   92129          2            02/03/03         00
    0435419452                           05           04/01/03          0
    28425638                             O            03/01/33
    0

    8483913          E22/G01             F          388,000.00         ZZ
                                         360        385,901.04          1
                                       5.875          2,295.17         80
                                       5.625          2,295.17
1

    CARMICHAEL       CA   95608          1            02/22/03         00
    0416261196                           05           04/01/03          0
    0416261196                           O            03/01/33
    0

    8484793          313/G01             F          377,000.00         ZZ
                                         360        375,523.02          1
                                       6.125          2,290.70         70
                                       5.875          2,290.70
    MEDWAY           MA   02053          2            01/24/03         00
    0435479068                           05           03/01/03          0
    9234337                              O            02/01/33
    0

    8487677          E82/G01             F          379,000.00         ZZ
                                         360        378,243.51          1
                                       6.000          2,272.30         69
                                       5.750          2,272.30
    MISSION VIEJO    CA   92692          2            02/26/03         00
    0400785788                           03           05/01/03          0
    8487677                              O            04/01/33
    0

    8498455          964/G01             F          382,000.00         ZZ
                                         360        380,642.68          1
                                       6.000          2,290.28         54
                                       5.750          2,290.28
    FREMONT          CA   94539          2            02/05/03         00
    0435500210                           05           04/01/03          0
    342037                               O            03/01/33
    0

    8502897          956/956             F          381,000.00         ZZ
                                         360        379,471.42          1
                                       6.000          2,284.29         64
                                       5.750          2,284.29
    PLEASANTON       CA   94588          5            01/12/03         00
    312120223                            03           03/01/03          0
    312120223                            O            02/01/33
    0

    8502961          956/956             F          365,000.00         ZZ
                                         360        363,512.17          1
                                       6.000          2,188.36         73
                                       5.750          2,188.36
    ESCONDIDO        CA   92025          2            01/17/03         00
    613010009                            05           03/01/03          0
    613010009                            O            02/01/33
    0
1

    8503337          956/956             F          371,500.00         ZZ
                                         360        369,973.80          1
                                       5.875          2,197.56         68
                                       5.625          2,197.56
    SCOTTS VALLEY    CA   95066          5            01/23/03         00
    1812120168                           05           03/01/03          0
    1812120168                           O            02/01/33
    0

    8504917          956/956             F          540,000.00         ZZ
                                         360        538,379.21          1
                                       6.000          3,237.57         45
                                       5.750          3,237.57
    PLEASANTON       CA   94566          2            02/11/03         00
    713010316                            03           04/01/03          0
    713010316                            O            03/01/33
    0

    8505209          956/956             F          385,000.00         ZZ
                                         360        383,844.43          1
                                       6.000          2,308.27         67
                                       5.750          2,308.27
    RANCHO PALOS VE  CA   90275          5            02/04/03         00
    1513010006                           05           04/01/03          0
    1513010006                           O            03/01/33
    0

    8505697          956/956             F          359,000.00         ZZ
                                         360        357,525.14          1
                                       5.875          2,123.62         72
                                       5.625          2,123.62
    HAYMARKET        VA   20169          2            01/31/03         00
    4313010544                           03           03/01/03          0
    4313010544                           O            02/01/33
    0

    8505705          956/956             F          542,000.00         ZZ
                                         360        539,825.52          1
                                       6.000          3,249.56         80
                                       5.750          3,249.56
    LONG BEACH       CA   90803          1            01/21/03         00
    4513010007                           05           03/01/03          0
    4513010007                           O            02/01/33
    0

    8505797          956/956             F          550,000.00         ZZ
                                         360        548,349.18          1
1

                                       6.000          3,297.53         40
                                       5.750          3,297.53
    ENCINITAS        CA   92024          2            02/12/03         00
    113010220                            05           04/01/03          0
    113010220                            O            03/01/33
    0

    8514981          964/G01             F          392,000.00         ZZ
                                         360        390,823.42          1
                                       6.000          2,350.24         80
                                       5.750          2,350.24
    FRESNO           CA   93720          1            02/25/03         00
    0435554761                           05           04/01/03          0
    345473                               O            03/01/33
    0

    8522667          E22/G01             F          940,000.00         ZZ
                                         360        938,032.47          1
                                       5.750          5,485.58         46
                                       5.500          5,485.58
    SAN JOSE         CA   95120          1            03/07/03         00
    0416469617                           05           05/01/03          0
    0416469617                           O            04/01/33
    0

    8522815          E82/G01             F          362,000.00         ZZ
                                         360        361,277.46          1
                                       6.000          2,170.37         69
                                       5.750          2,170.37
    TOPANGA          CA   90290          2            03/07/03         00
    0400796611                           05           05/01/03          0
    0400796611                           O            04/01/33
    0

    8526395          E82/G01             F          382,100.00         ZZ
                                         360        381,337.34          1
                                       6.000          2,290.88         77
                                       5.750          2,290.88
    FOLSOM           CA   95630          2            03/08/03         00
    0400761409                           05           05/01/03          0
    0400761409                           O            04/01/33
    0

    8528689          964/G01             F          368,000.00         ZZ
                                         360        367,247.78          1
                                       5.875          2,176.86         80
                                       5.625          2,176.86
    EL CERRITO       CA   94530          1            03/10/03         00
    0435543103                           05           05/01/03          0
1

    364621                               O            04/01/33
    0

    8529687          624/G01             F          380,000.00         ZZ
                                         360        378,859.45          1
                                       6.000          2,278.29         80
                                       5.750          2,278.29
    SCOTTS VALLEY    CA   95066          1            02/10/03         00
    0435521372                           05           04/01/03          0
    1000023400                           O            03/01/33
    0

    8536985          Q59/G01             F          390,000.00         ZZ
                                         360        389,202.81          1
                                       5.875          2,307.00         73
                                       5.625          2,307.00
    IRVINE           CA   92614          1            03/11/03         00
    0435553268                           05           05/01/03          0
    0000501719                           O            04/01/33
    0

    8539585          E22/G01             F          384,000.00         ZZ
                                         360        383,233.55          1
                                       6.000          2,302.27         53
                                       5.750          2,302.27
    SAN ANSELMO      CA   94960          2            03/06/03         00
    0416208221                           05           05/01/03          0
    0416208221                           O            04/01/33
    0

    8543555          956/956             F          370,000.00         ZZ
                                         360        368,889.45          1
                                       6.000          2,218.34         72
                                       5.750          2,218.34
    PASADENA         CA   91106          1            02/24/03         00
    813020047                            05           04/01/03          0
    813020047                            O            03/01/33
    0

    8543619          956/956             F          376,500.00         ZZ
                                         360        375,342.77          1
                                       5.875          2,227.14         54
                                       5.625          2,227.14
    TORRANCE         CA   90505          2            02/21/03         00
    1113020718                           05           04/01/03          0
    1113020718                           O            03/01/33
    0

1

    8543759          956/956             F          389,500.00         ZZ
                                         360        388,302.82          1
                                       5.875          2,304.04         68
                                       5.625          2,304.04
    SAN MATEO        CA   94401          5            02/11/03         00
    213010021                            05           04/01/03          0
    213010021                            O            03/01/33
    0

    8543789          956/956             F          394,000.00         ZZ
                                         360        390,695.51          1
                                       5.875          2,330.66         72
                                       5.625          2,330.66
    LAGUNA NIGUEL    CA   92677          2            02/26/03         00
    1913020020                           03           04/01/03          0
    1913020020                           O            03/01/33
    0

    8543791          956/956             F          368,000.00         ZZ
                                         360        366,841.81          1
                                       5.750          2,147.55         87
                                       5.500          2,147.55
    SANDY            UT   84092          2            02/25/03         01
    2213010188                           05           04/01/03         25
    2213010188                           O            03/01/33
    0

    8543873          956/956             F          597,000.00         ZZ
                                         360        595,165.04          1
                                       5.875          3,531.48         69
                                       5.625          3,531.48
    SAN CARLOS       CA   94070          2            02/14/03         00
    113010120                            05           04/01/03          0
    113010120                            O            03/01/33
    0

    8546167          B98/G01             F          391,000.00         ZZ
                                         360        390,219.57          1
                                       6.000          2,344.24         80
                                       5.750          2,344.24
    SAN FRANCISCO    CA   94122          1            03/12/03         00
    0435552765                           05           05/01/03          0
    S302509BL                            O            04/01/33
    0

    8548415          E22/G01             F          394,000.00         ZZ
                                         360        393,194.63          1
                                       5.875          2,330.66         59
                                       5.625          2,330.66
1

    CASTRO VALLEY    CA   94552          1            03/18/03         00
    0416002889                           03           05/01/03          0
    0416002889                           O            04/01/33
    0

    8550455          975/G01             F          395,000.00         ZZ
                                         360        394,192.59          1
                                       5.875          2,336.57         67
                                       5.625          2,336.57
    PLACENTIA        CA   92870          2            03/03/03         00
    0435559786                           03           05/01/03          0
    2030426                              O            04/01/33
    0

    8552855          975/G01             F          398,000.00         ZZ
                                         360        397,186.46          1
                                       5.875          2,354.32         71
                                       5.625          2,354.32
    SAN DIEGO        CA   92129          2            03/05/03         00
    0435566724                           03           05/01/03          0
    2031144                              O            04/01/33
    0

    8553241          964/G01             F          379,000.00         ZZ
                                         360        378,225.29          1
                                       5.875          2,241.93         70
                                       5.625          2,241.93
    SAN RAMON        CA   94583          2            03/14/03         00
    0435575766                           03           05/01/03          0
    358159                               O            04/01/33
    0

    8555185          E22/G01             F          357,000.00         ZZ
                                         360        355,766.93          1
                                       6.000          2,140.40         45
                                       5.750          2,140.40
    BURLINGAME       CA   94010          2            03/17/03         00
    0416169811                           05           05/01/03          0
    0416169811                           O            04/01/33
    0

    8555359          E22/G01             F          394,000.00         ZZ
                                         360        393,175.31          1
                                       5.750          2,299.28         52
                                       5.500          2,299.28
    BERKELEY         CA   94708          5            03/14/03         00
    0416424018                           05           05/01/03          0
    0416424018                           O            04/01/33
    0
1

    8555599          E22/G01             F          540,400.00         ZZ
                                         360        539,295.38          1
                                       5.875          3,196.67         70
                                       5.625          3,196.67
    POWELL BUTTE     OR   97753          1            03/17/03         00
    0416259083                           05           05/01/03          0
    0416259083                           O            04/01/33
    0

    8558101          E22/G01             F          964,000.00         ZZ
                                         360        962,029.51          1
                                       5.875          5,702.42         56
                                       5.625          5,702.42
    LOS GATOS        CA   95032          2            03/19/03         00
    0416349454                           03           05/01/03          0
    0416349454                           O            04/01/33
    0

    8559433          975/G01             F          397,600.00         ZZ
                                         360        396,787.28          1
                                       5.875          2,351.95         80
                                       5.625          2,351.95
    LOS ANGELES      CA   90019          1            03/18/03         00
    0435577580                           05           05/01/03          0
    2030736                              O            04/01/33
    0

    8559711          M40/G01             F          570,000.00         ZZ
                                         360        568,779.31          1
                                       6.000          3,417.44         75
                                       5.750          3,417.44
    NEWPORT BEACH    CA   92625          2            03/18/03         00
    0435571807                           01           05/01/03          0
    103071                               O            04/01/33
    0

    8560573          477/G01             F          558,000.00         ZZ
                                         360        556,859.41          1
                                       5.875          3,300.78         46
                                       5.625          3,300.78
    SARATOGA         CA   95070          2            03/04/03         00
    0435573787                           05           05/01/03          0
    228371                               O            04/01/33
    0

    8560589          025/G01             F          578,000.00         ZZ
                                         360        575,962.14          1
1

                                       6.000          3,465.40         62
                                       5.750          3,465.40
    OAKLAND          CA   94611          2            02/04/03         00
    0435673140                           05           04/01/03          0
    0132086612                           O            03/01/33
    0

    8560653          025/G01             F          644,000.00         ZZ
                                         360        641,291.09          1
                                       5.750          3,758.21         80
                                       5.500          3,758.21
    T/O CANANDAIGUA  NY   14424          2            01/16/03         00
    0435836606                           05           03/01/03          0
    0140377284                           O            02/01/33
    0

    8560679          025/G01             F          360,000.00         ZZ
                                         360        358,274.18          1
                                       6.250          2,216.58         50
                                       6.000          2,216.58
    WALNUT CREEK     CA   94595          5            12/20/02         00
    0435631759                           05           02/01/03          0
    0140737347                           O            01/01/33
    0

    8560697          025/G01             F          600,000.00         ZZ
                                         360        597,592.82          1
                                       6.000          3,597.30         58
                                       5.750          3,597.30
    TULSA            OK   74105          2            01/27/03         00
    0435666466                           05           03/01/03          0
    0131528176                           O            02/01/33
    0

    8560705          025/G01             F          388,000.00         ZZ
                                         360        385,633.41          1
                                       6.250          2,388.99         80
                                       6.000          2,388.99
    WAKE FOREST      NC   27587          2            12/20/02         00
    0435645346                           05           02/01/03          0
    0131838989                           O            01/01/33
    0

    8560813          025/G01             F          622,500.00         ZZ
                                         360        620,631.59          1
                                       6.000          3,732.20         74
                                       5.750          3,732.20
    LINCOLN          NE   68526          2            02/06/03         00
    0435669908                           05           04/01/03          0
1

    0141130740                           O            03/01/33
    0

    8560905          025/G01             F          370,000.00         ZZ
                                         360        367,433.47          1
                                       6.250          2,278.15         75
                                       6.000          2,278.15
    BROOKFIELD       WI   53005          5            02/11/03         00
    0435656566                           05           04/01/03          0
    0141135004                           O            03/01/33
    0

    8560917          025/G01             F          375,000.00         ZZ
                                         360        373,874.43          1
                                       6.000          2,248.32         73
                                       5.750          2,248.32
    SEATTLE          WA   98199          5            02/03/03         00
    0435644919                           05           04/01/03          0
    0141203570                           O            03/01/33
    0

    8560941          025/G01             F          380,000.00         ZZ
                                         360        378,804.04          1
                                       5.750          2,217.58         74
                                       5.500          2,217.58
    EL SEGUNDO       CA   90245          5            02/10/03         00
    0435632039                           05           04/01/03          0
    0141259606                           O            03/01/33
    0

    8561017          025/G01             F          374,500.00         ZZ
                                         360        372,704.65          1
                                       6.250          2,305.87         70
                                       6.000          2,305.87
    BONITA           CA   91902          2            12/12/02         00
    0435643044                           05           02/01/03          0
    0131936312                           O            01/01/33
    0

    8561085          025/G01             F          379,300.00         ZZ
                                         360        378,134.15          1
                                       5.875          2,243.71         79
                                       5.625          2,243.71
    MOUNTAIN VIEW    CA   94043          2            02/20/03         00
    0435638069                           01           04/01/03          0
    0141034009                           O            03/01/33
    0

1

    8561133          025/G01             F          645,000.00         ZZ
                                         360        642,532.78          1
                                       6.250          3,971.38         70
                                       6.000          3,971.38
    SAN DIEGO        CA   92130          2            01/15/03         00
    0435643879                           03           03/01/03          0
    0132010240                           O            02/01/33
    0

    8561155          025/G01             F          599,550.00         ZZ
                                         360        597,201.18          1
                                       6.125          3,642.93         80
                                       5.875          3,642.93
    LA JOLLA         CA   92037          2            01/24/03         00
    0435647300                           01           03/01/03          0
    0132024324                           O            02/01/33
    0

    8561223          025/G01             F          356,000.00         ZZ
                                         360        354,638.24          1
                                       6.250          2,191.96         80
                                       6.000          2,191.96
    SANTA CLARA      CA   95051          1            01/22/03         00
    0435665740                           09           03/01/03          0
    0132113655                           O            02/01/33
    0

    8561225          025/G01             F          398,000.00         ZZ
                                         360        396,574.73          1
                                       5.875          2,354.32         61
                                       5.625          2,354.32
    SANTA CLARA      CA   95051          5            02/12/03         00
    0435623905                           05           04/01/03          0
    0132114133                           O            03/01/33
    0

    8561293          025/G01             F          379,000.00         ZZ
                                         360        377,889.24          1
                                       6.125          2,302.85         52
                                       5.875          2,302.85
    ENCINITAS        CA   92024          1            02/26/03         00
    0435665922                           05           04/01/03          0
    0132158452                           O            03/01/33
    0

    8561323          025/G01             F          398,000.00         ZZ
                                         360        396,833.57          1
                                       6.125          2,418.29         50
                                       5.875          2,418.29
1

    CAMPBELL         CA   95008          1            02/04/03         00
    0435647573                           05           04/01/03          0
    0132180340                           O            03/01/33
    0

    8561331          025/G01             F          383,000.00         ZZ
                                         360        381,877.54          1
                                       6.125          2,327.15         53
                                       5.875          2,327.15
    PLEASANTON       CA   94588          2            02/20/03         00
    0435645254                           05           04/01/03          0
    0132180746                           O            03/01/33
    0

    8561333          025/G01             F          400,000.00         ZZ
                                         360        398,817.93          1
                                       6.250          2,462.87         80
                                       6.000          2,462.87
    SUNNYVALE        CA   94087          2            02/01/03         00
    0435646690                           05           04/01/03          0
    0132183666                           O            03/01/33
    0

    8561345          025/G01             F          372,000.00         ZZ
                                         360        370,909.74          1
                                       6.125          2,260.32         52
                                       5.875          2,260.32
    MENLO PARK       CA   94025          2            02/20/03         00
    0435647284                           05           04/01/03          0
    0132188236                           O            03/01/33
    0

    8561363          025/G01             F          394,000.00         ZZ
                                         360        392,760.00          1
                                       5.750          2,299.28         79
                                       5.500          2,299.28
    VISALIA          CA   93277          1            02/14/03         00
    0435644976                           05           04/01/03          0
    0132196056                           O            03/01/33
    0

    8561379          025/G01             F          390,000.00         ZZ
                                         360        388,337.73          1
                                       5.875          2,307.00         68
                                       5.625          2,307.00
    SCOTTS VALLEY    CA   95066          2            02/25/03         00
    0435645304                           05           04/01/03          0
    0132215161                           O            03/01/33
    0
1

    8561397          025/G01             F          528,000.00         ZZ
                                         360        526,519.07          1
                                       6.375          3,294.03         80
                                       6.125          3,294.03
    EL CAJON         CA   92021          1            02/10/03         00
    0435643424                           05           04/01/03          0
    0132240177                           O            03/01/33
    0

    8561423          025/G01             F          356,000.00         ZZ
                                         360        354,537.45          1
                                       5.875          2,105.88         80
                                       5.625          2,105.88
    CHULA VISTA      CA   91910          1            01/17/03         00
    0435657523                           05           03/01/03          0
    0132071317                           O            02/01/33
    0

    8561443          025/G01             F          370,800.00         ZZ
                                         360        369,347.32          1
                                       6.125          2,253.03         51
                                       5.875          2,253.03
    SAN CARLOS       CA   94070          2            01/27/03         00
    0435644927                           05           03/01/03          0
    0132084625                           O            02/01/33
    0

    8561477          025/G01             F          369,500.00         ZZ
                                         360        368,047.49          1
                                       6.125          2,245.13         57
                                       5.875          2,245.13
    MISSION VIEJO    CA   92692          2            01/16/03         00
    0435665914                           03           03/01/03          0
    0140822040                           O            02/01/33
    0

    8561501          025/G01             F          351,000.00         ZZ
                                         360        349,357.12          1
                                       6.375          2,189.79         90
                                       6.125          2,189.79
    TINLEY PARK      IL   60463          1            01/03/03         14
    0435645452                           05           02/01/03         25
    0140964008                           O            01/01/33
    0

    8562543          X51/G01             F          395,000.00         ZZ
                                         360        394,192.59          1
1

                                       5.875          2,336.57         79
                                       5.625          2,336.57
    SAN FRANCISCO    CA   94112          2            03/20/03         00
    0435577705                           05           05/01/03          0
    0030306000                           O            04/01/33
    0

    8562971          X89/G01             F          380,000.00         ZZ
                                         360        379,223.26          1
                                       5.875          2,247.84         58
                                       5.625          2,247.84
    FREMONT          CA   94536          5            03/09/03         00
    0435690003                           05           05/01/03          0
    1010242507                           O            04/01/33
    0

    8564669          964/G01             F          587,500.00         ZZ
                                         360        586,299.09          1
                                       5.875          3,475.29         79
                                       5.625          3,475.29
    SAN JOSE         CA   95126          2            03/05/03         00
    0435578422                           05           05/01/03          0
    327181                               O            04/01/33
    0

    8564683          964/G01             F          392,000.00         ZZ
                                         360        390,866.06          1
                                       6.000          2,350.24         47
                                       5.750          2,350.24
    FREMONT          CA   94539          2            02/28/03         00
    0435694229                           05           05/01/03          0
    347642                               O            04/01/33
    0

    8565073          E22/G01             F          376,000.00         ZZ
                                         360        375,231.43          3
                                       5.875          2,224.18         66
                                       5.625          2,224.18
    SAN DIEGO        CA   92103          2            03/18/03         00
    0416345502                           05           05/01/03          0
    0416345502                           O            04/01/33
    0

    8565199          E22/G01             F          385,000.00         ZZ
                                         360        384,194.14          1
                                       5.750          2,246.76         80
                                       5.500          2,246.76
    CLAYTON          CA   94517          1            03/21/03         00
    0416443539                           09           05/01/03          0
1

    0416443539                           O            04/01/33
    0

    8565397          E22/G01             F          881,000.00         ZZ
                                         360        879,241.53          1
                                       6.000          5,282.04         37
                                       5.750          5,282.04
    ASPEN            CO   81611          2            03/24/03         00
    0416060564                           05           05/01/03          0
    0416060564                           O            04/01/33
    0

    8565435          E22/G01             F          381,000.00         ZZ
                                         360        380,239.52          1
                                       6.000          2,284.29         65
                                       5.750          2,284.29
    SALINAS          CA   93907          2            03/16/03         00
    0416175792                           03           05/01/03          0
    0416175792                           O            04/01/33
    0

    8565613          X51/G01             F          390,000.00         ZZ
                                         360        389,202.81          1
                                       5.875          2,307.00         46
                                       5.625          2,307.00
    PALOS VERDES PE  CA   90274          5            03/22/03         00
    0435578091                           05           05/01/03          0
    0030207021                           O            04/01/33
    0

    8567115          964/G01             F          528,500.00         ZZ
                                         360        527,419.70          1
                                       5.875          3,126.28         37
                                       5.625          3,126.28
    PALO ALTO        CA   94301          2            03/12/03         00
    0435580188                           05           05/01/03          0
    355713                               O            04/01/33
    0

    8568995          E22/G01             F          389,000.00         ZZ
                                         360        388,204.86          1
                                       5.875          2,301.08         63
                                       5.625          2,301.08
    AGOURA HILLS     CA   91301          2            03/25/03         00
    0416304152                           05           05/01/03          0
    0416304152                           O            04/01/33
    0

1

    8569355          E22/G01             F          390,000.00         ZZ
                                         360        389,202.81          1
                                       5.875          2,307.00         61
                                       5.625          2,307.00
    APTOS            CA   95003          2            03/20/03         00
    0416057883                           05           05/01/03          0
    0416057883                           O            04/01/33
    0

    8570563          X89/G01             F          395,000.00         ZZ
                                         360        393,029.17          1
                                       5.875          2,336.57         49
                                       5.625          2,336.57
    SAN DIEGO        CA   92130          5            03/10/03         00
    0435618038                           03           05/01/03          0
    1010242465                           O            04/01/33
    0

    8570633          X51/G01             F          394,500.00         ZZ
                                         360        393,693.61          1
                                       5.875          2,333.62         67
                                       5.625          2,333.62
    THOUSAND OAKS    CA   91320          5            03/26/03         00
    0435579248                           05           05/01/03          0
    0030311002                           O            04/01/33
    0

    8571473          X51/G01             F          375,000.00         ZZ
                                         360        374,233.47          1
                                       5.875          2,218.27         75
                                       5.625          2,218.27
    SAN JOSE         CA   95123          5            03/26/03         00
    0435580428                           05           05/01/03          0
    0030311011                           O            04/01/33
    0

    8572029          T53/G01             F          394,720.00         ZZ
                                         360        393,893.80          1
                                       5.750          2,303.48         69
                                       5.500          2,303.48
    YORBA LINDA      CA   92887          2            03/20/03         00
    0435696794                           05           05/01/03          0
    01002368                             O            04/01/33
    0

    8572411          313/G01             F          640,300.00         ZZ
                                         360        636,365.25          1
                                       6.125          3,890.54         75
                                       5.875          3,890.54
1

    VALENCIA         CA   91355          2            02/27/03         00
    0435581319                           03           04/01/03          0
    9358722                              O            03/01/33
    0

    8572429          313/G01             F          640,500.00         ZZ
                                         360        632,557.16          1
                                       5.875          3,788.80         59
                                       5.625          3,788.80
    BUENA PARK       CA   90621          2            03/01/03         00
    0435592175                           05           05/01/03          0
    8882037                              O            04/01/33
    0

    8572433          313/G01             F          600,000.00         ZZ
                                         360        598,773.55          1
                                       5.875          3,549.23         32
                                       5.625          3,549.23
    MELROSE          MA   02176          2            03/06/03         00
    0435582473                           05           05/01/03          0
    9379397                              O            04/01/33
    0

    8573245          E22/G01             F          380,000.00         ZZ
                                         360        378,969.87          1
                                       5.875          2,247.84         66
                                       5.625          2,247.84
    SAN JOSE         CA   95133          2            03/20/03         00
    0416286243                           05           05/01/03          0
    0416286243                           O            04/01/33
    0

    8578747          S11/G01             F          395,000.00         ZZ
                                         360        393,135.58          1
                                       5.500          2,242.77         69
                                       5.250          2,242.77
    HUNTINGTON BEAC  CA   92646          2            03/12/03         00
    0435605068                           05           05/01/03          0
    10211255                             O            04/01/33
    0

    8579935          D03/D03             F          533,000.00         ZZ
                                         360        531,857.71          1
                                       5.625          3,068.25         69
                                       5.375          3,068.25
    MENLO PARK       CA   94025          2            03/21/03         00
    529291030003163                      05           05/01/03          0
    529291030003163                      O            04/01/33
    0
1

    8581415          944/G01             F          397,000.00         ZZ
                                         360        396,169.02          1
                                       5.750          2,316.79         70
                                       5.500          2,316.79
    LOS ALAMITOS     CA   90720          2            03/20/03         00
    0435596887                           05           05/01/03          0
    W01655421                            O            04/01/33
    0

    8582113          A06/G01             F          597,000.00         ZZ
                                         360        595,779.68          1
                                       5.875          3,531.48         42
                                       5.625          3,531.48
    BIRMINGHAM       MI   48009          2            03/28/03         00
    0435598545                           05           05/01/03          0
    021000020306873                      O            04/01/33
    0

    8582169          964/G01             F          379,000.00         ZZ
                                         360        378,225.29          1
                                       5.875          2,241.93         69
                                       5.625          2,241.93
    OAKLAND          CA   94619          2            03/21/03         00
    0435593058                           05           05/01/03          0
    318352                               O            04/01/33
    0

    8584489          E22/G01             F          372,000.00         ZZ
                                         360        371,239.60          1
                                       5.875          2,200.52         60
                                       5.625          2,200.52
    PLEASANTON       CA   94588          2            03/26/03         00
    0416360071                           05           05/01/03          0
    0416360071                           O            04/01/33
    0

    8584553          E22/G01             F          365,500.00         ZZ
                                         360        364,752.89          1
                                       5.875          2,162.07         80
                                       5.625          2,162.07
    SAN FRANCISCO    CA   94132          2            03/27/03         00
    0416432102                           05           05/01/03          0
    0416432102                           O            04/01/33
    0

    8587979          Y23/G01             F          131,000.00         TX
                                         360        130,738.51          1
1

                                       6.000            785.42         80
                                       5.750            785.42
    MESQUITE         TX   75181          2            03/28/03         00
    0435971890                           05           05/01/03          0
    1000182992                           O            04/01/33
    0

    8588111          X51/G01             F          375,000.00         ZZ
                                         360        374,617.67          1
                                       5.875          2,218.27         62
                                       5.625          2,218.27
    MILLBRAE         CA   94030          2            03/28/03         00
    0435598594                           05           06/01/03          0
    0030303000                           O            05/01/33
    0

    8588699          E22/G01             F          374,600.00         ZZ
                                         360        373,834.29          1
                                       5.875          2,215.90         75
                                       5.625          2,215.90
    SANTA ROSA       CA   95401          5            03/24/03         00
    0416449718                           05           05/01/03          0
    0416449718                           O            04/01/33
    0

    8589723          964/G01             F          375,200.00         ZZ
                                         360        374,395.90          1
                                       5.625          2,159.86         80
                                       5.375          2,159.86
    EL DORADO HILLS  CA   95762          1            03/18/03         00
    0435594338                           05           05/01/03          0
    354665                               O            04/01/33
    0

    8589983          025/G01             F          364,000.00         ZZ
                                         360        361,602.08          1
                                       6.375          2,270.89         71
                                       6.125          2,270.89
    BASALT           CO   81621          2            10/28/02         00
    0435723887                           03           12/01/02          0
    0131559460                           O            11/01/32
    0

    8590221          N47/G01             F          382,000.00         ZZ
                                         360        381,237.54          1
                                       6.000          2,290.28         77
                                       5.750          2,290.28
    LOS ANGELES      CA   90066          2            03/26/03         00
    0435641105                           05           05/01/03          0
1

    30502904                             O            04/01/33
    0

    8590579          B98/G01             F          371,900.00         ZZ
                                         360        371,139.80          1
                                       5.875          2,199.93         80
                                       5.625          2,199.93
    ORANGE           CA   92869          1            03/10/03         00
    0435630017                           05           05/01/03          0
    RC302111JPS                          O            04/01/33
    0

    8591585          964/G01             F          594,000.00         ZZ
                                         360        592,785.80          1
                                       5.875          3,513.74         60
                                       5.625          3,513.74
    TIBURON          CA   94920          2            03/24/03         00
    0435615166                           05           05/01/03          0
    359822                               O            04/01/33
    0

    8591699          964/G01             F          600,000.00         ZZ
                                         360        598,546.53          1
                                       5.750          3,501.44         50
                                       5.500          3,501.44
    SARATOGA         CA   95070          2            03/24/03         00
    0435609979                           05           05/01/03          0
    374945                               O            04/01/33
    0

    8591735          964/G01             F          382,000.00         ZZ
                                         360        381,237.54          1
                                       6.000          2,290.28         76
                                       5.750          2,290.28
    SAN JOSE         CA   95124          2            03/21/03         00
    0435623350                           05           05/01/03          0
    359150                               O            04/01/33
    0

    8591747          964/G01             F          357,000.00         ZZ
                                         360        356,134.44          1
                                       5.625          2,055.09         53
                                       5.375          2,055.09
    LONG BEACH       CA   90807          2            03/25/03         00
    0435629514                           05           05/01/03          0
    362036                               O            04/01/33
    0

1

    8591751          964/G01             F          391,000.00         ZZ
                                         360        390,200.77          1
                                       5.875          2,312.91         63
                                       5.625          2,312.91
    LIVERMORE        CA   94550          2            03/18/03         00
    0435621115                           05           05/01/03          0
    364320                               O            04/01/33
    0

    8592391          E22/G01             F          388,000.00         ZZ
                                         360        387,613.74          1
                                       6.000          2,326.26         69
                                       5.750          2,326.26
    EL GRANADA       CA   94018          2            03/26/03         00
    0416358596                           05           06/01/03          0
    0416358596                           O            05/01/33
    0

    8592433          E82/G01             F          389,900.00         ZZ
                                         360        389,502.48          1
                                       5.875          2,306.41         59
                                       5.625          2,306.41
    SOUTH PASADENA   CA   91030          2            04/01/03         00
    0400810479                           05           06/01/03          0
    0400810479                           O            05/01/33
    0

    8592529          E22/G01             F          399,000.00         ZZ
                                         360        398,184.41          1
                                       5.875          2,360.24         72
                                       5.625          2,360.24
    ESCONDIDO        CA   92026          2            03/27/03         00
    0416452183                           03           05/01/03          0
    0416452183                           O            04/01/33
    0

    8592663          E22/G01             F        1,000,000.00         ZZ
                                         360        998,955.94          1
                                       5.750          5,835.73         59
                                       5.500          5,835.73
    MILLBURN TWP     NJ   07078          2            04/02/03         00
    0416550671                           05           06/01/03          0
    0416550671                           O            05/01/33
    0

    8592829          E22/G01             F          390,500.00         ZZ
                                         360        389,682.64          1
                                       5.750          2,278.85         52
                                       5.500          2,278.85
1

    MISSION VIEJO    CA   92692          5            03/26/03         00
    0416620334                           03           05/01/03          0
    0416620334                           O            04/01/33
    0

    8592931          E22/G01             F          394,000.00         ZZ
                                         360        393,194.63          1
                                       5.875          2,330.66         72
                                       5.625          2,330.66
    CARLSBAD         CA   92008          2            03/20/03         00
    0416520401                           03           05/01/03          0
    0416520401                           O            04/01/33
    0

    8593705          A35/G01             F          600,000.00         ZZ
                                         360        599,388.27          1
                                       5.875          3,549.23         73
                                       5.625          3,549.23
    WEST ISLIP       NY   11795          2            03/31/03         00
    0435677950                           05           06/01/03          0
    1                                    O            05/01/33
    0

    8595791          E22/G01             F          644,000.00         ZZ
                                         360        643,327.62          1
                                       5.750          3,758.21         50
                                       5.500          3,758.21
    LOS ALTOS        CA   94024          2            04/02/03         00
    0416382141                           05           06/01/03          0
    0416382141                           O            05/01/33
    0

    8595835          E22/G01             F          399,900.00         ZZ
                                         360        399,042.96          1
                                       5.625          2,302.05         59
                                       5.375          2,302.05
    SAN FRANCISCO    CA   94116          1            03/21/03         00
    0416459451                           05           05/01/03          0
    0416459451                           O            04/01/33
    0

    8595885          E22/G01             F          395,000.00         ZZ
                                         360        394,173.22          1
                                       5.750          2,305.11         35
                                       5.500          2,305.11
    SARATOGA         CA   95070          2            03/20/03         00
    0416502391                           05           05/01/03          0
    0416502391                           O            04/01/33
    0
1

    8595915          E22/G01             F          360,000.00         ZZ
                                         360        359,246.48          1
                                       5.750          2,100.86         52
                                       5.500          2,100.86
    DANA POINT       CA   92624          5            03/21/03         00
    0416549665                           05           05/01/03          0
    0416549665                           O            04/01/33
    0

    8596827          N47/G01             F          650,000.00         ZZ
                                         360        649,337.29          1
                                       5.875          3,845.00         69
                                       5.625          3,845.00
    RANCHO PALOS VE  CA   90275          2            04/02/03         00
    0435671045                           05           06/01/03          0
    30503804                             O            05/01/33
    0

    8596925          G51/G01             F          376,000.00         ZZ
                                         360        375,616.65          1
                                       5.875          2,224.18         80
                                       5.625          2,224.18
    REDONDO BEACH    CA   90277          1            04/01/03         00
    0435620620                           29           06/01/03          0
    20005089                             O            05/01/33
    0

    8599413          E82/G01             F          250,100.00         ZZ
                                         360        249,856.92          1
                                       6.125          1,519.63         48
                                       5.875          1,519.63
    NEWTON           MA   02466          2            04/04/03         00
    0400766242                           05           06/01/03          0
    0400766242                           O            05/01/33
    0

    8599415          E82/G01             F          383,450.00         ZZ
                                         360        383,077.31          1
                                       6.125          2,329.88         68
                                       5.875          2,329.88
    FULLERTON        CA   92835          2            04/04/03         00
    0400784997                           03           06/01/03          0
    0400784997                           O            05/01/33
    0

    8599643          E82/G01             F          357,800.00         ZZ
                                         360        357,435.21          1
1

                                       5.875          2,116.52         69
                                       5.625          2,116.52
    SAN RAMON        CA   94583          2            04/03/03         00
    0400805578                           05           06/01/03          0
    0400805578                           O            05/01/33
    0

    8600181          T53/G01             F          395,650.00         ZZ
                                         360        394,860.27          1
                                       6.000          2,372.13         66
                                       5.750          2,372.13
    LA VERNE         CA   91750          2            03/26/03         00
    0435664081                           03           05/01/03          0
    31002002                             O            04/01/33
    0

    8600431          964/G01             F          395,000.00         ZZ
                                         360        394,192.57          1
                                       5.875          2,336.58         72
                                       5.625          2,336.58
    DIAMOND BAR      CA   91765          2            03/28/03         00
    0435679055                           05           05/01/03          0
    362337                               O            04/01/33
    0

    8600771          M24/G01             F          385,000.00         ZZ
                                         360        384,616.73          1
                                       6.000          2,308.27         62
                                       5.750          2,308.27
    WHITTIER         CA   90601          2            04/04/03         00
    0435662713                           03           06/01/03          0
    021210842                            O            05/01/33
    0

    8604339          E22/G01             F          396,500.00         ZZ
                                         360        396,095.75          1
                                       5.875          2,345.45         56
                                       5.625          2,345.45
    SAN JOSE         CA   95127          2            04/02/03         00
    0416349504                           05           06/01/03          0
    0416349504                           O            05/01/33
    0

    8604475          E22/G01             F          356,000.00         ZZ
                                         360        355,637.05          1
                                       5.875          2,105.87         80
                                       5.625          2,105.87
    SANTA CLARA      CA   95051          1            04/03/03         00
    0416651669                           05           06/01/03          0
1

    0416651669                           O            05/01/33
    0

    8609853          W53/G01             F          356,000.00         ZZ
                                         360        355,322.66          1
                                       6.250          2,191.96         75
                                       6.000          2,191.96
    CERRITOS         CA   90703          2            03/05/03         00
    0435652714                           05           05/01/03          0
    1501102611                           O            04/01/33
    0

    8610935          W53/G01             F          600,000.00         ZZ
                                         360        598,744.12          1
                                       5.750          3,501.44         58
                                       5.500          3,501.44
    DANA POINT       CA   92624          2            03/13/03         00
    0435651856                           05           05/01/03          0
    1501103054                           O            04/01/33
    0

    8612001          B98/G01             F          399,000.00         ZZ
                                         360        398,222.40          1
                                       6.125          2,424.37         58
                                       5.875          2,424.37
    MORGAN HILL      CA   95037          2            03/21/03         00
    0435683842                           05           05/01/03          0
    R302026VN                            O            04/01/33
    0

    8612881          964/G01             F          384,700.00         ZZ
                                         360        384,317.03          1
                                       6.000          2,306.47         72
                                       5.750          2,306.47
    RANCHO MURIETA   CA   95683          2            03/31/03         00
    0435665856                           03           06/01/03          0
    323346                               O            05/01/33
    0

    8612945          964/G01             F          388,000.00         ZZ
                                         360        387,594.91          1
                                       5.750          2,264.26         69
                                       5.500          2,264.26
    SAN FRANCISCO    CA   94110          2            04/03/03         00
    0435676531                           01           06/01/03          0
    380547                               O            05/01/33
    0

1

    8613879          E82/G01             F          388,300.00         ZZ
                                         360        387,894.59          1
                                       5.750          2,266.01         75
                                       5.500          2,266.01
    SAN CLEMENTE     CA   92672          2            04/08/03         00
    0400805107                           05           06/01/03          0
    0400805107                           O            05/01/33
    0

    8616621          X51/G01             F          394,000.00         ZZ
                                         360        393,588.64          1
                                       5.750          2,299.28         57
                                       5.500          2,299.28
    LAGUNA HILLS     CA   92653          2            04/11/03         00
    0435670906                           05           06/01/03          0
    0030307013                           O            05/01/33
    0

    8618719          E22/G01             F          360,000.00         ZZ
                                         300        359,470.44          1
                                       5.875          2,292.06         68
                                       5.625          2,292.06
    HOLLISTER        CA   95023          2            04/03/03         00
    0416674729                           05           06/01/03          0
    0416674729                           O            05/01/28
    0

    8618921          E22/G01             F          570,000.00         ZZ
                                         360        569,404.88          1
                                       5.750          3,326.37         79
                                       5.500          3,326.37
    CASTRO VALLEY    CA   94552          2            04/03/03         00
    0416462810                           03           06/01/03          0
    0416462810                           O            05/01/33
    0

    8618953          E22/G01             F          646,000.00         ZZ
                                         360        645,325.54          1
                                       5.750          3,769.88         52
                                       5.500          3,769.88
    SAN DIEGO        CA   92103          2            04/10/03         00
    0416516508                           05           06/01/03          0
    0416516508                           O            05/01/33
    0

    8618965          E22/G01             F          399,000.00         ZZ
                                         360        398,593.20          1
                                       5.875          2,360.24         60
                                       5.625          2,360.24
1

    LOS ANGELES      CA   90045          5            04/07/03         00
    0416534212                           05           06/01/03          0
    0416534212                           O            05/01/33
    0

    8618991          E22/G01             F        1,000,000.00         ZZ
                                         360        999,004.49          1
                                       6.000          5,995.51         47
                                       5.750          5,995.51
    SAN FRANCISCO    CA   94115          5            04/04/03         00
    0416569077                           05           06/01/03          0
    0416569077                           O            05/01/33
    0

    8619657          S11/G01             F          371,000.00         ZZ
                                         360        370,259.49          1
                                       6.000          2,224.33         58
                                       5.750          2,224.33
    HUNTINGTON BEAC  CA   92648          2            03/31/03         00
    0435712492                           05           05/01/03          0
    10211317                             O            04/01/33
    0

    8619955          E82/G01             F          367,700.00         ZZ
                                         360        367,325.12          1
                                       5.875          2,175.08         49
                                       5.625          2,175.08
    MONTEREY         CA   93940          2            04/10/03         00
    0400813879                           05           06/01/03          0
    0400813879                           O            05/01/33
    0

    8620061          E82/G01             F          380,000.00         ZZ
                                         360        379,621.71          1
                                       6.000          2,278.29         43
                                       5.750          2,278.29
    LOS ANGELES      CA   91403          2            04/10/03         00
    0400798757                           05           06/01/03          0
    0400798757                           O            05/01/33
    0

    8620919          Q59/G01             F          348,000.00         ZZ
                                         360        347,653.56          1
                                       6.000          2,086.44         80
                                       5.750          2,086.44
    NORTHRIDGE       CA   91324          2            04/08/03         00
    0435705207                           05           06/01/03          0
    0000502228                           O            05/01/33
    0
1

    8621047          N47/G01             F          395,000.00         ZZ
                                         360        394,606.78          1
                                       6.000          2,368.22         41
                                       5.750          2,368.22
    CUPERTINO        CA   95014          2            04/10/03         00
    0435715578                           05           06/01/03          0
    30503842                             O            05/01/33
    0

    8621403          A39/G01             F          390,000.00         ZZ
                                         360        389,620.95          1
                                       6.125          2,369.68         56
                                       5.875          2,369.68
    TARZANA          CA   91356          2            04/07/03         00
    0435704317                           05           06/01/03          0
    2300634RFC                           O            05/01/33
    0

    8622453          E82/G01             F          394,500.00         ZZ
                                         360        394,097.79          1
                                       5.875          2,333.62         54
                                       5.625          2,333.62
    BERKELEY         CA   94707          2            04/11/03         00
    0400805685                           05           06/01/03          0
    0400805685                           O            05/01/33
    0

    8622769          420/G01             F          363,750.00         ZZ
                                         360        363,370.22          1
                                       5.750          2,122.75         75
                                       5.500          2,122.75
    NAPA             CA   94558          5            04/01/03         00
    0435680301                           05           06/01/03          0
    83000071                             O            05/01/33
    0

    8622929          E22/G01             F          392,000.00         ZZ
                                         360        391,609.76          1
                                       6.000          2,350.24         75
                                       5.750          2,350.24
    PETALUMA         CA   94952          2            04/02/03         00
    0416308864                           05           06/01/03          0
    0416308864                           O            05/01/33
    0

    8623117          E22/G01             F          387,000.00         ZZ
                                         360        386,605.44          1
1

                                       5.875          2,289.25         70
                                       5.625          2,289.25
    CASTRO VALLEY    CA   94546          5            04/09/03         00
    0416543734                           05           06/01/03          0
    0416543734                           O            05/01/33
    0

    8623155          E22/G01             F          647,000.00         ZZ
                                         360        646,324.49          1
                                       5.750          3,775.72         48
                                       5.500          3,775.72
    ORINDA           CA   94563          2            04/09/03         00
    0416575488                           05           06/01/03          0
    0416575488                           O            05/01/33
    0

    8623339          E22/G01             F          600,000.00         ZZ
                                         360        599,416.84          1
                                       6.125          3,645.66         80
                                       5.875          3,645.66
    SAN FRANCISCO    CA   94131          1            04/10/03         00
    0416684942                           05           06/01/03          0
    0416684942                           O            05/01/33
    0

    8623403          E22/G01             F          582,000.00         ZZ
                                         360        581,406.62          1
                                       5.875          3,442.75         37
                                       5.625          3,442.75
    CORONA DEL MAR   CA   92625          2            04/09/03         00
    0416270585                           03           06/01/03          0
    0416270585                           O            05/01/33
    0

    8623857          N47/G01             F          373,000.00         ZZ
                                         360        372,637.46          1
                                       6.125          2,266.39         72
                                       5.875          2,266.39
    CHULA VISTA      CA   91913          2            04/10/03         00
    0435743158                           05           06/01/03          0
    30503636                             O            05/01/33
    0

    8624047          964/G01             F          600,000.00         ZZ
                                         360        599,388.27          1
                                       5.875          3,549.23         59
                                       5.625          3,549.23
    SARATOGA         CA   95070          2            03/31/03         00
    0435681242                           05           06/01/03          0
1

    359539                               O            05/01/33
    0

    8624057          964/G01             F          355,000.00         ZZ
                                         360        354,646.60          1
                                       6.000          2,128.40         44
                                       5.750          2,128.40
    ALISO VIEJO      CA   92656          2            04/03/03         00
    0435695010                           03           06/01/03          0
    365532                               O            05/01/33
    0

    8626921          E22/G01             F          385,000.00         ZZ
                                         360        384,616.73          1
                                       6.000          2,308.27         72
                                       5.750          2,308.27
    CASTRO VALLEY    CA   94552          2            04/07/03         00
    0416503134                           05           06/01/03          0
    0416503134                           O            05/01/33
    0

    8627785          B57/G01             F          393,750.00         ZZ
                                         360        393,348.55          1
                                       5.875          2,329.18         75
                                       5.625          2,329.18
    LOS ANGELES      CA   90038          1            04/08/03         00
    0435720032                           05           06/01/03          0
    10011650                             O            05/01/33
    0

    8629061          601/G01             F          342,600.00         ZZ
                                         360        341,932.32          1
                                       6.125          2,081.68         95
                                       5.875          2,081.68
    CUMMING          GA   30041          1            03/21/03         10
    0435722178                           03           05/01/03         30
    62623699                             O            04/01/33
    0

    8629403          E82/G01             F          350,000.00         ZZ
                                         360        349,659.82          1
                                       6.125          2,126.64         70
                                       5.875          2,126.64
    LEXINGTON        MA   02173          5            04/11/03         00
    0400793717                           05           06/01/03          0
    0400793717                           O            05/01/33
    0

1

    8629713          E22/G01             F          391,000.00         ZZ
                                         360        390,601.36          1
                                       5.875          2,312.91         80
                                       5.625          2,312.91
    SAN FRANCISCO    CA   94134          2            04/10/03         00
    0416642288                           05           06/01/03          0
    0416642288                           O            05/01/33
    0

    8629899          E22/G01             F          120,000.00         ZZ
                                         360        119,877.65          1
                                       5.875            709.85         80
                                       5.625            709.85
    HEMET            CA   92544          2            04/07/03         00
    0416724581                           05           06/01/03          0
    0416724581                           O            05/01/33
    0

    8631123          N47/G01             F          388,000.00         ZZ
                                         360        387,604.41          1
                                       5.875          2,295.17         52
                                       5.625          2,295.17
    WATSONVILLE      CA   95076          5            04/08/03         00
    0435723259                           05           06/01/03          0
    20504581                             O            05/01/33
    0

    8631391          964/G01             F          376,750.00         ZZ
                                         360        376,374.94          1
                                       6.000          2,258.81         72
                                       5.750          2,258.81
    ORANGE           CA   92869          2            04/02/03         00
    0435734272                           05           06/01/03          0
    372089                               O            05/01/33
    0

    8631399          964/G01             F          396,000.00         ZZ
                                         360        395,605.78          1
                                       6.000          2,374.22         74
                                       5.750          2,374.22
    FAIRFAX          CA   94930          2            04/06/03         00
    0435718028                           05           06/01/03          0
    373554                               O            05/01/33
    0

    8631401          964/G01             F          362,700.00         ZZ
                                         360        362,330.21          1
                                       5.875          2,145.51         65
                                       5.625          2,145.51
1

    SEBASTOPOL       CA   95472          5            04/03/03         00
    0435716915                           05           06/01/03          0
    374285                               O            05/01/33
    0

    8632019          E82/G01             F          387,900.00         ZZ
                                         360        387,504.52          1
                                       5.875          2,294.57         80
                                       5.625          2,294.57
    SAN JOSE         CA   95127          2            04/15/03         00
    0400805628                           03           06/01/03          0
    0400805628                           O            05/01/33
    0

    8632703          E22/G01             F          364,000.00         ZZ
                                         360        361,362.06          1
                                       6.125          2,211.70         80
                                       5.875          2,211.70
    SAMMAMISH        WA   98074          2            04/13/03         00
    0416633014                           05           06/01/03          0
    0416633014                           O            05/01/33
    0

    8633691          356/356             F          396,000.00         ZZ
                                         360        395,272.43          1
                                       6.250          2,438.25         64
                                       6.000          2,438.25
    MORGAN HILL      CA   95037          2            03/26/03         00
    29020476                             05           06/01/03          0
    29020476                             O            05/01/33
    0

    8633709          601/G01             F          386,750.00         ZZ
                                         360        386,028.23          1
                                       6.375          2,412.82         63
                                       6.125          2,412.82
    TRENTON          WI   53095          2            03/07/03         00
    0435715537                           05           05/01/03          0
    80508138                             O            04/01/33
    0

    8633717          964/G01             F          398,800.00         ZZ
                                         360        398,393.41          1
                                       5.875          2,359.05         69
                                       5.625          2,359.05
    DUBLIN           CA   94568          2            04/08/03         00
    0435735204                           03           06/01/03          0
    372823                               O            05/01/33
    0
1

    8633731          964/G01             F          371,000.00         ZZ
                                         360        370,621.74          1
                                       5.875          2,194.61         38
                                       5.625          2,194.61
    FREMONT          CA   94539          5            04/09/03         00
    0435753496                           05           06/01/03          0
    370494                               O            05/01/33
    0

    8633755          964/G01             F          360,000.00         ZZ
                                         360        359,641.62          1
                                       6.000          2,158.38         75
                                       5.750          2,158.38
    PACIFICA         CA   94044          5            04/09/03         00
    0435719596                           05           06/01/03          0
    375034                               O            05/01/33
    0

    8633765          964/G01             F          394,000.00         ZZ
                                         360        393,588.64          1
                                       5.750          2,299.28         41
                                       5.500          2,299.28
    PLEASANTON       CA   94588          2            04/09/03         00
    0435719844                           05           06/01/03          0
    377904                               O            05/01/33
    0

    8633773          964/G01             F          380,000.00         ZZ
                                         360        379,603.25          1
                                       5.750          2,217.58         57
                                       5.500          2,217.58
    SAN JOSE         CA   95127          5            04/01/03         00
    0435735329                           05           06/01/03          0
    386329                               O            05/01/33
    0

    8634771          E82/G01             F          357,000.00         ZZ
                                         360        356,636.02          1
                                       5.875          2,111.79         70
                                       5.625          2,111.79
    ATLANTA          GA   30328          2            04/11/03         00
    0400814273                           03           06/01/03          0
    0400814273                           O            05/01/33
    0

    8634795          E82/G01             F          370,000.00         ZZ
                                         360        369,631.66          1
1

                                       6.000          2,218.34         75
                                       5.750          2,218.34
    SAN JOSE         CA   95118          2            04/17/03         00
    0400814158                           05           06/01/03          0
    0400814158                           O            05/01/33
    0

    8635015          601/G01             F          355,200.00         ZZ
                                         360        354,507.78          1
                                       6.125          2,158.23         78
                                       5.875          2,158.23
    BALDWIN          MD   21013          2            03/12/03         00
    0435721774                           05           05/01/03          0
    81075004                             O            04/01/33
    0

    8636385          696/G01             F          550,400.00         ZZ
                                         360        549,825.34          1
                                       5.750          3,211.99         80
                                       5.500          3,211.99
    WASHINGTON       DC   20015          2            04/15/03         00
    0435714647                           05           06/01/03          0
    50103070                             O            05/01/33
    0

    8637723          E22/G01             F          380,000.00         ZZ
                                         360        379,612.58          1
                                       5.875          2,247.84         74
                                       5.625          2,247.84
    CARNATION        WA   98014          2            04/14/03         00
    0416320380                           05           06/01/03          0
    0416320380                           O            05/01/33
    0

    8637865          E22/G01             F          952,000.00         ZZ
                                         360        951,029.39          1
                                       5.875          5,631.44         21
                                       5.625          5,631.44
    LOS ANGELES      CA   90020          2            04/09/03         00
    0416610137                           05           06/01/03          0
    0416610137                           O            05/01/33
    0

    8638335          893/G01             F          397,000.00         ZZ
                                         360        396,595.25          1
                                       5.875          2,348.40         63
                                       5.625          2,348.40
    SAN MATEO        CA   94403          2            04/10/03         00
    0435724380                           05           06/01/03          0
1

    M30319031                            O            05/01/33
    0

    8638437          X89/G01             F          375,000.00         ZZ
                                         360        374,626.69          1
                                       6.000          2,248.31         69
                                       5.750          2,248.31
    SAN RAMON        CA   94583          5            04/15/03         00
    0435726278                           05           06/01/03          0
    2004500                              O            05/01/33
    0

    8638819          601/G01             F          569,600.00         ZZ
                                         360        568,489.94          1
                                       6.125          3,460.95         80
                                       5.875          3,460.95
    HICKORY          NC   28601          2            04/02/03         00
    0435735832                           05           05/01/03          0
    62768544                             O            04/01/33
    0

    8639013          227/G01             F          555,000.00         ZZ
                                         360        554,434.15          1
                                       5.875          3,283.04         80
                                       5.625          3,283.04
    SAN DIEGO        CA   92130          2            04/05/03         00
    0435723655                           03           06/01/03          0
    2140849                              O            05/01/33
    0

    8639095          T53/G01             F          399,950.00         ZZ
                                         360        399,542.23          1
                                       5.875          2,365.86         64
                                       5.625          2,365.86
    SONOMA           CA   95476          5            04/04/03         00
    0435880505                           05           06/01/03          0
    05001526                             O            05/01/33
    0

    8639523          964/G01             F          398,000.00         ZZ
                                         360        397,613.17          1
                                       6.125          2,418.29         63
                                       5.875          2,418.29
    SAN CARLOS       CA   94070          2            04/07/03         00
    0435743513                           05           06/01/03          0
    364639                               O            05/01/33
    0

1

    8639561          964/G01             F          650,000.00         ZZ
                                         360        649,352.92          1
                                       6.000          3,897.08         77
                                       5.750          3,897.08
    BELMONT          CA   94002          1            04/16/03         00
    0435739347                           05           06/01/03          0
    397666                               O            05/01/33
    0

    8639583          964/G01             F          530,000.00         ZZ
                                         360        529,484.87          1
                                       6.125          3,220.34         54
                                       5.875          3,220.34
    LOS ALTOS        CA   94024          2            04/03/03         00
    0435820246                           05           06/01/03          0
    348904                               O            05/01/33
    0

    8639849          N47/G01             F          505,000.00         ZZ
                                         360        504,509.17          1
                                       6.125          3,068.43         57
                                       5.875          3,068.43
    REDONDO BEACH    CA   90277          2            04/15/03         00
    0435786595                           05           06/01/03          0
    30502320                             O            05/01/33
    0

    8639907          964/G01             F          365,000.00         ZZ
                                         360        364,627.87          1
                                       5.875          2,159.11         53
                                       5.625          2,159.11
    THOUSAND OAKS    CA   91320          5            04/04/03         00
    0435720503                           05           06/01/03          0
    360117                               O            05/01/33
    0

    8641869          E82/G01             F          253,750.00         ZZ
                                         360        253,509.23          1
                                       6.250          1,562.38         61
                                       6.000          1,562.38
    COPAKE           NY   12516          2            04/22/03         00
    0400801627                           05           06/01/03          0
    0400801627                           O            05/01/33
    0

    8641907          E82/G01             F          360,000.00         ZZ
                                         360        359,650.10          1
                                       6.125          2,187.40         39
                                       5.875          2,187.40
1

    MILL VALLEY      CA   94941          5            04/18/03         00
    0400800827                           05           06/01/03          0
    0400800827                           O            05/01/33
    0

    8642213          E33/G01             F        1,000,000.00         ZZ
                                         360        998,955.94          1
                                       5.750          5,835.73         40
                                       5.500          5,835.73
    LAKE FOREST      IL   60045          2            04/21/03         00
    0435733654                           05           06/01/03          0
    LINVILLE                             O            05/01/33
    0

    8642251          X80/G01             F          396,000.00         ZZ
                                         360        395,605.78          1
                                       6.000          2,374.22         80
                                       5.750          2,374.22
    TUSTIN           CA   92782          1            04/09/03         00
    0435785084                           05           06/01/03          0
    1410155419                           O            05/01/33
    0

    8642749          X89/G01             F          379,000.00         ZZ
                                         360        378,613.59          1
                                       5.875          2,241.93         51
                                       5.625          2,241.93
    CAMARILLO        CA   93012          5            04/11/03         00
    0435737689                           05           06/01/03          0
    2002133                              O            05/01/33
    0

    8642751          A39/G01             F          369,000.00         ZZ
                                         360        368,623.79          1
                                       5.875          2,182.77         57
                                       5.625          2,182.77
    GLENDALE         CA   91207          2            04/16/03         00
    0435730734                           05           06/01/03          0
    2300396RFC                           O            05/01/33
    0

    8642757          L20/G01             F          363,200.00         ZZ
                                         360        362,846.99          1
                                       6.125          2,206.84         80
                                       5.875          2,206.84
    SALT LAKE CITY   UT   84105          2            04/15/03         00
    0435736087                           05           06/01/03          0
    1031010110                           O            05/01/33
    0
1

    8644545          N47/G01             F          626,000.00         ZZ
                                         360        625,361.76          1
                                       5.875          3,703.03         75
                                       5.625          3,703.03
    WALNUT CREEK     CA   94598          2            04/17/03         00
    0435893599                           05           06/01/03          0
    20504298                             O            05/01/33
    0

    8645747          G52/G01             F          980,000.00         ZZ
                                         360        979,000.85          1
                                       5.875          5,797.07         60
                                       5.625          5,797.07
    HONOLULU         HI   96821          2            04/12/03         00
    0435740931                           03           06/01/03          0
    9205004467                           O            05/01/33
    0

    8647303          964/G01             F          394,000.00         ZZ
                                         360        393,598.30          1
                                       5.875          2,330.66         65
                                       5.625          2,330.66
    ATASCADERO       CA   93422          5            04/11/03         00
    0435723853                           05           06/01/03          0
    373638                               O            05/01/33
    0

    8647313          964/G01             F          650,000.00         ZZ
                                         360        649,337.29          1
                                       5.875          3,845.00         31
                                       5.625          3,845.00
    PISMO BEACH      CA   93449          5            04/09/03         00
    0435730338                           05           06/01/03          0
    374059                               O            05/01/33
    0

    8647317          964/G01             F          380,000.00         ZZ
                                         360        379,612.58          1
                                       5.875          2,247.84         44
                                       5.625          2,247.84
    SAN JOSE         CA   95120          2            04/09/03         00
    0435786892                           05           06/01/03          0
    374938                               O            05/01/33
    0

    8647321          964/G01             F          527,000.00         ZZ
                                         360        526,462.69          1
1

                                       5.875          3,117.41         64
                                       5.625          3,117.41
    FREMONT          CA   94536          2            04/15/03         00
    0435736814                           05           06/01/03          0
    374835                               O            05/01/33
    0

    8647351          964/G01             F          389,000.00         ZZ
                                         360        388,612.75          1
                                       6.000          2,332.25         80
                                       5.750          2,332.25
    FOLSOM           CA   95630          2            04/11/03         00
    0435730528                           05           06/01/03          0
    373130                               O            05/01/33
    0

    8647357          964/G01             F          393,000.00         ZZ
                                         360        392,599.32          1
                                       5.875          2,324.74         66
                                       5.625          2,324.74
    SAN MARINO       CA   91108          2            04/14/03         00
    0435745864                           05           06/01/03          0
    373530                               O            05/01/33
    0

    8647359          964/G01             F          388,000.00         ZZ
                                         360        387,613.74          1
                                       6.000          2,326.26         78
                                       5.750          2,326.26
    LODI             CA   95242          2            04/11/03         00
    0435730312                           05           06/01/03          0
    373561                               O            05/01/33
    0

    8647367          964/G01             F          390,000.00         ZZ
                                         360        389,602.37          1
                                       5.875          2,307.00         42
                                       5.625          2,307.00
    CUPERTINO        CA   95014          2            04/11/03         00
    0435866017                           05           06/01/03          0
    375636                               O            05/01/33
    0

    8647373          964/G01             F          396,000.00         ZZ
                                         360        395,586.55          1
                                       5.750          2,310.95         47
                                       5.500          2,310.95
    SAN JOSE         CA   95135          2            04/15/03         00
    0435730569                           05           06/01/03          0
1

    376177                               O            05/01/33
    0

    8647375          964/G01             F          389,000.00         ZZ
                                         360        388,603.40          1
                                       5.875          2,301.08         80
                                       5.625          2,301.08
    FREMONT          CA   94536          2            04/08/03         00
    0435733027                           05           06/01/03          0
    376226                               O            05/01/33
    0

    8647401          964/G01             F          570,000.00         ZZ
                                         360        569,418.85          1
                                       5.875          3,371.77         50
                                       5.625          3,371.77
    MILL VALLEY      CA   94941          2            04/13/03         00
    0435739891                           05           06/01/03          0
    386911                               O            05/01/33
    0

    8648455          313/G01             F          637,500.00         ZZ
                                         360        636,227.55          1
                                       6.000          3,822.14         75
                                       5.750          3,822.14
    MILWAUKEE        WI   53211          2            04/04/03         00
    0435736954                           05           05/01/03          0
    9361536                              O            04/01/33
    0

    8648471          313/G01             F          400,000.00         ZZ
                                         360        399,115.17          1
                                       6.250          2,462.87         58
                                       6.000          2,462.87
    SAN JOSE         CA   95125          5            04/20/03         00
    0435729850                           05           05/01/03          0
    9427006                              O            04/01/33
    0

    8648475          313/G01             F          568,500.00         ZZ
                                         360        567,337.92          1
                                       5.875          3,362.90         69
                                       5.625          3,362.90
    ALISO VIEJO      CA   92656          2            03/28/03         00
    0435738992                           03           05/01/03          0
    9369562                              O            04/01/33
    0

1

    8648479          313/G01             F          383,000.00         ZZ
                                         360        382,179.16          1
                                       5.625          2,204.77         46
                                       5.375          2,204.77
    STUDIO CITY      CA   91604          2            04/04/03         00
    0435733712                           05           05/01/03          0
    9444084                              O            04/01/33
    0

    8648511          313/G01             F          539,000.00         ZZ
                                         360        537,898.23          1
                                       5.875          3,188.39         69
                                       5.625          3,188.39
    SAN CLEMENTE     CA   92673          2            03/21/03         00
    0435729892                           03           05/01/03          0
    9384918                              O            04/01/33
    0

    8648529          313/G01             F          534,000.00         ZZ
                                         360        532,908.45          1
                                       5.875          3,158.82         60
                                       5.625          3,158.82
    STUDIO CITY      CA   91604          5            04/10/03         00
    0435735931                           05           05/01/03          0
    9363623                              O            04/01/33
    0

    8648743          313/G01             F          351,200.00         ZZ
                                         360        350,482.11          1
                                       5.875          2,077.48         75
                                       5.625          2,077.48
    ATLANTA          GA   30329          1            03/31/03         00
    0435736038                           03           05/01/03          0
    9466095                              O            04/01/33
    0

    8648749          313/G01             F          398,900.00         ZZ
                                         360        398,103.79          1
                                       6.000          2,391.61         34
                                       5.750          2,391.61
    LOS ALTOS        CA   94024          2            03/25/03         00
    0435735196                           05           05/01/03          0
    9334400                              O            04/01/33
    0

    8648869          R65/G01             F          562,000.00         ZZ
                                         360        561,427.02          1
                                       5.875          3,324.44         79
                                       5.625          3,324.44
1

    WASHINGTON       DC   20009          2            04/18/03         00
    0435727797                           07           06/01/03          0
    4213906357                           O            05/01/33
    0

    8648907          952/G01             F          590,000.00         ZZ
                                         360        589,384.00          1
                                       5.750          3,443.08         59
                                       5.500          3,443.08
    MONTVALE         NJ   07645          2            04/24/03         00
    0435740766                           05           06/01/03          0
    03001960                             O            05/01/33
    0

    8649183          X51/G01             F          371,000.00         ZZ
                                         360        370,621.74          1
                                       5.875          2,194.61         65
                                       5.625          2,194.61
    LOS ANGELES      CA   90068          2            04/22/03         00
    0435739081                           05           06/01/03          0
    0030326003                           O            05/01/33
    0

    8651645          E22/G01             F          644,000.00         ZZ
                                         360        643,327.62          1
                                       5.750          3,758.21         54
                                       5.500          3,758.21
    FORT MYERS       FL   33908          2            04/23/03         00
    0416384675                           03           06/01/03          0
    0416384675                           O            05/01/33
    0

    8651647          E22/G01             F          396,000.00         ZZ
                                         360        395,605.78          1
                                       6.000          2,374.22         63
                                       5.750          2,374.22
    PLEASANTON       CA   94588          2            04/15/03         00
    0416563518                           05           06/01/03          0
    0416563518                           O            05/01/33
    0

    8651957          E22/G01             F          355,000.00         ZZ
                                         360        354,638.06          1
                                       5.875          2,099.96         74
                                       5.625          2,099.96
    FREMONT          CA   94536          2            04/14/03         00
    0416753473                           03           06/01/03          0
    0416753473                           O            05/01/33
    0
1

    8651959          E22/G01             F          397,000.00         ZZ
                                         360        396,595.25          1
                                       5.875          2,348.40         60
                                       5.625          2,348.40
    SOUTH SAN FRANC  CA   94080          2            04/17/03         00
    0416757284                           03           06/01/03          0
    0416757284                           O            05/01/33
    0

    8651991          E22/G01             F          388,400.00         ZZ
                                         360        388,013.35          1
                                       6.000          2,328.65         61
                                       5.750          2,328.65
    SAN JOSE         CA   95125          2            04/21/03         00
    0416788925                           05           06/01/03          0
    0416788925                           O            05/01/33
    0

    8652081          E82/G01             F          381,500.00         ZZ
                                         360        381,002.15          1
                                       6.125          2,318.03         52
                                       5.875          2,318.03
    SAN MATEO        CA   94402          2            04/22/03         00
    0400798161                           05           06/01/03          0
    0400798161                           O            05/01/33
    0

    8652235          E82/G01             F          556,100.00         ZZ
                                         360        555,533.03          1
                                       5.875          3,289.54         59
                                       5.625          3,289.54
    YORBA LINDA      CA   92887          2            04/22/03         00
    0400821021                           05           06/01/03          0
    0400821021                           O            05/01/33
    0

    8652307          E82/G01             F          543,000.00         ZZ
                                         360        542,472.23          1
                                       6.125          3,299.33         55
                                       5.875          3,299.33
    CAMIRILLO        CA   93012          2            04/24/03         00
    0400799326                           03           06/01/03          0
    0400799326                           O            05/01/33
    0

    8652309          E82/G01             F          605,250.00         ZZ
                                         360        604,632.92          1
1

                                       5.875          3,580.28         80
                                       5.625          3,580.28
    SCOTTSDALE       AZ   85262          2            04/24/03         00
    0400820148                           03           06/01/03          0
    0400820148                           O            05/01/33
    0

    8652313          E82/G01             F          249,900.00         ZZ
                                         360        249,657.11          2
                                       6.125          1,518.42         59
                                       5.875          1,518.42
    BROOKLYN         NY   11223          2            04/25/03         00
    0400800280                           05           06/01/03          0
    0400800280                           O            05/01/33
    0

    8652333          E82/G01             F          176,600.00         ZZ
                                         360        176,419.94          1
                                       5.875          1,044.66         75
                                       5.625          1,044.66
    STERLING         VA   20165          2            04/25/03         00
    0400829495                           05           06/01/03          0
    0400829495                           O            05/01/33
    0

    8652349          E82/G01             F          581,800.00         T
                                         360        581,234.52          1
                                       6.125          3,535.08         42
                                       5.875          3,535.08
    BIG SUR          CA   93920          2            04/16/03         00
    0400805727                           05           06/01/03          0
    0400805727                           O            05/01/33
    0

    8652583          956/956             F          385,000.00         ZZ
                                         360        384,616.73          1
                                       6.000          2,308.27         65
                                       5.750          2,308.27
    OAKLAND          CA   94605          5            04/02/03         00
    113020186                            03           06/01/03          0
    113020186                            O            05/01/33
    0

    8652587          956/956             F          534,000.00         ZZ
                                         360        532,908.46          1
                                       5.875          3,158.81         67
                                       5.625          3,158.81
    OAKLAND          CA   94611          2            03/22/03         00
    713030053                            05           05/01/03          0
1

    713030053                            O            04/01/33
    0

    8652589          956/956             F          500,000.00         ZZ
                                         360        499,490.23          1
                                       5.875          2,957.69         63
                                       5.625          2,957.69
    SAN JOSE         CA   95126          5            04/14/03         00
    713030083                            05           06/01/03          0
    713030083                            O            05/01/33
    0

    8652593          956/956             F          390,000.00         ZZ
                                         360        389,602.37          1
                                       5.875          2,307.00         61
                                       5.625          2,307.00
    SAN CARLOS       CA   94070          2            04/14/03         00
    713030297                            05           06/01/03          0
    713030297                            O            05/01/33
    0

    8652597          956/956             F          389,000.00         ZZ
                                         360        388,203.40          1
                                       5.875          2,301.08         46
                                       5.625          2,301.08
    SAN JOSE         CA   95118          2            04/10/03         00
    713040076                            05           06/01/03          0
    713040076                            O            05/01/33
    0

    8652603          956/956             F          500,000.00         ZZ
                                         360        498,977.96          1
                                       5.875          2,957.69         71
                                       5.625          2,957.69
    ALLENDALE        NJ   07401          2            03/14/03         00
    913010029                            05           05/01/03          0
    913010029                            O            04/01/33
    0

    8652611          956/956             F          372,000.00         ZZ
                                         360        371,239.60          1
                                       5.875          2,200.52         64
                                       5.625          2,200.52
    FULLERTON        CA   92835          5            03/13/03         00
    1113020358                           05           05/01/03          0
    1113020358                           O            04/01/33
    0

1

    8652613          956/956             F          336,000.00         ZZ
                                         360        335,313.18          1
                                       5.875          1,987.57         80
                                       5.625          1,987.57
    PLACENTIA        CA   92870          1            03/03/03         00
    1113020611                           05           05/01/03          0
    1113020611                           O            04/01/33
    0

    8652631          956/956             F          475,000.00         ZZ
                                         360        474,051.91          1
                                       6.000          2,847.87         62
                                       5.750          2,847.87
    ENGLEWOOD        CO   80111          5            03/24/03         00
    1113030369                           05           05/01/03          0
    1113030369                           O            04/01/33
    0

    8652641          956/956             F          341,000.00         ZZ
                                         360        340,286.25          1
                                       5.750          1,989.98         64
                                       5.500          1,989.98
    PALATINE         IL   60067          2            03/21/03         00
    1113030734                           05           05/01/03          0
    1113030734                           O            04/01/33
    0

    8652647          956/956             F          399,900.00         ZZ
                                         360        399,082.57          1
                                       5.875          2,365.56         71
                                       5.625          2,365.56
    OAK PARK         IL   60302          5            03/25/03         00
    1113040055                           05           05/01/03          0
    1113040055                           O            04/01/33
    0

    8652649          956/956             F          473,000.00         ZZ
                                         360        472,009.95          1
                                       5.750          2,760.30         79
                                       5.500          2,760.30
    OAK PARK         IL   60302          2            04/01/03         00
    1113040121                           05           05/01/03          0
    1113040121                           O            04/01/33
    0

    8652655          956/956             F          455,000.00         ZZ
                                         360        454,557.77          1
                                       6.125          2,764.63         38
                                       5.875          2,764.63
1

    SEATTLE          WA   98112          2            04/04/03         00
    1313020310                           05           06/01/03          0
    1313020310                           O            05/01/33
    0

    8652657          956/956             F          390,500.00         ZZ
                                         360        389,720.58          1
                                       6.000          2,341.24         79
                                       5.750          2,341.24
    REDMOND          WA   98052          2            03/27/03         00
    1313030043                           05           05/01/03          0
    1313030043                           O            04/01/33
    0

    8652677          956/956             F          440,000.00         ZZ
                                         360        439,121.77          1
                                       6.000          2,638.02         52
                                       5.750          2,638.02
    FOSTER CITY      CA   94404          2            03/31/03         00
    1813011434                           05           05/01/03          0
    1813011434                           O            04/01/33
    0

    8652679          956/956             F          387,000.00         ZZ
                                         360        386,614.74          1
                                       6.000          2,320.26         46
                                       5.750          2,320.26
    SAN RAMON        CA   94583          2            04/10/03         00
    1813020560                           03           06/01/03          0
    1813020560                           O            05/01/33
    0

    8652687          956/956             F          485,000.00         ZZ
                                         360        484,517.18          1
                                       6.000          2,907.82         60
                                       5.750          2,907.82
    RIVERWOODS       IL   60015          2            04/11/03         00
    2313020071                           05           06/01/03          0
    2313020071                           O            05/01/33
    0

    8652731          956/956             F          475,000.00         ZZ
                                         360        474,504.07          1
                                       5.750          2,771.97         67
                                       5.500          2,771.97
    DENVER           CO   80220          2            04/02/03         00
    2413020228                           05           06/01/03          0
    2413020228                           O            05/01/33
    0
1

    8652739          956/956             F          448,000.00         ZZ
                                         360        447,543.24          1
                                       5.875          2,650.09         71
                                       5.625          2,650.09
    SUPERIOR         CO   80027          2            04/07/03         00
    2413030247                           03           06/01/03          0
    2413030247                           O            05/01/33
    0

    8652747          956/956             F          650,000.00         ZZ
                                         360        647,954.31          1
                                       5.750          3,793.22         47
                                       5.500          3,793.22
    TUCSON           AZ   85750          2            02/28/03         00
    2713030172                           03           04/01/03          0
    2713030172                           O            03/01/33
    0

    8652765          956/956             F          383,000.00         ZZ
                                         360        382,618.72          1
                                       6.000          2,296.28         74
                                       5.750          2,296.28
    MARSHFIELD       MA   02050          5            04/04/03         00
    2813030116                           05           06/01/03          0
    2813030116                           O            05/01/33
    0

    8652769          956/956             F          348,000.00         ZZ
                                         360        347,645.20          1
                                       5.875          2,058.55         80
                                       5.625          2,058.55
    CHELMSFORD       MA   01824          1            04/17/03         00
    2813030154                           05           06/01/03          0
    2813030154                           O            05/01/33
    0

    8652775          956/956             F          388,000.00         ZZ
                                         360        387,604.41          1
                                       5.875          2,295.17         80
                                       5.625          2,295.17
    THOUSAND OAKS    CA   91320          1            04/07/03         00
    2913030105                           05           06/01/03          0
    2913030105                           O            05/01/33
    0

    8652777          956/956             F          487,500.00         ZZ
                                         360        487,014.69          1
1

                                       6.000          2,922.81         63
                                       5.750          2,922.81
    CAMARILLO        CA   93010          2            04/09/03         00
    2913030173                           05           06/01/03          0
    2913030173                           O            05/01/33
    0

    8652789          956/956             F          425,000.00         ZZ
                                         360        424,566.69          1
                                       5.875          2,514.04         42
                                       5.625          2,514.04
    GREENWICH        CT   06807          5            04/04/03         00
    3413020189                           05           06/01/03          0
    3413020189                           O            05/01/33
    0

    8652791          956/956             F          470,000.00         ZZ
                                         360        469,520.81          1
                                       5.875          2,780.23         68
                                       5.625          2,780.23
    WESTPORT         CT   06880          2            04/08/03         00
    3413030034                           05           06/01/03          0
    3413030034                           O            05/01/33
    0

    8652793          956/956             F          620,000.00         ZZ
                                         360        619,367.89          1
                                       5.875          3,667.53         65
                                       5.625          3,667.53
    NEW CANAAN       CT   06840          2            04/08/03         00
    3413030064                           05           06/01/03          0
    3413030064                           O            05/01/33
    0

    8652795          956/956             F          476,000.00         ZZ
                                         360        475,514.70          1
                                       5.875          2,815.72         60
                                       5.625          2,815.72
    FAIRFIELD        CT   06824          2            04/08/03         00
    3413030085                           05           06/01/03          0
    3413030085                           O            05/01/33
    0

    8652939          956/956             F          390,000.00         ZZ
                                         360        389,221.56          1
                                       6.000          2,338.25         78
                                       5.750          2,338.25
    BLOOMFIELD HILL  MI   48304          2            03/21/03         00
    4313020447                           05           05/01/03          0
1

    4313020447                           O            04/01/33
    0

    8652947          956/956             F          525,000.00         ZZ
                                         360        523,926.86          1
                                       5.875          3,105.57         70
                                       5.625          3,105.57
    CENTENNIAL       CO   80015          2            03/26/03         00
    4313020547                           03           05/01/03          0
    4313020547                           O            04/01/33
    0

    8652969          956/956             F          502,000.00         ZZ
                                         360        501,488.19          1
                                       5.875          2,969.52         63
                                       5.625          2,969.52
    VIENNA           VA   22182          2            04/01/03         00
    4313030943                           05           06/01/03          0
    4313030943                           O            05/01/33
    0

    8652971          956/956             F          551,500.00         ZZ
                                         360        550,937.72          1
                                       5.875          3,262.33         74
                                       5.625          3,262.33
    TIERRA VERDE     FL   33715          2            04/03/03         00
    4313040060                           05           06/01/03          0
    4313040060                           O            05/01/33
    0

    8652977          956/956             F          420,000.00         ZZ
                                         360        419,571.79          1
                                       5.875          2,484.46         80
                                       5.625          2,484.46
    CHICAGO          IL   60618          1            04/11/03         00
    4713030033                           05           06/01/03          0
    4713030033                           O            05/01/33
    0

    8653017          956/956             F          627,300.00         ZZ
                                         360        626,645.06          1
                                       5.750          3,660.75         45
                                       5.500          3,660.75
    KIRKLAND         WA   98034          5            04/12/03         00
    5513030125                           05           06/01/03          0
    5513030125                           O            05/01/33
    0

1

    8653019          956/956             F          369,000.00         ZZ
                                         360        368,227.65          1
                                       5.750          2,153.38         72
                                       5.500          2,153.38
    SAN JOSE         CA   95123          5            03/26/03         00
    113030014                            05           05/01/03          0
    113030014                            O            04/01/33
    0

    8653035          956/956             F          380,000.00         ZZ
                                         360        379,621.71          1
                                       6.000          2,278.29         63
                                       5.750          2,278.29
    ENCINITAS        CA   92024          2            04/06/03         00
    213030096                            03           06/01/03          0
    213030096                            O            05/01/33
    0

    8653051          956/956             F          390,000.00         ZZ
                                         360        389,221.56          1
                                       6.000          2,338.25         30
                                       5.750          2,338.25
    SARATOGA         CA   95070          2            03/28/03         00
    513020062                            05           05/01/03          0
    513020062                            O            04/01/33
    0

    8653057          956/956             F          402,000.00         ZZ
                                         360        400,695.12          1
                                       6.000          2,410.19         61
                                       5.750          2,410.19
    SUNNYVALE        CA   94087          5            04/02/03         00
    613020230                            05           05/01/03          0
    613020230                            O            04/01/33
    0

    8653061          956/956             F          597,600.00         ZZ
                                         360        596,349.15          1
                                       5.750          3,487.43         80
                                       5.500          3,487.43
    GLENDALE         CA   91207          1            03/31/03         00
    613030159                            05           05/01/03          0
    613030159                            O            04/01/33
    0

    8653063          956/956             F          355,500.00         ZZ
                                         360        355,146.10          1
                                       6.000          2,131.40         65
                                       5.750          2,131.40
1

    SANTA ANA        CA   92705          2            04/09/03         00
    613030205                            05           06/01/03          0
    613030205                            O            05/01/33
    0

    8653065          956/956             F          380,000.00         ZZ
                                         360        379,020.11          1
                                       5.875          2,247.84         70
                                       5.625          2,247.84
    FREMONT          CA   94536          2            03/21/03         00
    713020071                            03           05/01/03          0
    713020071                            O            04/01/33
    0

    8653373          A39/G01             F          434,000.00         ZZ
                                         360        433,588.21          1
                                       6.250          2,672.21         38
                                       6.000          2,672.21
    WESTLAKE VILLAG  CA   91362          2            04/22/03         00
    0435756424                           03           06/01/03          0
    2300845RFC                           O            05/01/33
    0

    8654177          964/G01             F          384,000.00         ZZ
                                         360        383,617.73          1
                                       6.000          2,302.27         53
                                       5.750          2,302.27
    SAN JOSE         CA   95135          2            04/02/03         00
    0435802699                           05           06/01/03          0
    364864                               O            05/01/33
    0

    8654215          964/G01             F          391,300.00         ZZ
                                         360        390,901.05          1
                                       5.875          2,314.69         70
                                       5.625          2,314.69
    SAN LUIS OBISPO  CA   93405          5            04/16/03         00
    0435741533                           05           06/01/03          0
    379490                               O            05/01/33
    0

    8654219          964/G01             F          390,000.00         ZZ
                                         360        389,592.81          1
                                       5.750          2,275.94         49
                                       5.500          2,275.94
    SAN FRANCISCO    CA   94132          2            04/11/03         00
    0435867734                           05           06/01/03          0
    380023                               O            05/01/33
    0
1

    8654231          964/G01             F          390,000.00         ZZ
                                         360        389,592.81          1
                                       5.750          2,275.94         68
                                       5.500          2,275.94
    UNION CITY       CA   94587          2            04/16/03         00
    0435730056                           05           06/01/03          0
    380707                               O            05/01/33
    0

    8654255          964/G01             F          392,000.00         ZZ
                                         360        391,590.72          1
                                       5.750          2,287.61         63
                                       5.500          2,287.61
    SAN JOSE         CA   95148          2            04/16/03         00
    0435758891                           05           06/01/03          0
    381562                               O            05/01/33
    0

    8654295          964/G01             F          544,000.00         ZZ
                                         360        543,445.36          1
                                       5.875          3,217.97         80
                                       5.625          3,217.97
    SAN FRANCISCO    CA   94127          2            04/16/03         00
    0435742671                           05           06/01/03          0
    389452                               O            05/01/33
    0

    8654299          964/G01             F          364,800.00         ZZ
                                         360        364,436.84          1
                                       6.000          2,187.16         67
                                       5.750          2,187.16
    BEND             OR   97702          1            04/09/03         00
    0435739131                           03           06/01/03          0
    392244                               O            05/01/33
    0

    8654651          696/G01             F          393,300.00         ZZ
                                         360        392,899.01          1
                                       5.875          2,326.52         63
                                       5.625          2,326.52
    HYATTSVILLE      MD   20782          2            04/14/03         00
    0435732060                           05           06/01/03          0
    25803045                             O            05/01/33
    0

    8655347          L96/G01             F          535,000.00         ZZ
                                         360        534,454.54          1
1

                                       5.875          3,164.73         58
                                       5.625          3,164.73
    LOS ANGELES      CA   91367          1            04/18/03         00
    0435777503                           03           06/01/03          0
    4043370000                           O            05/01/33
    0

    8655503          E22/G01             F          548,000.00         ZZ
                                         360        547,441.29          1
                                       5.875          3,241.63         50
                                       5.625          3,241.63
    FOSTER CITY      CA   94404          2            04/16/03         00
    0414762039                           05           06/01/03          0
    0414762039                           O            05/01/33
    0

    8655519          E22/G01             F          399,950.00         ZZ
                                         360        399,542.23          1
                                       5.875          2,365.86         31
                                       5.625          2,365.86
    SAN JOSE         CA   95125          2            04/21/03         00
    0418655519                           05           06/01/03          0
    0416209963                           O            05/01/33
    0

    8655533          E22/G01             F          380,000.00         ZZ
                                         360        379,621.71          1
                                       6.000          2,278.29         42
                                       5.750          2,278.29
    PETALUMA         CA   94952          5            04/16/03         00
    0416325553                           05           06/01/03          0
    0416325553                           O            05/01/33
    0

    8655739          E22/G01             F          375,000.00         ZZ
                                         360        374,617.67          1
                                       5.875          2,218.27         70
                                       5.625          2,218.27
    FRESNO           CA   93727          5            04/22/03         00
    0416620847                           05           06/01/03          0
    0416620847                           O            05/01/33
    0

    8655747          E22/G01             F          385,000.00         ZZ
                                         360        384,588.41          1
                                       5.625          2,216.28         72
                                       5.375          2,216.28
    BARTLETT         TN   38135          2            04/24/03         00
    0416621886                           05           06/01/03          0
1

    0416621886                           O            05/01/33
    0

    8655805          E22/G01             F          395,000.00         ZZ
                                         360        394,606.78          1
                                       6.000          2,368.22         70
                                       5.750          2,368.22
    GILROY           CA   95020          1            04/18/03         00
    0416643724                           05           06/01/03          0
    0416643724                           O            05/01/33
    0

    8655929          E22/G01             F          380,400.00         ZZ
                                         360        380,012.17          1
                                       5.875          2,250.21         60
                                       5.625          2,250.21
    BERKELEY         CA   94708          1            04/21/03         00
    0416739381                           05           06/01/03          0
    0416739381                           O            05/01/33
    0

    8656059          E22/G01             F          910,000.00         ZZ
                                         360        909,072.22          1
                                       5.875          5,382.99         70
                                       5.625          5,382.99
    HERMOSA BEACH    CA   90254          2            04/16/03         00
    0416828846                           05           06/01/03          0
    0416828846                           O            05/01/33
    0

    8657699          757/G01             F          584,000.00         ZZ
                                         360        583,418.62          1
                                       6.000          3,501.38         68
                                       5.750          3,501.38
    RESTON           VA   20194          2            04/25/03         00
    0435815709                           03           06/01/03          0
    1001374071                           O            05/01/33
    0

    8658231          E22/G01             F          340,000.00         ZZ
                                         360        339,645.02          1
                                       5.750          1,984.15         80
                                       5.500          1,984.15
    ENTIAT           WA   98822          5            04/28/03         00
    0415871326                           05           06/01/03          0
    0415871326                           O            05/01/33
    0

1

    8658383          E22/G01             F          592,000.00         ZZ
                                         360        591,396.43          1
                                       5.875          3,501.90         77
                                       5.625          3,501.90
    NOVATO           CA   94945          2            04/23/03         00
    0416534568                           05           06/01/03          0
    0416534568                           O            05/01/33
    0

    8658453          E22/G01             F          366,700.00         ZZ
                                         360        366,352.07          1
                                       6.250          2,257.83         79
                                       6.000          2,257.83
    SAN JOSE         CA   95119          2            04/21/03         00
    0416609261                           05           06/01/03          0
    0416609261                           O            05/01/33
    0

    8658641          E22/G01             F          391,000.00         ZZ
                                         360        390,591.77          1
                                       5.750          2,281.77         79
                                       5.500          2,281.77
    MARINA           CA   93933          2            04/16/03         00
    0416380293                           05           06/01/03          0
    0416380293                           O            05/01/33
    0

    8658703          E22/G01             F          365,000.00         ZZ
                                         360        364,608.94          1
                                       5.625          2,101.15         50
                                       5.375          2,101.15
    PLEASANTON       CA   94566          1            04/21/03         00
    0416813251                           05           06/01/03          0
    0416813251                           O            05/01/33
    0

    8658709          E22/G01             F          365,000.00         ZZ
                                         360        364,627.87          1
                                       5.875          2,159.11         69
                                       5.625          2,159.11
    CHULA VISTA      CA   91913          5            04/25/03         00
    0416814267                           03           06/01/03          0
    0416814267                           O            05/01/33
    0

    8658821          E82/G01             F          296,400.00         ZZ
                                         360        296,400.00          1
                                       5.875          1,753.32         60
                                       5.625          1,753.32
1

    VALENCIA         CA   91355          2            04/25/03         00
    0400809299                           03           07/01/03          0
    0400809299                           O            06/01/33
    0

    8658841          E82/G01             F          253,500.00         ZZ
                                         360        253,241.54          1
                                       5.875          1,499.55         57
                                       5.625          1,499.55
    LOCUST VALLEY    NY   11560          2            04/28/03         00
    0400807913                           05           06/01/03          0
    0400807913                           O            05/01/33
    0

    8658895          E82/G01             F          293,000.00         ZZ
                                         360        293,000.00          1
                                       6.250          1,804.05         47
                                       6.000          1,804.05
    STATEN ISLAND    NY   10309          2            04/28/03         00
    0400772604                           05           07/01/03          0
    0400772604                           O            06/01/33
    0

    8658901          E82/G01             F          348,500.00         ZZ
                                         360        348,500.00          1
                                       6.000          2,089.43         59
                                       5.750          2,089.43
    ORANGE           CA   92869          2            04/24/03         00
    0400819363                           05           07/01/03          0
    0400819363                           O            06/01/33
    0

    8658929          E82/G01             F          216,400.00         ZZ
                                         360        216,400.00          1
                                       6.000          1,297.43         55
                                       5.750          1,297.43
    WOODLAND HILLS   CA   91364          5            04/25/03         00
    0400817334                           05           07/01/03          0
    0400817334                           O            06/01/33
    0

    8659397          Y26/G01             F          390,400.00         ZZ
                                         360        390,020.56          1
                                       6.125          2,372.11         80
                                       5.875          2,372.11
    RANCHO SANTA MA  CA   92688          2            04/08/03         00
    0435778436                           03           06/01/03          0
    110102574                            O            05/01/33
    0
1

    8661323          964/G01             F          382,000.00         ZZ
                                         360        381,601.17          1
                                       5.750          2,229.25         80
                                       5.500          2,229.25
    DALY CITY        CA   94015          2            04/21/03         00
    0435747837                           05           06/01/03          0
    382713                               O            05/01/33
    0

    8661327          964/G01             F          389,000.00         ZZ
                                         360        388,593.86          1
                                       5.750          2,270.10         70
                                       5.500          2,270.10
    SAN RAFAEL       CA   94903          2            04/16/03         00
    0435753124                           05           06/01/03          0
    382720                               O            05/01/33
    0

    8661361          964/G01             F          388,000.00         ZZ
                                         360        387,604.41          1
                                       5.875          2,295.17         46
                                       5.625          2,295.17
    GREENBRAE        CA   94904          2            04/22/03         00
    0435749551                           05           06/01/03          0
    386559                               O            05/01/33
    0

    8661365          964/G01             F          360,000.00         ZZ
                                         360        359,641.62          1
                                       6.000          2,158.38         60
                                       5.750          2,158.38
    SAN JOSE         CA   95124          1            04/21/03         00
    0435749346                           05           06/01/03          0
    396471                               O            05/01/33
    0

    8661373          964/G01             F          396,000.00         ZZ
                                         360        395,596.26          1
                                       5.875          2,342.49         80
                                       5.625          2,342.49
    OAKLAND          CA   94619          1            04/23/03         00
    0435743125                           05           06/01/03          0
    397105                               O            05/01/33
    0

    8661381          964/G01             F          395,000.00         ZZ
                                         360        394,616.09          1
1

                                       6.125          2,400.06         47
                                       5.875          2,400.06
    SAN JOSE         CA   95120          5            04/10/03         00
    0435743695                           05           06/01/03          0
    358927                               O            05/01/33
    0

    8661383          964/G01             F        1,000,000.00         ZZ
                                         360        999,004.49          1
                                       6.000          5,995.51         52
                                       5.750          5,995.51
    PLEASANTON       CA   94566          2            04/16/03         00
    0435752290                           05           06/01/03          0
    354138                               O            05/01/33
    0

    8661421          964/G01             F          397,000.00         ZZ
                                         360        396,585.50          1
                                       5.750          2,316.79         47
                                       5.500          2,316.79
    SAN RAMON        CA   94583          2            04/17/03         00
    0435743208                           03           06/01/03          0
    380638                               O            05/01/33
    0

    8661459          964/G01             F          395,000.00         ZZ
                                         360        394,587.60          1
                                       5.750          2,305.11         46
                                       5.500          2,305.11
    FOSTER CITY      CA   94404          2            04/22/03         00
    0435751516                           03           06/01/03          0
    382479                               O            05/01/33
    0

    8661619          X51/G01             F          379,000.00         ZZ
                                         360        378,613.59          1
                                       5.875          2,241.93         57
                                       5.625          2,241.93
    PALM SPRINGS     CA   92262          5            04/24/03         00
    0435784566                           05           06/01/03          0
    0030318005                           O            05/01/33
    0

    8661785          X89/G01             F          394,000.00         ZZ
                                         360        393,598.30          1
                                       5.875          2,330.66         80
                                       5.625          2,330.66
    FOUNTAIN VALLEY  CA   92708          1            04/23/03         00
    0435741475                           05           06/01/03          0
1

    8000014                              O            05/01/33
    0

    8662323          696/G01             F          840,000.00         ZZ
                                         360        839,143.58          1
                                       5.875          4,968.92         80
                                       5.625          4,968.92
    POTOMAC          MD   20854          1            04/29/03         00
    0435748322                           05           06/01/03          0
    32703049                             O            05/01/33
    0

    8662329          696/G01             F          586,400.00         ZZ
                                         360        585,802.14          1
                                       5.875          3,468.78         80
                                       5.625          3,468.78
    RESTON           VA   20190          1            04/29/03         00
    0435747753                           03           06/01/03          0
    23303065                             O            05/01/33
    0

    8662345          696/G01             F          540,000.00         ZZ
                                         360        539,462.43          1
                                       6.000          3,237.57         80
                                       5.750          3,237.57
    FORT WASHINGTON  MD   20744          2            04/23/03         00
    0435737598                           05           06/01/03          0
    30303110                             O            05/01/33
    0

    8662375          N47/G01             F          350,000.00         ZZ
                                         360        349,667.91          1
                                       6.250          2,155.01         59
                                       6.000          2,155.01
    EL CAJON         CA   92019          5            04/22/03         00
    0435874565                           05           06/01/03          0
    30504587                             O            05/01/33
    0

    8662555          E11/G01             F          405,000.00         ZZ
                                         360        404,596.82          1
                                       6.000          2,428.18         61
                                       5.750          2,428.18
    ORONO            MN   55356          5            04/25/03         00
    0435789201                           05           06/01/03          0
    0003001056300                        O            05/01/33
    0

1

    8662597          N47/G01             F          550,000.00         ZZ
                                         360        549,452.47          1
                                       6.000          3,297.53         68
                                       5.750          3,297.53
    SOLANA BEACH     CA   92075          2            04/22/03         00
    0435781992                           05           06/01/03          0
    30504386                             O            05/01/33
    0

    8663869          E22/G01             F          547,000.00         ZZ
                                         360        546,455.46          1
                                       6.000          3,279.54         74
                                       5.750          3,279.54
    ALTADENA         CA   91001          2            04/17/03         00
    0416534139                           05           06/01/03          0
    0416534139                           O            05/01/33
    0

    8663917          E22/G01             F          420,000.00         ZZ
                                         360        419,591.79          1
                                       6.125          2,551.96         80
                                       5.875          2,551.96
    R. SANTA MARGAR  CA   92688          2            04/22/03         00
    0416798502                           03           06/01/03          0
    0416798502                           O            05/01/33
    0

    8664255          X89/G01             F          425,000.00         ZZ
                                         360        424,523.77          1
                                       5.375          2,379.88         61
                                       5.125          2,379.88
    NIPOMO           CA   93444          5            04/18/03         00
    0435745146                           05           06/01/03          0
    2003528                              O            05/01/33
    0

    8664335          758/G01             F          360,000.00         ZZ
                                         360        359,632.96          1
                                       5.875          2,129.54         54
                                       5.625          2,129.54
    LONGMONT         CO   80503          1            04/21/03         00
    0435789144                           05           06/01/03          0
    850019                               O            05/01/33
    0

    8666053          D03/D03             F          740,000.00         ZZ
                                         360        739,227.39          1
                                       5.750          4,318.44         68
                                       5.500          4,318.44
1

    STANFORD         CA   94305          2            04/28/03         00
    1030003237                           05           06/01/03          0
    1030003237                           O            05/01/33
    0

    8666151          952/G01             F          425,000.00         ZZ
                                         360        424,566.69          1
                                       5.875          2,514.04         73
                                       5.625          2,514.04
    RINGWOOD         NJ   07456          2            04/28/03         00
    0435791546                           05           06/01/03          0
    03001851                             O            05/01/33
    0

    8666217          964/G01             F          399,000.00         ZZ
                                         360        398,612.19          1
                                       6.125          2,424.37         50
                                       5.875          2,424.37
    SAN CARLOS       CA   94070          5            04/09/03         00
    0435747688                           05           06/01/03          0
    355780                               O            05/01/33
    0

    8666221          964/G01             F          552,500.00         ZZ
                                         360        551,936.70          1
                                       5.875          3,268.25         51
                                       5.625          3,268.25
    CUPERTINO        CA   95014          2            04/22/03         00
    0435770482                           05           06/01/03          0
    375580                               O            05/01/33
    0

    8666229          964/G01             F          350,000.00         ZZ
                                         360        349,634.57          1
                                       5.750          2,042.51         33
                                       5.500          2,042.51
    ALAMO            CA   94507          2            04/24/03         00
    0435790415                           03           06/01/03          0
    379941                               O            05/01/33
    0

    8666263          964/G01             F          373,600.00         ZZ
                                         360        373,219.09          1
                                       5.875          2,209.99         80
                                       5.625          2,209.99
    ALBANY           CA   94706          1            04/21/03         00
    0435773940                           05           06/01/03          0
    408634                               O            05/01/33
    0
1

    8666279          964/G01             F          395,000.00         ZZ
                                         360        394,597.27          1
                                       5.875          2,336.58         44
                                       5.625          2,336.58
    MILLBRAE         CA   94030          2            04/21/03         00
    0435750666                           05           06/01/03          0
    384138                               O            05/01/33
    0

    8666285          964/G01             F          575,000.00         ZZ
                                         360        574,413.76          1
                                       5.875          3,401.34         48
                                       5.625          3,401.34
    DISCOVERY BAY    CA   94514          2            04/18/03         00
    0435750906                           03           06/01/03          0
    385066                               O            05/01/33
    0

    8666299          964/G01             F          582,200.00         ZZ
                                         360        581,620.42          1
                                       6.000          3,490.58         69
                                       5.750          3,490.58
    LAGUNA BEACH     CA   92651          2            04/21/03         00
    0435764816                           05           06/01/03          0
    361724                               O            05/01/33
    0

    8666325          964/G01             F          375,000.00         ZZ
                                         360        374,626.69          1
                                       6.000          2,248.31         60
                                       5.750          2,248.31
    SAN JOSE         CA   95127          5            04/25/03         00
    0435759238                           05           06/01/03          0
    387968                               O            05/01/33
    0

    8666377          B57/G01             F          378,500.00         ZZ
                                         360        378,123.20          1
                                       6.000          2,269.30         44
                                       5.750          2,269.30
    BEVERLY HILLS    CA   90210          5            04/22/03         00
    0435784301                           05           06/01/03          0
    10011716                             O            05/01/33
    0

    8666453          964/G01             F          391,000.00         ZZ
                                         360        390,610.76          1
1

                                       6.000          2,344.24         67
                                       5.750          2,344.24
    ALAMEDA          CA   94501          2            04/22/03         00
    0435751995                           05           06/01/03          0
    357792                               O            05/01/33
    0

    8666851          P09/G01             F          419,000.00         ZZ
                                         360        418,562.54          1
                                       5.750          2,445.17         70
                                       5.500          2,445.17
    OWINGS MILLS     MD   21117          2            04/21/03         00
    0435773221                           05           06/01/03          0
    COLTON                               O            05/01/33
    0

    8667131          964/G01             F          392,500.00         ZZ
                                         360        392,099.82          1
                                       5.875          2,321.79         45
                                       5.625          2,321.79
    LOS GATOS        CA   95030          2            04/18/03         00
    0435750781                           05           06/01/03          0
    383526                               O            05/01/33
    0

    8667225          E22/G01             F          380,000.00         ZZ
                                         360        379,603.25          1
                                       5.750          2,217.58         80
                                       5.500          2,217.58
    GRANADA HILLS (  CA   91344          1            04/25/03         00
    0416241800                           05           06/01/03          0
    0416241800                           O            05/01/33
    0

    8667425          E22/G01             F          371,300.00         ZZ
                                         360        370,930.37          1
                                       6.000          2,226.13         65
                                       5.750          2,226.13
    AUSTIN           TX   78735          5            04/28/03         00
    0416633352                           05           06/01/03          0
    0416633352                           O            05/01/33
    0

    8667459          E22/G01             F          650,000.00         ZZ
                                         360        649,321.36          1
                                       5.750          3,793.22         56
                                       5.500          3,793.22
    NEWPORT BEACH    CA   92625          1            04/08/03         00
    0416641132                           05           06/01/03          0
1

    0416641132                           O            05/01/33
    0

    8667573          E22/G01             F          584,000.00         ZZ
                                         360        584,000.00          1
                                       6.000          3,501.38         80
                                       5.750          3,501.38
    CINCINNATI       OH   45202          1            05/02/03         00
    0416939171                           01           07/01/03          0
    0416939171                           O            06/01/33
    0

    8667639          E82/G01             F          238,500.00         ZZ
                                         360        238,262.57          1
                                       6.000          1,429.93         30
                                       5.750          1,429.93
    OYSTER BAY       NY   11771          2            04/29/03         00
    0400796637                           05           06/01/03          0
    0400796637                           O            05/01/33
    0

    8667651          E82/G01             F          268,000.00         ZZ
                                         360        268,000.00          1
                                       6.125          1,628.40         52
                                       5.875          1,628.40
    SAN JOSE         CA   95135          2            04/28/03         00
    0400820320                           01           07/01/03          0
    0400820320                           O            06/01/33
    0

    8667655          E82/G01             F          388,200.00         ZZ
                                         360        388,200.00          1
                                       5.875          2,296.35         59
                                       5.625          2,296.35
    LA JOLLA         CA   92037          2            04/28/03         00
    0400822698                           01           07/01/03          0
    0400822698                           O            06/01/33
    0

    8667657          E82/G01             F          250,800.00         ZZ
                                         360        250,800.00          1
                                       5.875          1,483.58         67
                                       5.625          1,483.58
    LOS ANGELES      CA   91604          2            04/28/03         00
    0400819769                           05           07/01/03          0
    0400819769                           O            06/01/33
    0

1

    8667659          E82/G01             F          423,900.00         ZZ
                                         360        423,900.00          1
                                       6.000          2,541.49         59
                                       5.750          2,541.49
    LAGUNA HILLS     CA   92653          2            04/28/03         00
    0400812335                           03           07/01/03          0
    0400812335                           O            06/01/33
    0

    8667667          E82/G01             F          651,500.00         ZZ
                                         360        651,500.00          1
                                       6.000          3,906.07         73
                                       5.750          3,906.07
    BERKELEY         CA   94708          2            04/28/03         00
    0400805792                           05           07/01/03          0
    0400805792                           O            06/01/33
    0

    8667677          E82/G01             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       6.250          1,939.51         72
                                       6.000          1,939.51
    WHITTIER         CA   90601          2            04/28/03         00
    0400811055                           05           07/01/03          0
    0400811055                           O            06/01/33
    0

    8667777          W68/G01             F          352,000.00         ZZ
                                         360        351,649.58          1
                                       6.000          2,110.42         21
                                       5.750          2,110.42
    SAN JUAN CAPIST  CA   92675          2            04/08/03         00
    0435815550                           03           06/01/03          0
    35553                                O            05/01/33
    0

    8668259          B57/G01             F          372,000.00         ZZ
                                         360        371,620.73          1
                                       5.875          2,200.52         38
                                       5.625          2,200.52
    LOS ANGELES      CA   90069          2            04/14/03         00
    0435784350                           05           06/01/03          0
    10011046                             O            05/01/33
    0

    8668463          944/G01             F          671,500.00         ZZ
                                         360        670,815.37          1
                                       5.875          3,972.18         68
                                       5.625          3,972.18
1

    BELLEVUE         WA   98005          2            04/23/03         00
    0435812789                           05           06/01/03          0
    W02044670                            O            05/01/33
    0

    8669223          X89/G01             F          984,000.00         ZZ
                                         360        982,972.64          1
                                       5.750          5,742.36         65
                                       5.500          5,742.36
    WOODLAND HILLS   CA   91367          2            04/18/03         00
    0435820048                           05           06/01/03          0
    2002027                              O            05/01/33
    0

    8669227          P21/G01             F          472,500.00         ZZ
                                         360        472,018.26          1
                                       5.875          2,795.02         61
                                       5.625          2,795.02
    BOCA RATON       FL   33496          2            04/24/03         00
    0435873070                           03           06/01/03          0
    0303037                              O            05/01/33
    0

    8669303          R65/G01             F          465,000.00         ZZ
                                         360        464,537.09          1
                                       6.000          2,787.91         53
                                       5.750          2,787.91
    VIENNA           VA   22180          2            04/29/03         00
    0435862420                           05           06/01/03          0
    7824443000                           O            05/01/33
    0

    8669547          F25/G01             F          476,000.00         ZZ
                                         360        475,514.70          1
                                       5.875          2,815.72         80
                                       5.625          2,815.72
    TUCKAHOE         NY   10707          2            04/25/03         00
    0435795422                           05           06/01/03          0
    1                                    O            05/01/33
    0

    8672891          E22/G01             F          338,000.00         ZZ
                                         360        337,655.39          1
                                       5.875          1,999.40         62
                                       5.625          1,999.40
    EAST BRUNSWICK   NJ   08816          2            04/30/03         00
    0416651263                           05           06/01/03          0
    0416651263                           O            05/01/33
    0
1

    8672907          E22/G01             F          181,000.00         ZZ
                                         360        180,828.26          1
                                       6.250          1,114.45         70
                                       6.000          1,114.45
    CROMWELL         CT   06416          2            04/30/03         00
    0416674786                           05           06/01/03          0
    0416674786                           O            05/01/33
    0

    8673063          E22/G01             F          650,000.00         ZZ
                                         360        649,337.29          1
                                       5.875          3,845.00         21
                                       5.625          3,845.00
    MOUNT PLEASANT   SC   29464          5            04/29/03         00
    0416818284                           05           06/01/03          0
    0416818284                           O            05/01/33
    0

    8673155          E22/G01             F          352,500.00         ZZ
                                         360        352,123.15          1
                                       5.625          2,029.19         75
                                       5.375          2,029.19
    LAGUNA HILLS     CA   92653          1            04/24/03         00
    0416884641                           05           06/01/03          0
    0416884641                           O            05/01/33
    0

    8673185          E22/G01             F          597,144.00         ZZ
                                         360        596,549.54          1
                                       6.000          3,580.18         74
                                       5.750          3,580.18
    BOUNTIFUL        UT   84010          2            04/25/03         00
    0416935534                           05           06/01/03          0
    0416935534                           O            05/01/33
    0

    8673247          E22/G01             F          184,800.00         ZZ
                                         360        184,800.00          1
                                       5.750          1,078.44         80
                                       5.500          1,078.44
    CORVALLIS        OR   97330          1            05/01/03         00
    0417039658                           05           07/01/03          0
    0417039658                           O            06/01/33
    0

    8673307          E82/G01             F          374,650.00         ZZ
                                         360        374,650.00          1
1

                                       6.125          2,276.41         55
                                       5.875          2,276.41
    STAFFORD         VA   22554          2            05/02/03         00
    0400800389                           05           07/01/03          0
    0400800389                           O            06/01/33
    0

    8673349          E82/G01             F          236,500.00         ZZ
                                         360        236,500.00          1
                                       5.875          1,398.99         54
                                       5.625          1,398.99
    HIGHLANDS RANCH  CO   80126          2            05/02/03         00
    0400829743                           05           07/01/03          0
    0400829743                           O            06/01/33
    0

    8673353          E82/G01             F          264,200.00         ZZ
                                         360        264,200.00          1
                                       5.875          1,562.84         46
                                       5.625          1,562.84
    FAIRHAVEN        NJ   07704          2            05/02/03         00
    0400807970                           05           07/01/03          0
    0400807970                           O            06/01/33
    0

    8674417          X89/G01             F          388,000.00         ZZ
                                         360        387,604.41          1
                                       5.875          2,295.17         52
                                       5.625          2,295.17
    SAN DIEGO        CA   92128          5            04/24/03         00
    0435761507                           03           06/01/03          0
    2004361                              O            05/01/33
    0

    8675435          P21/G01             F          441,600.00         ZZ
                                         360        441,180.99          1
                                       6.250          2,719.01         80
                                       6.000          2,719.01
    SAN JOSE         CA   95124          2            04/24/03         00
    0435775259                           05           06/01/03          0
    0304064                              O            05/01/33
    0

    8675451          F25/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       5.875          2,957.69         62
                                       5.625          2,957.69
    ENGLEWOOD        NJ   07631          2            05/05/03         00
    0435782156                           05           07/01/03          0
1

    018504783                            O            06/01/33
    0

    8675503          253/253             F          390,000.00         ZZ
                                         360        389,602.38          1
                                       5.875          2,307.00         50
                                       5.625          2,307.00
    SAN JOSE         CA   95125          2            04/28/03         00
    468744                               05           06/01/03          0
    468744                               O            05/01/33
    0

    8675515          N47/G01             F          420,000.00         ZZ
                                         360        419,581.89          1
                                       6.000          2,518.11         80
                                       5.750          2,518.11
    BEN LOMOND       CA   95005          2            04/14/03         00
    0435814264                           05           06/01/03          0
    20504854                             O            05/01/33
    0

    8675647          944/G01             F          375,000.00         ZZ
                                         360        374,608.48          1
                                       5.750          2,188.40         38
                                       5.500          2,188.40
    ENCINITAS        CA   92024          2            04/21/03         00
    0435871926                           05           06/01/03          0
    W02041588                            O            05/01/33
    0

    8675685          M37/G01             F          506,268.00         ZZ
                                         360        505,764.01          1
                                       6.000          3,035.33         80
                                       5.750          3,035.33
    CHEYENNE         WY   82009          1            04/30/03         00
    0435808563                           05           06/01/03          0
    0018375048                           O            05/01/33
    0

    8675785          A06/G01             F          181,600.00         ZZ
                                         360        181,423.49          1
                                       6.125          1,103.43         80
                                       5.875          1,103.43
    BEVERLY HILLS    MI   48025          2            04/29/03         00
    0435847108                           05           06/01/03          0
    1000020305546                        O            05/01/33
    0

1

    8675793          Y26/G01             F          356,250.00         ZZ
                                         360        355,886.79          1
                                       5.875          2,107.35         75
                                       5.625          2,107.35
    VENTURA          CA   93001          5            04/11/03         00
    0435782560                           05           06/01/03          0
    931002912                            O            05/01/33
    0

    8675799          D03/D03             F          350,500.00         ZZ
                                         360        350,167.43          1
                                       6.250          2,158.09         53
                                       6.000          2,158.09
    CUPERTINO        CA   95014          2            04/23/03         00
    NISHI1030003256                      03           06/01/03          0
    NISHI1030003256                      O            05/01/33
    0

    8675943          356/356             F          365,000.00         ZZ
                                         360        364,063.02          1
                                       6.125          2,217.78         45
                                       5.875          2,217.78
    SAN MATEO        CA   94402          2            04/01/03         00
    3069135                              05           06/01/03          0
    3069135                              O            05/01/33
    0

    8676507          E22/G01             F          495,000.00         ZZ
                                         360        494,495.33          1
                                       5.875          2,928.11         56
                                       5.625          2,928.11
    KIRKLAND         WA   98033          5            04/30/03         00
    0416767655                           05           06/01/03          0
    0416767655                           O            05/01/33
    0

    8676595          E22/G01             F          947,000.00         ZZ
                                         360        947,000.00          1
                                       5.875          5,601.86         66
                                       5.625          5,601.86
    LOS ALTOS        CA   94022          2            04/28/03         00
    0416481141                           05           07/01/03          0
    0416481141                           O            06/01/33
    0

    8676709          E22/G01             F          340,000.00         ZZ
                                         360        339,677.39          1
                                       6.250          2,093.44         76
                                       6.000          2,093.44
1

    MILPITAS         CA   95035          2            04/28/03         00
    0416877975                           05           06/01/03          0
    0416877975                           O            05/01/33
    0

    8676815          E22/G01             F          129,000.00         ZZ
                                         360        128,868.48          1
                                       5.875            763.08         83
                                       5.625            763.08
    EATONVILLE       WA   98328          2            04/28/03         04
    0416904068                           05           06/01/03         12
    0416904068                           O            05/01/33
    0

    8676913          E22/G01             F          383,500.00         ZZ
                                         360        383,109.00          1
                                       5.875          2,268.55         54
                                       5.625          2,268.55
    HALLANDALE       FL   33009          2            05/01/03         00
    0416961126                           05           06/01/03          0
    0416961126                           O            05/01/33
    0

    8676929          E11/G01             F          507,500.00         ZZ
                                         360        506,982.59          1
                                       5.875          3,002.05         70
                                       5.625          3,002.05
    SAINT PAUL       MN   55116          5            04/23/03         00
    0435811997                           05           06/01/03          0
    30010558                             O            05/01/33
    0

    8676941          E82/G01             F          202,750.00         ZZ
                                         360        202,750.00          1
                                       6.125          1,231.93         82
                                       5.875          1,231.93
    BYRAM            NJ   07821          2            05/01/03         10
    0400811386                           05           07/01/03         12
    0400811386                           O            06/01/33
    0

    8676959          E82/G01             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       6.125          1,913.97         77
                                       5.875          1,913.97
    VENICE           CA   90291          2            04/30/03         00
    0400799862                           05           07/01/03          0
    0400799862                           O            06/01/33
    0
1

    8677057          964/G01             F          389,883.00         ZZ
                                         360        389,494.87          1
                                       6.000          2,337.55         69
                                       5.750          2,337.55
    DAVIS            CA   95616          5            04/24/03         00
    0435775283                           03           06/01/03          0
    385257                               O            05/01/33
    0

    8677395          B84/G01             F          425,000.00         ZZ
                                         360        424,556.27          1
                                       5.750          2,480.19         74
                                       5.500          2,480.19
    ATLANTA          GA   30319          1            04/03/03         00
    0435774419                           03           06/01/03          0
    1001378734                           O            05/01/33
    0

    8678499          M82/G01             F          341,700.00         ZZ
                                         360        341,359.84          1
                                       6.000          2,048.66         69
                                       5.750          2,048.66
    ALPHARETTA       GA   30004          2            04/28/03         00
    0435776000                           03           06/01/03          0
    10217                                O            05/01/33
    0

    8678531          G27/G01             F          524,250.00         T
                                         360        523,776.07          1
                                       6.500          3,313.62         75
                                       6.250          3,313.62
    BIG BEAR LAKE    CA   92315          1            04/22/03         00
    0435786041                           05           06/01/03          0
    20003167                             O            05/01/33
    0

    8679691          S11/G01             F          205,000.00         ZZ
                                         360        204,800.75          1
                                       6.125          1,245.60         55
                                       5.875          1,245.60
    BREA             CA   92821          2            04/24/03         00
    0435785357                           05           06/01/03          0
    10300817                             O            05/01/33
    0

    8679733          K21/G01             F          393,700.00         ZZ
                                         360        393,298.61          1
1

                                       5.875          2,328.88         76
                                       5.625          2,328.88
    SONORA           CA   95370          5            04/15/03         00
    0435772215                           05           06/01/03          0
    0222832                              O            05/01/33
    0

    8679737          X89/G01             F          750,000.00         ZZ
                                         360        749,235.34          1
                                       5.875          4,436.53         69
                                       5.625          4,436.53
    OAKLAND          CA   94618          2            04/29/03         00
    0435915889                           05           06/01/03          0
    2001105                              O            05/01/33
    0

    8679751          956/956             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       5.750          2,334.29         58
                                       5.500          2,334.29
    CANTON           MA   02021          2            05/01/03         00
    2813040007                           05           07/01/03          0
    2813040007                           O            06/01/33
    0

    8679761          956/956             F          379,000.00         ZZ
                                         360        378,622.70          1
                                       6.000          2,272.30         68
                                       5.750          2,272.30
    CAMARILLO        CA   93010          2            04/18/03         00
    2913030098                           05           06/01/03          0
    2913030098                           O            05/01/33
    0

    8679767          956/956             F          356,000.00         ZZ
                                         360        355,637.05          1
                                       5.875          2,105.87         75
                                       5.625          2,105.87
    AGOURA HILLS     CA   91301          5            04/15/03         00
    2913040026                           05           06/01/03          0
    2913040026                           O            05/01/33
    0

    8679779          956/956             F          416,000.00         ZZ
                                         360        415,565.67          1
                                       5.750          2,427.66         70
                                       5.500          2,427.66
    ORONO            MN   55356          5            04/29/03         00
    3513040004                           05           06/01/03          0
1

    3513040004                           O            05/01/33
    0

    8679793          956/956             F          435,500.00         ZZ
                                         360        435,045.31          1
                                       5.750          2,541.46         80
                                       5.500          2,541.46
    BROADVIEW HEIGH  OH   44147          2            04/18/03         00
    3813040041                           05           06/01/03          0
    3813040041                           O            05/01/33
    0

    8679817          956/956             F          650,000.00         ZZ
                                         360        649,337.29          1
                                       5.875          3,845.00         79
                                       5.625          3,845.00
    BOULDER          CO   80301          2            04/08/03         00
    4313030069                           03           06/01/03          0
    4313030069                           O            05/01/33
    0

    8679821          956/956             F          445,000.00         ZZ
                                         360        444,535.39          1
                                       5.750          2,596.90         74
                                       5.500          2,596.90
    GLENCOE          IL   60022          2            04/10/03         00
    4313030177                           05           06/01/03          0
    4313030177                           O            05/01/33
    0

    8679885          956/956             F          361,000.00         ZZ
                                         360        360,631.95          1
                                       5.875          2,135.45         69
                                       5.625          2,135.45
    UNION CITY       CA   94587          5            04/17/03         00
    713040025                            05           06/01/03          0
    713040025                            O            05/01/33
    0

    8679899          956/956             F          400,000.00         ZZ
                                         360        399,582.38          1
                                       5.750          2,334.29         77
                                       5.500          2,334.29
    AKRON            OH   44319          2            04/09/03         00
    4313030480                           05           06/01/03          0
    4313030480                           O            05/01/33
    0

1

    8679905          956/956             F          345,000.00         ZZ
                                         360        344,631.18          1
                                       5.625          1,986.01         54
                                       5.375          1,986.01
    PALOS PARK       IL   60464          2            04/04/03         00
    4313030644                           05           06/01/03          0
    4313030644                           O            05/01/33
    0

    8679935          956/956             F          436,000.00         ZZ
                                         360        435,544.79          1
                                       5.750          2,544.38         68
                                       5.500          2,544.38
    FAIRFAX          VA   22032          2            04/30/03         00
    4413040027                           05           06/01/03          0
    4413040027                           O            05/01/33
    0

    8679949          956/956             F          500,000.00         ZZ
                                         360        499,477.97          1
                                       5.750          2,917.86         68
                                       5.500          2,917.86
    ARLINGTON HEIGH  IL   60004          2            04/23/03         00
    4713040010                           05           06/01/03          0
    4713040010                           O            05/01/33
    0

    8679951          956/956             F          400,000.00         ZZ
                                         360        399,582.38          1
                                       5.750          2,334.29         80
                                       5.500          2,334.29
    SAN CARLOS       CA   94070          2            04/30/03         00
    5313030038                           05           06/01/03          0
    5313030038                           O            05/01/33
    0

    8679993          956/956             F          402,000.00         ZZ
                                         360        401,590.14          1
                                       5.875          2,377.98         67
                                       5.625          2,377.98
    FREEHOLD BORO    NJ   07728          5            04/25/03         00
    913040006                            05           06/01/03          0
    913040006                            O            05/01/33
    0

    8680007          956/956             F          409,600.00         ZZ
                                         360        409,172.36          1
                                       5.750          2,390.31         80
                                       5.500          2,390.31
1

    SEDONA           AZ   86351          2            04/04/03         00
    1113030470                           03           06/01/03          0
    1113030470                           O            05/01/33
    0

    8680015          956/956             F          394,800.00         ZZ
                                         360        394,187.80          1
                                       5.750          2,303.95         49
                                       5.500          2,303.95
    VILLA PARK       CA   92861          2            04/10/03         00
    1113030807                           05           06/01/03          0
    1113030807                           O            05/01/33
    0

    8680033          956/956             F          488,000.00         ZZ
                                         360        487,490.49          1
                                       5.750          2,847.84         80
                                       5.500          2,847.84
    PARK CITY        UT   84098          2            04/03/03         00
    1113040273                           05           06/01/03          0
    1113040273                           O            05/01/33
    0

    8680035          956/956             F          338,000.00         ZZ
                                         360        337,655.39          1
                                       5.875          1,999.40         66
                                       5.625          1,999.40
    ARROYO GRANDE    CA   93420          5            04/08/03         00
    1113040283                           05           06/01/03          0
    1113040283                           O            05/01/33
    0

    8680045          956/956             F          419,000.00         ZZ
                                         360        418,562.54          1
                                       5.750          2,445.17         70
                                       5.500          2,445.17
    REDMOND          WA   98052          1            04/29/03         00
    1313040214                           03           06/01/03          0
    1313040214                           O            05/01/33
    0

    8680075          956/956             F          360,000.00         ZZ
                                         360        359,632.96          1
                                       5.875          2,129.54         75
                                       5.625          2,129.54
    WHITTIER         CA   90602          5            04/15/03         00
    1913030170                           05           06/01/03          0
    1913030170                           O            05/01/33
    0
1

    8680111          956/956             F          400,000.00         ZZ
                                         360        399,592.18          1
                                       5.875          2,366.15         75
                                       5.625          2,366.15
    SACRAMENTO       CA   95831          2            04/24/03         00
    313040014                            03           06/01/03          0
    313040014                            O            05/01/33
    0

    8680117          956/956             F          390,000.00         ZZ
                                         360        389,592.82          1
                                       5.750          2,275.93         53
                                       5.500          2,275.93
    DAVIS            CA   95616          1            04/25/03         00
    313040122                            03           06/01/03          0
    313040122                            O            05/01/33
    0

    8680119          956/956             F          484,000.00         ZZ
                                         360        483,494.68          1
                                       5.750          2,824.49         70
                                       5.500          2,824.49
    SCOTTSDALE       AZ   85255          2            04/24/03         00
    413040070                            03           06/01/03          0
    413040070                            O            05/01/33
    0

    8680127          956/956             F          390,000.00         ZZ
                                         360        389,565.19          1
                                       5.875          2,307.00         76
                                       5.625          2,307.00
    LOS ANGELES      CA   90066          2            04/23/03         00
    513030101                            05           06/01/03          0
    513030101                            O            05/01/33
    0

    8680133          956/956             F          380,000.00         ZZ
                                         360        379,612.58          1
                                       5.875          2,247.84         74
                                       5.625          2,247.84
    SIMI VALLEY      CA   93065          5            04/28/03         00
    513040058                            03           06/01/03          0
    513040058                            O            05/01/33
    0

    8680149          956/956             F          435,000.00         ZZ
                                         360        434,089.49          1
1

                                       5.750          2,538.54         60
                                       5.500          2,538.54
    MONTVALE         NJ   07645          1            03/03/03         00
    2713020325                           05           05/01/03          0
    2713020325                           O            04/01/33
    0

    8680153          956/956             F          420,000.00         ZZ
                                         360        419,520.70          1
                                       5.750          2,451.01         67
                                       5.500          2,451.01
    MARLBOROUGH      MA   01752          1            04/17/03         00
    2713030188                           05           06/01/03          0
    2713030188                           O            05/01/33
    0

    8680171          956/956             F          650,000.00         ZZ
                                         360        649,337.29          1
                                       5.875          3,845.00         44
                                       5.625          3,845.00
    DUXBURY          MA   02332          5            04/09/03         00
    2713030644                           05           06/01/03          0
    2713030644                           O            05/01/33
    0

    8680435          M27/G01             F          350,000.00         ZZ
                                         360        349,659.82          1
                                       6.125          2,126.64         69
                                       5.875          2,126.64
    MANAKIN-SABOT    VA   23103          1            05/01/03         00
    0435841184                           05           06/01/03          0
    600926990                            O            05/01/33
    0

    8680457          Q31/G01             F          388,000.00         ZZ
                                         360        388,000.00          1
                                       5.500          2,203.03         65
                                       5.250          2,203.03
    CORONA           CA   92879          5            05/05/03         00
    0435769948                           05           07/01/03          0
    SD884164                             O            06/01/33
    0

    8680533          696/G01             F          892,000.00         ZZ
                                         360        891,090.56          1
                                       5.875          5,276.52         80
                                       5.625          5,276.52
    BETHESDA         MD   20817          1            04/30/03         00
    0435777313                           05           06/01/03          0
1

    30203087                             O            05/01/33
    0

    8681801          E22/G01             F          727,500.00         ZZ
                                         360        726,775.77          1
                                       6.000          4,361.73         46
                                       5.750          4,361.73
    MILLBRAE         CA   94030          2            04/02/03         00
    0415975952                           05           06/01/03          0
    0415975952                           O            05/01/33
    0

    8681807          E22/G01             F          365,500.00         ZZ
                                         360        365,127.36          1
                                       5.875          2,162.07         43
                                       5.625          2,162.07
    SAN FRANCISCO    CA   94116          2            04/15/03         00
    0416029411                           07           06/01/03          0
    0416029411                           O            05/01/33
    0

    8681937          E22/G01             F          607,000.00         ZZ
                                         360        606,381.14          1
                                       5.875          3,590.63         78
                                       5.625          3,590.63
    SHORELINE        WA   98177          2            04/29/03         00
    0416456416                           05           06/01/03          0
    0416456416                           O            05/01/33
    0

    8682013          E22/G01             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       5.875          3,105.57         42
                                       5.625          3,105.57
    GRANITE BAY      CA   95746          5            04/30/03         00
    0416591253                           03           07/01/03          0
    0416591253                           O            06/01/33
    0

    8682069          E22/G01             F          385,000.00         ZZ
                                         360        384,616.73          1
                                       6.000          2,308.27         55
                                       5.750          2,308.27
    MORGAN HILL      CA   95037          2            04/24/03         00
    0416640886                           05           06/01/03          0
    0416640886                           O            05/01/33
    0

1

    8682089          E22/G01             F          842,000.00         ZZ
                                         360        842,000.00          1
                                       6.000          5,048.22         67
                                       5.750          5,048.22
    POTOMAC          MD   20854          2            05/02/03         00
    0416650455                           05           07/01/03          0
    0416650455                           O            06/01/33
    0

    8682183          E22/G01             F          737,650.00         ZZ
                                         360        736,933.05          1
                                       6.125          4,482.04         60
                                       5.875          4,482.04
    DALLAS           TX   75230          2            05/01/03         00
    0416712404                           05           06/01/03          0
    0416712404                           O            05/01/33
    0

    8682299          E22/G01             F          394,000.00         ZZ
                                         360        394,000.00          1
                                       6.000          2,362.23         52
                                       5.750          2,362.23
    SOUTH SAN FRANC  CA   94080          2            04/28/03         00
    0416774602                           03           07/01/03          0
    0416774602                           O            06/01/33
    0

    8682469          E22/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       5.875          2,957.69         56
                                       5.625          2,957.69
    CINCINNATI       OH   45206          1            05/07/03         00
    0416868008                           05           07/01/03          0
    0416868008                           O            06/01/33
    0

    8682479          E22/G01             F          392,000.00         ZZ
                                         360        392,000.00          1
                                       6.000          2,350.24         54
                                       5.750          2,350.24
    SAN JOSE         CA   95125          2            05/01/03         00
    0416874204                           05           07/01/03          0
    0416874204                           O            06/01/33
    0

    8682537          E22/G01             F          146,000.00         ZZ
                                         360        145,851.14          1
                                       5.875            863.65         75
                                       5.625            863.65
1

    PUYALLUP         WA   98374          2            04/29/03         00
    0416915932                           05           06/01/03          0
    0416915932                           O            05/01/33
    0

    8682697          E82/G01             F          447,900.00         ZZ
                                         360        447,900.00          1
                                       5.875          2,649.50         64
                                       5.625          2,649.50
    SANTA FE         NM   87501          2            05/05/03         00
    0400813986                           03           07/01/03          0
    0400813986                           O            06/01/33
    0

    8682701          E82/G01             F          632,400.00         ZZ
                                         360        632,400.00          1
                                       6.000          3,791.56         80
                                       5.750          3,791.56
    BEND             OR   97702          2            05/05/03         00
    0400813051                           05           07/01/03          0
    0400813051                           O            06/01/33
    0

    8682759          E82/G01             F          218,300.00         ZZ
                                         360        218,300.00          1
                                       5.875          1,291.33         34
                                       5.625          1,291.33
    PALO ALTO        CA   94303          2            05/02/03         00
    0400827010                           05           07/01/03          0
    0400827010                           O            06/01/33
    0

    8683011          N47/G01             F          400,000.00         ZZ
                                         360        399,620.46          1
                                       6.250          2,462.87         67
                                       6.000          2,462.87
    WALNUT CREEK     CA   94598          2            04/24/03         00
    0435777909                           05           06/01/03          0
    90501644                             O            05/01/33
    0

    8683169          F34/G01             F          456,000.00         ZZ
                                         360        456,000.00          1
                                       5.875          2,697.41         80
                                       5.625          2,697.41
    CLIFTON          VA   20124          1            05/05/03         00
    0435786611                           03           07/01/03          0
    13301034                             O            06/01/33
    0
1

    8683173          W35/G01             F          144,000.00         ZZ
                                         360        143,546.79          1
                                       5.750            840.35         80
                                       5.500            840.35
    FAIRFIELD        OH   45014          1            03/17/03         00
    0435797832                           05           04/17/03          0
    17967                                O            03/17/33
    0

    8683543          G51/G01             F          445,000.00         ZZ
                                         360        444,546.30          1
                                       5.875          2,632.35         60
                                       5.625          2,632.35
    LOUISVILLE       CO   80027          2            05/02/03         00
    0435791264                           03           06/01/03          0
    07000575                             O            05/01/33
    0

    8684067          B57/G01             F          577,000.00         ZZ
                                         360        576,452.52          1
                                       6.250          3,552.69         67
                                       6.000          3,552.69
    HUNTINGTON BEAC  CA   92649          2            04/28/03         00
    0435801139                           03           06/01/03          0
    35000566                             O            05/01/33
    0

    8684069          356/356             F          391,000.00         ZZ
                                         360        390,629.00          1
                                       6.250          2,407.46         60
                                       6.000          2,407.46
    FREMONT          CA   94539          2            04/10/03         00
    29046091                             05           06/01/03          0
    29046091                             O            05/01/33
    0

    8684343          356/356             F          339,000.00         ZZ
                                         360        338,678.34          1
                                       6.250          2,087.29         37
                                       6.000          2,087.29
    DANVILLE         CA   94506          2            04/16/03         00
    29027562                             03           06/01/03          0
    29027562                             O            05/01/33
    0

    8684411          S11/G01             F          542,000.00         ZZ
                                         360        541,460.44          1
1

                                       6.000          3,249.56         68
                                       5.750          3,249.56
    TUSTIN           CA   92782          2            04/25/03         00
    0435785779                           03           06/01/03          0
    10300997                             O            05/01/33
    0

    8684539          956/956             F          400,000.00         ZZ
                                         360        399,601.80          1
                                       6.000          2,398.20         73
                                       5.750          2,398.20
    INVERNESS        IL   60067          2            04/18/03         00
    4313040050                           05           06/01/03          0
    4313040050                           O            05/01/33
    0

    8684705          956/956             F          647,200.00         ZZ
                                         360        646,524.29          1
                                       5.750          3,776.88         80
                                       5.500          3,776.88
    SAN DIEGO        CA   92127          1            04/08/03         00
    1113040044                           03           06/01/03          0
    1113040044                           O            05/01/33
    0

    8684897          X89/G01             F          175,500.00         ZZ
                                         360        175,500.00          1
                                       6.000          1,052.21         44
                                       5.750          1,052.21
    FAIRFAX STATION  VA   22039          2            05/01/03         00
    0435800651                           03           07/01/03          0
    2005046                              O            06/01/33
    0

    8685719          E82/G01             F          188,000.00         ZZ
                                         360        188,000.00          1
                                       6.000          1,127.15         71
                                       5.750          1,127.15
    GRANTS PASS      OR   97527          2            05/07/03         00
    0400820718                           05           07/01/03          0
    0400820718                           O            06/01/33
    0

    8685753          E82/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       5.875          2,188.69         44
                                       5.625          2,188.69
    SAN JOSE         CA   95125          2            05/03/03         00
    0400830105                           05           07/01/03          0
1

    0400830105                           O            06/01/33
    0

    8686773          E22/G01             F          438,000.00         ZZ
                                         360        437,563.97          1
                                       6.000          2,626.03         80
                                       5.750          2,626.03
    SIMI VALLEY      CA   93065          2            04/19/03         00
    0416572022                           03           06/01/03          0
    0416572022                           O            05/01/33
    0

    8686885          E22/G01             F          367,600.00         ZZ
                                         360        367,600.00          1
                                       6.000          2,203.95         80
                                       5.750          2,203.95
    GRASS VALLEY     CA   95945          1            05/05/03         00
    0416666568                           05           07/01/03          0
    0416666568                           O            06/01/33
    0

    8686971          E22/G01             F          268,000.00         ZZ
                                         360        268,000.00          1
                                       5.375          1,500.72         66
                                       5.125          1,500.72
    LAS VEGAS        NV   89135          2            04/29/03         00
    0416834224                           03           07/01/03          0
    0416834224                           O            06/01/33
    0

    8686989          E22/G01             F          521,000.00         ZZ
                                         360        521,000.00          1
                                       5.875          3,081.91         70
                                       5.625          3,081.91
    SAN MATEO        CA   94402          2            04/30/03         00
    0416881373                           05           07/01/03          0
    0416881373                           O            06/01/33
    0

    8687003          E22/G01             F          396,500.00         ZZ
                                         360        396,500.00          1
                                       5.875          2,345.45         53
                                       5.625          2,345.45
    SEATTLE          WA   98122          1            05/06/03         00
    0416894582                           05           07/01/03          0
    0416894582                           O            06/01/33
    0

1

    8687049          E22/G01             F          436,500.00         ZZ
                                         360        436,065.46          1
                                       6.000          2,617.04         90
                                       5.750          2,617.04
    SANDPOINT        ID   83864          1            04/23/03         01
    0416965242                           05           06/01/03         25
    0416965242                           O            05/01/33
    0

    8687051          E22/G01             F          495,200.00         ZZ
                                         360        495,200.00          1
                                       5.750          2,889.85         80
                                       5.500          2,889.85
    LIVERMORE        CA   94550          1            05/01/03         00
    0416965267                           05           07/01/03          0
    0416965267                           O            06/01/33
    0

    8687389          B44/G01             F          461,292.00         ZZ
                                         360        460,821.69          1
                                       5.875          2,728.72         80
                                       5.625          2,728.72
    SUISUN CITY      CA   94585          1            04/30/03         00
    0435806872                           05           06/01/03          0
    3030116                              O            05/01/33
    0

    8687451          B57/G01             F          468,700.00         ZZ
                                         360        468,222.14          1
                                       5.875          2,772.54         73
                                       5.625          2,772.54
    ALTADENA         CA   91001          2            04/23/03         00
    0435822630                           05           06/01/03          0
    50001103                             O            05/01/33
    0

    8687665          964/G01             F          377,000.00         ZZ
                                         360        376,624.69          1
                                       6.000          2,260.31         70
                                       5.750          2,260.31
    SANTA CLARA      CA   95054          2            04/22/03         00
    0435777529                           03           06/01/03          0
    391070                               O            05/01/33
    0

    8687699          964/G01             F          383,000.00         ZZ
                                         360        382,600.12          1
                                       5.750          2,235.09         58
                                       5.500          2,235.09
1

    YORBA LINDA      CA   92886          2            04/25/03         00
    0435797139                           05           06/01/03          0
    374060                               O            05/01/33
    0

    8687707          964/G01             F          385,000.00         ZZ
                                         360        384,616.73          1
                                       6.000          2,308.27         72
                                       5.750          2,308.27
    ROSEVILLE        CA   95747          2            04/28/03         00
    0435795679                           03           06/01/03          0
    385061                               O            05/01/33
    0

    8687717          964/G01             F          516,000.00         ZZ
                                         360        515,473.91          1
                                       5.875          3,052.34         58
                                       5.625          3,052.34
    NAPA             CA   94559          5            04/24/03         00
    0435878780                           05           06/01/03          0
    388093                               O            05/01/33
    0

    8687719          964/G01             F          534,000.00         ZZ
                                         360        533,455.56          1
                                       5.875          3,158.81         60
                                       5.625          3,158.81
    PALO ALTO        CA   94306          2            04/25/03         00
    0435797253                           05           06/01/03          0
    389502                               O            05/01/33
    0

    8687723          964/G01             F          388,000.00         ZZ
                                         360        387,604.41          1
                                       5.875          2,295.17         70
                                       5.625          2,295.17
    CLOVIS           CA   93611          2            04/24/03         00
    0435869169                           05           06/01/03          0
    396497                               O            05/01/33
    0

    8687743          964/G01             F          518,000.00         ZZ
                                         360        517,471.87          1
                                       5.875          3,064.17         54
                                       5.625          3,064.17
    CAREFREE         AZ   85377          2            04/21/03         00
    0435778345                           05           06/01/03          0
    374499                               O            05/01/33
    0
1

    8687761          964/G01             F          340,000.00         ZZ
                                         360        339,653.35          1
                                       5.875          2,011.23         65
                                       5.625          2,011.23
    SAN LUIS OBISPO  CA   93401          2            04/17/03         00
    0435778600                           03           06/01/03          0
    383940                               O            05/01/33
    0

    8687763          964/G01             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       5.875          2,365.56         56
                                       5.625          2,365.56
    HERCULES         CA   94547          1            04/28/03         00
    0435777255                           03           07/01/03          0
    386002                               O            06/01/33
    0

    8687769          964/G01             F          399,900.00         ZZ
                                         360        399,492.28          1
                                       5.875          2,365.56         45
                                       5.625          2,365.56
    FOSTER CITY      CA   94404          2            04/22/03         00
    0435779939                           05           06/01/03          0
    386750                               O            05/01/33
    0

    8687781          F34/G01             F          487,000.00         ZZ
                                         360        486,503.48          1
                                       5.875          2,880.79         77
                                       5.625          2,880.79
    ARLINGTON        VA   22204          2            04/24/03         00
    0435790407                           05           06/01/03          0
    45303111                             O            05/01/33
    0

    8688571          T44/G01             F          212,000.00         ZZ
                                         360        211,808.35          1
                                       6.500          1,339.98         80
                                       6.250          1,339.98
    SACRAMENTO       CA   95835          1            04/25/03         00
    0435958210                           03           06/01/03          0
    1075753                              O            05/01/33
    0

    8688635          E22/G01             F          137,000.00         ZZ
                                         360        137,000.00          1
1

                                       5.875            810.41         69
                                       5.625            810.41
    GRAND RAPIDS     MI   49525          2            04/29/03         00
    0416368538                           05           07/01/03          0
    0416368538                           O            06/01/33
    0

    8688647          E22/G01             F          426,000.00         ZZ
                                         360        426,000.00          1
                                       5.875          2,519.95         62
                                       5.625          2,519.95
    JAMESTOWN        RI   02835          5            05/05/03         00
    0416434355                           03           07/01/03          0
    0416434355                           O            06/01/33
    0

    8688769          E22/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.000          2,338.25         51
                                       5.750          2,338.25
    SAN BRUNO        CA   94066          2            05/02/03         00
    0416729705                           05           07/01/03          0
    0416729705                           O            06/01/33
    0

    8688789          E22/G01             F          322,700.00         ZZ
                                         360        322,386.35          1
                                       6.125          1,960.76         47
                                       5.875          1,960.76
    SAN JOSE         CA   95132          5            04/30/03         00
    0416751485                           05           06/01/03          0
    0416751485                           O            05/01/33
    0

    8688793          E22/G01             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       5.875          2,176.86         80
                                       5.625          2,176.86
    ISSAQUAH         WA   98027          2            05/01/03         00
    0416765709                           05           07/01/03          0
    0416765709                           O            06/01/33
    0

    8688933          E22/G01             F           80,000.00         ZZ
                                         360         79,922.24          1
                                       6.125            486.09         27
                                       5.875            486.09
    SUNLAND          CA   91041          5            04/28/03         00
    0416961969                           05           06/01/03          0
1

    0416961969                           O            05/01/33
    0

    8689013          E82/G01             F          385,500.00         ZZ
                                         360        385,500.00          1
                                       6.000          2,311.27         74
                                       5.750          2,311.27
    BELLEVUE         WA   98006          2            05/08/03         00
    0400820650                           05           07/01/03          0
    0400820650                           O            06/01/33
    0

    8689049          E82/G01             F          385,400.00         ZZ
                                         360        385,400.00          1
                                       5.875          2,279.79         53
                                       5.625          2,279.79
    LIGHTHOUSE POIN  FL   33064          2            05/08/03         00
    0400815015                           05           07/01/03          0
    0400815015                           O            06/01/33
    0

    8689385          758/G01             F          370,000.00         ZZ
                                         360        369,622.77          1
                                       5.875          2,188.69         69
                                       5.625          2,188.69
    SPRING           TX   77386          2            04/21/03         00
    0435841721                           05           06/01/03          0
    100162500499282                      O            05/01/33
    0

    8689547          P60/G01             F          378,000.00         ZZ
                                         360        377,614.60          1
                                       5.875          2,236.02         69
                                       5.625          2,236.02
    WESTERVILLE      OH   43082          5            04/24/03         00
    0435869706                           05           06/01/03          0
    1310352968                           O            05/01/33
    0

    8692203          S11/G01             F          396,500.00         ZZ
                                         360        396,095.75          1
                                       5.875          2,345.45         70
                                       5.625          2,345.45
    TORRANCE         CA   90505          2            04/29/03         00
    0435797600                           05           06/01/03          0
    10211590                             O            05/01/33
    0

1

    8692881          N47/G01             F          388,000.00         ZZ
                                         360        388,000.00          1
                                       5.750          2,264.26         80
                                       5.500          2,264.26
    SAN JOSE         CA   95118          2            05/05/03         00
    0435821384                           05           07/01/03          0
    20504305                             O            06/01/33
    0

    8692983          227/G01             F          523,200.00         ZZ
                                         360        522,666.57          1
                                       5.875          3,094.93         80
                                       5.625          3,094.93
    PLEASANTON       CA   94566          1            04/14/03         00
    0435874318                           05           06/01/03          0
    2150943                              O            05/01/33
    0

    8693431          696/G01             F          420,000.00         ZZ
                                         360        419,581.89          1
                                       6.000          2,518.11         80
                                       5.750          2,518.11
    ALEXANDRIA       VA   22302          1            05/05/03         00
    0435783758                           05           06/01/03          0
    24403030                             O            05/01/33
    0

    8694333          E47/G01             F           76,750.00         ZZ
                                         360         76,671.75          1
                                       5.875            454.01         62
                                       5.625            454.01
    HUNTINGTON BEAC  CA   92648          2            04/22/03         00
    0435798665                           01           06/01/03          0
    7331014841                           O            05/01/33
    0

    8694833          M37/G01             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       6.125          1,312.44         78
                                       5.875          1,312.44
    SCOTTSDALE       AZ   85255          2            05/01/03         00
    0435840905                           03           07/01/03          0
    612936                               O            06/01/33
    0

    8694977          696/G01             F          571,200.00         ZZ
                                         360        571,200.00          1
                                       6.000          3,424.63         80
                                       5.750          3,424.63
1

    WASHINGTON       DC   20003          1            05/05/03         00
    0435793278                           05           07/01/03          0
    31203199                             O            06/01/33
    0

    8695015          696/G01             F          431,200.00         ZZ
                                         360        430,770.74          1
                                       6.000          2,585.26         80
                                       5.750          2,585.26
    ROCKVILLE        MD   20850          1            04/18/03         00
    0435793542                           03           06/01/03          0
    30303108                             O            05/01/33
    0

    8697711          367/367             F          397,000.00         ZZ
                                         360        397,000.00          1
                                       6.250          2,444.40         58
                                       6.000          2,444.40
    WASHINGTON       DC   20015          2            05/01/03         00
    783065710                            05           07/01/03          0
    783065710                            O            06/01/33
    0

    8697729          E22/G01             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       5.875          2,809.80         40
                                       5.625          2,809.80
    LAGUNA BEACH     CA   92651          2            04/29/03         00
    0416404754                           05           07/01/03          0
    0416404754                           O            06/01/33
    0

    8697791          E22/G01             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       6.000            983.26         79
                                       5.750            983.26
    SAN ANTONIO      TX   78259          5            05/06/03         00
    0416563898                           03           07/01/03          0
    0416563898                           O            06/01/33
    0

    8697793          E22/G01             F          485,200.00         ZZ
                                         360        485,200.00          1
                                       5.875          2,870.14         60
                                       5.625          2,870.14
    SAN RAMON        CA   94583          2            04/28/03         00
    0416575843                           03           07/01/03          0
    0416575843                           O            06/01/33
    0
1

    8697803          E22/G01             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       5.875          1,626.73         69
                                       5.625          1,626.73
    NEWTON           MA   02458          5            05/07/03         00
    0416593465                           01           07/01/03          0
    0416593465                           O            06/01/33
    0

    8697805          E22/G01             F          337,500.00         ZZ
                                         360        337,139.19          1
                                       5.625          1,942.84         75
                                       5.375          1,942.84
    MOORPARK         CA   93021          5            04/23/03         00
    0416598878                           03           06/01/03          0
    0416598878                           O            05/01/33
    0

    8697865          E22/G01             F          640,000.00         ZZ
                                         360        640,000.00          1
                                       5.875          3,785.84         48
                                       5.625          3,785.84
    EVANSTON         IL   60201          2            05/07/03         00
    0416713857                           05           07/01/03          0
    0416713857                           O            06/01/33
    0

    8697911          E22/G01             F          166,000.00         ZZ
                                         360        166,000.00          1
                                       6.250          1,022.09         61
                                       6.000          1,022.09
    YAKIMA           WA   98908          2            05/02/03         00
    4016767762                           05           07/01/03          0
    0416767762                           O            06/01/33
    0

    8697935          E22/G01             F          378,000.00         ZZ
                                         360        378,000.00          1
                                       5.750          2,205.91         30
                                       5.500          2,205.91
    AUSTIN           TX   78703          5            05/07/03         00
    0416787935                           05           07/01/03          0
    0416787935                           O            06/01/33
    0

    8698001          E22/G01             F          207,000.00         ZZ
                                         360        207,000.00          1
1

                                       5.625          1,191.61         70
                                       5.375          1,191.61
    SEATTLE          WA   98106          5            05/06/03         00
    0416873842                           05           07/01/03          0
    0416873842                           O            06/01/33
    0

    8698043          E22/G01             F          970,500.00         ZZ
                                         360        970,500.00          1
                                       6.000          5,818.64         59
                                       5.750          5,818.64
    MERCER ISLAND    WA   98040          2            05/05/03         00
    0416907046                           05           07/01/03          0
    0416907046                           O            06/01/33
    0

    8698085          E22/G01             F          469,000.00         ZZ
                                         360        469,000.00          1
                                       5.875          2,774.31         61
                                       5.625          2,774.31
    SEATTLE          WA   98112          2            05/05/03         00
    0416944288                           05           07/01/03          0
    0416944288                           O            06/01/33
    0

    8698103          E22/G01             F          453,000.00         ZZ
                                         360        453,000.00          1
                                       5.875          2,679.67         78
                                       5.625          2,679.67
    SAN RAMON        CA   94583          1            05/05/03         00
    0416959963                           03           07/01/03          0
    0416959963                           O            06/01/33
    0

    8698307          E82/G01             F          283,800.00         ZZ
                                         360        283,800.00          1
                                       5.875          1,678.78         67
                                       5.625          1,678.78
    CHRISTIANSBURG   VA   24073          2            05/09/03         00
    0400828307                           05           07/01/03          0
    0400828307                           O            06/01/33
    0

    8698309          E82/G01             F          150,900.00         ZZ
                                         360        150,900.00          1
                                       5.875            892.63         76
                                       5.625            892.63
    LOS ANGELES      CA   91304          2            05/06/03         00
    0400824793                           05           07/01/03          0
1

    0400824793                           O            06/01/33
    0

    8698329          E82/G01             F          278,400.00         ZZ
                                         360        278,400.00          1
                                       5.875          1,646.84         48
                                       5.625          1,646.84
    FOSTER CITY      CA   94404          2            05/06/03         00
    0400805750                           01           07/01/03          0
    0400805750                           O            06/01/33
    0

    8698333          E33/G01             F          630,000.00         ZZ
                                         360        630,000.00          1
                                       5.750          3,676.51         45
                                       5.500          3,676.51
    LAKE FOREST      IL   60045          2            05/07/03         00
    0435847124                           05           07/01/03          0
    1                                    O            06/01/33
    0

    8698337          E82/G01             F          304,000.00         ZZ
                                         360        304,000.00          1
                                       5.875          1,798.27         63
                                       5.625          1,798.27
    BROOMFIELD       CO   80020          2            05/09/03         00
    0400829537                           03           07/01/03          0
    0400829537                           O            06/01/33
    0

    8698345          E82/G01             F          125,700.00         ZZ
                                         360        125,700.00          1
                                       6.000            753.64         51
                                       5.750            753.64
    MONROVIA         CA   91016          2            05/07/03         00
    0400823878                           01           07/01/03          0
    0400823878                           O            06/01/33
    0

    8698381          E82/G01             F          230,600.00         ZZ
                                         360        230,600.00          1
                                       5.875          1,364.09         61
                                       5.625          1,364.09
    SAN DIMAS        CA   91773          2            05/06/03         00
    0400828885                           05           07/01/03          0
    0400828885                           O            06/01/33
    0

1

    8698977          E86/G01             F          620,000.00         ZZ
                                         360        619,367.89          1
                                       5.875          3,667.53         64
                                       5.625          3,667.53
    POTOMAC          MD   20854          5            04/21/03         00
    0435843180                           05           06/01/03          0
    298867                               O            05/01/33
    0

    8698983          G75/G01             F          394,000.00         T
                                         360        393,607.77          1
                                       6.000          2,362.23         79
                                       5.750          2,362.23
    CHESTERTOWN      MD   21620          1            04/15/03         00
    0435816921                           05           06/01/03          0
    05036430                             O            05/01/33
    0

    8698991          G75/G01             F          430,000.00         ZZ
                                         360        429,571.93          1
                                       6.000          2,578.07         76
                                       5.750          2,578.07
    KNOXVILLE        TN   37919          1            04/14/03         00
    0435841903                           05           06/01/03          0
    4993336                              O            05/01/33
    0

    8698993          E86/G01             F          450,000.00         ZZ
                                         360        449,552.02          1
                                       6.000          2,697.98         66
                                       5.750          2,697.98
    DOWNINGTOWN      PA   19335          5            04/21/03         00
    0435832654                           03           06/01/03          0
    206568370                            O            05/01/33
    0

    8698995          E86/G01             F        1,100,000.00         ZZ
                                         360      1,098,851.53          1
                                       5.750          6,419.30         63
                                       5.500          6,419.30
    WARREN           NJ   07059          1            04/17/03         00
    0435845672                           05           06/01/03          0
    284662                               O            05/01/33
    0

    8699025          E86/G01             F          401,500.00         ZZ
                                         360        401,100.30          1
                                       6.000          2,407.20         78
                                       5.750          2,407.20
1

    BETHESDA         ME   20817          2            04/17/03         00
    0435810445                           05           06/01/03          0
    303076                               O            05/01/33
    0

    8699035          E86/G01             F          376,000.00         ZZ
                                         360        375,625.69          1
                                       6.000          2,254.31         78
                                       5.750          2,254.31
    HEWLETT          NY   11557          2            04/10/03         00
    0435872221                           05           06/01/03          0
    284116                               O            05/01/33
    0

    8699039          E86/G01             F          420,000.00         ZZ
                                         360        419,550.99          1
                                       5.625          2,417.76         60
                                       5.375          2,417.76
    SILVER SPRING    MD   20910          1            04/29/03         00
    0435842745                           05           06/01/03          0
    284108                               O            05/01/33
    0

    8699069          E86/G01             F          450,000.00         ZZ
                                         360        449,562.63          1
                                       6.125          2,734.25         46
                                       5.875          2,734.25
    POTOMAC          MD   20854          1            04/18/03         00
    0435841382                           05           06/01/03          0
    299657                               O            05/01/33
    0

    8699091          E86/G01             F          439,920.00         ZZ
                                         360        439,471.48          1
                                       5.875          2,602.29         79
                                       5.625          2,602.29
    NEW CITY         NY   10956          1            04/21/03         00
    0435842984                           05           06/01/03          0
    294922                               O            05/01/33
    0

    8699103          E86/G01             F          353,500.00         ZZ
                                         360        353,156.42          1
                                       6.125          2,147.90         70
                                       5.875          2,147.90
    VIENNA           VA   22182          5            04/11/03         00
    0435835145                           09           06/01/03          0
    278483                               O            05/01/33
    0
1

    8699115          E86/G01             F          353,950.00         ZZ
                                         360        353,605.98          1
                                       6.125          2,150.64         90
                                       5.875          2,150.64
    GOODYEAR         AZ   85338          1            04/16/03         12
    0435839287                           03           06/01/03         25
    317661                               O            05/01/33
    0

    8699127          E86/G01             F          454,500.00         ZZ
                                         360        454,025.47          1
                                       5.750          2,652.34         48
                                       5.500          2,652.34
    CHATHAM          NJ   07928          2            04/17/03         00
    0435813175                           05           06/01/03          0
    296578                               O            05/01/33
    0

    8699131          E86/G01             F          400,000.00         ZZ
                                         360        399,592.18          1
                                       5.875          2,366.15         57
                                       5.625          2,366.15
    NEW CITY         NY   10956          2            04/18/03         00
    0435810403                           05           06/01/03          0
    291310                               O            05/01/33
    0

    8699137          E86/G01             F          345,000.00         ZZ
                                         360        344,648.25          1
                                       5.875          2,040.81         64
                                       5.625          2,040.81
    SILVER SPRING    MD   20904          2            04/21/03         00
    0435843735                           05           06/01/03          0
    308247                               O            05/01/33
    0

    8699763          S11/G01             F          528,000.00         ZZ
                                         360        527,486.82          1
                                       6.125          3,208.18         76
                                       5.875          3,208.18
    VILLA PARK       CA   92861          2            04/25/03         00
    0435795182                           05           06/01/03          0
    10321314                             O            05/01/33
    0

    8700117          A06/G01             F          200,000.00         ZZ
                                         360        200,000.00          1
1

                                       5.875          1,183.08         50
                                       5.625          1,183.08
    WEST BLOOMFIELD  MI   48322          5            05/06/03         00
    0435817549                           01           07/01/03          0
    1000020303074                        O            06/01/33
    0

    8700377          964/G01             F          383,000.00         ZZ
                                         360        382,618.72          1
                                       6.000          2,296.28         68
                                       5.750          2,296.28
    COSTA MESA       CA   92627          2            04/28/03         00
    0435784541                           05           06/01/03          0
    370978                               O            05/01/33
    0

    8700543          964/G01             F          492,000.00         ZZ
                                         360        492,000.00          1
                                       5.875          2,910.37         80
                                       5.625          2,910.37
    MOUNTAIN VIEW    CA   94043          2            05/02/03         00
    0435785787                           05           07/01/03          0
    405857                               O            06/01/33
    0

    8700547          964/G01             F          399,995.00         ZZ
                                         360        399,587.19          1
                                       5.875          2,366.12         46
                                       5.625          2,366.12
    BERKELEY         CA   94707          5            04/22/03         00
    0435785639                           05           06/01/03          0
    359880                               O            05/01/33
    0

    8700549          964/G01             F          380,000.00         ZZ
                                         360        379,621.71          1
                                       6.000          2,278.29         45
                                       5.750          2,278.29
    SAN FRANCISCO    CA   94131          2            04/17/03         00
    0435783766                           05           06/01/03          0
    364627                               O            05/01/33
    0

    8700551          964/G01             F          353,600.00         ZZ
                                         360        353,247.99          1
                                       6.000          2,120.01         80
                                       5.750          2,120.01
    RICHMOND         CA   94805          2            04/18/03         00
    0435790555                           05           06/01/03          0
1

    364898                               O            05/01/33
    0

    8700559          964/G01             F          399,900.00         ZZ
                                         360        399,501.90          1
                                       6.000          2,397.60         64
                                       5.750          2,397.60
    HAYWARD          CA   94544          2            04/24/03         00
    0435785852                           03           06/01/03          0
    386036                               O            05/01/33
    0

    8700581          964/G01             F          337,300.00         ZZ
                                         360        337,300.00          1
                                       5.875          1,995.26         60
                                       5.625          1,995.26
    GARDNERVILLE     NV   89410          2            05/06/03         00
    0435782487                           05           07/01/03          0
    406096                               O            06/01/33
    0

    8700939          X89/G01             F          498,000.00         ZZ
                                         360        497,515.98          1
                                       6.125          3,025.90         78
                                       5.875          3,025.90
    CHARLOTTE        NC   28209          2            04/22/03         00
    0435818430                           05           06/01/03          0
    1010242311                           O            05/01/33
    0

    8701157          U42/G01             F          440,000.00         ZZ
                                         360        439,551.40          1
                                       5.875          2,602.77         80
                                       5.625          2,602.77
    PLANO            TX   75093          1            04/22/03         00
    0435846977                           03           06/01/03          0
    12301287                             O            05/01/33
    0

    8701261          944/G01             F          356,500.00         ZZ
                                         360        356,500.00          1
                                       5.875          2,108.84         46
                                       5.625          2,108.84
    DAVIS            CA   95616          2            04/28/03         00
    0435802574                           05           07/01/03          0
    W01668068                            O            06/01/33
    0

1

    8702213          E82/G01             F          595,000.00         ZZ
                                         360        595,000.00          1
                                       5.875          3,519.65         69
                                       5.625          3,519.65
    GRANADA HILLS    CA   91344          2            05/08/03         00
    0400828497                           03           07/01/03          0
    0400828497                           O            06/01/33
    0

    8702215          E82/G01             F          391,000.00         ZZ
                                         360        391,000.00          1
                                       5.750          2,281.77         71
                                       5.500          2,281.77
    REDONDO BEACH    CA   90277          2            05/08/03         00
    0400823910                           05           07/01/03          0
    0400823910                           O            06/01/33
    0

    8702225          E82/G01             F          153,000.00         ZZ
                                         360        153,000.00          1
                                       5.875            905.05         62
                                       5.625            905.05
    STERLING HEIGHT  MI   48312          2            05/09/03         00
    0400834321                           01           07/01/03          0
    0400834321                           O            06/01/33
    0

    8702233          E82/G01             F          104,250.00         ZZ
                                         360        104,250.00          1
                                       5.875            616.68         34
                                       5.625            616.68
    FULLERTON        CA   92831          2            05/08/03         00
    0400823993                           09           07/01/03          0
    0400823993                           O            06/01/33
    0

    8702247          E82/G01             F          228,100.00         ZZ
                                         360        228,100.00          1
                                       5.875          1,349.30         72
                                       5.625          1,349.30
    KIRKLAND         WA   98034          2            05/08/03         00
    0400823621                           05           07/01/03          0
    0400823621                           O            06/01/33
    0

    8702249          E82/G01             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       5.875          2,271.51         74
                                       5.625          2,271.51
1

    LAFAYETTE        CA   94549          5            05/02/03         00
    0400789277                           05           07/01/03          0
    0400789277                           O            06/01/33
    0

    8702251          E82/G01             F          196,400.00         ZZ
                                         360        196,400.00          1
                                       6.000          1,177.52         56
                                       5.750          1,177.52
    POMPTON LAKES    NJ   07442          2            05/08/03         00
    0400825907                           05           07/01/03          0
    0400825907                           O            06/01/33
    0

    8702257          E82/G01             F          354,000.00         ZZ
                                         360        354,000.00          1
                                       5.875          2,094.04         65
                                       5.625          2,094.04
    WEYMOUTH         MA   02191          2            05/09/03         00
    0400830337                           05           07/01/03          0
    0400830337                           O            06/01/33
    0

    8702263          E82/G01             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       6.125          1,336.74         41
                                       5.875          1,336.74
    LAGUNA NIGUEL    CA   92677          2            05/08/03         00
    0400791687                           03           07/01/03          0
    0400791687                           O            06/01/33
    0

    8702331          E22/G01             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.125            972.18         80
                                       5.875            972.18
    WETUMPKA         AL   36093          2            05/08/03         00
    0416870186                           05           07/01/03          0
    0416870186                           O            06/01/33
    0

    8702333          E22/G01             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       5.875          3,549.23         73
                                       5.625          3,549.23
    SHORELINE        WA   98177          2            05/06/03         00
    0416873123                           03           07/01/03          0
    0416873123                           O            06/01/33
    0
1

    8702377          E22/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.000          2,398.20         63
                                       5.750          2,398.20
    SUTTONS BAY      MI   49682          2            05/08/03         00
    0416985760                           05           07/01/03          0
    0416985760                           O            06/01/33
    0

    8702417          E22/G01             F          239,400.00         ZZ
                                         360        239,400.00          1
                                       5.875          1,416.14         90
                                       5.625          1,416.14
    HASLET           TX   76052          2            05/05/03         04
    0416366656                           03           07/01/03         25
    0416366656                           O            06/01/33
    0

    8702441          E22/G01             F          193,500.00         ZZ
                                         360        193,500.00          1
                                       5.750          1,129.21         30
                                       5.500          1,129.21
    REDWOOD CITY     CA   94061          2            04/28/03         00
    0416624856                           05           07/01/03          0
    0416624856                           O            06/01/33
    0

    8702473          E22/G01             F          426,000.00         ZZ
                                         360        426,000.00          1
                                       5.875          2,519.95         78
                                       5.625          2,519.95
    SEATTLE          WA   98199          2            04/29/03         00
    0416831360                           05           07/01/03          0
    0416831360                           O            06/01/33
    0

    8702707          E22/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       5.875          2,011.23         80
                                       5.625          2,011.23
    LIVERMORE        CA   94551          1            05/06/03         00
    0417049111                           05           07/01/03          0
    0417049111                           O            06/01/33
    0

    8702709          E86/G01             F          490,500.00         ZZ
                                         360        489,999.92          1
1

                                       5.875          2,901.49         75
                                       5.625          2,901.49
    ORANGE           CA   92869          1            04/10/03         00
    0435839725                           03           06/01/03          0
    298215                               O            05/01/33
    0

    8702715          E22/G01             F          236,500.00         ZZ
                                         360        236,500.00          1
                                       5.875          1,398.99         64
                                       5.625          1,398.99
    DAVIE            FL   33314          5            05/08/03         00
    0417133618                           03           07/01/03          0
    0417133618                           O            06/01/33
    0

    8702817          E86/G01             F          446,800.00         ZZ
                                         360        446,333.52          2
                                       5.750          2,607.40         79
                                       5.500          2,607.40
    DENVER           CO   80209          1            04/28/03         00
    0435879861                           09           06/01/03          0
    302741                               O            05/01/33
    0

    8703775          S11/G01             F          387,000.00         ZZ
                                         360        387,000.00          1
                                       5.750          2,258.43         70
                                       5.500          2,258.43
    FULLERTON        CA   92833          1            05/02/03         00
    0435822804                           03           07/01/03          0
    10321334                             O            06/01/33
    0

    8704645          356/G01             F          345,000.00         ZZ
                                         360        344,680.45          1
                                       6.375          2,152.36         73
                                       6.125          2,152.36
    SAN LEANDRO      CA   94579          5            04/21/03         00
    0435859749                           05           06/01/03          0
    29022068                             O            05/01/33
    0

    8704867          K21/G01             F          783,000.00         ZZ
                                         360        783,000.00          1
                                       5.750          4,569.38         53
                                       5.500          4,569.38
    BEVERLY HILLS    CA   90212          2            05/06/03         00
    0435877402                           05           07/01/03          0
1

    0325469                              O            06/01/33
    0

    8705613          A06/G01             F          318,000.00         ZZ
                                         360        318,000.00          1
                                       5.875          1,881.10         71
                                       5.625          1,881.10
    BRIGHTON         MI   48114          2            05/06/03         00
    0435817531                           05           07/01/03          0
    021000020308564                      O            06/01/33
    0

    8707019          E82/G01             F          185,300.00         ZZ
                                         360        185,300.00          1
                                       6.000          1,110.97         69
                                       5.750          1,110.97
    LINCOLN          CA   95648          2            05/09/03         00
    0400825923                           05           07/01/03          0
    0400825923                           O            06/01/33
    0

    8707033          E82/G01             F          459,000.00         ZZ
                                         360        459,000.00          1
                                       6.000          2,751.94         59
                                       5.750          2,751.94
    EVERGREEN        CO   80439          2            05/12/03         00
    0400827929                           03           07/01/03          0
    0400827929                           O            06/01/33
    0

    8707037          E82/G01             F          398,700.00         ZZ
                                         360        398,700.00          1
                                       5.875          2,358.46         49
                                       5.625          2,358.46
    PRINCETON JCT    NJ   08550          2            05/09/03         00
    0400824058                           03           07/01/03          0
    0400824058                           O            06/01/33
    0

    8707059          E82/G01             F          336,250.00         ZZ
                                         360        336,250.00          1
                                       6.000          2,015.99         62
                                       5.750          2,015.99
    LOS ANGELES      CA   91602          2            05/09/03         00
    0400824033                           05           07/01/03          0
    0400824033                           O            06/01/33
    0

1

    8707065          E82/G01             F          387,700.00         ZZ
                                         360        387,700.00          1
                                       5.875          2,293.39         45
                                       5.625          2,293.39
    PALO ALTO        CA   94303          2            05/09/03         00
    0400829057                           05           07/01/03          0
    0400829057                           O            06/01/33
    0

    8707067          E82/G01             F          256,800.00         ZZ
                                         360        256,800.00          1
                                       5.625          1,478.29         38
                                       5.375          1,478.29
    SAN JOSE         CA   95125          2            05/09/03         00
    0400829354                           05           07/01/03          0
    0400829354                           O            06/01/33
    0

    8707377          696/G01             F          489,000.00         ZZ
                                         360        488,501.44          1
                                       5.875          2,892.62         76
                                       5.625          2,892.62
    BLUEMONT         VA   20135          1            04/29/03         00
    0435819214                           05           06/01/03          0
    24003016                             O            05/01/33
    0

    8707397          696/G01             F          565,000.00         ZZ
                                         360        564,395.98          1
                                       5.625          3,252.46         76
                                       5.375          3,252.46
    ARLINGTON        VA   22205          1            04/24/03         00
    0435803770                           05           06/01/03          0
    22803063                             O            05/01/33
    0

    8707399          E22/G01             F          166,000.00         ZZ
                                         360        166,000.00          1
                                       5.750            968.73         49
                                       5.500            968.73
    ARVADA           CO   80007          2            05/09/03         00
    0416945301                           03           07/01/03          0
    0416945301                           O            06/01/33
    0

    8707427          696/G01             F          416,400.00         ZZ
                                         360        416,400.00          1
                                       5.875          2,463.16         61
                                       5.625          2,463.16
1

    BETHESDA         MD   20817          2            05/06/03         00
    0435808779                           05           07/01/03          0
    30203083                             O            06/01/33
    0

    8707437          696/G01             F          467,500.00         ZZ
                                         360        467,023.36          1
                                       5.875          2,765.44         67
                                       5.625          2,765.44
    DUNN LORING      VA   22027          2            04/22/03         00
    0435811211                           03           06/01/03          0
    22803067                             O            05/01/33
    0

    8707499          E22/G01             F          185,500.00         ZZ
                                         360        185,500.00          1
                                       6.000          1,112.17         47
                                       5.750          1,112.17
    THOUSAND OAKS    CA   91360          2            05/05/03         00
    0417015971                           05           07/01/03          0
    0417015971                           O            06/01/33
    0

    8707611          E22/G01             F          154,350.00         T
                                         360        154,350.00          1
                                       6.000            925.41         78
                                       5.750            925.41
    SARGENT          TX   77414          2            05/14/03         00
    0416538924                           05           07/01/03          0
    0416538924                           O            06/01/33
    0

    8707899          E86/G01             F          423,500.00         ZZ
                                         360        423,068.23          1
                                       5.875          2,505.16         70
                                       5.625          2,505.16
    STILWELL         KS   66085          2            04/25/03         00
    0435831599                           03           06/01/03          0
    311655                               O            05/01/33
    0

    8708015          E86/G01             F          459,000.00         ZZ
                                         360        458,509.30          1
                                       5.625          2,642.26         38
                                       5.375          2,642.26
    MANHATTAN BEACH  CA   90266          5            04/25/03         00
    0435839360                           05           06/01/03          0
    289464                               O            05/01/33
    0
1

    8708139          E86/G01             F          377,500.00         ZZ
                                         360        377,115.12          1
                                       5.875          2,233.06         89
                                       5.625          2,233.06
    LISLE            IL   60532          1            05/02/03         04
    0435834064                           05           06/01/03         25
    291681                               O            05/01/33
    0

    8708219          998/998             F          625,000.00         ZZ
                                         360        623,660.55          1
                                       5.625          3,597.85         64
                                       5.375          3,597.85
    HONOLULU         HI   96821          2            03/10/03         00
    5535040                              05           05/01/03          0
    5535040                              O            04/01/33
    0

    8708221          E86/G01             F          357,500.00         ZZ
                                         360        357,144.11          1
                                       6.000          2,143.39         60
                                       5.750          2,143.39
    ARLINGTON        VA   22207          2            04/23/03         00
    0435841796                           05           06/01/03          0
    299820                               O            05/01/33
    0

    8708517          964/G01             F          398,000.00         ZZ
                                         360        397,594.22          1
                                       5.875          2,354.32         76
                                       5.625          2,354.32
    LOS ALAMITOS     CA   90720          2            04/24/03         00
    0435823364                           05           06/01/03          0
    384133                               O            05/01/33
    0

    8708523          964/G01             F          438,750.00         ZZ
                                         360        438,313.22          1
                                       6.000          2,630.53         75
                                       5.750          2,630.53
    LAKE FOREST      CA   92630          5            04/28/03         00
    0435823182                           03           06/01/03          0
    362426                               O            05/01/33
    0

    8708527          964/G01             F          395,000.00         ZZ
                                         360        395,000.00          1
1

                                       5.875          2,336.58         28
                                       5.625          2,336.58
    PLEASANTON       CA   94566          2            04/29/03         00
    0435868872                           03           07/01/03          0
    378674                               O            06/01/33
    0

    8708529          964/G01             F          399,800.00         ZZ
                                         360        399,402.00          1
                                       6.000          2,397.00         73
                                       5.750          2,397.00
    SAUSALITO        CA   94965          2            04/23/03         00
    0435805171                           01           06/01/03          0
    379395                               O            05/01/33
    0

    8708531          964/G01             F          342,000.00         ZZ
                                         360        342,000.00          1
                                       5.875          2,023.06         23
                                       5.625          2,023.06
    PALO ALTO        CA   94301          2            05/05/03         00
    0435812698                           05           07/01/03          0
    382842                               O            06/01/33
    0

    8708537          964/G01             F          397,000.00         ZZ
                                         360        397,000.00          1
                                       5.875          2,348.41         57
                                       5.625          2,348.41
    FREMONT          CA   94555          2            04/29/03         00
    0435958905                           03           07/01/03          0
    389350                               O            06/01/33
    0

    8708545          964/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.000          2,278.29         66
                                       5.750          2,278.29
    DALY CITY        CA   94015          2            04/30/03         00
    0435805270                           05           07/01/03          0
    392212                               O            06/01/33
    0

    8712067          E82/G01             F          559,800.00         ZZ
                                         360        559,800.00          1
                                       6.000          3,356.28         80
                                       5.750          3,356.28
    BASKING RIDGE    NJ   07920          2            05/14/03         00
    0400805644                           05           07/01/03          0
1

    0400805644                           O            06/01/33
    0

    8712223          E22/G01             F          197,800.00         ZZ
                                         360        197,800.00          1
                                       5.875          1,170.06         53
                                       5.625          1,170.06
    DOWNEY           CA   90241          2            05/08/03         00
    0416392645                           05           07/01/03          0
    0416392645                           O            06/01/33
    0

    8712381          E22/G01             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       5.875          2,271.51         51
                                       5.625          2,271.51
    SAN ANSELMO      CA   94960          5            05/05/03         00
    0416827772                           05           07/01/03          0
    0416827772                           O            06/01/33
    0

    8712411          E22/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       5.875          2,129.54         80
                                       5.625          2,129.54
    BELLE CHASSE     LA   70037          1            05/15/03         00
    0416882397                           05           07/01/03          0
    0416882397                           O            06/01/33
    0

    8712555          E22/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.000          2,338.25         58
                                       5.750          2,338.25
    NOVATO           CA   94949          1            05/08/03         00
    0417030756                           03           07/01/03          0
    0417030756                           O            06/01/33
    0

    8713241          A06/G01             F          398,000.00         ZZ
                                         360        397,564.36          1
                                       5.500          2,259.81         68
                                       5.250          2,259.81
    GROSSE POINTE P  MI   48230          2            04/30/03         00
    0435857958                           05           06/01/03          0
    021000020305399                      O            05/01/33
    0

1

    8713361          964/G01             F          395,000.00         ZZ
                                         360        394,616.09          1
                                       6.125          2,400.06         72
                                       5.875          2,400.06
    REDONDO BEACH    CA   90278          5            04/28/03         00
    0435879242                           01           06/01/03          0
    390223                               O            05/01/33
    0

    8713891          X89/G01             F          498,000.00         ZZ
                                         360        497,480.06          1
                                       5.750          2,906.19         48
                                       5.500          2,906.19
    WESTPORT         CT   06880          2            04/23/03         00
    0435854914                           29           06/01/03          0
    2002898                              O            05/01/33
    0

    8713943          696/G01             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       6.000          3,147.64         67
                                       5.750          3,147.64
    WASHINGTON       DC   20008          1            05/13/03         00
    0435857594                           05           07/01/03          0
    30203078                             O            06/01/33
    0

    8714039          696/G01             F          385,360.00         ZZ
                                         360        385,360.00          1
                                       5.875          2,279.55         80
                                       5.625          2,279.55
    WASHINGTON       DC   20016          1            05/13/03         00
    0435870779                           06           07/01/03          0
    25603107                             O            06/01/33
    0

    8714051          696/G01             F          455,920.00         ZZ
                                         360        455,920.00          1
                                       5.875          2,696.94         80
                                       5.625          2,696.94
    PURCELLVILLE     VA   20132          1            05/09/03         00
    0435857966                           03           07/01/03          0
    24003096                             O            06/01/33
    0

    8714055          696/G01             F          410,000.00         ZZ
                                         360        410,000.00          1
                                       5.875          2,425.30         75
                                       5.625          2,425.30
1

    WASHINGTON       DC   20002          2            05/06/03         00
    0435858212                           05           07/01/03          0
    32203089                             O            06/01/33
    0

    8714067          696/G01             F          392,000.00         T
                                         360        392,000.00          1
                                       5.875          2,318.83         53
                                       5.625          2,318.83
    WASHINGTON       DC   20008          2            05/12/03         00
    0435861059                           08           07/01/03          0
    31203245                             O            06/01/33
    0

    8714091          696/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       5.875          3,845.00         55
                                       5.625          3,845.00
    MCLEAN           VA   22101          2            05/07/03         00
    0435861711                           05           07/01/03          0
    24603141                             O            06/01/33
    0

    8714249          356/356             F          356,717.00         ZZ
                                         360        356,378.53          1
                                       6.250          2,196.37         66
                                       6.000          2,196.37
    HAYWARD          CA   94544          2            04/18/03         00
    29036761                             03           06/01/03          0
    29036761                             O            05/01/33
    0

    8714499          367/367             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       5.875          2,661.92         64
                                       5.625          2,661.92
    ROCKVILLE        MD   20813          2            05/06/03         00
    99232072                             03           07/01/03          0
    99232072                             O            06/01/33
    0

    8715251          E82/G01             F          391,500.00         ZZ
                                         360        391,500.00          1
                                       5.875          2,315.87         72
                                       5.625          2,315.87
    SAN ANSELMO      CA   94960          2            05/12/03         00
    0400825543                           05           07/01/03          0
    0400825543                           O            06/01/33
    0
1

    8715607          E22/G01             F          338,800.00         ZZ
                                         360        338,800.00          1
                                       6.000          2,031.28         74
                                       5.750          2,031.28
    AUSTIN           TX   78738          2            05/08/03         00
    0416597532                           05           07/01/03          0
    0416597532                           O            06/01/33
    0

    8715621          E22/G01             F          615,000.00         T
                                         360        615,000.00          1
                                       5.750          3,588.97         62
                                       5.500          3,588.97
    SHIP BOTTOM      NJ   08008          2            05/16/03         00
    0416632586                           05           07/01/03          0
    0416632586                           O            06/01/33
    0

    8715657          E22/G01             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       6.000            749.44         74
                                       5.750            749.44
    DENVER           CO   80223          5            05/12/03         00
    0416722981                           05           07/01/03          0
    0416722981                           O            06/01/33
    0

    8715807          E22/G01             F           86,500.00         ZZ
                                         360         86,500.00          1
                                       6.125            525.58         50
                                       5.875            525.58
    WEST PALM BEACH  FL   33417          1            05/16/03         00
    0416888840                           05           07/01/03          0
    0416888840                           O            06/01/33
    0

    8716127          420/G01             F          395,000.00         ZZ
                                         360        395,000.00          1
                                       6.250          2,432.08         67
                                       6.000          2,432.08
    SANTA ROSA       CA   95409          1            04/23/03         00
    0435878178                           05           07/01/03          0
    73001573                             O            06/01/33
    0

    8716179          642/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
1

                                       5.750          2,100.86         80
                                       5.500          2,100.86
    LA MESA          CA   91941          1            05/09/03         00
    0435880513                           09           07/01/03          0
    02188003                             O            06/01/33
    0

    8717051          G51/G01             F          409,000.00         ZZ
                                         360        409,000.00          1
                                       5.750          2,386.82         68
                                       5.500          2,386.82
    BOULDER          CO   80304          2            05/14/03         00
    0435886650                           05           07/01/03          0
    07000587                             O            06/01/33
    0

    8717101          X89/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       5.875          2,366.15         80
                                       5.625          2,366.15
    CORONA           CA   92881          1            05/06/03         00
    0435884846                           05           07/01/03          0
    2005659                              O            06/01/33
    0

    8717517          E82/G01             F          289,000.00         ZZ
                                         360        289,000.00          1
                                       6.125          1,755.99         56
                                       5.875          1,755.99
    SOLANA BEACH     CA   92024          2            05/10/03         00
    0400788923                           01           07/01/03          0
    0400788923                           O            06/01/33
    0

    8717533          E82/G01             F          247,000.00         ZZ
                                         360        247,000.00          1
                                       5.875          1,461.10         50
                                       5.625          1,461.10
    GILROY           CA   95020          2            05/10/03         00
    0400831095                           05           07/01/03          0
    0400831095                           O            06/01/33
    0

    8717817          964/G01             F          585,000.00         ZZ
                                         360        584,417.63          1
                                       6.000          3,507.37         55
                                       5.750          3,507.37
    ALPINE MEADOWS   CA   96146          5            04/25/03         00
    0435869029                           05           06/01/03          0
1

    394808                               O            05/01/33
    0

    8717819          964/G01             F          386,000.00         ZZ
                                         360        386,000.00          1
                                       6.000          2,314.26         78
                                       5.750          2,314.26
    MILLBRAE         CA   94030          2            05/02/03         00
    0435841838                           05           07/01/03          0
    395877                               O            06/01/33
    0

    8717821          964/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.000          2,338.25         78
                                       5.750          2,338.25
    FREMONT          CA   94536          2            05/05/03         00
    0435830971                           05           07/01/03          0
    395882                               O            06/01/33
    0

    8717825          964/G01             F          369,000.00         ZZ
                                         360        368,641.36          1
                                       6.125          2,242.08         66
                                       5.875          2,242.08
    SAN JOSE         CA   95130          2            04/17/03         00
    0435858857                           05           06/01/03          0
    352230                               O            05/01/33
    0

    8717827          964/G01             F          348,500.00         ZZ
                                         360        348,153.07          1
                                       6.000          2,089.43         58
                                       5.750          2,089.43
    EL CERRITO       CA   94530          2            04/14/03         00
    0435836267                           05           06/01/03          0
    359451                               O            05/01/33
    0

    8717855          964/G01             F          766,500.00         ZZ
                                         360        766,500.00          1
                                       5.750          4,473.09         70
                                       5.500          4,473.09
    NEWPORT BEACH    CA   92663          1            05/08/03         00
    0435865050                           05           07/01/03          0
    381265                               O            06/01/33
    0

1

    8717905          964/G01             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       5.875          2,200.52         70
                                       5.625          2,200.52
    OCEANSIDE        CA   92054          5            05/05/03         00
    0435875224                           05           07/01/03          0
    411589                               O            06/01/33
    0

    8718657          E22/G01             F          395,750.00         ZZ
                                         360        395,750.00          1
                                       5.875          2,341.01         78
                                       5.625          2,341.01
    LADERA RANCH     CA   92694          2            05/06/03         00
    0416629939                           03           07/01/03          0
    0416629939                           O            06/01/33
    0

    8718679          E22/G01             F          749,000.00         ZZ
                                         360        748,254.37          1
                                       6.000          4,490.63         70
                                       5.750          4,490.63
    MANHATTAN BEACH  CA   90266          5            04/24/03         00
    0416641595                           05           06/01/03          0
    0416641595                           O            05/01/33
    0

    8718691          E82/G01             F          389,000.00         ZZ
                                         360        389,000.00          1
                                       5.875          2,301.08         50
                                       5.625          2,301.08
    COTO DE CAZA     CA   92679          2            05/14/03         00
    0400829685                           03           07/01/03          0
    0400829685                           O            06/01/33
    0

    8718695          E82/G01             F          394,200.00         ZZ
                                         360        394,200.00          1
                                       5.875          2,331.84         55
                                       5.625          2,331.84
    SAN JOSE         CA   95132          2            05/13/03         00
    0400830568                           05           07/01/03          0
    0400830568                           O            06/01/33
    0

    8718743          E82/G01             F          212,150.00         ZZ
                                         360        212,150.00          1
                                       6.250          1,306.24         77
                                       6.000          1,306.24
1

    SACRAMENTO       CA   95828          2            05/14/03         00
    0400813614                           05           07/01/03          0
    0400813614                           O            06/01/33
    0

    8718755          E82/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.250          2,339.73         64
                                       6.000          2,339.73
    ALAMEDA          CA   94501          2            05/13/03         00
    0400824702                           05           07/01/03          0
    0400824702                           O            06/01/33
    0

    8718805          E82/G01             F          475,350.00         ZZ
                                         360        475,350.00          1
                                       5.875          2,811.87         70
                                       5.625          2,811.87
    SOUTHBURY        CT   06488          2            05/16/03         00
    0400813994                           05           07/01/03          0
    0400813994                           O            06/01/33
    0

    8718817          E82/G01             F          243,600.00         ZZ
                                         360        243,600.00          1
                                       5.875          1,440.99         53
                                       5.625          1,440.99
    SANTA FE         NM   87505          2            05/16/03         00
    0400823084                           05           07/01/03          0
    0400823084                           O            06/01/33
    0

    8718827          E82/G01             F          347,700.00         ZZ
                                         360        347,700.00          1
                                       6.000          2,084.64         74
                                       5.750          2,084.64
    FREMONT          CA   94538          2            05/06/03         00
    0400820015                           03           07/01/03          0
    0400820015                           O            06/01/33
    0

    8718907          E22/G01             F          322,000.00         ZZ
                                         360        322,000.00          1
                                       5.625          1,853.61         50
                                       5.375          1,853.61
    MORRISON         CO   80465          2            05/13/03         00
    0417085446                           03           07/01/03          0
    0417085446                           O            06/01/33
    0
1

    8718927          E22/G01             F          195,000.00         ZZ
                                         360        195,000.00          1
                                       6.375          1,216.55         62
                                       6.125          1,216.55
    CHULA VISTA      CA   91911          5            05/08/03         00
    0416883460                           05           07/01/03          0
    0416883460                           O            06/01/33
    0

    8718949          S11/G01             F          214,000.00         ZZ
                                         360        214,000.00          1
                                       5.875          1,265.89         49
                                       5.625          1,265.89
    THOUSAND OAKS    CA   91362          5            04/28/03         00
    0435848676                           05           07/01/03          0
    10211641                             O            06/01/33
    0

    8719003          E22/G01             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       5.750          1,260.52         65
                                       5.500          1,260.52
    ARVADA           CO   80007          5            05/13/03         00
    0416735108                           03           07/01/03          0
    0416735108                           O            06/01/33
    0

    8719065          E22/G01             F          998,000.00         ZZ
                                         360        998,000.00          1
                                       5.750          5,824.06         46
                                       5.500          5,824.06
    SANTA BARBARA    CA   93108          2            05/09/03         00
    0417008448                           05           07/01/03          0
    0417008448                           O            06/01/33
    0

    8719075          E22/G01             F          595,000.00         ZZ
                                         360        595,000.00          1
                                       5.875          3,519.65         69
                                       5.625          3,519.65
    SUNNYVALE        CA   94086          2            05/12/03         00
    0417012416                           05           07/01/03          0
    0417012416                           O            06/01/33
    0

    8719095          E22/G01             F          480,000.00         ZZ
                                         360        480,000.00          1
1

                                       5.875          2,839.38         75
                                       5.625          2,839.38
    LAGUNA NIGUEL    CA   92677          2            05/08/03         00
    0416492403                           03           07/01/03          0
    0416492403                           O            06/01/33
    0

    8719177          E22/G01             F          357,000.00         ZZ
                                         360        357,000.00          1
                                       5.875          2,111.79         45
                                       5.625          2,111.79
    LOS ANGELES      CA   90034          2            05/09/03         00
    0416926756                           05           07/01/03          0
    0416926756                           O            06/01/33
    0

    8720733          X89/G01             F          447,000.00         ZZ
                                         360        447,000.00          1
                                       5.875          2,644.17         65
                                       5.625          2,644.17
    HUNTINGTON BEAC  CA   92648          5            05/02/03         00
    0435888201                           05           07/01/03          0
    2005524                              O            06/01/33
    0

    8721971          356/G01             F          449,450.00         ZZ
                                         360        449,450.00          1
                                       6.250          2,767.35         60
                                       6.000          2,767.35
    CASTRO VALLEY    CA   94546          2            05/05/03         00
    0435885447                           05           07/01/03          0
    3071396                              O            06/01/33
    0

    8722757          L76/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       5.875          2,070.38         80
                                       5.625          2,070.38
    ST. LOUIS PARK   MN   55426          1            05/16/03         00
    0435872510                           05           07/01/03          0
    9507610                              O            06/01/33
    0

    8723039          227/G01             F          390,000.00         ZZ
                                         360        389,611.75          1
                                       6.000          2,338.25         49
                                       5.750          2,338.25
    SAN RAFAEL       CA   94901          2            04/28/03         00
    0435951686                           05           06/01/03          0
1

    2149164                              O            05/01/33
    0

    8723535          E82/G01             F          182,250.00         ZZ
                                         360        182,250.00          1
                                       6.000          1,092.68         75
                                       5.750          1,092.68
    HOCKESSIN        DE   19707          2            05/15/03         00
    0400837092                           05           07/01/03          0
    0400837092                           O            06/01/33
    0

    8723539          E82/G01             F          393,700.00         ZZ
                                         360        393,700.00          1
                                       5.875          2,328.88         72
                                       5.625          2,328.88
    ALAMEDA          CA   94501          2            05/15/03         00
    0400828984                           05           07/01/03          0
    0400828984                           O            06/01/33
    0

    8723549          E82/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.125          1,944.35         80
                                       5.875          1,944.35
    SALINAS          CA   93906          2            05/15/03         00
    0400831236                           05           07/01/03          0
    0400831236                           O            06/01/33
    0

    8723835          E22/G01             F          478,500.00         ZZ
                                         360        478,500.00          1
                                       5.875          2,830.51         80
                                       5.625          2,830.51
    PLEASANTON       CA   94566          2            04/28/03         00
    0416609956                           05           07/01/03          0
    0416609956                           O            06/01/33
    0

    8723855          E22/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       5.875          2,247.84         80
                                       5.625          2,247.84
    GRANADA HILLS (  CA   91344          2            05/08/03         00
    0416652865                           05           07/01/03          0
    0416652865                           O            06/01/33
    0

1

    8723995          E22/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       5.875          2,129.54         68
                                       5.625          2,129.54
    SAN JOSE         CA   95123          2            05/07/03         00
    0416994770                           05           07/01/03          0
    0416994770                           O            06/01/33
    0

    8723997          E22/G01             F          394,000.00         ZZ
                                         360        394,000.00          1
                                       5.875          2,330.66         70
                                       5.625          2,330.66
    WEST HILLS       CA   91307          2            05/09/03         00
    0416995280                           05           07/01/03          0
    0416995280                           O            06/01/33
    0

    8725181          M27/G01             F          610,050.00         ZZ
                                         360        610,050.00          1
                                       5.750          3,560.09         80
                                       5.500          3,560.09
    GERMANTOWN       TN   38138          1            05/16/03         00
    0435911516                           05           07/01/03          0
    600911535                            O            06/01/33
    0

    8725533          356/356             F          357,000.00         ZZ
                                         360        357,000.00          1
                                       6.250          2,198.12         78
                                       6.000          2,198.12
    MARTINEZ         CA   94553          2            04/29/03         00
    29034154                             05           07/01/03          0
    29034154                             O            06/01/33
    0

    8726691          356/356             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.250          2,401.30         44
                                       6.000          2,401.30
    SAN JOSE         CA   95135          2            04/30/03         00
    29023488                             05           07/01/03          0
    29023488                             O            06/01/33
    0

    8728107          E22/G01             F           53,250.00         ZZ
                                         360         53,250.00          1
                                       6.000            319.26         75
                                       5.750            319.26
1

    HOUSTON          TX   77050          5            05/16/03         00
    0416861144                           05           07/01/03          0
    0416861144                           O            06/01/33
    0

    8728187          E22/G01             F          306,000.00         ZZ
                                         360        306,000.00          1
                                       6.125          1,859.29         57
                                       5.875          1,859.29
    RENO             NV   89509          5            05/16/03         00
    0417007259                           05           07/01/03          0
    0417007259                           O            06/01/33
    0

    8728255          E22/G01             F          470,000.00         ZZ
                                         360        470,000.00          1
                                       6.000          2,817.89         63
                                       5.750          2,817.89
    LOS ANGELES      CA   90069          2            05/12/03         00
    0416592236                           05           07/01/03          0
    0416592236                           O            06/01/33
    0

    8728301          E22/G01             F          198,500.00         ZZ
                                         360        198,500.00          1
                                       5.875          1,174.20         71
                                       5.625          1,174.20
    CITRUS HEIGHTS   CA   95610          2            05/13/03         00
    0416789204                           05           07/01/03          0
    0416789204                           O            06/01/33
    0

    8728331          E22/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       5.875          2,957.69         20
                                       5.625          2,957.69
    PALM BEACH       FL   33480          2            05/16/03         00
    0416853281                           05           07/01/03          0
    0416853281                           O            06/01/33
    0

    8728385          E22/G01             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       6.000          3,117.66         76
                                       5.750          3,117.66
    SAN CARLOS       CA   94070          1            05/14/03         00
    0417150653                           05           07/01/03          0
    0417150653                           O            06/01/33
    0
1

    8728509          E82/G01             F          363,000.00         ZZ
                                         360        363,000.00          1
                                       5.875          2,147.28         75
                                       5.625          2,147.28
    EL CERRITO       CA   94530          2            05/16/03         00
    0400836375                           05           07/01/03          0
    0400836375                           O            06/01/33
    0

    8728521          E82/G01             F          214,900.00         ZZ
                                         360        214,900.00          1
                                       5.875          1,271.21         59
                                       5.625          1,271.21
    CLARKSBURG       CA   95612          2            05/16/03         00
    0400827085                           05           07/01/03          0
    0400827085                           O            06/01/33
    0

    8729915          964/G01             F          580,000.00         ZZ
                                         360        580,000.00          1
                                       5.750          3,384.72         39
                                       5.500          3,384.72
    MORAGA           CA   94556          2            05/05/03         00
    0435872585                           05           07/01/03          0
    377009                               O            06/01/33
    0

    8729957          964/G01             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       6.000          3,117.66         72
                                       5.750          3,117.66
    BURLINGAME       CA   94010          2            05/07/03         00
    0435884184                           05           07/01/03          0
    404001                               O            06/01/33
    0

    8730061          964/G01             F          366,000.00         ZZ
                                         360        366,000.00          1
                                       5.875          2,165.03         80
                                       5.625          2,165.03
    ARCADIA          CA   91007          2            04/30/03         00
    0435888631                           01           07/01/03          0
    396343                               O            06/01/33
    0

    8730075          964/G01             F          595,000.00         ZZ
                                         360        595,000.00          1
1

                                       6.000          3,567.33         73
                                       5.750          3,567.33
    IRVINE           CA   92612          2            05/01/03         00
    0435875836                           03           07/01/03          0
    396959                               O            06/01/33
    0

    8730105          964/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       5.750          3,793.23         55
                                       5.500          3,793.23
    EL DORADO HILLS  CA   95762          1            05/07/03         00
    0435872437                           03           07/01/03          0
    403578                               O            06/01/33
    0

    8730121          964/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       6.000          2,392.21         58
                                       5.750          2,392.21
    SAN MATEO        CA   94404          5            05/12/03         00
    0435882238                           05           07/01/03          0
    404978                               O            06/01/33
    0

    8730153          964/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       5.875          2,360.24         69
                                       5.625          2,360.24
    OAKLAND          CA   94602          2            05/05/03         00
    0435877360                           05           07/01/03          0
    407708                               O            06/01/33
    0

    8730155          964/G01             F          394,000.00         ZZ
                                         360        394,000.00          1
                                       5.750          2,299.28         34
                                       5.500          2,299.28
    FREMONT          CA   94539          2            05/08/03         00
    0435879085                           05           07/01/03          0
    407719                               O            06/01/33
    0

    8730179          964/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.000          2,248.31         63
                                       5.750          2,248.31
    NEVADA CITY      CA   95959          2            05/07/03         00
    0435876115                           05           07/01/03          0
1

    409459                               O            06/01/33
    0

    8730241          964/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       5.875          2,957.69         69
                                       5.625          2,957.69
    BERKELEY         CA   94708          1            05/09/03         00
    0435877261                           05           07/01/03          0
    414586                               O            06/01/33
    0

    8730287          964/G01             F          568,000.00         ZZ
                                         360        568,000.00          1
                                       5.875          3,359.94         64
                                       5.625          3,359.94
    HALF MOON BAY    CA   94019          5            05/05/03         00
    0435884242                           05           07/01/03          0
    390232                               O            06/01/33
    0

    8730307          964/G01             F          366,000.00         ZZ
                                         360        366,000.00          1
                                       5.875          2,165.03         49
                                       5.625          2,165.03
    PALO ALTO        CA   94306          2            04/29/03         00
    0435876164                           05           07/01/03          0
    398283                               O            06/01/33
    0

    8730323          964/G01             F          511,000.00         ZZ
                                         360        511,000.00          1
                                       5.875          3,022.76         43
                                       5.625          3,022.76
    GRANITE BAY      CA   95746          2            05/02/03         00
    0435876552                           03           07/01/03          0
    387192                               O            06/01/33
    0

    8730353          964/G01             F          454,000.00         ZZ
                                         360        454,000.00          1
                                       5.875          2,685.58         70
                                       5.625          2,685.58
    SIERRA MADRE     CA   91024          2            05/06/03         00
    0435879259                           05           07/01/03          0
    391428                               O            06/01/33
    0

1

    8730417          964/G01             F          471,000.00         ZZ
                                         360        471,000.00          1
                                       5.875          2,786.14         76
                                       5.625          2,786.14
    ERIE             CO   80516          2            05/12/03         00
    0435882220                           05           07/01/03          0
    399428                               O            06/01/33
    0

    8730803          964/G01             F          421,600.00         ZZ
                                         360        421,600.00          1
                                       6.000          2,527.70         80
                                       5.750          2,527.70
    VENTURA          CA   93003          1            05/12/03         00
    0435876313                           05           07/01/03          0
    417856                               O            06/01/33
    0

    8731137          N47/G01             F          386,600.00         ZZ
                                         360        386,600.00          1
                                       6.000          2,317.86         79
                                       5.750          2,317.86
    UNION CITY       CA   94587          2            05/16/03         00
    0435909452                           05           07/01/03          0
    20504921                             O            06/01/33
    0

    8731433          E82/G01             F          388,000.00         ZZ
                                         360        388,000.00          1
                                       5.875          2,295.17         60
                                       5.625          2,295.17
    MORRISON         CO   80465          2            05/20/03         00
    0400823563                           05           07/01/03          0
    0400823563                           O            06/01/33
    0

    8731491          E82/G01             F          237,600.00         ZZ
                                         360        237,600.00          1
                                       5.875          1,405.49         74
                                       5.625          1,405.49
    DENVER           CO   80212          2            05/21/03         00
    0400835088                           05           07/01/03          0
    0400835088                           O            06/01/33
    0

    8731565          E22/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       5.875          2,307.00         60
                                       5.625          2,307.00
1

    SANTA BARBARA    CA   93101          2            05/08/03         00
    0416916872                           05           07/01/03          0
    0416916872                           O            06/01/33
    0

    8731701          E22/G01             F          358,000.00         ZZ
                                         360        358,000.00          1
                                       5.875          2,117.71         44
                                       5.625          2,117.71
    SOUTH SAN FRANC  CA   94080          2            05/15/03         00
    0416718401                           03           07/01/03          0
    0416718401                           O            06/01/33
    0

    8731723          E22/G01             F          392,000.00         ZZ
                                         360        392,000.00          1
                                       5.750          2,287.61         73
                                       5.500          2,287.61
    SANTA BARBARA    CA   93103          2            05/14/03         00
    0417052537                           05           07/01/03          0
    0417052537                           O            06/01/33
    0

    8731959          B44/G01             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       5.750          2,771.97         63
                                       5.500          2,771.97
    FAIR OAKS        CA   95628          1            05/12/03         00
    0435887534                           05           07/01/03          0
    2032686                              O            06/01/33
    0

    8732053          X89/G01             F          387,000.00         ZZ
                                         360        387,000.00          1
                                       6.000          2,320.26         56
                                       5.750          2,320.26
    LOS ANGELES      CA   90027          5            05/14/03         00
    0435970702                           05           07/01/03          0
    1010241392                           O            06/01/33
    0

    8733665          975/G01             F          357,500.00         ZZ
                                         360        357,500.00          1
                                       5.875          2,114.75         65
                                       5.625          2,114.75
    SAN DIEGO        CA   92131          5            05/01/03         00
    0435892864                           03           07/01/03          0
    2031275                              O            06/01/33
    0
1

    8736825          116/116             F          399,600.00         ZZ
                                         360        399,600.00          1
                                       5.875          2,363.78         64
                                       5.625          2,363.78
    HOUSTON          TX   77024          4            05/02/03         00
    091022939                            05           07/01/03          0
    091022939                            O            06/01/33
    0

    8737035          T53/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       5.875          1,987.57         80
                                       5.625          1,987.57
    ESCONDIDO        CA   92029          2            05/02/03         00
    0435887021                           03           07/01/03          0
    31002040                             O            06/01/33
    0

    8737707          W40/G01             F          371,600.00         ZZ
                                         360        371,600.00          1
                                       6.000          2,227.93         68
                                       5.750          2,227.93
    DEARBORN         MI   48124          2            05/19/03         00
    0435891379                           05           07/01/03          0
    100022581                            O            06/01/33
    0

    8737723          X82/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       5.875          2,366.15         70
                                       5.625          2,366.15
    OAKTON           VA   22124          5            05/15/03         00
    0435885843                           05           07/01/03          0
    856391                               O            06/01/33
    0

    8737785          X51/G01             F          770,000.00         ZZ
                                         360        770,000.00          1
                                       5.875          4,554.84         55
                                       5.625          4,554.84
    FREMONT          CA   94539          5            05/10/03         00
    0435896642                           05           07/01/03          0
    0030213012                           O            06/01/33
    0

    8738319          X89/G01             F          343,900.00         ZZ
                                         360        343,900.00          1
1

                                       5.750          2,006.91         80
                                       5.500          2,006.91
    CONCORD          CA   94521          1            05/16/03         00
    0435919964                           05           07/01/03          0
    2006214                              O            06/01/33
    0

    8738781          964/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       5.750          2,217.58         75
                                       5.500          2,217.58
    SEBASTOPOL       CA   95472          2            05/12/03         00
    0435890967                           05           07/01/03          0
    401348                               O            06/01/33
    0

    8738947          025/025             F          649,900.00         T
                                         348        646,695.73          1
                                       6.500          4,154.24         65
                                       6.250          4,154.24
    ST AUGUSTINE BE  FL   32080          1            12/30/02         00
    0026134973                           03           02/01/03          0
    0026134973                           O            01/01/32
    0

    8738949          025/025             F          485,700.00         ZZ
                                         348        484,168.49          1
                                       6.125          2,987.00         79
                                       5.875          2,987.00
    BRADENTON        FL   34202          1            02/24/03         00
    0026167486                           03           04/01/03          0
    0026167486                           O            03/01/32
    0

    8738951          025/025             F          620,000.00         ZZ
                                         360        618,094.36          1
                                       5.875          3,667.53         46
                                       5.625          3,667.53
    CUMMING          GA   30040          2            02/21/03         00
    0026232108                           05           04/01/03          0
    0026232108                           O            03/01/33
    0

    8738953          025/025             F          552,000.00         ZZ
                                         360        551,450.48          1
                                       6.000          3,309.52         80
                                       5.750          3,309.52
    ATLANTA          GA   30345          1            04/09/03         00
    0026232397                           05           06/01/03          0
1

    0026232397                           O            05/01/33
    0

    8738961          025/025             F        1,000,000.00         ZZ
                                         360        997,069.27          1
                                       6.125          6,076.11         63
                                       5.875          6,076.11
    PINECREST        FL   33156          5            02/28/03         00
    0026404509                           05           04/01/03          0
    0026404509                           O            03/01/33
    0

    8738965          025/025             F          420,000.00         ZZ
                                         360        417,233.22          1
                                       6.375          2,620.25         80
                                       6.125          2,620.25
    SOUTH MIAMI      FL   33143          1            10/29/02         00
    0026409896                           05           12/01/02          0
    0026409896                           O            11/01/32
    0

    8738967          025/025             F          630,000.00         ZZ
                                         360        628,035.80          1
                                       6.125          3,827.95         70
                                       5.875          3,827.95
    JACKSONVILLE     FL   32207          1            02/28/03         00
    0026437939                           05           04/01/03          0
    0026437939                           O            03/01/33
    0

    8738969          025/025             F          375,000.00         ZZ
                                         360        373,853.51          1
                                       6.375          2,339.51         64
                                       6.125          2,339.51
    NAPLES           FL   34109          2            03/18/03         00
    0026451187                           05           05/01/03          0
    0026451187                           O            04/01/33
    0

    8738975          025/025             F          505,450.00         ZZ
                                         360        503,896.43          1
                                       5.875          2,989.93         80
                                       5.625          2,989.93
    KNOXVILLE        TN   37922          1            02/28/03         00
    0026611780                           05           04/01/03          0
    0026611780                           O            03/01/33
    0

1

    8738979          025/025             F          387,000.00         ZZ
                                         360        384,872.27          1
                                       6.500          2,446.10         79
                                       6.250          2,446.10
    NORTH PORT       FL   34286          2            11/22/02         00
    0026662130                           03           01/01/03          0
    0026662130                           O            12/01/32
    0

    8738987          025/025             F          430,500.00         ZZ
                                         360        429,238.33          1
                                       6.125          2,615.76         79
                                       5.875          2,615.76
    LAKE MARY        FL   32746          2            02/28/03         00
    0026890962                           03           04/01/03          0
    0026890962                           O            03/01/33
    0

    8738991          025/025             F          394,000.00         ZZ
                                         360        392,456.44          1
                                       6.125          2,393.99         47
                                       5.875          2,393.99
    SAVANNAH         GA   31411          2            01/06/03         00
    0026909812                           05           03/01/03          0
    0026909812                           O            02/01/33
    0

    8738995          025/025             F          401,550.00         ZZ
                                         360        400,373.17          1
                                       6.125          2,439.86         55
                                       5.875          2,439.86
    ATLANTA          GA   30309          5            02/14/03         00
    0026938605                           05           04/01/03          0
    0026938605                           O            03/01/33
    0

    8739015          025/025             F          845,000.00         ZZ
                                         360        843,392.29          1
                                       6.250          5,202.81         65
                                       6.000          5,202.81
    TYBEE ISLAND     GA   31328          2            03/10/03         00
    0027129121                           05           05/01/03          0
    0027129121                           O            04/01/33
    0

    8739017          025/025             F          360,000.00         ZZ
                                         360        358,020.72          1
                                       6.500          2,275.44         85
                                       6.250          2,275.44
1

    COLUMBUS         GA   31820          1            11/21/02         11
    0027141563                           05           01/01/03         12
    0027141563                           O            12/01/32
    0

    8739019          025/025             F          457,000.00         ZZ
                                         360        454,884.83          1
                                       6.000          2,739.95         79
                                       5.750          2,739.95
    LITHONIA         GA   30058          2            03/05/03         00
    0027167618                           05           05/01/03          0
    0027167618                           O            04/01/33
    0

    8739023          025/025             F          606,400.00         ZZ
                                         360        602,902.47          1
                                       6.250          3,733.71         80
                                       6.000          3,733.71
    ORMOND BEACH     FL   32174          1            11/15/02         00
    0027191642                           05           01/01/03          0
    0027191642                           O            12/01/32
    0

    8739025          025/025             F          403,000.00         ZZ
                                         360        400,675.63          1
                                       6.250          2,481.34         50
                                       6.000          2,481.34
    JUPITER          FL   33477          2            11/08/02         00
    0027213321                           03           01/01/03          0
    0027213321                           O            12/01/32
    0

    8739029          025/025             F          401,100.00         ZZ
                                         360        400,280.12          1
                                       5.875          2,372.66         63
                                       5.625          2,372.66
    ALPHARETTA       GA   30022          2            03/13/03         00
    0027253251                           03           05/01/03          0
    0027253251                           O            04/01/33
    0

    8739031          025/025             F          576,000.00         ZZ
                                         360        572,677.82          1
                                       6.250          3,546.53         80
                                       6.000          3,546.53
    ATLANTA          GA   30319          1            11/19/02         00
    0027277755                           05           01/01/03          0
    0027277755                           O            12/01/32
    0
1

    8739033          025/025             F          340,000.00         ZZ
                                         360        339,027.12          1
                                       6.250          2,093.44         64
                                       6.000          2,093.44
    BOCA RATON       FL   33433          5            02/25/03         00
    0027293844                           03           04/01/03          0
    0027293844                           O            03/01/33
    0

    8739037          025/025             F          344,000.00         ZZ
                                         360        343,015.69          1
                                       6.250          2,118.07         80
                                       6.000          2,118.07
    SPRING HILL      FL   34607          1            02/21/03         00
    0027306588                           03           04/01/03          0
    0027306588                           O            03/01/33
    0

    8739051          025/025             F          393,950.00         ZZ
                                         360        392,795.45          1
                                       6.125          2,393.68         70
                                       5.875          2,393.68
    PORTLAND         TN   37148          2            02/25/03         00
    0027366293                           05           04/01/03          0
    0027366293                           O            03/01/33
    0

    8739055          025/025             F          467,000.00         ZZ
                                         360        465,726.60          1
                                       6.500          2,951.76         79
                                       6.250          2,951.76
    EUSTIS           FL   32726          2            02/26/03         00
    0027372374                           03           04/01/03          0
    0027372374                           O            03/01/33
    0

    8739067          025/025             F          771,100.00         ZZ
                                         360        768,729.92          1
                                       5.875          4,561.35         49
                                       5.625          4,561.35
    WOODSTOCK        GA   30188          2            02/25/03         00
    0027403542                           05           04/01/03          0
    0027403542                           O            03/01/33
    0

    8739069          025/025             F          395,000.00         ZZ
                                         360        393,489.09          1
1

                                       6.250          2,432.08         79
                                       6.000          2,432.08
    ATLANTA          GA   30306          2            01/21/03         00
    0027433317                           05           03/01/03          0
    0027433317                           O            02/01/33
    0

    8739071          025/025             F          464,600.00         ZZ
                                         360        463,238.38          1
                                       6.125          2,822.96         71
                                       5.875          2,822.96
    ALPHARETTA       GA   30004          2            03/04/03         00
    0027434992                           05           04/01/03          0
    0027434992                           O            03/01/33
    0

    8739089          025/025             F          463,500.00         ZZ
                                         360        462,552.57          1
                                       5.875          2,741.78         75
                                       5.625          2,741.78
    TAMPA            FL   33629          2            03/24/03         00
    0027483874                           05           05/01/03          0
    0027483874                           O            04/01/33
    0

    8739093          025/025             F          355,000.00         ZZ
                                         360        354,324.56          1
                                       6.250          2,185.80         68
                                       6.000          2,185.80
    SATELLITE BEACH  FL   32937          2            03/24/03         00
    0027503960                           05           05/01/03          0
    0027503960                           O            04/01/33
    0

    8739097          025/025             F          387,900.00         ZZ
                                         360        387,144.05          1
                                       6.125          2,356.92         80
                                       5.875          2,356.92
    BRENTWOOD        TN   37027          1            03/28/03         00
    0027554369                           03           05/01/03          0
    0027554369                           O            04/01/33
    0

    8739137          025/025             F          393,750.00         ZZ
                                         360        392,676.33          1
                                       6.500          2,488.77         75
                                       6.250          2,488.77
    ROSWELL          GA   30075          5            03/10/03         00
    0027876580                           05           04/01/03          0
1

    0027876580                           O            03/01/33
    0

    8739139          025/025             F          448,500.00         ZZ
                                         360        447,114.40          1
                                       6.250          2,761.49         76
                                       6.000          2,761.49
    WINDERMERE       FL   34786          2            02/28/03         00
    0027878123                           03           04/01/03          0
    0027878123                           O            03/01/33
    0

    8739147          025/025             F          445,600.00         ZZ
                                         360        444,689.16          1
                                       5.875          2,635.89         80
                                       5.625          2,635.89
    MACON            GA   31210          1            03/14/03         00
    0027961093                           05           05/01/03          0
    0027961093                           O            04/01/33
    0

    8739155          025/025             F          640,000.00         ZZ
                                         354        639,339.52          1
                                       6.000          3,860.48         70
                                       5.750          3,860.48
    MARRIOTTSVILLE   MD   21104          4            04/23/03         00
    0130066954                           05           06/01/03          0
    0130066954                           O            11/01/32
    0

    8739161          025/025             F          650,000.00         ZZ
                                         360        649,368.24          1
                                       6.125          3,949.47         72
                                       5.875          3,949.47
    BETHESDA         MD   20816          4            04/04/03         00
    0131053753                           05           06/01/03          0
    0131053753                           O            05/01/33
    0

    8739163          025/025             F          340,350.00         ZZ
                                         360        339,702.43          1
                                       6.250          2,095.60         80
                                       6.000          2,095.60
    ELLICOTT CITY    MD   21043          4            03/21/03         00
    0131149312                           05           05/01/03          0
    0131149312                           O            04/01/33
    0

1

    8739165          025/025             F          452,000.00         ZZ
                                         360        451,550.03          1
                                       6.000          2,709.97         79
                                       5.750          2,709.97
    PORT REPUBLIC    VA   24471          4            04/16/03         00
    0131169062                           05           06/01/03          0
    0131169062                           O            05/01/33
    0

    8739169          025/025             F          406,500.00         ZZ
                                         360        406,085.55          1
                                       5.875          2,404.61         79
                                       5.625          2,404.61
    PHOENIX          MD   21131          4            04/16/03         00
    0131218802                           05           06/01/03          0
    0131218802                           O            05/01/33
    0

    8739171          025/025             F          440,000.00         ZZ
                                         360        436,756.86          1
                                       6.500          2,781.10         80
                                       6.250          2,781.10
    BOWIE            MD   20721          2            09/23/02         00
    0131513350                           03           11/01/02          0
    0131513350                           O            10/01/32
    0

    8739219          025/025             F          650,000.00         ZZ
                                         360        649,321.36          1
                                       5.750          3,793.22         62
                                       5.500          3,793.22
    FAIR OAKS        CA   95628          5            04/07/03         00
    0132408592                           05           06/01/03          0
    0132408592                           O            05/01/33
    0

    8739223          025/025             F          415,000.00         ZZ
                                         360        414,586.87          1
                                       6.000          2,488.13         79
                                       5.750          2,488.13
    SAN JOSE         CA   95124          2            04/01/03         00
    0132409681                           05           06/01/03          0
    0132409681                           O            05/01/33
    0

    8739225          025/025             F          383,700.00         ZZ
                                         360        382,896.86          1
                                       5.750          2,239.17         49
                                       5.500          2,239.17
1

    ARLINGTON        VA   22205          2            03/19/03         00
    0132409749                           05           05/01/03          0
    0132409749                           O            04/01/33
    0

    8739233          025/025             F          360,000.00         ZZ
                                         360        359,298.41          1
                                       6.125          2,187.40         80
                                       5.875          2,187.40
    EL DORADO HILLS  CA   95762          2            03/27/03         00
    0132417494                           05           05/01/03          0
    0132417494                           O            04/01/33
    0

    8739235          025/025             F          388,500.00         ZZ
                                         360        388,113.25          1
                                       6.000          2,329.25         49
                                       5.750          2,329.25
    SAN MARTIN       CA   95046          2            04/03/03         00
    0132428392                           05           06/01/03          0
    0132428392                           O            05/01/33
    0

    8739249          025/025             F          348,800.00         ZZ
                                         360        348,425.00          1
                                       5.625          2,007.89         63
                                       5.375          2,007.89
    SOQUEL           CA   95073          2            04/08/03         00
    0132440264                           05           06/01/03          0
    0132440264                           O            05/01/33
    0

    8739267          025/025             F          672,000.00         ZZ
                                         360        670,626.39          1
                                       5.875          3,975.13         43
                                       5.625          3,975.13
    SAN JOSE         CA   95138          2            03/24/03         00
    0132462961                           05           05/01/03          0
    0132462961                           O            04/01/33
    0

    8739271          025/025             F          412,700.00         ZZ
                                         360        412,269.11          1
                                       5.750          2,408.41         59
                                       5.500          2,408.41
    STUART           FL   34997          2            04/08/03         00
    0132468240                           03           06/01/03          0
    0132468240                           O            05/01/33
    0
1

    8739275          025/025             F          412,000.00         ZZ
                                         360        411,157.83          1
                                       5.875          2,437.14         80
                                       5.625          2,437.14
    SAN JOSE         CA   95123          1            03/18/03         00
    0132472366                           05           05/01/03          0
    0132472366                           O            04/01/33
    0

    8739277          025/025             F          436,000.00         ZZ
                                         360        435,108.79          1
                                       5.875          2,579.10         80
                                       5.625          2,579.10
    APTOS            CA   95003          1            03/24/03         00
    0132473315                           05           05/01/03          0
    0132473315                           O            04/01/33
    0

    8739295          025/025             F          490,000.00         ZZ
                                         360        489,450.00          1
                                       6.000          2,937.80         47
                                       5.750          2,937.80
    SAN ANSELMO      CA   94960          2            04/04/03         00
    0132493552                           05           06/01/03          0
    0132493552                           O            05/01/33
    0

    8739297          025/025             F          454,200.00         ZZ
                                         360        453,518.31          1
                                       6.125          2,759.77         77
                                       5.875          2,759.77
    SAN JOSE         CA   95136          2            04/16/03         00
    0132493685                           05           06/01/03          0
    0132493685                           O            05/01/33
    0

    8739311          025/025             F          419,000.00         ZZ
                                         360        418,392.76          1
                                       6.125          2,545.89         60
                                       5.875          2,545.89
    MORGAN HILL      CA   95037          2            04/15/03         00
    0132523598                           03           06/01/03          0
    0132523598                           O            05/01/33
    0

    8739313          025/025             F          340,000.00         ZZ
                                         360        339,661.53          1
1

                                       6.000          2,038.47         54
                                       5.750          2,038.47
    SAN JOSE         CA   95125          1            04/02/03         00
    0132533787                           05           06/01/03          0
    0132533787                           O            05/01/33
    0

    8739315          025/025             F          448,000.00         ZZ
                                         360        447,574.91          1
                                       6.250          2,758.42         77
                                       6.000          2,758.42
    SAN JOSE         CA   95136          2            04/10/03         00
    0132537440                           03           06/01/03          0
    0132537440                           O            05/01/33
    0

    8739317          025/025             F          463,700.00         ZZ
                                         360        463,238.38          1
                                       6.000          2,780.12         79
                                       5.750          2,780.12
    WOODBRIDGE       VA   22192          2            04/18/03         00
    0132567991                           03           06/01/03          0
    0132567991                           O            05/01/33
    0

    8739321          025/025             F          350,000.00         ZZ
                                         360        348,951.28          1
                                       6.500          2,212.24         84
                                       6.250          2,212.24
    ASHLAND          VA   23005          1            02/19/03         12
    0140517251                           03           04/01/03         25
    0140517251                           O            03/01/33
    0

    8739327          025/025             F          481,600.00         ZZ
                                         360        479,801.49          1
                                       6.375          3,004.56         72
                                       6.125          3,004.56
    NASHVILLE        TN   37220          2            12/30/02         00
    0140893231                           05           03/01/03          0
    0140893231                           O            02/01/33
    0

    8739333          025/025             F          480,000.00         ZZ
                                         360        477,231.47          1
                                       6.250          2,955.45         80
                                       6.000          2,955.45
    CROWNSVILLE      MD   21032          1            11/26/02         00
    0140996224                           03           01/01/03          0
1

    0140996224                           O            12/01/32
    0

    8739337          025/025             F          500,000.00         ZZ
                                         360        499,025.56          1
                                       6.125          3,038.06         80
                                       5.875          3,038.06
    SANTA CLARA      CA   95054          1            03/01/03         00
    0141033977                           03           05/01/03          0
    0141033977                           O            04/01/33
    0

    8739341          025/025             F          500,000.00         ZZ
                                         360        499,514.02          1
                                       6.125          3,038.06         50
                                       5.875          3,038.06
    LOS GATOS        CA   95030          2            04/01/03         00
    0141034439                           05           06/01/03          0
    0141034439                           O            05/01/33
    0

    8739345          025/025             F          352,000.00         ZZ
                                         360        349,969.73          1
                                       6.250          2,167.33         64
                                       6.000          2,167.33
    SPOTSYLVANIA     VA   22553          5            11/27/02         00
    0141056838                           03           01/01/03          0
    0141056838                           O            12/01/32
    0

    8739349          025/025             F          343,200.00         ZZ
                                         360        341,593.62          1
                                       6.375          2,141.13         80
                                       6.125          2,141.13
    WARRENTON        VA   20186          1            12/09/02         00
    0141070086                           05           02/01/03          0
    0141070086                           O            01/01/33
    0

    8739351          025/025             F          440,000.00         ZZ
                                         360        437,890.68          1
                                       6.250          2,709.16         80
                                       6.000          2,709.16
    ALEXANDRIA       VA   22314          1            12/09/02         00
    0141108324                           05           02/01/03          0
    0141108324                           O            01/01/33
    0

1

    8739353          025/025             F          404,000.00         ZZ
                                         360        402,787.39          1
                                       6.000          2,422.18         76
                                       5.750          2,422.18
    CLIFTON          VA   20124          2            02/27/03         00
    0141119867                           03           04/01/03          0
    0141119867                           O            03/01/33
    0

    8739355          025/025             F          800,000.00         ZZ
                                         360        796,939.90          1
                                       6.250          4,925.74         53
                                       6.000          4,925.74
    POTOMAC          MD   20854          5            01/07/03         00
    0141121251                           03           03/01/03          0
    0141121251                           O            02/01/33
    0

    8739357          025/025             F          525,000.00         ZZ
                                         360        522,483.06          1
                                       6.250          3,232.52         54
                                       6.000          3,232.52
    BETHESDA         MD   20817          2            12/20/02         00
    0141160325                           05           02/01/03          0
    0141160325                           O            01/01/33
    0

    8739359          025/025             F          448,500.00         ZZ
                                         360        446,784.40          1
                                       6.250          2,761.50         72
                                       6.000          2,761.50
    VIENNA           VA   22182          2            01/06/03         00
    0141172718                           05           03/01/03          0
    0141172718                           O            02/01/33
    0

    8739375          025/025             F          500,000.00         ZZ
                                         360        498,499.24          1
                                       6.000          2,997.76         65
                                       5.750          2,997.76
    FALLS CHURCH     VA   22046          2            02/24/03         00
    0141330167                           05           04/01/03          0
    0141330167                           O            03/01/33
    0

    8739379          025/025             F          405,000.00         ZZ
                                         360        403,813.04          1
                                       6.125          2,460.83         60
                                       5.875          2,460.83
1

    ANNANDALE        VA   22003          5            02/21/03         00
    0141335158                           05           04/01/03          0
    0141335158                           O            03/01/33
    0

    8739381          025/025             F          517,000.00         ZZ
                                         360        515,448.23          1
                                       6.000          3,099.68         76
                                       5.750          3,099.68
    OAK HILL         VA   20171          2            02/28/03         00
    0141335265                           03           04/01/03          0
    0141335265                           O            03/01/33
    0

    8739383          025/025             F          369,000.00         T
                                         360        367,969.21          1
                                       6.375          2,302.09         65
                                       6.125          2,302.09
    WASHINGTON       DC   20005          2            02/19/03         00
    0141335414                           08           04/01/03          0
    0141335414                           O            03/01/33
    0

    8739387          025/025             F          427,000.00         ZZ
                                         360        426,071.26          1
                                       6.000          2,560.09         79
                                       5.750          2,560.09
    FALLS CHURCH     VA   22043          2            03/17/03         00
    0141341933                           05           05/01/03          0
    0141341933                           O            04/01/33
    0

    8739393          025/025             F          520,000.00         ZZ
                                         360        518,962.07          1
                                       6.000          3,117.67         77
                                       5.750          3,117.67
    WATERFORD        VA   20197          2            03/18/03         00
    0141344788                           05           05/01/03          0
    0141344788                           O            04/01/33
    0

    8739395          025/025             F          370,000.00         ZZ
                                         360        367,537.31          1
                                       5.875          2,188.70         77
                                       5.625          2,188.70
    SAN JOSE         CA   95117          2            04/09/03         00
    0141349530                           01           05/01/03          0
    0141349530                           O            04/01/33
    0
1

    8739399          025/025             F          339,000.00         ZZ
                                         360        338,323.35          1
                                       6.000          2,032.48         46
                                       5.750          2,032.48
    GREAT FALLS      VA   22066          2            03/24/03         00
    0141350942                           05           05/01/03          0
    0141350942                           O            04/01/33
    0

    8739403          025/025             F          405,400.00         ZZ
                                         360        404,571.33          1
                                       5.875          2,398.09         77
                                       5.625          2,398.09
    SPRINGFIELD      VA   22153          2            03/20/03         00
    0141365353                           05           05/01/03          0
    0141365353                           O            04/01/33
    0

    8739413          025/025             F          382,000.00         ZZ
                                         360        381,255.13          1
                                       6.125          2,321.08         63
                                       5.875          2,321.08
    FALLS CHURCH     VA   22046          5            03/27/03         00
    0141383273                           05           05/01/03          0
    0141383273                           O            04/01/33
    0

    8739417          025/025             F          348,200.00         ZZ
                                         360        347,504.99          1
                                       6.000          2,087.64         49
                                       5.750          2,087.64
    VA BEACH         VA   23451          2            03/18/03         00
    0141393496                           05           05/01/03          0
    0141393496                           O            04/01/33
    0

    8739429          025/025             F          432,800.00         ZZ
                                         360        432,358.74          1
                                       5.875          2,560.18         80
                                       5.625          2,560.18
    SCOTTS VALLEY    CA   95066          1            04/17/03         00
    0141487173                           05           06/01/03          0
    0141487173                           O            05/01/33
    0

    8739433          025/025             F          329,400.00         ZZ
                                         360        329,064.16          1
1

                                       5.875          1,948.53         76
                                       5.625          1,948.53
    CHESAPEAKE       VA   23320          2            04/11/03         00
    0141504019                           05           06/01/03          0
    0141504019                           O            05/01/33
    0

    8739439          025/025             F          414,000.00         ZZ
                                         360        413,153.74          1
                                       5.875          2,448.97         66
                                       5.625          2,448.97
    ARLINGTON        VA   22207          2            04/04/03         00
    0141530972                           05           05/01/03          0
    0141530972                           O            04/01/33
    0

    8739451          025/025             F          469,500.00         ZZ
                                         360        468,562.88          1
                                       6.000          2,814.89         73
                                       5.750          2,814.89
    MARIETTA         GA   30068          2            03/21/03         00
    0141536045                           03           05/01/03          0
    0141536045                           O            04/01/33
    0

    8739457          025/025             F          416,000.00         ZZ
                                         360        415,595.67          1
                                       6.125          2,527.66         80
                                       5.875          2,527.66
    SAN JOSE         CA   95008          1            04/22/03         00
    0141554956                           05           06/01/03          0
    0141554956                           O            05/01/33
    0

    8739493          025/025             F          406,000.00         ZZ
                                         360        403,194.54          1
                                       6.375          2,532.92         71
                                       6.125          2,532.92
    TRACY            CA   95376          2            10/15/02         00
    0131518714                           05           12/01/02          0
    0131518714                           O            11/01/32
    0

    8739495          025/025             F          470,350.00         ZZ
                                         360        467,396.53          1
                                       6.625          3,011.71         79
                                       6.375          3,011.71
    HERNDON          VA   20170          2            10/11/02         00
    0131527509                           05           12/01/02          0
1

    0131527509                           O            11/01/32
    0

    8739497          025/025             F          360,000.00         ZZ
                                         360        357,628.40          1
                                       6.375          2,245.94         72
                                       6.125          2,245.94
    DAVIDSONVILLE    MD   21035          2            10/22/02         00
    0131542383                           03           12/01/02          0
    0131542383                           O            11/01/32
    0

    8739499          025/025             F          342,550.00         ZZ
                                         360        340,574.27          1
                                       6.250          2,109.14         80
                                       6.000          2,109.14
    STAFFORD         VA   22554          1            11/04/02         00
    0131597577                           03           01/01/03          0
    0131597577                           O            12/01/32
    0

    8739505          025/025             F          532,000.00         ZZ
                                         360        528,664.19          1
                                       6.250          3,275.62         80
                                       6.000          3,275.62
    ALEXANDRIA       VA   22315          2            12/03/02         00
    0131713620                           03           01/01/03          0
    0131713620                           O            12/01/32
    0

    8739509          025/025             F          648,000.00         ZZ
                                         360        646,706.59          1
                                       6.000          3,885.09         71
                                       5.750          3,885.09
    BIRMINGHAM       AL   35243          2            03/07/03         00
    0131757528                           03           05/01/03          0
    0131757528                           O            04/01/33
    0

    8739513          025/025             F          329,850.00         ZZ
                                         360        327,854.99          1
                                       6.000          1,977.62         66
                                       5.750          1,977.62
    ALEXANDRIA       VA   22305          2            12/04/02         00
    0131876955                           05           01/01/03          0
    0131876955                           O            12/01/32
    0

1

    8739515          025/025             F          437,400.00         ZZ
                                         360        435,303.14          1
                                       6.250          2,693.15         78
                                       6.000          2,693.15
    ALEXANDRIA       VA   22314          2            12/20/02         00
    0131882110                           05           02/01/03          0
    0131882110                           O            01/01/33
    0

    8739517          025/025             F          475,000.00         ZZ
                                         360        472,667.95          1
                                       6.125          2,886.15         51
                                       5.875          2,886.15
    CHEVY CHASE      MD   20815          1            12/10/02         00
    0131886178                           05           02/01/03          0
    0131886178                           O            01/01/33
    0

    8739519          025/025             F          372,750.00         ZZ
                                         360        368,956.64          1
                                       6.375          2,325.48         47
                                       6.125          2,325.48
    VIENNA           VA   22181          2            12/17/02         00
    0131897068                           05           02/01/03          0
    0131897068                           O            01/01/33
    0

    8739525          025/025             F          642,650.00         ZZ
                                         360        640,071.67          1
                                       6.000          3,853.02         59
                                       5.750          3,853.02
    CULPEPER         VA   22701          2            01/24/03         00
    0131966889                           05           03/01/03          0
    0131966889                           O            02/01/33
    0

    8739531          025/025             F          417,100.00         ZZ
                                         360        412,967.76          1
                                       6.000          2,500.73         74
                                       5.750          2,500.73
    FALLS CHURCH     VA   22046          2            12/27/02         00
    0132027764                           05           02/01/03          0
    0132027764                           O            01/01/33
    0

    8739533          025/025             F          407,200.00         ZZ
                                         360        403,699.19          1
                                       6.500          2,573.79         60
                                       6.250          2,573.79
1

    ARLINGTON        VA   22207          2            01/31/03         00
    0132045642                           05           03/01/03          0
    0132045642                           O            02/01/33
    0

    8739537          025/025             F          456,000.00         ZZ
                                         360        454,213.54          1
                                       6.125          2,770.71         80
                                       5.875          2,770.71
    BETHESDA         MD   20814          1            02/10/03         00
    0132060948                           05           03/01/03          0
    0132060948                           O            02/01/33
    0

    8739539          025/025             F          375,000.00         ZZ
                                         360        363,435.33          1
                                       6.000          2,248.32         45
                                       5.750          2,248.32
    COCKEYSVILLE     MD   21030          2            01/31/03         00
    0132071218                           03           03/01/03          0
    0132071218                           O            02/01/33
    0

    8739541          025/025             F          475,300.00         ZZ
                                         360        473,525.00          1
                                       6.375          2,965.26         76
                                       6.125          2,965.26
    ALEXANDRIA       VA   22301          2            01/23/03         00
    0132077256                           05           03/01/03          0
    0132077256                           O            02/01/33
    0

    8739547          025/025             F          661,650.00         ZZ
                                         360        651,655.62          1
                                       6.250          4,073.90         75
                                       6.000          4,073.90
    BETHESDA         MD   20817          2            01/30/03         00
    0132102005                           05           03/01/03          0
    0132102005                           O            02/01/33
    0

    8739549          025/025             F          356,000.00         ZZ
                                         360        355,005.55          1
                                       6.375          2,220.98         80
                                       6.125          2,220.98
    WILLIAMSBURG     VA   23185          1            02/21/03         00
    0132108325                           03           04/01/03          0
    0132108325                           O            03/01/33
    0
1

    8739551          025/025             F          460,800.00         ZZ
                                         360        459,449.52          1
                                       6.125          2,799.87         80
                                       5.875          2,799.87
    CHANTILLY        VA   20151          1            02/24/03         00
    0132115015                           03           04/01/03          0
    0132115015                           O            03/01/33
    0

    8739573          025/025             F          334,500.00         ZZ
                                         360        330,156.67          1
                                       5.875          1,978.69         52
                                       5.625          1,978.69
    HERNDON          VA   20170          2            02/24/03         00
    0132208059                           05           04/01/03          0
    0132208059                           O            03/01/33
    0

    8739579          025/025             F          480,000.00         ZZ
                                         360        477,871.70          1
                                       6.250          2,955.45         80
                                       6.000          2,955.45
    WASHINGTON       DC   20016          1            03/03/03         00
    0132230095                           05           04/01/03          0
    0132230095                           O            03/01/33
    0

    8739585          025/025             F          475,000.00         ZZ
                                         360        473,828.56          1
                                       5.875          2,809.81         80
                                       5.625          2,809.81
    RICHMOND         VA   23229          1            03/17/03         00
    0132248287                           05           05/01/03          0
    0132248287                           O            04/01/33
    0

    8739589          025/025             F          410,000.00         ZZ
                                         360        405,083.27          1
                                       5.750          2,392.65         53
                                       5.500          2,392.65
    WHITE STONE      VA   22578          2            03/21/03         00
    0132262841                           05           05/01/03          0
    0132262841                           O            04/01/33
    0

    8739601          025/025             F          408,000.00         ZZ
                                         360        406,575.63          1
1

                                       6.000          2,446.17         80
                                       5.750          2,446.17
    BETHESDA         MD   20817          1            02/28/03         00
    0132293499                           05           04/01/03          0
    0132293499                           O            03/01/33
    0

    8739619          025/025             F          368,000.00         ZZ
                                         360        367,233.73          1
                                       6.000          2,206.35         50
                                       5.750          2,206.35
    TAMPA            FL   33609          5            03/17/03         00
    0132311101                           05           05/01/03          0
    0132311101                           O            04/01/33
    0

    8739621          025/025             F          498,400.00         ZZ
                                         360        497,405.20          1
                                       6.000          2,988.16         80
                                       5.750          2,988.16
    FALLS CHURCH     VA   22043          1            03/28/03         00
    0132312422                           03           05/01/03          0
    0132312422                           O            04/01/33
    0

    8739627          025/025             F          363,000.00         ZZ
                                         360        362,292.56          1
                                       6.125          2,205.63         74
                                       5.875          2,205.63
    SAN JOSE         CA   95124          2            03/11/03         00
    0132318874                           05           05/01/03          0
    0132318874                           O            04/01/33
    0

    8739635          025/025             F          403,000.00         ZZ
                                         360        402,156.47          1
                                       5.750          2,351.80         68
                                       5.500          2,351.80
    SEVERNA PARK     MD   21146          2            03/25/03         00
    0132332396                           05           05/01/03          0
    0132332396                           O            04/01/33
    0

    8739637          025/025             F          355,000.00         ZZ
                                         360        354,221.98          1
                                       6.125          2,157.02         62
                                       5.875          2,157.02
    SANTA CLARA      CA   95051          2            03/27/03         00
    0132332784                           05           05/01/03          0
1

    0132332784                           O            04/01/33
    0

    8739639          025/025             F          470,000.00         ZZ
                                         360        469,039.28          1
                                       5.875          2,780.23         71
                                       5.625          2,780.23
    STERLING         VA   20165          2            04/02/03         00
    0132333725                           03           05/01/03          0
    0132333725                           O            04/01/33
    0

    8739643          025/025             F          333,000.00         ZZ
                                         360        332,335.34          1
                                       6.000          1,996.50         50
                                       5.750          1,996.50
    DAVIS            CA   95616          2            03/21/03         00
    0132345273                           05           05/01/03          0
    0132345273                           O            04/01/33
    0

    8739649          025/025             F          650,000.00         ZZ
                                         360        647,759.11          1
                                       5.875          3,845.00         54
                                       5.625          3,845.00
    LOS GATOS        CA   95030          5            03/24/03         00
    0132351321                           05           05/01/03          0
    0132351321                           O            04/01/33
    0

    8739651          025/025             F          330,000.00         ZZ
                                         360        329,663.55          1
                                       5.875          1,952.07         63
                                       5.625          1,952.07
    JENSEN BEACH     FL   34957          5            04/10/03         00
    0132352741                           05           06/01/03          0
    0132352741                           O            05/01/33
    0

    8739653          025/025             F          373,700.00         ZZ
                                         360        372,954.08          1
                                       6.000          2,240.53         67
                                       5.750          2,240.53
    SAN JOSE         CA   95112          5            03/01/03         00
    0132352998                           05           05/01/03          0
    0132352998                           O            04/01/33
    0

1

    8739655          025/025             F          458,000.00         ZZ
                                         360        456,777.45          1
                                       6.000          2,745.94         62
                                       5.750          2,745.94
    SAN JOSE         CA   95129          2            03/18/03         00
    0132354994                           05           05/01/03          0
    0132354994                           O            04/01/33
    0

    8739659          025/025             F          448,000.00         ZZ
                                         360        445,902.79          1
                                       6.000          2,685.99         50
                                       5.750          2,685.99
    CUPERTINO        CA   95014          2            03/18/03         00
    0132355090                           05           05/01/03          0
    0132355090                           O            04/01/33
    0

    8739663          025/025             F          332,800.00         ZZ
                                         360        331,831.04          1
                                       6.000          1,995.30         67
                                       5.750          1,995.30
    GILROY           CA   95020          5            03/13/03         00
    0132364167                           05           05/01/03          0
    0132364167                           O            04/01/33
    0

    8739665          025/025             F          330,000.00         ZZ
                                         360        329,671.48          1
                                       6.000          1,978.52         68
                                       5.750          1,978.52
    SUTTER CREEK     CA   95685          2            04/22/03         00
    0132369588                           03           06/01/03          0
    0132369588                           O            05/01/33
    0

    8739667          025/025             F          403,000.00         ZZ
                                         360        402,156.47          1
                                       5.750          2,351.80         69
                                       5.500          2,351.80
    TOWSON           MD   21204          2            03/19/03         00
    0132370701                           05           05/01/03          0
    0132370701                           O            04/01/33
    0

    8739677          025/025             F          378,000.00         ZZ
                                         360        377,245.50          1
                                       6.000          2,266.31         75
                                       5.750          2,266.31
1

    SAN JOSE         CA   95123          2            03/20/03         00
    0132373374                           05           05/01/03          0
    0132373374                           O            04/01/33
    0

    8739695          025/025             F          416,000.00         ZZ
                                         360        415,129.26          1
                                       5.750          2,427.66         80
                                       5.500          2,427.66
    CAPE CORAL       FL   33914          1            03/14/03         00
    0132404153                           05           05/01/03          0
    0132404153                           O            04/01/33
    0

    8739697          025/025             F          473,000.00         ZZ
                                         360        472,529.13          1
                                       6.000          2,835.87         67
                                       5.750          2,835.87
    SAN JOSE         CA   95135          2            04/07/03         00
    0132407446                           03           06/01/03          0
    0132407446                           O            05/01/33
    0

    8739913          E82/G01             F          336,200.00         ZZ
                                         360        336,200.00          1
                                       5.875          1,988.75         48
                                       5.625          1,988.75
    PLEASANTON       CA   94566          2            05/19/03         00
    0400836938                           05           07/01/03          0
    0400836938                           O            06/01/33
    0

    8739959          E22/G01             F          130,000.00         ZZ
                                         360        130,000.00          1
                                       5.875            769.00         52
                                       5.625            769.00
    PUYALLUP         WA   98372          5            05/15/03         00
    0416977049                           05           07/01/03          0
    0416977049                           O            06/01/33
    0

    8740227          E22/G01             F          248,000.00         ZZ
                                         360        248,000.00          1
                                       5.875          1,467.01         80
                                       5.625          1,467.01
    PUYALLUP         WA   98372          2            05/16/03         00
    0417057890                           03           07/01/03          0
    0417057890                           O            06/01/33
    0
1

    8740501          E22/G01             F          111,000.00         ZZ
                                         360        111,000.00          1
                                       5.500            630.25         68
                                       5.250            630.25
    MATTESON         IL   60443          2            05/20/03         00
    0417103173                           05           07/01/03          0
    0417103173                           O            06/01/33
    0

    8740857          696/G01             F          437,800.00         ZZ
                                         360        437,353.65          1
                                       5.875          2,589.75         77
                                       5.625          2,589.75
    MCLEAN           VA   22101          2            05/05/03         00
    0435883103                           05           06/01/03          0
    24603150                             O            05/01/33
    0

    8740941          X89/G01             F          670,750.00         ZZ
                                         360        670,750.00          1
                                       5.875          3,967.74         61
                                       5.625          3,967.74
    SALINAS          CA   93908          5            05/20/03         00
    0435884002                           05           07/01/03          0
    2003997                              O            06/01/33
    0

    8741841          L01/G01             F          419,000.00         ZZ
                                         360        419,000.00          1
                                       5.875          2,478.54         35
                                       5.625          2,478.54
    PARADISE VALLEY  AZ   85253          2            05/14/03         00
    0435900220                           05           07/01/03          0
    11793280                             O            06/01/33
    0

    8742511          E22/G01             F          728,900.00         ZZ
                                         360        728,900.00          1
                                       6.250          4,487.96         49
                                       6.000          4,487.96
    DALLAS           TX   75225          2            05/20/03         00
    0416673051                           05           07/01/03          0
    0416673051                           O            06/01/33
    0

    8742565          E22/G01             F          396,300.00         ZZ
                                         360        396,300.00          1
1

                                       5.875          2,344.26         77
                                       5.625          2,344.26
    GILROY           CA   95020          2            05/14/03         00
    0416900405                           05           07/01/03          0
    0416900405                           O            06/01/33
    0

    8742793          E22/G01             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       6.000          2,206.35         53
                                       5.750          2,206.35
    SAN FRANCISCO    CA   94118          2            05/15/03         00
    0417071370                           07           07/01/03          0
    0417071370                           O            06/01/33
    0

    8742927          E22/G01             F          387,000.00         ZZ
                                         360        387,000.00          1
                                       6.000          2,320.26         50
                                       5.750          2,320.26
    DANVILLE         CA   94526          2            05/07/03         00
    0416497923                           05           07/01/03          0
    0416497923                           O            06/01/33
    0

    8742935          E22/G01             F          333,500.00         ZZ
                                         360        333,500.00          1
                                       5.875          1,972.78         69
                                       5.625          1,972.78
    ROSEVILLE        CA   95661          2            05/14/03         00
    0416564375                           05           07/01/03          0
    0416564375                           O            06/01/33
    0

    8743021          E22/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       5.875          2,360.24         76
                                       5.625          2,360.24
    SANTA CLARITA    CA   91321          2            05/15/03         00
    0416884997                           05           07/01/03          0
    0416884997                           O            06/01/33
    0

    8743459          696/G01             F          920,500.00         ZZ
                                         360        920,500.00          1
                                       5.875          5,445.11         70
                                       5.625          5,445.11
    MCLEAN           VA   22101          1            05/16/03         00
    0435881412                           05           07/01/03          0
1

    24603113                             O            06/01/33
    0

    8744103          696/G01             F          454,000.00         ZZ
                                         360        454,000.00          1
                                       5.875          2,685.58         56
                                       5.625          2,685.58
    WASHINGTON       DC   20015          2            05/12/03         00
    0435881107                           05           07/01/03          0
    25603153                             O            06/01/33
    0

    8744267          X89/G01             F          403,000.00         ZZ
                                         360        403,000.00          1
                                       5.750          2,351.80         59
                                       5.500          2,351.80
    ASHLAND          OR   97520          2            05/21/03         00
    0435892369                           05           07/01/03          0
    2006399                              O            06/01/33
    0

    8744935          X89/G01             F          536,000.00         ZZ
                                         360        536,000.00          1
                                       5.750          3,127.96         80
                                       5.500          3,127.96
    PARK CITY        UT   84098          1            05/21/03         00
    0435891742                           05           07/01/03          0
    2007186                              O            06/01/33
    0

    8745111          K15/G01             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       6.250            369.43         75
                                       6.000            369.43
    BELDING          MI   48809          5            05/12/03         00
    0435895974                           05           07/01/03          0
    035905514288                         O            06/01/33
    0

    8745261          X89/G01             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       6.000          1,049.22         42
                                       5.750          1,049.22
    RESEDA           CA   91335          5            05/22/03         00
    0435968326                           05           07/01/03          0
    2004001                              O            06/01/33
    0

1

    8745421          A06/G01             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       6.000            539.60         36
                                       5.750            539.60
    BIRCH RUN        MI   48415          5            05/20/03         00
    0435918313                           05           07/01/03          0
    1                                    O            06/01/33
    0

    8745661          L01/G01             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       5.750          2,333.71         75
                                       5.500          2,333.71
    SCOTTSDALE       AZ   85255          1            05/23/03         00
    0435899604                           03           07/01/03          0
    11826604                             O            06/01/33
    0

    8745851          K21/G01             F          218,000.00         ZZ
                                         360        217,761.39          1
                                       5.500          1,237.78         55
                                       5.250          1,237.78
    LOS ANGELES      CA   90291          2            04/09/03         00
    0435919600                           01           06/01/03          0
    0325265                              O            05/01/33
    0

    8745963          E22/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       5.875          2,307.00         65
                                       5.625          2,307.00
    SAN BRUNO        CA   94066          2            05/09/03         00
    0416432755                           05           07/01/03          0
    0416432755                           O            06/01/33
    0

    8746047          E22/G01             F          715,000.00         ZZ
                                         360        715,000.00          1
                                       6.000          4,286.79         75
                                       5.750          4,286.79
    BRECKENRIDGE     CO   80424          2            05/22/03         00
    0416759520                           03           07/01/03          0
    0416759520                           O            06/01/33
    0

    8746055          E22/G01             F          206,500.00         ZZ
                                         360        206,500.00          1
                                       5.875          1,221.53         94
                                       5.625          1,221.53
1

    WESTERVILLE      OH   43081          2            05/22/03         04
    0416828150                           05           07/01/03         30
    0416828150                           O            06/01/33
    0

    8746139          R65/G01             F          403,200.00         ZZ
                                         360        403,200.00          1
                                       5.750          2,352.97         60
                                       5.500          2,352.97
    WASHINGTON       DC   20016          2            05/09/03         00
    0435888102                           05           07/01/03          0
    4215828029                           O            06/01/33
    0

    8746211          E82/G01             F          387,800.00         ZZ
                                         360        387,800.00          1
                                       6.000          2,325.06         63
                                       5.750          2,325.06
    RANCHO PALOS VE  CA   90275          2            05/22/03         00
    0400827515                           05           07/01/03          0
    0400827515                           O            06/01/33
    0

    8746243          E82/G01             F          378,000.00         ZZ
                                         360        378,000.00          1
                                       6.000          2,266.30         80
                                       5.750          2,266.30
    CARLSBAD         CA   92009          2            05/22/03         00
    0400831657                           03           07/01/03          0
    0400831657                           O            06/01/33
    0

    8746257          E82/G01             F          392,300.00         ZZ
                                         360        392,300.00          1
                                       5.875          2,320.60         43
                                       5.625          2,320.60
    ARCADIA          CA   91006          2            05/21/03         00
    0400817094                           05           07/01/03          0
    0400817094                           O            06/01/33
    0

    8746285          E82/G01             F          242,600.00         ZZ
                                         360        242,600.00          1
                                       5.750          1,415.75         55
                                       5.500          1,415.75
    ESCONDIDO        CA   92029          2            05/21/03         00
    0400835500                           05           07/01/03          0
    0400835500                           O            06/01/33
    0
1

    8746441          E82/G01             F          445,300.00         ZZ
                                         360        445,300.00          1
                                       6.000          2,669.80         55
                                       5.750          2,669.80
    VIENNA           VA   22180          2            05/23/03         00
    0400840112                           05           07/01/03          0
    0400840112                           O            06/01/33
    0

    8746451          E22/G01             F          444,000.00         ZZ
                                         360        444,000.00          1
                                       5.875          2,626.43         68
                                       5.625          2,626.43
    HERMOSA BEACH    CA   90254          2            05/14/03         00
    0417081734                           01           07/01/03          0
    0417081734                           O            06/01/33
    0

    8746461          E82/G01             F          362,500.00         ZZ
                                         360        362,500.00          1
                                       5.875          2,144.32         80
                                       5.625          2,144.32
    SAN JOSE         CA   95123          2            05/22/03         00
    0400839072                           05           07/01/03          0
    0400839072                           O            06/01/33
    0

    8746507          E22/G01             F          177,500.00         ZZ
                                         360        177,500.00          1
                                       6.000          1,064.20         75
                                       5.750          1,064.20
    WEST COVINA      CA   91791          2            05/20/03         00
    0417190386                           05           07/01/03          0
    0417190386                           O            06/01/33
    0

    8746517          E82/G01             F          271,200.00         ZZ
                                         360        271,200.00          1
                                       5.875          1,604.25         47
                                       5.625          1,604.25
    SAN JOSE         CA   95120          2            05/22/03         00
    0400839817                           05           07/01/03          0
    0400839817                           O            06/01/33
    0

    8746553          E82/G01             F          308,300.00         ZZ
                                         360        308,300.00          1
1

                                       5.875          1,823.71         73
                                       5.625          1,823.71
    PLAISTOW         NH   03865          2            05/23/03         00
    0400808986                           05           07/01/03          0
    0400808986                           O            06/01/33
    0

    8746933          964/G01             F          381,000.00         ZZ
                                         360        381,000.00          1
                                       6.000          2,284.29         78
                                       5.750          2,284.29
    NOVATO           CA   94949          2            05/09/03         00
    0435922216                           09           07/01/03          0
    396632                               O            06/01/33
    0

    8746987          964/G01             F          623,000.00         ZZ
                                         360        623,000.00          1
                                       6.000          3,735.20         70
                                       5.750          3,735.20
    ROCKLIN          CA   95677          5            05/09/03         00
    0435894167                           05           07/01/03          0
    375542                               O            06/01/33
    0

    8747011          964/G01             F          430,000.00         ZZ
                                         360        429,529.34          1
                                       5.500          2,441.49         64
                                       5.250          2,441.49
    PENNGROVE        CA   94951          1            03/31/03         00
    0435894548                           05           06/01/03          0
    394523                               O            05/01/33
    0

    8747097          Q59/G01             F          467,000.00         ZZ
                                         360        467,000.00          1
                                       5.875          2,762.48         75
                                       5.625          2,762.48
    BUENA PARK       CA   90621          2            05/13/03         00
    0435960885                           05           07/01/03          0
    0000503273                           O            06/01/33
    0

    8747685          964/G01             F          650,000.00         ZZ
                                         360        649,321.35          1
                                       5.750          3,793.23         73
                                       5.500          3,793.23
    FRESNO           CA   93711          2            04/11/03         00
    0435914882                           05           06/01/03          0
1

    374155                               O            05/01/33
    0

    8747719          964/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       5.875          2,188.69         74
                                       5.625          2,188.69
    SAN JOSE         CA   95135          2            05/13/03         00
    0435934948                           05           07/01/03          0
    404781                               O            06/01/33
    0

    8747727          964/G01             F          378,000.00         ZZ
                                         360        378,000.00          1
                                       5.750          2,205.91         72
                                       5.500          2,205.91
    ROSEVILLE        CA   95747          2            05/15/03         00
    0435926688                           05           07/01/03          0
    411409                               O            06/01/33
    0

    8747731          964/G01             F          336,750.00         ZZ
                                         360        336,750.00          1
                                       5.750          1,965.18         75
                                       5.500          1,965.18
    SAN FRANCISCO    CA   94112          1            05/02/03         00
    0435920632                           09           07/01/03          0
    417465                               O            06/01/33
    0

    8747825          X51/G01             F          386,000.00         ZZ
                                         360        386,000.00          1
                                       5.750          2,252.59         56
                                       5.500          2,252.59
    SAN JOSE         CA   95127          2            05/24/03         00
    0435929393                           05           07/01/03          0
    0030313006                           O            06/01/33
    0

    8747835          696/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       5.750          2,451.01         62
                                       5.500          2,451.01
    RESTON           VA   20190          2            05/16/03         00
    0435889068                           03           07/01/03          0
    23603074                             O            06/01/33
    0

1

    8747843          D03/D03             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       5.875          3,076.00         68
                                       5.625          3,076.00
    MILPITAS         CA   95035          5            05/14/03         00
    1030003327                           05           07/01/03          0
    1030003327                           O            06/01/33
    0

    8747893          X89/G01             F          437,000.00         ZZ
                                         360        437,000.00          1
                                       5.875          2,585.03         79
                                       5.625          2,585.03
    ROSSMOOR         CA   90720          2            05/20/03         00
    0435972609                           05           07/01/03          0
    2005981                              O            06/01/33
    0

    8747907          X89/G01             F          381,000.00         ZZ
                                         360        381,000.00          1
                                       5.875          2,253.76         72
                                       5.625          2,253.76
    AGOURA HILLS     CA   91301          5            05/14/03         00
    0435900337                           05           07/01/03          0
    2005841                              O            06/01/33
    0

    8748525          E22/G01             F          399,999.00         ZZ
                                         360        399,999.00          1
                                       5.750          2,334.29         79
                                       5.500          2,334.29
    PHOENIX          AZ   85045          1            05/22/03         00
    0416977460                           03           07/01/03          0
    0416977460                           O            06/01/33
    0

    8748601          367/367             F          455,000.00         ZZ
                                         360        455,000.00          1
                                       6.000          2,727.95         75
                                       5.750          2,727.95
    BETHESDA         MD   20817          2            05/14/03         00
    99408111                             05           07/01/03          0
    99408111                             O            06/01/33
    0

    8748619          E22/G01             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       6.000          2,128.40         67
                                       5.750          2,128.40
1

    MARTINEZ         CA   94553          2            05/13/03         00
    0416915783                           05           07/01/03          0
    0416915783                           O            06/01/33
    0

    8749021          E22/G01             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       5.750            723.63         80
                                       5.500            723.63
    ENOREE           SC   29335          2            05/23/03         00
    0417224706                           05           07/01/03          0
    0417224706                           O            06/01/33
    0

    8749119          E22/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       5.750          2,328.46         61
                                       5.500          2,328.46
    SAN JOSE         CA   95125          2            05/15/03         00
    0416847648                           05           07/01/03          0
    0416847648                           O            06/01/33
    0

    8749281          E22/G01             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       5.750            653.60         70
                                       5.500            653.60
    SUN VALLEY       NV   89433          5            05/20/03         00
    0417290772                           03           07/01/03          0
    0417290772                           O            06/01/33
    0

    8749439          E22/G01             F          195,000.00         ZZ
                                         360        195,000.00          1
                                       5.875          1,153.50         42
                                       5.625          1,153.50
    CHICAGO          IL   60618          5            05/23/03         00
    0416646677                           05           07/01/03          0
    0416646677                           O            06/01/33
    0

    8749815          A06/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       5.750          2,451.01         80
                                       5.500          2,451.01
    INDEPENDENCE TO  MI   48346          1            05/28/03         00
    0435922760                           05           07/01/03          0
    021000020309835                      O            06/01/33
    0
1

    8752061          S43/G01             F          314,300.00         ZZ
                                         360        314,300.00          1
                                       6.000          1,884.39         83
                                       5.750          1,884.39
    SANTA FE         NM   87501          2            05/23/03         04
    0435952056                           01           07/01/03         12
    038857                               O            06/01/33
    0

    8752421          Q97/G01             F          410,000.00         ZZ
                                         360        410,000.00          1
                                       5.875          2,425.30         79
                                       5.625          2,425.30
    NORFOLK          MA   02056          2            05/13/03         00
    0435953575                           05           07/01/03          0
    16033538                             O            06/01/33
    0

    8752899          964/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       5.750          2,334.29         40
                                       5.500          2,334.29
    HERMOSA BEACH    CA   90254          2            05/13/03         00
    0435929500                           05           07/01/03          0
    403641                               O            06/01/33
    0

    8753169          E22/G01             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       5.750          1,400.57         80
                                       5.500          1,400.57
    PINE VALLEY      CA   91962          1            05/22/03         00
    0417173366                           05           07/01/03          0
    0417173366                           O            06/01/33
    0

    8753267          E22/G01             F          348,500.00         ZZ
                                         360        348,500.00          1
                                       5.625          2,006.16         53
                                       5.375          2,006.16
    YORBA LINDA      CA   92887          2            05/22/03         00
    0416904159                           03           07/01/03          0
    0416904159                           O            06/01/33
    0

    8753461          E22/G01             F          229,600.00         ZZ
                                         360        229,600.00          1
1

                                       5.750          1,339.88         80
                                       5.500          1,339.88
    FORTMILL         SC   29715          1            05/30/03         00
    0416884971                           05           07/01/03          0
    0416884971                           O            06/01/33
    0

    8753727          E22/G01             F          429,000.00         ZZ
                                         360        429,000.00          1
                                       5.750          2,503.53         48
                                       5.500          2,503.53
    LAGUNA HILLS     CA   92653          2            05/22/03         00
    0417203502                           03           07/01/03          0
    0417203502                           O            06/01/33
    0

    8753751          E86/G01             F          539,000.00         ZZ
                                         360        538,450.46          1
                                       5.875          3,188.39         65
                                       5.625          3,188.39
    POTOMAC          MD   20854          1            04/30/03         00
    0435892997                           03           06/01/03          0
    314831                               O            05/01/33
    0

    8754549          U37/U37             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       5.750          1,750.72         40
                                       5.500          1,750.72
    SANTA BARBARA    CA   93109          5            05/13/03         00
    8900011610                           05           07/01/03          0
    8900011610                           O            06/01/33
    0

    8754735          U37/U37             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       5.750            875.36         69
                                       5.500            875.36
    SANTA MARIA      CA   93454          5            05/08/03         00
    8900011676                           09           07/01/03          0
    8900011676                           O            06/01/33
    0

    8754827          W68/G01             F          290,000.00         ZZ
                                         360        290,000.00          1
                                       6.000          1,738.70         45
                                       5.750          1,738.70
    TAHOE CITY       CA   96145          5            05/09/03         00
    0435943808                           05           07/01/03          0
1

    3050303                              O            06/01/33
    0

    8755337          X51/G01             F          333,000.00         ZZ
                                         360        333,000.00          1
                                       5.875          1,969.82         80
                                       5.625          1,969.82
    OCEANSIDE        CA   92057          2            05/08/03         00
    0435929237                           05           07/01/03          0
    0030417008                           O            06/01/33
    0

    8755369          B44/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       5.875          1,892.92         80
                                       5.625          1,892.92
    FAIRFIELD        CA   94533          1            05/28/03         00
    0435947882                           05           07/01/03          0
    3030465                              O            06/01/33
    0

    8755813          696/G01             F          649,950.00         ZZ
                                         360        649,950.00          1
                                       5.875          3,844.70         78
                                       5.625          3,844.70
    BETHESDA         MD   20816          2            05/21/03         00
    0435908702                           05           07/01/03          0
    10003019                             O            06/01/33
    0

    8755837          N47/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       5.875          2,484.46         63
                                       5.625          2,484.46
    GREAT FALLS      VA   22066          5            05/27/03         00
    0435923842                           05           07/01/03          0
    20504869                             O            06/01/33
    0

    8756863          E22/G01             F          131,049.00         ZZ
                                         360        131,049.00          1
                                       5.875            775.20         78
                                       5.625            775.20
    ST. PAUL         MN   55117          2            05/28/03         00
    0417137965                           05           07/01/03          0
    0417137965                           O            06/01/33
    0

1

    8756893          E22/G01             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       5.750          2,013.33         75
                                       5.500          2,013.33
    SALINAS          CA   93908          5            05/21/03         00
    0416651529                           03           07/01/03          0
    0416651529                           O            06/01/33
    0

    8758109          R65/G01             F          399,999.00         ZZ
                                         360        399,999.00          1
                                       5.875          2,366.15         80
                                       5.625          2,366.15
    SCOTTSDALE       AZ   85262          2            05/15/03         00
    0435923743                           05           07/01/03          0
    4189718036                           O            06/01/33
    0

    8758345          L01/G01             F          379,500.00         ZZ
                                         360        379,500.00          1
                                       5.875          2,244.89         43
                                       5.625          2,244.89
    SCOTTSDALE       AZ   85255          2            05/29/03         00
    0435963632                           03           07/01/03          0
    11976360                             O            06/01/33
    0

    8758423          356/356             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.250          2,339.73         60
                                       6.000          2,339.73
    SAN JOSE         CA   95133          2            05/07/03         00
    29042413                             05           07/01/03          0
    29042413                             O            06/01/33
    0

    8758903          Q30/G01             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       5.990          1,932.68         48
                                       5.740          1,932.68
    SOUTH ORANGE     NJ   07079          2            05/08/03         00
    0435961701                           05           07/01/03          0
    21021947                             O            06/01/33
    0

    8761975          E22/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       5.750          3,793.22         67
                                       5.500          3,793.22
1

    ISSAQUAH         WA   98027          2            05/22/03         00
    0417229150                           05           07/01/03          0
    0417229150                           O            06/01/33
    0

    8762073          E22/G01             F          407,200.00         ZZ
                                         360        407,200.00          1
                                       6.000          2,441.37         63
                                       5.750          2,441.37
    CARLSBAD         CA   92009          2            05/29/03         00
    0417140837                           03           07/01/03          0
    0417140837                           O            06/01/33
    0

    8762351          E22/G01             F          203,000.00         ZZ
                                         360        203,000.00          1
                                       6.000          1,217.09         72
                                       5.750          1,217.09
    CAMARILLO        CA   93010          5            05/22/03         00
    0416796456                           01           07/01/03          0
    0416796456                           O            06/01/33
    0

    8763231          E82/G01             F          390,400.00         T
                                         360        390,400.00          1
                                       6.000          2,340.65         60
                                       5.750          2,340.65
    SAN JOSE         CA   95148          2            05/20/03         00
    0400823308                           05           07/01/03          0
    0400823308                           O            06/01/33
    0

    8765469          G51/G01             F          416,000.00         ZZ
                                         360        416,000.00          1
                                       5.750          2,427.67         80
                                       5.500          2,427.67
    BOULDER          CO   80304          1            05/30/03         00
    0435953302                           05           07/01/03          0
    07000609                             O            06/01/33
    0

    8765833          A06/G01             F          361,250.00         ZZ
                                         360        361,250.00          1
                                       5.875          2,136.93         85
                                       5.625          2,136.93
    HOUSTON          TX   77024          1            05/29/03         11
    0435926647                           03           07/01/03         12
    1000010301529                        O            06/01/33
    0
1

    8766189          E22/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       5.875          2,188.69         47
                                       5.625          2,188.69
    RIVA             MD   21140          5            05/30/03         00
    0416793339                           05           07/01/03          0
    0416793339                           O            06/01/33
    0

    8766243          E22/G01             F          214,500.00         ZZ
                                         360        214,500.00          1
                                       5.625          1,234.78         75
                                       5.375          1,234.78
    WESTMINSTER      CO   80031          2            05/30/03         00
    0416933240                           03           07/01/03          0
    0416933240                           O            06/01/33
    0

    8766891          253/253             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       5.750            875.36         29
                                       5.500            875.36
    KINGSLAND        TX   78639          2            05/19/03         00
    428263                               03           07/01/03          0
    428263                               O            06/01/33
    0

    8767101          X89/G01             F          648,000.00         ZZ
                                         360        648,000.00          1
                                       5.750          3,781.55         77
                                       5.500          3,781.55
    SAN DIEGO        CA   92130          2            05/16/03         00
    0435934211                           03           07/01/03          0
    2007848                              O            06/01/33
    0

    8767241          X89/G01             F          182,000.00         ZZ
                                         360        182,000.00          1
                                       5.875          1,076.60         63
                                       5.625          1,076.60
    MURRIETA         CA   92563          5            05/23/03         00
    0435943329                           05           07/01/03          0
    2007159                              O            06/01/33
    0

    8767361          X89/G01             F          385,000.00         ZZ
                                         360        385,000.00          1
1

                                       5.875          2,277.42         35
                                       5.625          2,277.42
    COS COB          CT   06807          2            05/27/03         00
    0435933346                           05           07/01/03          0
    2007044                              O            06/01/33
    0

    8767403          964/G01             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       5.875          2,365.56         76
                                       5.625          2,365.56
    FREMONT          CA   94538          2            05/08/03         00
    0435956099                           05           07/01/03          0
    411105                               O            06/01/33
    0

    8768319          696/G01             F          411,650.00         ZZ
                                         360        411,650.00          1
                                       5.750          2,402.28         80
                                       5.500          2,402.28
    WASHINGTON       DC   20016          1            05/22/03         00
    0435912142                           05           07/01/03          0
    31203269                             O            06/01/33
    0

    8768575          W68/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       5.750          2,042.50         64
                                       5.500          2,042.50
    MANDEVILLE       LA   70471          5            05/16/03         00
    0435963962                           05           07/01/03          0
    3050799                              O            06/01/33
    0

    8769145          964/G01             F          352,500.00         ZZ
                                         360        352,500.00          1
                                       5.875          2,085.17         75
                                       5.625          2,085.17
    LAKE FOREST      CA   92630          5            05/15/03         00
    0435917869                           05           07/01/03          0
    379438                               O            06/01/33
    0

    8769147          964/G01             F          510,000.00         T
                                         360        510,000.00          1
                                       6.000          3,057.71         75
                                       5.750          3,057.71
    SAN CLEMENTE     CA   92672          2            05/15/03         00
    0435958913                           05           07/01/03          0
1

    383918                               O            06/01/33
    0

    8769149          964/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       5.875          2,070.38         73
                                       5.625          2,070.38
    WALLACE          CA   95254          5            05/20/03         00
    0435918222                           05           07/01/03          0
    407960                               O            06/01/33
    0

    8769469          E22/G01             F          197,500.00         ZZ
                                         360        197,500.00          1
                                       5.875          1,168.29         60
                                       5.625          1,168.29
    LADERA RANCH     CA   92694          2            05/06/03         00
    0416657831                           01           07/01/03          0
    0416657831                           O            06/01/33
    0

    8770061          X89/G01             F          407,900.00         ZZ
                                         360        407,900.00          1
                                       5.625          2,348.11         60
                                       5.375          2,348.11
    THOUSAND OAKS    CA   91320          5            05/21/03         00
    0435974894                           03           07/01/03          0
    2006606                              O            06/01/33
    0

    8770669          W49/G01             F          395,300.00         ZZ
                                         360        395,300.00          1
                                       5.875          2,338.35         76
                                       5.625          2,338.35
    SANTA ANA        CA   92705          2            05/30/03         00
    0435937669                           05           07/01/03          0
    2003033701                           O            06/01/33
    0

    8770675          S11/G01             F          378,000.00         ZZ
                                         360        378,000.00          1
                                       5.750          2,205.91         63
                                       5.500          2,205.91
    TORRANCE         CA   90505          2            05/20/03         00
    0435950688                           05           07/01/03          0
    10301126                             O            06/01/33
    0

1

    8770741          A06/G01             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       5.875          1,845.60         55
                                       5.625          1,845.60
    LEXINGTON        MI   48450          5            05/22/03         00
    0435937693                           05           07/01/03          0
    1                                    O            06/01/33
    0

    8771037          964/G01             F          468,000.00         ZZ
                                         360        468,000.00          1
                                       5.875          2,768.40         67
                                       5.625          2,768.40
    SAN JOSE         CA   95129          2            05/06/03         00
    0435966148                           05           07/01/03          0
    377599                               O            06/01/33
    0

    8772323          511/511             F          309,500.00         ZZ
                                         360        308,218.70          1
                                       5.875          1,830.81         83
                                       5.625          1,830.81
    WOODBRIDGE       VA   22193          2            01/23/03         11
    0002861234                           03           03/01/03         12
    0002861234                           O            02/01/33
    0

    8772421          253/253             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       5.750          2,801.15         80
                                       5.500          2,801.15
    FLOWER MOUND     TX   75022          1            05/19/03         00
    998964                               05           07/01/03          0
    998964                               O            06/01/33
    0

    8773561          E22/G01             F          415,200.00         ZZ
                                         360        415,200.00          1
                                       6.125          2,522.80         80
                                       5.875          2,522.80
    SACRAMENTO       CA   95831          1            05/30/03         00
    0417233897                           03           07/01/03          0
    0417233897                           O            06/01/33
    0

    8777255          E87/G01             F          455,000.00         ZZ
                                         360        455,000.00          1
                                       5.875          2,691.50         65
                                       5.625          2,691.50
1

    SANTA BARBARA    CA   93101          2            05/06/03         00
    0435950209                           05           07/01/03          0
    70004871                             O            06/01/33
    0

    8777347          T44/G01             F          875,000.00         ZZ
                                         360        875,000.00          1
                                       6.250          5,387.53         65
                                       6.000          5,387.53
    VILLA PARK       CA   92861          5            05/05/03         00
    0435957873                           05           07/01/03          0
    1074282                              O            06/01/33
    0

    8777937          E22/G01             F          301,000.00         ZZ
                                         360        301,000.00          1
                                       5.875          1,780.53         74
                                       5.625          1,780.53
    BOULDER          CO   80303          2            06/03/03         00
    0417027398                           03           07/01/03          0
    0417027398                           O            06/01/33
    0

    8778343          E22/G01             F          365,000.00         ZZ
                                         360        365,000.00          1
                                       5.875          2,159.11         79
                                       5.625          2,159.11
    LOS ANGELES      CA   90025          2            05/28/03         00
    0417298106                           01           07/01/03          0
    0417298106                           O            06/01/33
    0

    8780407          964/G01             F          340,500.00         ZZ
                                         360        340,500.00          1
                                       6.000          2,041.47         55
                                       5.750          2,041.47
    LIVERMORE        CA   94551          2            05/23/03         00
    0435961586                           05           07/01/03          0
    409444                               O            06/01/33
    0

    8780427          964/G01             F          377,000.00         ZZ
                                         360        377,000.00          1
                                       6.000          2,260.31         76
                                       5.750          2,260.31
    LOS ANGELES      CA   90034          2            05/23/03         00
    0435975735                           05           07/01/03          0
    400893                               O            06/01/33
    0
1

    8786617          K15/G01             F          199,900.00         ZZ
                                         360        199,900.00          1
                                       5.875          1,182.48         77
                                       5.625          1,182.48
    WOODBURY         CT   06798          2            05/27/03         00
    0435967427                           05           07/01/03          0
    037805510166                         O            06/01/33
    0

    8787453          253/253             F          423,500.00         ZZ
                                         360        423,500.00          1
                                       6.000          2,539.10         70
                                       5.750          2,539.10
    SHINGLE SPRINGS  CA   95682          4            05/19/03         00
    434658                               05           07/01/03          0
    434658                               O            06/01/33
    0

    8787497          696/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       5.750          2,334.29         64
                                       5.500          2,334.29
    POTOMAC          MD   20854          1            05/29/03         00
    0435949896                           03           07/01/03          0
    30203116                             O            06/01/33
    0

    8787501          696/G01             F          501,500.00         ZZ
                                         360        501,500.00          1
                                       5.625          2,886.92         63
                                       5.375          2,886.92
    BETHESDA         MD   20817          2            05/22/03         00
    0435948732                           03           07/01/03          0
    32903219                             O            06/01/33
    0

    8790325          964/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       5.875          2,957.69         75
                                       5.625          2,957.69
    SAN GABRIEL      CA   91775          2            05/16/03         00
    0435976725                           05           07/01/03          0
    401682                               O            06/01/33
    0

    8790653          964/G01             F          388,500.00         ZZ
                                         360        388,500.00          1
1

                                       6.000          2,329.25         51
                                       5.750          2,329.25
    FRESNO           CA   93711          2            05/07/03         00
    0435972450                           03           07/01/03          0
    305471                               O            06/01/33
    0

    8790659          964/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.000          2,278.29         80
                                       5.750          2,278.29
    SAN JOSE         CA   95118          2            05/19/03         00
    0435973235                           05           07/01/03          0
    386007                               O            06/01/33
    0

    8790673          964/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.000          2,338.25         70
                                       5.750          2,338.25
    DALY CITY        CA   94015          2            05/23/03         00
    0435954904                           05           07/01/03          0
    414660                               O            06/01/33
    0

    8790677          964/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.000          2,997.75         74
                                       5.750          2,997.75
    MILLBRAE         CA   94030          1            05/09/03         00
    0435958640                           05           07/01/03          0
    416786                               O            06/01/33
    0

    8790681          964/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       5.875          2,366.15         50
                                       5.625          2,366.15
    GLENDALE         CA   91207          2            05/22/03         00
    0435965918                           05           07/01/03          0
    417194                               O            06/01/33
    0

    8790687          964/G01             F          392,000.00         ZZ
                                         360        392,000.00          1
                                       5.750          2,287.61         70
                                       5.500          2,287.61
    MARTINEZ         CA   94553          2            05/23/03         00
    0435956370                           05           07/01/03          0
1

    418693                               O            06/01/33
    0

    8790691          964/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       5.750          2,328.46         65
                                       5.500          2,328.46
    SACRAMENTO       CA   95864          2            05/22/03         00
    0435956628                           05           07/01/03          0
    421428                               O            06/01/33
    0

    8791649          E22/G01             F          488,000.00         ZZ
                                         360        488,000.00          1
                                       6.000          2,925.81         80
                                       5.750          2,925.81
    SAN FRANCISCO    CA   94107          1            05/30/03         00
    0417271004                           05           07/01/03          0
    0417271004                           O            06/01/33
    0

   TOTAL NUMBER OF LOANS   :        978

   TOTAL ORIGINAL BALANCE  :   411,545,316.00

   TOTAL PRINCIPAL BALANCE :   410,977,069.16

   TOTAL ORIGINAL P+I      :     2,451,448.54

   TOTAL CURRENT P+I       :     2,451,448.54

                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>

<TABLE>
<CAPTION>

                                   EXHIBIT TWO
                         SCHEDULE OF DISCOUNT FRACTIONS
                            (Available Upon Request)

                                         Schedule of Discount Fractions

      Loan Number         Current Balance        Net Mortgage Rate       Discount Fraction      PO Balance
<S>     <C>                 <C>                       <C>                     <C>                <C>
        8358516             $598,744.12               5.470%                  0.5455%            $3,265.88
        8361456             $384,598.03               5.470%                  0.5455%            $2,097.81
        8362502             $569,904.37               5.470%                  0.5455%            $3,108.57
        8366732             $274,712.88               5.470%                  0.5455%            $1,498.43
        8366990             $426,554.18               5.470%                  0.5455%            $2,326.66
        8367370             $380,602.22               5.470%                  0.5455%            $2,076.01
        8367968             $384,598.03               5.470%                  0.5455%            $2,097.81
        8370134             $388,000.00               5.470%                  0.5455%            $2,116.36
        8370316             $118,000.00               5.470%                  0.5455%             $643.64
        8370918             $395,000.00               5.470%                  0.5455%            $2,154.55
        8371498             $335,640.79               5.345%                  2.8182%            $9,458.97
        8371732             $399,200.00               5.470%                  0.5455%            $2,177.45
        8522667             $938,032.47               5.470%                  0.5455%            $5,116.54
        8543791             $366,841.81               5.470%                  0.5455%            $2,000.96
        8555359             $393,175.31               5.470%                  0.5455%            $2,144.59
        8560653             $641,291.09               5.470%                  0.5455%            $3,497.95
        8560941             $378,804.04               5.470%                  0.5455%            $2,066.20
        8561363             $392,760.00               5.470%                  0.5455%            $2,142.33
        8565199             $384,194.14               5.470%                  0.5455%            $2,095.60
        8572029             $393,893.80               5.470%                  0.5455%            $2,148.51
        8578747             $393,135.58               5.220%                  5.0909%           $20,014.18
        8579935             $531,857.71               5.345%                  2.8182%           $14,988.72
        8581415             $396,169.02               5.470%                  0.5455%            $2,160.92
        8589723             $374,395.90               5.345%                  2.8182%           $10,551.16
        8591699             $598,546.53               5.470%                  0.5455%            $3,264.80
        8591747             $356,134.44               5.345%                  2.8182%           $10,036.52
        8592663             $998,955.94               5.470%                  0.5455%            $5,448.85
        8592829             $389,682.64               5.470%                  0.5455%            $2,125.54
        8595791             $643,327.62               5.470%                  0.5455%            $3,509.06
        8595835             $399,042.96               5.345%                  2.8182%           $11,245.76
        8595885             $394,173.22               5.470%                  0.5455%            $2,150.04
        8595915             $359,246.48               5.470%                  0.5455%            $1,959.53
        8610935             $598,744.12               5.470%                  0.5455%            $3,265.88
        8612945             $387,594.91               5.470%                  0.5455%            $2,114.15
        8613879             $387,894.59               5.470%                  0.5455%            $2,115.79
        8616621             $393,588.64               5.470%                  0.5455%            $2,146.85
        8618921             $569,404.88               5.470%                  0.5455%            $3,105.84
        8618953             $645,325.54               5.470%                  0.5455%            $3,519.96
        8622769             $363,370.22               5.470%                  0.5455%            $1,982.02
        8623155             $646,324.49               5.470%                  0.5455%            $3,525.41
        8633765             $393,588.64               5.470%                  0.5455%            $2,146.85
        8633773             $379,603.25               5.470%                  0.5455%            $2,070.56
        8636385             $549,825.34               5.470%                  0.5455%            $2,999.05
        8642213             $998,955.94               5.470%                  0.5455%            $5,448.85
        8647373             $395,586.55               5.470%                  0.5455%            $2,157.74
        8648479             $382,179.16               5.345%                  2.8182%           $10,770.50
        8648907             $589,384.00               5.470%                  0.5455%            $3,214.82
        8651645             $643,327.62               5.470%                  0.5455%            $3,509.06
        8652641             $340,286.25               5.470%                  0.5455%            $1,856.11
        8652649             $472,009.95               5.470%                  0.5455%            $2,574.60
        8652731             $474,504.07               5.470%                  0.5455%            $2,588.20
        8652747             $647,954.31               5.470%                  0.5455%            $3,534.30
        8653017             $626,645.06               5.470%                  0.5455%            $3,418.06

  Wednesday, June 25, 2003                                                                          Page 1 of 4

        8653019             $368,227.65               5.470%                  0.5455%            $2,008.51
        8653061             $596,349.15               5.470%                  0.5455%            $3,252.81
        8654219             $389,592.81               5.470%                  0.5455%            $2,125.05
        8654231             $389,592.81               5.470%                  0.5455%            $2,125.05
        8654255             $391,590.72               5.470%                  0.5455%            $2,135.95
        8655747             $384,588.41               5.345%                  2.8182%           $10,838.40
        8658231             $339,645.02               5.470%                  0.5455%            $1,852.61
        8658641             $390,591.77               5.470%                  0.5455%            $2,130.50
        8658703             $364,608.94               5.345%                  2.8182%           $10,275.34
        8661323             $381,601.17               5.470%                  0.5455%            $2,081.46
        8661327             $388,593.86               5.470%                  0.5455%            $2,119.60
        8661421             $396,585.50               5.470%                  0.5455%            $2,163.19
        8661459             $394,587.60               5.470%                  0.5455%            $2,152.30
        8664255             $424,523.77               5.095%                  7.3636%           $31,260.39
        8666053             $739,227.39               5.470%                  0.5455%            $4,032.15
        8666229             $349,634.57               5.470%                  0.5455%            $1,907.10
        8666851             $418,562.54               5.470%                  0.5455%            $2,283.07
        8667225             $379,603.25               5.470%                  0.5455%            $2,070.56
        8667459             $649,321.36               5.470%                  0.5455%            $3,541.75
        8669223             $982,972.64               5.470%                  0.5455%            $5,361.67
        8673155             $352,123.15               5.345%                  2.8182%            $9,923.47
        8673247             $184,800.00               5.470%                  0.5455%            $1,008.00
        8675647             $374,608.48               5.470%                  0.5455%            $2,043.32
        8677395             $424,556.27               5.470%                  0.5455%            $2,315.76
        8679751             $400,000.00               5.470%                  0.5455%            $2,181.82
        8679779             $415,565.67               5.470%                  0.5455%            $2,266.72
        8679793             $435,045.31               5.470%                  0.5455%            $2,372.97
        8679821             $444,535.39               5.470%                  0.5455%            $2,424.74
        8679899             $399,582.38               5.470%                  0.5455%            $2,179.54
        8679905             $344,631.18               5.345%                  2.8182%            $9,712.33
        8679935             $435,544.79               5.470%                  0.5455%            $2,375.70
        8679949             $499,477.97               5.470%                  0.5455%            $2,724.43
        8679951             $399,582.38               5.470%                  0.5455%            $2,179.54
        8680007             $409,172.36               5.470%                  0.5455%            $2,231.85
        8680015             $394,187.80               5.470%                  0.5455%            $2,150.12
        8680033             $487,490.49               5.470%                  0.5455%            $2,659.04
        8680045             $418,562.54               5.470%                  0.5455%            $2,283.07
        8680117             $389,592.82               5.470%                  0.5455%            $2,125.05
        8680119             $483,494.68               5.470%                  0.5455%            $2,637.24
        8680149             $434,089.49               5.470%                  0.5455%            $2,367.76
        8680153             $419,520.70               5.470%                  0.5455%            $2,288.29
        8680457             $388,000.00               5.220%                  5.0909%           $19,752.73
        8683173             $143,546.79               5.470%                  0.5455%             $782.98
        8684705             $646,524.29               5.470%                  0.5455%            $3,526.50
        8686971             $268,000.00               5.095%                  7.3636%           $19,734.55
        8687051             $495,200.00               5.470%                  0.5455%            $2,701.09
        8687699             $382,600.12               5.470%                  0.5455%            $2,086.91
        8692881             $388,000.00               5.470%                  0.5455%            $2,116.36
        8697805             $337,139.19               5.345%                  2.8182%            $9,501.20
        8697935             $378,000.00               5.470%                  0.5455%            $2,061.82
        8698001             $207,000.00               5.345%                  2.8182%            $5,833.64
        8698333             $630,000.00               5.470%                  0.5455%            $3,436.36
        8698995            $1,098,851.53              5.470%                  0.5455%            $5,993.74
        8699039             $419,550.99               5.345%                  2.8182%           $11,823.71
        8699127             $454,025.47               5.470%                  0.5455%            $2,476.50
        8702215             $391,000.00               5.470%                  0.5455%            $2,132.73
        8702441             $193,500.00               5.470%                  0.5455%            $1,055.45

  Wednesday, June 25, 2003                                                                          Page 2 of 4
        8702817             $446,333.52               5.470%                  0.5455%            $2,434.55
        8703775             $387,000.00               5.470%                  0.5455%            $2,110.91
        8704867             $783,000.00               5.470%                  0.5455%            $4,270.91
        8707067             $256,800.00               5.345%                  2.8182%            $7,237.09
        8707397             $564,395.98               5.345%                  2.8182%           $15,905.70
        8707399             $166,000.00               5.470%                  0.5455%             $905.45
        8708015             $458,509.30               5.345%                  2.8182%           $12,921.63
        8708219             $623,660.55               5.345%                  2.8182%           $17,575.89
        8713241             $397,564.36               5.220%                  5.0909%           $20,239.64
        8713891             $497,480.06               5.470%                  0.5455%            $2,713.53
        8715621             $615,000.00               5.470%                  0.5455%            $3,354.55
        8716179             $360,000.00               5.470%                  0.5455%            $1,963.64
        8717051             $409,000.00               5.470%                  0.5455%            $2,230.91
        8717855             $766,500.00               5.470%                  0.5455%            $4,180.91
        8718907             $322,000.00               5.345%                  2.8182%            $9,074.55
        8719003             $216,000.00               5.470%                  0.5455%            $1,178.18
        8719065             $998,000.00               5.470%                  0.5455%            $5,443.64
        8725181             $610,050.00               5.470%                  0.5455%            $3,327.55
        8729915             $580,000.00               5.470%                  0.5455%            $3,163.64
        8730105             $650,000.00               5.470%                  0.5455%            $3,545.45
        8730155             $394,000.00               5.470%                  0.5455%            $2,149.09
        8731723             $392,000.00               5.470%                  0.5455%            $2,138.18
        8731959             $475,000.00               5.470%                  0.5455%            $2,590.91
        8738319             $343,900.00               5.470%                  0.5455%            $1,875.82
        8738781             $380,000.00               5.470%                  0.5455%            $2,072.73
        8739219             $649,321.36               5.470%                  0.5455%            $3,541.75
        8739225             $382,896.86               5.470%                  0.5455%            $2,088.53
        8739249             $348,425.00               5.345%                  2.8182%            $9,819.25
        8739271             $412,269.11               5.470%                  0.5455%            $2,248.74
        8739589             $405,083.27               5.470%                  0.5455%            $2,209.55
        8739635             $402,156.47               5.470%                  0.5455%            $2,193.58
        8739667             $402,156.47               5.470%                  0.5455%            $2,193.58
        8739695             $415,129.26               5.470%                  0.5455%            $2,264.34
        8740501             $111,000.00               5.220%                  5.0909%            $5,650.91
        8744267             $403,000.00               5.470%                  0.5455%            $2,198.18
        8744935             $536,000.00               5.470%                  0.5455%            $2,923.64
        8745661             $399,900.00               5.470%                  0.5455%            $2,181.27
        8745851             $217,761.39               5.220%                  5.0909%           $11,086.03
        8746139             $403,200.00               5.470%                  0.5455%            $2,199.27
        8746285             $242,600.00               5.470%                  0.5455%            $1,323.27
        8747011             $429,529.34               5.220%                  5.0909%           $21,866.95
        8747685             $649,321.35               5.470%                  0.5455%            $3,541.75
        8747727             $378,000.00               5.470%                  0.5455%            $2,061.82
        8747731             $336,750.00               5.470%                  0.5455%            $1,836.82
        8747825             $386,000.00               5.470%                  0.5455%            $2,105.45
        8747835             $420,000.00               5.470%                  0.5455%            $2,290.91
        8748525             $399,999.00               5.470%                  0.5455%            $2,181.81
        8749021             $124,000.00               5.470%                  0.5455%             $676.36
        8749119             $399,000.00               5.470%                  0.5455%            $2,176.36
        8749281             $112,000.00               5.470%                  0.5455%             $610.91
        8749815             $420,000.00               5.470%                  0.5455%            $2,290.91
        8752899             $400,000.00               5.470%                  0.5455%            $2,181.82
        8753169             $240,000.00               5.470%                  0.5455%            $1,309.09
        8753267             $348,500.00               5.345%                  2.8182%            $9,821.36
        8753461             $229,600.00               5.470%                  0.5455%            $1,252.36
        8753727             $429,000.00               5.470%                  0.5455%            $2,340.00
        8754549             $300,000.00               5.470%                  0.5455%            $1,636.36

  Wednesday, June 25, 2003                                                                          Page 3 of 4

        8754735             $150,000.00               5.470%                  0.5455%             $818.18
        8756893             $345,000.00               5.470%                  0.5455%            $1,881.82
        8761975             $650,000.00               5.470%                  0.5455%            $3,545.45
        8765469             $416,000.00               5.470%                  0.5455%            $2,269.09
        8766243             $214,500.00               5.345%                  2.8182%            $6,045.00
        8766891             $150,000.00               5.470%                  0.5455%             $818.18
        8767101             $648,000.00               5.470%                  0.5455%            $3,534.55
        8768319             $411,650.00               5.470%                  0.5455%            $2,245.36
        8768575             $350,000.00               5.470%                  0.5455%            $1,909.09
        8770061             $407,900.00               5.345%                  2.8182%           $11,495.36
        8770675             $378,000.00               5.470%                  0.5455%            $2,061.82
        8772421             $480,000.00               5.470%                  0.5455%            $2,618.18
        8787497             $400,000.00               5.470%                  0.5455%            $2,181.82
        8787501             $501,500.00               5.345%                  2.8182%           $14,133.18
        8790687             $392,000.00               5.470%                  0.5455%            $2,138.18
        8790691             $399,000.00               5.470%                  0.5455%            $2,176.36

  Wednesday, June 25, 2003                                                                          Page 4 of 4

</TABLE>

<PAGE>

                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

               (i) (a) the amount of such distribution to the Certificateholders
        of such  Class  applied  to reduce  the  Certificate  Principal  Balance
        thereof,  and (b) the aggregate  amount  included  therein  representing
        Principal Prepayments;

               (ii) the amount of such  distribution to Holders of such Class of
        Certificates allocable to interest;

               (iii)  if the  distribution  to the  Holders  of  such  Class  of
        Certificates is less than the full amount that would be distributable to
        such Holders if there were  sufficient  funds  available  therefor,  the
        amount of the shortfall;

               (iv) the amount of any Advance by the Master Servicer pursuant to
        Section 4.04;

               (v) the number and Pool Stated Principal  Balance of the Mortgage
        Loans after  giving  effect to the  distribution  of  principal  on such
        Distribution Date;

               (vi) the aggregate Certificate Principal Balance of each Class of
        Certificates  and the  Senior  Percentage,  after  giving  effect to the
        amounts  distributed on such Distribution Date,  separately  identifying
        any reduction  thereof due to Realized  Losses other than pursuant to an
        actual distribution of principal;

               (vii) the related Subordinate  Principal  Distribution Amount and
        Prepayment Distribution Percentage, if applicable;

               (viii) on the basis of the most recent reports furnished to it by
        Sub-Servicers,  (a) the  number  and  aggregate  principal  balances  of
        Mortgage  Loans that are  Delinquent  (1) 30-59 days, (2) 60-89 days and
        (3) 90 or more days and the number and  aggregate  principal  balance of
        Mortgage  Loans that are in  foreclosure,  (b) the number and  aggregate
        principal  balances  of  Reportable  Modified  Mortgage  Loans  that are
        Delinquent  (1) 30-59  days,  (2) 60-89 days and (3) 90 or more days and
        the number  and  aggregate  principal  balance  of  Reportable  Modified
        Mortgage Loans that are in foreclosure and are REO Property,  indicating
        in each case capitalized  Mortgage Loans, other Servicing  Modifications
        and totals,  and (c) for all Reportable  Modified  Mortgage  Loans,  the
        number and aggregate  Stated  Principal  Balance of Reportable  Modified
        Mortgage  Loans that have been  liquidated,  the subject of pay-offs and
        that have been repurchased by the Master Servicer or Seller;

               (ix) the number,  aggregate  principal  balance and book value of
        any REO Properties;

               (x) the aggregate Accrued Certificate  Interest remaining unpaid,
        if any,  for each  Class of  Certificates,  after  giving  effect to the
        distribution made on such Distribution Date;

                                       -1-

<PAGE>

               (xi) the Special Hazard Amount,  Fraud Loss Amount and Bankruptcy
        Amount  as of the  close of  business  on such  Distribution  Date and a
        description of any change in the calculation of such amounts;

               (xii) the weighted average Pool Strip Rate for such  Distribution
        Date and the Pass-  Through  Rate with  respect to the  Adjustable  Rate
        Certificates and the Class A-V  Certificates and each Subclass,  if any,
        thereof;

               (xiii) the Notional Amount with respect to each class of Interest
        Only Certificates and each Subclass Notional Amount;

               (xiv) the occurrence of the Credit Support Depletion Date;

               (xv)  the  related  Senior  Accelerated  Distribution  Percentage
        applicable to such distribution;

               (xvi) the related Senior Percentage for such Distribution Date;

               (xvii)  the  aggregate   amount  of  Realized   Losses  for  such
        Distribution Date;

               (xviii)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;

               (xix) the  weighted  average  remaining  term to  maturity of the
        Mortgage  Loans after giving effect to the amounts  distributed  on such
        Distribution Date; and

               (xx) the weighted  average  Mortgage  Rates of the Mortgage Loans
        after  giving  effect to the amounts  distributed  on 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 FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF MARCH 1, 2003

                RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,
                                Master Servicer,

                                       and
                         BANK ONE, NATIONAL ASSOCIATION,
                                     Trustee

                               SERIES SUPPLEMENT,
                           DATED AS OF APRIL 1, 2003,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            DATED AS OF MARCH 1, 2003

                       Mortgage Pass-Through Certificates

                                 Series 2003-S9

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          PAGE

                                         DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions..........................................................-3-
        Section 1.02  Use of Words and Phrases............................................-11-

                                   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)............................-12-
        Section 2.02  Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)....-12-
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company.............................................................-12-
        Section 2.04  Representations and Warranties of the Mortgage Loan Seller..........-14-
        Section 2.05  Execution and Authentication of Certificates........................-15-

                                         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)......-17-
        Section 4.02  Distributions.......................................................-17-
        Section 4.03  Statements to Certificateholders; Statements to Rating Agencies; Exchange
                      Act Reporting.  (See Section 4.03 of the Standard Terms)............-24-
        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)...........-24-
        Section 4.05  Allocation of Realized Losses.......................................-25-
        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.  (See
                      Section 4.06 of the Standard Terms).................................-26-
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of the
                      Standard Terms).....................................................-26-
        Section 4.08  Surety Bond.  (See Section 4.08 of the Standard Terms)..............-26-

<PAGE>

                                          ARTICLE V

                                THE CERTIFICATES

                                   ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER

                                         ARTICLE VII

                                           DEFAULT

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                                   ARTICLE IX

                                         TERMINATION
        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...............................................-31-
        Section 9.02  Additional Termination Requirements.................................-35-
        Section 9.03  Termination of Multiple REMICs
                      (See Section 9.03 of the Standard Terms)............................-35-

                                          ARTICLE X

                                REMIC PROVISIONS
        Section 10.01 REMIC Administration. (See Section 10.01 of the Standard Terms).....-36-
        Section 10.02 Master Servicer; REMIC Administrator and Trustee Indemnification. (See
                      Section 10.02 of the Standard Terms)................................-36-
        Section 10.03 Designation of REMIC(s).............................................-36-
        Section 10.04 Distributions on the Uncertificated REMIC Regular Interests.........-36-
        Section 10.05 Compliance with Withholding Requirements............................-37-

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment. (See Section 11.01 of the Standard Terms)................-38-
        Section 11.02 Recordation of Agreement. Counterparts. (See Section 11.02 of the Standard
                      Terms)..............................................................-38-
        Section 11.03 Limitation on Rights of Certificateholders. (See Section 11.03 of the
                      Standard Terms).....................................................-38-
        Section 11.04 Governing Laws. (See Section 11.04 of the Standard Terms)...........-38-
        Section 11.05 Notices.............................................................-38-

<PAGE>

        Section 11.06 Required Notices to Rating Agency and Subservicer...................-39-
        Section 11.07 Severability of Provisions. (See Section 11.07 of the Standard Terms)-39-
        Section 11.08 Supplemental Provisions for Resecuritization. (See Section 11.08 of the
                      Standard Terms).....................................................-39-
        Section 11.09 Allocation of Voting Rights.........................................-39-

                                         ARTICLE XII

                      CERTAIN MATTERS REGARDING THE CERTIFICATE  INSURER Section
        12.01.Rights of the Certificate Insurer to Exercise Rights of Insured
                      Certificateholders..................................................-58-
        Section 12.02.Claims Upon the Certificate Policy; Certificate Insurance Account...-58-
        Section 12.03.Effect of Payments by the Certificate Insurer; Subrogation..........-59-
        Section 12.04.Notices and Information to the Certificate Insurer..................-60-
        Section 12.05.Trustee to Hold Certificate Policy..................................-60-
        Section 12.06.Ratings.............................................................-60-
        Section 12.07.Third Party Beneficiaries...........................................-60-

<PAGE>

EXHIBITS

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

</TABLE>

<PAGE>

        This is a Series  Supplement,  dated as of April 1,  2003  (the  "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of March 1, 2003 and attached as Exhibit Four hereto (the "Standard  Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among  RESIDENTIAL  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 Trust  Fund,  and  subject to this  Agreement,  as a real  estate
mortgage investment conduit (the "REMIC") for federal income tax purposes.

        The terms and provisions of the Standard  Terms are hereby  incorporated
by reference herein as though set forth in full herein. If any term or provision
contained  herein shall  conflict  with or be  inconsistent  with any  provision
contained  in the  Standard  Terms,  the terms  and  provisions  of this  Series
Supplement  shall govern.  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 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       MOODY'S/      MINIMUM
DESIGNATION       RATE         BALANCE             FEATURES1              DATE           S&P      DENOMINATIONS2

<S>     <C>      <C>      <C>                                                  <C> <C>                   <C>
Class A-1        6.50%    $262,487,000              Senior               March 25, 2032    Aaa/AAA       $25,000
                                               Senior/Principal
Class A-P        0.00%    $  2,552,004                Only              March 25, 2032    Aaa/AAA       $25,000
                                             Senior/Interest Only/
Class A-V    Variable Rate$          0          Variable Strip          March 25, 2032    Aaa/AAA         20%
Class R          6.50%             100          Senior/Residual         March 25, 2032    Aaa/AAA         20%
Class M-1        6.50%    $  4,082,000             Mezzanine            March 25, 2032     NA/AA        $25,000
Class M-2        6.50%    $  1,088,000             Mezzanine            March 25, 2032      NA/A        $250,000
Class M-3        6.50%    $    816,000             Mezzanine            March 25, 2032     NA/BBB       $250,000
Class B-1        6.50%    $    408,000            Subordinate           March 25, 2032     NA/BB        $250,000
Class B-2        6.50%    $    273,000            Subordinate           March 25, 2032      NA/B        $250,000
Class B-3        6.50%    $    408,271            Subordinate           March 25, 2032     NA/NA        $250,000
</TABLE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $272,114,375.

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

--------

1    The Class A  Certificates  and  Class M  Certificates  shall be  Book-Entry
     Certificates.  The Class R and Class B  Certificates  shall be delivered to
     the holders thereof in physical form.

2    The Certificates,  other than the Class A-V and Class R Certificates, shall
     be  issuable  in  minimum  dollar  denominations  as  indicated  above  (by
     Certificate  Principal  Balance or  Notional  Amount,  as  applicable)  and
     integral  multiples  of $1 (or $1,000 in the case of the Class  A-P,  Class
     B-1, Class B-2 and Class B-3  Certificates) in excess thereof,  except that
     one  Certificate  of any of the  Class A-P and  Class B  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 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%.

                                             -2-

<PAGE>

                                         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.

        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)
$100,000 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.

                                             -3-

<PAGE>

        The  Bankruptcy  Amount  may be further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency 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.

        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  2003-S9"  and  which  must  be an  Eligible
Account.

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

        Class R Certificate: Any one of the Class R 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: April 30, 2003.

        Corporate Trust Office:  The principal office of the Trustee at which at
any particular  time its corporate trust business with respect to this Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument is located at 1 Bank One Plaza,  Suite  IL1-0126,  Chicago,  Illinois
60670-0126, Attention: Residential Funding Corporation Series 2003-S9.

        Cut-off Date: April 1, 2003.

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

        Discount Net Mortgage Rate: 6.50% per annum.

     Due Period:  With respect to each  Distribution Date and any Mortgage Loan,
the calendar month of such Distribution Date.

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

                                             -4-

<PAGE>

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  2.50% of the  aggregate  principal  balance  of all of the
Mortgage  Loans as of the Cut-off  Date minus the  aggregate  amounts  allocated
through  subordination  with  respect  to  Fraud  Losses  up  to  that  date  of
determination,  (Y) from the third to the fifth anniversary of the Cut-off Date,
an  amount  equal to  1.75% of the  aggregate  principal  balance  of all of the
Mortgage  Loans as of the Cut-off  Date minus the  aggregate  amounts  allocated
through  subordination  with  respect  to  Fraud  Losses  up  to  that  date  of
determination  and (Z) from the second 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) 1.00% of the  aggregate
principal balance of all of the Mortgage Loans as of the most recent anniversary
of  the  Cut-off  Date  minus  (2)  the  aggregate   amounts  allocated  through
subordination  with respect to Fraud Losses since the most recent anniversary of
the  Cut-off  Date up to that  date of  determination.  On and  after  the fifth
anniversary  of the Cut-off Date,  the Fraud Loss Amount shall be zero and Fraud
Losses shall not be allocated through subordination.

        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.

        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 Notional  Amount:  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 Non-  Discount  Mortgage  Loans  corresponding  to the
Uncertificated 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:

        Class M-1: 1.50%                    Class B-1: 0.15%
        Class M-2: 0.40%                    Class B-2: 0.10%
        Class M-3: 0.30%                    Class B-3: 0.15%

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

                                             -5-

<PAGE>

        Maturity  Date:  With respect to each Class of  Certificates,  March 25,
2032, the Distribution Date immediately  following the latest scheduled maturity
date of any Mortgage Loan.

        Mortgage Loan Purchase Agreement:  The Mortgage Loan Purchase Agreement,
dated the  Closing  Date,  between  the  Mortgage  Loan  Seller and the  Company
relating to the transfer and assignment of the Mortgage Loans.

       Mortgage Loan Schedule:  The list or lists of the Mortgage Loans attached
hereto as  Exhibit  One,  which  list or lists  shall  set  forth the  following
information as to each Mortgage Loan:

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

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

       Mortgage Loan Seller: Bank of America, National Association.

       Notional Amount:  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  Non-Discount   Mortgage  Loans
corresponding to the Uncertificated 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   Certificates  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.  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 Non-Discount Mortgage Loans as of the
Due Date in the  related Due  Period,  weighted  on the basis of the  respective
Stated Principal Balances of such Non-Discount Mortgage Loans as

                                             -6-

<PAGE>

of the day immediately preceding such Distribution Date (or, with respect to the
initial Distribution Date, at the close of business on the Due Date in the month
preceding the month of such  Distribution  Date).  With respect to the Class A-V
Certificates and the initial  Distribution  Date, the Pass-Through Rate is equal
to 0.2476% 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  Non-Discount  Mortgage  Loans
corresponding to the Uncertificated 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 Non- Discount 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 Due Date in the month
preceding the month of such Distribution  Date). The Principal Only Certificates
have no Pass- Through Rate and are not entitled to Accrued Certificate Interest.

       Pool Strip Rate: With respect to each  Non-Discount  Mortgage Loan, a per
annum rate equal to the excess of (a) the Net Mortgage Rate of such Non-Discount
Mortgage Loan over (b) 6.50% per annum.

       Prepayment  Assumption:  With respect to each Class of Certificates,  the
prepayment  assumption to be used for  determining the accrual of original issue
discount and premium and market discount on such Certificates for federal income
tax purposes, which assumes a constant prepayment rate of 50% per annum.

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

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

              (ii) For any Distribution Date for which clause (i) above does not
       apply, and on which any Class of Subordinate  Certificates is outstanding
       with a Certificate Principal Balance greater than zero:

                     (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

                                             -7-

<PAGE>

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

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

       Record  Date:  With respect to each  Distribution  Date and each Class of
Certificates,  the close of business on the last  business day of the month next
preceding the month in which the related Distribution Date occurs.

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

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

       Scheduled Final Distribution Date: March 25, 2032.

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

                                             -8-

<PAGE>

(or related REO Properties)  (other than the related  Discount  Fraction of each
Discount Mortgage Loan) immediately prior to such Distribution Date.

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

       Special Hazard Amount:  As of any  Distribution  Date, an amount equal to
$2,721,144  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
38.56% (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
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 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 each Class of Subordinate Certificates,  (a) the sum of (i) the product
of (x) the related Subordinate Class

                                             -9-

<PAGE>

Percentage  for such Class 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; and (v) any amounts  described in
clauses (i), (ii) and (iii) as determined  for any previous  Distribution  Date,
that remain  undistributed  to the extent that such amounts are not attributable
to  Realized  Losses  which  have  been  allocated  to a  Class  of  Subordinate
Certificates  minus (b) the sum of (i) with respect to the Class of  Subordinate
Certificates with the Lowest Priority,  any Excess Subordinate  Principal Amount
for such Distribution Date; and (ii) the Capitalization Reimbursement Amount for
such Distribution  Date, other than the related Discount Fraction of any portion
of that amount related to each Discount Mortgage Loan, multiplied by a fraction,
the numerator of which is the Subordinate Principal Distribution Amount for such
Class of Subordinate Certificates, without giving effect to this clause (b)(ii),
and the  denominator of which is the sum of the principal  distribution  amounts
for all Classes of Certificates  other than the Class A-P Certificates,  without
giving effect to any reductions for the Capitalization Reimbursement Amount.

       Uncertificated Accrued Interest:  With respect to each Distribution Date,
as to each  Uncertificated  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  were equal to the  related
Uncertificated  Pass-Through Rate and the notional amount of such uncertificated
interest  were equal to the  related  Uncertificated  Notional  Amount,  and 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 A-V  Certificateholders  pursuant to Section  4.05 hereof  shall be
allocated to the  Uncertificated  REMIC Regular Interests pro rata in accordance
with the amount of interest accrued with respect to each related  Uncertificated
Notional Amount and such Distribution Date.

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

       Uncertificated  Pass-Through  Rate:  With respect to each  Uncertificated
REMIC Regular Interest,  the related  Uncertificated REMIC Regular Interest Pool
Strip Rate.

       Uncertificated  REMIC Regular  Interest Pool Strip Rate:  With respect to
each Uncertificated REMIC Regular Interest,  the Pool Strip Rate for the related
Mortgage Loan.

                                            -10-

<PAGE>

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

       Uncertificated  REMIC Regular Interests:  The 441 uncertificated  partial
undivided  beneficial  ownership interests in the Trust Fund, each relating to a
Non-Discount  Mortgage Loan,  each having no principal  balance and each bearing
interest at the respective  Uncertificated  Pass-Through  Rate on the respective
Uncertificated Notional Amount.

       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.

                                            -11-

<PAGE>

                                         ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES

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

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

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

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

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

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

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

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

                     (iv) To the best of the Company's knowledge,  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;

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

                                            -12-

<PAGE>

                     (vi) No more than 1.0% of the  Mortgage  Loans by aggregate
              Cut-off Date Principal Balance are secured by Mortgaged Properties
              located  in any one zip code area in  California  and no more than
              0.9% of the Mortgage  Loans by aggregate  Cut- Off Date  Principal
              Balance 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 13.64% of the Mortgage Loans by aggregate
              Cut-off Date Principal Balance 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 Mortgage Loans is a Buydown Mortgage Loan;

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

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

                     (xiv) None of the Mortgage Loans 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

                                            -13-

<PAGE>

              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
              or Additional Collateral 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.  It is  understood  and  agreed  that the
obligation of the Company to cure such breach or to so purchase 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.  Notwithstanding the foregoing,
the  Company  shall not be required to cure  breaches or purchase  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 the Mortgage Loan Seller.

       The Company,  as assignee of the Mortgage  Loan Seller under the Mortgage
Loan  Purchase  Agreement,  hereby  assigns to the  Trustee  for the  benefit of
Certificateholders  all of its  right,  title and  interest  in  respect  of the
Mortgage  Loan Purchase  Agreement  and each  Seller's  Agreement (to the extent
assigned  to the Company  pursuant  to the  Mortgage  Loan  Purchase  Agreement)
applicable to a Mortgage Loan.  Insofar as the Mortgage Loan Purchase  Agreement
or  the  Company's   rights  under  such  Seller's   Agreement   relate  to  the
representations  and warranties  made by the Mortgage Loan Seller 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  Mortgage  Loan Seller 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

                                            -14-

<PAGE>

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  Mortgage  Loan  Purchase
Agreement (which, for purposes hereof, will be deemed to include any other cause
giving  rise  to a  repurchase  obligation  under  the  Mortgage  Loan  Purchase
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 the Mortgage Loan Seller,
as the case may be, of such breach and request  that such Seller or the Mortgage
Loan  Seller,  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.  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 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.

       It is  understood  and agreed  that the  obligation  of the Seller or the
Mortgage  Loan Seller,  as the case may be, to cure such breach or purchase 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. In connection
with the purchase of any such  Mortgage  Loan by the Mortgage  Loan Seller,  the
Trustee  shall assign to the Mortgage  Loan Seller all of the  Trustee's  right,
title and interest in respect of the Seller's  Agreement  and the Mortgage  Loan
Purchase Agreement applicable to such Mortgage Loan.

       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.

                                            -15-

<PAGE>

                                         ARTICLE III

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

                                            -16-

<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  (1)  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 (2) 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) to the Senior  Certificates  (other than the  Principal
              Only   Certificates)   on  a  pro  rata  basis  based  on  Accrued
              Certificate  Interest payable on such Certificates with respect to
              such  Distribution  Date,  Accrued  Certificate  Interest  on such
              Classes of Certificates  (or  Subclasses,  if any, with respect to
              the Class A-V Certificates)  for such Distribution  Date, plus any
              Accrued  Certificate  Interest  thereon  remaining unpaid from any
              previous   Distribution  Date  except  as  provided  in  the  last
              paragraph   of  this  Section   4.02(a)   (the  "Senior   Interest
              Distribution Amount"); and

                     (ii) (X) to the  Class  A-P  Certificates,  the  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 Senior Percentage for such Distribution Date
                     times the sum of the following:

                                            -17-

<PAGE>

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

                                    (2)  the  Stated  Principal  Balance  of any
                            Mortgage  Loan  repurchased   during  the  preceding
                            calendar   month   (or   deemed   to  have  been  so
                            repurchased  in accordance  with Section  3.07(b) 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,
                            during the preceding  calendar month (other than the
                            related  Discount  Fraction of such Stated Principal
                            Balance or shortfall  with respect to each  Discount
                            Mortgage Loan); and

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

                            (B) with respect to each  Mortgage  Loan for which a
                     Cash  Liquidation or a REO Disposition  occurred during the
                     preceding  calendar  month (or was deemed to have  occurred
                     during such period in  accordance  with Section  3.07(b) of
                     the  Standard  Terms)  and did  not  result  in any  Excess
                     Special   Hazard  Losses,   Excess  Fraud  Losses,   Excess
                     Bankruptcy Losses or Extraordinary  Losses, an amount equal
                     to the  lesser  of  (a)  the  Senior  Percentage  for  such
                     Distribution  Date  times the Stated  Principal  Balance of
                     such  Mortgage  Loan  (other  than  the  related   Discount
                     Fraction of such Stated Principal Balance,  with respect to
                     each Discount Mortgage Loan) and (b) the Senior Accelerated
                     Distribution Percentage for such Distribution Date times

                                            -18-

<PAGE>

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

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

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

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

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

                     (iv) to the  Holders  of the  Class M-1  Certificates,  the
              Accrued  Certificate  Interest thereon for such Distribution Date,
              plus any Accrued Certificate Interest

                                            -19-

<PAGE>

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

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

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

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

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

                                            -20-

<PAGE>

              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
              for such Class of Certificates  for such  Distribution  Date minus
              (y) the  amount of any Class A-P  Collection  Shortfalls  for such
              Distribution   Date  or   remaining   unpaid   for  all   previous
              Distribution  Dates, to the extent the amounts available  pursuant
              to clause (x) of  Sections  4.02(a)(xiv)  and (xv) 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) 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
              for such Class of Certificates  for such  Distribution  Date minus
              (y) the  amount of any Class A-P  Collection  Shortfalls  for such
              Distribution   Date  or   remaining   unpaid   for  all   previous
              Distribution   Dates  applied  in  reduction  of  the  Certificate
              Principal Balance of the Class B-3 Certificates;

                     (xvi) to the 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 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 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 Certificates, the balance, if any, of
              the Available Distribution Amount.

                                            -21-

<PAGE>

       Notwithstanding the foregoing,  on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate  Certificates are no longer
outstanding,  the Senior  Certificates,  Accrued  Certificate  Interest  thereon
remaining unpaid from any previous  Distribution Date will be distributable only
to the extent  that (1) a  shortfall  in the  amounts  available  to pay Accrued
Certificate  Interest on any Class of Certificates results from an interest rate
reduction  in  connection  with a  Servicing  Modification,  or (2) such  unpaid
Accrued Certificate Interest was attributable to interest shortfalls relating to
the  failure  of the  Master  Servicer  to make  any  required  Advance,  or the
determination  by the  Master  Servicer  that any  proposed  Advance  would be a
Nonrecoverable  Advance  with  respect to the related  Mortgage  Loan where such
Mortgage  Loan  has  not yet  been  the  subject  of a Cash  Liquidation  or REO
Disposition  or the related  Liquidation  Proceeds,  Insurance  Proceeds and REO
Proceeds have not yet been distributed to the Certificateholders.

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

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

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

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

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

                                            -22-

<PAGE>

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

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

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

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

                     (iii) the  balance  of the  Senior  Principal  Distribution
              Amount remaining after the  distribution  described in clause (ii)
              above shall be  distributed to the Class A-1  Certificates,  until
              the  Certificate  Principal  Balance  thereof has been  reduced to
              zero.

              (c) On or after the  occurrence  of the Credit  Support  Depletion
       Date, all priorities  relating to  distributions  as described in Section
       4.02(b) of this  Series  Supplement  in respect  of  principal  among the
       Senior  Certificates  (other  than the  Class A-P  Certificates)  will be
       disregarded,  and (i) an amount  equal to the  Discount  Fraction  of the
       principal  portion of  scheduled  and  unscheduled  payments  received or
       advanced in respect of the Discount Mortgage Loans will be distributed to
       the Class A-P Certificates, (ii) the Senior Principal Distribution Amount
       will be distributed to the remaining Senior  Certificates (other than the
       Class A-P  Certificates)  pro rata in  accordance  with their  respective
       outstanding Certificate Principal Balances and (iii) the amount set forth
       in Section 4.02(a)(i) herein will be distributed as set forth therein.

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

              (e) In addition to the  foregoing  distributions,  with respect to
       any Subsequent  Recoveries,  the Master Servicer shall deposit such funds
       into the Custodial  Account pursuant to Section  3.07(b)(iii).  If, after
       taking into account such Subsequent Recoveries,  the amount of a Realized
       Loss is reduced, the amount of such Subsequent Recoveries will be applied
       to increase the Certificate Principal Balance of the Class of Subordinate
       Certificates  with the Highest Priority to which Realized  Losses,  other
       than Excess Bankruptcy Losses, Excess Fraud Losses, Excess Special Hazard
       Losses and Extraordinary Losses, have been allocated,

                                            -23-

<PAGE>

       but not by more than the amount of Realized Losses  previously  allocated
       to that Class of Certificates pursuant to Section 4.05. The amount of any
       remaining   Subsequent   Recoveries  will  be  applied  to  increase  the
       Certificate  Principal Balance of the Class of Certificates with the next
       Lower  Priority,  up to the  amount of such  Realized  Losses  previously
       allocated to that Class of  Certificates  pursuant to Section  4.05.  Any
       remaining  Subsequent  Recoveries will in turn be applied to increase the
       Certificate  Principal Balance of the Class of Certificates with the next
       Lower  Priority  up to the  amount  of such  Realized  Losses  previously
       allocated to that Class of Certificates  pursuant to Section 4.05, and so
       on. Holders of such  Certificates  will not be entitled to any payment in
       respect of Accrued  Certificate  Interest on the amount of such increases
       for any Interest Accrual Period preceding the Distribution  Date on which
       such  increase  occurs.  Any  such  increases  shall  be  applied  to the
       Certificate  Principal  Balance  of each  Certificate  of such  Class  in
       accordance with its respective Percentage Interest.

              (f) 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.

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

     Section  4.03  Statements  to  Certificateholders;   Statements  to  Rating
          Agencies;  Exchange Act  Reporting.  (See Section 4.03 of the Standard
          Terms)

     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)

                                            -24-

<PAGE>

       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  Certificate  Principal
Balance thereof has been reduced to zero; and, thereafter,  if any such Realized
Losses are on a Discount  Mortgage  Loan,  to the Class A-P  Certificates  in an
amount equal to the Discount Fraction of the principal portion thereof,  and the
remainder of such Realized Losses on the Discount  Mortgage Loans and the entire
amount of such Realized Losses on Non-Discount  Mortgage Loans will be allocated
among all the Senior  Certificates  (other than the Class A-V  Certificates  and
Class A-P  Certificates) in the case of the principal  portion of such loss on a
pro rata basis and among all of the Senior  Certificates  (other  than the Class
A-P Certificates) in the case of the interest portion of such loss on a pro rata
basis, as described below. Any Excess Special Hazard Losses,  Excess  Bankruptcy
Losses, Excess Fraud Losses, Extraordinary Losses on Non-Discount Mortgage Loans
will be  allocated  among  the  Senior  Certificates  (other  than the Class A-P
Certificates)  and Subordinate  Certificates,  on a pro rata basis, as described
below.  The principal  portion of such Realized Losses on the Discount  Mortgage
Loans will be allocated to the Class A-P  Certificates in an amount equal to the
Discount  Fraction  thereof and the  remainder  of such  Realized  Losses on the
Discount  Mortgage  Loans and the entire amount of such Realized  Losses on Non-
Discount Mortgage Loans will be allocated among the Senior  Certificates  (other
than the Class A-P  Certificates)  and Subordinate  Certificates,  on a pro rata
basis, as described below.

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

                                            -25-

<PAGE>

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

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

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

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

                                            -26-

<PAGE>

                                          ARTICLE V

                                      THE CERTIFICATES
                            (SEE ARTICLE V OF THE STANDARD TERMS)

                                            -27-

<PAGE>

                                         ARTICLE VI

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

                                            -28-

<PAGE>

                                         ARTICLE VII

                                           DEFAULT
                           (SEE ARTICLE VII OF THE STANDARD TERMS)

                                            -29-

<PAGE>

                                        ARTICLE VIII

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

                                            -30-

<PAGE>

                                         ARTICLE IX

                                         TERMINATION
                           (SEE ARTICLE IX OF THE STANDARD TERMS)

Section       9.01 Optional Purchase by the Master Servicer of All Certificates;
              Termination Upon Purchase by the Master Servicer or Liquidation of
              All Mortgage Loans.

              (a)  Subject to  Section  9.02,  the  respective  obligations  and
       responsibilities  of the  Company,  the Master  Servicer  and the Trustee
       created hereby in respect of the Certificates  (other than the obligation
       of the Trustee to make certain payments after the Final Distribution Date
       to  Certificateholders  and the obligation of the Company to send certain
       notices as  hereinafter  set forth) shall  terminate upon the last action
       required  to be taken  by the  Trustee  on the  Final  Distribution  Date
       pursuant to this Article IX following the earlier of:

                     (i) the later of the final payment or other liquidation (or
              any  Advance  with  respect  thereto)  of the last  Mortgage  Loan
              remaining  in the Trust Fund or the  disposition  of all  property
              acquired upon  foreclosure  or deed in lieu of  foreclosure of any
              Mortgage Loan, or

                     (ii) the  purchase by the Master  Servicer of all  Mortgage
              Loans and all property  acquired in respect of any  Mortgage  Loan
              remaining in the Trust Fund at a price equal to 100% of the unpaid
              principal  balance  of each  Mortgage  Loan or,  if less than such
              unpaid  principal  balance,  the fair market  value of the related
              underlying property of such Mortgage Loan with respect to Mortgage
              Loans as to which  title has been  acquired  if such  fair  market
              value is less  than  such  unpaid  principal  balance  (net of any
              unreimbursed  Advances  attributable  to  principal) on the day of
              repurchase plus accrued  interest thereon at the Net Mortgage Rate
              (or  Modified  Net  Mortgage  Rate  in the  case  of any  Modified
              Mortgage Loan) to, but not  including,  the first day of the month
              in which such repurchase price is distributed,  provided, however,
              that in no event shall the trust created  hereby  continue  beyond
              the  expiration of 21 years from the death of the last survivor of
              the  descendants of Joseph P. Kennedy,  the late ambassador of the
              United States to the Court of St. James, living on the date hereof
              and provided further that the purchase price set forth above shall
              be  increased  as  is  necessary,  as  determined  by  the  Master
              Servicer,  to avoid  disqualification  of any portion of any REMIC
              formed under the Series Supplement as a REMIC.

       The right of the Master  Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than one percent
(1%) 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

                                            -31-

<PAGE>

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 one  percent  (1%) 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 where required pursuant to this
              Agreement  or, in the case of the purchase by the Master  Servicer
              of the outstanding  Certificates,  the Distribution  Date on which
              such purchase is to be made,

                     (ii) the amount of any such final  payment,  or in the case
              of the  purchase of the  outstanding  Certificates,  the  purchase
              price, in either case, if known, and

                     (iii) that the Record  Date  otherwise  applicable  to such
              Distribution Date is not applicable,  or in the case of the Senior
              Certificates,  or in  the  case  of all  of  the  Certificates  in
              connection  with the exercise by the Master  Servicer of its right
              to purchase the Certificates, that payment will be made only upon

                                            -32-

<PAGE>

               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 Certificates,  upon presentation and
       surrender of the Certificates by the  Certificateholders  thereof, and in
       the case of the Class M and Class B Certificates,  upon  presentation and
       surrender  of the  Certificates  by  the  Certificateholders  thereof  in
       connection  with the  exercise  by the  Master  Servicer  of its right to
       purchase the  Certificates  and  otherwise,  in  accordance  with Section
       4.01(a), the Trustee shall distribute to the  Certificateholders  (i) the
       amount  otherwise  distributable  on such  Distribution  Date,  if not in
       connection with the Master  Servicer's  election to repurchase the assets
       of the Trust Fund or the outstanding Certificates,  or (ii) if the Master
       Servicer  elected  to so  repurchase  the assets of the Trust Fund or the
       outstanding  Certificates,  an amount  determined  as  follows:  (A) with
       respect to each Certificate the outstanding Certificate Principal Balance
       thereof,  plus  Accrued  Certificate  Interest  for the related  Interest
       Accrual  Period thereon and any  previously  unpaid  Accrued  Certificate
       Interest,  subject to the priority set forth in Section 4.02(a),  and (B)
       with  respect  to the Class R  Certificates,  any  excess of the  amounts
       available for  distribution  (including the repurchase price specified in
       clause (ii) of  subsection  (a) of this  Section)  over the total  amount
       distributed under the immediately preceding clause (A).  Nothwithstanding
       the  reduction  of the  Certificate  Principal  Balance  of any  Class of
       Subordinate   Certificates  to  zero,  such  Class  will  be  outstanding
       hereunder  until  the  termination  of  the  respective  obligations  and
       responsibilities  of the  Company,  the Master  Servicer  and the Trustee
       hereunder in accordance with Article IX.

              (d)  If  any   Certificateholders   shall  not   surrender   their
       Certificates  for final payment and  cancellation  on or before the Final
       Distribution Date (if so required by the terms hereof), the Trustee shall
       on such date cause all funds in the  Certificate  Account not distributed
       in final distribution to Certificateholders to be withdrawn therefrom and
       credited to the remaining  Certificateholders by depositing such funds in
       a separate escrow account for the benefit of such Certificateholders, and
       the Master Servicer (if it exercised

                                            -33-

<PAGE>

       its right to purchase the assets of the Trust  Fund),  or the Trustee (in
       any other  case)  shall  give a second  written  notice to the  remaining
       Certificateholders  to surrender their  Certificates for cancellation and
       receive the final distribution with respect thereto. If within six months
       after the second notice any Certificate  shall not have been  surrendered
       for cancellation, the Trustee shall take appropriate steps as directed by
       the  Master   Servicer  to  contact  the   remaining   Certificateholders
       concerning  surrender  of their  Certificates.  The costs and expenses of
       maintaining the escrow account and of contacting Certificateholders shall
       be paid out of the assets which remain in the escrow  account.  If within
       nine months after the second notice any Certificates  shall not have been
       surrendered  for  cancellation,  the  Trustee  shall  pay to  the  Master
       Servicer all amounts  distributable to the holders thereof and the Master
       Servicer  shall  thereafter  hold such amounts until  distributed to such
       Holders. No interest shall accrue or be payable to any  Certificateholder
       on any amount held in the escrow  account or by the Master  Servicer as a
       result   of   such   Certificateholder's   failure   to   surrender   its
       Certificate(s)  for final payment thereof in accordance with this Section
       9.01.

              (e) If any  Certificateholders do not surrender their Certificates
       on or before the Distribution Date on which a purchase of the outstanding
       Certificates  is to be made,  the  Trustee  shall on such date  cause all
       funds in the Certificate Account deposited therein by the Master Servicer
       pursuant to Section 9.01(b) to be withdrawn  therefrom and deposited in a
       separate escrow account for the benefit of such  Certificateholders,  and
       the  Master   Servicer  shall  give  a  second  written  notice  to  such
       Certificateholders  to surrender  their  Certificates  for payment of the
       purchase price therefor. If within six months after the second notice any
       Certificate shall not have been surrendered for cancellation, the Trustee
       shall  take  appropriate  steps as  directed  by the Master  Servicer  to
       contact the Holders of such  Certificates  concerning  surrender of their
       Certificates.  The costs and expenses of  maintaining  the escrow account
       and of  contacting  Certificateholders  shall be paid  out of the  assets
       which  remain in the escrow  account.  If within  nine  months  after the
       second  notice  any  Certificates  shall  not have been  surrendered  for
       cancellation  in accordance with this Section 9.01, the Trustee shall pay
       to the Master Servicer all amounts  distributable  to the Holders thereof
       and  the  Master  Servicer  shall  thereafter  hold  such  amounts  until
       distributed  to such Holders.  No interest  shall accrue or be payable to
       any  Certificateholder on any amount held in the escrow account or by the
       Master  Servicer  as a  result  of such  Certificateholder's  failure  to
       surrender its  Certificate(s) for payment in accordance with this Section
       9.01. Any Certificate that is not surrendered on the Distribution Date on
       which a purchase  pursuant to this Section 9.01 occurs as provided  above
       will be deemed to have been purchased and the Holder as of such date will
       have no rights with respect  thereto except to receive the purchase price
       therefor minus any costs and expenses associated with such escrow account
       and notices allocated thereto. Any Certificates so purchased or deemed to
       have been purchased on such  Distribution  Date shall remain  outstanding
       hereunder  until  the  Master  Servicer  has  terminated  the  respective
       obligations  and  responsibilities  created  hereby  in  respect  of  the
       Certificates  pursuant to this Article IX. The Master  Servicer  shall be
       for all purposes the Holder thereof as of such date.

                                            -34-

<PAGE>

     Section 9.02 Additional  Termination  Requirements (See Section 9.02 of the
          Standard Terms).

     Section 9.03  Termination  of  Multiple  REMICs  (See  Section  9.03 of the
          Standard Terms).

                                            -35-

<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 an  election  to treat  the  entire
segregated pool of assets described in the definition of Trust Fund, and subject
to this Agreement, as a REMIC for federal income tax purposes.

       The Class A-1,  Class A-P,  Class M-1,  Class M-2,  Class M-3, Class B-1,
Class B-2 and  Class B-3  Certificates  and the  rights in and to which  will be
represented by the Class A-V  Certificates,  will be "regular  interests" in the
REMIC,  and the  Class  R  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  Uncertificated  REMIC
Regular  Interest or Interests  specified by the initial Holder of the Class A-V
Certificates pursuant to said Section.

      Section 10.04 Distributions on the Uncertificated REMIC Regular Interests.

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

       (b) In  determining  from time to time the  Uncertificated  REMIC Regular
Interest  Distribution  Amounts,  Realized  Losses  allocated  to the  Class A-V
Certificates  under  Section 4.05 shall be deemed  allocated  to  Uncertificated
REMIC Regular Interests on a pro rata basis based on the Uncertificated  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 Section 4.02(a),  to the Class
A-V  Certificates,  the amounts  distributable  thereon from the  Uncertificated
REMIC Regular Interest  Distribution Amounts deemed to have been received by the
Trustee  from the Trust  Fund  under  this  Section  10.04.  The  amount  deemed
distributable  hereunder with respect to the Class A-V Certificates  shall equal
100% of the amounts  payable with respect to the  Uncertificated  REMIC  Regular
Interests.

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

                                            -36-

<PAGE>

       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.

                                            -37-

<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
Trustee                          Corporate Trust Office
                                 The Trustee  designates its offices  located at
                                 c/o DTC Transfer Services 55 Water Street,  1st
                                 Floor-Jeanette Park Entrance New York, New York
                                 10041,  for the purposes of Section 8.12 of the
                                 Standard Terms 55 Water Street
Standard and Poor's              New York, New York 10041
Moody's                          99 Church Street
                                 New York, New York 10007

Any notice  required or permitted to be mailed to a  Certificateholder  shall be
given by first class  mail,  postage  prepaid,  at the address of such Holder as
shown  in the  Certificate  Register.  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.

                                            -38-

<PAGE>

       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,

              (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 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.  (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.

                                            -39-

<PAGE>

       98.0%  of  all  Voting  Rights  shall  be  allocated   among  Holders  of
Certificates,  other than the Class A-V Certificates and Residual  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 A-V  Certificates  in  accordance  with  their  respective
Percentage Interests; and 1.0% of all Voting Rights shall be allocated among the
Holders  of the  Class R  Certificates,  in  accordance  with  their  respective
Percentage Interests.

                                            -40-

<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: /s/ Lisa Lundsten                       By:/s/ Julie Malanoski
       Name:  Lisa Lundsten                             Name: Julie Malanoski
       Title:   Vice President                          Title:   Vice President

[Seal]
                                                RESIDENTIAL FUNDING CORPORATION

Attest: /s/ Karen Fox                           By:/s/ Lisa Lundsten
        Name:  Karen Fox                                Name: Lisa Lundsten
        Title: Director                                 Title: Managing Director

                                                BANK ONE, NATIONAL ASSOCIATION
[Seal] as Trustee

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

[Seal]
                                                By:         /s/
                                                        Name:
Attest: /s/                                             Title:
        Name:
        Title:

                                      -41-

<PAGE>

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

               On the 30th day of April,  2003 before me, a notary public in and
for said State,  personally  appeared Julie Malanoski,  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]

                                      -42-

<PAGE>

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

               On the 30th day of April,  2003 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]

                                      -43-

<PAGE>

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

               On the 30th day of April,  2003 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]

                                      -44-

<PAGE>

                                   EXHIBIT ONE
                             MORTGAGE LOAN SCHEDULE
                            (Available Upon Request)

  RUN ON     : 04/24/03           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 08.31.37           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S9                                  CUTOFF : 04/01/03
  POOL       : 0004679
             :
             :
  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
  ------------------------------------------------------------------------

      4397406                              .2500
      293,851.60                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5039437                              .2500
      308,870.14                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5237834                              .2500
      356,999.36                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5241436                              .2500
      346,023.64                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5338517                              .2500
      280,971.26                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5407402                              .2500
      550,443.14                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      5581822                              .7500
      393,846.52                          .0800
            7.6250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5581825                              .5000
      499,560.39                          .0800
            7.2500                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5581835                              .5000
      329,741.08                          .0800
            7.2500                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5581845                              .6250
      403,732.60                          .0800
            7.3750                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5609085                              .2500
      297,991.31                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5704592                              .2500
      584,566.29                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      5846942                              .2500
      359,755.20                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6004270                              .2500
      346,195.16                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000
1

      6075444                              .5000
      390,042.51                          .0800
            7.2500                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6119586                              .2500
      352,756.09                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6236916                              .2500
      737,556.07                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6237174                              .2500
      590,533.98                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6237194                              .2500
      580,503.53                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6278460                              .2500
      435,770.95                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2950                         .0000

      6290932                              .2500
      369,651.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6305220                              .2500
      301,905.01                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
1

      6319808                              .2500
      482,326.04                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6361830                              .2500
      393,837.42                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6370820                              .2500
      499,595.64                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6419840                              .2500
      325,180.52                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6427866                              .2500
      371,563.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0450                         .0000

      6433152                              .2500
      492,697.85                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6436742                              .2500
      348,419.27                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6460816                              .2500
      226,659.98                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      6468264                              .2500
      384,197.55                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6481950                              .2500
      144,887.25                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6496960                              .2500
      326,285.88                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6500830                              .3750
      423,568.88                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6508204                              .5000
      552,372.64                          .0800
            7.5000                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6508224                              .7500
      363,146.24                          .0800
            7.3750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6517380                              .2500
      387,601.59                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6561334                              .2500
      314,995.93                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.1700                         .0000
1

      6566752                              .2500
      818,295.08                          .0800
            6.8500                         .0000
            6.6000                         .0000
            6.5200                         .0000
            6.5000                         .0200

      6586964                              .2500
      394,517.16                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6587340                              .2500
      351,594.99                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6634870                              .2500
      305,531.34                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6640516                              .2500
      337,815.69                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6643354                              .2500
      394,647.75                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6651898                              .2500
      313,043.34                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6657076                              .2500
      332,089.68                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1

      6661150                              .2500
      448,180.22                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6665460                              .2500
      341,439.52                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6666526                              .2500
      301,471.26                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6689384                              .2500
      370,601.28                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6700600                              .2500
      310,811.66                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6707164                              .2500
      413,470.77                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6708386                              .2500
      307,656.23                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6731248                              .2500
      269,661.37                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      6732558                              .2500
      634,645.66                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6732668                              .2500
      391,392.80                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6741976                              .2500
      328,019.80                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6743668                              .2500
      473,600.06                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6749048                              .2500
      738,782.79                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6759406                              .2500
      285,117.04                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6762590                              .2500
      458,415.40                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6770100                              .2500
      597,809.73                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2950                         .0000
1

      6793812                              .2500
      308,606.91                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6812440                              .2500
      836,078.99                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6814290                              .2500
      320,690.57                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6816190                              .2500
      391,646.62                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6817354                              .2500
      413,579.84                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      6819844                              .2500
      642,063.76                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6826308                              .2500
      633,726.63                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0450                         .0000

      6828138                              .2500
      368,063.31                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000
1

      6831156                              .2500
      401,716.24                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6836408                              .2500
      394,654.26                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6836882                              .2500
      328,101.41                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2950                         .0000

      6848342                              .2500
      377,751.04                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6848400                              .2500
      315,544.92                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6860284                              .2500
      315,235.94                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6860296                              .2500
      319,956.28                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6860298                              .2500
      323,732.58                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      6862022                              .2500
      368,973.05                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6870226                              .2500
      369,208.99                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6872702                              .2500
      394,046.26                          .0800
            6.6000                         .0000
            6.3500                         .0000
            6.2700                         .0000
            6.2700                         .0000

      6947134                              .2500
      335,431.88                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6947248                              .2500
      615,616.07                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

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      8030342                              .5000
      557,276.42                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8030352                              .5000
      405,258.98                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8041400                              .3750
      503,772.91                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8041402                              .2500
      522,434.48                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8041404                              .3750
      370,421.34                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000
1

      8041410                              .5000
      495,607.48                          .0800
            7.1250                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8041412                              .3750
      481,053.82                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8041418                              .2500
      493,747.75                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8041426                              .3750
      402,230.38                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8041438                              .5000
      407,947.12                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8041454                              .3750
      329,235.35                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8041468                              .5000
      334,738.60                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8041478                              .2500
      355,226.47                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.1700                         .0000
1

      8041480                              .5000
      405,969.24                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8042674                              .2500
      331,955.89                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8042678                              .2500
      557,692.80                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2950                         .0000

      8043212                              .2500
      367,001.94                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8047730                              .2500
      182,958.14                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8047740                              .2500
      362,839.19                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2950                         .0000

      8047742                              .2500
      227,336.92                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8047774                              .2500
      311,478.63                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
1

      8049136                              .2500
      151,381.93                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      8049150                              .2500
      292,886.95                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      8049160                              .2500
      324,291.91                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8049172                              .2500
      365,347.30                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      8050192                              .2500
      691,895.07                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8052618                              .2500
      454,798.36                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8070462                              .2500
      361,862.37                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8070468                              .2500
      223,905.81                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
1

      8073634                              .2500
      370,079.90                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8073640                              .2500
      312,529.14                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8073642                              .2500
      395,455.62                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      8073650                              .2500
      444,304.78                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      8073652                              .2500
      331,591.71                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8085742                              .2500
      417,067.08                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      8091106                              .2500
      542,988.25                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8093822                              .5000
      404,980.24                          .0800
            7.1250                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      8093828                              .3750
      345,548.84                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8093844                              .5000
      642,825.87                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8093854                              .2500
      419,090.71                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8093872                              .5000
      361,161.16                          .0800
            7.2500                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8093882                              .3750
      541,739.86                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8093892                              .3750
      468,516.05                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8093906                              .3750
      427,511.71                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8111934                              .2500
      562,026.28                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      8121366                              .2500
      349,802.53                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2950                         .0000

      8125256                              .2500
      394,622.55                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.1700                         .0000

      8138822                              .2500
      331,584.44                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      8143982                              .2500
      335,752.95                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8171422                              .2500
      202,083.09                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8171478                              .2500
      431,446.03                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8173930                              .2500
      338,328.65                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      8174242                              .2500
      381,047.97                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450
1

      8174340                              .2500
      327,819.15                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      8174412                              .2500
      364,180.62                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      8174512                              .2500
      329,906.60                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      8177404                              .2500
      573,750.81                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      8236660                              .2500
      394,959.14                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8236930                              .2500
      542,379.90                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8246846                              .2500
      330,780.05                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.1700                         .0000

      8246876                              .2500
      405,252.74                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000
1

      8246884                              .2500
      394,908.86                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.9200                         .0000

      8260716                              .3750
      392,627.35                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8260722                              .5000
      440,822.58                          .0800
            7.2500                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8260736                              .5000
      593,352.87                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

  TOTAL NUMBER OF LOANS:      666
  TOTAL BALANCE........:        272,114,376.47

  RUN ON     : 04/24/03            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 08.31.37            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S9        FIXED SUMMARY REPORT      CUTOFF : 04/01/03
  POOL       : 0004679
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  -----------------------------------------------------------------------------
  CURR NOTE RATE                        6.9596            6.0000      8.2500
  RFC NET RATE                          6.6780            5.7500      8.0000
  NET MTG RATE(INVSTR RATE)             6.5980            5.6700      7.9200
  POST STRIP RATE                       6.4390            5.6700      6.5000
  SUB SERV FEE                           .2816             .2500       .8750
  MSTR SERV FEE                          .0800             .0800        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .1589             .0000      1.4200

  TOTAL NUMBER OF LOANS:   666
  TOTAL BALANCE........:     272,114,376.47

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 04/24/03           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 08.31.37          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S9                                  CUTOFF : 04/01/03
  POOL       : 0004679
             :
             :
  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 #
  ______________________________________________________________________________

    4397406          225/G01             F          300,000.00         ZZ
                                         360        293,851.60          1
                                       7.375          2,072.03         58
                                       7.125          2,072.03
    GREENVILLE       SC   29615          1            02/15/01         00
    0432631497                           03           04/01/01          0
    6523306                              O            03/01/31
    0

    5039437          994/X14             F          314,000.00         ZZ
                                         360        308,870.14          1
                                       7.250          2,142.04         80
                                       7.000          2,142.04
    FLUSHING         NY   11358          1            08/29/01         00
    8022072725                           05           10/01/01          0
    1000269129                           O            09/01/31
    0

    5237834          E22/G01             F          363,000.00         ZZ
                                         360        356,999.36          1
                                       7.250          2,476.30         79
                                       7.000          2,476.30
    NEW FAIRFIELD    CT   06812          2            07/26/01         00
    0412748501                           05           09/01/01          0
    0412748501                           O            08/01/31
    0

    5241436          253/253             F          350,000.00         ZZ
                                         360        346,023.64          1
                                       7.250          2,387.62         54
                                       7.000          2,387.62
    SANTA FE         NM   87545          4            01/18/02         00
    972961                               05           03/01/02          0
1

    972961                               O            02/01/32
    0

    5338517          G75/G75             F          285,950.00         ZZ
                                         360        280,971.26          1
                                       7.250          1,950.69         80
                                       7.000          1,950.69
    FRANKLIN         TN   37064          2            06/25/01         00
    0004361072                           05           08/01/01          0
    04361072                             O            07/01/31
    0

    5407402          E22/G01             F          576,000.00         ZZ
                                         360        550,443.14          1
                                       7.250          3,929.34         80
                                       7.000          3,929.34
    GREENWICH        CT   06876          1            08/22/01         00
    0412838203                           05           10/01/01          0
    0412838203                           O            09/01/31
    0

    5581822          405/405             F          400,000.00         ZZ
                                         360        393,846.52          1
                                       7.625          2,831.18         72
                                       6.875          2,831.18
    AUSTIN           TX   78730          2            07/18/01         00
    0012351755                           03           09/01/01          0
    0012351755                           O            08/01/31
    0

    5581825          405/405             F          512,000.00         ZZ
                                         360        499,560.39          1
                                       7.250          3,492.74         80
                                       6.750          3,492.74
    MESA             AZ   85207          2            07/25/01         00
    0012361457                           03           09/01/01          0
    0012361457                           O            08/01/31
    0

    5581835          405/405             F          337,500.00         ZZ
                                         360        329,741.08          1
                                       7.250          2,302.35         75
                                       6.750          2,302.35
    CORAL GABLES     FL   33134          5            08/14/01         00
    0017540550                           05           10/01/01          0
    0017540550                           O            09/01/31
    0

1

    5581845          405/405             F          410,000.00         ZZ
                                         360        403,732.60          1
                                       7.375          2,831.77         72
                                       6.750          2,831.77
    KATONAH          NY   10536          1            08/24/01         00
    0017610155                           05           10/01/01          0
    0017610155                           O            09/01/31
    0

    5609085          025/025             F          303,000.00         ZZ
                                         360        297,991.31          1
                                       7.250          2,066.99         64
                                       7.000          2,066.99
    ELGIN            SC   29045          2            07/30/01         00
    0139437123                           05           09/01/01          0
    0139437123                           O            08/01/31
    0

    5704592          E22/G01             F          594,000.00         ZZ
                                         360        584,566.29          1
                                       6.875          3,902.16         18
                                       6.625          3,902.16
    SEATTLE          WA   98112          2            09/21/01         00
    0413032962                           05           11/01/01          0
    0413032962                           O            10/01/31
    0

    5846942          B57/G01             F          365,000.00         ZZ
                                         360        359,755.20          1
                                       6.875          2,397.79         72
                                       6.625          2,397.79
    SOUTH PASADENA   CA   91030          5            11/07/01         00
    0433695863                           05           01/01/02          0
    2114825                              O            12/01/31
    0

    6004270          D11/G01             F          350,910.00         ZZ
                                         360        346,195.16          1
                                       6.750          2,276.00         69
                                       6.500          2,276.00
    SAN DIEGO        CA   92130          2            12/07/01         00
    0433710217                           03           02/01/02          0
    1082007265                           O            01/01/32
    0

    6075444          405/405             F          400,000.00         ZZ
                                         360        390,042.51          1
                                       7.250          2,728.71         80
                                       6.750          2,728.71
1

    HUNTINGTON       NY   11743          5            09/04/01         00
    0017675497                           05           10/01/01          0
    0017675497                           O            09/01/31
    0

    6119586          E45/G01             F          360,000.00         ZZ
                                         360        352,756.09          1
                                       6.875          2,364.94         90
                                       6.625          2,364.94
    FRANKLIN         GA   30217          2            11/05/01         11
    0433662541                           05           01/01/02         25
    176295                               O            12/01/31
    0

    6236916          E22/G01             F          750,000.00         ZZ
                                         360        737,556.07          1
                                       6.875          4,926.97         54
                                       6.625          4,926.97
    MEDINA           WA   98039          5            10/15/01         00
    0413075961                           05           12/01/01          0
    0413075961                           O            11/01/31
    0

    6237174          E22/G01             F          599,500.00         ZZ
                                         360        590,533.98          1
                                       6.875          3,938.29         72
                                       6.625          3,938.29
    BELLVUE          CO   80512          2            10/24/01         00
    0413196437                           03           12/01/01          0
    0413196437                           O            11/01/31
    0

    6237194          E22/G01             F          595,000.00         ZZ
                                         360        580,503.53          1
                                       6.750          3,859.16         70
                                       6.500          3,859.16
    PROVO            UT   84604          2            10/24/01         00
    0413205329                           05           12/01/01          0
    0413205329                           O            11/01/31
    0

    6278460          F25/G01             F          441,000.00         ZZ
                                         360        435,770.95          1
                                       6.625          2,823.77         70
                                       6.375          2,823.77
    CHAPPAQUA        NY   10514          5            02/01/02         00
    0433661725                           05           04/01/02          0
    1                                    O            03/01/32
    0
1

    6290932          E22/G01             F          375,400.00         ZZ
                                         360        369,651.00          1
                                       6.750          2,434.84         80
                                       6.500          2,434.84
    CHESHIRE         CT   06410          1            11/02/01         00
    0413205311                           05           12/01/01          0
    0413205311                           O            11/01/31
    0

    6305220          F25/G01             F          306,100.00         ZZ
                                         360        301,905.01          1
                                       7.000          2,036.49         52
                                       6.750          2,036.49
    ARDSLEY          NY   10502          2            11/09/01         00
    0433407541                           05           01/01/02          0
    1                                    O            12/01/31
    0

    6319808          E22/G01             F          490,000.00         ZZ
                                         360        482,326.04          1
                                       6.750          3,178.13         77
                                       6.500          3,178.13
    FLOWER MOUND     TX   75022          4            11/01/01         00
    0413216086                           03           12/01/01          0
    0413216086                           O            11/01/31
    0

    6361830          L46/L46             F          402,000.00         ZZ
                                         360        393,837.42          1
                                       6.750          2,607.36         66
                                       6.500          2,607.36
    LEWISVILLE       TX   75056          2            12/13/01         00
    0000951848                           05           02/01/02          0
    0000951848                           O            01/01/32
    0

    6370820          A35/G01             F          507,000.00         ZZ
                                         360        499,595.64          1
                                       7.000          3,373.08         29
                                       6.750          3,373.08
    HUNTINGTON       NY   11743          2            10/18/01         00
    0433377934                           05           12/01/01          0
    HV11999                              O            11/01/31
    0

    6419840          X17/G01             F          330,000.00         ZZ
                                         360        325,180.52          1
1

                                       7.000          2,195.50         56
                                       6.750          2,195.50
    NORWOOD          NJ   07648          1            10/30/01         00
    0433386075                           05           12/01/01          0
    010461                               O            11/01/31
    0

    6427866          731/G01             F          377,000.00         ZZ
                                         360        371,563.00          1
                                       6.375          2,351.99         58
                                       6.125          2,351.99
    CARLSBAD         CA   92009          5            12/07/01         00
    0433679990                           03           02/01/02          0
    200118                               O            01/01/32
    0

    6433152          E22/G01             F          500,000.00         ZZ
                                         360        492,697.85          1
                                       7.000          3,326.51         57
                                       6.750          3,326.51
    BOULDER          CO   80302          5            11/02/01         00
    0413147786                           05           12/01/01          0
    0413147786                           O            11/01/31
    0

    6436742          313/G01             F          353,500.00         ZZ
                                         360        348,419.27          1
                                       6.750          2,292.80         70
                                       6.500          2,292.80
    SAN LUIS OBISPO  CA   93401          1            11/29/01         00
    0433648896                           03           01/01/02          0
    8496291                              O            12/01/31
    0

    6460816          E22/G01             F          230,500.00         ZZ
                                         360        226,659.98          1
                                       6.875          1,514.22         95
                                       6.625          1,514.22
    THORNTON         CO   80229          2            11/05/01         01
    0413154204                           03           01/01/02         30
    0413154204                           O            12/01/31
    0

    6468264          313/G01             F          389,800.00         ZZ
                                         360        384,197.55          1
                                       6.750          2,528.24         66
                                       6.500          2,528.24
    DALLAS           TX   75214          2            11/20/01         00
    0433648979                           05           01/01/02          0
1

    0008492415                           O            12/01/31
    0

    6481950          964/G01             F          147,000.00         ZZ
                                         360        144,887.25          1
                                       6.750            953.44         80
                                       6.500            953.44
    MONROVIA         CA   91016          2            11/25/01         00
    0433718491                           05           01/01/02          0
    168520                               O            12/01/31
    0

    6496960          757/G01             F          330,520.00         ZZ
                                         360        326,285.88          1
                                       7.000          2,198.96         80
                                       6.750          2,198.96
    CUMBERLAND       RI   02864          2            12/21/01         00
    0433630878                           05           02/01/02          0
    2TOMASMICH                           O            01/01/32
    0

    6500830          405/405             F          430,000.00         ZZ
                                         360        423,568.88          1
                                       6.875          2,824.80         71
                                       6.500          2,824.80
    SANTA MONICA     CA   90403          2            10/17/01         00
    0017825878                           04           12/01/01          0
    17825878                             O            11/01/31
    0

    6508204          405/405             F          565,000.00         ZZ
                                         360        552,372.64          1
                                       7.500          3,950.56         79
                                       7.000          3,950.56
    PHOENIX          AZ   85044          2            09/24/01         00
    0012464178                           05           11/01/01          0
    12464178                             O            10/01/31
    0

    6508224          405/405             F          372,000.00         ZZ
                                         360        363,146.24          1
                                       7.375          2,569.32         80
                                       6.625          2,569.32
    LITTLETON        CO   80130          2            10/16/01         00
    0017775362                           03           12/01/01          0
    17775362                             O            11/01/31
    0

1

    6517380          994/X14             F          400,000.00         ZZ
                                         360        387,601.59          1
                                       7.250          2,728.71         68
                                       7.000          2,728.71
    FAIRFIELD        NJ   07004          1            09/25/01         00
    8022322781                           05           11/01/01          0
    1999992679                           O            10/01/31
    0

    6561334          313/G01             F          319,920.00         ZZ
                                         360        314,995.93          1
                                       6.500          2,022.11         80
                                       6.250          2,022.11
    SNELLVILLE       GA   30078          1            11/30/01         00
    0433649266                           05           01/01/02          0
    8494338                              O            12/01/31
    0

    6566752          550/550             F          830,000.00         ZZ
                                         360        818,295.08          1
                                       6.850          5,438.66         62
                                       6.600          5,438.66
    LOS ANGELES      CA   90049          2            11/01/01         00
    120550178000000                      05           01/01/02          0
    12055017                             O            12/01/31
    0

    6586964          E22/G01             F          399,999.00         ZZ
                                         360        394,517.16          1
                                       7.000          2,661.20         75
                                       6.750          2,661.20
    MERCER ISLAND    WA   98040          5            11/06/01         00
    0413215997                           05           01/01/02          0
    0413215997                           O            12/01/31
    0

    6587340          U80/U80             F          356,600.00         ZZ
                                         360        351,594.99          1
                                       6.875          2,342.61         60
                                       6.625          2,342.61
    CHARLESTON       SC   29401          5            11/26/01         00
    0010004148                           05           01/01/02          0
    10004148                             O            12/01/31
    0

    6634870          313/G01             F          309,800.00         ZZ
                                         360        305,531.34          1
                                       6.875          2,035.17         66
                                       6.625          2,035.17
1

    FRANKLIN         MA   02038          2            12/17/01         00
    0433651536                           05           02/01/02          0
    8486698                              O            01/01/32
    0

    6640516          E82/G01             F          344,000.00         ZZ
                                         360        337,815.69          1
                                       6.750          2,231.18         70
                                       6.500          2,231.18
    NICEVILLE        FL   32578          2            11/19/01         00
    0400537239                           05           01/01/02          0
    1978400                              O            12/01/31
    0

    6643354          758/G01             F          400,000.00         ZZ
                                         360        394,647.75          1
                                       7.125          2,694.87         51
                                       6.875          2,694.87
    HOUSTON          TX   77082          1            11/27/01         00
    0433525466                           05           01/01/02          0
    101396                               O            12/01/31
    0

    6651898          E76/G01             F          318,835.00         ZZ
                                         360        313,043.34          1
                                       7.250          2,175.02         80
                                       7.000          2,175.02
    IRVING           TX   75062          1            12/07/01         00
    0433522125                           03           02/01/02          0
    10008891                             O            01/01/32
    0

    6657076          B57/G01             F          336,000.00         ZZ
                                         360        332,089.68          1
                                       7.125          2,263.69         80
                                       6.875          2,263.69
    LOS ANGELES      CA   91364          2            01/23/02         00
    0433667151                           05           03/01/02          0
    2119155                              O            02/01/32
    0

    6661150          E22/G01             F          455,000.00         ZZ
                                         360        448,180.22          1
                                       6.750          2,951.12         53
                                       6.500          2,951.12
    DENVER           CO   80220          2            11/16/01         00
    0413219452                           05           01/01/02          0
    0413219452                           O            12/01/31
    0
1

    6665460          R84/G01             F          346,300.00         ZZ
                                         360        341,439.52          1
                                       6.875          2,274.95         55
                                       6.625          2,274.95
    HOUSTON          TX   77005          2            11/29/01         00
    0433457520                           05           01/01/02          0
    0513856                              O            12/01/31
    0

    6666526          313/G01             F          306,400.00         ZZ
                                         360        301,471.26          1
                                       6.750          1,987.31         80
                                       6.500          1,987.31
    VIRGINIA BEACH   VA   23452          2            12/05/01         00
    0433650496                           05           02/01/02          0
    8390163                              O            01/01/32
    0

    6689384          313/G01             F          375,000.00         ZZ
                                         360        370,601.28          1
                                       7.250          2,558.17         72
                                       7.000          2,558.17
    VENTURA          CA   93001          1            01/02/02         00
    0433670080                           05           03/01/02          0
    0008505182                           O            02/01/32
    0

    6700600          994/X14             F          315,200.00         ZZ
                                         360        310,811.66          1
                                       7.250          2,150.22         80
                                       7.000          2,150.22
    RUTHERFORD       NJ   07070          1            10/24/01         00
    8011690842                           05           12/01/01          0
    81006267                             O            11/01/31
    0

    6707164          E22/G01             F          419,500.00         ZZ
                                         360        413,470.77          1
                                       6.750          2,720.87         80
                                       6.500          2,720.87
    NETHER PROVIDEN  PA   19063          2            11/21/01         00
    0412961005                           05           01/01/02          0
    0412961005                           O            12/01/31
    0

    6708386          994/X14             F          312,000.00         ZZ
                                         360        307,656.23          1
1

                                       7.250          2,128.39         76
                                       7.000          2,128.39
    LEONIA           NJ   07605          2            10/24/01         00
    8022107232                           05           12/01/01          0
    1000279381                           O            11/01/31
    0

    6731248          E82/G01             F          273,500.00         ZZ
                                         360        269,661.37          1
                                       6.875          1,796.70         47
                                       6.625          1,796.70
    POTOMAC          MD   20854          2            11/16/01         00
    0400519831                           05           01/01/02          0
    1588857                              O            12/01/31
    0

    6732558          E22/G01             F          643,900.00         ZZ
                                         360        634,645.66          1
                                       6.750          4,176.32         65
                                       6.500          4,176.32
    MERRITT ISLAND   FL   32952          2            11/09/01         00
    0413149923                           05           01/01/02          0
    0413149923                           O            12/01/31
    0

    6732668          E22/G01             F          397,100.00         ZZ
                                         360        391,392.80          1
                                       6.750          2,575.58         75
                                       6.500          2,575.58
    GOLDEN           CO   80401          1            11/27/01         00
    0413283433                           03           01/01/02          0
    0413283433                           O            12/01/31
    0

    6741976          994/X14             F          333,000.00         ZZ
                                         360        328,019.80          1
                                       6.875          2,187.57         50
                                       6.625          2,187.57
    ATLANTA          GA   30327          2            10/18/01         00
    8020678697                           05           12/01/01          0
    403668157                            O            11/01/31
    0

    6743668          L46/L46             F          480,050.00         ZZ
                                         360        473,600.06          1
                                       6.750          3,113.60         46
                                       6.500          3,113.60
    DALLAS           TX   75229          2            12/11/01         00
    0000950709                           05           02/01/02          0
1

    0000950709                           O            01/01/32
    0

    6749048          116/116             F          750,000.00         ZZ
                                         360        738,782.79          1
                                       6.875          4,926.97         60
                                       6.625          4,926.97
    MONTGOMERY       TX   77356          2            10/31/01         00
    091068869                            03           12/01/01          0
    091068869                            O            11/01/31
    0

    6759406          964/G01             F          289,000.00         ZZ
                                         360        285,117.04          1
                                       6.750          1,874.45         71
                                       6.500          1,874.45
    CANYON LAKE      CA   92587          2            12/13/01         00
    0433653318                           03           02/01/02          0
    168686                               O            01/01/32
    0

    6762590          696/G01             F          465,100.00         ZZ
                                         360        458,415.40          1
                                       6.750          3,016.63         80
                                       6.500          3,016.63
    HAYMARKET        VA   20169          1            11/29/01         00
    0433692316                           03           01/01/02          0
    24501135                             O            12/01/31
    0

    6770100          E22/G01             F          610,000.00         ZZ
                                         360        597,809.73          1
                                       6.625          3,905.90         46
                                       6.375          3,905.90
    MONTVILLE        NJ   07005          2            11/26/01         00
    0413129743                           05           01/01/02          0
    0413129743                           O            12/01/31
    0

    6793812          E82/G01             F          313,000.00         ZZ
                                         360        308,606.91          1
                                       6.875          2,056.19         62
                                       6.625          2,056.19
    CORONA           CA   91720          2            11/27/01         00
    0400531398                           05           01/01/02          0
    0400531398                           O            12/01/31
    0

1

    6812440          U05/G01             F          847,500.00         ZZ
                                         360        836,078.99          1
                                       6.875          5,567.47         78
                                       6.625          5,567.47
    HIGHLAND PARK    TX   75205          2            12/10/01         00
    0433501939                           05           02/01/02          0
    3186769                              O            01/01/32
    0

    6814290          H93/G01             F          325,000.00         ZZ
                                         360        320,690.57          1
                                       7.250          2,217.07         77
                                       7.000          2,217.07
    ENID             OK   73703          2            12/21/01         00
    0433604279                           05           02/01/02          0
    2001001864                           O            01/01/32
    0

    6816190          Q97/G01             F          397,000.00         ZZ
                                         360        391,646.62          1
                                       6.750          2,574.93         77
                                       6.500          2,574.93
    ROSWELL          GA   30075          2            01/22/02         00
    0433700614                           05           03/01/02          0
    16100452                             O            02/01/32
    0

    6817354          K89/G01             F          478,000.00         ZZ
                                         360        413,579.84          1
                                       7.375          3,301.43         71
                                       7.125          3,301.43
    MIAMI            FL   33184          2            12/17/01         00
    0433646031                           05           02/01/02          0
    200111163                            O            01/01/32
    0

    6819844          116/116             F          650,000.00         ZZ
                                         360        642,063.76          1
                                       7.250          4,434.15         78
                                       7.000          4,434.15
    HOUSTON          TX   77005          1            12/14/01         00
    091021091                            05           02/01/02          0
    091021091                            O            01/01/32
    0

    6826308          313/G01             F          643,000.00         ZZ
                                         360        633,726.63          1
                                       6.375          4,011.49         54
                                       6.125          4,011.49
1

    MCLEAN           VA   22102          5            12/12/01         00
    0433647484                           05           02/01/02          0
    0008501033                           O            01/01/32
    0

    6828138          L46/L46             F          373,200.00         ZZ
                                         360        368,063.31          1
                                       6.750          2,420.57         65
                                       6.500          2,420.57
    ALLEN            TX   75013          2            12/13/01         00
    0000952820                           03           02/01/02          0
    0000952820                           O            01/01/32
    0

    6831156          964/G01             F          412,000.00         ZZ
                                         360        401,716.24          1
                                       6.875          2,706.55         60
                                       6.625          2,706.55
    PETALUMA         CA   94952          2            02/08/02         00
    0433734530                           05           04/01/02          0
    173835                               O            03/01/32
    0

    6836408          E22/G01             F          400,000.00         ZZ
                                         360        394,654.26          1
                                       7.000          2,661.21         70
                                       6.750          2,661.21
    EL PASO          TX   79932          5            12/05/01         00
    0413279530                           05           02/01/02          0
    0413279530                           O            01/01/32
    0

    6836882          E82/G01             F          333,500.00         ZZ
                                         360        328,101.41          1
                                       6.625          2,135.44         79
                                       6.375          2,135.44
    MILPITAS         CA   95035          2            12/03/01         00
    0400542031                           05           01/01/02          0
    0400542031                           O            12/01/31
    0

    6848342          994/X14             F          383,000.00         ZZ
                                         360        377,751.04          1
                                       7.000          2,548.11         73
                                       6.750          2,548.11
    SEDONA           AZ   86336          2            11/01/01         00
    8021206001                           05           01/01/02          0
    0404346339                           O            12/01/31
    0
1

    6848400          994/X14             F          320,000.00         ZZ
                                         360        315,544.92          1
                                       7.250          2,182.96         80
                                       7.000          2,182.96
    ELMHURST         IL   60126          2            10/24/01         00
    8016347430                           05           12/01/01          0
    3918884041                           O            11/01/31
    0

    6860284          L60/F27             F          320,000.00         ZZ
                                         359        315,235.94          1
                                       7.250          2,184.67         80
                                       7.000          2,184.67
     LEXINGTON       SC   29072          1            09/28/01         00
    6610415383                           05           11/01/01          0
    6610415383                           O            09/01/31
    0

    6860296          L60/F27             F          328,000.00         ZZ
                                         360        319,956.28          1
                                       7.125          2,209.80         78
                                       6.875          2,209.80
    MANASSAS         VA   20112          2            10/12/01         00
    6920172049                           05           12/01/01          0
    6920172049                           O            11/01/31
    0

    6860298          L60/F27             F          328,700.00         ZZ
                                         348        323,732.58          1
                                       7.250          2,264.23         74
                                       7.000          2,264.23
    MORGANTON        NC   28655          2            10/08/01         00
    6610852171                           03           12/01/01          0
    6610852171                           O            11/01/30
    0

    6862022          964/G01             F          375,000.00         ZZ
                                         360        368,973.05          1
                                       6.875          2,463.48         61
                                       6.625          2,463.48
    BELMONT          CA   94002          5            01/28/02         00
    0433758216                           05           03/01/02          0
    400176148                            O            02/01/32
    0

    6870226          E84/G01             F          374,000.00         ZZ
                                         360        369,208.99          1
1

                                       7.000          2,488.23         75
                                       6.750          2,488.23
    VACAVILLE        CA   95688          5            12/20/01         00
    0433714029                           05           02/01/02          0
    69410107                             O            01/01/32
    0

    6872702          550/550             F          399,960.00         ZZ
                                         360        394,046.26          1
                                       6.600          2,554.38         80
                                       6.350          2,554.38
    ROSEVILLE        CA   95747          1            11/26/01         00
    1205517470                           05           01/01/02          0
    120551747                            O            12/01/31
    0

    6947134          E22/G01             F          340,000.00         ZZ
                                         360        335,431.88          1
                                       6.750          2,205.23         71
                                       6.500          2,205.23
    BOCA RATON       FL   33433          5            12/07/01         00
    0413322363                           03           02/01/02          0
    0413322363                           O            01/01/32
    0

    6947248          E22/G01             F          624,000.00         ZZ
                                         360        615,616.07          1
                                       6.750          4,047.25         80
                                       6.500          4,047.25
    ARLINGTON        TX   76016          1            12/03/01         00
    0413371782                           03           02/01/02          0
    0413371782                           O            01/01/32
    0

    6949590          313/G01             F          370,350.00         ZZ
                                         360        364,712.68          1
                                       7.250          2,526.44         58
                                       7.000          2,526.44
    BELMONT          MA   02478          2            11/02/01         00
    0433484136                           05           12/01/01          0
    8375438                              O            11/01/31
    0

    6954974          964/G01             F          700,000.00         ZZ
                                         360        691,655.18          1
                                       7.000          4,657.12         50
                                       6.750          4,657.12
    SAN ANSELMO      CA   94960          2            01/30/02         00
    0433706504                           05           03/01/02          0
1

    177886                               O            02/01/32
    0

    6959284          163/G01             F          357,000.00         ZZ
                                         360        352,316.11          1
                                       6.875          2,345.24         55
                                       6.625          2,345.24
    SUMMIT           NJ   07901          2            12/20/01         00
    0433575917                           05           02/01/02          0
    1000368434                           O            01/01/32
    0

    6965324          575/G01             F          167,800.00         ZZ
                                         360        165,650.38          1
                                       7.000          1,116.38         73
                                       6.750          1,116.38
    WILLIAMSBURG     VA   23188          2            12/21/01         00
    0433681905                           05           02/01/02          0
    0012101432                           O            01/01/32
    0

    6990480          E22/G01             F          443,200.00         ZZ
                                         360        437,245.18          1
                                       6.750          2,874.59         80
                                       6.500          2,874.59
    TAMPA            FL   33629          1            12/14/01         00
    0413310269                           05           02/01/02          0
    0413310269                           O            01/01/32
    0

    6990632          E22/G01             F          428,000.00         ZZ
                                         360        422,384.55          1
                                       6.875          2,811.66         80
                                       6.625          2,811.66
    SAMMAMISH        WA   98075          1            12/07/01         00
    0413365578                           05           02/01/02          0
    0413365578                           O            01/01/32
    0

    7000296          313/G01             F          399,000.00         ZZ
                                         360        393,639.06          1
                                       6.750          2,587.91         60
                                       6.500          2,587.91
    PALATINE         IL   60067          5            12/21/01         00
    0433648714                           05           02/01/02          0
    8461188                              O            01/01/32
    0

1

    7002094          L46/L46             F          392,600.00         ZZ
                                         360        387,570.61          1
                                       7.000          2,611.98         80
                                       6.750          2,611.98
    FRISCO           TX   75034          2            12/26/01         00
    0000954628                           05           02/01/02          0
    0000954628                           O            01/01/32
    0

    7012942          A35/G01             F          355,000.00         ZZ
                                         360        350,768.07          1
                                       7.000          2,361.82         90
                                       6.750          2,361.82
    WEST ISLIP       NY   11795          1            01/22/02         10
    0433708518                           05           03/01/02         25
    620434635                            O            02/01/32
    0

    7035710          H06/G01             F          481,100.00         ZZ
                                         360        473,656.35          1
                                       6.375          3,001.44         47
                                       6.125          3,001.44
    ROCHESTER        MN   55902          5            12/26/01         00
    0433693694                           05           02/01/02          0
    0300088077                           O            01/01/32
    0

    7035942          994/X14             F          361,000.00         ZZ
                                         360        355,852.03          1
                                       7.125          2,432.13         63
                                       6.875          2,432.13
    WOODSBURGH       NY   11598          2            10/24/01         00
    8022104817                           05           12/01/01          0
    1000278569                           O            11/01/31
    0

    7035946          994/X14             F          314,100.00         ZZ
                                         360        309,795.43          1
                                       7.000          2,089.71         90
                                       6.750          2,089.71
    VILLANOVA        PA   19085          1            11/15/01         10
    8016388285                           05           01/01/02         25
    218953341                            O            12/01/31
    0

    7037430          964/G01             F          195,700.00         ZZ
                                         360        192,142.71          4
                                       7.250          1,335.02         84
                                       7.000          1,335.02
1

    SPANAWAY         WA   98387          2            01/17/02         11
    0433655420                           05           03/01/02         12
    179391                               O            02/01/32
    0

    7054980          550/550             F          660,000.00         ZZ
                                         360        646,346.10          1
                                       6.850          4,324.72         51
                                       6.600          4,324.72
    SAN FRANCISCO    CA   94118          2            04/06/01         00
    120514208000000                      01           06/01/01          0
    120514208                            O            05/01/31
    0

    7063000          163/G01             F          332,000.00         ZZ
                                         360        326,955.47          1
                                       7.750          2,378.49         80
                                       7.500          2,378.49
    MASSAPEQUA       NY   11758          1            01/31/02         00
    0433705365                           05           03/01/02          0
    1000347990                           O            02/01/32
    0

    7074446          N74/G01             F          133,000.00         ZZ
                                         360        131,376.01          1
                                       6.875            873.72         61
                                       6.625            873.72
    HELOTES          TX   78023          2            12/28/01         00
    0433598851                           05           03/01/02          0
    0029684010                           O            02/01/32
    0

    7086360          E22/G01             F          920,500.00         ZZ
                                         360        909,529.45          1
                                       7.375          6,357.66         52
                                       7.125          6,357.66
    COLORADO SPRING  CO   80906          2            12/17/01         00
    0413083999                           05           02/01/02          0
    0413083999                           O            01/01/32
    0

    7086636          E22/G01             F          522,000.00         ZZ
                                         360        515,626.66          1
                                       7.250          3,560.96         80
                                       7.000          3,560.96
    SOUTHLAKE        TX   76092          1            12/20/01         00
    0413456617                           03           02/01/02          0
    0413456617                           O            01/01/32
    0
1

    7109132          E82/G01             F          365,200.00         ZZ
                                         360        360,632.48          1
                                       7.125          2,460.42         79
                                       6.875          2,460.42
    VIENNA           VA   22180          2            12/18/01         00
    0400501078                           05           02/01/02          0
    1706895                              O            01/01/32
    0

    7113096          405/405             F          375,000.00         ZZ
                                         360        369,391.45          1
                                       6.875          2,463.49         59
                                       6.375          2,463.49
    LEWISVILLE       TX   75056          1            10/22/01         00
    0012461745                           03           12/01/01          0
    0012461745                           O            11/01/31
    0

    7113394          405/405             F          332,000.00         ZZ
                                         360        318,987.05          1
                                       6.875          2,181.01         54
                                       6.375          2,181.01
    LAS VEGAS        NV   89135          2            11/14/01         00
    0019953009                           03           01/01/02          0
    0019953009                           O            12/01/31
    0

    7114152          F36/G01             F          360,000.00         ZZ
                                         360        356,007.95          1
                                       7.375          2,486.43         60
                                       7.125          2,486.43
    LAKEWOOD         WA   98498          2            01/02/02         00
    0433674744                           05           03/01/02          0
    06504174                             O            02/01/32
    0

    7120168          E45/G01             F          401,500.00         ZZ
                                         360        396,827.29          1
                                       7.125          2,704.98         66
                                       6.875          2,704.98
    HUDSON           WI   54016          2            01/02/02         00
    0433661642                           05           03/01/02          0
    177628                               O            02/01/32
    0

    7125734          E22/G01             F          540,000.00         ZZ
                                         360        533,082.46          1
1

                                       7.000          3,592.63         80
                                       6.750          3,592.63
    NEWTOWN          PA   18940          2            12/20/01         00
    0413169228                           05           02/01/02          0
    0413169228                           O            01/01/32
    0

    7136176          E22/G01             F           32,000.00         ZZ
                                         360         31,135.05          1
                                       8.125            237.60         69
                                       7.875            237.60
    WEST VALLEY CIT  UT   84119          1            12/20/01         00
    0413377920                           01           02/01/02          0
    0413377920                           O            01/01/32
    0

    7139306          E22/G01             F          800,000.00         ZZ
                                         360        788,993.54          1
                                       6.625          5,122.49         60
                                       6.375          5,122.49
    SEATTLE          WA   98105          2            12/14/01         00
    0412985988                           05           02/01/02          0
    0412985988                           O            01/01/32
    0

    7139548          E22/G01             F          368,000.00         ZZ
                                         360        363,055.63          1
                                       6.750          2,386.84         80
                                       6.500          2,386.84
    BOCA RATON       FL   33433          1            12/28/01         00
    0413458217                           03           02/01/02          0
    0413458217                           O            01/01/32
    0

    7139942          E82/G01             F          326,500.00         ZZ
                                         360        322,317.46          1
                                       7.000          2,172.21         53
                                       6.750          2,172.21
    GRANBURY         TX   76049          2            12/20/01         00
    0400536645                           05           02/01/02          0
    1634426                              O            01/01/32
    0

    7145264          736/G01             F          325,000.00         ZZ
                                         360        320,438.51          1
                                       6.875          2,135.02         46
                                       6.625          2,135.02
    REDWOOD CITY     CA   94061          2            11/19/01         00
    0433528718                           05           01/01/02          0
1

    0104887583                           O            12/01/31
    0

    7145270          736/G01             F          510,000.00         ZZ
                                         360        503,010.43          1
                                       7.000          3,393.05         51
                                       6.750          3,393.05
    SANTA ROSA       CA   95404          5            11/28/01         00
    0433516317                           05           01/01/02          0
    0105024079                           O            12/01/31
    0

    7152200          E45/G01             F          580,000.00         ZZ
                                         360        572,918.52          1
                                       7.250          3,956.62         80
                                       7.000          3,956.62
    FAIRFAX          VA   22030          1            01/04/02         00
    0433660487                           05           02/01/02          0
    199872                               O            01/01/32
    0

    7169836          286/286             F          368,000.00         ZZ
                                         360        362,238.55          1
                                       7.250          2,510.41         65
                                       7.000          2,510.41
    NORTH WOODMERE   NY   11581          1            08/29/01         00
    0557007                              05           10/01/01          0
    557007                               O            09/01/31
    0

    7169948          286/286             F          289,000.00         ZZ
                                         360        284,943.88          1
                                       6.875          1,898.52         76
                                       6.625          1,898.52
    ATLANTA          GA   30331          2            11/07/01         00
    9682509                              03           01/01/02          0
    9682509                              O            12/01/31
    0

    7171550          405/405             F          456,850.00         ZZ
                                         360        447,890.18          1
                                       6.875          3,001.18         75
                                       6.250          3,001.18
    DULUTH           GA   30097          2            12/18/01         00
    0017950478                           03           02/01/02          0
    0017950478                           O            01/01/32
    0

1

    7171582          405/405             F          448,000.00         ZZ
                                         360        442,122.28          1
                                       6.875          2,943.04         80
                                       6.250          2,943.04
    JOPLIN           MO   64804          1            12/18/01         00
    0018021048                           05           02/01/02          0
    0018021048                           O            01/01/32
    0

    7171634          405/405             F          306,000.00         ZZ
                                         300        299,346.50          1
                                       6.875          2,138.41         77
                                       6.250          2,138.41
    ALTADENA         CA   91001          2            12/11/01         00
    0019987031                           05           02/01/02          0
    0019987031                           O            01/01/27
    0

    7180106          736/G01             F          102,400.00         ZZ
                                         360        101,062.29          1
                                       7.250            698.55         80
                                       7.000            698.55
    LAND O LAKES     FL   34639          1            11/28/01         00
    0433519451                           03           01/01/02          0
    104976337                            O            12/01/31
    0

    7180134          736/G01             F          387,000.00         ZZ
                                         360        377,307.05          1
                                       6.250          2,382.83         58
                                       6.000          2,382.83
    SAN JOSE         CA   95124          5            11/15/01         00
    0433577673                           05           01/01/02          0
    0104886189                           O            12/01/31
    0

    7180148          736/G01             F          400,000.00         ZZ
                                         360        394,385.84          1
                                       6.875          2,627.72         54
                                       6.625          2,627.72
    MALIBU           CA   90265          2            11/28/01         00
    0433531407                           03           01/01/02          0
    0104933999                           O            12/01/31
    0

    7212956          736/G01             F          320,000.00         T
                                         360        315,508.59          1
                                       6.875          2,102.18         72
                                       6.625          2,102.18
1

    DANA POINT       CA   92628          1            11/28/01         00
    0433577640                           01           01/01/02          0
    104885520                            O            12/01/31
    0

    7226624          E82/G01             F          920,000.00         ZZ
                                         360        908,767.30          1
                                       7.250          6,276.02         62
                                       7.000          6,276.02
    LOS ANGELES      CA   90049          5            12/28/01         00
    0400541439                           05           02/01/02          0
    0400541439                           O            01/01/32
    0

    7236096          736/G01             F          252,500.00         ZZ
                                         360        249,201.43          1
                                       7.250          1,722.50         78
                                       7.000          1,722.50
    LAS VEGAS        NV   89121          2            11/19/01         00
    0433519774                           05           01/01/02          0
    104816376                            O            12/01/31
    0

    7242890          964/G01             F          331,000.00         ZZ
                                         360        326,515.36          1
                                       7.250          2,258.00         80
                                       7.000          2,258.00
    SAN FRANCISCO    CA   94112          5            02/06/02         00
    0433719481                           05           04/01/02          0
    182031                               O            03/01/32
    0

    7247074          E45/G01             F          650,000.00         ZZ
                                         360        642,792.09          1
                                       7.375          4,489.39         75
                                       7.125          4,489.39
    FT LAUDERDALE    FL   33308          1            12/11/01         00
    0433655446                           05           03/01/02          0
    202202                               O            02/01/32
    0

    7251950          L46/L46             F          361,850.00         ZZ
                                         360        357,325.12          1
                                       6.750          2,346.96         77
                                       6.500          2,346.96
    PLANO            TX   75093          2            01/21/02         00
    0000952960                           05           03/01/02          0
    0000952960                           O            02/01/32
    0
1

    7257836          168/168             F          348,000.00         ZZ
                                         360        342,193.93          1
                                       7.250          2,373.97         80
                                       7.000          2,373.97
    MARLBORO         NJ   07746          1            11/28/01         00
    0637771                              05           01/01/02          0
    0069377715                           O            12/01/31
    0

    7266582          E82/G01             F          288,400.00         ZZ
                                         360        280,818.87          1
                                       6.875          1,894.58         58
                                       6.625          1,894.58
    INCLINE VILLAGE  NV   89451          2            01/04/02         00
    0400534038                           05           03/01/02          0
    1639633                              O            02/01/32
    0

    7267104          J54/G01             F          342,000.00         ZZ
                                         360        281,046.13          1
                                       6.375          2,133.64         64
                                       6.125          2,133.64
    HAYMARKET        VA   20169          2            12/04/01         00
    0433633120                           05           02/01/02          0
    892459                               O            01/01/32
    0

    7272296          E85/G01             F          560,000.00         ZZ
                                         360        552,829.20          1
                                       6.625          3,585.74         41
                                       6.375          3,585.74
    SAN RAFAEL       CA   94901          2            01/16/02         00
    0433696473                           05           03/01/02          0
    9612142                              O            02/01/32
    0

    7276252          994/X14             F          500,000.00         ZZ
                                         360        492,982.45          1
                                       6.875          3,284.64         27
                                       6.625          3,284.64
    MANHASSET        NY   11030          1            11/07/01         00
    8016252101                           05           01/01/02          0
    218714768                            O            12/01/31
    0

    7276358          994/X14             F          406,700.00         ZZ
                                         360        401,386.91          1
1

                                       7.250          2,774.42         54
                                       7.000          2,774.42
    ARMONK           NY   10504          2            11/26/01         00
    8022080389                           05           01/01/02          0
    1000272096                           O            12/01/31
    0

    7276364          994/X14             F          372,000.00         ZZ
                                         360        366,778.82          1
                                       6.875          2,443.78         83
                                       6.625          2,443.78
    CLOVIS           CA   93611          2            11/21/01         11
    8016335419                           05           01/01/02         12
    218860983                            O            12/01/31
    0

    7291464          R65/G01             F          410,000.00         ZZ
                                         360        404,907.88          1
                                       6.875          2,693.41         55
                                       6.625          2,693.41
    MEDFIELD         MA   02052          5            01/17/02         00
    0433656444                           05           03/01/02          0
    011073                               O            02/01/32
    0

    7296850          D03/D03             F          340,000.00         ZZ
                                         360        336,043.09          1
                                       7.125          2,290.64         80
                                       6.875          2,290.64
    SAN JOSE         CA   95112          1            01/24/02         00
    1020001535                           05           03/01/02          0
    1020001535                           O            02/01/32
    0

    7309388          830/G01             F          313,500.00         ZZ
                                         360        310,023.54          1
                                       7.375          2,165.27         70
                                       7.125          2,165.27
    LAS VEGAS        NV   89118          2            01/16/02         00
    0433672573                           05           03/01/02          0
    1934739                              O            02/01/32
    0

    7316912          E23/G01             F          375,000.00         ZZ
                                         360        370,635.76          1
                                       7.125          2,526.44         70
                                       6.875          2,526.44
    RANCHO SANTA MA  CA   92688          2            01/15/02         00
    0433615002                           03           03/01/02          0
1

    51011016                             O            02/01/32
    0

    7318426          994/X14             F          290,000.00         ZZ
                                         360        286,626.55          1
                                       7.500          2,027.72         90
                                       7.250          2,027.72
    BRONX            NY   10470          2            12/03/01         10
    8021353571                           05           02/01/02         25
    404567260                            O            01/01/32
    0

    7318482          994/X14             F          400,000.00         ZZ
                                         360        394,572.84          1
                                       7.125          2,694.87         77
                                       6.875          2,694.87
    BURLINGTON       VT   05401          2            11/30/01         00
    8016426564                           05           01/01/02          0
    219022419                            O            12/01/31
    0

    7326604          944/G01             F          358,000.00         ZZ
                                         360        351,934.07          1
                                       7.125          2,411.92         74
                                       6.875          2,411.92
    SCOTTSDALE       AZ   85254          2            01/30/02         00
    0433675162                           02           03/01/02          0
    W01104951                            O            02/01/32
    0

    7345650          M24/G01             F          490,000.00         ZZ
                                         360        484,017.17          1
                                       6.875          3,218.95         77
                                       6.625          3,218.95
    CORONA DEL MAR   CA   92625          2            01/15/02         00
    0433675105                           01           03/01/02          0
    2010786238                           O            02/01/32
    0

    7347418          A46/G01             F          343,200.00         ZZ
                                         360        339,009.59          1
                                       6.875          2,254.58         80
                                       6.625          2,254.58
    HOUSTON          TX   77042          1            01/24/02         00
    0433657384                           05           03/01/02          0
    0131236                              O            02/01/32
    0

1

    7349062          700/G01             F          237,600.00         ZZ
                                         360        235,028.53          1
                                       7.500          1,661.33         80
                                       7.250          1,661.33
    VENTURA          CA   93001          2            01/30/02         00
    0433669264                           05           03/01/02          0
    0000173309                           O            02/01/32
    0

    7355442          E22/G01             F          620,000.00         ZZ
                                         360        495,801.68          1
                                       7.125          4,177.05         45
                                       6.875          4,177.05
    LIGHTHOUSE POIN  FL   33064          1            01/11/02         00
    0413514894                           05           03/01/02          0
    0413514894                           O            02/01/32
    0

    7359580          R65/G01             F          321,000.00         ZZ
                                         360        315,712.92          1
                                       6.875          2,108.74         80
                                       6.625          2,108.74
    KENSINGTON       MD   20895          2            01/23/02         00
    0433676038                           05           03/01/02          0
    1                                    O            02/01/32
    0

    7365220          665/G01             F          462,000.00         ZZ
                                         360        456,751.37          1
                                       7.250          3,151.65         52
                                       7.000          3,151.65
    SANTA ROSA       CA   95404          2            01/17/02         00
    0433671989                           05           03/01/02          0
    89200077                             O            02/01/32
    0

    7377984          E82/G01             F          420,600.00         ZZ
                                         360        415,935.93          1
                                       7.375          2,904.98         87
                                       7.125          2,904.98
    CLAYTON          CA   94517          2            01/08/02         25
    0400557591                           05           03/01/02         25
    3827577                              O            02/01/32
    0

    7378678          076/076             F          424,000.00         ZZ
                                         360        417,953.71          1
                                       7.125          2,856.57         80
                                       6.875          2,856.57
1

    ORMOND BEACH     FL   32174          1            10/18/01         00
    12002547                             05           12/01/01          0
    2002547                              O            11/01/31
    0

    7378942          286/286             F          301,500.00         ZZ
                                         360        297,268.21          1
                                       6.875          1,980.65         78
                                       6.625          1,980.65
    TUCSON           AZ   85749          2            11/15/01         00
    0690550                              03           01/01/02          0
    690550                               O            12/01/31
    0

    7378982          286/286             F          288,000.00         ZZ
                                         360        284,237.70          1
                                       7.250          1,964.67         68
                                       7.000          1,964.67
    PATTERSON        NY   12563          2            11/14/01         00
    0666357                              05           01/01/02          0
    666357                               O            12/01/31
    0

    7379000          286/286             F          308,000.00         ZZ
                                         360        301,749.48          1
                                       6.875          2,023.35         66
                                       6.625          2,023.35
    NEWARK           DE   19711          2            11/15/01         00
    0693279                              05           01/01/02          0
    693279                               O            12/01/31
    0

    7379102          286/286             F          324,000.00         ZZ
                                         360        319,452.58          1
                                       6.875          2,128.45         58
                                       6.625          2,128.45
    PLYMOUTH         MI   48170          2            11/13/01         00
    0649581                              01           01/01/02          0
    649581                               O            12/01/31
    0

    7381124          313/G01             F          502,000.00         ZZ
                                         360        496,951.55          1
                                       7.875          3,639.85         77
                                       7.625          3,639.85
    CALABASAS        CA   91302          2            01/11/02         00
    0433648441                           01           03/01/02          0
    8443897                              O            02/01/32
    0
1

    7384416          964/G01             F          494,000.00         ZZ
                                         360        488,110.89          1
                                       7.000          3,286.60         78
                                       6.750          3,286.60
    NOVATO           CA   94949          2            01/30/02         00
    0433690195                           05           03/01/02          0
    400184098                            O            02/01/32
    0

    7392940          E87/G01             F          350,000.00         ZZ
                                         360        345,049.36          1
                                       7.125          2,358.01         47
                                       6.875          2,358.01
    SANTA BARBARA    CA   93105          5            01/18/02         00
    0433658796                           05           03/01/02          0
    700003982                            O            02/01/32
    0

    7395126          H58/G01             F          367,000.00         ZZ
                                         360        362,851.05          1
                                       6.875          2,410.93         57
                                       6.625          2,410.93
    REDWOOD CITY     CA   94061          5            02/06/02         00
    0433737640                           05           04/01/02          0
    0000084353                           O            03/01/32
    0

    7400964          822/G01             F          650,000.00         ZZ
                                         360        641,689.87          1
                                       6.875          4,270.04         65
                                       6.625          4,270.04
    KENT             CT   06757          2            12/31/01         00
    0433606514                           05           03/01/02          0
    3806042659                           O            02/01/32
    0

    7407400          964/G01             F          335,000.00         ZZ
                                         360        331,195.41          1
                                       7.000          2,228.76         59
                                       6.750          2,228.76
    NOVATO           CA   94949          2            01/31/02         00
    0433707353                           05           04/01/02          0
    400184146                            O            03/01/32
    0

    7413476          F28/G01             F          342,000.00         ZZ
                                         360        337,512.92          1
1

                                       6.875          2,246.70         60
                                       6.625          2,246.70
    PLEASANTVILLE    NY   10570          2            12/21/01         00
    0433588811                           05           02/01/02          0
    7757630                              O            01/01/32
    0

    7413516          F28/G01             F          302,000.00         T
                                         360        298,037.68          1
                                       6.875          1,983.93         57
                                       6.625          1,983.93
    DUCK             NC   27949          2            12/18/01         00
    0433610045                           03           02/01/02          0
    7843735                              O            01/01/32
    0

    7413608          F28/G01             F          432,000.00         ZZ
                                         360        422,442.56          1
                                       7.375          2,983.72         80
                                       7.125          2,983.72
    EASTCHESTER      NY   10709          1            12/27/01         00
    0433605870                           05           02/01/02          0
    7963170                              O            01/01/32
    0

    7419044          975/G01             F          397,500.00         ZZ
                                         360        393,005.74          1
                                       6.875          2,611.29         75
                                       6.625          2,611.29
    RANCHO PALOS VE  CA   90247          2            02/01/02         00
    0433710670                           05           04/01/02          0
    2016272                              O            03/01/32
    0

    7425266          E22/G01             F          336,000.00         ZZ
                                         360        332,089.68          1
                                       7.125          2,263.69         80
                                       6.875          2,263.69
    PORT LUDLOW      WA   98365          1            01/10/02         00
    0413491093                           05           03/01/02          0
    0413491093                           O            02/01/32
    0

    7436258          H58/G01             F          341,250.00         ZZ
                                         360        336,834.60          1
                                       6.875          2,241.77         75
                                       6.625          2,241.77
    VACAVILLE        CA   95687          1            01/22/02         00
    0433669504                           05           03/01/02          0
1

    0000087491                           O            02/01/32
    0

    7443410          E84/G01             F          332,000.00         ZZ
                                         360        327,747.04          1
                                       7.000          2,208.80         71
                                       6.750          2,208.80
    PLEASANTON       CA   94566          2            12/10/01         00
    0433605011                           05           02/01/02          0
    75513732                             O            01/01/32
    0

    7443438          E84/G01             F          344,500.00         ZZ
                                         360        336,616.97          1
                                       6.875          2,263.12         54
                                       6.625          2,263.12
    PORTLAND         OR   97212          2            11/09/01         00
    0433604626                           05           01/01/02          0
    60109001                             O            12/01/31
    0

    7443538          E84/G01             F          398,000.00         ZZ
                                         360        392,532.29          1
                                       7.000          2,647.90         76
                                       6.750          2,647.90
    IRVING           TX   75063          2            12/04/01         00
    0433597408                           03           01/01/02          0
    81080790                             O            12/01/31
    0

    7443560          E84/G01             F          328,000.00         ZZ
                                         360        323,504.87          1
                                       7.000          2,182.19         80
                                       6.750          2,182.19
    OAK PARK         IL   60304          2            11/19/01         00
    0433597481                           05           01/01/02          0
    13402960                             O            12/01/31
    0

    7446160          G75/G75             F           62,800.00         ZZ
                                         360         60,650.20          1
                                       7.125            423.10         79
                                       6.875            423.10
    FAYETTEVILLE     OH   45118          1            12/11/01         00
    0004512857                           05           02/01/02          0
    04512857                             O            01/01/32
    0

1

    7453622          964/G01             F          346,350.00         ZZ
                                         360        342,221.05          1
                                       7.000          2,304.28         84
                                       6.750          2,304.28
    OAK PARK         CA   91377          2            01/25/02         14
    0433655339                           05           03/01/02         12
    182916                               O            02/01/32
    0

    7462632          E22/G01             F          838,300.00         ZZ
                                         360        828,543.81          1
                                       7.125          5,647.78         70
                                       6.875          5,647.78
    PLANO            TX   75024          1            01/17/02         00
    0413261017                           03           03/01/02          0
    0413261017                           O            02/01/32
    0

    7463682          E82/G01             F          294,400.00         ZZ
                                         360        290,805.40          1
                                       6.875          1,934.00         67
                                       6.625          1,934.00
    FAIRFAX STATION  VA   22039          2            01/14/02         00
    0400523221                           03           03/01/02          0
    1768499                              O            02/01/32
    0

    7468130          E11/G01             F          508,400.00         ZZ
                                         360        502,339.28          1
                                       7.000          3,382.40         37
                                       6.750          3,382.40
    TONKA BAY        MN   55331          2            01/24/02         00
    0433637626                           05           03/01/02          0
    0010001038146                        O            02/01/32
    0

    7476768          N74/G01             F           81,000.00         ZZ
                                         360         79,984.11          1
                                       6.875            532.11         75
                                       6.625            532.11
    MCKINNEY         TX   75069          5            01/25/02         00
    0433654704                           05           03/01/02          0
    0029784010                           O            02/01/32
    0

    7477572          964/G01             F          345,000.00         ZZ
                                         360        337,329.03          1
                                       6.750          2,237.66         75
                                       6.500          2,237.66
1

    BLACK FOREST     CO   80908          5            12/26/01         00
    0433597051                           03           02/01/02          0
    170873                               O            01/01/32
    0

    7480982          S11/G01             F          400,000.00         ZZ
                                         360        393,861.60          1
                                       7.000          2,661.21         67
                                       6.750          2,661.21
    SANTA ANA        CA   92705          5            01/24/02         00
    0433669991                           05           03/01/02          0
    10206803                             O            02/01/32
    0

    7482746          W53/G01             F          696,250.00         ZZ
                                         360        687,949.91          1
                                       7.000          4,632.17         59
                                       6.750          4,632.17
    SAN ANTONIO      TX   78212          2            01/25/02         00
    0433764461                           05           03/01/02          0
    9730991100                           O            02/01/32
    0

    7486174          E22/G01             F        1,000,000.00         ZZ
                                         360        986,864.03          1
                                       6.625          6,403.11         44
                                       6.375          6,403.11
    SEWICKLEY        PA   15143          2            01/14/02         00
    0413342015                           05           03/01/02          0
    0413342015                           O            02/01/32
    0

    7488454          A06/G01             F          318,000.00         ZZ
                                         360        314,208.97          1
                                       7.000          2,115.67         48
                                       6.750          2,115.67
    ANN ARBOR        MI   48104          2            01/24/02         00
    0433680840                           05           03/01/02          0
    1                                    O            02/01/32
    0

    7496940          964/G01             F          364,000.00         ZZ
                                         360        359,555.62          1
                                       6.875          2,391.22         80
                                       6.625          2,391.22
    HUNTINGTON BEAC  CA   92646          1            01/29/02         00
    0433678612                           05           03/01/02          0
    185114                               O            02/01/32
    0
1

    7497186          356/G01             F          375,000.00         ZZ
                                         360        370,817.64          1
                                       7.625          2,654.23         75
                                       7.375          2,654.23
    SAN JOSE         CA   95116          5            01/29/02         00
    0433730504                           05           04/01/02          0
    28888840                             O            03/01/32
    0

    7499388          B57/G01             F          349,450.00         ZZ
                                         360        345,684.86          1
                                       7.125          2,354.31         75
                                       6.875          2,354.31
    STEVENSON RANCH  CA   91381          1            02/01/02         00
    0433692019                           03           04/01/02          0
    10000484                             O            03/01/32
    0

    7524912          964/G01             F          357,000.00         ZZ
                                         360        349,996.26          1
                                       7.000          2,375.13         47
                                       6.750          2,375.13
    DANVILLE         CA   94506          2            02/05/02         00
    0433707783                           03           04/01/02          0
    184683                               O            03/01/32
    0

    7535868          E22/G01             F          288,000.00         ZZ
                                         360        282,993.52          1
                                       6.875          1,891.95         34
                                       6.625          1,891.95
    PACIFIC PALISAD  CA   90272          2            01/14/02         00
    0413306465                           05           03/01/02          0
    0413306465                           O            02/01/32
    0

    7542752          964/G01             F          364,000.00         ZZ
                                         360        360,078.04          1
                                       7.125          2,452.34         80
                                       6.875          2,452.34
    STATELINE        NV   89449          2            02/12/02         00
    0433758513                           05           04/01/02          0
    182516                               O            03/01/32
    0

    7545042          X05/G01             F          395,500.00         ZZ
                                         360        383,626.01          1
1

                                       7.500          2,765.39         80
                                       7.250          2,765.39
    SAN DIEGO        CA   92107          1            02/14/02         00
    0433706249                           05           04/01/02          0
    01201190                             O            03/01/32
    0

    7545382          994/X14             F          343,000.00         ZZ
                                         360        338,499.77          1
                                       6.875          2,253.27         69
                                       6.625          2,253.27
    STONINGTON       CT   06378          2            12/12/01         00
    8022147741                           05           02/01/02          0
    1000290978                           O            01/01/32
    0

    7556534          E22/G01             F          313,000.00         ZZ
                                         360        309,529.19          1
                                       7.375          2,161.81         84
                                       7.125          2,161.81
    KIRKLAND         WA   98033          2            01/17/02         04
    0413520503                           05           03/01/02         12
    0413520503                           O            02/01/32
    0

    7558582          E82/G01             F          304,800.00         ZZ
                                         360        301,337.27          1
                                       7.250          2,079.27         63
                                       7.000          2,079.27
    SCARSDALE        NY   10583          2            01/23/02         00
    0400554978                           05           03/01/02          0
    1933313                              O            02/01/32
    0

    7558718          M27/G01             F          330,500.00         ZZ
                                         360        326,653.61          1
                                       7.125          2,226.64         75
                                       6.875          2,226.64
    CHARLOTTE        NC   28210          2            01/30/02         00
    0433658390                           08           03/01/02          0
    600729474                            O            02/01/32
    0

    7559002          994/X14             F          632,700.00         ZZ
                                         360        615,800.65          1
                                       6.875          4,156.39         75
                                       6.625          4,156.39
    BATON ROUGE      LA   70808          2            10/12/01         00
    8021160851                           05           12/01/01          0
1

    404266804                            O            11/01/31
    0

    7559004          994/X14             F          623,000.00         ZZ
                                         360        612,153.12          1
                                       7.250          4,249.96         79
                                       7.000          4,249.96
    ARGYLE           TX   76226          1            06/29/01         00
    8020661719                           05           08/01/01          0
    403643538                            O            07/01/31
    0

    7559010          994/X14             F          464,000.00         ZZ
                                         360        457,487.64          1
                                       6.875          3,048.15         71
                                       6.625          3,048.15
    SOMERS           NY   10589          1            11/21/01         00
    8022283876                           05           01/01/02          0
    1000360761                           O            12/01/31
    0

    7559012          994/X14             F          356,000.00         ZZ
                                         360        351,547.52          1
                                       7.125          2,398.44         80
                                       6.875          2,398.44
    LEXINGTON        KY   40502          1            12/17/01         00
    8021339117                           05           02/01/02          0
    404546566                            O            01/01/32
    0

    7559022          994/X14             F          614,000.00         ZZ
                                         360        601,916.12          1
                                       6.875          4,033.54         62
                                       6.625          4,033.54
    ANDOVER          MA   01845          2            09/24/01         00
    8016330444                           05           11/01/01          0
    21885917                             O            10/01/31
    0

    7559026          994/X14             F          294,950.00         ZZ
                                         360        291,344.48          1
                                       7.250          2,012.08         85
                                       7.000          2,012.08
    NORWOOD          MA   02062          1            12/03/01         11
    8022287760                           05           02/01/02         25
    1000363566                           O            01/01/32
    0

1

    7559030          994/X14             F          550,000.00         ZZ
                                         360        542,432.94          1
                                       6.625          3,521.72         66
                                       6.375          3,521.72
    CHAPPAQUA        NY   10514          5            12/19/01         00
    8022290681                           05           02/01/02          0
    1000365457                           O            01/01/32
    0

    7559032          994/X14             F          343,800.00         ZZ
                                         360        338,747.61          1
                                       6.875          2,258.52         90
                                       6.625          2,258.52
    CLANCY           MT   59634          2            12/10/01         10
    8011740746                           05           02/01/02         25
    81078237                             O            01/01/32
    0

    7559034          994/X14             F          310,000.00         ZZ
                                         360        305,834.95          1
                                       6.750          2,010.65         72
                                       6.500          2,010.65
    SUDBURY          MA   01776          5            12/10/01         00
    8021362440                           05           02/01/02          0
    404583600                            O            01/01/32
    0

    7559036          994/X14             F          500,000.00         ZZ
                                         360        494,323.47          1
                                       7.625          3,538.97         56
                                       7.375          3,538.97
    RYE              NY   10580          1            12/13/01         00
    8022299930                           05           02/01/02          0
    1000374438                           O            01/01/32
    0

    7559046          994/X14             F          445,000.00         ZZ
                                         360        438,731.50          1
                                       6.500          2,812.70         69
                                       6.250          2,812.70
    MCLEAN           VA   22102          2            12/17/01         00
    8016506449                           05           02/01/02          0
    219158106                            O            01/01/32
    0

    7559048          994/X14             F          410,000.00         ZZ
                                         360        402,628.93          1
                                       6.750          2,659.25         78
                                       6.500          2,659.25
1

    BOWIE            MD   20721          2            11/30/01         00
    8016452792                           03           01/01/02          0
    219068289                            O            12/01/31
    0

    7559054          994/X14             F          350,000.00         ZZ
                                         360        345,407.86          1
                                       6.875          2,299.26         65
                                       6.625          2,299.26
    BRIARCLIFF MANO  NY   10510          2            12/05/01         00
    8022282365                           01           02/01/02          0
    1000358984                           O            01/01/32
    0

    7559056          994/X14             F          512,450.00         ZZ
                                         360        503,994.16          1
                                       7.000          3,409.35         67
                                       6.750          3,409.35
    COHASSET         MA   02025          5            12/21/01         00
    8022292927                           05           02/01/02          0
    1000367706                           O            01/01/32
    0

    7559062          994/X14             F          315,000.00         ZZ
                                         360        310,452.57          1
                                       7.375          2,175.63         89
                                       7.125          2,175.63
    PRINCETON        NJ   08502          2            09/06/01         11
    8022143385                           03           11/01/01         25
    1000289753                           O            10/01/31
    0

    7559064          994/X14             F          574,600.00         ZZ
                                         360        566,306.78          1
                                       6.625          3,679.23         60
                                       6.375          3,679.23
    MINNETONKA       MN   55305          2            12/19/01         00
    8016443692                           05           02/01/02          0
    219053596                            O            01/01/32
    0

    7559068          994/X14             F          317,000.00         ZZ
                                         360        313,312.46          1
                                       7.500          2,216.51         52
                                       7.250          2,216.51
    WYCOFF           NJ   07481          2            12/07/01         00
    8022232881                           05           02/01/02          0
    1000322493                           O            01/01/32
    0
1

    7559078          994/X14             F          649,000.00         ZZ
                                         360        638,726.80          1
                                       6.500          4,102.13         77
                                       6.250          4,102.13
    PELHAM           NY   10803          1            12/13/01         00
    8022263464                           05           02/01/02          0
    1000342746                           O            01/01/32
    0

    7559080          994/X14             F          472,000.00         ZZ
                                         360        465,807.29          1
                                       6.875          3,100.71         68
                                       6.625          3,100.71
    FAIRFIELD        CT   06430          2            12/19/01         00
    8022297439                           05           02/01/02          0
    1000371899                           O            01/01/32
    0

    7559082          994/X14             F          452,000.00         ZZ
                                         360        446,613.04          1
                                       7.375          3,121.85         80
                                       7.125          3,121.85
    HARRISBURG       SD   57032          2            12/13/01         00
    8012067842                           05           02/01/02          0
    81521276                             O            01/01/32
    0

    7559084          994/X14             F          321,350.00         ZZ
                                         360        316,767.64          1
                                       7.125          2,164.99         80
                                       6.875          2,164.99
    JUPITER          FL   33458          1            10/30/01         00
    8016404553                           03           12/01/01          0
    218982308                            O            11/01/31
    0

    7559086          994/X14             F          380,000.00         ZZ
                                         360        298,983.05          1
                                       6.875          2,496.33         59
                                       6.625          2,496.33
    DOWNERS GROVE    IL   60515          2            12/06/01         00
    8016476163                           05           02/01/02          0
    219107731                            O            01/01/32
    0

    7559088          994/X14             F          453,000.00         ZZ
                                         360        447,469.08          1
1

                                       7.250          3,090.26         54
                                       7.000          3,090.26
    CONCORD          MA   01742          2            12/13/01         00
    8022250024                           05           02/01/02          0
    1000332252                           O            01/01/32
    0

    7559094          994/X14             F          300,000.00         ZZ
                                         360        296,048.60          1
                                       7.000          1,995.91         75
                                       6.750          1,995.91
    PHOENIX          AZ   85050          1            12/13/01         00
    8016528583                           03           02/01/02          0
    219212135                            O            01/01/32
    0

    7559110          994/X14             F          365,500.00         ZZ
                                         360        352,417.20          1
                                       6.625          2,340.34         75
                                       6.375          2,340.34
    LAYTONSVILLE     MD   20882          1            12/14/01         00
    8016515713                           03           02/01/02          0
    219177353                            O            01/01/32
    0

    7559112          994/X14             F          315,000.00         ZZ
                                         360        309,407.30          1
                                       7.750          2,256.70         75
                                       7.500          2,256.69
    HOPEWELL JUNCTI  NY   12533          2            11/19/01         00
    8016233978                           05           11/01/01          0
    218684524                            O            10/01/31
    0

    7559114          994/X14             F          424,000.00         ZZ
                                         360        418,697.03          1
                                       7.125          2,856.57         63
                                       6.875          2,856.57
    APEX             NC   27502          2            12/13/01         00
    8020804046                           03           02/01/02          0
    403825482                            O            01/01/32
    0

    7559124          994/X14             F          292,500.00         ZZ
                                         360        287,551.99          1
                                       7.125          1,970.63         90
                                       6.875          1,970.63
    WILTON           CA   95693          2            12/07/01         11
    8016514559                           05           02/01/02         25
1

    219174699                            O            01/01/32
    0

    7559126          994/X14             F          337,500.00         ZZ
                                         360        325,347.23          1
                                       6.375          2,105.56         63
                                       6.125          2,105.56
    PIERRE           SD   57501          2            12/07/01         00
    8021304640                           05           02/01/02          0
    404454865                            O            01/01/32
    0

    7559128          994/X14             F          358,000.00         ZZ
                                         360        352,956.87          1
                                       6.500          2,262.81         84
                                       6.250          2,262.81
    TIGARD           OR   97224          2            12/14/01         11
    8022295243                           05           02/01/02         12
    1000369654                           O            01/01/32
    0

    7559134          994/X14             F          430,000.00         ZZ
                                         360        398,468.13          1
                                       6.875          2,824.79         50
                                       6.625          2,824.79
    SANDS POINT      NY   11050          1            10/22/01         00
    8022072857                           05           12/01/01          0
    1000269146                           O            11/01/31
    0

    7559138          994/X14             F          315,000.00         ZZ
                                         360        311,060.23          1
                                       7.125          2,122.22         50
                                       6.875          2,122.22
    WESTPORT         CT   06880          5            12/17/01         00
    8022287034                           05           02/01/02          0
    1000362441                           O            01/01/32
    0

    7559142          994/X14             F          567,000.00         ZZ
                                         360        559,736.44          1
                                       7.000          3,772.27         79
                                       6.750          3,772.27
    CHAPEL HILL      NC   27517          2            12/10/01         00
    8011998278                           03           02/01/02          0
    81414736                             O            01/01/32
    0

1

    7560040          M27/G01             F          340,000.00         ZZ
                                         360        335,497.74          1
                                       7.250          2,319.40         80
                                       7.000          2,319.40
    HILLSBOROUGH     NC   27278          2            01/30/02         00
    0433696150                           03           03/01/02          0
    600730332                            O            02/01/32
    0

    7560710          405/405             F          442,000.00         ZZ
                                         360        436,482.41          1
                                       7.000          2,940.64         80
                                       6.500          2,940.64
    THOUSAND OAKS    CA   91361          2            01/10/02         00
    0017990698                           05           03/01/02          0
    17990698                             O            02/01/32
    0

    7560712          405/405             F          650,000.00         ZZ
                                         360        642,063.50          1
                                       6.875          4,270.04         40
                                       6.500          4,270.04
    SARASOTA         FL   34240          5            01/11/02         00
    0018020545                           03           03/01/02          0
    18020545                             O            02/01/32
    0

    7560714          405/405             F          535,000.00         ZZ
                                         360        525,204.59          1
                                       7.125          3,604.40         65
                                       6.500          3,604.40
    SAN MATEO        CA   94402          5            01/07/02         00
    0018025411                           05           03/01/02          0
    18025411                             O            02/01/32
    0

    7560720          405/405             F          345,000.00         ZZ
                                         360        339,705.03          1
                                       6.875          2,266.41         65
                                       6.500          2,266.41
    LOS ANGELES      CA   91436          2            01/04/02         00
    0018072272                           01           03/01/02          0
    18072272                             O            02/01/32
    0

    7560724          405/405             F          596,000.00         ZZ
                                         360        588,722.83          1
                                       6.875          3,915.30         60
                                       6.500          3,915.30
1

    MALVERN          PA   19355          2            01/18/02         00
    0018108324                           03           03/01/02          0
    18108324                             O            02/01/32
    0

    7560726          405/405             F          506,000.00         ZZ
                                         360        499,967.93          1
                                       7.000          3,366.43         60
                                       6.500          3,366.43
    BOCA RATON       FL   33431          2            01/14/02         00
    0018128561                           03           03/01/02          0
    18128561                             O            02/01/32
    0

    7560728          405/405             F          408,000.00         ZZ
                                         360        403,364.80          1
                                       7.250          2,783.28         72
                                       6.500          2,783.28
    DIX HILLS        NY   11746          2            01/14/02         00
    0018153098                           05           03/01/02          0
    18153098                             O            02/01/32
    0

    7560734          405/405             F          572,000.00         ZZ
                                         360        555,285.14          1
                                       7.375          3,950.67         80
                                       6.500          3,950.67
    BRONXVILLE       NY   10708          1            01/15/02         00
    0018165142                           05           03/01/02          0
    18165142                             O            02/01/32
    0

    7560740          405/405             F          345,000.00         ZZ
                                         360        340,787.50          1
                                       6.875          2,266.41         64
                                       6.500          2,266.41
    THOUSAND OAKS    CA   91362          1            01/15/02         00
    0018176420                           01           03/01/02          0
    18176420                             O            02/01/32
    0

    7560742          405/405             F          550,000.00         ZZ
                                         360        543,284.51          1
                                       6.875          3,613.11         72
                                       6.500          3,613.11
    HOUSTON          TX   77024          1            01/16/02         00
    0018180083                           05           03/01/02          0
    18180083                             O            02/01/32
    0
1

    7560744          405/405             F          600,000.00         ZZ
                                         360        591,499.14          1
                                       7.125          4,042.32         80
                                       6.500          4,042.32
    BOCA RATON       FL   33496          1            01/18/02         00
    0018192567                           03           03/01/02          0
    18192567                             O            02/01/32
    0

    7560752          405/405             F          350,000.00         ZZ
                                         360        285,909.00          1
                                       6.875          2,299.25         69
                                       6.500          2,299.25
    WHITTIER         CA   90602          1            01/16/02         00
    0060015302                           05           03/01/02          0
    60015302                             O            02/01/32
    0

    7560970          405/405             F          635,000.00         ZZ
                                         360        624,502.98          1
                                       7.250          4,331.82         80
                                       6.500          4,331.82
    BRYN MAWR        PA   19010          2            08/01/01         00
    0017446980                           05           09/01/01          0
    17446980                             O            08/01/31
    0

    7560972          405/405             F          500,000.00         ZZ
                                         360        486,556.28          1
                                       6.750          3,243.00         72
                                       6.250          3,243.00
    OAK HILL         VA   20171          1            12/21/01         00
    0017645805                           03           02/01/02          0
    17645805                             O            01/01/32
    0

    7560980          405/405             F          416,000.00         T
                                         360        410,161.23          1
                                       6.875          2,732.83         64
                                       6.250          2,732.83
    SANIBEL          FL   33957          2            11/20/01         00
    0017909565                           05           01/01/02          0
    17909565                             O            12/01/31
    0

    7560990          405/405             F          801,500.00         ZZ
                                         360        790,984.27          1
1

                                       6.875          5,265.29         37
                                       6.250          5,265.29
    MILL VALLEY      CA   94941          2            12/13/01         00
    0017991191                           05           02/01/02          0
    17991191                             O            01/01/32
    0

    7560992          405/405             F          412,000.00         ZZ
                                         360        406,594.53          1
                                       6.875          2,706.55         69
                                       6.250          2,706.55
    SAN JOSE         CA   95126          5            12/12/01         00
    0017994450                           05           02/01/02          0
    17994450                             O            01/01/32
    0

    7560996          405/405             F          325,000.00         ZZ
                                         360        311,635.68          1
                                       6.875          2,135.02         60
                                       6.250          2,135.02
    REDONDO BEACH    CA   90277          2            12/20/01         00
    0018012104                           05           02/01/02          0
    18012104                             O            01/01/32
    0

    7561010          405/405             F          500,000.00         ZZ
                                         360        486,745.33          1
                                       7.000          3,326.52         79
                                       6.250          3,326.52
    LOS ANGELES      CA   90272          1            12/24/01         00
    0018088153                           05           02/01/02          0
    18088153                             O            01/01/32
    0

    7561012          405/405             F          416,000.00         ZZ
                                         360        410,670.87          1
                                       7.000          2,767.66         80
                                       6.250          2,767.66
    OAKLAND          CA   94611          1            12/20/01         00
    0018095703                           05           02/01/02          0
    18095703                             O            01/01/32
    0

    7561018          405/405             F          518,000.00         ZZ
                                         360        499,129.56          1
                                       6.875          3,402.89         65
                                       6.250          3,402.89
    FULLERTON        CA   92835          2            12/24/01         00
    0019960681                           03           02/01/02          0
1

    19960681                             O            01/01/32
    0

    7561022          405/405             F          400,000.00         ZZ
                                         360        394,875.87          1
                                       7.000          2,661.21         63
                                       6.250          2,661.21
    MISSION VIEJO    CA   92692          2            12/14/01         00
    0019975044                           03           02/01/02          0
    19975044                             O            01/01/32
    0

    7561030          405/405             F          324,000.00         ZZ
                                         360        319,849.01          1
                                       7.000          2,155.58         80
                                       6.250          2,155.58
    HERCULES         CA   94547          1            12/20/01         00
    0019989995                           05           02/01/02          0
    19989995                             O            01/01/32
    0

    7561032          405/405             F          375,000.00         ZZ
                                         360        367,199.07          1
                                       7.000          2,494.89         80
                                       6.250          2,494.89
    PETALUMA         CA   94954          1            12/19/01         00
    0060002623                           05           02/01/02          0
    60002623                             O            01/01/32
    0

    7569696          N47/G01             F          415,000.00         ZZ
                                         360        410,635.41          1
                                       7.250          2,831.03         80
                                       7.000          2,831.03
    ENCINITAS        CA   92024          2            02/05/02         00
    0433719713                           05           04/01/02          0
    30112884                             O            03/01/32
    0

    7573678          952/G01             F          590,000.00         ZZ
                                         360        582,966.47          1
                                       7.000          3,925.29         73
                                       6.750          3,925.29
    MONTVALE         NJ   07645          2            01/18/02         00
    0433643178                           05           03/01/02          0
    20015032                             O            02/01/32
    0

1

    7575470          696/G01             F          405,750.00         ZZ
                                         360        400,944.16          1
                                       7.125          2,733.61         80
                                       6.875          2,733.61
    SILVER SPRING    MD   20904          1            01/22/02         00
    0433607975                           03           03/01/02          0
    32201295                             O            02/01/32
    0

    7577710          A48/G01             F          205,000.00         ZZ
                                         360        201,576.59          1
                                       7.250          1,398.46         50
                                       7.000          1,398.46
    SAN JOSE         CA   95127          2            02/01/02         00
    0433725348                           05           04/01/02          0
    8111016309                           O            03/01/32
    0

    7583288          994/X14             F          382,400.00         ZZ
                                         360        377,617.36          1
                                       7.125          2,576.30         80
                                       6.875          2,576.30
    SAN DIEGO        CA   92131          1            12/19/01         00
    8016537659                           03           02/01/02          0
    219237298                            O            01/01/32
    0

    7583826          U39/U39             F          500,000.00         T
                                         360        490,279.47          1
                                       7.875          3,625.35         10
                                       7.625          3,625.35
    QUOGUE           NY   11959          5            01/11/01         00
    0000953885                           05           03/01/01          0
    0009538852                           O            02/01/31
    0

    7583840          U39/U39             F          492,000.00         ZZ
                                         360        484,759.37          1
                                       6.625          3,150.33         80
                                       6.375          3,150.33
    HIGHLANDS RANCH  CO   80129          1            11/06/01         00
    0000972794                           03           01/01/02          0
    0009727943                           O            12/01/31
    0

    7583856          U39/U39             F          320,000.00         ZZ
                                         360        315,856.32          1
                                       7.000          2,128.97         77
                                       6.750          2,128.97
1

    LAKE GROVE       NY   11755          1            12/05/01         00
    0000989335                           05           02/01/02          0
    0009893356                           O            01/01/32
    0

    7583862          U39/U39             F          962,000.00         ZZ
                                         360        944,354.69          1
                                       7.000          6,400.21         61
                                       6.750          6,400.21
    SARATOGA         CA   95070          2            10/19/01         00
    0011705894                           05           12/01/01          0
    0117058942                           O            11/01/31
    0

    7583890          U39/U39             F          527,300.00         ZZ
                                         360        508,306.50          1
                                       6.750          3,420.06         67
                                       6.500          3,420.06
    LAGUNA HILLS     CA   92653          2            11/21/01         00
    0011731023                           03           01/01/02          0
    0117310236                           O            12/01/31
    0

    7583896          U39/U39             F          450,000.00         ZZ
                                         360        442,352.20          1
                                       6.625          2,881.40         40
                                       6.375          2,881.40
    WOODSIDE         CA   94062          5            12/05/01         00
    0011733516                           05           02/01/02          0
    0117335167                           O            01/01/32
    0

    7583900          U39/U39             F          600,000.00         ZZ
                                         360        591,745.10          1
                                       6.625          3,841.87         46
                                       6.375          3,841.87
    DUBLIN           OH   43017          1            12/21/01         00
    0011735669                           03           02/01/02          0
    0117356692                           O            01/01/32
    0

    7583916          U39/U39             F          344,000.00         ZZ
                                         360        339,378.03          1
                                       6.750          2,231.18         78
                                       6.500          2,231.18
    ALEXANDRIA       VA   22301          5            12/06/01         00
    0011741733                           05           02/01/02          0
    0117417338                           O            01/01/32
    0
1

    7583918          U39/U39             F          422,000.00         ZZ
                                         360        416,330.15          1
                                       6.750          2,737.08         64
                                       6.500          2,737.08
    HEALDSBURG       CA   95448          2            12/07/01         00
    0011742285                           05           02/01/02          0
    0117422858                           O            01/01/32
    0

    7583942          U39/U39             F          363,335.00         ZZ
                                         360        358,209.30          1
                                       6.500          2,296.52         71
                                       6.250          2,296.52
    VIENNA           VA   22101          2            12/03/01         00
    0011748928                           05           02/01/02          0
    0117489287                           O            01/01/32
    0

    7583954          U39/U39             F          344,000.00         ZZ
                                         360        322,378.03          1
                                       6.750          2,231.18         80
                                       6.500          2,231.18
    CLEARWATER       FL   33759          2            12/05/01         00
    0011751260                           05           02/01/02          0
    0117512609                           O            01/01/32
    0

    7583956          U39/U39             F          442,000.00         ZZ
                                         360        415,865.44          1
                                       6.625          2,830.17         52
                                       6.375          2,830.17
    POTOMAC          MD   20854          2            12/13/01         00
    0011752425                           05           02/01/02          0
    0117524257                           O            01/01/32
    0

    7583958          U39/U39             F          415,000.00         ZZ
                                         360        409,424.18          1
                                       6.750          2,691.68         80
                                       6.500          2,691.68
    ALBUQUERQUE      NM   87122          1            12/11/01         00
    0011752540                           05           02/01/02          0
    0117525403                           O            01/01/32
    0

    7583968          U39/U39             F          406,765.00         ZZ
                                         360        401,554.17          1
1

                                       7.000          2,706.22         73
                                       6.750          2,706.22
    ENCINITAS        CA   92024          2            12/20/01         00
    0011836301                           05           02/01/02          0
    0118363010                           O            01/01/32
    0

    7583970          U39/U39             F          348,000.00         ZZ
                                         360        343,328.36          1
                                       6.375          2,171.07         80
                                       6.125          2,171.07
    PLEASANT HILL    CA   94523          2            12/27/01         00
    0011836897                           05           03/01/02          0
    0118368977                           O            02/01/32
    0

    7593774          405/405             F          504,850.00         ZZ
                                         360        498,382.68          1
                                       7.000          3,358.78         75
                                       6.500          3,358.78
    HIGHLAND PARK    TX   75205          2            12/18/01         00
    0012750824                           05           02/01/02          0
    0012750824                           O            01/01/32
    0

    7593814          405/405             F          399,700.00         ZZ
                                         360        395,048.15          1
                                       7.125          2,692.86         68
                                       6.625          2,692.86
    DRIPPING SPRING  TX   78620          2            01/15/02         00
    0018133207                           05           03/01/02          0
    0018133207                           O            02/01/32
    0

    7594154          B57/G01             F          424,000.00         ZZ
                                         360        418,945.50          1
                                       7.000          2,820.88         70
                                       6.750          2,820.88
    CAMARILLO        CA   93012          5            01/31/02         00
    0433701752                           05           03/01/02          0
    2118514                              O            02/01/32
    0

    7598146          964/G01             F          359,600.00         ZZ
                                         360        355,618.18          1
                                       7.125          2,422.69         80
                                       6.875          2,422.69
    SEATTLE          WA   98177          1            01/31/02         00
    0433694650                           05           04/01/02          0
1

    181027                               O            03/01/32
    0

    7604240          E22/G01             F          815,000.00         ZZ
                                         360        803,350.30          1
                                       6.875          5,353.97         63
                                       6.625          5,353.97
    COEUR D ALENE    ID   83814          2            01/22/02         00
    0413319195                           03           03/01/02          0
    0413319195                           O            02/01/32
    0

    7604246          E22/G01             F          315,000.00         ZZ
                                         360        311,153.82          1
                                       6.875          2,069.33         69
                                       6.625          2,069.33
    CONCORD          CA   94521          2            01/17/02         00
    0413334830                           05           03/01/02          0
    0413334830                           O            02/01/32
    0

    7604318          E22/G01             F          340,000.00         ZZ
                                         360        332,853.41          1
                                       7.000          2,262.03         76
                                       6.750          2,262.03
    EL CERRITO       CA   94560          1            01/19/02         00
    0413479965                           05           03/01/02          0
    0413479965                           O            02/01/32
    0

    7604484          E22/G01             F          543,700.00         ZZ
                                         360        537,061.47          1
                                       6.875          3,571.72         78
                                       6.625          3,571.72
    PLANO            TX   75093          2            01/23/02         00
    0413571175                           03           03/01/02          0
    0413571175                           O            02/01/32
    0

    7606548          F26/G01             F          331,000.00         ZZ
                                         360        326,987.82          1
                                       7.250          2,258.00         66
                                       7.000          2,258.00
    POULSBO          WA   98370          2            02/05/02         00
    0433746948                           05           04/01/02          0
    7142813307                           O            03/01/32
    0

1

    7608800          N47/G01             F          340,000.00         ZZ
                                         360        336,247.39          1
                                       7.000          2,262.03         77
                                       6.750          2,262.03
    HAYWARD          CA   94545          2            02/04/02         00
    0433706546                           05           04/01/02          0
    20311909                             O            03/01/32
    0

    7609680          Q97/G01             F          344,400.00         ZZ
                                         360        340,598.86          1
                                       7.000          2,291.30         80
                                       6.750          2,291.30
    SUWANEE          GA   30024          2            02/08/02         00
    0433723731                           05           04/01/02          0
    16011366                             O            03/01/32
    0

    7610188          964/G01             F          414,000.00         ZZ
                                         360        409,319.67          1
                                       6.875          2,719.69         79
                                       6.625          2,719.69
    THOUSAND OAKS    CA   91362          2            02/01/02         00
    0433704806                           03           04/01/02          0
    172904                               O            03/01/32
    0

    7614300          964/G01             F          383,000.00         ZZ
                                         360        378,670.13          1
                                       6.875          2,516.04         74
                                       6.625          2,516.04
    GLEN ELLEN       CA   95442          5            02/06/02         00
    0433693405                           05           04/01/02          0
    184866                               O            03/01/32
    0

    7618348          T44/G01             F          172,000.00         ZZ
                                         360        170,146.73          1
                                       7.125          1,158.80         50
                                       6.875          1,158.80
    GRASS VALLEY     CA   95949          2            02/05/02         00
    0433680261                           05           04/01/02          0
    1033943                              O            03/01/32
    0

    7618918          E11/G01             F          590,000.00         ZZ
                                         360        583,518.24          1
                                       7.375          4,074.98         67
                                       7.125          4,074.98
1

    EDINA            MN   55439          1            02/22/02         00
    0433724762                           05           04/01/02          0
    0010001040439                        O            03/01/32
    0

    7622486          964/G01             F          472,000.00         ZZ
                                         360        467,035.94          1
                                       7.250          3,219.87         80
                                       7.000          3,219.87
    SEAL BEACH       CA   90740          1            02/05/02         00
    0433703865                           03           04/01/02          0
    186557                               O            03/01/32
    0

    7623794          964/G01             F          382,400.00         ZZ
                                         360        378,076.91          1
                                       6.875          2,512.10         80
                                       6.625          2,512.10
    COLFAX           CA   95713          2            02/01/02         00
    0433671609                           03           04/01/02          0
    183625                               O            03/01/32
    0

    7624862          E22/G01             F          500,000.00         ZZ
                                         360        494,319.64          1
                                       7.250          3,410.88         55
                                       7.000          3,410.88
    TARZANA          CA   91356          5            01/20/02         00
    0413379116                           05           03/01/02          0
    0413379116                           O            02/01/32
    0

    7625008          E22/G01             F          360,000.00         ZZ
                                         360        354,975.74          1
                                       7.375          2,486.43         65
                                       7.125          2,486.43
    BERKELEY         CA   94707          5            01/17/02         00
    0413542176                           05           03/01/02          0
    0413542176                           O            02/01/32
    0

    7625062          E22/G01             F          477,000.00         ZZ
                                         360        444,723.23          1
                                       7.375          3,294.52         80
                                       7.125          3,294.52
    ROUGH AND READY  CA   95975          2            01/18/02         00
    0413575481                           05           03/01/02          0
    0413575481                           O            02/01/32
    0
1

    7629256          D03/D03             F          500,000.00         ZZ
                                         360        494,347.56          1
                                       6.875          3,284.64         44
                                       6.625          3,284.64
    MENLO PARK       CA   94025          5            02/07/02         00
    1020001529                           05           04/01/02          0
    GULKE1020001529                      O            03/01/32
    0

    7635068          Q99/G01             F          455,000.00         ZZ
                                         360        447,808.59          1
                                       7.250          3,103.90         60
                                       7.000          3,103.90
    CAMBRIDGE        MA   02138          5            01/31/02         00
    0433658408                           05           03/01/02          0
    1                                    O            02/01/32
    0

    7636922          893/G01             F          324,000.00         ZZ
                                         360        320,523.25          1
                                       7.500          2,265.46         80
                                       7.250          2,265.46
    FAIR OAKS        CA   95628          5            02/04/02         00
    0433679230                           05           04/01/02          0
    M11210031                            O            03/01/32
    0

    7639422          P09/G01             F          256,000.00         ZZ
                                         360        252,948.25          1
                                       7.000          1,703.17         65
                                       6.750          1,703.17
    CLIFTON          VA   20124          5            01/25/02         00
    0433670064                           05           03/01/02          0
    R0111191                             O            02/01/32
    0

    7641790          964/G01             F          368,000.00         ZZ
                                         360        361,390.70          1
                                       7.125          2,479.28         80
                                       6.875          2,479.28
    LONG BEACH       CA   90808          1            02/08/02         00
    0433707494                           05           04/01/02          0
    182676                               O            03/01/32
    0

    7641922          T53/G01             F          366,000.00         ZZ
                                         360        362,056.56          1
1

                                       7.125          2,465.81         55
                                       6.875          2,465.81
    CLAREMONT        CA   91711          1            02/01/02         00
    0433670981                           05           04/01/02          0
    31001387                             O            03/01/32
    0

    7646912          E22/G01             F          274,500.00         ZZ
                                         360        270,641.62          1
                                       7.125          1,849.36         90
                                       6.875          1,849.36
    ARGYLE           TX   76226          1            01/29/02         04
    0413400649                           05           03/01/02         25
    0413400649                           O            02/01/32
    0

    7647180          E22/G01             F          362,000.00         ZZ
                                         360        357,570.80          1
                                       6.875          2,378.08         56
                                       6.625          2,378.08
    SAN JOSE         CA   95117          2            01/22/02         00
    0413571399                           05           03/01/02          0
    0413571399                           O            02/01/32
    0

    7653918          F99/G01             F          452,000.00         ZZ
                                         360        446,864.87          1
                                       7.250          3,083.44         80
                                       7.000          3,083.44
    STAMFORD         CT   06903          2            01/24/02         00
    0433679438                           05           03/01/02          0
    4702248517                           O            02/01/32
    0

    7661620          964/G01             F          360,000.00         ZZ
                                         360        355,831.81          1
                                       6.750          2,334.95         80
                                       6.500          2,334.95
    PASADENA         CA   91107          1            02/05/02         00
    0433695145                           05           04/01/02          0
    186456                               O            03/01/32
    0

    7662222          M27/G01             F          443,000.00         ZZ
                                         360        437,981.84          1
                                       6.875          2,910.19         74
                                       6.625          2,910.19
    PITTSBORO        NC   27312          2            02/18/02         00
    0433715117                           09           04/01/02          0
1

    600733632                            O            03/01/32
    0

    7665064          N47/G01             F          453,000.00         ZZ
                                         360        448,235.73          1
                                       7.250          3,090.26         72
                                       7.000          3,090.26
    MONTARA          CA   94037          2            02/06/02         00
    0433707254                           05           04/01/02          0
    20511209                             O            03/01/32
    0

    7665448          Q59/G01             F          396,000.00         ZZ
                                         360        391,733.26          1
                                       7.125          2,667.93         80
                                       6.875          2,667.93
    LA CRESCENTA AR  CA   91214          1            02/07/02         00
    0433706587                           05           04/01/02          0
    400142                               O            03/01/32
    0

    7668150          E22/G01             F          514,500.00         ZZ
                                         360        508,512.22          1
                                       7.125          3,466.28         70
                                       6.875          3,466.28
    FRESNO           CA   93711          5            01/19/02         00
    0413520537                           03           03/01/02          0
    0413520537                           O            02/01/32
    0

    7669572          S43/G01             F          333,101.00         ZZ
                                         360        329,335.23          1
                                       6.875          2,188.24         67
                                       6.625          2,188.24
    PLACITAS         NM   87043          2            02/05/02         00
    0433665783                           05           04/01/02          0
    012267                               O            03/01/32
    0

    7675704          369/G01             F          570,650.00         ZZ
                                         360        564,198.86          1
                                       6.875          3,748.76         78
                                       6.625          3,748.76
    VALPARAISO       IN   46383          2            02/07/02         00
    0433713427                           05           04/01/02          0
    0073528740                           O            03/01/32
    0

1

    7676354          964/G01             F          377,000.00         ZZ
                                         360        372,738.04          1
                                       6.875          2,476.62         69
                                       6.625          2,476.62
    AGOURA HILLS     CA   91301          5            02/05/02         00
    0433694841                           05           04/01/02          0
    184347                               O            03/01/32
    0

    7680356          025/025             F          300,000.00         ZZ
                                         360        295,414.22          1
                                       7.375          2,072.03         72
                                       7.125          2,072.03
    KNOXVILLE        TN   37922          1            09/06/01         00
    0025725698                           05           10/01/01          0
    0025725698                           O            09/01/31
    0

    7680360          025/025             F          536,000.00         ZZ
                                         360        527,103.04          1
                                       7.500          3,747.79         77
                                       7.250          3,747.79
    TALBOTT          TN   37877          2            06/14/01         00
    0025891367                           05           08/01/01          0
    0025891367                           O            07/01/31
    0

    7680362          025/025             F          317,200.00         ZZ
                                         360        312,108.12          1
                                       6.500          2,004.92         80
                                       6.250          2,004.92
    GOODLETTSVILLE   TN   37072          1            11/02/01         00
    0025954082                           03           12/01/01          0
    0025954082                           O            11/01/31
    0

    7680364          025/025             F          297,000.00         ZZ
                                         360        291,820.10          1
                                       7.750          2,127.75         90
                                       7.500          2,127.75
    TOANO            VA   23168          4            04/13/01         12
    0130137797                           03           06/01/01         25
    0130137797                           O            05/01/31
    0

    7680376          025/025             F          546,000.00         ZZ
                                         360        537,852.00          1
                                       7.500          3,817.72         80
                                       7.250          3,817.72
1

    FORT WAYNE       IN   46814          1            08/10/01         00
    0130398167                           03           10/01/01          0
    0130398167                           O            09/01/31
    0

    7680380          025/025             F          290,000.00         ZZ
                                         360        285,711.74          1
                                       7.250          1,978.32         80
                                       7.000          1,978.32
    LEXINGTON        KY   40509          1            09/21/01         00
    0130431141                           03           11/01/01          0
    0130431141                           O            10/01/31
    0

    7680392          025/025             F          308,250.00         ZZ
                                         360        303,692.01          1
                                       7.250          2,102.81         75
                                       7.000          2,102.81
    BURTONSVILLE     MD   20866          1            10/05/01         00
    0138189816                           05           11/01/01          0
    0138189816                           O            10/01/31
    0

    7680398          025/025             F          400,000.00         ZZ
                                         360        389,242.27          1
                                       7.625          2,831.18         58
                                       7.375          2,831.18
    SUNNYVALE        CA   94087          5            01/23/01         00
    0138761952                           05           03/01/01          0
    0138761952                           O            02/01/31
    0

    7680406          025/025             F          361,600.00         ZZ
                                         360        354,338.10          1
                                       7.250          2,466.75         80
                                       7.000          2,466.75
    SAN JOSE         CA   95139          1            03/29/01         00
    0139050074                           05           05/01/01          0
    0139050074                           O            04/01/31
    0

    7680412          025/025             F          500,000.00         ZZ
                                         360        489,835.64          1
                                       7.500          3,496.08         80
                                       7.250          3,496.08
    BELLEVUE         WA   98004          1            04/26/01         00
    0139099311                           05           06/01/01          0
    0139099311                           O            05/01/31
    0
1

    7684282          E76/G01             F          385,000.00         ZZ
                                         360        380,299.12          1
                                       6.875          2,529.18         67
                                       6.625          2,529.18
    BIXBY            OK   74008          2            01/31/02         00
    0433676749                           03           03/01/02          0
    10011544                             O            02/01/32
    0

    7690118          975/G01             F          342,000.00         ZZ
                                         360        338,133.65          1
                                       6.875          2,246.70         80
                                       6.625          2,246.70
    FULLERTON        CA   92833          2            02/05/02         00
    0433713377                           05           04/01/02          0
    2020440                              O            03/01/32
    0

    7700940          E23/G01             F          500,000.00         ZZ
                                         360        494,347.55          1
                                       6.875          3,284.64         46
                                       6.625          3,284.64
    GRANITE BAY      CA   95746          5            02/08/02         00
    0433695269                           03           04/01/02          0
    61002384                             O            03/01/32
    0

    7702708          M27/G01             F          157,000.00         ZZ
                                         360        155,574.40          1
                                       8.000          1,152.01         88
                                       7.750          1,152.01
    CLAYTON          NC   27520          2            02/11/02         14
    0433708138                           05           04/01/02         25
    1                                    O            03/01/32
    0

    7703726          550/550             F        1,000,000.00         ZZ
                                         360        989,173.47          1
                                       7.100          6,720.32         29
                                       6.850          6,720.32
    BEVERLY HILLS    CA   90210          2            01/28/02         00
    1205668930                           05           04/01/02          0
    120566893                            O            03/01/32
    0

    7709226          N47/G01             F          344,000.00         ZZ
                                         360        338,831.19          1
1

                                       7.125          2,317.59         80
                                       6.875          2,317.59
    SAN JOSE         CA   95148          2            02/08/02         00
    0433749819                           05           04/01/02          0
    20311660                             O            03/01/32
    0

    7713372          E22/G01             F          165,000.00         ZZ
                                         360        163,170.35          4
                                       7.375          1,139.61         77
                                       7.125          1,139.61
    NEW ORLEANS      LA   70119          2            01/29/02         00
    0413498361                           05           03/01/02          0
    0413498361                           O            02/01/32
    0

    7713452          E22/G01             F          330,000.00         ZZ
                                         360        326,159.45          1
                                       7.125          2,223.27         66
                                       6.875          2,223.27
    NEWTOWN          CT   06470          2            01/30/02         00
    0413548249                           05           03/01/02          0
    0413548249                           O            02/01/32
    0

    7713512          E22/G01             F          336,000.00         ZZ
                                         360        332,201.53          1
                                       6.875          2,207.28         70
                                       6.625          2,207.28
    BELLEVUE         WA   98008          5            01/28/02         00
    0413574179                           05           04/01/02          0
    0413574179                           O            03/01/32
    0

    7714472          696/G01             F          404,000.00         ZZ
                                         360        399,183.92          1
                                       7.000          2,687.82         80
                                       6.750          2,687.82
    VIENNA           VA   22182          1            02/04/02         00
    0433645678                           03           03/01/02          0
    23602003                             O            02/01/32
    0

    7714672          E82/G01             F          172,000.00         ZZ
                                         360        168,182.03          1
                                       7.000          1,144.32         71
                                       6.750          1,144.32
    SAN CLEMENTE     CA   92672          2            02/01/02         00
    0400559597                           01           04/01/02          0
1

    0400559597                           O            03/01/32
    0

    7714676          E82/G01             F          277,000.00         ZZ
                                         360        271,153.60          1
                                       7.125          1,866.20         53
                                       6.875          1,866.20
    DOBBS FERRY      NY   10522          2            02/01/02         00
    0400560579                           05           03/01/02          0
    0400560579                           O            02/01/32
    0

    7714778          A06/G01             F          128,000.00         ZZ
                                         360        126,210.21          1
                                       7.375            884.07         57
                                       7.125            884.07
    BALDWIN          NY   11510          2            02/14/02         00
    0433707056                           05           04/01/02          0
    1                                    O            03/01/32
    0

    7719892          975/G01             F          360,000.00         ZZ
                                         360        355,929.64          1
                                       6.875          2,364.94         60
                                       6.625          2,364.94
    RANCHO PALOS VE  CA   90275          2            02/05/02         00
    0433717808                           05           04/01/02          0
    2015614                              O            03/01/32
    0

    7733644          964/G01             F          597,500.00         ZZ
                                         360        590,581.97          1
                                       6.750          3,875.37         61
                                       6.500          3,875.37
    TUSTIN           CA   92782          2            02/08/02         00
    0433726916                           05           04/01/02          0
    185317                               O            03/01/32
    0

    7736280          E22/G01             F          174,500.00         ZZ
                                         360        171,526.40          1
                                       7.250          1,190.40         74
                                       7.000          1,190.40
    RONALD           WA   98940          5            01/29/02         00
    0413608266                           03           04/01/02          0
    0413608266                           O            03/01/32
    0

1

    7736638          E82/G01             F          335,900.00         ZZ
                                         360        331,895.73          1
                                       7.000          2,234.75         80
                                       6.750          2,234.75
    ALPHARETTA       GA   30022          2            02/01/02         00
    0400578191                           03           03/01/02          0
    3702114                              O            02/01/32
    0

    7739580          M27/G01             F          538,000.00         ZZ
                                         360        531,770.79          1
                                       6.750          3,489.46         73
                                       6.500          3,489.46
    MOORESVILLE      NC   28117          2            02/08/02         00
    0433686391                           05           04/01/02          0
    600731047                            O            03/01/32
    0

    7741770          D03/D03             F          793,000.00         ZZ
                                         360        783,597.09          1
                                       6.625          5,077.67         65
                                       6.375          5,077.67
    LOS GATOS        CA   95032          5            02/11/02         00
    1010001449                           05           04/01/02          0
    1010001449                           O            03/01/32
    0

    7741942          X31/G01             F          324,000.00         ZZ
                                         360        320,337.18          1
                                       6.875          2,128.45         80
                                       6.625          2,128.45
    HACIENDA HEIGHT  CA   91745          2            02/07/02         00
    0433717972                           05           04/01/02          0
    40100647                             O            03/01/32
    0

    7744648          998/998             F          615,000.00         T
                                         360        606,079.27          1
                                       7.625          4,352.93         75
                                       7.375          4,352.93
    HORSESHOE BAY    TX   78657          1            09/24/01         00
    10221067                             03           11/01/01          0
    0221067                              O            10/01/31
    0

    7744652          998/998             F          600,000.00         T
                                         360        593,020.36          1
                                       7.500          4,195.29         50
                                       7.250          4,195.29
1

    PALM BEACH       FL   33480          1            01/07/02         00
    11805898                             05           02/01/02          0
    1805898                              O            01/01/32
    0

    7744676          998/998             F          568,000.00         ZZ
                                         360        562,696.39          1
                                       8.250          4,267.19         80
                                       8.000          4,267.19
    MADISONVILLE     LA   70433          2            01/07/02         00
    12884454                             05           03/01/02          0
    2884454                              O            02/01/32
    0

    7750326          076/076             F          385,000.00         ZZ
                                         360        379,333.70          1
                                       6.625          2,465.20         84
                                       6.375          2,465.20
    IOWA CITY        IA   52240          2            11/26/01         10
    12134528                             05           01/01/02         12
    2134528                              O            12/01/31
    0

    7750328          076/076             F          534,800.00         ZZ
                                         360        527,614.55          1
                                       6.750          3,468.70         60
                                       6.500          3,468.70
    SIOUX FALLS      SD   57103          2            12/19/01         00
    12139422                             05           02/01/02          0
    2139422                              O            01/01/32
    0

    7750330          076/076             F          280,000.00         ZZ
                                         360        273,905.50          1
                                       6.875          1,839.40         77
                                       6.625          1,839.40
    ORLANDO          FL   32806          2            12/14/01         00
    12151928                             05           02/01/02          0
    2151928                              O            01/01/32
    0

    7750332          076/076             F          468,000.00         ZZ
                                         360        461,561.17          1
                                       6.625          2,996.66         80
                                       6.375          2,996.66
    LITTLE ROCK      AR   72223          2            12/17/01         00
    12177069                             05           02/01/02          0
    2177069                              O            01/01/32
    0
1

    7750344          076/076             F          579,000.00         ZZ
                                         360        569,216.61          1
                                       7.625          4,098.13         80
                                       7.375          4,098.13
    KANSAS CITY      MO   64112          1            07/27/01         00
    12351688                             05           09/01/01          0
    2351688                              O            08/01/31
    0

    7750346          076/076             F          320,000.00         ZZ
                                         360        315,700.42          1
                                       6.750          2,075.52         71
                                       6.500          2,075.52
    WESTPORT         CT   06880          5            12/06/01         00
    12422125                             05           02/01/02          0
    2422125                              O            01/01/32
    0

    7750350          076/076             F          312,000.00         ZZ
                                         360        307,820.47          1
                                       6.875          2,049.62         57
                                       6.625          2,049.62
    EAST HAMPTON     NY   11937          2            12/27/01         00
    12756309                             05           02/01/02          0
    2756309                              O            01/01/32
    0

    7750352          076/076             F          467,250.00         ZZ
                                         360        461,264.28          1
                                       7.000          3,108.63         80
                                       6.750          3,108.63
    ALEDO            TX   76008          1            12/13/01         00
    12764205                             05           02/01/02          0
    2764205                              O            01/01/32
    0

    7750354          076/076             F          333,000.00         ZZ
                                         360        328,136.71          1
                                       7.000          2,215.46         79
                                       6.750          2,215.46
    FUQUAY VARINA    NC   27526          2            10/25/01         00
    12985163                             03           12/01/01          0
    2985163                              O            11/01/31
    0

    7750360          076/076             F          524,000.00         ZZ
                                         360        516,959.52          1
1

                                       6.750          3,398.66         80
                                       6.500          3,398.66
    NEWTOWN          CT   06470          1            12/07/01         00
    13434033                             05           02/01/02          0
    3434033                              O            01/01/32
    0

    7751212          Q59/G01             F          328,000.00         ZZ
                                         360        324,379.89          1
                                       7.000          2,182.19         80
                                       6.750          2,182.19
    BURBANK          CA   91506          2            02/19/02         00
    0433746351                           05           04/01/02          0
    400161                               O            03/01/32
    0

    7758660          E22/G01             F          128,535.00         ZZ
                                         360        127,109.66          1
                                       7.375            887.76         95
                                       7.125            887.76
    EL MIRAGE        AZ   85335          2            01/26/02         04
    0413517764                           03           03/01/02         30
    0413517764                           O            02/01/32
    0

    7758704          E22/G01             F          487,500.00         T
                                         360        481,546.57          1
                                       6.875          3,202.53         75
                                       6.625          3,202.53
    CAYUCOS          CA   93430          1            01/29/02         00
    0413563487                           05           03/01/02          0
    0413563487                           O            02/01/32
    0

    7759322          W93/G01             F          360,000.00         ZZ
                                         360        353,041.09          1
                                       6.750          2,334.96         80
                                       6.500          2,334.96
    SAN JOSE         CA   95136          1            11/28/01         00
    0433694064                           05           01/01/02          0
    20362001                             O            12/01/31
    0

    7759324          W93/G01             F          424,000.00         ZZ
                                         360        417,906.08          1
                                       6.750          2,750.06         79
                                       6.500          2,750.06
    NEWBERG          OR   97132          2            11/28/01         00
    0433691870                           05           01/01/02          0
1

    37343853                             O            12/01/31
    0

    7759344          W93/G01             F          337,500.00         ZZ
                                         360        333,613.64          1
                                       7.500          2,359.85         74
                                       7.250          2,359.85
    SAN DIEGO        CA   92130          5            01/04/02         00
    0433694320                           03           03/01/02          0
    28354721                             O            02/01/32
    0

    7759360          W93/G01             F          388,000.00         ZZ
                                         360        383,592.08          1
                                       7.250          2,646.84         80
                                       7.000          2,646.84
    SAN JOSE         CA   95123          1            01/08/02         00
    0433694270                           05           03/01/02          0
    20362081                             O            02/01/32
    0

    7759380          W93/G01             F          368,800.00         ZZ
                                         360        364,511.32          1
                                       7.250          2,515.87         80
                                       7.000          2,515.87
    SAN DIEGO        CA   92124          1            01/08/02         00
    0433694338                           05           03/01/02          0
    28354895                             O            02/01/32
    0

    7764238          W86/W86             F          405,000.00         ZZ
                                         360        400,171.88          1
                                       7.000          2,694.48         75
                                       6.750          2,694.48
    WHITEFISH        MT   59937          2            01/25/02         00
    760207                               05           03/01/02          0
    760207                               O            02/01/32
    0

    7765322          W86/W86             F          595,000.00         ZZ
                                         360        588,075.27          1
                                       7.125          4,008.63         77
                                       6.875          4,008.63
    WHITEFISH        MT   59937          2            01/25/02         00
    702506                               05           03/01/02          0
    702506                               O            02/01/32
    0

1

    7765774          893/G01             F          584,000.00         ZZ
                                         360        577,195.99          1
                                       6.875          3,836.46         80
                                       6.625          3,836.46
    BURLINGAME       CA   94010          1            02/11/02         00
    0433710472                           05           04/01/02          0
    M20116071                            O            03/01/32
    0

    7766854          964/G01             F          341,000.00         ZZ
                                         360        337,119.63          1
                                       7.000          2,268.68         49
                                       6.750          2,268.68
    NOVATO           CA   94945          2            02/26/02         00
    0433757069                           05           04/01/02          0
    400190077                            O            03/01/32
    0

    7767334          H58/G01             F          347,000.00         ZZ
                                         360        342,513.28          1
                                       6.875          2,279.54         70
                                       6.625          2,279.54
    FEDERAL WAY      WA   98023          2            01/18/02         00
    0433643764                           05           03/01/02          0
    0000087294                           O            02/01/32
    0

    7768902          964/G01             F          458,000.00         ZZ
                                         360        452,944.98          1
                                       7.000          3,047.09         54
                                       6.750          3,047.09
    NEWPORT BEACH    CA   92660          2            02/06/02         00
    0433713880                           05           04/01/02          0
    184384                               O            03/01/32
    0

    7776098          B57/G01             F          593,000.00         ZZ
                                         360        586,296.09          1
                                       6.875          3,895.59         75
                                       6.625          3,895.59
    LOS ANGELES      CA   90046          2            02/11/02         00
    0433716610                           05           04/01/02          0
    2118969                              O            03/01/32
    0

    7778826          W86/W86             F          435,000.00         ZZ
                                         360        429,814.26          1
                                       7.000          2,894.07         75
                                       6.750          2,894.07
1

    GILLETTE         WY   82718          2            01/30/02         00
    500845                               05           03/01/02          0
    500845                               O            02/01/32
    0

    7781116          E82/G01             F          205,400.00         ZZ
                                         360        202,480.32          1
                                       6.875          1,349.33         77
                                       6.625          1,349.33
    WOODBURY         CT   06798          2            02/04/02         00
    0400578217                           05           04/01/02          0
    3693357                              O            03/01/32
    0

    7781180          E82/G01             F          326,000.00         ZZ
                                         360        322,401.88          1
                                       7.000          2,168.89         77
                                       6.750          2,168.89
    UPLAND           CA   91786          2            02/05/02         00
    0400579876                           05           04/01/02          0
    1987426                              O            03/01/32
    0

    7783782          N47/G01             F          566,500.00         ZZ
                                         360        560,095.74          1
                                       6.875          3,721.50         62
                                       6.625          3,721.50
    CHULA VISTA      CA   91910          2            02/12/02         00
    0433718244                           03           04/01/02          0
    30112068                             O            03/01/32
    0

    7785984          952/G01             F          582,000.00         ZZ
                                         360        575,729.16          1
                                       7.125          3,921.05         69
                                       6.875          3,921.05
    DEMAREST         NJ   07627          2            02/01/02         00
    0433661295                           05           04/01/02          0
    20014671                             O            03/01/32
    0

    7787686          S43/G01             F          129,500.00         ZZ
                                         360        128,036.05          1
                                       6.875            850.72         70
                                       6.625            850.72
    RANCHOS DE TAOS  NM   87558          1            02/20/02         00
    0433710068                           05           04/01/02          0
    020094                               O            03/01/32
    0
1

    7793744          A39/G01             F          475,000.00         ZZ
                                         360        469,630.14          1
                                       6.875          3,120.41         70
                                       6.625          3,120.41
    SIMI VALLEY      CA   93065          1            02/19/02         00
    0433702792                           03           04/01/02          0
    2200147                              O            03/01/32
    0

    7796526          313/G01             F          650,000.00         ZZ
                                         360        622,969.01          1
                                       6.750          4,215.89         60
                                       6.500          4,215.89
    TOWSON           MD   21204          1            01/01/02         00
    0433662582                           05           02/01/02          0
    8495004                              O            01/01/32
    0

    7796530          313/G01             F          368,000.00         ZZ
                                         360        362,710.81          1
                                       6.750          2,386.85         80
                                       6.500          2,386.85
    DALLAS           TX   75208          1            11/19/01         00
    0433678885                           05           01/01/02          0
    8444978                              O            12/01/31
    0

    7796542          313/G01             F          355,000.00         ZZ
                                         360        350,342.37          1
                                       6.875          2,332.10         79
                                       6.625          2,332.10
    LEESBURG         VA   20176          5            12/11/01         00
    0433681525                           03           02/01/02          0
    8414872                              O            01/01/32
    0

    7796544          313/G01             F          286,000.00         ZZ
                                         360        269,029.45          1
                                       6.875          1,878.82         55
                                       6.625          1,878.82
    LOS ANGELES      CA   91304          5            11/21/01         00
    0433679404                           03           01/01/02          0
    8439481                              O            12/01/31
    0

    7796548          313/G01             F          457,000.00         ZZ
                                         360        450,859.73          1
1

                                       6.750          2,964.10         80
                                       6.500          2,964.10
    ROCKVILLE        MD   20850          2            12/14/01         00
    0433675337                           03           02/01/02          0
    8490278                              O            01/01/32
    0

    7796560          313/G01             F          391,000.00         ZZ
                                         360        384,647.53          1
                                       6.750          2,536.02         80
                                       6.500          2,536.02
    AUDUBON          PA   19403          2            11/29/01         00
    0433667961                           03           01/01/02          0
    8470601                              O            12/01/31
    0

    7796562          313/G01             F          385,000.00         ZZ
                                         360        379,827.09          1
                                       6.750          2,497.11         72
                                       6.500          2,497.11
    CHESTERFIELD     VA   23838          5            12/12/01         00
    0433668399                           05           02/01/02          0
    0008492928                           O            01/01/32
    0

    7796574          313/G01             F          320,000.00         ZZ
                                         360        315,365.97          1
                                       6.750          2,075.52         76
                                       6.500          2,075.52
    ALPHARETTA       GA   30005          5            11/30/01         00
    0433674280                           03           01/01/02          0
    0008471674                           O            12/01/31
    0

    7796576          313/G01             F          975,000.00         ZZ
                                         360        962,807.97          1
                                       6.750          6,323.84         65
                                       6.500          6,323.84
    HUNTINGTON BEAC  CA   92649          1            01/11/02         00
    0433675667                           03           03/01/02          0
    0008553109                           O            02/01/32
    0

    7796588          313/G01             F          328,300.00         ZZ
                                         360        324,472.27          1
                                       7.500          2,295.53         76
                                       7.250          2,295.53
    WILTON           CT   06897          2            12/03/01         00
    0433676350                           05           02/01/02          0
1

    8481665                              O            01/01/32
    0

    7796594          313/G01             F          349,000.00         ZZ
                                         360        344,180.25          1
                                       6.875          2,292.69         50
                                       6.625          2,292.69
    POTOMAC          MD   20854          2            12/06/01         00
    0433673399                           03           02/01/02          0
    8496382                              O            01/01/32
    0

    7796614          313/G01             F          396,000.00         ZZ
                                         360        390,442.00          1
                                       6.875          2,601.44         75
                                       6.625          2,601.44
    LEXINGTON        MA   02421          2            12/03/01         00
    0433668886                           05           01/01/02          0
    0008482630                           O            12/01/31
    0

    7796616          313/G01             F          450,000.00         ZZ
                                         360        442,561.72          1
                                       6.500          2,844.31         56
                                       6.250          2,844.31
    WELLESLEY HILLS  MA   02481          5            11/26/01         00
    0433676152                           05           01/01/02          0
    0008463580                           O            12/01/31
    0

    7796620          313/G01             F          330,000.00         ZZ
                                         360        323,364.20          1
                                       7.125          2,223.28         64
                                       6.875          2,223.28
    AUSTIN           TX   78746          2            12/12/01         00
    0433670320                           03           02/01/02          0
    8506511                              O            01/01/32
    0

    7796634          313/G01             F          345,750.00         ZZ
                                         360        341,104.53          1
                                       6.750          2,242.53         75
                                       6.500          2,242.53
    BOYDS            MD   20841          5            12/06/01         00
    0433668423                           05           02/01/02          0
    8443657                              O            01/01/32
    0

1

    7796642          313/G01             F          399,000.00         ZZ
                                         360        392,589.92          1
                                       6.750          2,587.91         70
                                       6.500          2,587.91
    WOODLAND HILLS   CA   91367          1            11/16/01         00
    0433692811                           05           01/01/02          0
    8471302                              O            12/01/31
    0

    7796644          313/G01             F          573,050.00         ZZ
                                         360        564,591.33          1
                                       6.875          3,764.54         80
                                       6.625          3,764.54
    SHREWSBURY       MA   01545          1            01/09/02         00
    0433664018                           05           03/01/02          0
    8311185                              O            02/01/32
    0

    7796646          313/G01             F          311,450.00         ZZ
                                         360        304,609.73          1
                                       6.750          2,020.06         70
                                       6.500          2,020.06
    BRANFORD         CT   06405          5            12/07/01         00
    0433675402                           05           02/01/02          0
    0008435539                           O            01/01/32
    0

    7796656          313/G01             F          420,000.00         ZZ
                                         360        414,747.99          1
                                       6.750          2,724.12         50
                                       6.500          2,724.12
    WILTON           CT   06897          2            01/14/02         00
    0433670692                           05           03/01/02          0
    0008524571                           O            02/01/32
    0

    7796660          313/G01             F          560,000.00         ZZ
                                         360        552,475.92          1
                                       6.750          3,632.15         68
                                       6.500          3,632.15
    SAN MARTIN       CA   95046          5            12/10/01         00
    0433665452                           05           02/01/02          0
    8452674                              O            01/01/32
    0

    7796670          313/G01             F          390,000.00         ZZ
                                         360        384,750.93          1
                                       6.750          2,529.54         60
                                       6.500          2,529.54
1

    GREAT BARRINGTO  MA   01230          5            12/13/01         00
    0433654522                           05           02/01/02          0
    0008448037                           O            01/01/32
    0

    7796672          313/G01             F          335,000.00         ZZ
                                         360        325,966.41          1
                                       6.750          2,172.81         79
                                       6.500          2,172.81
    EDMONDS          WA   98020          5            11/26/01         00
    0433679131                           05           01/01/02          0
    0008462699                           O            12/01/31
    0

    7796686          313/G01             F          445,000.00         ZZ
                                         360        426,488.86          1
                                       6.625          2,849.39         69
                                       6.375          2,849.39
    VIRGINIA BEACH   VA   23454          2            12/07/01         00
    0433653094                           05           02/01/02          0
    8471203                              O            01/01/32
    0

    7796688          313/G01             F          336,000.00         ZZ
                                         360        331,284.01          1
                                       6.875          2,207.29         62
                                       6.625          2,207.29
    WOODBRIDGE       VA   22192          5            11/28/01         00
    0433662517                           03           01/01/02          0
    8471559                              O            12/01/31
    0

    7803368          E22/G01             F          339,000.00         ZZ
                                         360        332,069.23          1
                                       7.250          2,312.58         72
                                       7.000          2,312.58
    HOLLISTER        CA   95023          2            01/28/02         00
    0413521840                           05           03/01/02          0
    0413521840                           O            02/01/32
    0

    7803390          E22/G01             F          200,000.00         ZZ
                                         360        197,615.87          1
                                       7.000          1,330.60         73
                                       6.750          1,330.60
    CENTENNIAL       CO   80015          5            01/24/02         00
    0413541772                           03           03/01/02          0
    0413541772                           O            02/01/32
    0
1

    7803430          E22/G01             F          480,000.00         ZZ
                                         360        474,573.59          1
                                       6.875          3,153.26         80
                                       6.625          3,153.26
    FRISCO           TX   75034          1            02/08/02         00
    0413573643                           03           04/01/02          0
    0413573643                           O            03/01/32
    0

    7803472          E22/G01             F          117,600.00         ZZ
                                         360        116,270.52          1
                                       6.875            772.55         80
                                       6.625            772.55
    JACKSONVILLE     FL   32244          1            02/08/02         00
    0413609439                           03           04/01/02          0
    0413609439                           O            03/01/32
    0

    7809558          964/G01             F          385,000.00         ZZ
                                         360        374,918.76          1
                                       7.000          2,561.41         60
                                       6.750          2,561.41
    FULLERTON        CA   92831          2            02/27/02         00
    0433758463                           05           04/01/02          0
    191384                               O            03/01/32
    0

    7811134          E11/G01             F          357,700.00         ZZ
                                         360        353,752.00          1
                                       7.000          2,379.79         72
                                       6.750          2,379.79
    CHANHASSEN       MN   55317          2            02/21/02         00
    0433724036                           05           04/01/02          0
    0003001028074                        O            03/01/32
    0

    7813702          964/G01             F          340,000.00         ZZ
                                         360        334,966.71          1
                                       6.875          2,233.56         76
                                       6.625          2,233.56
    SEAL BEACH       CA   90740          1            02/19/02         00
    0433727278                           05           04/01/02          0
    191304                               O            03/01/32
    0

    7820922          950/G01             F          980,000.00         ZZ
                                         360        969,183.64          1
1

                                       7.000          6,519.97         70
                                       6.750          6,519.97
    REDMOND          WA   98053          2            02/14/02         00
    0433713401                           05           04/01/02          0
    E1202045                             O            03/01/32
    0

    7826096          E22/G01             F          275,000.00         ZZ
                                         360        271,739.18          1
                                       6.625          1,760.86         58
                                       6.375          1,760.86
    SAN MARCOS       CA   92069          5            02/01/02         00
    0413344441                           05           04/01/02          0
    0413344441                           O            03/01/32
    0

    7826160          E22/G01             F          180,000.00         ZZ
                                         360        178,013.38          1
                                       7.000          1,197.54         80
                                       6.750          1,197.54
    CORONA           CA   92879          2            01/30/02         00
    0413516584                           05           04/01/02          0
    0413516584                           O            03/01/32
    0

    7826244          E22/G01             F          385,000.00         ZZ
                                         360        380,647.51          1
                                       6.875          2,529.18         65
                                       6.625          2,529.18
    LOS ANGELES      CA   90068          2            01/31/02         00
    0413567660                           05           04/01/02          0
    0413567660                           O            03/01/32
    0

    7826260          E22/G01             F          356,000.00         ZZ
                                         360        351,878.09          1
                                       6.750          2,309.01         68
                                       6.500          2,309.01
    LAKE WORTH       FL   33467          2            02/06/02         00
    0413581646                           03           04/01/02          0
    0413581646                           O            03/01/32
    0

    7826270          E22/G01             F          888,000.00         ZZ
                                         360        877,718.39          1
                                       6.750          5,759.55         30
                                       6.500          5,759.55
    MALIBU           CA   90265          2            01/30/02         00
    0413587395                           05           04/01/02          0
1

    0413587395                           O            03/01/32
    0

    7831396          964/G01             F          345,000.00         ZZ
                                         360        341,192.27          1
                                       7.000          2,295.29         56
                                       6.750          2,295.29
    SAN RAFAEL       CA   94903          2            02/22/02         00
    0433745148                           05           04/01/02          0
    400188309                            O            03/01/32
    0

    7831728          975/G01             F          388,000.00         ZZ
                                         360        383,717.69          1
                                       7.000          2,581.37         71
                                       6.750          2,581.37
    ARCADIA          CA   91007          2            02/01/02         00
    0433705480                           05           04/01/02          0
    2020315                              O            03/01/32
    0

    7837338          E23/G01             F          230,000.00         ZZ
                                         360        226,310.15          1
                                       6.875          1,510.94         55
                                       6.625          1,510.94
    SAN FRANCISCO    CA   94134          5            02/21/02         00
    0433746393                           07           04/01/02          0
    61004501                             O            03/01/32
    0

    7841948          S11/G01             F          301,600.00         ZZ
                                         360        297,090.57          1
                                       7.000          2,006.55         78
                                       6.750          2,006.55
    ORANGE           CA   92866          2            10/25/01         00
    0433733219                           05           12/01/01          0
    10205073                             O            11/01/31
    0

    7844380          L96/G01             F          399,950.00         ZZ
                                         360        395,640.71          1
                                       7.125          2,694.54         75
                                       6.875          2,694.54
    TRACY            CA   95391          1            02/12/02         00
    0433721446                           05           04/01/02          0
    0538414                              O            03/01/32
    0

1

    7846996          E22/G01             F          110,647.00         ZZ
                                         360        109,487.22          1
                                       7.750            792.69         74
                                       7.500            792.69
    SARASOTA         FL   34231          2            02/07/02         00
    0413017682                           05           04/01/02          0
    0413017682                           O            03/01/32
    0

    7847078          E22/G01             F          360,000.00         ZZ
                                         360        355,674.05          1
                                       6.750          2,334.95         56
                                       6.500          2,334.95
    WEST BLOOMFIELD  MI   48322          5            02/07/02         00
    0413570755                           05           04/01/02          0
    0413570755                           O            03/01/32
    0

    7847102          E22/G01             F          495,000.00         ZZ
                                         360        489,268.71          1
                                       6.750          3,210.56         16
                                       6.500          3,210.56
    WELLESLEY HILLS  MA   02481          2            02/07/02         00
    0413585753                           05           04/01/02          0
    0413585753                           O            03/01/32
    0

    7847172          E22/G01             F          340,000.00         ZZ
                                         360        336,063.38          1
                                       6.750          2,205.23         50
                                       6.500          2,205.23
    SEBASTOPOL       CA   95472          5            02/06/02         00
    0413636226                           05           04/01/02          0
    0413636226                           O            03/01/32
    0

    7847538          F44/G01             F          395,000.00         ZZ
                                         360        389,817.59          1
                                       6.875          2,594.87         78
                                       6.625          2,594.87
    ARLINGTON        VA   22204          2            12/21/01         00
    0433716172                           05           02/01/02          0
    ARLINGTON                            O            01/01/32
    0

    7848406          313/G01             F          383,000.00         ZZ
                                         360        377,996.64          1
                                       7.250          2,612.74         80
                                       7.000          2,612.74
1

    BURLINGTON       MA   01803          2            12/03/01         00
    0433675113                           05           01/01/02          0
    0008424707                           O            12/01/31
    0

    7848418          313/G01             F          530,000.00         ZZ
                                         360        520,822.60          1
                                       6.875          3,481.73         56
                                       6.625          3,481.73
    MCLEAN           VA   22101          2            11/29/01         00
    0433673944                           05           01/01/02          0
    0008477671                           O            12/01/31
    0

    7848422          313/G01             F          369,000.00         ZZ
                                         360        363,696.52          1
                                       6.750          2,393.33         61
                                       6.500          2,393.33
    CHICAGO          IL   60630          2            11/28/01         00
    0433675931                           05           01/01/02          0
    8394983                              O            12/01/31
    0

    7848424          313/G01             F          686,250.00         ZZ
                                         360        677,246.34          1
                                       6.875          4,508.18         59
                                       6.625          4,508.18
    FLOWER MOUND     TX   75022          2            12/07/01         00
    0433679073                           03           02/01/02          0
    0008506628                           O            01/01/32
    0

    7848426          313/G01             F          400,000.00         ZZ
                                         360        394,625.55          1
                                       6.750          2,594.40         59
                                       6.500          2,594.40
    STAMFORD         CT   06903          2            12/12/01         00
    0433676194                           05           02/01/02          0
    850744                               O            01/01/32
    0

    7848428          313/G01             F          424,400.00         ZZ
                                         360        418,443.40          1
                                       6.875          2,788.01         59
                                       6.625          2,788.01
    THOUSAND OAKS    CA   91362          5            11/21/01         00
    0433674389                           05           01/01/02          0
    0008432544                           O            12/01/31
    0
1

    7848440          313/G01             F          375,000.00         ZZ
                                         360        367,603.30          1
                                       6.625          2,401.17         47
                                       6.375          2,401.17
    FORT WASHINGTON  PA   19034          2            12/04/01         00
    0433675709                           05           01/01/02          0
    8477069                              O            12/01/31
    0

    7848460          313/G01             F          350,000.00         ZZ
                                         360        344,036.66          1
                                       6.750          2,270.10         76
                                       6.500          2,270.10
    LAGUNA NIGUEL    CA   92677          2            11/29/01         00
    0433670965                           03           01/01/02          0
    8425134                              O            12/01/31
    0

    7848504          N28/G01             F          332,250.00         ZZ
                                         360        328,582.91          1
                                       7.000          2,210.47         75
                                       6.750          2,210.47
    PORTLAND         OR   97221          5            02/05/02         00
    0433695541                           05           04/01/02          0
    26854                                O            03/01/32
    0

    7848616          E82/G01             F          418,000.00         ZZ
                                         360        413,386.57          1
                                       7.000          2,780.96         35
                                       6.750          2,780.96
    LITTLE COMPTON   RI   02837          2            02/08/02         00
    0400578928                           05           04/01/02          0
    0400578928                           O            03/01/32
    0

    7852252          196/196             F          600,000.00         ZZ
                                         360        592,848.98          1
                                       7.375          4,144.06         80
                                       7.125          4,144.06
    LIVERMORE        CA   94550          1            12/28/01         00
    1482952                              05           02/01/02          0
    1482952                              O            01/01/32
    0

    7858266          E87/G01             F          388,000.00         ZZ
                                         360        383,613.71          1
1

                                       6.875          2,548.88         80
                                       6.625          2,548.88
    GOLETA           CA   93117          1            02/19/02         00
    0433733409                           05           04/01/02          0
    70004015                             O            03/01/32
    0

    7866514          964/G01             F          344,000.00         ZZ
                                         360        340,293.62          1
                                       7.125          2,317.59         80
                                       6.875          2,317.59
    LOS ANGELES      CA   90034          1            02/19/02         00
    0433734407                           05           04/01/02          0
    186441                               O            03/01/32
    0

    7873626          E22/G01             F          630,000.00         ZZ
                                         360        623,046.61          1
                                       7.000          4,191.41         66
                                       6.750          4,191.41
    BROOKLYN         NY   11233          5            02/08/02         00
    0412617409                           05           04/01/02          0
    0412617409                           O            03/01/32
    0

    7873642          E22/G01             F          146,000.00         ZZ
                                         360        144,259.57          1
                                       7.000            971.34         88
                                       6.750            971.34
    CHICO            CA   95926          2            01/28/02         04
    0413367848                           05           03/01/02         25
    0413367848                           O            02/01/32
    0

    7873742          E22/G01             F          775,000.00         ZZ
                                         360        766,238.59          1
                                       6.875          5,091.20         25
                                       6.625          5,091.20
    LOS ANGELES      CA   90049          2            01/30/02         00
    0413568429                           03           04/01/02          0
    0413568429                           O            03/01/32
    0

    7873744          E22/G01             F          465,000.00         ZZ
                                         360        458,065.17          1
                                       6.750          3,015.98         60
                                       6.500          3,015.98
    SPOKANE          WA   99223          2            02/06/02         00
    0413570805                           05           04/01/02          0
1

    0413570805                           O            03/01/32
    0

    7873746          E22/G01             F          152,000.00         ZZ
                                         360        150,281.66          1
                                       6.875            998.53         95
                                       6.625            998.53
    CORONA           CA   92881          2            02/06/02         04
    0413571001                           05           04/01/02         30
    0413571001                           O            03/01/32
    0

    7873752          E22/G01             F          357,750.00         ZZ
                                         360        353,112.44          1
                                       6.625          2,290.71         58
                                       6.375          2,290.71
    GREENVILLE       SC   29605          5            02/08/02         00
    0413575333                           03           04/01/02          0
    0413575333                           O            03/01/32
    0

    7873768          E22/G01             F          324,000.00         ZZ
                                         360        320,337.18          1
                                       6.875          2,128.45         54
                                       6.625          2,128.45
    STUDIO CITY      CA   91604          2            02/05/02         00
    0413583626                           05           04/01/02          0
    0413583626                           O            03/01/32
    0

    7873770          E22/G01             F          384,000.00         ZZ
                                         360        379,294.81          1
                                       6.750          2,490.62         77
                                       6.500          2,490.62
    EVERETT          WA   98203          2            02/08/02         00
    0413584681                           05           04/01/02          0
    0413584681                           O            03/01/32
    0

    7873772          E22/G01             F          375,000.00         ZZ
                                         360        370,861.17          1
                                       7.000          2,494.88         59
                                       6.750          2,494.88
    VERO BEACH       FL   32963          5            02/08/02         00
    0413584913                           03           04/01/02          0
    0413584913                           O            03/01/32
    0

1

    7873806          E22/G01             F          325,500.00         ZZ
                                         360        319,711.16          1
                                       7.250          2,220.48         70
                                       7.000          2,220.48
    DALLAS           TX   75208          5            02/08/02         00
    0413606278                           05           04/01/02          0
    0413606278                           O            03/01/32
    0

    7875016          F28/G01             F          358,600.00         ZZ
                                         360        353,566.89          1
                                       6.875          2,355.75         77
                                       6.625          2,355.75
    RURAL HALL       NC   27045          2            11/28/01         00
    0433695798                           05           01/01/02          0
    7806561                              O            12/01/31
    0

    7875026          F28/G01             F          472,800.00         ZZ
                                         360        465,334.92          1
                                       6.250          2,911.11         80
                                       6.000          2,911.11
    LA QUINTA        CA   92253          1            11/15/01         00
    0433681608                           03           01/01/02          0
    7785433                              O            12/01/31
    0

    7875036          F28/G01             F          340,000.00         ZZ
                                         360        335,192.39          1
                                       6.750          2,205.23         75
                                       6.500          2,205.23
    JUPITER          FL   33458          5            12/07/01         00
    0433683299                           05           02/01/02          0
    7798410                              O            01/01/32
    0

    7875262          313/G01             F          453,850.00         ZZ
                                         360        448,840.79          1
                                       7.000          3,019.48         80
                                       6.750          3,019.48
    FLOWERY BRANCH   GA   30542          1            02/25/02         00
    0433755980                           03           04/01/02          0
    0008599078                           O            03/01/32
    0

    7876042          E82/G01             F          301,500.00         ZZ
                                         360        298,479.57          1
                                       7.500          2,108.13         57
                                       7.250          2,108.13
1

    FRISCO           TX   75034          2            02/11/02         00
    0400576989                           05           04/01/02          0
    3944017                              O            03/01/32
    0

    7876048          E82/G01             F          163,400.00         ZZ
                                         360        161,243.24          1
                                       6.875          1,073.42         78
                                       6.625          1,073.42
    LAKEWOOD         CA   90712          2            02/07/02         00
    0400580874                           05           04/01/02          0
    7105562                              O            03/01/32
    0

    7876050          E82/G01             F          332,000.00         ZZ
                                         360        318,149.53          1
                                       7.000          2,208.80         63
                                       6.750          2,208.80
    LEWISVILLE       NC   27023          2            02/08/02         00
    0400580577                           03           04/01/02          0
    1986146                              O            03/01/32
    0

    7876058          E82/G01             F          391,200.00         ZZ
                                         360        386,851.63          1
                                       7.125          2,635.59         80
                                       6.875          2,635.59
    MONTEREY         CA   93940          2            02/06/02         00
    0400566527                           05           04/01/02          0
    0400566527                           O            03/01/32
    0

    7883798          H12/G01             F          647,500.00         ZZ
                                         360        640,690.19          1
                                       7.250          4,417.09         70
                                       7.000          4,417.09
    SHAWNEE          KS   66218          1            02/07/02         00
    0433706413                           03           04/01/02          0
    0800015528755                        O            03/01/32
    0

    7885378          696/G01             F          600,000.00         ZZ
                                         360        592,687.02          1
                                       6.625          3,841.87         75
                                       6.375          3,841.87
    LEESBURG         VA   20175          1            02/13/02         00
    0433688686                           05           04/01/02          0
    24402010                             O            03/01/32
    0
1

    7890460          E22/G01             F          316,200.00         ZZ
                                         360        312,188.81          1
                                       6.875          2,077.21         79
                                       6.625          2,077.21
    COSTA MESA       CA   92627          2            02/05/02         00
    0413254715                           05           04/01/02          0
    0413254715                           O            03/01/32
    0

    7890480          E22/G01             F          260,000.00         ZZ
                                         360        257,130.33          1
                                       7.000          1,729.79         60
                                       6.750          1,729.79
    MILPITAS         CA   95035          5            02/04/02         00
    0413457847                           05           04/01/02          0
    0413457847                           O            03/01/32
    0

    7890542          E22/G01             F          640,000.00         ZZ
                                         360        632,764.86          1
                                       6.875          4,204.34         64
                                       6.625          4,204.34
    SHERMAN OAKS     CA   91403          2            02/01/02         00
    0413564410                           05           04/01/02          0
    0413564410                           O            03/01/32
    0

    7890544          E22/G01             F          320,000.00         ZZ
                                         360        316,382.42          1
                                       6.875          2,102.17         80
                                       6.625          2,102.17
    ELLICOTT CITY    MD   21043          2            02/08/02         00
    0413564766                           03           04/01/02          0
    0413564766                           O            03/01/32
    0

    7890568          E22/G01             F          325,000.00         ZZ
                                         360        320,725.28          1
                                       7.000          2,162.23         78
                                       6.750          2,162.23
    FRESNO           CA   93711          2            02/06/02         00
    0413584525                           05           04/01/02          0
    0413584525                           O            03/01/32
    0

    7890602          E22/G01             F          552,000.00         ZZ
                                         360        545,759.58          1
1

                                       6.875          3,626.25         80
                                       6.625          3,626.25
    BRADBURY         CA   91010          1            02/07/02         00
    0413601667                           03           04/01/02          0
    0413601667                           O            03/01/32
    0

    7890612          E22/G01             F          392,050.00         ZZ
                                         360        387,825.92          1
                                       7.125          2,641.31         70
                                       6.875          2,641.31
    MOUNTAIN VIEW    CA   94043          5            02/01/02         00
    0413611005                           05           04/01/02          0
    0413611005                           O            03/01/32
    0

    7890614          E22/G01             F          620,000.00         ZZ
                                         360        613,156.97          1
                                       7.000          4,124.88         12
                                       6.750          4,124.88
    MONTE SERENO     CA   95030          2            02/04/02         00
    0413611708                           05           04/01/02          0
    0413611708                           O            03/01/32
    0

    7890634          E22/G01             F          128,800.00         ZZ
                                         360        127,308.76          1
                                       6.750            835.39         80
                                       6.500            835.39
    KAUFMAN          TX   75142          5            02/08/02         00
    0413630591                           05           04/01/02          0
    0413630591                           O            03/01/32
    0

    7890646          E22/G01             F          345,000.00         ZZ
                                         360        341,076.92          1
                                       6.875          2,266.40         75
                                       6.625          2,266.40
    CHEYENNE         WY   82009          1            02/14/02         00
    0413637091                           05           04/01/02          0
    0413637091                           O            03/01/32
    0

    7890658          E22/G01             F          341,600.00         ZZ
                                         360        336,644.91          1
                                       6.875          2,244.07         70
                                       6.625          2,244.07
    ORANGE           CA   92867          5            02/08/02         00
    0413655119                           05           04/01/02          0
1

    0413655119                           O            03/01/32
    0

    7891716          E82/G01             F          473,500.00         ZZ
                                         360        468,520.20          1
                                       7.250          3,230.10         70
                                       7.000          3,230.10
    VIENNA           VA   22182          2            02/08/02         00
    0400580783                           03           04/01/02          0
    2642467                              O            03/01/32
    0

    7898556          964/G01             F          313,000.00         ZZ
                                         360        309,545.35          1
                                       7.000          2,082.40         74
                                       6.750          2,082.40
    SAN JOSE         CA   95122          2            02/19/02         00
    0433743747                           05           04/01/02          0
    400188056                            O            03/01/32
    0

    7898966          225/G01             F          307,500.00         ZZ
                                         360        301,432.71          1
                                       6.250          1,893.33         75
                                       6.000          1,893.33
    VERONA           NJ   07044          5            12/20/01         00
    0433724465                           03           02/01/02          0
    006207276                            O            01/01/32
    0

    7898972          225/G01             F          650,000.00         ZZ
                                         360        642,253.19          1
                                       7.375          4,489.39         76
                                       7.125          4,489.39
    BONITA SPRING    FL   34134          1            12/10/01         00
    0433724556                           05           02/01/02          0
    006510820                            O            01/01/32
    0

    7898990          225/G01             F          376,700.00         ZZ
                                         360        371,662.73          1
                                       7.125          2,537.90         68
                                       6.875          2,537.90
    BERNARDS TOWN    NJ   07920          2            12/19/01         00
    0433693413                           05           02/01/02          0
    006561361                            O            01/01/32
    0

1

    7898994          225/G01             F          374,925.00         ZZ
                                         360        367,079.66          1
                                       6.250          2,308.48         75
                                       6.000          2,308.48
    LEBANON TWP      NJ   08826          1            12/20/01         00
    0433724804                           05           02/01/02          0
    006561681                            O            01/01/32
    0

    7899000          225/G01             F          520,000.00         ZZ
                                         360        512,095.83          1
                                       6.875          3,416.03         55
                                       6.625          3,416.03
    STAMFORD         CT   06902          2            12/21/01         00
    0433724820                           05           02/01/02          0
    006562752                            O            01/01/32
    0

    7899002          225/G01             F          430,000.00         ZZ
                                         360        424,358.45          1
                                       6.875          2,824.79         70
                                       6.625          2,824.79
    LARCHMONT        NY   10538          2            12/21/01         00
    0433724903                           05           02/01/02          0
    006562764                            O            01/01/32
    0

    7899008          225/G01             F          400,100.00         ZZ
                                         360        394,850.75          1
                                       6.875          2,628.37         67
                                       6.625          2,628.37
    FAIRFIELD        CT   06430          1            12/28/01         00
    0433724952                           03           02/01/02          0
    006564412                            O            01/01/32
    0

    7899012          225/G01             F          424,000.00         ZZ
                                         360        414,092.32          1
                                       6.250          2,610.64         66
                                       6.000          2,610.64
    PURCELLVILLE     VA   20132          1            12/14/01         00
    0433695368                           05           02/01/02          0
    006564681                            O            01/01/32
    0

    7899030          225/G01             F          321,300.00         ZZ
                                         360        316,367.64          1
                                       7.000          2,137.62         90
                                       6.750          2,137.62
1

    CUSHING          MN   56443          1            12/04/01         10
    0433725173                           05           02/01/02         25
    007301678                            O            01/01/32
    0

    7899054          225/G01             F          350,000.00         T
                                         360        344,832.67          1
                                       6.250          2,155.02         54
                                       6.000          2,155.02
    TAVERNIER        FL   33070          2            12/14/01         00
    0433725132                           05           02/01/02          0
    007321670                            O            01/01/32
    0

    7899058          225/G01             F          421,600.00         ZZ
                                         360        414,469.10          1
                                       6.875          2,769.62         80
                                       6.625          2,769.62
    LINCOLNWOOD      IL   60712          2            12/19/01         00
    0433724861                           05           02/01/02          0
    007322306                            O            01/01/32
    0

    7899074          225/G01             F          373,000.00         ZZ
                                         360        367,868.23          1
                                       6.625          2,388.36         63
                                       6.375          2,388.36
    CUYAHOGA FALL    OH   44223          2            12/13/01         00
    0433692233                           05           02/01/02          0
    007325481                            O            01/01/32
    0

    7899076          225/G01             F          408,000.00         ZZ
                                         360        402,115.92          1
                                       6.375          2,545.39         71
                                       6.125          2,545.39
    EVERGREEN        CO   80439          5            12/21/01         00
    0433725116                           05           02/01/02          0
    007326112                            O            01/01/32
    0

    7899078          225/G01             F          353,600.00         ZZ
                                         360        348,848.98          1
                                       6.750          2,293.45         80
                                       6.500          2,293.45
    VIENNA           VA   22182          2            12/20/01         00
    0433725041                           03           02/01/02          0
    007326485                            O            01/01/32
    0
1

    7899080          225/G01             F          543,000.00         ZZ
                                         360        535,704.31          1
                                       6.750          3,521.89         62
                                       6.500          3,521.89
    REDDING          CT   06896          2            12/17/01         00
    0433700994                           03           02/01/02          0
    007327508                            O            01/01/32
    0

    7899082          225/G01             F          510,000.00         T
                                         360        503,147.59          1
                                       6.750          3,307.86         65
                                       6.500          3,307.86
    BIGFORK          MT   59911          2            12/14/01         00
    0433725033                           05           02/01/02          0
    007327781                            O            01/01/32
    0

    7899086          225/G01             F          395,000.00         ZZ
                                         360        389,817.59          1
                                       6.875          2,594.87         53
                                       6.625          2,594.87
    SHARON           MA   02067          2            12/18/01         00
    0433725017                           05           02/01/02          0
    007328169                            O            01/01/32
    0

    7899088          225/G01             F          379,000.00         ZZ
                                         360        373,489.66          1
                                       6.625          2,426.78         57
                                       6.375          2,426.78
    MARTINEZ         GA   30907          2            12/19/01         00
    0433695467                           05           02/01/02          0
    007328190                            O            01/01/32
    0

    7899156          225/G01             F          430,000.00         ZZ
                                         360        424,077.58          1
                                       6.750          2,788.97         63
                                       6.500          2,788.97
    CARMEL VALLEY    CA   93924          2            12/14/01         00
    0433695731                           05           02/01/02          0
    008469180                            O            01/01/32
    0

    7899162          225/G01             F          567,400.00         ZZ
                                         360        560,637.69          1
1

                                       7.375          3,918.89         77
                                       7.125          3,918.89
    LOS GATOS        CA   95033          2            12/17/01         00
    0433724960                           05           02/01/02          0
    008471685                            O            01/01/32
    0

    7899170          225/G01             F          639,920.00         ZZ
                                         360        630,424.74          1
                                       6.250          3,940.10         80
                                       6.000          3,940.10
    STAMFORD         CT   06902          1            12/26/01         00
    0433700770                           01           02/01/02          0
    006562616                            O            01/01/32
    0

    7899174          225/G01             F          400,000.00         ZZ
                                         360        393,566.48          1
                                       7.500          2,796.86         43
                                       7.250          2,796.86
    VERO BEACH       FL   32967          1            12/21/01         00
    0433725181                           01           02/01/02          0
    008468688                            O            01/01/32
    0

    7899178          225/G01             F          500,000.00         ZZ
                                         360        493,440.09          1
                                       6.875          3,284.64         80
                                       6.625          3,284.64
    FAIRFAX          VA   22030          2            12/21/01         00
    0433724937                           03           02/01/02          0
    006562739                            O            01/01/32
    0

    7899188          225/G01             F          575,500.00         ZZ
                                         360        567,393.01          1
                                       6.500          3,637.56         68
                                       6.250          3,637.56
    LEESBURG         VA   20175          2            12/28/01         00
    0433692035                           03           02/01/02          0
    007325473                            O            01/01/32
    0

    7899196          225/G01             F          643,000.00         ZZ
                                         360        634,563.73          1
                                       6.875          4,224.06         58
                                       6.625          4,224.06
    LITTLETON        CO   80126          2            12/11/01         00
    0433725009                           03           02/01/02          0
1

    007328262                            O            01/01/32
    0

    7899198          225/G01             F          480,000.00         ZZ
                                         360        471,938.05          1
                                       6.875          3,153.26         80
                                       6.625          3,153.26
    EVERGREEN        CO   80439          2            12/13/01         00
    0433724994                           03           02/01/02          0
    007328318                            O            01/01/32
    0

    7899202          225/G01             F          392,000.00         ZZ
                                         360        386,733.06          1
                                       6.750          2,542.51         80
                                       6.500          2,542.51
    LAKEWOOD         CO   80228          2            12/20/01         00
    0433725090                           03           02/01/02          0
    007328737                            O            01/01/32
    0

    7899210          225/G01             F          421,500.00         ZZ
                                         360        402,799.63          1
                                       6.375          2,629.61         63
                                       6.125          2,629.61
    ALBUQUERQUE      NM   87111          5            12/05/01         00
    0433725074                           03           02/01/02          0
    008469577                            O            01/01/32
    0

    7899212          225/G01             F          510,500.00         ZZ
                                         360        503,641.04          1
                                       6.750          3,311.09         80
                                       6.500          3,311.09
    BASKING RIDGE    NJ   07920          2            12/20/01         00
    0433695632                           03           02/01/02          0
    008470873                            O            01/01/32
    0

    7899214          225/G01             F          345,000.00         ZZ
                                         360        340,268.40          1
                                       6.750          2,237.66         76
                                       6.500          2,237.66
    CHARLOTTE        NC   28226          2            12/18/01         00
    0433724978                           03           02/01/02          0
    008471406                            O            01/01/32
    0

1

    7901480          E82/G01             F          173,100.00         ZZ
                                         360        170,607.54          1
                                       6.000          1,037.82         67
                                       5.750          1,037.82
    GOLD RIVER       CA   95670          2            01/17/02         00
    0400552055                           03           03/01/02          0
    0400552055                           O            02/01/32
    0

    7908766          964/G01             F          368,000.00         ZZ
                                         360        364,035.07          1
                                       7.125          2,479.28         80
                                       6.875          2,479.28
    GLENDALE         CA   91208          1            02/22/02         00
    0433734571                           05           04/01/02          0
    188491                               O            03/01/32
    0

    7910270          E22/G01             F          924,000.00         ZZ
                                         360        914,743.29          1
                                       7.500          6,460.74         70
                                       7.250          6,460.74
    HOUSTON          TX   77024          2            02/11/02         00
    0413118449                           05           04/01/02          0
    0413118449                           O            03/01/32
    0

    7911180          E82/G01             F          329,000.00         ZZ
                                         360        325,368.75          1
                                       7.000          2,188.85         60
                                       6.750          2,188.85
    SANTA ROSA       CA   95404          2            02/12/02         00
    0400581716                           05           04/01/02          0
    3825540                              O            03/01/32
    0

    7911188          E82/G01             F          265,900.00         ZZ
                                         360        262,857.05          1
                                       6.875          1,746.77         63
                                       6.625          1,746.77
    LAKE GROVE       NY   11755          2            02/12/02         00
    0400531182                           05           04/01/02          0
    0400531182                           O            03/01/32
    0

    7911204          E82/G01             F          218,000.00         ZZ
                                         360        214,798.78          1
                                       6.875          1,432.10         74
                                       6.625          1,432.10
1

    SANTA BARBARA    CA   93101          2            02/12/02         00
    0400549614                           01           04/01/02          0
    1519892                              O            03/01/32
    0

    7911212          E82/G01             F          396,700.00         ZZ
                                         360        392,187.40          1
                                       7.000          2,639.25         77
                                       6.750          2,639.25
    CAMPBELL         CA   95008          2            02/08/02         00
    0400579991                           05           04/01/02          0
    4014555                              O            03/01/32
    0

    7912274          M27/G01             F          498,500.00         ZZ
                                         360        492,998.09          1
                                       7.000          3,316.53         56
                                       6.750          3,316.53
    RICHMOND         VA   23226          5            02/21/02         00
    0433769460                           05           04/01/02          0
    600736382                            O            03/01/32
    0

    7922074          964/G01             F          324,000.00         ZZ
                                         360        320,137.55          1
                                       7.000          2,155.58         76
                                       6.750          2,155.58
    WESTLAKE VILLAG  CA   91362          2            01/26/02         00
    0433711918                           01           03/01/02          0
    163308                               O            02/01/32
    0

    7930104          964/G01             F          329,000.00         ZZ
                                         360        325,280.61          1
                                       6.875          2,161.30         28
                                       6.625          2,161.30
    ORANGE           CA   92867          2            02/21/02         00
    0433729548                           03           04/01/02          0
    185697                               O            03/01/32
    0

    7932808          E82/G01             F          606,000.00         ZZ
                                         360        599,470.75          1
                                       7.125          4,082.73         64
                                       6.875          4,082.73
    KIHEI            HI   96753          2            02/14/02         00
    0400581989                           03           04/01/02          0
    1619442                              O            03/01/32
    0
1

    7932810          E82/G01             F          905,000.00         ZZ
                                         360        895,481.94          1
                                       7.250          6,173.70         54
                                       7.000          6,173.70
    LOS ANGELES      CA   90018          2            02/07/02         00
    0400583787                           05           04/01/02          0
    1764320                              O            03/01/32
    0

    7934556          111/111             F          362,500.00         ZZ
                                         360        355,208.88          1
                                       7.000          2,411.72         64
                                       6.750          2,411.72
    MILPITAS         CA   95035          5            04/25/01         00
    923818                               05           06/01/01          0
    923818                               O            05/01/31
    0

    7934560          111/111             F          570,000.00         ZZ
                                         360        556,674.13          1
                                       7.000          3,792.22         75
                                       6.750          3,792.22
    SAN CLEMENTE     CA   92672          1            06/12/01         00
    946094                               03           08/01/01          0
    946094                               O            07/01/31
    0

    7934564          111/111             F          461,000.00         T
                                         360        454,281.57          1
                                       6.750          2,990.04         55
                                       6.500          2,990.04
    MORRO BAY        CA   93442          2            10/31/01         00
    961785                               05           01/01/02          0
    961785                               O            12/01/31
    0

    7934578          111/111             F          325,000.00         ZZ
                                         360        320,139.34          1
                                       6.875          2,135.02         45
                                       6.625          2,135.02
    GREENBRAE        CA   94904          5            10/16/01         00
    972396                               05           12/01/01          0
    972396                               O            11/01/31
    0

    7934580          111/111             F          650,000.00         ZZ
                                         360        640,306.64          1
1

                                       6.625          4,162.02         80
                                       6.375          4,162.02
    BEND             OR   97701          2            11/28/01         00
    980690                               03           01/01/02          0
    980690                               O            12/01/31
    0

    7934582          111/111             F          350,000.00         ZZ
                                         360        344,969.72          1
                                       6.750          2,270.09         51
                                       6.500          2,270.09
    FOSTER CITY      CA   94404          5            11/07/01         00
    983533                               05           01/01/02          0
    983533                               O            12/01/31
    0

    7934584          111/111             F          500,000.00         ZZ
                                         360        492,466.50          1
                                       6.500          3,160.34         59
                                       6.250          3,160.34
    SHERMAN OAKS     CA   91423          5            11/19/01         00
    987430                               05           01/01/02          0
    987430                               O            12/01/31
    0

    7934596          111/111             F          490,000.00         ZZ
                                         360        480,442.87          1
                                       6.500          3,097.13         75
                                       6.250          3,097.13
    SAN CLEMENTE     CA   92673          1            01/20/02         00
    1008645                              03           03/01/02          0
    1008645                              O            02/01/32
    0

    7945828          E85/G01             F          389,000.00         ZZ
                                         360        378,608.83          1
                                       6.750          2,523.05         44
                                       6.500          2,523.05
    NOVATO           CA   94947          2            01/25/02         00
    0433716784                           05           03/01/02          0
    9611584                              O            02/01/32
    0

    7953772          975/G01             F          332,500.00         ZZ
                                         360        328,830.19          1
                                       7.000          2,212.13         70
                                       6.750          2,212.13
    BURBANK          CA   91501          5            02/20/02         00
    0433736980                           05           04/01/02          0
1

    2016195                              O            03/01/32
    0

    7957798          E22/G01             F          335,000.00         ZZ
                                         360        331,121.27          1
                                       6.750          2,172.80         41
                                       6.500          2,172.80
    LOS GATOS        CA   95032          2            02/05/02         00
    0413420191                           05           04/01/02          0
    0413420191                           O            03/01/32
    0

    7957812          E22/G01             F          190,000.00         ZZ
                                         360        187,852.13          1
                                       6.875          1,248.16         46
                                       6.625          1,248.16
    MISSION VIEJO    CA   92692          2            02/07/02         00
    0413477050                           03           04/01/02          0
    0413477050                           O            03/01/32
    0

    7957836          E22/G01             F          485,000.00         ZZ
                                         360        478,414.30          1
                                       7.125          3,267.53         65
                                       6.875          3,267.53
    GILROY           CA   95020          5            02/06/02         00
    0413514332                           05           04/01/02          0
    0413514332                           O            03/01/32
    0

    7957930          E22/G01             F          400,000.00         ZZ
                                         360        395,257.14          1
                                       6.625          2,561.24         62
                                       6.375          2,561.24
    PROSPECT         KY   40059          1            02/15/02         00
    0413597642                           05           04/01/02          0
    0413597642                           O            03/01/32
    0

    7957974          E22/G01             F          313,000.00         ZZ
                                         360        305,912.49          1
                                       7.000          2,082.40         69
                                       6.750          2,082.40
    DALY CITY        CA   94015          2            02/05/02         00
    0413618802                           05           04/01/02          0
    0413618802                           O            03/01/32
    0

1

    7958000          E22/G01             F          332,000.00         ZZ
                                         360        328,335.76          1
                                       7.000          2,208.80         80
                                       6.750          2,208.80
    SANTA CLARITA    CA   91351          2            02/08/02         00
    0413630476                           03           04/01/02          0
    0413630476                           O            03/01/32
    0

    7958040          E22/G01             F          195,000.00         ZZ
                                         360        192,795.55          1
                                       6.875          1,281.01         30
                                       6.625          1,281.01
    HOUSTON          TX   77024          5            02/13/02         00
    0413644121                           05           04/01/02          0
    0413644121                           O            03/01/32
    0

    7958046          E22/G01             F          330,500.00         ZZ
                                         360        326,750.55          1
                                       7.000          2,198.82         49
                                       6.750          2,198.82
    JUPITER          FL   33469          5            02/12/02         00
    0413646316                           05           04/01/02          0
    0413646316                           O            03/01/32
    0

    7959980          E82/G01             F          292,500.00         ZZ
                                         360        289,197.34          1
                                       7.125          1,970.63         64
                                       6.875          1,970.63
    PASADENA         CA   91105          2            02/13/02         00
    0400584439                           05           04/01/02          0
    1744327                              O            03/01/32
    0

    7959992          E82/G01             F          391,200.00         ZZ
                                         360        386,126.20          1
                                       7.000          2,602.66         80
                                       6.750          2,602.66
    COTATI           CA   95431          2            02/08/02         00
    0400576377                           05           04/01/02          0
    3379515                              O            03/01/32
    0

    7959994          E82/G01             F          276,000.00         ZZ
                                         360        273,087.28          1
                                       7.375          1,906.26         74
                                       7.125          1,906.26
1

    EAST PATCHOGUE   NY   11772          2            02/12/02         00
    0400561486                           05           04/01/02          0
    1982191                              O            03/01/32
    0

    7960004          E82/G01             F          347,800.00         ZZ
                                         360        343,868.10          1
                                       6.875          2,284.80         78
                                       6.625          2,284.80
    DALY CITY        CA   94015          2            02/13/02         00
    0400579819                           05           04/01/02          0
    7960004                              O            03/01/32
    0

    7962360          286/286             F           65,000.00         ZZ
                                         360         60,322.81          1
                                       6.875            427.00         41
                                       6.625            427.00
    BATTLE GROUND    WA   98604          5            11/05/01         00
    9926899                              05           01/01/02          0
    9926899                              O            12/01/31
    0

    7962646          286/286             F          555,000.00         ZZ
                                         360        542,799.31          1
                                       6.625          3,553.73         68
                                       6.375          3,553.73
    ATLANTA          GA   30306          2            11/12/01         00
    0627971                              05           01/01/02          0
    627971                               O            12/01/31
    0

    7965230          B57/G01             F          775,000.00         ZZ
                                         360        766,446.35          1
                                       7.000          5,156.09         60
                                       6.750          5,156.09
    (STUDIO CITY AR  CA   91604          5            02/25/02         00
    0433744372                           05           04/01/02          0
    10000202                             O            03/01/32
    0

    7966278          286/286             F          156,000.00         ZZ
                                         360        153,861.93          1
                                       7.000          1,037.88         75
                                       6.750          1,037.88
    PORTLAND         OR   97202          2            11/12/01         00
    0662000                              05           01/01/02          0
    662000                               O            12/01/31
    0
1

    7966338          E84/G01             F          375,000.00         ZZ
                                         360        370,309.94          1
                                       7.125          2,526.44         39
                                       6.875          2,526.44
    SAN CARLOS       CA   94070          5            12/10/01         00
    0433716859                           05           02/01/02          0
    37013821                             O            01/01/32
    0

    7967120          964/G01             F          418,000.00         ZZ
                                         360        413,496.33          1
                                       7.125          2,816.14         74
                                       6.875          2,816.14
    LONG BEACH       CA   90815          1            02/01/02         00
    0433692688                           05           04/01/02          0
    185120                               O            03/01/32
    0

    7967526          952/G01             F          692,000.00         ZZ
                                         360        684,305.28          1
                                       7.125          4,662.14         58
                                       6.875          4,662.14
    RIDGEWOOD        NJ   07450          5            02/13/02         00
    0433716123                           05           04/01/02          0
    20014562                             O            03/01/32
    0

    7969796          E84/G01             F          430,000.00         ZZ
                                         360        424,995.62          1
                                       7.125          2,896.99         52
                                       6.875          2,896.99
    OAKLAND          CA   94611          2            01/04/02         00
    0433712452                           05           03/01/02          0
    37013847                             O            02/01/32
    0

    7970588          B57/G01             F          745,500.00         ZZ
                                         360        737,072.18          1
                                       6.875          4,897.40         70
                                       6.625          4,897.40
    LOS ANGELES      CA   91436          1            02/22/02         00
    0433716255                           05           04/01/02          0
    10001160                             O            03/01/32
    0

    7970664          E60/G01             F          408,000.00         ZZ
                                         360        403,496.80          1
1

                                       7.000          2,714.44         51
                                       6.750          2,714.44
    OJAI AREA        CA   93023          2            02/25/02         00
    0433773348                           05           04/01/02          0
    521857                               O            03/01/32
    0

    7980462          E22/G01             F          779,000.00         ZZ
                                         360        769,980.43          1
                                       6.750          5,052.58         65
                                       6.500          5,052.58
    DEL MAR          CA   92014          5            02/12/02         00
    0413394750                           05           04/01/02          0
    0413394750                           O            03/01/32
    0

    7980464          E22/G01             F          397,500.00         ZZ
                                         360        393,006.29          1
                                       6.875          2,611.29         75
                                       6.625          2,611.29
    DUBLIN           CA   94568          5            02/08/02         00
    0413407941                           05           04/01/02          0
    0413407941                           O            03/01/32
    0

    7980534          E22/G01             F          500,000.00         ZZ
                                         360        494,612.83          1
                                       7.125          3,368.59         74
                                       6.875          3,368.59
    COSTA MESA       CA   92626          2            02/11/02         00
    0413590928                           05           04/01/02          0
    0413590928                           O            03/01/32
    0

    7980546          E22/G01             F          399,000.00         ZZ
                                         360        394,489.25          1
                                       6.875          2,621.15         70
                                       6.625          2,621.15
    SAN FRANCISCO    CA   94122          5            02/11/02         00
    0413613902                           05           04/01/02          0
    0413613902                           O            03/01/32
    0

    7981118          E82/G01             F          287,100.00         ZZ
                                         360        283,931.32          1
                                       7.000          1,910.08         70
                                       6.750          1,910.08
    FREMONT          CA   94536          2            02/14/02         00
    0400586806                           05           04/01/02          0
1

    1803788                              O            03/01/32
    0

    7981120          E82/G01             F          311,500.00         ZZ
                                         360        308,143.79          1
                                       7.125          2,098.63         67
                                       6.875          2,098.63
    DALY CITY        CA   94015          2            02/18/02         00
    0400584413                           05           04/01/02          0
    0400584413                           O            03/01/32
    0

    7985488          E87/G01             F          530,000.00         ZZ
                                         360        521,908.83          1
                                       6.875          3,481.72         43
                                       6.625          3,481.72
    SANTA BARBARA    CA   93110          2            02/25/02         00
    0433736360                           05           04/01/02          0
    70004028                             O            03/01/32
    0

    7990242          E84/G01             F          469,000.00         ZZ
                                         360        463,671.77          1
                                       7.250          3,199.41         59
                                       7.000          3,199.41
    NAPLES           FL   34110          2            01/17/02         00
    0433710449                           03           03/01/02          0
    73410682                             O            02/01/32
    0

    7996030          696/G01             F          868,075.00         ZZ
                                         360        859,378.47          1
                                       7.500          6,069.71         65
                                       7.250          6,069.71
    ROUND HILL       VA   20141          2            02/15/02         00
    0433714599                           05           04/01/02          0
    10002008                             O            03/01/32
    0

    7998760          B57/G01             F          350,000.00         ZZ
                                         360        346,043.26          1
                                       6.875          2,299.25         77
                                       6.625          2,299.25
    SHERMAN OAKS AR  CA   91423          1            02/25/02         00
    0433738697                           05           04/01/02          0
    10000552                             O            03/01/32
    0

1

    8000914          964/G01             F          337,500.00         ZZ
                                         360        333,863.65          1
                                       7.125          2,273.80         75
                                       6.875          2,273.80
    OAKLAND          CA   94611          5            02/26/02         00
    0433757259                           05           04/01/02          0
    189789                               O            03/01/32
    0

    8002316          E22/G01             F          320,000.00         ZZ
                                         360        316,382.42          1
                                       6.875          2,102.17         54
                                       6.625          2,102.17
    SAN MATEO        CA   94403          2            02/08/02         00
    0413384942                           05           04/01/02          0
    0413384942                           O            03/01/32
    0

    8002418          E22/G01             F          637,000.00         ZZ
                                         360        630,300.61          1
                                       7.250          4,345.46         70
                                       7.000          4,345.46
    HOUSTON          TX   77024          5            02/15/02         00
    0413607896                           05           04/01/02          0
    0413607896                           O            03/01/32
    0

    8002442          E22/G01             F          353,200.00         ZZ
                                         360        349,092.16          1
                                       7.125          2,379.57         53
                                       6.875          2,379.57
    VALLEY CENTER    CA   92082          5            02/08/02         00
    0413617572                           03           04/01/02          0
    0413617572                           O            03/01/32
    0

    8002480          E22/G01             F          345,000.00         ZZ
                                         360        341,192.27          1
                                       7.000          2,295.29         60
                                       6.750          2,295.29
    NORTHBROOK       IL   60062          2            02/15/02         00
    0413648817                           05           04/01/02          0
    0413648817                           O            03/01/32
    0

    8002508          E22/G01             F          480,000.00         ZZ
                                         360        472,978.83          1
                                       6.875          3,153.26         80
                                       6.625          3,153.26
1

    LIVERMORE        CA   94550          1            02/11/02         00
    0413671769                           05           04/01/02          0
    0413671769                           O            03/01/32
    0

    8003068          E82/G01             F          397,300.00         ZZ
                                         360        392,808.50          1
                                       6.875          2,609.98         51
                                       6.625          2,609.98
    GLENVIEW         IL   60025          2            02/15/02         00
    0400549077                           05           04/01/02          0
    2960904                              O            03/01/32
    0

    8003076          E82/G01             F          350,000.00         ZZ
                                         360        345,947.61          1
                                       6.750          2,270.09         54
                                       6.500          2,270.09
    MCLEAN           VA   22102          2            02/19/02         00
    0400530663                           05           04/01/02          0
    0400530663                           O            03/01/32
    0

    8003084          E82/G01             F          358,400.00         ZZ
                                         360        354,348.31          1
                                       6.875          2,354.43         80
                                       6.625          2,354.43
    SANTA CLARITA    CA   91321          2            02/20/02         00
    0400580981                           05           04/01/02          0
    2965045                              O            03/01/32
    0

    8003584          M45/G01             F          330,000.00         ZZ
                                         360        326,066.01          1
                                       7.000          2,195.50         74
                                       6.750          2,195.50
    REDDING          CA   96002          1            01/29/02         00
    0433712106                           05           03/01/02          0
    A0313911                             O            02/01/32
    0

    8003602          M45/G01             F          404,000.00         ZZ
                                         360        399,458.88          1
                                       7.000          2,687.83         37
                                       6.750          2,687.83
    NEWTON CENTRE    MA   02459          5            02/02/02         00
    0433703832                           05           04/01/02          0
    A0309570                             O            03/01/32
    0
1

    8003604          M45/G01             F          490,000.00         ZZ
                                         360        484,419.97          1
                                       7.375          3,384.31         73
                                       7.125          3,384.31
    LOS ANGELES      CA   90046          5            01/30/02         00
    0433700515                           05           03/01/02          0
    A0325600                             O            02/01/32
    0

    8003610          M45/G01             F          650,000.00         ZZ
                                         360        641,530.82          1
                                       6.125          3,949.47         24
                                       5.875          3,949.47
    LAGUNA BEACH     CA   92651          2            02/08/02         00
    0433706272                           03           04/01/02          0
    A0327488                             O            03/01/32
    0

    8003614          M45/G01             F          313,000.00         ZZ
                                         360        308,698.38          1
                                       6.250          1,927.20         47
                                       6.000          1,927.20
    SAN JOSE         CA   95129          2            01/31/02         00
    0433705308                           05           03/01/02          0
    A0327330                             O            02/01/32
    0

    8003624          M45/G01             F          400,000.00         ZZ
                                         360        395,368.54          1
                                       6.750          2,594.40         71
                                       6.500          2,594.40
    ALBERTSON        NY   11507          1            02/11/02         00
    0433719069                           05           04/01/02          0
    A0309916                             O            03/01/32
    0

    8003626          M45/G01             F          480,000.00         ZZ
                                         360        474,702.12          1
                                       7.000          3,193.46         44
                                       6.750          3,193.46
    OAKLAND          CA   94705          2            01/31/02         00
    0433706686                           05           04/01/02          0
    A0301898                             O            03/01/32
    0

    8003628          M45/G01             F          442,000.00         ZZ
                                         360        436,759.00          1
1

                                       6.625          2,830.18         50
                                       6.375          2,830.18
    SAN MATEO        CA   94403          2            01/31/02         00
    0433707015                           05           04/01/02          0
    A0327713                             O            03/01/32
    0

    8003634          M45/G01             F          421,700.00         ZZ
                                         360        416,901.00          1
                                       6.875          2,770.27         57
                                       6.625          2,770.27
    DUBLIN           CA   94568          5            02/08/02         00
    0433709656                           03           04/01/02          0
    A0320892                             O            03/01/32
    0

    8003636          M45/G01             F          525,000.00         ZZ
                                         360        518,597.24          1
                                       6.625          3,361.64         67
                                       6.375          3,361.64
    LAFAYETTE        CA   94549          5            02/11/02         00
    0433707304                           05           04/01/02          0
    A0326375                             O            03/01/32
    0

    8003644          M45/G01             F          470,000.00         ZZ
                                         360        462,477.32          1
                                       7.125          3,166.48         43
                                       6.875          3,166.48
    MOUNTAIN VIEW    CA   94040          5            01/30/02         00
    0433703576                           05           03/01/02          0
    A0312985                             O            02/01/32
    0

    8003646          M45/G01             F          573,000.00         ZZ
                                         360        566,522.11          1
                                       6.875          3,764.21         53
                                       6.625          3,764.21
    MOUNTAIN VIEW    CA   94040          2            02/12/02         00
    0433706371                           05           04/01/02          0
    A0297548                             O            03/01/32
    0

    8003650          M45/G01             F          470,000.00         ZZ
                                         360        464,686.59          1
                                       6.875          3,087.57         73
                                       6.625          3,087.57
    SAN FRANCISCO    CA   94127          5            02/05/02         00
    0433709680                           05           04/01/02          0
1

    A0326828                             O            03/01/32
    0

    8003652          M45/G01             F          377,000.00         ZZ
                                         360        372,172.37          1
                                       6.625          2,413.98         79
                                       6.375          2,413.98
    RENO             NV   89503          2            01/24/02         00
    0433703261                           03           03/01/02          0
    A0327049                             O            02/01/32
    0

    8008588          E84/G01             F          426,000.00         ZZ
                                         360        421,042.17          1
                                       7.125          2,870.04         68
                                       6.875          2,870.04
    LOS ALAMITOS     CA   90720          5            01/11/02         00
    0433708773                           05           03/01/02          0
    75513730                             O            02/01/32
    0

    8009232          H58/G01             F          398,500.00         ZZ
                                         360        393,862.18          1
                                       7.125          2,684.77         65
                                       6.875          2,684.77
    SAN JOSE         CA   95126          2            01/29/02         00
    0433726718                           05           03/01/02          0
    0000087723                           O            02/01/32
    0

    8016288          116/116             F          429,450.00         ZZ
                                         360        424,594.93          1
                                       6.875          2,821.19         68
                                       6.625          2,821.19
    MONTGOMERY       TX   77356          2            02/28/02         00
    091021418                            03           04/01/02          0
    091021418                            O            03/01/32
    0

    8020540          E44/G01             F          636,000.00         ZZ
                                         360        629,147.45          1
                                       7.125          4,284.85         80
                                       6.875          4,284.85
    BOUNTIFUL        UT   84010          4            02/27/02         00
    0433728417                           05           04/01/02          0
    52000182                             O            03/01/32
    0

1

    8022776          B57/G01             F          625,000.00         ZZ
                                         360        611,882.62          1
                                       6.625          4,001.94         70
                                       6.375          4,001.94
    LOS ANGELES      CA   90056          5            02/26/02         00
    0433763901                           05           04/01/02          0
    2119824                              O            03/01/32
    0

    8024796          964/G01             F          148,000.00         ZZ
                                         360        146,326.78          1
                                       6.875            972.26         62
                                       6.625            972.26
    PORTLAND         OR   97219          1            02/28/02         00
    0433750429                           05           04/01/02          0
    192254                               O            03/01/32
    0

    8025824          E22/G01             F          399,950.00         ZZ
                                         360        394,394.58          1
                                       7.000          2,660.88         63
                                       6.750          2,660.88
    PACIFIC GROVE    CA   93950          2            02/14/02         00
    0413616012                           05           04/01/02          0
    0413616012                           O            03/01/32
    0

    8026402          E82/G01             F          207,000.00         ZZ
                                         360        204,769.66          1
                                       7.125          1,394.60         71
                                       6.875          1,394.60
    HICKSVILLE       NY   11801          2            02/20/02         00
    0400579371                           05           04/01/02          0
    1991505                              O            03/01/32
    0

    8026566          E82/G01             F          400,000.00         ZZ
                                         360        395,585.19          1
                                       7.000          2,661.21         73
                                       6.750          2,661.21
    SAN JOSE         CA   95136          5            02/21/02         00
    0400588513                           05           04/01/02          0
    0400588513                           O            03/01/32
    0

    8026572          E82/G01             F          120,000.00         ZZ
                                         360        117,580.75          1
                                       6.750            778.32         44
                                       6.500            778.32
1

    ENGLEWOOD        CO   80112          5            02/21/02         00
    0400586590                           05           04/01/02          0
    0400586590                           O            03/01/32
    0

    8030252          405/405             F          400,000.00         ZZ
                                         300        390,994.78          1
                                       7.000          2,827.12         63
                                       6.500          2,827.12
    EDGEWATER        MD   21037          2            11/02/01         00
    0012586418                           05           12/01/01          0
    12586418                             O            11/01/26
    0

    8030262          405/405             F          354,400.00         ZZ
                                         360        349,524.04          1
                                       6.625          2,269.27         80
                                       6.375          2,269.27
    VIRGINIA BEACH   VA   23456          1            12/21/01         00
    0012664140                           05           02/01/02          0
    12664140                             O            01/01/32
    0

    8030266          405/405             F          363,000.00         ZZ
                                         360        356,354.86          1
                                       6.625          2,324.33         49
                                       6.375          2,324.33
    DENVER           CO   80206          2            01/09/02         00
    0012675856                           05           03/01/02          0
    12675856                             O            02/01/32
    0

    8030278          405/405             F          448,000.00         ZZ
                                         360        440,286.33          1
                                       7.000          2,980.56         80
                                       6.500          2,980.56
    CARLSBAD         CA   92009          1            12/20/01         00
    0012772190                           05           02/01/02          0
    12772190                             O            01/01/32
    0

    8030280          405/405             F          353,980.00         ZZ
                                         360        346,770.87          1
                                       6.750          2,295.91         77
                                       6.500          2,295.91
    VIRGINIA BEACH   VA   23451          2            12/17/01         00
    0012779757                           05           02/01/02          0
    12779757                             O            01/01/32
    0
1

    8030284          405/405             F          401,000.00         ZZ
                                         360        275,502.98          1
                                       6.750          2,600.88         47
                                       6.500          2,600.88
    LOS ANGELES      CA   91604          2            12/20/01         00
    0012784419                           05           02/01/02          0
    12784419                             O            01/01/32
    0

    8030286          405/405             F          413,000.00         ZZ
                                         360        407,957.28          1
                                       6.875          2,713.12         62
                                       6.500          2,713.12
    LOS ANGELES      CA   90045          2            01/10/02         00
    0012792412                           05           03/01/02          0
    12792412                             O            02/01/32
    0

    8030290          405/405             F          360,000.00         ZZ
                                         360        353,540.34          1
                                       6.875          2,364.94         53
                                       6.500          2,364.94
    LOS ANGELES      CA   91367          5            12/29/01         00
    0012794921                           03           03/01/02          0
    12794921                             O            02/01/32
    0

    8030300          405/405             F          650,000.00         ZZ
                                         360        642,251.22          1
                                       7.000          4,324.47         75
                                       6.500          4,324.47
    REDONDO BEACH    CA   90277          2            01/30/02         00
    0018023242                           05           03/01/02          0
    18023242                             O            02/01/32
    0

    8030304          405/405             F          424,000.00         ZZ
                                         360        419,320.20          1
                                       7.000          2,820.89         80
                                       6.500          2,820.89
    LOS ANGELES      CA   91367          2            02/01/02         00
    0018065490                           05           04/01/02          0
    18065490                             O            03/01/32
    0

    8030306          405/405             F          650,000.00         ZZ
                                         360        642,063.54          1
1

                                       6.875          4,270.04         34
                                       6.500          4,270.04
    LOS ALTOS HILLS  CA   94022          2            01/25/02         00
    0018082107                           05           03/01/02          0
    18082107                             O            02/01/32
    0

    8030314          405/405             F          440,500.00         ZZ
                                         360        432,585.27          1
                                       6.625          2,820.57         49
                                       6.375          2,820.57
    PIEDMONT         CA   94611          5            01/23/02         00
    0018096339                           05           03/01/02          0
    18096339                             O            02/01/32
    0

    8030318          405/405             F          395,000.00         ZZ
                                         360        390,534.50          1
                                       6.875          2,594.87         51
                                       6.500          2,594.87
    RANCHO CUCAMONG  CA   91737          2            02/01/02         00
    0018110395                           05           04/01/02          0
    18110395                             O            03/01/32
    0

    8030322          405/405             F          326,000.00         ZZ
                                         360        321,825.45          1
                                       6.625          2,087.42         46
                                       6.375          2,087.42
    MOUNT KISCO      NY   10549          5            01/28/02         00
    0018115402                           05           03/01/02          0
    18115402                             O            02/01/32
    0

    8030326          405/405             F          364,000.00         ZZ
                                         360        359,448.31          1
                                       6.750          2,360.90         59
                                       6.500          2,360.90
    TAMPA            FL   33609          2            01/31/02         00
    0018116038                           05           03/01/02          0
    18116038                             O            02/01/32
    0

    8030330          405/405             F          700,000.00         ZZ
                                         360        684,721.96          1
                                       7.125          4,716.03         64
                                       6.625          4,716.03
    TIBURON          CA   94920          5            01/23/02         00
    0018122861                           05           03/01/02          0
1

    18122861                             O            02/01/32
    0

    8030334          405/405             F          405,000.00         ZZ
                                         360        400,171.88          1
                                       7.000          2,694.48         78
                                       6.500          2,694.48
    THOUSAND OAKS    CA   91360          2            01/25/02         00
    0018125997                           05           03/01/02          0
    18125997                             O            02/01/32
    0

    8030336          405/405             F          313,000.00         ZZ
                                         360        308,585.34          1
                                       6.875          2,056.19         64
                                       6.500          2,056.19
    GOLETA           CA   93117          2            01/29/02         00
    0018133827                           05           03/01/02          0
    18133827                             O            02/01/32
    0

    8030338          405/405             F          545,000.00         ZZ
                                         360        538,838.80          1
                                       6.875          3,580.26         65
                                       6.500          3,580.26
    BURLINGAME       CA   94010          5            02/01/02         00
    0018140327                           05           04/01/02          0
    18140327                             O            03/01/32
    0

    8030342          405/405             F          564,000.00         ZZ
                                         360        557,276.42          1
                                       7.000          3,752.31         80
                                       6.500          3,752.31
    SAN MATEO        CA   94404          2            01/17/02         00
    0018142679                           03           03/01/02          0
    18142679                             O            02/01/32
    0

    8030352          405/405             F          413,000.00         ZZ
                                         360        405,258.98          1
                                       7.000          2,747.70         75
                                       6.500          2,747.70
    ESCONDIDO        CA   92029          5            02/02/02         00
    0018209924                           05           04/01/02          0
    18209924                             O            03/01/32
    0

1

    8041400          405/405             F          510,000.00         ZZ
                                         360        503,772.91          1
                                       6.875          3,350.34         69
                                       6.500          3,350.34
    MURRIETA AREA    CA   92562          5            01/15/02         00
    0012794178                           05           03/01/02          0
    0012794178                           O            02/01/32
    0

    8041402          405/405             F          529,050.00         ZZ
                                         360        522,434.48          1
                                       6.750          3,431.41         71
                                       6.500          3,431.41
    ARLINGTON        TX   76016          2            01/04/02         00
    0012803888                           05           03/01/02          0
    0012803888                           O            02/01/32
    0

    8041404          405/405             F          375,000.00         ZZ
                                         360        370,421.34          1
                                       6.875          2,463.48         75
                                       6.500          2,463.48
    SANTA PAULA      CA   93060          5            01/17/02         00
    0012836334                           05           03/01/02          0
    0012836334                           O            02/01/32
    0

    8041410          405/405             F          505,000.00         ZZ
                                         360        495,607.48          1
                                       7.125          3,402.28         68
                                       6.625          3,402.28
    OJAI AREA        CA   93023          5            01/11/02         00
    0012953717                           05           03/01/02          0
    0012953717                           O            02/01/32
    0

    8041412          405/405             F          487,000.00         ZZ
                                         360        481,053.82          1
                                       6.875          3,199.24         63
                                       6.500          3,199.24
    DUBLIN           CA   94568          2            01/24/02         00
    0012959342                           03           03/01/02          0
    0012959342                           O            02/01/32
    0

    8041418          405/405             F          500,000.00         ZZ
                                         360        493,747.75          1
                                       6.750          3,242.99         51
                                       6.500          3,242.99
1

    PORTLAND         OR   97225          1            01/23/02         00
    0012963229                           05           03/01/02          0
    0012963229                           O            02/01/32
    0

    8041426          405/405             F          407,000.00         ZZ
                                         360        402,230.38          1
                                       6.875          2,673.70         54
                                       6.500          2,673.70
    POTOMAC          MD   20854          2            02/08/02         00
    0017782756                           05           04/01/02          0
    0017782756                           O            03/01/32
    0

    8041438          405/405             F          412,500.00         ZZ
                                         360        407,947.12          1
                                       7.000          2,744.38         54
                                       6.500          2,744.38
    LIVERMORE        CA   94550          2            02/01/02         00
    0018122820                           05           04/01/02          0
    0018122820                           O            03/01/32
    0

    8041454          405/405             F          333,000.00         ZZ
                                         360        329,235.35          1
                                       6.875          2,187.58         36
                                       6.500          2,187.58
    SAN JOSE         CA   95120          2            02/01/02         00
    0018172460                           05           04/01/02          0
    0018172460                           O            03/01/32
    0

    8041468          405/405             F          340,000.00         ZZ
                                         360        334,738.60          1
                                       7.000          2,262.03         83
                                       6.500          2,262.03
    TULSA            OK   74137          2            02/11/02         01
    0018225755                           05           04/01/02         12
    0018225755                           O            03/01/32
    0

    8041478          405/405             F          360,000.00         ZZ
                                         360        355,226.47          1
                                       6.500          2,275.45         80
                                       6.250          2,275.45
    BELTSVILLE       MD   20705          2            02/15/02         00
    0018228999                           03           04/01/02          0
    0018228999                           O            03/01/32
    0
1

    8041480          405/405             F          410,500.00         ZZ
                                         360        405,969.24          1
                                       7.000          2,731.07         73
                                       6.500          2,731.07
    ANNAPOLIS        MD   21401          2            02/14/02         00
    0018229203                           05           04/01/02          0
    0018229203                           O            03/01/32
    0

    8042674          405/405             F          337,000.00         ZZ
                                         360        331,955.89          1
                                       6.750          2,185.78         47
                                       6.500          2,185.78
    FOUNTAIN HILLS   AZ   85264          5            11/21/01         00
    0012694519                           05           01/01/02          0
    12694519                             O            12/01/31
    0

    8042678          405/405             F          570,000.00         ZZ
                                         360        557,692.80          1
                                       6.625          3,649.77         62
                                       6.375          3,649.77
    DENVER           CO   80218          5            12/10/01         00
    0012722575                           05           02/01/02          0
    12722575                             O            01/01/32
    0

    8043212          405/405             F          372,000.00         ZZ
                                         360        367,001.94          1
                                       6.750          2,412.78         79
                                       6.500          2,412.78
    LAKE OSWEGO      OR   97035          2            12/18/01         00
    0012835286                           05           02/01/02          0
    12835286                             O            01/01/32
    0

    8047730          E22/G01             F          185,000.00         ZZ
                                         360        182,958.14          1
                                       7.000          1,230.81         64
                                       6.750          1,230.81
    LIVERMORE        CA   94550          2            02/18/02         00
    0413556200                           05           04/01/02          0
    0413556200                           O            03/01/32
    0

    8047740          E22/G01             F          367,500.00         ZZ
                                         360        362,839.19          1
1

                                       6.625          2,353.14         68
                                       6.375          2,353.14
    WASHINGTON       DC   20015          2            02/19/02         00
    0413564337                           05           04/01/02          0
    0413564337                           O            03/01/32
    0

    8047742          E22/G01             F          230,000.00         ZZ
                                         360        227,336.92          1
                                       6.750          1,491.78         77
                                       6.500          1,491.78
    WIMBERLEY        TX   78676          5            02/20/02         00
    0413564675                           05           04/01/02          0
    0413564675                           O            03/01/32
    0

    8047774          E22/G01             F          315,000.00         ZZ
                                         360        311,478.63          1
                                       7.000          2,095.70         79
                                       6.750          2,095.70
    ALAMEDA          CA   94501          2            01/30/02         00
    0413601121                           05           04/01/02          0
    0413601121                           O            03/01/32
    0

    8049136          E82/G01             F          153,000.00         ZZ
                                         360        151,381.93          1
                                       7.250          1,043.73         85
                                       7.000          1,043.73
    NEWARK           TX   76071          2            02/22/02         04
    0400559928                           03           04/01/02         12
    0400559928                           O            03/01/32
    0

    8049150          E82/G01             F          296,000.00         ZZ
                                         360        292,886.95          1
                                       7.250          2,019.24         70
                                       7.000          2,019.24
    DALLAS           TX   75248          2            02/22/02         00
    0400584785                           05           04/01/02          0
    3458349                              O            03/01/32
    0

    8049160          E82/G01             F          328,000.00         ZZ
                                         360        324,291.91          1
                                       6.875          2,154.73         80
                                       6.625          2,154.73
    LONGMONT         CO   80503          5            02/22/02         00
    0400589842                           05           04/01/02          0
1

    0400589842                           O            03/01/32
    0

    8049172          E82/G01             F          371,200.00         ZZ
                                         360        365,347.30          1
                                       7.250          2,532.24         80
                                       7.000          2,532.24
    SUISUN           CA   94585          2            02/07/02         00
    0400577680                           05           04/01/02          0
    0400577680                           O            03/01/32
    0

    8050192          E33/G01             F          700,000.00         ZZ
                                         360        691,895.07          1
                                       6.750          4,540.19         70
                                       6.500          4,540.19
    LAKE BLUFF       IL   60044          2            02/20/02         00
    0433720760                           05           04/01/02          0
    WYNN                                 O            03/01/32
    0

    8052618          L20/G01             F          460,000.00         ZZ
                                         360        454,798.36          1
                                       6.875          3,021.87         80
                                       6.625          3,021.87
    SALT LAKE CITY   UT   84103          1            03/01/02         00
    0433750759                           05           04/01/02          0
    283248                               O            03/01/32
    0

    8070462          E22/G01             F          366,000.00         ZZ
                                         360        361,862.37          1
                                       6.875          2,404.36         37
                                       6.625          2,404.36
    DANA POINT       CA   92629          2            02/01/02         00
    0413562695                           03           04/01/02          0
    0413562695                           O            03/01/32
    0

    8070468          E22/G01             F          229,000.00         ZZ
                                         360        223,905.81          1
                                       7.000          1,523.54         63
                                       6.750          1,523.54
    KUNA             ID   83634          2            02/15/02         00
    0413565474                           05           04/01/02          0
    0413565474                           O            03/01/32
    0

1

    8073634          998/998             F          375,000.00         ZZ
                                         360        370,079.90          1
                                       6.875          2,463.49         40
                                       6.625          2,463.49
    OCONOMOWOC       WI   53066          2            12/29/01         00
    12165637                             05           02/01/02          0
    2165637                              O            01/01/32
    0

    8073640          998/998             F          322,500.00         ZZ
                                         360        312,529.14          1
                                       6.750          2,091.73         75
                                       6.500          2,091.73
    HARRINGTON PARK  NJ   07640          5            01/25/02         00
    12228812                             05           03/01/02          0
    2228812                              O            02/01/32
    0

    8073642          998/998             F          400,000.00         ZZ
                                         360        395,455.62          1
                                       7.250          2,728.71         49
                                       7.000          2,728.71
    FORT SALONGA     NY   11768          1            01/25/02         00
    12709330                             05           03/01/02          0
    2709330                              O            02/01/32
    0

    8073650          998/998             F          450,000.00         ZZ
                                         360        444,304.78          1
                                       7.500          3,146.47         83
                                       7.250          3,146.47
    KIRTLAND         OH   44094          2            01/08/02         12
    13101615                             05           03/01/02         12
    3101615                              O            02/01/32
    0

    8073652          998/998             F          336,000.00         ZZ
                                         360        331,591.71          1
                                       6.875          2,207.28         66
                                       6.625          2,207.28
    HUNTINGTON       NY   11743          5            12/21/01         00
    13107050                             05           02/01/02          0
    3107050                              O            01/01/32
    0

    8085742          964/G01             F          421,500.00         ZZ
                                         360        417,067.08          1
                                       7.250          2,875.37         80
                                       7.000          2,875.37
1

    GREELEY          CO   80634          2            02/08/02         00
    0433717311                           05           04/01/02          0
    185442                               O            03/01/32
    0

    8091106          E22/G01             F          551,500.00         ZZ
                                         360        542,988.25          1
                                       6.875          3,622.96         52
                                       6.625          3,622.96
    SAN JOSE         CA   95125          2            02/20/02         00
    0413667577                           05           04/01/02          0
    0413667577                           O            03/01/32
    0

    8093822          405/405             F          412,000.00         ZZ
                                         360        404,980.24          1
                                       7.125          2,775.72         80
                                       6.625          2,775.72
    CASTLE ROCK      CO   80104          1            02/15/02         00
    0012950127                           03           04/01/02          0
    0012950127                           O            03/01/32
    0

    8093828          405/405             F          349,500.00         ZZ
                                         360        345,548.84          1
                                       6.875          2,295.97         82
                                       6.500          2,295.97
    MT PLEASANT      SC   29466          1            02/07/02         14
    0012964904                           03           04/01/02         12
    0012964904                           O            03/01/32
    0

    8093844          405/405             F          650,000.00         ZZ
                                         360        642,825.87          1
                                       7.000          4,324.47         78
                                       6.500          4,324.47
    ENGLEWOOD        CO   80111          1            02/15/02         00
    0012981932                           03           04/01/02          0
    0012981932                           O            03/01/32
    0

    8093854          405/405             F          424,000.00         ZZ
                                         360        419,090.71          1
                                       6.750          2,750.06         80
                                       6.500          2,750.06
    PALM BEACH GARD  FL   33418          2            02/15/02         00
    0018004556                           03           04/01/02          0
    0018004556                           O            03/01/32
    0
1

    8093872          405/405             F          365,000.00         ZZ
                                         360        361,161.16          1
                                       7.250          2,489.95         73
                                       6.750          2,489.95
    REDWOOD CITY     CA   94063          2            02/14/02         00
    0018139790                           05           04/01/02          0
    0018139790                           O            03/01/32
    0

    8093882          405/405             F          548,000.00         ZZ
                                         360        541,739.86          1
                                       6.875          3,599.97         68
                                       6.500          3,599.97
    DELRAY BEACH     FL   33483          5            02/25/02         00
    0018204982                           05           04/01/02          0
    0018204982                           O            03/01/32
    0

    8093892          405/405             F          480,000.00         ZZ
                                         360        468,516.05          1
                                       6.875          3,153.26         80
                                       6.500          3,153.26
    BOCA RATON       FL   33496          1            02/28/02         00
    0018228320                           03           04/01/02          0
    0018228320                           O            03/01/32
    0

    8093906          405/405             F          432,400.00         ZZ
                                         360        427,511.71          1
                                       6.875          2,840.56         72
                                       6.500          2,840.56
    BELLAIRE         TX   77401          1            02/28/02         00
    0018241646                           05           04/01/02          0
    0018241646                           O            03/01/32
    0

    8111934          E82/G01             F          568,000.00         ZZ
                                         360        562,026.28          1
                                       7.250          3,874.76         67
                                       7.000          3,874.76
    PRINCETON        MA   01541          2            02/27/02         00
    0400579777                           05           04/01/02          0
    3109395                              O            03/01/32
    0

    8121366          R65/G01             F          354,000.00         ZZ
                                         360        349,802.53          1
1

                                       6.625          2,266.70         64
                                       6.375          2,266.70
    VENTURA          CA   93003          1            02/08/02         00
    0433737707                           05           04/01/02          0
    111706EE                             O            03/01/32
    0

    8125256          W53/G01             F          400,000.00         ZZ
                                         360        394,622.55          1
                                       6.500          2,528.28         34
                                       6.250          2,528.28
    PARK CITY        UT   84098          5            01/29/02         00
    0433764198                           05           03/01/02          0
    1301000421                           O            02/01/32
    0

    8138822          E22/G01             F          335,200.00         ZZ
                                         360        331,584.44          1
                                       7.125          2,258.30         80
                                       6.875          2,258.30
    ISSAQUAH         WA   98027          1            02/19/02         00
    0413550674                           05           04/01/02          0
    0413550674                           O            03/01/32
    0

    8143982          E82/G01             F          339,500.00         ZZ
                                         360        335,752.95          1
                                       7.000          2,258.70         79
                                       6.750          2,258.70
    HILLSDALE        NJ   07642          2            02/28/02         00
    0400592663                           05           04/01/02          0
    3693050                              O            03/01/32
    0

    8171422          E82/G01             F          205,200.00         ZZ
                                         360        202,083.09          1
                                       7.000          1,365.20         67
                                       6.750          1,365.20
    MARLBORO         NJ   07746          2            03/01/02         00
    0400589818                           05           04/01/02          0
    1611596                              O            03/01/32
    0

    8171478          E82/G01             F          436,500.00         ZZ
                                         360        431,446.03          1
                                       6.750          2,831.13         62
                                       6.500          2,831.13
    MC LEAN          VA   22101          5            03/01/02         00
    0400553517                           05           04/01/02          0
1

    0400553517                           O            03/01/32
    0

    8173930          461/G01             F          341,960.00         ZZ
                                         360        338,328.65          1
                                       7.375          2,361.84         90
                                       7.125          2,361.84
    LA QUINTA        CA   92253          1            02/01/02         11
    0433773975                           03           04/01/02         25
    9031165541                           O            03/01/32
    0

    8174242          461/G01             F          385,000.00         ZZ
                                         360        381,047.97          1
                                       7.375          2,659.10         72
                                       7.125          2,659.10
    FREMONT          CA   94539          5            01/31/02         00
    0433733367                           05           04/01/02          0
    9031222318                           O            03/01/32
    0

    8174340          461/G01             F          331,500.00         ZZ
                                         360        327,819.15          1
                                       7.125          2,233.38         85
                                       6.875          2,233.38
    ESCONDIDO        CA   92027          2            02/14/02         11
    0433772928                           03           04/01/02         12
    9031236144                           O            03/01/32
    0

    8174412          461/G01             F          368,000.00         ZZ
                                         360        364,180.62          1
                                       7.500          2,573.11         60
                                       7.250          2,573.11
    TUSTIN           CA   92782          1            02/05/02         00
    0433735172                           05           04/01/02          0
    9031221633                           O            03/01/32
    0

    8174512          461/G01             F          333,500.00         ZZ
                                         360        329,906.60          1
                                       7.125          2,246.86         83
                                       6.875          2,246.86
    GLENDORA         CA   91740          2            02/15/02         10
    0433773116                           05           04/01/02         12
    9031261597                           O            03/01/32
    0

1

    8177404          952/G01             F          580,000.00         ZZ
                                         360        573,750.81          1
                                       7.125          3,907.57         79
                                       6.875          3,907.57
    UPPER SADDLE RI  NJ   07458          1            02/27/02         00
    0433754975                           05           04/01/02          0
    20025473                             O            03/01/32
    0

    8236660          E22/G01             F          399,900.00         ZZ
                                         360        394,959.14          1
                                       6.875          2,627.06         52
                                       6.625          2,627.06
    SAN RAFAEL       CA   94901          5            02/27/02         00
    0413674680                           03           04/01/02          0
    0413674680                           O            03/01/32
    0

    8236930          E82/G01             F          550,000.00         ZZ
                                         360        542,379.90          1
                                       6.750          3,567.29         67
                                       6.500          3,567.29
    HEWLETT          NY   11557          2            02/28/02         00
    0400546636                           05           04/01/02          0
    0400546636                           O            03/01/32
    0

    8246846          M45/G01             F          335,000.00         ZZ
                                         360        330,780.05          1
                                       6.500          2,117.43         88
                                       6.250          2,117.43
    FREMONT          CA   94538          1            02/21/02         04
    0433773454                           05           04/01/02         25
    A0330103                             O            03/01/32
    0

    8246876          M45/G01             F          410,000.00         ZZ
                                         360        405,252.74          1
                                       6.750          2,659.26         72
                                       6.500          2,659.26
    NESHANIC STATIO  NJ   08853          5            02/21/02         00
    0433773587                           05           04/01/02          0
    A0328788                             O            03/01/32
    0

    8246884          M45/G01             F          400,000.00         ZZ
                                         360        394,908.86          3
                                       6.250          2,462.87         80
                                       6.000          2,462.87
1

    MOORESTOWN       NJ   08057          1            02/28/02         00
    0433773637                           05           04/01/02          0
    A0320463                             O            03/01/32
    0

    8260716          405/405             F          398,000.00         ZZ
                                         360        392,627.35          1
                                       6.875          2,614.58         62
                                       6.500          2,614.58
    COOKSVILLE       MD   21723          1            12/12/01         00
    0012369872                           03           02/01/02          0
    0012369872                           O            01/01/32
    0

    8260722          405/405             F          448,600.00         ZZ
                                         360        440,822.58          1
                                       7.250          3,060.24         64
                                       6.750          3,060.24
    LAFAYETTE        CO   80026          2            02/13/02         00
    0012964318                           05           04/01/02          0
    0012964318                           O            03/01/32
    0

    8260736          405/405             F          600,000.00         ZZ
                                         360        593,352.87          1
                                       7.000          3,991.82         80
                                       6.500          3,991.82
    ROANOKE          VA   24014          1            02/19/02         00
    0012987228                           05           04/01/02          0
    0012987228                           O            03/01/32
    0

   TOTAL NUMBER OF LOANS   :        666

   TOTAL ORIGINAL BALANCE  :   276,673,437.00

   TOTAL PRINCIPAL BALANCE :   272,114,376.47

   TOTAL ORIGINAL P+I      :     1,833,767.65

   TOTAL CURRENT P+I       :     1,833,767.64

                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>

<TABLE>
<CAPTION>

                                   EXHIBIT TWO
                         SCHEDULE OF DISCOUNT FRACTIONS
                            (Available Upon Request)

                               Schedule of Discount Fractions

    Loan Number     Current Balance    Net Mortgage Rate  Discount Fraction   PO Balance
<S>   <C>             <C>                   <C>                <C>             <C>
      6004270         $346,195.16           6.420%             1.2308%         $4,260.86
      6237194         $580,503.53           6.420%             1.2308%         $7,144.66
      6278460         $435,770.95           6.295%             3.1538%        $13,743.55
      6290932         $369,651.00           6.420%             1.2308%         $4,549.55
      6319808         $482,326.04           6.420%             1.2308%         $5,936.32
      6361830         $393,837.42           6.420%             1.2308%         $4,847.23
      6427866         $371,563.00           6.045%             7.0000%        $26,009.41
      6436742         $348,419.27           6.420%             1.2308%         $4,288.24
      6468264         $384,197.55           6.420%             1.2308%         $4,728.59
      6481950         $144,887.25           6.420%             1.2308%         $1,783.23
      6500830         $423,568.88           6.420%             1.2308%         $5,213.16
      6561334         $314,995.93           6.170%             5.0769%        $15,992.10
      6640516         $337,815.69           6.420%             1.2308%         $4,157.73
      6661150         $448,180.22           6.420%             1.2308%         $5,516.06
      6666526         $301,471.26           6.420%             1.2308%         $3,710.42
      6707164         $413,470.77           6.420%             1.2308%         $5,088.87
      6732558         $634,645.66           6.420%             1.2308%         $7,811.02
      6732668         $391,392.80           6.420%             1.2308%         $4,817.14
      6743668         $473,600.06           6.420%             1.2308%         $5,828.92
      6759406         $285,117.04           6.420%             1.2308%         $3,509.13
      6762590         $458,415.40           6.420%             1.2308%         $5,642.04
      6770100         $597,809.73           6.295%             3.1538%        $18,854.00
      6816190         $391,646.62           6.420%             1.2308%         $4,820.27
      6826308         $633,726.63           6.045%             7.0000%        $44,360.86
      6828138         $368,063.31           6.420%             1.2308%         $4,530.01
      6836882         $328,101.41           6.295%             3.1538%        $10,347.81
      6872702         $394,046.26           6.270%             3.5385%        $13,943.18
      6947134         $335,431.88           6.420%             1.2308%         $4,128.39
      6947248         $615,616.07           6.420%             1.2308%         $7,576.81
      6990480         $437,245.18           6.420%             1.2308%         $5,381.48
      7000296         $393,639.06           6.420%             1.2308%         $4,844.79
      7035710         $473,656.35           6.045%             7.0000%        $33,155.94
      7113096         $369,391.45           6.295%             3.1538%        $11,650.04
      7113394         $318,987.05           6.295%             3.1538%        $10,060.36
      7139306         $788,993.54           6.295%             3.1538%        $24,883.64
      7139548         $363,055.63           6.420%             1.2308%         $4,468.38
      7171550         $447,890.18           6.170%             5.0769%        $22,739.04
      7171582         $442,122.28           6.170%             5.0769%        $22,446.21
      7171634         $299,346.50           6.170%             5.0769%        $15,197.59
      7180134         $377,307.05           5.920%             8.9231%        $33,667.40
      7251950         $357,325.12           6.420%             1.2308%         $4,397.85
      7267104         $281,046.13           6.045%             7.0000%        $19,673.23
      7272296         $552,829.20           6.295%             3.1538%        $17,435.38
      7477572         $337,329.03           6.420%             1.2308%         $4,151.74
      7486174         $986,864.03           6.295%             3.1538%        $31,124.17
      7559030         $542,432.94           6.295%             3.1538%        $17,107.50
      7559034         $305,834.95           6.420%             1.2308%         $3,764.12
      7559046         $438,731.50           6.170%             5.0769%        $22,274.06
      7559048         $402,628.93           6.420%             1.2308%         $4,955.43
      7559064         $566,306.78           6.295%             3.1538%        $17,860.44
      7559078         $638,726.80           6.170%             5.0769%        $32,427.67
      7559110         $352,417.20           6.295%             3.1538%        $11,114.70
      7559126         $325,347.23           6.045%             7.0000%        $22,774.31

 Wednesday, April 30, 2003                                                      Page 1 of 5

      7559128         $352,956.87           6.170%             5.0769%        $17,919.35
      7560710         $436,482.41           6.420%             1.2308%         $5,372.09
      7560712         $642,063.50           6.420%             1.2308%         $7,902.32
      7560714         $525,204.59           6.420%             1.2308%         $6,464.06
      7560720         $339,705.03           6.420%             1.2308%         $4,180.99
      7560724         $588,722.83           6.420%             1.2308%         $7,245.82
      7560726         $499,967.93           6.420%             1.2308%         $6,153.45
      7560728         $403,364.80           6.420%             1.2308%         $4,964.49
      7560734         $555,285.14           6.420%             1.2308%         $6,834.28
      7560740         $340,787.50           6.420%             1.2308%         $4,194.31
      7560742         $543,284.51           6.420%             1.2308%         $6,686.58
      7560744         $591,499.14           6.420%             1.2308%         $7,279.99
      7560752         $285,909.00           6.420%             1.2308%         $3,518.88
      7560970         $624,502.98           6.420%             1.2308%         $7,686.19
      7560972         $486,556.28           6.170%             5.0769%        $24,702.09
      7560980         $410,161.23           6.170%             5.0769%        $20,823.57
      7560990         $790,984.27           6.170%             5.0769%        $40,157.66
      7560992         $406,594.53           6.170%             5.0769%        $20,642.49
      7560996         $311,635.68           6.170%             5.0769%        $15,821.50
      7561010         $486,745.33           6.170%             5.0769%        $24,711.69
      7561012         $410,670.87           6.170%             5.0769%        $20,849.44
      7561018         $499,129.56           6.170%             5.0769%        $25,340.42
      7561022         $394,875.87           6.170%             5.0769%        $20,047.54
      7561030         $319,849.01           6.170%             5.0769%        $16,238.49
      7561032         $367,199.07           6.170%             5.0769%        $18,642.41
      7583840         $484,759.37           6.295%             3.1538%        $15,288.56
      7583890         $508,306.50           6.420%             1.2308%         $6,256.08
      7583896         $442,352.20           6.295%             3.1538%        $13,951.11
      7583900         $591,745.10           6.295%             3.1538%        $18,662.73
      7583916         $339,378.03           6.420%             1.2308%         $4,176.96
      7583918         $416,330.15           6.420%             1.2308%         $5,124.06
      7583942         $358,209.30           6.170%             5.0769%        $18,186.01
      7583954         $322,378.03           6.420%             1.2308%         $3,967.73
      7583956         $415,865.44           6.295%             3.1538%        $13,115.76
      7583958         $409,424.18           6.420%             1.2308%         $5,039.07
      7583970         $343,328.36           6.045%             7.0000%        $24,032.99
      7593774         $498,382.68           6.420%             1.2308%         $6,133.94
      7661620         $355,831.81           6.420%             1.2308%         $4,379.47
      7680362         $312,108.12           6.170%             5.0769%        $15,845.49
      7733644         $590,581.97           6.420%             1.2308%         $7,268.70
      7739580         $531,770.79           6.420%             1.2308%         $6,544.87
      7741770         $783,597.09           6.295%             3.1538%        $24,713.45
      7750326         $379,333.70           6.295%             3.1538%        $11,963.60
      7750328         $527,614.55           6.420%             1.2308%         $6,493.72
      7750332         $461,561.17           6.295%             3.1538%        $14,556.93
      7750346         $315,700.42           6.420%             1.2308%         $3,885.54
      7750360         $516,959.52           6.420%             1.2308%         $6,362.58
      7759322         $353,041.09           6.420%             1.2308%         $4,345.12
      7759324         $417,906.08           6.420%             1.2308%         $5,143.46
      7796526         $622,969.01           6.420%             1.2308%         $7,667.31
      7796530         $362,710.81           6.420%             1.2308%         $4,464.13
      7796548         $450,859.73           6.420%             1.2308%         $5,549.04
      7796560         $384,647.53           6.420%             1.2308%         $4,734.12
      7796562         $379,827.09           6.420%             1.2308%         $4,674.80
      7796574         $315,365.97           6.420%             1.2308%         $3,881.43
      7796576         $962,807.97           6.420%             1.2308%        $11,849.94
      7796616         $442,561.72           6.170%             5.0769%        $22,468.52

 Wednesday, April 30, 2003                                                      Page 2 of 5

      7796634         $341,104.53           6.420%             1.2308%         $4,198.21
      7796642         $392,589.92           6.420%             1.2308%         $4,831.88
      7796646         $304,609.73           6.420%             1.2308%         $3,749.04
      7796656         $414,747.99           6.420%             1.2308%         $5,104.59
      7796660         $552,475.92           6.420%             1.2308%         $6,799.70
      7796670         $384,750.93           6.420%             1.2308%         $4,735.40
      7796672         $325,966.41           6.420%             1.2308%         $4,011.89
      7796686         $426,488.86           6.295%             3.1538%        $13,450.80
      7826096         $271,739.18           6.295%             3.1538%         $8,570.24
      7826260         $351,878.09           6.420%             1.2308%         $4,330.81
      7826270         $877,718.39           6.420%             1.2308%        $10,802.69
      7847078         $355,674.05           6.420%             1.2308%         $4,377.53
      7847102         $489,268.71           6.420%             1.2308%         $6,021.77
      7847172         $336,063.38           6.420%             1.2308%         $4,136.16
      7848422         $363,696.52           6.420%             1.2308%         $4,476.26
      7848426         $394,625.55           6.420%             1.2308%         $4,856.93
      7848440         $367,603.30           6.295%             3.1538%        $11,593.64
      7848460         $344,036.66           6.420%             1.2308%         $4,234.30
      7873744         $458,065.17           6.420%             1.2308%         $5,637.73
      7873752         $353,112.44           6.295%             3.1538%        $11,136.62
      7873770         $379,294.81           6.420%             1.2308%         $4,668.24
      7875026         $465,334.92           5.920%             8.9231%        $41,522.19
      7875036         $335,192.39           6.420%             1.2308%         $4,125.44
      7885378         $592,687.02           6.295%             3.1538%        $18,692.44
      7890634         $127,308.76           6.420%             1.2308%         $1,566.88
      7898966         $301,432.71           5.920%             8.9231%        $26,897.07
      7898994         $367,079.66           5.920%             8.9231%        $32,754.80
      7899012         $414,092.32           5.920%             8.9231%        $36,949.78
      7899054         $344,832.67           5.920%             8.9231%        $30,769.68
      7899074         $367,868.23           6.295%             3.1538%        $11,602.00
      7899076         $402,115.92           6.045%             7.0000%        $28,148.11
      7899078         $348,848.98           6.420%             1.2308%         $4,293.53
      7899080         $535,704.31           6.420%             1.2308%         $6,593.28
      7899082         $503,147.59           6.420%             1.2308%         $6,192.59
      7899088         $373,489.66           6.295%             3.1538%        $11,779.29
      7899156         $424,077.58           6.420%             1.2308%         $5,219.42
      7899170         $630,424.74           5.920%             8.9231%        $56,253.28
      7899188         $567,393.01           6.170%             5.0769%        $28,806.11
      7899202         $386,733.06           6.420%             1.2308%         $4,759.79
      7899210         $402,799.63           6.045%             7.0000%        $28,195.97
      7899212         $503,641.04           6.420%             1.2308%         $6,198.66
      7899214         $340,268.40           6.420%             1.2308%         $4,187.92
      7901480         $170,607.54           5.670%            12.7692%        $21,785.27
      7934564         $454,281.57           6.420%             1.2308%         $5,591.16
      7934580         $640,306.64           6.295%             3.1538%        $20,194.29
      7934582         $344,969.72           6.420%             1.2308%         $4,245.78
      7934584         $492,466.50           6.170%             5.0769%        $25,002.15
      7934596         $480,442.87           6.170%             5.0769%        $24,391.71
      7945828         $378,608.83           6.420%             1.2308%         $4,659.80
      7957798         $331,121.27           6.420%             1.2308%         $4,075.34
      7957930         $395,257.14           6.295%             3.1538%        $12,465.80
      7962646         $542,799.31           6.295%             3.1538%        $17,119.06
      7980462         $769,980.43           6.420%             1.2308%         $9,476.68
      8003076         $345,947.61           6.420%             1.2308%         $4,257.82
      8003610         $641,530.82           5.795%            10.8462%        $69,581.42
      8003614         $308,698.38           5.920%             8.9231%        $27,545.39
      8003624         $395,368.54           6.420%             1.2308%         $4,866.07

 Wednesday, April 30, 2003                                                      Page 3 of 5

      8003628         $436,759.00           6.295%             3.1538%        $13,774.71
      8003636         $518,597.24           6.295%             3.1538%        $16,355.76
      8003652         $372,172.37           6.295%             3.1538%        $11,737.74
      8022776         $611,882.62           6.295%             3.1538%        $19,297.84
      8026572         $117,580.75           6.420%             1.2308%         $1,447.15
      8030252         $390,994.78           6.420%             1.2308%         $4,812.24
      8030262         $349,524.04           6.295%             3.1538%        $11,023.45
      8030266         $356,354.86           6.295%             3.1538%        $11,238.88
      8030278         $440,286.33           6.420%             1.2308%         $5,418.91
      8030280         $346,770.87           6.420%             1.2308%         $4,267.95
      8030284         $275,502.98           6.420%             1.2308%         $3,390.81
      8030286         $407,957.28           6.420%             1.2308%         $5,021.01
      8030290         $353,540.34           6.420%             1.2308%         $4,351.27
      8030300         $642,251.22           6.420%             1.2308%         $7,904.63
      8030304         $419,320.20           6.420%             1.2308%         $5,160.86
      8030306         $642,063.54           6.420%             1.2308%         $7,902.32
      8030314         $432,585.27           6.295%             3.1538%        $13,643.07
      8030318         $390,534.50           6.420%             1.2308%         $4,806.58
      8030322         $321,825.45           6.295%             3.1538%        $10,149.88
      8030326         $359,448.31           6.420%             1.2308%         $4,423.98
      8030334         $400,171.88           6.420%             1.2308%         $4,925.19
      8030336         $308,585.34           6.420%             1.2308%         $3,797.97
      8030338         $538,838.80           6.420%             1.2308%         $6,631.86
      8030342         $557,276.42           6.420%             1.2308%         $6,858.79
      8030352         $405,258.98           6.420%             1.2308%         $4,987.80
      8041400         $503,772.91           6.420%             1.2308%         $6,200.28
      8041402         $522,434.48           6.420%             1.2308%         $6,429.96
      8041404         $370,421.34           6.420%             1.2308%         $4,559.03
      8041412         $481,053.82           6.420%             1.2308%         $5,920.66
      8041418         $493,747.75           6.420%             1.2308%         $6,076.90
      8041426         $402,230.38           6.420%             1.2308%         $4,950.53
      8041438         $407,947.12           6.420%             1.2308%         $5,020.89
      8041454         $329,235.35           6.420%             1.2308%         $4,052.13
      8041468         $334,738.60           6.420%             1.2308%         $4,119.86
      8041478         $355,226.47           6.170%             5.0769%        $18,034.57
      8041480         $405,969.24           6.420%             1.2308%         $4,996.54
      8042674         $331,955.89           6.420%             1.2308%         $4,085.61
      8042678         $557,692.80           6.295%             3.1538%        $17,588.77
      8043212         $367,001.94           6.420%             1.2308%         $4,516.95
      8047740         $362,839.19           6.295%             3.1538%        $11,443.39
      8047742         $227,336.92           6.420%             1.2308%         $2,797.99
      8050192         $691,895.07           6.420%             1.2308%         $8,515.63
      8073640         $312,529.14           6.420%             1.2308%         $3,846.51
      8093828         $345,548.84           6.420%             1.2308%         $4,252.91
      8093844         $642,825.87           6.420%             1.2308%         $7,911.70
      8093854         $419,090.71           6.420%             1.2308%         $5,158.04
      8093882         $541,739.86           6.420%             1.2308%         $6,667.57
      8093892         $468,516.05           6.420%             1.2308%         $5,766.35
      8093906         $427,511.71           6.420%             1.2308%         $5,261.68
      8121366         $349,802.53           6.295%             3.1538%        $11,032.23
      8125256         $394,622.55           6.170%             5.0769%        $20,034.68
      8171478         $431,446.03           6.420%             1.2308%         $5,310.11
      8236930         $542,379.90           6.420%             1.2308%         $6,675.44
      8246846         $330,780.05           6.170%             5.0769%        $16,793.45
      8246876         $405,252.74           6.420%             1.2308%         $4,987.73
      8246884         $394,908.86           5.920%             8.9231%        $35,238.02
      8260716         $392,627.35           6.420%             1.2308%         $4,832.34

 Wednesday, April 30, 2003                                                      Page 4 of 5

      8260736         $593,352.87           6.420%             1.2308%         $7,302.80

 Wednesday, April 30, 2003                                                      Page 5 of 5

</TABLE>

<PAGE>

                                        EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

               (i) (a) the amount of such distribution to the Certificateholders
        of such  Class  applied  to reduce  the  Certificate  Principal  Balance
        thereof,  and (b) the aggregate  amount  included  therein  representing
        Principal Prepayments;

               (ii) the amount of such  distribution to Holders of such Class of
        Certificates allocable to interest;

               (iii)  if the  distribution  to the  Holders  of  such  Class  of
        Certificates is less than the full amount that would be distributable to
        such Holders if there were  sufficient  funds  available  therefor,  the
        amount of the shortfall;

               (iv) the amount of any Advance by the Master Servicer pursuant to
        Section 4.04;

               (v) the number and Pool Stated Principal  Balance of the Mortgage
        Loans after  giving  effect to the  distribution  of  principal  on such
        Distribution Date;

               (vi) the aggregate Certificate Principal Balance of each Class of
        Certificates  and the  Senior  Percentage,  after  giving  effect to the
        amounts  distributed on such Distribution Date,  separately  identifying
        any reduction  thereof due to Realized  Losses other than pursuant to an
        actual distribution of principal;

               (vii) the related Subordinate  Principal  Distribution Amount and
        Prepayment Distribution Percentage, if applicable;

               (viii) on the basis of the most recent reports furnished to it by
        Sub-Servicers,  (a) the  number  and  aggregate  principal  balances  of
        Mortgage  Loans that are  Delinquent  (1) 30-59 days, (2) 60-89 days and
        (3) 90 or more days and the number and  aggregate  principal  balance of
        Mortgage  Loans that are in  foreclosure,  (b) the number and  aggregate
        principal  balances  of  Reportable  Modified  Mortgage  Loans  that are
        Delinquent  (1) 30-59  days,  (2) 60-89 days and (3) 90 or more days and
        the number  and  aggregate  principal  balance  of  Reportable  Modified
        Mortgage Loans that are in foreclosure and are REO Property,  indicating
        in each case capitalized  Mortgage Loans, other Servicing  Modifications
        and totals,  and (c) for all Reportable  Modified  Mortgage  Loans,  the
        number and aggregate  Stated  Principal  Balance of Reportable  Modified
        Mortgage  Loans that have been  liquidated,  the subject of pay-offs and
        that have been repurchased by the Master Servicer or Seller;

               (ix) the number,  aggregate  principal  balance and book value of
        any REO Properties;

               (x) the aggregate Accrued Certificate  Interest remaining unpaid,
        if any,  for each  Class of  Certificates,  after  giving  effect to the
        distribution made on such Distribution Date;

                                             -1-

<PAGE>

               (xi) the Special Hazard Amount,  Fraud Loss Amount and Bankruptcy
        Amount  as of the  close of  business  on such  Distribution  Date and a
        description of any change in the calculation of such amounts;

               (xii) the weighted average Pool Strip Rate for such  Distribution
        Date and the Class A-V Certificates and each Subclass, if any, thereof;

               (xiii)  the  Notional  Amount  with  respect  to  the  Class  A-V
        Certificates and each Subclass;

               (xiv) the occurrence of the Credit Support Depletion Date;

               (xv)  the  related  Senior  Accelerated  Distribution  Percentage
        applicable to such distribution;

               (xvi) the related Senior Percentage for such Distribution Date;

               (xvii)  the  aggregate   amount  of  Realized   Losses  for  such
        Distribution Date;

               (xviii)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;

               (xix) the  weighted  average  remaining  term to  maturity of the
        Mortgage  Loans after giving effect to the amounts  distributed  on such
        Distribution Date; and

               (xx) the weighted  average  Mortgage  Rates of the Mortgage Loans
        after  giving  effect to the amounts  distributed  on 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 FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF MARCH 1, 2003

                                 EXECUTION COPY

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

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of March 1, 2003

                 Residential 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..............................................31

                                          ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES
        Section 2.01  Conveyance of Mortgage Loans..........................................31
        Section 2.02  Acceptance by Trustee.................................................37
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company...............................................................38
        Section 2.04  Representations and Warranties of Sellers.............................40
        Section 2.05  Execution and Authentication of Certificates/Issuance of Certificates
                      Evidencing Interests in REMIC I.......................................42
        Section 2.06  Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                      Acceptance by the Trustee.............................................42
        Section 2.07  Issuance of Certificates Evidencing Interests in REMIC II.............42
        Section 2.08  Purposes and Powers of the Trust......................................42

                                         ARTICLE III

                                 ADMINISTRATION AND SERVICING
                                      OF MORTGAGE LOANS
        Section 3.01  Master Servicer to Act as Servicer....................................43
        Section 3.02  Subservicing Agreements Between Master Servicer and Subservicers;
                      Enforcement of Subservicers' and Sellers' Obligations.................44
        Section 3.03  Successor Subservicers................................................45
        Section 3.04  Liability of the Master Servicer......................................46
        Section 3.05  No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders....................................................46
        Section 3.06  Assumption or Termination of Subservicing Agreements by Trustee.......46
        Section 3.07  Collection of Certain Mortgage Loan Payments;  Deposits to Custodial
                      Account...............................................................47
        Section 3.08  Subservicing Accounts; Servicing Accounts.............................49
        Section 3.09  Access to Certain Documentation and Information Regarding the Mortgage
                      Loans.................................................................51
        Section 3.10  Permitted Withdrawals from the Custodial Account......................51
        Section 3.11  Maintenance of the Primary Insurance Policies; Collections
                      Thereunder............................................................53

                                              i

<PAGE>

        Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity Coverage.....54
        Section 3.13  Enforcement of Due-on-Sale Clauses; Assumption and Modification
                      Agreements; Certain Assignments.......................................55
        Section 3.14  Realization Upon Defaulted Mortgage Loans.............................57
        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.......................61
        Section 3.16  Servicing and Other Compensation; Compensating Interest...............62
        Section 3.17  Reports to the Trustee and the Company................................63
        Section 3.18  Annual Statement as to Compliance.....................................63
        Section 3.19  Annual Independent Public Accountants' Servicing Report...............64
        Section 3.20  Rights of the Company in Respect of the Master Servicer...............64
        Section 3.21  Administration of Buydown Funds.......................................64

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS
        Section 4.01  Certificate Account...................................................65
        Section 4.02  Distributions.........................................................66
        Section 4.03  Statements to Certificateholders; Statements to Rating Agencies;
                      Exchange Act Reporting................................................66
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      Master Servicer.......................................................68
        Section 4.05  Allocation of Realized Losses.........................................69
        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.........69
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.........................69
        Section 4.08  Surety Bond...........................................................70

                                          ARTICLE V

                                       THE CERTIFICATES
        Section 5.01  The Certificates......................................................70
        Section 5.02  Registration of Transfer and Exchange of Certificates.................72
        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.....................78
        Section 5.04  Persons Deemed Owners.................................................78
        Section 5.05  Appointment of Paying Agent...........................................78

                                          ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER
        Section 6.01  Respective Liabilities of the Company and the Master Servicer.........80
        Section 6.02  Merger or Consolidation of the Company or the Master Servicer; Assignment
                      of Rights and Delegation of Duties by Master Servicer.................80
        Section 6.03  Limitation on Liability of the Company, the Master Servicer and
                      Others................................................................81
        Section 6.04  Company and Master Servicer Not to Resign.............................82

                                          ii

<PAGE>

                                         ARTICLE VII

                                           DEFAULT
        Section 7.01  Events of Default.....................................................82
        Section 7.02  Trustee or Company to Act; Appointment of Successor...................84
        Section 7.03  Notification to Certificateholders....................................85
        Section 7.04  Waiver of Events of Default...........................................85

                                         ARTICLE VIII

                                    CONCERNING THE TRUSTEE
        Section 8.01  Duties of Trustee.....................................................86
        Section 8.02  Certain Matters Affecting the Trustee.................................87
        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.................89
        Section 8.04  Trustee May Own Certificates..........................................89
        Section 8.05  Master Servicer to Pay Trustee's Fees and Expenses; Indemnification...89
        Section 8.06  Eligibility Requirements for Trustee..................................90
        Section 8.07  Resignation and Removal of the Trustee................................91
        Section 8.08  Successor Trustee.....................................................92
        Section 8.09  Merger or Consolidation of Trustee....................................92
        Section 8.10  Appointment of Co-Trustee or Separate Trustee.........................92
        Section 8.11  Appointment of Custodians.............................................93
        Section 8.12  Appointment of Office or Agency.......................................94

                                          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.................................................................94
        Section 9.02  Additional Termination Requirements...................................97
        Section 9.03  Termination of Multiple REMICs........................................98

                                          ARTICLE X

                                       REMIC PROVISIONS
        Section 10.01 REMIC Administration..................................................98
        Section 10.02 Master Servicer, REMIC Administrator and Trustee Indemnification.....102
        Section 10.03 Designation of REMIC(s)..............................................102

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment............................................................103
        Section 11.02 Recordation of Agreement; Counterparts...............................105

                                             iii

<PAGE>

        Section 11.03 Limitation on Rights of Certificateholders...........................106
        Section 11.04 Governing Law........................................................106
        Section 11.05 Notices..............................................................106
        Section 11.06 Required Notices to Rating Agency and Subservicer....................107
        Section 11.07 Severability of Provisions...........................................107
        Section 11.08 Supplemental Provisions for Resecuritization.........................108
        Section 11.09 Allocation of Voting Rights..........................................108

EXHIBITS

Exhibit A:     Form of Class A Certificate
Exhibit B:     Form of Class M Certificate
Exhibit C:     Form of Class B Certificate
Exhibit D:     Form of Class R Certificate
Exhibit E:     Form of Seller/Servicer Contract
Exhibit F:     Forms of Request for Release
Exhibit G-1:   Form of Transfer Affidavit and Agreement
Exhibit G-2:   Form of Transferor Certificate
Exhibit H:     Form of Investor Representation Letter
Exhibit I:     Form of Transferor Representation Letter
Exhibit J:     Form of Rule 144A Investment Representation Letter
Exhibit K:     Text of Amendment to Pooling and Servicing Agreement Pursuant to Section
               11.01(e) for a Limited Guaranty
Exhibit L:     Form of Limited Guaranty
Exhibit M:     Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:     Request for Exchange Form
Exhibit O:     Form of Form 10-K Certification
Exhibit P:     Form of Back-Up Certification to Form 10-K Certificate
Exhibit Q:     Information to be Provided by the Master Servicer to the Rating Agencies Relating
               to Reportable Modified Mortgage Loans

                                              iv
</TABLE>

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of March 1, 2003 (the "Standard Terms",  and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or "Agreement"),  among  RESIDENTIAL  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, Subsequent Recoveries,  Insurance Proceeds,  Curtailments,
Mortgage Loan  purchases made pursuant to Section 2.02,  2.03,  2.04 or 4.07 and
Mortgage  Loan  substitutions  made pursuant to Section 2.03 or 2.04 received or
made in the  month  of such  Distribution  Date  (other  than  such  Liquidation
Proceeds,  Insurance  Proceeds and  purchases of Mortgage  Loans that the Master
Servicer has deemed to have been received in the  preceding  month in accordance
with Section 3.07(b)),  and Principal Prepayments in Full made after the related
Prepayment  Period, and (ii) payments which represent early receipt of scheduled
payments of  principal  and interest  due on a date or dates  subsequent  to the
related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

        Assignment:  An  assignment  of the  Mortgage,  notice  of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction wherein the related Mortgaged Property

                                              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, including any Subsequent  Recoveries,
and  amounts   deposited  in  the  Custodial  Account  in  connection  with  the
substitution  of Qualified  Substitute  Mortgage  Loans,  (ii) the amount of any
Advance made on the  immediately  preceding  Certificate  Account  Deposit Date,
(iii) any amount deposited in the Certificate Account on the related Certificate
Account Deposit Date pursuant to the second paragraph of Section  3.12(a),  (iv)
any amount  deposited in the Certificate  Account  pursuant to Section 4.07, (v)
any amount  that the Master  Servicer  is not  permitted  to  withdraw  from the
Custodial Account or the Certificate  Account pursuant to Section 3.16(e),  (vi)
any amount  received  by the  Trustee  pursuant to the Surety Bond in respect of
such  Distribution Date and (vii) the proceeds of any Pledged Assets received by
the Master  Servicer,  reduced by (b) the sum as of the close of business on the
immediately  preceding  Determination  Date of (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.

        Capitalization  Reimbursement  Amount: As to any Distribution  Date, the
amount of Advances or Servicing Advances that were added to the Stated Principal
Balance  of the  related  Mortgage  Loans  during the prior  calendar  month and
reimbursed  to  the  Master   Servicer  or  Subservicer  on  or  prior  to  such
Distribution  Date  pursuant to Section  3.10(a)(vii),  plus the  Capitalization
Reimbursement   Shortfall   Amount   remaining   unreimbursed   from  any  prior
Distribution  Date and  reimbursed to the Master  Servicer or  Subservicer on or
prior to such Distribution Date.

        Capitalization  Reimbursement  Shortfall  Amount: As to any Distribution
Date, the amount, if any, by which the amount of Advances or Servicing  Advances
that were added to the Stated Principal Balance of the Mortgage Loans during the
preceding  calendar  month  exceeds  the  amount of  principal  payments  on the
Mortgage  Loans  included  in  the  Available   Distribution   Amount  for  that
Distribution Date.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

        Certificate  Account  Deposit Date:  As to any  Distribution  Date,  the
Business Day prior thereto.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in  the  Certificate  Register,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  except that  neither a  Disqualified  Organization  nor a  Non-United
States  Person shall be a holder of a Class R  Certificate  for purposes  hereof
and, solely for the

                                              5

<PAGE>

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.

        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

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

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

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

        (iii)  in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

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

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates with the Lowest Priority at any given time shall be further reduced
by an amount equal to the  Percentage  Interest  evidenced  by such  Certificate
multiplied  by the  excess,  if  any,  of (A)  the  then  aggregate  Certificate
Principal  Balance of all Classes of Certificates  then outstanding over (B) the
then aggregate Stated Principal Balance of the Mortgage Loans.

        Certificate Register and Certificate Registrar:  The register maintained
and the registrar appointed pursuant to Section 5.02.

                                              6

<PAGE>

        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.

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

        Commission: The Securities and Exchange Commission.

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced pursuant to Section 7.02 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.

                                              7

<PAGE>

        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.

        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.

                                              8

<PAGE>

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments  of principal  due on or prior  thereto (or due during the month of
the Cut-Off Date), whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

        Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding  indebtedness  under the Mortgage Loan, or any reduction in
the amount of  principal to be paid in  connection  with any  scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

     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.

                                              9

<PAGE>

     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.

        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.

                                              10

<PAGE>

     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).

        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.

        Exchange Act: The Securities and Exchange Act of 1934, as amended.

                                              11

<PAGE>

        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;

        (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.

                                              12

<PAGE>

        Fitch:  Fitch, Inc. or its successor in interest.

        Form 10-K Certification: As defined in Section 4.03(e).

        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 a Certificate  Principal Balance
greater than zero, with the earliest  priority for payments  pursuant to Section
4.02(a),  in the following  order:  Class M-1,  Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 Certificates.

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

                                              13

<PAGE>

     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.

        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.

                                              14

<PAGE>

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a Certificate  Principal  Balance greater than zero, with 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.

        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.

                                              15

<PAGE>

        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.

        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

        Non-Discount  Mortgage  Loan:  A  Mortgage  Loan that is not a  Discount
Mortgage Loan.

        Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

        Non-United States Person:  Any Person other than a United States Person.

     Nonrecoverable  Advance: Any Advance previously made or proposed to be made
by the Master  Servicer or Subservicer in respect of a Mortgage Loan (other than
a Deleted Mortgage Loan)

                                              16

<PAGE>

which, in the good faith judgment of the Master  Servicer,  will not, or, in the
case of a proposed Advance,  would not, be ultimately  recoverable by the Master
Servicer  from  related  Late  Collections,   Insurance  Proceeds,   Liquidation
Proceeds,  REO Proceeds or amounts  reimbursable to the Master Servicer pursuant
to Section  4.02(a)  hereof.  To the extent that any  Mortgagor is not obligated
under the related  Mortgage  documents  to pay or  reimburse  any portion of any
Servicing  Advances that are  outstanding  with respect to the related  Mortgage
Loan as a result of a modification of such Mortgage Loan by the Master Servicer,
which forgives  amounts which the Master  Servicer or Subservicer had previously
advanced,  and the Master Servicer determines that no other source of payment or
reimbursement  for such  advances is  available to it, such  Servicing  Advances
shall be deemed to be Nonrecoverable  Advances.  The determination by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company, the Trustee and any Certificate Insurer.

        Nonsubserviced  Mortgage  Loan:  Any Mortgage  Loan that, at the time of
reference thereto, is not subject to a Subservicing Agreement.

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

        Outstanding  Mortgage  Loan:  As  to  any  Due  Date,  a  Mortgage  Loan
(including an REO Property) which was not the subject of a Principal  Prepayment
in Full,  Cash  Liquidation  or REO  Disposition  and which  was not  purchased,
deleted or  substituted  for prior to such Due Date  pursuant  to Section  2.02,
2.03, 2.04 or 4.07.

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

                                              17

<PAGE>

        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 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;

                                              18

<PAGE>

               (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 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.

                                              19

<PAGE>

     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).

        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.

                                              20

<PAGE>

        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;

        (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

                                              21

<PAGE>

"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, Servicing Advances or other expenses as to which the
          Master Servicer or Subservicer is entitled to reimbursement thereunder
          but which have not been previously reimbursed,

     (b)  which is the subject of a Servicing  Modification,  (i) (1) the amount
          by which the interest  portion of a Monthly  Payment or the  principal
          balance of such  Mortgage Loan was reduced or (2) the sum of any other
          amounts  owing under the  Mortgage  Loan that were  forgiven  and that
          constitute  Servicing  Advances  that are  reimbursable  to the Master
          Servicer or a Subservicer,  and (ii) any such amount with respect to a
          Monthly  Payment  that  was or  would  have  been  due  in  the  month
          immediately following the month in which a Principal Prepayment or the
          Purchase  Price of such Mortgage Loan is received or is deemed to have
          been received,

     (c)  which has become the subject of a Deficient Valuation,  the difference
          between  the  principal  balance  of  the  Mortgage  Loan  outstanding
          immediately prior to such

                                              22

<PAGE>

          Deficient  Valuation and the principal balance of the Mortgage Loan as
          reduced by the Deficient Valuation, or

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

To the extent the Master Servicer receives Subsequent Recoveries with respect to
any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage
Loan will be reduced to the extent  such  recoveries  are  applied to reduce the
Certificate  Principal  Balance of any Class of Certificates on any Distribution
Date.

        Record  Date:  With  respect  to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

     Regular  Certificate:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

                                              23

<PAGE>

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Reportable  Modified  Mortgage Loan: Any Mortgage Loan that (i) has been
subject to an interest rate reduction, (ii) has been subject to a term extension
or (iii) has had amounts owing on such Mortgage Loan  capitalized by adding such
amount to the Stated Principal Balance of such Mortgage Loan; provided, however,
that a  Mortgage  Loan  modified  in  accordance  with  clause  (i)  above for a
temporary  period  shall  not be a  Reportable  Modified  Mortgage  Loan if such
Mortgage Loan has not been  delinquent in payments of principal and interest for
six months since the date of such  modification  if that interest rate reduction
is not made permanent thereafter.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

        Residential  Funding:   Residential  Funding  Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary,  any  Trust  Officer  or  Assistant  Trust  Officer  with  particular
responsibility  for  this  transaction,  or any  other  officer  of the  Trustee
customarily

                                              24

<PAGE>

performing  functions  similar to those performed by any of the above designated
officers to whom, with respect to a particular matter, such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

        Security  Agreement:  With respect to a Cooperative  Loan, the agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

        Seller:  As to any Mortgage Loan, a Person,  including any  Subservicer,
that executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
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,

                                              25

<PAGE>

        (i)    that  any   scheduled   reduction   to  the  Senior   Accelerated
               Distribution Percentage described above shall not occur as of any
               Distribution Date unless either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the  Subordinate  Certificates,  is less than 50% or (Y) the outstanding
        principal  balance of Mortgage Loans delinquent 60 days or more averaged
        over the last six months,  as a percentage of the aggregate  outstanding
        principal  balance  of all  Mortgage  Loans  averaged  over the last six
        months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
        to date  for such  Distribution  Date if  occurring  during  the  sixth,
        seventh,  eighth, ninth or tenth year (or any year thereafter) after the
        Closing Date are less than 30%, 35%, 40%, 45% or 50%,  respectively,  of
        the sum of the Initial Certificate Principal Balances of the Subordinate
        Certificates or

               (b)(1)  the  outstanding  principal  balance  of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

          (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.

                                              26

<PAGE>

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

        Servicing  Accounts:  The  account or accounts  created  and  maintained
pursuant to Section 3.08.

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event  by the  Master  Servicer  or a  Subservicer  in the
performance  of its servicing  obligations,  including,  but not limited to, the
cost of (i) the preservation, restoration and protection of a Mortgaged Property
or, with respect to a Cooperative Loan, the related Cooperative Apartment,  (ii)
any enforcement or judicial proceedings,  including foreclosures,  including any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property,  (iv) any mitigation procedures  implemented in
accordance  with Section 3.07, and (v)  compliance  with the  obligations  under
Sections 3.01, 3.08, 3.12(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,  any extension of the final
maturity date of a Mortgage Loan, and any increase to the outstanding  principal
balance of a  Mortgage  Loan by adding to the Stated  Principal  Balance  unpaid
principal and interest and other amounts owing under the Mortgage  Loan, in each
case pursuant to a  modification  of a Mortgage Loan that is in default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, in accordance with Section 3.07(a).

        Servicing  Officer:  Any officer of the Master Servicer  involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard  &  Poor's:  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

                                              27

<PAGE>

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time,  (i) the sum of (a) the Cut-off Date Principal
Balance of the Mortgage  Loan plus (b) any amount by which the Stated  Principal
Balance of the Mortgage Loan is increased pursuant to a Servicing  Modification,
minus (ii) the sum of (a) the principal portion of the Monthly Payments due with
respect to such  Mortgage  Loan or REO  Property  during each Due Period  ending
prior to the most recent  Distribution  Date which were received or with respect
to which an Advance was made, and (b) all Principal  Prepayments with respect to
such  Mortgage Loan or REO Property,  and all  Insurance  Proceeds,  Liquidation
Proceeds  and REO  Proceeds,  to the extent  applied by the Master  Servicer  as
recoveries  of  principal in  accordance  with Section 3.14 with respect to such
Mortgage Loan or REO Property,  in each case which were distributed  pursuant to
Section  4.02 on any  previous  Distribution  Date,  and (c) any  Realized  Loss
allocated  to   Certificateholders   with  respect   thereto  for  any  previous
Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

        Subsequent Recoveries:  As of any Distribution Date, amounts received by
the Master  Servicer  (net of any related  expenses  permitted to be  reimbursed
pursuant  to Section  3.10) or surplus  amounts  held by the Master  Servicer to
cover estimated expenses  (including,  but not limited to, recoveries in respect
of the representations and warranties made by the related Seller pursuant to the
applicable  Seller's  Agreement and assigned to the Trustee  pursuant to Section
2.04)  specifically  related to a Mortgage  Loan that was the  subject of a Cash
Liquidation or an REO Disposition  prior to the related  Prepayment  Period that
resulted in a Realized Loss.

        Subserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect

                                              28

<PAGE>

of the  qualification  of a  Subservicer  as of the  date of its  approval  as a
Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

        Subservicing  Account:  An  account  established  by  a  Subservicer  in
accordance with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

        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.

                                              29

<PAGE>

     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 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 (other than  Monthly  Payments due in
               the  month of the  Cut-Off  Date) as shall be on  deposit  in the
               Custodial Account or in the Certificate Account and identified as
               belonging  to the Trust Fund,  including  the  proceeds  from the
               liquidation   of  Additional   Collateral   for  any   Additional
               Collateral Loan or Pledged Assets for any Pledged Asset Loan, but
               not including  amounts on deposit in the Initial  Monthly Payment
               Fund,

        (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,

        (v)    the Initial Monthly Payment Fund, and

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

        Underwriter:  As defined in the Series Supplement.

        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

                                              30

<PAGE>

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.

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

        Section 2.01  Conveyance of Mortgage Loans.

        (a) The Company,  concurrently  with the execution and delivery  hereof,
does hereby  assign to the Trustee  without  recourse  all the right,  title and
interest of the Company in and to the Mortgage Loans, including all interest and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans in
the month of the Cut-off Date). In connection with such transfer and assignment,
the Company  does  hereby  deliver to the  Trustee  the  Certificate  Policy (as
defined in the Series Supplement), if any.

        (b) In connection with such  assignment,  except as set forth in Section
2.01(c) and subject to Section  2.01(d)  below,  the Company does hereby deliver
to, and deposit with, the Trustee, or to and with one or more Custodians, as the
duly  appointed  agent or agents of the Trustee for such purpose,  the following
documents or  instruments  (or copies  thereof as permitted by this Section) (I)
with respect to each Mortgage Loan so assigned (other than a Cooperative Loan):

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                                              31

<PAGE>

                      (ii) The original Mortgage, noting the presence of the MIN
               of the Mortgage  Loan and language  indicating  that the Mortgage
               Loan is a MOM  Loan if the  Mortgage  Loan  is a MOM  Loan,  with
               evidence of recording indicated thereon or a copy of the Mortgage
               with evidence of recording indicated thereon;

                      (iii)  Unless  the  Mortgage  Loan  is  registered  on the
               MERS(R)  System,  an original  Assignment  of the Mortgage to the
               Trustee with evidence of recording indicated thereon or a copy of
               such assignment with evidence of recording indicated thereon;

                      (iv) The original  recorded  assignment or  assignments of
               the  Mortgage  showing  an  unbroken  chain  of  title  from  the
               originator  thereof to the Person assigning it to the Trustee (or
               to MERS, if the Mortgage Loan is registered on the MERS(R) System
               and noting the  presence of a MIN) with  evidence of  recordation
               noted thereon or attached  thereto,  or a copy of such assignment
               or  assignments  of  the  Mortgage  with  evidence  of  recording
               indicated thereon; and

                      (v)  The   original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Mortgage  Loan  or  a  copy  of  each  modification,   assumption
               agreement or preferred loan agreement.

               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

                                              32

<PAGE>

               party,  each with evidence of recording  thereof,  evidencing the
               interest of the originator  under the Security  Agreement and the
               Assignment of Proprietary Lease;

                      (vii)  Copies  of  the  filed  UCC-3  assignments  of  the
               security  interest  referenced  in clause  (vi) above  showing an
               unbroken chain of title from the originator to the Trustee,  each
               with evidence of recording  thereof,  evidencing  the interest of
               the originator under the Security Agreement and the Assignment of
               Proprietary Lease;

                      (viii)  An  executed  assignment  of the  interest  of the
               originator in the Security  Agreement,  Assignment of Proprietary
               Lease and the  recognition  agreement  referenced  in clause (iv)
               above,  showing an unbroken chain of title from the originator to
               the Trustee;

                      (ix)  The  original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Cooperative Loan; and

                      (x) A duly completed UCC-1 financing statement showing the
               Master  Servicer as debtor,  the Company as secured party and the
               Trustee  as  assignee  and  a  duly  completed   UCC-1  financing
               statement  showing  the  Company  as debtor  and the  Trustee  as
               secured party,  each in a form sufficient for filing,  evidencing
               the interest of such debtors in the Cooperative Loans.

        (c) The Company may, in lieu of delivering the original of the documents
set  forth  in  Section   2.01(b)(I)(ii),   (iii),  (iv)  and  (v)  and  Section
(b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies  thereof as  permitted  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.

                                              33

<PAGE>

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation  statements with regard to each financing statement and
assignment  relating to  Cooperative  Loans as to which the related  Cooperative
Apartment is located outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage
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

                                              34

<PAGE>

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; (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

                                              35

<PAGE>

acknowledgments,  receipts or  confirmations  from,  securities  intermediaries,
bailees or agents of, or persons holding for (as applicable) the Trustee for the
purpose of perfecting such security interest under applicable law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements  as may be  occasioned  by (1) any  change  of  name  of  Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee,  if occasioned by a change in the Trustee's  name),  (2)
any change of location of the place of business or the chief executive office of
Residential  Funding  or the  Company,  (3)  any  transfer  of any  interest  of
Residential  Funding or the Company in any Mortgage  Loan or (4) any transfer of
any interest of Residential  Funding or the Company in any Uncertificated  REMIC
Regular Interest.

        (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

                                              36

<PAGE>

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  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.

                                              37

<PAGE>

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account  maintained  by it pursuant  to Section  3.07 and,  upon  receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without  recourse,  as shall be necessary to vest in the Seller or its
designee or the  Subservicer  or its designee,  as the case may be, any Mortgage
Loan released  pursuant  hereto and  thereafter  such Mortgage Loan shall not be
part of the Trust Fund. In furtherance of the foregoing,  if the  Subservicer or
Seller  that  repurchases  the  Mortgage  Loan is not a  member  of MERS and the
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;

                                              38

<PAGE>

                      (ii) The execution  and delivery of this  Agreement by the
               Master Servicer and its performance and compliance with the terms
               of  this  Agreement  will  not  violate  the  Master   Servicer's
               Certificate of  Incorporation  or Bylaws or constitute a material
               default  (or an event  which,  with  notice or lapse of time,  or
               both,  would  constitute a material  default) under, or result in
               the material breach of, any material contract, agreement or other
               instrument  to which the Master  Servicer is a party or which may
               be applicable to the Master Servicer or any of its assets;

                      (iii)  This   Agreement,   assuming   due   authorization,
               execution   and   delivery  by  the  Trustee  and  the   Company,
               constitutes a valid,  legal and binding  obligation of the Master
               Servicer,  enforceable  against it in  accordance  with the terms
               hereof    subject   to   applicable    bankruptcy,    insolvency,
               reorganization,   moratorium   and  other  laws   affecting   the
               enforcement  of  creditors'   rights  generally  and  to  general
               principles of equity,  regardless of whether such  enforcement is
               considered in a proceeding in equity or at law;

                      (iv) The Master Servicer is not in default with respect to
               any  order or decree of any  court or any  order,  regulation  or
               demand of any federal,  state,  municipal or governmental agency,
               which default might have  consequences  that would materially and
               adversely affect the condition (financial or other) or operations
               of  the  Master   Servicer  or  its   properties  or  might  have
               consequences   that  would   materially   adversely   affect  its
               performance hereunder;

                      (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.

                                              39

<PAGE>

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

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a  representation  and warranty set forth in this Section 2.03(a)
available   to  the   Certificateholders   or  the  Trustee  on  behalf  of  the
Certificateholders.

        (b)  Representations  and warranties  relating to the Mortgage Loans are
set forth in Section 2.03(b) of the Series Supplement.

        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

                                              40

<PAGE>

Assignment  Agreement  Residential Funding shall have the option to substitute a
Qualified  Substitute  Mortgage  Loan or Loans  for such  Mortgage  Loan if such
substitution  occurs within two years following the Closing Date;  provided that
if the  breach  would  cause the  Mortgage  Loan to be other  than a  "qualified
mortgage"  as  defined  in  Section  860G(a)(3)  of the  Code,  any  such  cure,
repurchase  or  substitution  must occur within 90 days from the date the breach
was  discovered.  In the event that  Residential  Funding elects to substitute a
Qualified Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant
to this Section 2.04,  Residential  Funding shall deliver to the Trustee for the
benefit of the  Certificateholders  with  respect to such  Qualified  Substitute
Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an Assignment
of the Mortgage in recordable  form if required  pursuant to Section  2.01,  and
such other  documents and  agreements as are required by Section 2.01,  with the
Mortgage Note endorsed as required by Section 2.01. No substitution will be made
in any  calendar  month after the  Determination  Date for such  month.  Monthly
Payments due with respect to Qualified Substitute Mortgage Loans in the month of
substitution  shall not be part of the Trust  Fund and will be  retained  by the
Master  Servicer and remitted by the Master  Servicer to Residential  Funding on
the  next  succeeding   Distribution   Date.  For  the  month  of  substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage Loan for such month and thereafter  Residential Funding shall
be entitled to retain all amounts  received in respect of such Deleted  Mortgage
Loan.  The Master  Servicer shall amend or cause to be amended the Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to
reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans  and the  Master  Servicer  shall
deliver the amended  Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing
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

                                              41

<PAGE>

that such  substitution  will not cause (a) any federal tax to be imposed on the
Trust Fund, including without limitation, any federal tax imposed on "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

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

               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

                                              42

<PAGE>

        (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 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

                                              43

<PAGE>

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 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

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<PAGE>

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 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

                                              45

<PAGE>

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  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.

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<PAGE>

        (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  extension  will not  impair  the  coverage  of any  related  Primary
Insurance  Policy  or  materially  adversely  affect  the  lien  of the  related
Mortgage.  In the event of any such arrangement,  the Master Servicer shall make
timely  advances on the related  Mortgage  Loan during the  scheduled  period in
accordance  with  the  amortization  schedule  of  such  Mortgage  Loan  without
modification  thereof by reason of such arrangements  unless otherwise agreed to
by the  Holders  of the  Classes of  Certificates  affected  thereby;  provided,
however,  that no such  extension  shall be made if any such advance  would be a
Nonrecoverable Advance.  Consistent with the terms of this Agreement, the Master
Servicer may also waive, modify or vary any term of any Mortgage Loan or consent
to the  postponement  of strict  compliance  with any such term or in any manner
grant indulgence to any Mortgagor if in the Master Servicer's determination such
waiver,  modification,  postponement or indulgence is not materially  adverse to
the  interests of the  Certificateholders  (taking  into  account any  estimated
Realized Loss that might result absent such action); provided, however, that the
Master  Servicer may not modify  materially or permit any  Subservicer to modify
any Mortgage Loan,  including  without  limitation any  modification  that would
change the  Mortgage  Rate,  forgive  the payment of any  principal  or interest
(unless in  connection  with the  liquidation  of the related  Mortgage  Loan or
except in connection with prepayments to the extent that such  reamortization is
not  inconsistent  with the terms of the Mortgage Loan),  capitalize any amounts
owing on the Mortgage  Loan by adding such amount to the  outstanding  principal
balance of the Mortgage Loan, or extend the final maturity date of such Mortgage
Loan,  unless such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable; provided, further, that (1) no
such  modification  shall  reduce the  interest  rate on a  Mortgage  Loan below
one-half of the  Mortgage  Rate as in effect on the Cut-Off  Date,  but not less
than the sum of the rates at which the  Servicing Fee and the  Subservicing  Fee
with  respect to such  Mortgage  Loan accrues plus the rate at which the premium
paid to the Certificate  Insurer,  if any, accrues,  (2) the final maturity date
for any Mortgage Loan shall not be extended  beyond the Maturity  Date,  (3) the
Stated Principal  Balance of all Reportable  Modified  Mortgage Loans subject to
Servicing  Modifications (measured at the time of the Servicing Modification and
after  giving  effect to any  Servicing  Modification)  can be no more than five
percent

                                              47

<PAGE>

of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date,
unless such limit is increased  from time to time with the consent of the Rating
Agencies and the Certificate Insurer, if any. In addition,  any amounts owing on
a Mortgage Loan added to the outstanding principal balance of such Mortgage Loan
must be fully  amortized over the remaining term of such Mortgage Loan, and such
amounts may be added to the  outstanding  principal  balance of a Mortgage  Loan
only once during the life of such  Mortgage  Loan.  Also,  the  addition of such
amounts  described in the preceding  sentence shall be implemented in accordance
with the Program Guide and may be  implemented  only by  Subservicers  that have
been approved by the Master  Servicer for such purpose.  In connection  with any
Curtailment  of a  Mortgage  Loan,  the  Master  Servicer,  to  the  extent  not
inconsistent with the terms of the Mortgage Note and local law and practice, may
permit the  Mortgage  Loan to be  reamortized  such that the Monthly  Payment is
recalculated  as an  amount  that  will  fully  amortize  the  remaining  Stated
Principal  Balance  thereof by the original  Maturity Date based on the original
Mortgage Rate; provided,  that such re-amortization shall not be permitted if it
would  constitute  a  reissuance  of the  Mortgage  Loan for federal  income tax
purposes,  except if such reissuance is described in Treasury Regulation Section
1.860G-2(b)(3).

        (b) The Master Servicer shall establish and maintain a Custodial Account
in which the Master  Servicer  shall deposit or cause to be deposited on a daily
basis, except as otherwise  specifically provided herein, the following payments
and  collections  remitted by  Subservicers  or received by it in respect of the
Mortgage  Loans  subsequent  to the  Cut-off  Date  (other  than in  respect  of
principal and interest on the Mortgage Loans due on or before the Cut-off Date):

                      (i)  All  payments  on  account  of  principal,  including
               Principal  Prepayments  made by Mortgagors on the Mortgage  Loans
               and the principal  component of any Subservicer Advance or of any
               REO  Proceeds  received in  connection  with an REO  Property for
               which an REO Disposition has occurred;

                      (ii) All  payments on account of interest at the  Adjusted
               Mortgage Rate on the Mortgage Loans,  including Buydown Funds, if
               any, and the interest component of any Subservicer  Advance or of
               any REO Proceeds  received in connection with an REO Property for
               which an REO Disposition has occurred;

                      (iii)  Insurance  Proceeds,   Subsequent   Recoveries  and
               Liquidation   Proceeds  (net  of  any  related  expenses  of  the
               Subservicer);

                      (iv) All proceeds of any Mortgage Loans purchased pursuant
               to Section 2.02,  2.03, 2.04 or 4.07 and all amounts  required to
               be deposited in connection  with the  substitution of a Qualified
               Substitute Mortgage Loan pursuant to Section 2.03 or 2.04;

                      (v) Any  amounts  required  to be  deposited  pursuant  to
               Section 3.07(c) or 3.21;

                      (vi) All amounts  transferred from the Certificate Account
               to the Custodial Account in accordance with Section 4.02(a);

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<PAGE>

                      (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
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.

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<PAGE>

        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 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.

                                              50

<PAGE>

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.

        Section 3.10  Permitted Withdrawals from the Custodial Account.

        (a) The Master Servicer may, from time to time as provided herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

                      (i) to make deposits into the  Certificate  Account in the
               amounts and in the manner provided for in Section 4.01;

                      (ii) to reimburse  itself or the related  Subservicer  for
               previously  unreimbursed  Advances,  Servicing  Advances or other
               expenses made pursuant to Sections  3.01,  3.07(a),  3.08,  3.11,
               3.12(a), 3.14 and 4.04 or otherwise  reimbursable pursuant to the
               terms of this Agreement,  such withdrawal  right being limited to
               amounts  received on the related Mortgage Loans  (including,  for
               this purpose, REO

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<PAGE>

               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
               otherwise  transferred pursuant to Section 2.02, 2.03, 2.04, 4.07
               or 9.01,  all amounts  received  thereon  and not  required to be
               distributed to the Certificateholders as of the date on which the
               related Stated Principal Balance or Purchase Price is determined;

                      (vii) to reimburse  itself or the related  Subservicer for
               any  Nonrecoverable  Advance or Advances in the manner and to the
               extent  provided  in  subsection  (c) below,  and any  Advance or
               Servicing  Advance made in  connection  with a modified  Mortgage
               Loan  that  is in  default  or,  in the  judgment  of the  Master
               Servicer,  default is reasonably  foreseeable pursuant to Section
               3.07(a),  to the extent the  amount of the  Advance or  Servicing
               Advance was added to the Stated Principal Balance of the Mortgage
               Loan in the prior calendar month, or any Advance  reimbursable to
               the Master Servicer pursuant to Section 4.02(a);

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<PAGE>

                      (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  relating to an Advance pursuant to Section 4.04 on any such Certificate
Account  Deposit Date shall be limited to an amount not exceeding the portion of
such  advance  previously  paid  to  Certificateholders   (and  not  theretofore
reimbursed to the Master Servicer or the related Subservicer).

          Section  3.11   Maintenance   of  the  Primary   Insurance   Policies;
               Collections Thereunder.

        (a) The Master  Servicer  shall not take, or permit any  Subservicer  to
take, any action which would result in non-coverage under any applicable Primary
Insurance  Policy of any loss which,  but for the actions of the Master Servicer
or Subservicer,  would have been covered  thereunder.  To the extent coverage is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company gains knowledge that as of

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<PAGE>

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.  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

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<PAGE>

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 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

                                              55

<PAGE>

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  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),

                                              56

<PAGE>

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.

        Section 3.14  Realization Upon Defaulted Mortgage Loans.

        (a) The Master  Servicer shall  foreclose  upon or otherwise  comparably
convert  (which may include an REO  Acquisition)  the  ownership  of  properties
securing such of the Mortgage  Loans as come into and continue in default and as
to which no satisfactory  arrangements  can be made for collection of delinquent
payments pursuant to Section 3.07.  Alternatively,  the Master Servicer may take
other  actions in respect of a defaulted  Mortgage  Loan,  which may include (i)
accepting  a short sale (a payoff of the  Mortgage  Loan for an amount less than
the  total  amount  contractually  owed in  order  to  facilitate  a sale of the
Mortgaged Property by the Mortgagor) or permitting a short refinancing (a payoff
of the Mortgage Loan for an amount less than the total amount contractually owed
in order to facilitate refinancing transactions by the Mortgagor not involving a
sale of the

                                              57

<PAGE>

Mortgaged Property),  (ii) arranging for a repayment plan or (iii) agreeing to a
modification   in  accordance   with  Section  3.07.  In  connection  with  such
foreclosure or other  conversion,  the Master  Servicer  shall,  consistent with
Section 3.11, follow such practices and procedures as it shall deem necessary or
advisable,  as shall be  normal  and  usual in its  general  mortgage  servicing
activities and as shall be required or permitted by the Program Guide;  provided
that the Master  Servicer  shall not be liable in any respect  hereunder  if the
Master  Servicer  is acting in  connection  with any such  foreclosure  or other
conversion in a manner that is consistent with the provisions of this Agreement.
The Master Servicer,  however,  shall not be required to expend its own funds or
incur  other  reimbursable  charges  in  connection  with  any  foreclosure,  or
attempted foreclosure which is not completed,  or towards the restoration of any
property unless it shall determine (i) that such restoration  and/or foreclosure
will  increase the proceeds of  liquidation  of the Mortgage  Loan to Holders of
Certificates  of one or more  Classes  after  reimbursement  to itself  for such
expenses or charges and (ii) that such  expenses or charges will be  recoverable
to  it  through  Liquidation  Proceeds,  Insurance  Proceeds,  or  REO  Proceeds
(respecting  which it shall have priority for purposes of  withdrawals  from the
Custodial  Account  pursuant to Section  3.10,  whether or not such expenses and
charges are actually  recoverable from related Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds).  In the event of such a  determination  by the Master
Servicer pursuant to this Section 3.14(a), the Master Servicer shall be entitled
to reimbursement of such amounts pursuant to Section 3.10.

        In addition to the  foregoing,  the Master  Servicer  shall use its best
reasonable  efforts to realize upon any  Additional  Collateral  for such of the
Additional Collateral Loans as come into and continue in default and as to which
no satisfactory  arrangements can be made for collection of delinquent  payments
pursuant to Section 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee, obtain title to any such Additional Collateral as a result of or
in lieu of the disposition  thereof or otherwise;  and provided further that (i)
the Master Servicer shall not proceed with respect to such Additional Collateral
in any manner  that would  impair the  ability to recover  against  the  related
Mortgaged  Property,  and (ii) the Master  Servicer  shall  proceed with any REO
Acquisition in a manner that preserves the ability to apply the proceeds of such
Additional  Collateral  against amounts owed under the defaulted  Mortgage Loan.
Any proceeds realized from such Additional  Collateral (other than amounts to be
released to the Mortgagor or the related guarantor in accordance with procedures
that the  Master  Servicer  would  follow in  servicing  loans  held for its own
account,  subject  to the terms  and  conditions  of the  related  Mortgage  and
Mortgage  Note  and to the  terms  and  conditions  of any  security  agreement,
guarantee  agreement,  mortgage or other agreement  governing the disposition of
the proceeds of such Additional  Collateral) shall be deposited in the Custodial
Account,  subject to  withdrawal  pursuant to Section  3.10.  Any other  payment
received by the Master Servicer in respect of such Additional  Collateral  shall
be deposited in the Custodial Account subject to withdrawal  pursuant to Section
3.10.

        For so long as the  Master  Servicer  is the Master  Servicer  under the
Credit  Support  Pledge  Agreement,   the  Master  Servicer  shall  perform  its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee, obtain title to

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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.

        (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

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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 unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property);  fourth,  to all
Servicing Fees and Subservicing  Fees payable therefrom (and the Master Servicer
and the

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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  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

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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.

        (b) Additional servicing compensation in the form of prepayment charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

        (c) The Master  Servicer  shall be required to pay, or cause to be paid,
all  expenses  incurred  by it  in  connection  with  its  servicing  activities
hereunder (including payment of premiums for the Primary Insurance Policies,  if
any,  to the extent  such  premiums  are not  required to be paid by the related
Mortgagors,  and the fees and  expenses of the Trustee  and any  Custodian)  and
shall not be entitled to reimbursement  therefor except as specifically provided
in Sections 3.10 and 3.14.

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

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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 under its
Subservicing  Agreement in all material  respects  throughout  such year, or, if
there  has been  material  noncompliance  with  such  servicing  standards  or a
material  default  in the  fulfillment  of  such  obligations  relating  to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status thereof.

        Section 3.19  Annual Independent Public Accountants' Servicing Report.

        On or before the  earlier of (a) March 31 of each year,  beginning  with
the first March 31 that occurs at least six months after the Cut-off Date or (b)
with respect to any calendar  year during which the  Company's  annual report on
Form 10-K is required to be filed in  accordance  with the  Exchange Act and the
rules and regulations of the Commission,  the date on which the annual report on
Form 10-K is required to be filed in  accordance  with the  Exchange Act and the
rules and  regulations  of the  Commission,  the Master  Servicer at its expense
shall cause a firm of independent public accountants,  which shall be members of
the American Institute of Certified Public  Accountants,  to furnish a report to
the  Company  and the  Trustee  stating  its  opinion  that,  on the basis of an
examination  conducted by such firm  substantially  in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers  during the  preceding  calendar year are fairly stated in all
material respects,  subject to such exceptions and other qualifications that, in
the opinion of such firm, such  accounting  standards  require it to report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

        Section 3.20 Rights of the Company in Respect of the Master Servicer.

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or
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.

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        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 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

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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;  Statements to Rating
               Agencies; Exchange Act Reporting.

        (a)  Concurrently  with each  distribution  charged  to the  Certificate
Account and with respect to each  Distribution  Date the Master  Servicer  shall
forward to the  Trustee  and the Trustee  shall  either  forward by mail or make
available to each Holder and the Company,  via the Trustee's internet website, a
statement  (and  at  its  option,  any  additional  files  containing  the  same
information in an alternative format) setting forth information as to each Class
of Certificates, the Mortgage Pool and, if the Mortgage Pool is comprised of two
or more Loan Groups,  each Loan Group, to the extent applicable.  This statement
will include the information  set forth in an exhibit to the Series  Supplement.
Such exhibit shall set forth the Trustee's  internet  website  address  together
with a phone number. The Trustee shall mail to each Holder that requests a paper
copy by telephone a paper copy via first class mail.  The Trustee may modify the
distribution  procedures set forth in this Section provided that such procedures
are no less  convenient  for the  Certificateholders.  The Trustee shall provide
prior   notification   to   the   Company,   the   Master   Servicer   and   the
Certificateholders  regarding  any such  modification.  In addition,  the Master
Servicer shall provide to any manager of a trust fund  consisting of some or all
of the Certificates,  upon reasonable request, such additional information as is
reasonably  obtainable by the Master  Servicer at no  additional  expense to the
Master  Servicer.  Also, at the request of a Rating Agency,  the Master Servicer
shall provide the information relating to the Reportable Modified Mortgage Loans
substantially  in the form  attached  hereto as Exhibit Q to such Rating  Agency
within a reasonable period of time; provided,  however, that the Master Servicer
shall not be  required  to provide  such  information  more than four times in a
calendar year to any Rating Agency.

        (b) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Certificate, other than a Class R Certificate,
a statement  containing the information set forth in clauses (i) and (ii) of the
exhibit to

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the Series  Supplement  referred to in subsection (a) above  aggregated for such
calendar  year or  applicable  portion  thereof  during  which such Person was a
Certificateholder.  Such  obligation of the Master  Servicer  shall be deemed to
have been  satisfied  to the extent that  substantially  comparable  information
shall be provided by the Master  Servicer  pursuant to any  requirements  of the
Code.

        (c) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Class R  Certificate,  a statement  containing
the applicable  distribution  information provided pursuant to this Section 4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

        (d)  Upon the  written  request  of any  Certificateholder,  the  Master
Servicer,  as soon as  reasonably  practicable,  shall  provide  the  requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

        (e) The  Trustee  will make the reports  referred to in Section  4.03(a)
(and, at its option,  any additional files containing the same information in an
alternative format) available each month to Certificateholders,  any Certificate
Insurer 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 Section 4.03(a) are distributed in
order to make such  distribution  more convenient  and/or more accessible to the
above parties, to the  Certificateholders  and to any Certificate  Insurer.  The
Trustee  shall  provide  timely and  adequate  notification  to all the  parties
mentioned above and to the Certificateholders regarding any such change.

        (f) The Master Servicer shall, on behalf of the Depositor and in respect
of the Trust Fund,  sign and cause to be filed with the  Commission any periodic
reports  required to be filed under the  provisions of the Exchange Act, and the
rules and  regulations  of the  Commission  thereunder.  In connection  with the
preparation  and filing of such  periodic  reports,  the  Trustee  shall  timely
provide to the Master Servicer (I) a list of  Certificateholders as shown on the
Certificate  Register as of the end of each  calendar  year,  (II) copies of all
pleadings,  other legal process and any other documents  relating to any claims,
charges or complaints involving the Trustee, as trustee hereunder,  or the Trust
Fund that are received by the Trustee,  (III) notice of all matters that, to the
actual knowledge of a Responsible Officer of the Trustee, have been submitted to
a vote of the  Certificateholders,  other  than  those  matters  that  have been
submitted to a vote of the Certificateholders at the request of the Depositor or
the Master  Servicer,  and (IV) notice of any failure of the Trustee to make any
distribution to the  Certificateholders  as required pursuant to this Agreement.
Neither  the Master  Servicer  nor the  Trustee  shall have any  liability  with
respect  to the  Master  Servicer's  failure  to  properly  prepare or file such
periodic reports resulting from or relating to the Master  Servicer's  inability
or failure to obtain any  information  not resulting from the Master  Servicer's
own negligence or willful misconduct. Any Form 10-K filed with the Commission in
connection with this clause (f)

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shall  include a  certification,  signed by the senior  officer in charge of the
servicing  functions of the Master  Servicer,  in the form attached as Exhibit O
hereto or such other form as may be required or permitted by the Commission (the
"Form 10-K Certification"),  in compliance with Rule 13a-14 and 15d-14 under the
Exchange Act and any additional directives of the Commission. In connection with
the Form 10-K Certification,  the Trustee shall provide the Master Servicer with
a back-up certification substantially in the form attached hereto as Exhibit P.

        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 not received as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  Certificate  Account
on or before 11:00 A.M. New York time on any future Certificate  Account Deposit
Date to the  extent  that  funds  attributable  to the  Mortgage  Loans that are
available in the  Custodial  Account for deposit in the  Certificate  Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding  Advances on any Distribution  Date
shall be allocated to specific  Monthly Payments due but delinquent for previous
Due Periods,  which  allocation  shall be made,  to the extent  practicable,  to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations shall be conclusive for

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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 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

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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.

                                    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

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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 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.

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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.

        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

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transferee  or  transferees,  one or more new  Certificates  of a like Class (or
Subclass) and aggregate Percentage Interest.

        (c)  At  the  option  of  the  Certificateholders,  Certificates  may be
exchanged for other Certificates of authorized denominations of a like Class (or
Subclass) and aggregate Percentage Interest,  upon surrender of the Certificates
to be exchanged at any such office or agency.  Whenever any  Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

        (d) No  transfer,  sale,  pledge  or  other  disposition  of a  Class  B
Certificate  shall  be  made  unless  such  transfer,   sale,  pledge  or  other
disposition is exempt from the  registration  requirements of the Securities Act
of 1933, as amended,  and any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that a  transfer  of a Class B
Certificate  is to be made  either  (i)(A) the Trustee  shall  require a written
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee and the Company that such transfer may be made pursuant to an exemption,
describing the applicable  exemption and the basis  therefor,  from said Act and
laws or is being made  pursuant to said Act and laws,  which  Opinion of Counsel
shall not be an  expense of the  Trustee,  the  Company  or the Master  Servicer
(except that, if such transfer is made by the Company or the Master  Servicer or
any Affiliate  thereof,  the Company or the Master  Servicer  shall provide such
Opinion of Counsel at their own expense);  provided that such Opinion of Counsel
will not be  required  in  connection  with  the  initial  transfer  of any such
Certificate  by the  Company  or any  Affiliate  thereof  to the  Company  or an
Affiliate of the Company and (B) the Trustee  shall  require the  transferee  to
execute a representation letter,  substantially in the form of Exhibit H hereto,
and the Trustee shall require the transferor to execute a representation letter,
substantially  in the form of Exhibit I hereto,  each  acceptable to and in form
and  substance  satisfactory  to the Company and the Trustee  certifying  to the
Company  and  the   Trustee  the  facts   surrounding   such   transfer,   which
representation  letters  shall not be an expense of the Trustee,  the Company or
the Master Servicer;  provided,  however, that such representation  letters will
not be 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

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Certificate  Registrar  against any  liability  that may result if the transfer,
sale,  pledge or other disposition is not so exempt or is not made in accordance
with such federal and state laws.

        (e) (i) In the case of any Class B or Class R Certificate  presented for
registration in the name of any Person,  either (A) the Trustee shall require an
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer to the effect that the purchase or
holding of such Class B or Class R Certificate is permissible  under  applicable
law, will not  constitute  or result in any  non-exempt  prohibited  transaction
under  Section 406 of the Employee  Retirement  Income  Security Act of 1974, as
amended ("ERISA"),  or Section 4975 of the Code (or comparable provisions of any
subsequent  enactments),  and will not subject the  Trustee,  the Company or the
Master  Servicer  to any  obligation  or  liability  (including  obligations  or
liabilities  under  ERISA or  Section  4975 of the  Code) in  addition  to those
undertaken in this  Agreement,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company or the  Master  Servicer  or (B) the  prospective
Transferee shall be required to provide the Trustee,  the Company and the Master
Servicer  with a  certification  to the  effect  set forth in  paragraph  six of
Exhibit H (with  respect to any Class B  Certificate)  or  paragraph  fifteen of
Exhibit  G-1 (with  respect to any Class R  Certificate),  which the Trustee may
rely upon without further inquiry or investigation, or such other certifications
as the Trustee may deem  desirable or necessary in order to establish  that such
Transferee or the Person in whose name such registration is requested either (a)
is not an  employee  benefit  plan  or  other  plan  subject  to the  prohibited
transaction  provisions  of ERISA or  Section  4975 of the Code,  or any  Person
(including an  investment  manager,  a named  fiduciary or a trustee of any such
plan) who is using  "plan  assets" of any such plan to effect  such  acquisition
(each,  a "Plan  Investor") or (b) in the case of any Class B  Certificate,  the
following conditions are satisfied: (i) such Transferee is an insurance company,
(ii) the source of funds used to purchase or hold such  Certificate (or interest
therein)  is  an  "insurance  company  general  account"  (as  defined  in  U.S.
Department of Labor Prohibited  Transaction Class Exemption  ("PTCE") 95-60, and
(iii) the  conditions  set forth in  Sections  I and III of PTCE 95-60 have been
satisfied  (each entity that satisfies  this clause (b), a "Complying  Insurance
Company").

                      (ii)  Any  Transferee  of a  Class M  Certificate  will be
               deemed to have  represented  by virtue of its purchase or holding
               of such  Certificate  (or interest  therein) that either (a) such
               Transferee  is not a Plan  Investor,  (b) it has  acquired and is
               holding such  Certificate  in reliance on Prohibited  Transaction
               Exemption  ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as
               amended by PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), and PTE
               2000-58, 65 Fed. Reg. 67765 (November 13, 2000), and PTE 2002-41,
               67 Fed. Reg. 54487 (August 22, 2002) (the "RFC  Exemption"),  and
               that it  understands  that there are  certain  conditions  to the
               availability of the RFC Exemption including that such Certificate
               must be rated, at the time of purchase, not lower than "BBB-" (or
               its  equivalent)  by  Standard & Poor's,  Fitch or Moody's or (c)
               such Transferee is a Complying Insurance Company.

                      (iii)  (A) If any  Class M  Certificate  (or any  interest
               therein)  is acquired or held by any Person that does not satisfy
               the conditions  described in paragraph (ii) above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent permitted by law, to

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<PAGE>

               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,  each Underwriter 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  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.

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<PAGE>

                             (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 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.

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<PAGE>

                             (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.

                      (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

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<PAGE>

                             (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  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

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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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<PAGE>

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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        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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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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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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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 where required pursuant
               to this  Agreement  or, in the case of the purchase by the Master
               Servicer of the outstanding  Certificates,  the Distribution Date
               on which such purchase is to be made,

                      (ii) the amount of any such final payment,  or in the case
               of the  purchase of the  outstanding  Certificates,  the purchase
               price, in either case, if known, and

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                      (iii) that the Record Date  otherwise  applicable  to such
               Distribution Date is not applicable, or in the case of the Senior
               Certificates,  or in the  case  of all  of  the  Certificates  in
               connection  with the exercise by the Master Servicer of its right
               to purchase the Certificates, that payment will be made only upon
               presentation  and surrender of the  Certificates at the office or
               agency of the Trustee therein specified.

        If the Master Servicer is obligated to give notice to Certificateholders
as aforesaid, it shall give such notice to the Certificate Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to
Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account  before  the  Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

        (c) In the  case  of the  Senior  Certificates,  upon  presentation  and
surrender of the Certificates by the Certificateholders thereof, and in the case
of the Class M and Class B Certificates,  upon presentation and surrender of the
Certificates by the  Certificateholders  thereof in connection with the exercise
by the Master Servicer of its right to purchase the  Certificates and otherwise,
in  accordance  with  Section  4.01(a),  the  Trustee  shall  distribute  to the
Certificateholders  (i) the amount otherwise  distributable on such Distribution
Date, if not in connection with the Master Servicer's election to repurchase the
assets of the Trust Fund or the outstanding Certificates,  or (ii) if the Master
Servicer  elected  to so  repurchase  the  assets  of  the  Trust  Fund  or  the
outstanding  Certificates,  an amount determined as follows: (A) with respect to
each Certificate the outstanding  Certificate  Principal  Balance thereof,  plus
Accrued Certificate Interest for the related Interest Accrual Period thereon and
any previously unpaid Accrued Certificate Interest,  subject to the priority set
forth in Section 4.02(a), and (B) with respect to the Class R Certificates,  any
excess of the amounts available for distribution (including the repurchase price
specified  in clause  (ii) of  subsection  (a) of this  Section)  over the total
amount distributed under the immediately preceding clause (A).  Nothwithstanding
the reduction of the Certificate  Principal  Balance of any Class of Subordinate
Certificates  to zero,  such  Class  will be  outstanding  hereunder  until  the
termination of the respective  obligations and  responsibilities of the Company,
the Master Servicer and the Trustee hereunder in accordance with Article IX.

        (d) If any Certificateholders shall not surrender their Certificates for
final payment and cancellation on or before the Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and

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the Master  Servicer  (if it  exercised  its right to purchase the assets of the
Trust  Fund),  or the Trustee  (in any other  case) shall give a second  written
notice to the remaining  Certificateholders  to surrender their Certificates for
cancellation and receive the final distribution with respect thereto.  If within
six  months  after  the  second  notice  any  Certificate  shall  not have  been
surrendered  for  cancellation,  the  Trustee  shall take  appropriate  steps as
directed  by the Master  Servicer to contact  the  remaining  Certificateholders
concerning   surrender  of  their  Certificates.   The  costs  and  expenses  of
maintaining  the escrow  account and of contacting  Certificateholders  shall be
paid out of the assets which remain in the escrow account. If within nine months
after the second notice any  Certificates  shall not have been  surrendered  for
cancellation,  the  Trustee  shall  pay  to  the  Master  Servicer  all  amounts
distributable  to the holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for final payment thereof in accordance with this
Section 9.01.

        (e) If any  Certificateholders do not surrender their Certificates on or
before the Distribution Date on which a purchase of the outstanding Certificates
is to be made, the Trustee shall on such date cause all funds in the Certificate
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain  outstanding  hereunder until the Master Servicer
has terminated the respective obligations and responsibilities created hereby in
respect of the  Certificates  pursuant to this  Article IX. The Master  Servicer
shall be for all purposes the Holder thereof as of such date.

        Section 9.02  Additional Termination Requirements.

        (a) Each REMIC that  comprises  the Trust  Fund shall be  terminated  in
accordance  with the  following  additional  requirements,  unless  (subject  to
Section  10.01(f)) the Trustee and the Master  Servicer have received an Opinion
of Counsel  (which Opinion of Counsel shall not be an expense of the Trustee) to
the effect that the failure of each such REMIC to comply with the requirements

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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;

                      (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

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<PAGE>

the Code) in any REMIC  elected  in  respect  of the Trust  Fund  other than the
"regular interests" and "residual interests" so designated.

        (b) The Closing Date is hereby  designated  as the "startup  day" of the
Trust Fund within the meaning of Section 860G(a)(9) of the Code.

        (c)  The  REMIC   Administrator   shall  hold  a  Class  R   Certificate
representing a 0.01% Percentage  Interest each Class of the Class R Certificates
and shall be designated  as "the tax matters  person" with respect to each REMIC
in the manner  provided  under  Treasury  regulations  section  1.860F-4(d)  and
Treasury regulations section 301.6231(a)(7)-1.  The REMIC Administrator,  as tax
matters  person,  shall (i) act on behalf of each REMIC in  relation  to any tax
matter or controversy involving the Trust Fund and (ii) represent the Trust Fund
in any administrative or judicial proceeding relating to an examination or audit
by any governmental  taxing authority with respect thereto.  The legal expenses,
including without  limitation  attorneys' or accountants' fees, and costs of any
such proceeding and any liability  resulting  therefrom shall be expenses of the
Trust  Fund and the  REMIC  Administrator  shall be  entitled  to  reimbursement
therefor out of amounts  attributable  to the  Mortgage  Loans on deposit in the
Custodial  Account as provided by Section  3.10 unless such legal  expenses  and
costs are incurred by reason of the REMIC  Administrator's  willful misfeasance,
bad faith or gross  negligence.  If the  REMIC  Administrator  is no longer  the
Master Servicer  hereunder,  at its option the REMIC  Administrator may continue
its duties as REMIC Administrator and shall be paid reasonable  compensation not
to exceed  $3,000 per year by any  successor  Master  Servicer  hereunder for so
acting as the REMIC Administrator.

        (d) The REMIC Administrator shall prepare or cause to be prepared all of
the Tax Returns  that it  determines  are  required  with  respect to each REMIC
created hereunder and deliver such Tax Returns in a timely manner to the Trustee
and the  Trustee  shall sign and file such Tax Returns in a timely  manner.  The
expenses of  preparing  such returns  shall be borne by the REMIC  Administrator
without any right of reimbursement  therefor.  The REMIC Administrator agrees to
indemnify  and hold  harmless  the Trustee  with respect to any tax or liability
arising  from the  Trustee's  signing  of Tax  Returns  that  contain  errors or
omissions.  The Trustee and Master  Servicer  shall  promptly  provide the REMIC
Administrator with such information as the REMIC  Administrator may from time to
time request for the purpose of enabling the REMIC  Administrator to prepare Tax
Returns.

        (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

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<PAGE>

forth  herein as shall be  necessary or desirable to maintain the status of each
REMIC as a REMIC under the REMIC  Provisions  (and the Trustee  shall assist the
Master Servicer and the REMIC Administrator,  to the extent reasonably requested
by the  Master  Servicer  and the  REMIC  Administrator  to do so).  The  Master
Servicer and the REMIC  Administrator  shall not knowingly or intentionally take
any action,  cause the Trust Fund to take any action or fail to take (or fail to
cause to be taken) any action reasonably  within their respective  control that,
under the REMIC Provisions, if taken or not taken, as the case may be, could (i)
endanger  the  status of any  portion  of any  REMIC  formed  under  the  Series
Supplement  as a REMIC or (ii) result in the  imposition  of a tax upon any such
REMIC  (including  but not  limited  to the tax on  prohibited  transactions  as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC set forth in  Section  860G(d) of the Code)  (either  such  event,  in the
absence of an Opinion of  Counsel  or the  indemnification  referred  to in this
sentence,  an "Adverse  REMIC  Event")  unless the Master  Servicer or the REMIC
Administrator, as applicable, has received an Opinion of Counsel (at the expense
of the party  seeking to take such  action  or, if such party  fails to pay such
expense,  and the Master  Servicer or the REMIC  Administrator,  as  applicable,
determines that taking such action is in the best interest of the Trust Fund and
the Certificateholders, at the expense of the Trust Fund, but in no event at the
expense of the Master Servicer,  the REMIC  Administrator or the Trustee) to the
effect that the contemplated action will not, with respect to each REMIC created
hereunder,  endanger  such  status or,  unless the  Master  Servicer,  the REMIC
Administrator or both, as applicable,  determine in its or their sole discretion
to indemnify the Trust Fund against the imposition of such a tax,  result in the
imposition of such a tax.  Wherever in this Agreement a contemplated  action may
not be taken because the timing of such action might result in the imposition of
a tax on the Trust Fund, or may only be taken  pursuant to an Opinion of Counsel
that such  action  would not  impose a tax on the Trust  Fund,  such  action may
nonetheless be taken provided that the indemnity given in the preceding sentence
with respect to any taxes that might be imposed on the Trust Fund has been given
and  that all  other  preconditions  to the  taking  of such  action  have  been
satisfied. The Trustee shall not take or fail to take any action (whether or not
authorized   hereunder)   as  to  which  the  Master   Servicer   or  the  REMIC
Administrator,  as applicable, has advised it in writing that it has received an
Opinion of Counsel to the effect  that an Adverse  REMIC  Event could occur with
respect to such action. In addition,  prior to taking any action with respect to
any REMIC created  hereunder or any related assets thereof,  or causing any such
REMIC to take any action,  which is not expressly  permitted  under the terms of
this  Agreement,  the Trustee will consult with the Master Servicer or the REMIC
Administrator,  as  applicable,  or its  designee,  in writing,  with respect to
whether such action could cause an Adverse  REMIC Event to occur with respect to
any such REMIC, and the Trustee shall not take any such action or cause any such
REMIC to take any such  action  as to which  the  Master  Servicer  or the REMIC
Administrator,  as  applicable,  has advised it in writing that an Adverse REMIC
Event  could  occur.  The  Master  Servicer  or  the  REMIC  Administrator,   as
applicable,  may consult with counsel to make such written advice,  and the cost
of same shall be borne by the party  seeking  to take the  action not  expressly
permitted  by this  Agreement,  but in no 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.

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        (g) In the event that any tax is imposed on "prohibited transactions" of
any REMIC  created  hereunder as defined in Section  860F(a)(2)  of the Code, on
"net income from  foreclosure  property" of any such REMIC as defined in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such  reimbursement  the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate  Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.

        (h) The Trustee and the Master  Servicer  shall,  for federal income tax
purposes,  maintain  books  and  records  with  respect  to each  REMIC  created
hereunder  on a calendar  year and on an accrual  basis or as  otherwise  may be
required by the REMIC Provisions.

        (i)  Following  the Startup  Day,  neither the Master  Servicer  nor the
Trustee shall accept any  contributions of assets to any REMIC created hereunder
unless  (subject to Section  10.01(f)) the Master Servicer and the Trustee shall
have received an Opinion of Counsel (at the expense of the party seeking to make
such contribution) to the effect that the inclusion of such assets in such REMIC
will not  cause  the  REMIC to fail to  qualify  as a REMIC at any time that any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

        (j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to
Section  10.01(f))  enter  into any  arrangement  by  which  any  REMIC  created
hereunder will receive a fee or other  compensation  for services nor permit any
such REMIC to receive any income from assets other than "qualified mortgages" as
defined in Section 860G(a)(3) of the Code or "permitted  investments" as defined
in Section 860G(a)(5) of the Code.

        (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.

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<PAGE>

        (m) Neither the Trustee nor the Master  Servicer shall sell,  dispose of
or substitute for any of the Mortgage  Loans (except in connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify  the Trust Fund against such tax,  cause such REMIC to be subject to a
tax on  "prohibited  transactions"  or  "contributions"  pursuant  to the  REMIC
Provisions.

          Section  10.02  Master  Servicer,   REMIC  Administrator  and  Trustee
               Indemnification.

        (a) The Trustee  agrees to indemnify  the Trust Fund,  the Company,  the
REMIC  Administrator  and the Master Servicer for any taxes and costs including,
without limitation,  any reasonable attorneys fees imposed on or incurred by the
Trust Fund, the Company or the Master  Servicer,  as a result of a breach of the
Trustee's covenants set forth in Article VIII or this Article X.

        (b) The REMIC  Administrator  agrees to  indemnify  the Trust Fund,  the
Company, the Master Servicer and the Trustee for any taxes and costs (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company,  the Master Servicer or the Trustee, as a result of
a breach of the REMIC Administrator's covenants set forth in this Article X with
respect to compliance with the REMIC Provisions,  including without  limitation,
any penalties  arising from the Trustee's  execution of Tax Returns  prepared by
the REMIC  Administrator  that contain errors or omissions;  provided,  however,
that such liability will not be imposed to the extent such breach is a result of
an error or omission in information  provided to the REMIC  Administrator by the
Master Servicer in which case Section 10.02(c) will apply.

        (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.

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                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS

        Section 11.01 Amendment.

        (a) This  Agreement or any Custodial  Agreement may be amended from time
to time by the Company, the Master Servicer and the Trustee, without the consent
of any of the Certificateholders:

                      (i) to cure any ambiguity,

                      (ii) to correct or  supplement  any  provisions  herein or
               therein,  which may be  inconsistent  with any  other  provisions
               herein or therein or to correct any error,

                      (iii) to modify, eliminate or add to any of its provisions
               to such extent as shall be necessary or desirable to maintain the
               qualification  of the Trust Fund as a REMIC at all times that any
               Certificate  is  outstanding  or to avoid or minimize the risk of
               the  imposition of any tax on the Trust Fund pursuant to the Code
               that would be a claim  against the Trust Fund,  provided that the
               Trustee has received an Opinion of Counsel to the effect that (A)
               such  action  is  necessary   or   desirable  to  maintain   such
               qualification  or to avoid or minimize the risk of the imposition
               of any such tax and (B) such action will not adversely  affect in
               any material respect the interests of any Certificateholder,

                      (iv) to change the timing  and/or  nature of deposits into
               the Custodial Account or the Certificate Account or to change the
               name in which the Custodial Account is maintained,  provided that
               (A) the  Certificate  Account  Deposit  Date shall in no event be
               later than the related  Distribution  Date, (B) such change shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any  Certificateholder  and
               (C) such  change  shall not result in a  reduction  of the rating
               assigned  to any  Class of  Certificates  below  the lower of the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,

                      (v) to  modify,  eliminate  or add  to the  provisions  of
               Section  5.02(f)  or  any  other  provision  hereof   restricting
               transfer  of the Class R  Certificates,  by virtue of their being
               the  "residual  interests"  in a  REMIC,  provided  that (A) such
               change shall not result in  reduction  of the rating  assigned to
               any  such   Class  of   Certificates   below  the  lower  of  the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,  and (B) such change shall not (subject to
               Section 10.01(f)),  as evidenced by an Opinion of Counsel (at the
               expense of the party seeking so to modify,  eliminate or add such
               provisions),  cause any  REMIC  created  hereunder  or any of the
               Certificateholders (other than the transferor) to be subject to a
               federal  tax  caused  by a  transfer  to a  Person  that is not a
               Permitted Transferee,

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                      (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 evidencing in the aggregate not less than
66% of the Percentage Interests of each Class of Certificates with a Certificate
Principal  Balance greater than zero affected  thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or such Custodial  Agreement or of modifying in any manner the
rights of the Holders of Certificates of such Class; provided,  however, that no
such amendment shall:

                      (i)  reduce  in any  manner  the  amount  of, or delay the
               timing of,  payments  which are required to be distributed on any
               Certificate   without   the   consent   of  the  Holder  of  such
               Certificate,

                      (ii) reduce the aforesaid  percentage of  Certificates  of
               any Class the  Holders  of which are  required  to consent to any
               such  amendment,  in any such case  without  the  consent  of the
               Holders of all Certificates of such Class then outstanding.

        (c)  Notwithstanding  any  contrary  provision  of this  Agreement,  the
Trustee  shall not consent to any  amendment to this  Agreement  unless it shall
have first  received an Opinion of Counsel  (subject to Section  10.01(f) and at
the  expense  of the party  seeking  such  amendment)  to the  effect  that such
amendment  or the  exercise  of any power  granted to the Master  Servicer,  the
Company or the Trustee in accordance  with such amendment will not result in the
imposition  of a federal tax on the Trust Fund or cause any REMIC  created under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding.

        (d) Promptly after the execution of any such amendment the Trustee shall
furnish written notification of the substance of such amendment to the Custodian
and each  Certificateholder.  It  shall  not be  necessary  for the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

        (e) The Company shall have the option, in its sole discretion, to obtain
and  deliver  to  the  Trustee  any  corporate  guaranty,   payment  obligation,
irrevocable  letter  of  credit,   surety  bond,  insurance  policy  or  similar
instrument or a reserve  fund,  or any  combination  of the  foregoing,  for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or

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<PAGE>

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  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.

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        Section 11.03 Limitation on Rights of Certificateholders.

        (a) The death or incapacity of any  Certificateholder  shall not operate
to   terminate   this   Agreement   or  the  Trust  Fund,   nor   entitle   such
Certificateholder's  legal representatives or heirs to claim an accounting or to
take any action or  proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights,  obligations and liabilities of any
of the parties hereto.

        (b) No  Certificateholder  shall  have  any  right  to vote  (except  as
expressly  provided herein) or in any manner otherwise control the operation and
management  of the Trust Fund, or the  obligations  of the parties  hereto,  nor
shall anything herein set forth, or contained in the terms of the  Certificates,
be construed so as to  constitute  the  Certificateholders  from time to time as
partners or members of an association;  nor shall any Certificateholder be under
any  liability  to any third person by reason of any action taken by the parties
to this Agreement pursuant to any provision hereof.

        (c) No Certificateholder shall have any right by virtue of any provision
of this  Agreement to institute  any suit,  action or proceeding in equity or at
law  upon or  under  or with  respect  to this  Agreement,  unless  such  Holder
previously  shall have given to the  Trustee a written  notice of default and of
the continuance thereof, as hereinbefore  provided,  and unless also the Holders
of  Certificates  of any Class  evidencing in the aggregate not less than 25% of
the related Percentage  Interests of such Class, shall have made written request
upon the Trustee to institute such action, suit or proceeding in its own name as
Trustee  hereunder  and  shall  have  offered  to the  Trustee  such  reasonable
indemnity as it may require  against the costs,  expenses and  liabilities to be
incurred therein or thereby,  and the Trustee,  for 60 days after its receipt of
such notice, request and offer of indemnity,  shall have neglected or refused to
institute any such action,  suit or proceeding it being understood and intended,
and being  expressly  covenanted  by each  Certificateholder  with  every  other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

        Section 11.04 Governing Law.

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

        Section 11.05 Notices.

        As provided in Section 11.05 of the Series Supplement.

                                             106

<PAGE>

        Section 11.06 Required Notices to Rating Agency and Subservicer.

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

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

        (b) the occurrence of an Event of Default,

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

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

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

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

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

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

        (i) the occurrence of the Final Distribution Date, and

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

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

        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

                                             107

<PAGE>

shall be deemed severable from the remaining covenants,  agreements,  provisions
or  terms  of  this  Agreement  and  shall  in no way  affect  the  validity  or
enforceability  of the other provisions of this Agreement or of the Certificates
or the rights of the Holders thereof.

        Section 11.08 Supplemental Provisions for Resecuritization.

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective  interests would not be materially adversely affected thereby. To the
extent that the terms of the  Supplemental  Article do not in any way affect any
provisions  of this  Agreement as to any of the  Certificates  initially  issued
hereunder,  the adoption of the  Supplemental  Article  shall not  constitute an
"amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

        Section 11.09 Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

                                             108

<PAGE>

                                    EXHIBIT A

       FORM OF CLASS A CERTIFICATE, [PRINCIPAL ONLY/CLASS A-P] CERTIFICATE
                    AND [INTEREST ONLY/CLASS A-V] CERTIFICATE

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986.

        [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

<PAGE>

<TABLE>

<S>                                             <C>
Certificate No. [____]                          [____]% [Adjustable] [Variable] Pass-Through
                                                Rate [based on a Notional Amount]
Class [A-___] Senior                            Percentage Interest: ____%
Date of Pooling and Servicing Agreement and     Aggregate Initial [Certificate Principal
Cut-off Date:                                   Balance] [Interest Only/Class A-V] [Notional
[______________]                                Amount] [Subclass Notional Amount] of the
                                                Class [A-___] Certificates: $________
First Distribution Date:                        [Initial] [Certificate Principal Balance]
[______________]                                [Interest Only/Class A-V] [Subclass] [Notional
                                                Amount] of this Certificate:
                                                $[______________]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[______________]                                [______________]
</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE
                                       SERIES ________

               evidencing a percentage  interest in the distributions  allocable
               To the Class  [A-___]  certificates  with respect to a trust fund
               Consisting   primarily  of  a  pool  of   conventional   one-  to
               Four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
certificate  nor the underlying  mortgage loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  residential  funding  mortgage
securities I, inc.,  the master  servicer,  the trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the company, the master servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the certificates.

        This certifies that is the registered  owner of the percentage  interest
evidenced by this  certificate  [(obtained by dividing the [initial  certificate
principal balance] [initial  [interest  only/Class A-V] notional amount] of this
certificate by the aggregate [initial certificate principal balance of all Class
A-  certificates]  [initial  [interest  only/Class A-V] notional  amounts of all
[interest only/Class

<PAGE>

A-v]  certificates],  both as specified  above)] in certain  distributions  with
respect to the trust  fund  consisting  primarily  of an  interest  in a pool of
conventional  one- to four-family  fixed interest rate first mortgage loans (the
"mortgage loans"), formed and sold by residential funding mortgage securities I,
inc. (Hereinafter called the "company," which term includes any successor entity
under the agreement referred to below). The trust fund was created pursuant to a
series  supplement,  dated as specified  above, to the standard terms of pooling
and servicing agreement dated as of ________________ (together, the "pooling and
servicing  agreement" or the "agreement") among the company, the master servicer
and  _______________,  as trustee (the  "trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
agreement.  This  certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  agreement,  to which  agreement the holder of
this  certificate by virtue of the  acceptance  hereof assents and by which such
holder is bound.

        Pursuant to the terms of the agreement,  a distribution  will be made on
the 25th day of each  month  or,  if such 25th day is not a  business  day,  the
business day  immediately  following (the  "distribution  date"),  commencing as
described  in the  agreement,  to the person in whose name this  certificate  is
registered  at the close of business on the last day (or if such last day is not
a business  day, the business day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "record date"),
from the available  distribution amount in an amount equal to the product of the
percentage  interest  evidenced by this certificate and the amount [(of interest
and  principal,  if any)]  required  to be  distributed  to  holders of Class A-
certificates on such distribution date. [the [interest  only/Class A-v] notional
amount  of  the  [interest  only/Class  A-v]  certificates  as of  any  date  of
determination is equal to the aggregate stated principal balance of the mortgage
loans corresponding to the uncertificated remic regular interests represented by
such [interest only/Class A-v] certificates.]

        Distributions  on this  certificate  will be made  either by the  master
servicer  acting on behalf of the trustee or by a paying agent  appointed by the
trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the person entitled thereto if such person shall have so notified the
master  servicer or such paying agent,  or by check mailed to the address of the
person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
certificate register.

        Notwithstanding  the above,  the final  distribution on this certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this certificate at the office or agency appointed
by the trustee for that purpose in the city and state of New York.  The [initial
certificate  principal  balance]  [initial  [interest  only/Class  A-v] notional
amount] of this  certificate  is set forth  above.] [the  certificate  principal
balance  hereof  will be  reduced to the extent of  distributions  allocable  to
principal and any realized losses allocable hereto.]

        This  certificate  is one of a duly  authorized  issue  of  certificates
issued in several classes  designated as mortgage  pass-through  certificates of
the series specified hereon (herein collectively called the "certificates").

        The certificates are limited in right of payment to certain  collections
and recoveries respecting the mortgage loans, all as more specifically set forth
herein and in the agreement. In the

<PAGE>

event master servicer funds are advanced with respect to any mortgage loan, such
advance is  reimbursable to the master  servicer,  to the extent provided in the
agreement, from related recoveries on such mortgage loan or from other cash that
would have been distributable to certificateholders.

        As provided in the  agreement,  withdrawals  from the custodial  account
and/or the certificate account created for the benefit of certificateholders may
be made by the  master  servicer  from  time to time  for  purposes  other  than
distributions to certificateholders,  such purposes including without limitation
reimbursement  to the company  and the master  servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The agreement permits,  with certain  exceptions  therein provided,  the
amendment of the agreement and the modification of the rights and obligations of
the  company,  the  master  servicer  and  the  trustee  and the  rights  of the
certificateholders  under the  agreement at any time by the company,  the master
servicer  and the  trustee  with the  consent  of the  holders  of  certificates
evidencing  in the aggregate  not less than 66% of the  percentage  interests of
each class of certificates  affected thereby.  Any such consent by the holder of
this  certificate  shall be  conclusive  and binding on such holder and upon all
future  holders  of this  certificate  and of any  certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  certificate.  The  agreement  also permits the
amendment thereof in certain circumstances without the consent of the holders of
any of the certificates and, in certain  additional  circumstances,  without the
consent of the holders of certain  classes of  certificates.  As provided in the
agreement and subject to certain  limitations therein set forth, the transfer of
this  certificate is registrable in the  certificate  register upon surrender of
this  certificate  for  registration  of  transfer  at the  offices or  agencies
appointed by the trustee in the city and state of New York, duly endorsed by, or
accompanied  by an assignment  in the form below or other written  instrument of
transfer in form satisfactory to the trustee and the certificate  registrar duly
executed by the holder  hereof or such  holder's  attorney  duly  authorized  in
writing, and thereupon one or more new certificates of authorized  denominations
evidencing  the same class and aggregate  percentage  interest will be issued to
the designated transferee or transferees.

        The  certificates are issuable only as registered  certificates  without
coupons in classes and in denominations  specified in the agreement. As provided
in  the  agreement  and  subject  to  certain  limitations  therein  set  forth,
certificates are  exchangeable for new certificates of authorized  denominations
evidencing the same Class and aggregate percentage interest, as requested by the
holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  company,  the master  servicer,  the  trustee  and the  certificate
registrar and any agent of the company, the master servicer,  the trustee or the
certificate  registrar  may treat the person in whose name this  certificate  is
registered  as the owner hereof for all purposes,  and neither the company,  the
master  servicer,  the trustee nor any such agent shall be affected by notice to
the contrary.

<PAGE>

        This  certificate  shall be governed by and construed in accordance with
the laws of the state of New York.

        The obligations  created by the agreement in respect of the certificates
and the  trust  fund  created  thereby  shall  terminate  upon  the  payment  to
certificateholders  of all  amounts  held by or on  behalf  of the  trustee  and
required to be paid to them pursuant to the  agreement  following the earlier of
(i) the maturity or other  liquidation of the last mortgage loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any mortgage  loan and (ii) the purchase by the master  servicer
from the trust fund of all remaining mortgage loans and all property acquired in
respect of such  mortgage  loans,  thereby  effecting  early  retirement  of the
certificates.  The agreement permits,  but does not require, the master servicer
to (i) purchase at a price determined as provided in the agreement all remaining
mortgage loans and all property acquired in respect of any mortgage loan or (ii)
purchase in whole,  but not in part,  all of the  certificates  from the holders
thereof; provided, that any such option may only be exercised if the pool stated
principal  balance of the mortgage loans as of the distribution  date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the cut-off date principal balance of the mortgage loans.

        Reference is hereby made to the further  provisions of this  certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

        Unless the certificate of authentication hereon has been executed by the
certificate  registrar,  by  manual  signature,  this  certificate  shall not be
entitled to any benefit under the agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By: _____________________
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [A- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By: ________________________
                                                   Authorized Signatory

<PAGE>

                                   ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:  ______________________        _____________________________________
                                      Signature by or on behalf of assignor

                                      _____________________________________
                                                   Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                           EXHIBIT B

                                  FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        ANY TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED BY
VIRTUE OF ITS PURCHASE OR HOLDING OF THIS  CERTIFICATE (OR INTEREST HEREIN) THAT
EITHER (A) SUCH TRANSFEREE IS NOT AN INVESTMENT  MANAGER, A NAMED FIDUCIARY OR A
TRUSTEE OF ANY PLAN) ACTING, DIRECTLY OR INDIRECTLY,  ON BEHALF OF OR PURCHASING
ANY CERTIFICATE WITH "PLAN ASSETS" OF ANY PLAN (A "PLAN  INVESTOR"),  (B) IT HAS
ACQUIRED AND IS HOLDING SUCH  CERTIFICATE IN RELIANCE ON PROHIBITED  TRANSACTION
EXEMPTION  ("PTE") 94-29, 59 FED. REG. 14674 (MARCH 29, 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)(I)  THE
TRANSFEREE IS AN INSURANCE COMPANY, (II) THE SOURCE OF FUNDS TO BE USED BY IT TO
PURCHASE THE CERTIFICATE IS AN "INSURANCE  COMPANY GENERAL  ACCOUNT" (WITHIN THE
MEANING OF U.S.  DEPARTMENT  OF LABOR  PROHIBITED  TRANSACTION  CLASS  EXEMPTION
("PTCE")  95-60),  AND (III) THE  CONDITIONS  SET FORTH IN SECTIONS I AND III OF
PTCE 95-60 HAVE BEEN  SATISFIED  (EACH ENTITY THAT  SATISFIES THIS CLAUSE (C), A
"COMPLYING INSURANCE COMPANY").

<PAGE>

        IF THIS  CERTIFICATE  (OR ANY  INTEREST  HEREIN) IS  ACQUIRED OR HELD IN
VIOLATION OF THE PROVISIONS OF THE PRECEDING PARAGRAPH,  THEN THE LAST PRECEDING
TRANSFEREE  THAT  EITHER  (I)  IS  NOT  A  PLAN  INVESTOR,  (II)  ACQUIRED  SUCH
CERTIFICATE  IN  COMPLIANCE  WITH THE RFC  EXEMPTION  OR  (III)  IS A  COMPLYING
INSURANCE  COMPANY  SHALL BE  RESTORED,  TO THE EXTENT  PERMITTED BY LAW, TO ALL
RIGHTS AND OBLIGATIONS AS CERTIFICATE  OWNER THEREOF  RETROACTIVE TO THE DATE OF
SUCH  TRANSFER OF THIS  CERTIFICATE.  THE TRUSTEE SHALL BE UNDER NO LIABILITY TO
ANY PERSON FOR MAKING ANY PAYMENTS  DUE ON THIS  CERTIFICATE  TO SUCH  PRECEDING
TRANSFEREE.

        ANY PURPORTED  CERTIFICATE  OWNER WHOSE  ACQUISITION  OR HOLDING OF THIS
CERTIFICATE (OR INTEREST  HEREIN) WAS EFFECTED IN VIOLATION OF THE  RESTRICTIONS
IN SECTION  5.02(E) OF THE POOLING AND SERVICING  AGREEMENT  SHALL INDEMNIFY AND
HOLD HARMLESS THE COMPANY,  THE TRUSTEE,  THE MASTER SERVICER,  ANY SUBSERVICER,
AND THE TRUST FUND FROM AND AGAINST ANY AND ALL  LIABILITIES,  CLAIMS,  COSTS OR
EXPENSES INCURRED BY SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.

<PAGE>

<TABLE>

<S>                                             <C>
Certificate No. [____]                          [____]% Pass-Through Rate
Class [M-___] Subordinate
Date of Pooling and Servicing Agreement and     Principal Balance of the Class M Certificates:
Cut-off Date:                                   $_______________
[______________]
First Distribution Date:                        Initial Certificate Principal Balance of this
[______________]                                Certificate:
                                                $[______________]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[______________]                                [______________]
</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE,
                                       SERIES ________

               evidencing a percentage  interest in any distributions  allocable
               to the Class M-___  Certificates  with  respect to the Trust Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
Certificate  nor the underlying  Mortgage Loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  Residential  Funding  Mortgage
Securities I, Inc.,  the Master  Servicer,  the Trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the Company, the Master Servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the Certificates.

        This certifies that is the registered  owner of the Percentage  Interest
evidenced by this  Certificate  (obtained by dividing the Certificate  Principal
Balance of this Certificate by the aggregate  Certificate  Principal  Balance of
all Class M-___ Certificates,  both as specified above) in certain distributions
with respect to a Trust Fund consisting primarily of a pool of conventional one-
to four-family fixed interest rate first mortgage loans (the "Mortgage  Loans"),
formed and sold by Residential Funding Mortgage Securities I, Inc.  (hereinafter
called the  "Company,"  which  term  includes  any  successor  entity  under the
Agreement  referred to below).  The Trust Fund was created  pursuant to a Series
Supplement, dated as specified above, to the Standard Terms of Pooling and

<PAGE>

Servicing  Agreement dated as of  ________________  (together,  the "Pooling and
Servicing  Agreement" or the "Agreement") among the Company, the Master Servicer
and  ___________,  as  trustee  (the  "Trustee"),  a summary  of  certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

        Pursuant to the terms of the Agreement,  a distribution  will be made on
the 25th day of each  month  or,  if such 25th day is not a  Business  Day,  the
Business Day  immediately  following (the  "Distribution  Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required to be  distributed  to Holders of Class M-___
Certificates on such Distribution Date.

        Distributions  on this  Certificate  will be made  either by the  Master
Servicer  acting on behalf of the Trustee or by a Paying Agent  appointed by the
Trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master  Servicer or such Paying Agent,  or by check mailed to the address of the
Person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
Certificate Register.

        Notwithstanding  the above,  the final  distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate  Principal  Balance  hereof  will be  reduced  to the  extent of the
distributions allocable to principal and any Realized Losses allocable hereto.

        As described above, any transferee of this Certificate will be deemed to
have  represented by virtue of its purchase or holding of this  Certificate  (or
interest herein) that either (A) such transferee is not a Plan Investor,  (B) it
has acquired and is holding this  Certificate  in reliance on the RFC  Exemption
and that it understands that there are certain conditions to the availability of
the RFC Exemption  including that this 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) the transferee is a Complying  Insurance Company. In addition,
any purported Certificate Owner whose acquisition or holding of this Certificate
(or interest  herein) was effected in violation of the  restrictions  in Section
5.02(e) of the Agreement  shall  indemnify  and hold  harmless the Company,  the
Trustee,  the  Master  Servicer,  any  Subservicer,  and the Trust Fund from and
against any and all  liabilities,  claims,  costs or  expenses  incurred by such
parties as a result of such acquisition or holding.

        This  Certificate  is one of a duly  authorized  issue  of  Certificates
issued in several Classes  designated as Mortgage  Pass-Through  Certificates of
the Series specified hereon (herein collectively called the "Certificates").

<PAGE>

        The Certificates are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.

        As provided in the  Agreement,  withdrawals  from the Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The Agreement permits,  with certain  exceptions  therein provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

        As provided in the Agreement and subject to certain  limitations therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate  Registrar  duly  executed  by the  Holder  hereof or such  Holder's
attorney duly authorized in writing,  and thereupon one or more new Certificates
of authorized  denominations  evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.

        The  Certificates are issuable only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  Company,  the Master  Servicer,  the  Trustee  and the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered as the owner hereof for all purposes, and neither the

<PAGE>

Company,  the Master Servicer,  the Trustee nor any such agent shall be affected
by notice to the contrary.

        This  Certificate  shall be governed by and construed in accordance with
the laws of the State of New York.

        The obligations  created by the Agreement in respect of the Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

        Unless the certificate of authentication hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By:____________________
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [M- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:______________________
                                                   Authorized Signatory

<PAGE>

                                   ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:  ______________________        _____________________________________
                                      Signature by or on behalf of assignor

                                      _____________________________________
                                                   Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                           EXHIBIT C

                                  FORM OF CLASS B CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES AND CLASS M CERTIFICATES  [AND CLASS B-1] [CLASS B-2  CERTIFICATES]
DESCRIBED IN THE AGREEMENT (AS DEFINED HEREIN).

        THIS  CERTIFICATE  HAS NOT BEEN AND WILL  NOT BE  REGISTERED  UNDER  THE
SECURITIES ACT OF 1933, AS AMENDED,  OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR  TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND
LAWS  OR  IS  SOLD  OR  TRANSFERRED  IN  TRANSACTIONS   WHICH  ARE  EXEMPT  FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

        NO TRANSFER OF THIS  CERTIFICATE  MAY BE MADE TO ANY PERSON,  UNLESS THE
TRANSFEREE  PROVIDES EITHER A  CERTIFICATION  PURSUANT TO SECTION 5.02(E) OF THE
AGREEMENT  OR AN OPINION OF COUNSEL  SATISFACTORY  TO THE MASTER  SERVICER,  THE
COMPANY  AND THE  TRUSTEE  THAT  THE  PURCHASE  OF  THIS  CERTIFICATE  WILL  NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
THE EMPLOYEE  RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR
SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER  SERVICER,  THE COMPANY
OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN
THE AGREEMENT.

<PAGE>

<TABLE>

<S>                                             <C>
Certificate No. [____]                          [____]% Pass-Through Rate
Class [B-___] Subordinate
Date of Pooling and Servicing Agreement and     Principal Balance of the Class B-___
Cut-off Date:                                   Certificates as of the Cut-off Date: $________
[______________]
First Distribution Date:                        Initial Certificate Principal Balance of this
[______________]                                Certificate:
                                                $[______________]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[______________]                                [______________]
</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE,
                                        SERIES _______

               evidencing a percentage  interest in any distributions  allocable
               to the Class B-___  Certificates  with  respect to the Trust Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
Certificate  nor the underlying  Mortgage Loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  Residential  Funding  Mortgage
Securities I, Inc.,  the Master  Servicer,  the Trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the Company, the Master Servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the Certificates.

        This certifies that  _______________________  is the registered owner of
the Percentage Interest evidenced by this Certificate  (obtained by dividing the
Certificate  Principal Balance of this Certificate by the aggregate  Certificate
Principal Balance of all Class B-___  Certificates,  both as specified above) in
certain  distributions  with respect to a Trust Fund  consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Funding Mortgage
Securities I, Inc.  (hereinafter  called the "Company,"  which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant  to a Series  Supplement,  dated as  specified  above,  to the
Standard

<PAGE>

Terms of Pooling and Servicing Agreement dated as of ________________ (together,
the "Pooling and Servicing Agreement" or the "Agreement") among the Company, the
Master  Servicer  and  ___________,  as trustee  (the  "Trustee"),  a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

        Pursuant to the terms of the Agreement,  a distribution  will be made on
the 25th day of each  month  or,  if such 25th day is not a  Business  Day,  the
Business Day immediately following (the "Distribution Date"),  commencing on the
first  Distribution  Date  specified  above,  to the  Person in whose  name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

        Distributions  on this  Certificate  will be made  either by the  Master
Servicer  acting on behalf of the Trustee or by a Paying Agent  appointed by the
Trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master  Servicer or such Paying Agent,  or by check mailed to the address of the
Person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
Certificate Register.

        Notwithstanding  the above,  the final  distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate  Principal  Balance  hereof  will be  reduced  to the  extent of the
distributions allocable to principal and any Realized Losses allocable hereto.

        No  transfer  of this  Class B  Certificate  will  be made  unless  such
transfer is exempt from the  registration  requirements of the Securities Act of
1933,  as  amended,  and  any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that such transfer is exempt  (describing  the applicable  exemption and
the  basis  therefor)  from  or is  being  made  pursuant  to  the  registration
requirements  of the Securities  Act of 1933, as amended,  and of any applicable
statute of any state and (ii) the transferee shall execute an investment  letter
in the form  described by Section  5.02(e) of the  Agreement.  The Holder hereof
desiring to effect such transfer shall,  and does hereby agree to, indemnify the
Trustee, the Company,  the Master Servicer and the Certificate  Registrar acting
on behalf of the Trustee  against any liability  that may result if the transfer
is not so exempt or is not made in accordance  with such Federal and state laws.
In connection  with any such transfer,  the Trustee will also require either (i)
an opinion of counsel  acceptable to and in form and substance  satisfactory  to
the  Trustee,   the  Company  and  the  Master  Servicer  with  respect  to  the
permissibility  of such transfer under the Employee  Retirement  Income Security
Act of 1974, as amended

<PAGE>

("ERISA"),  and  Section  4975 of the  Internal  Revenue  Code (the  "Code") and
stating,  among other things,  that the  transferee's  acquisition  of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a  representation
letter,  in the form as  described  by the  Agreement,  either  stating that the
transferee  is not an employee  benefit or other plan subject to the  prohibited
transaction  provisions of ERISA or Section 4975 of the Code (a "Plan"),  or any
other person (including an investment manager, a named fiduciary or a trustee of
any Plan)  acting,  directly  or  indirectly,  on behalf  of or  purchasing  any
Certificate with "plan assets" of any Plan, or stating that the transferee is an
insurance  company,  the  source  of  funds  to be  used by it to  purchase  the
Certificate is an "insurance  company  general  account"  (within the meaning of
Department of Labor Prohibited  Transaction Class Exemption ("PTCE") 95-60), and
the purchase is being made in reliance  upon the  availability  of the exemptive
relief afforded under Sections I and III of PTCE 95-60.

        This  Certificate  is one of a duly  authorized  issue  of  Certificates
issued in several Classes  designated as Mortgage  Pass-Through  Certificates of
the Series specified hereon (herein collectively called the "Certificates").

        The Certificates are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.

        As provided in the  Agreement,  withdrawals  from the Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The Agreement permits,  with certain  exceptions  therein provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

        As provided in the Agreement and subject to certain  limitations therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate Registrar duly executed

<PAGE>

by the Holder hereof or such Holder's  attorney duly authorized in writing,  and
thereupon one or more new  Certificates of authorized  denominations  evidencing
the  same  Class  and  aggregate  Percentage  Interest  will  be  issued  to the
designated transferee or transferees.

        The  Certificates are issuable only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  Company,  the Master  Servicer,  the  Trustee  and the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

        This  Certificate  shall be governed by and construed in accordance with
the laws of the State of New York.

        The obligations  created by the Agreement in respect of the Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

        Unless the certificate of authentication hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By: _____________________
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  B-___  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:  ____________________
                                                   Authorized Signatory

<PAGE>

                                   ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:  ______________________        _____________________________________
                                      Signature by or on behalf of assignor

                                      _____________________________________
                                                   Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                          EXHIBIT D

                                 FORM OF CLASS R CERTIFICATE

        THIS  CERTIFICATE  MAY NOT BE HELD BY OR  TRANSFERRED  TO A NON-  UNITED
STATES PERSON OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"RESIDUAL  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        NO TRANSFER OF THIS  CERTIFICATE  MAY BE MADE TO ANY PERSON,  UNLESS THE
TRANSFEREE  PROVIDES EITHER A  CERTIFICATION  PURSUANT TO SECTION 5.02(E) OF THE
AGREEMENT  OR AN OPINION OF COUNSEL  SATISFACTORY  TO THE MASTER  SERVICER,  THE
COMPANY  AND THE  TRUSTEE  THAT  THE  PURCHASE  OF  THIS  CERTIFICATE  WILL  NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
THE EMPLOYEE  RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR
SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER  SERVICER,  THE COMPANY
OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN
THE AGREEMENT.

        ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS  CERTIFICATE  MAY BE
MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER
SERVICER AND THE TRUSTEE THAT (1) SUCH  TRANSFEREE IS NOT (A) THE UNITED STATES,
ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES,
OR  ANY  AGENCY  OR  INSTRUMENTALITY  OF ANY OF THE  FOREGOING  (OTHER  THAN  AN
INSTRUMENTALITY  WHICH IS A CORPORATION  IF ALL OF ITS ACTIVITIES ARE SUBJECT TO
TAX AND EXCEPT FOR  FREDDIE  MAC, A MAJORITY  OF ITS BOARD OF  DIRECTORS  IS NOT
SELECTED BY SUCH GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL
ORGANIZATION,  OR ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING,  (C)
ANY ORGANIZATION (OTHER THAN CERTAIN FARMERS' COOPERATIVES  DESCRIBED IN SECTION
521 OF THE CODE)  WHICH IS EXEMPT  FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE
UNLESS  SUCH  ORGANIZATION  IS SUBJECT TO THE TAX  IMPOSED BY SECTION 511 OF THE
CODE (INCLUDING THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS
TAXABLE  INCOME),  (D) RURAL  ELECTRIC AND TELEPHONE  COOPERATIVES  DESCRIBED IN
SECTION  1381(A)(2)(C)  OF THE CODE,  (E) AN ELECTING  LARGE  PARTNERSHIP  UNDER
SECTION 775(A) OF THE CODE (ANY SUCH PERSON  DESCRIBED IN THE FOREGOING  CLAUSES
(A),  (B),  (C),  (D)  OR  (E)  BEING  HEREIN  REFERRED  TO  AS A  "DISQUALIFIED
ORGANIZATION"),  OR (F) AN AGENT OF A DISQUALIFIED ORGANIZATION,  (2) NO PURPOSE
OF SUCH  TRANSFER IS TO IMPEDE THE  ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH
TRANSFEREE  SATISFIES CERTAIN  ADDITIONAL  CONDITIONS  RELATING TO THE FINANCIAL
CONDITION OF THE PROPOSED TRANSFEREE.

<PAGE>

NOTWITHSTANDING  THE  REGISTRATION IN THE CERTIFICATE  REGISTER OR ANY TRANSFER,
SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED  ORGANIZATION OR
AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE
OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE
A CERTIFICATEHOLDER  FOR ANY PURPOSE HEREUNDER,  INCLUDING,  BUT NOT LIMITED TO,
THE  RECEIPT  OF  DISTRIBUTIONS  ON  THIS  CERTIFICATE.   EACH  HOLDER  OF  THIS
CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE  SHALL BE DEEMED TO HAVE CONSENTED
TO THE PROVISIONS OF THIS PARAGRAPH.

<PAGE>

<TABLE>

<S>                                             <C>
Certificate No. [____]                          [____]% Pass-Through Rate
Class [R-___] Senior
Date of Pooling and Servicing Agreement and     Aggregate Initial Certificate Principal Balance
Cut-off Date:                                   of the Class R-___ Certificates: $100.00
[______________]
First Distribution Date:                        Initial Certificate Principal Balance of this
[______________]                                Certificate:
                                                $[______________]
Master Servicer:                                Percentage Interest: _____%
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[______________]                                [______________]
</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE,
                                        SERIES _______

               evidencing a percentage  interest in any distributions  allocable
               to the Class R[-__]  Certificates  with respect to the Trust Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
Certificate  nor the underlying  Mortgage Loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  Residential  Funding  Mortgage
Securities I, Inc.,  the Master  Servicer,  the Trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the Company, the Master Servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the Certificates.

        This certifies that is the registered  owner of the Percentage  Interest
evidenced by this  Certificate  (obtained  by dividing  the Initial  Certificate
Principal  Balance of this  Certificate  by the  aggregate  Initial  Certificate
Principal Balance of all Class R[-__] Certificates,  both as specified above) in
certain  distributions with respect to the Trust Fund consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Funding Mortgage
Securities I, Inc.  (hereinafter  called the "Company,"  which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant  to a Series  Supplement,  dated as  specified  above,  to the
Standard

<PAGE>

Terms of Pooling and Servicing Agreement dated as of ________________ (together,
the "Pooling and Servicing Agreement" or the "Agreement") among the Company, the
Master  Servicer  and  ___________,  as trustee  (the  "Trustee"),  a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

        Pursuant to the terms of the Agreement,  a distribution  will be made on
the 25th day of each  month  or,  if such 25th day is not a  Business  Day,  the
Business Day  immediately  following (the  "Distribution  Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

        Each  Holder of this  Certificate  will be  deemed to have  agreed to be
bound by the restrictions set forth in the Agreement to the effect that (i) each
person holding or acquiring any Ownership Interest in this Certificate must be a
United  States  Person and a  Permitted  Transferee,  (ii) the  transfer  of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

        Notwithstanding  the above,  the final  distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate   Principal  Balance  hereof  will  be  reduced  to  the  extent  of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the
Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.

        No transfer  of this Class  R[-__]  Certificate  will be made unless the
Trustee has received either (i) an opinion of counsel  acceptable to and in form
and substance  satisfactory to the Trustee,  the Company and the Master Servicer
with  respect  to  the  permissibility  of  such  transfer  under  the  Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of

<PAGE>

the Internal Revenue Code (the "Code") and stating, among other things, that the
transferee's  acquisition of a Class R Certificate will not constitute or result
in a non-exempt  prohibited  transaction  under  Section 406 of ERISA or Section
4975 of the Code or (ii) a  representation  letter,  in the form as described by
the Agreement,  stating that the transferee is not an employee  benefit or other
plan subject to the prohibited  transaction  provisions of ERISA or Section 4975
of the Code (a "Plan"),  or any other person (including an investment manager, a
named  fiduciary or a trustee of any Plan) acting,  directly or  indirectly,  on
behalf of or purchasing any Certificate with "plan assets" of any Plan.

        This  Certificate  is one of a duly  authorized  issue  of  Certificates
issued in several Classes  designated as Mortgage  Pass-Through  Certificates of
the Series specified hereon (herein collectively called the "Certificates").

        The Certificates are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.

        As provided in the  Agreement,  withdrawals  from the Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The Agreement permits,  with certain  exceptions  therein provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

        As provided in the Agreement and subject to certain  limitations therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate  Registrar  duly  executed  by the  Holder  hereof or such  Holder's
attorney duly authorized in writing,  and thereupon one or more new Certificates
of authorized  denominations  evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.

<PAGE>

        The  Certificates are issuable only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  Company,  the Master  Servicer,  the  Trustee  and the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

        This  Certificate  shall be governed by and construed in accordance with
the laws of the State of New York.

        The obligations  created by the Agreement in respect of the Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

        Reference is hereby made to the further  provisions of this  Certificate
set forth on the reverse hereof,  which further provisions shall for all purpose
have the same effect as if set forth at this place.

        Unless the certificate of authentication hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By:
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [R- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:
                                                   Authorized Signatory

<PAGE>

                                   ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:  ______________________        _____________________________________
                                      Signature by or on behalf of assignor

                                      _____________________________________
                                                   Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                          EXHIBIT E

                               FORM OF SELLER/SERVICER CONTRACT

        This  Seller/Servicer  Contract  (as  may be  amended,  supplemented  or
otherwise  modified  from  time to time,  this  "Contract")  is made this day of
_____________,  20__,  by  and  between  Residential  Funding  Corporation,  its
successors and assigns ("Residential  Funding") and (the "Seller/Servicer," and,
together with  Residential  Funding,  the "parties"  and each,  individually,  a
"party").

        WHEREAS,  the  Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

        NOW,  THEREFORE,  in  consideration  of the  premises,  and  the  terms,
conditions and agreements set forth below, the parties agree as follows:

1. INCORPORATION OF GUIDES BY REFERENCE.

        The  Seller/Servicer  acknowledges  that it has  received  and  read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.      AMENDMENTS.

        This Contract may not be amended or modified orally, and no provision of
this  Contract  may be waived or amended  except in writing  signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.

3. REPRESENTATIONS AND WARRANTIES.

        a. Reciprocal Representations and Warranties.

        The Seller/Servicer and Residential Funding each represents and warrants
to the other that as of the date of this Contract:

<PAGE>

               (1)    Each party is duly  organized,  validly  existing,  and in
                      good  standing  under  the  laws  of its  jurisdiction  of
                      organization,  is qualified,  if necessary, to do business
                      and in good standing in each  jurisdiction  in which it is
                      required to be so qualified,  and has the requisite  power
                      and  authority  to enter into this  Contract and all other
                      agreements  which are contemplated by this Contract and to
                      carry out its  obligations  hereunder and under the Guides
                      and under such other agreements.

               (2)    This  Contract  has been  duly  authorized,  executed  and
                      delivered  by each  party  and  constitutes  a  valid  and
                      legally  binding  agreement of each party  enforceable  in
                      accordance with its terms.

               (3)    There is no action, proceeding or investigation pending or
                      threatened,  and no basis  therefor  is  known  to  either
                      party,  that could  affect  the  validity  or  prospective
                      validity of this Contract.

               (4)    Insofar as its capacity to carry out any obligation  under
                      this Contract is concerned,  neither party is in violation
                      of  any  charter,   articles  of  incorporation,   bylaws,
                      mortgage, indenture, indebtedness,  agreement, instrument,
                      judgment,  decree,  order, statute, rule or regulation and
                      none of the  foregoing  adversely  affects its capacity to
                      fulfill any of its  obligations  under this Contract.  Its
                      execution of, and  performance  pursuant to, this Contract
                      will not result in a violation of any of the foregoing.

        b. Seller/Servicer's Representations, Warranties and Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

4. REMEDIES OF RESIDENTIAL FUNDING.

        If an Event of Seller  Default  or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5. SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.

        At no time shall the  Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

<PAGE>

6. PRIOR AGREEMENTS SUPERSEDED.

        This Contract  restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

7.      ASSIGNMENT.

        This Contract may not be assigned or  transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      NOTICES.

        All notices,  requests,  demands or other  communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:

        Attention:
        Telefacsimile Number: (_____) _____-_________

9. JURISDICTION AND VENUE.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other  substantive or procedural  rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum.  Each of the
parties agrees that a final  judgment in any such action or proceeding  shall be
conclusive and may be

<PAGE>

enforced  in any  other  jurisdiction  by suit on the  judgment  or in any other
manner  provided by law. Each of the parties further agrees not to institute any
legal actions or proceedings  against the other party or any director,  officer,
employee,  attorney,  agent or  property of the other  party,  arising out of or
relating to this  Contract in any court other than as  hereinabove  specified in
this paragraph 9.

10. MISCELLANEOUS.

        This Contract, including all documents incorporated by reference herein,
constitutes the entire  understanding  between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions  contemplated by this Contract.  All paragraph  headings  contained
herein  are for  convenience  only and  shall not be  construed  as part of this
Contract.  Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting  the  validity or  enforceability  of such  provision in any
other jurisdiction,  and, to this end, the provisions hereof are severable. This
Contract  shall be governed by, and construed  and enforced in accordance  with,
applicable federal laws and the laws of the State of Minnesota.

<PAGE>

        IN WITNESS WHEREOF,  the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                                      SELLER/SERVICER
[Corporate Seal]

                                             (Name of Seller/Servicer)
By:                                          By:
             (Signature) (Signature) By: By:
            (Typed Name)                                        (Typed Name)
Title:                                       Title:

==================================== ======= ===================================
ATTEST:                                      RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]
By:                                          By:
             (Signature) (Signature) By: By:
            (Typed Name)                                        (Typed Name)
Title:                                       Title:

<PAGE>

                                          EXHIBIT F

                                 FORMS OF REQUEST FOR RELEASE

DATE:
TO:
RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Series Supplement, to the Standard Terms of Pooling and Servicing Agreement,
Dated:
Series#:
Account#:
Pool#:
Loan#:
Borrower Name(s):

Reason for Document Request: (circle one)

        Mortgage Loan Prepaid in Full       Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."

Residential Funding Corporation
Authorized Signature
******************************************************************************
TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

Enclosed Documents:   [ ] Promissory Note
                      [ ] Primary Insurance Policy
                      [ ] Mortgage or Deed of Trust
                      [ ] Assignment(s) of Mortgage or Deed of Trust
                      [ ] Title Insurance Policy
                      [ ] Other:

Name:
Title:
Date:

<PAGE>

                                         EXHIBIT G-1

                           FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF              )
                      ) ss.:
COUNTY OF             )

                 [NAME OF OFFICER], being first duly sworn, deposes and says:

        1.  That he is  [Title  of  Officer]  of  [Name  of  Owner]  (record  or
beneficial  owner of the Mortgage  Pass-Through  Certificates,  Series  _______,
Class  R[-__]  (the  "Owner")),  a  [savings  institution]   [corporation]  duly
organized and existing under the laws of [the State of ] [the United States], on
behalf of which he makes this affidavit and agreement.

        2.  That  the  Owner  (i)  is  not  and  will  not  be  a  "disqualified
organization"  or an electing large  partnership as of [date of transfer] within
the  meaning of  Sections  860E(e)(5)  and 775,  respectively,  of the  Internal
Revenue Code of 1986, as amended (the "Code") or an electing  large  partnership
under  Section  775(a) of the Code,  (ii) will  endeavor to remain  other than a
disqualified  organization  for so long as it retains its ownership  interest in
the  Class  R[-__]  Certificates,  and  (iii)  is  acquiring  the  Class  R[-__]
Certificates  for its own account or for the account of another Owner from which
it has received an affidavit  and  agreement in  substantially  the same form as
this affidavit and agreement.  (For this purpose, a "disqualified  organization"
means an electing  large  partnership  under Section 775 of the Code, the United
States,   any  state  or   political   subdivision   thereof,   any   agency  or
instrumentality  of any of the foregoing (other than an  instrumentality  all of
the activities of which are subject to tax and, except for the Federal Home Loan
Mortgage Corporation,  a majority of whose board of directors is not selected by
any  such  governmental   entity)  or  any  foreign  government,   international
organization  or any agency or  instrumentality  of such foreign  government  or
organization,  any rural electric or telephone cooperative,  or any organization
(other than certain farmers' cooperatives) that is generally exempt from federal
income tax unless such organization is subject to the tax on unrelated  business
taxable income).

        3.  That the  Owner is aware  (i) of the tax that  would be  imposed  on
transfers of Class R[-__] Certificates to disqualified organizations or electing
large  partnerships,  under the Code,  that  applies to all  transfers  of Class
R[-__]  Certificates  after March 31,  1988;  (ii) that such tax would be on the
transferor  (or, with respect to transfers to electing  large  partnerships,  on
each such  partnership),  or, if such transfer is through an agent (which person
includes a broker, nominee or middleman) for a disqualified organization, on the
agent;  (iii) that the person  (other than with respect to transfers to electing
large partnerships)  otherwise liable for the tax shall be relieved of liability
for the tax if the  transferee  furnishes to such person an  affidavit  that the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R[-__] Certificates may be "noneconomic residual interests" within the
meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes
due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

<PAGE>

        4. That the Owner is aware of the tax imposed on a "pass-through entity"
holding  Class  R[-__]  Certificates  if either  the  pass-through  entity is an
electing  large  partnership  under  Section  775 of the  Code or if at any time
during the taxable year of the pass-through  entity a disqualified  organization
is the record holder of an interest in such entity.  (For this purpose,  a "pass
through  entity"  includes  a  regulated   investment  company,  a  real  estate
investment  trust or common  trust fund,  a  partnership,  trust or estate,  and
certain cooperatives.)

        5. The Owner is either (i) a citizen or resident  of the United  States,
(ii) a  corporation,  partnership  or other entity treated as a corporation or a
partnership for U.S.  federal income tax purposes and created or organized in or
under the laws of the  United  States,  any state  thereof  or the  District  of
Columbia (other than a partnership that is not treated as a United States person
under any applicable Treasury regulations), (iii) an estate that is described in
Section 7701(a)(30)(D) of the Code, or (iv) a trust that is described in Section
7701(a)(30)(E) of the Code.

        6. The Owner hereby  agrees that it will not cause income from the Class
R[-__]  Certificates to be attributable to a foreign permanent  establishment or
fixed base (within the meaning of an applicable  income tax treaty) of the Owner
of another United States taxpayer.

        7.  That the  Owner is aware  that the  Trustee  will not  register  the
transfer  of any  Class  R[- __]  Certificates  unless  the  transferee,  or the
transferee's  agent,  delivers to it an  affidavit  and  agreement,  among other
things,  in  substantially  the same form as this affidavit and  agreement.  The
Owner expressly agrees that it will not consummate any such transfer if it knows
or believes  that any of the  representations  contained in such  affidavit  and
agreement are false.

        8. That the Owner has reviewed the restrictions set forth on the face of
the Class  R[-__]  Certificates  and the  provisions  of Section  5.02(f) of the
Pooling and Servicing  Agreement under which the Class R[-__]  Certificates were
issued (in  particular,  clause  (iii)(A) and (iii)(B) of Section  5.02(f) which
authorize  the Trustee to deliver  payments to a person other than the Owner and
negotiate  a  mandatory  sale by the  Trustee in the event the Owner  holds such
Certificates in violation of Section 5.02(f)).  The Owner expressly agrees to be
bound by and to comply with such restrictions and provisions.

        9.  That  the  Owner   consents  to  any  additional   restrictions   or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable  arrangement to ensure that the Class R[-__] Certificates will only
be  owned,  directly  or  indirectly,  by an  Owner  that is not a  disqualified
organization.

        10.    The Owner's Taxpayer Identification Number is ________________.

        11.  This  affidavit  and  agreement  relates  only to the Class  R[-__]
Certificates  held by the Owner and not to any other  holder of the Class R[-__]
Certificates. The Owner understands that the liabilities described herein relate
only to the Class R[-__] Certificates.

        12. That no purpose of the Owner  relating to the transfer of any of the
Class R[-__] Certificates by the Owner is or will be to impede the assessment or
collection of any tax; in making

<PAGE>

this  representation,  the Owner  warrants  that the Owner is familiar  with (i)
Treasury Regulation Section 1.860E-1(c) and recent amendments thereto, effective
as of July 19,  2002,  and (ii) the  preamble  describing  the  adoption  of the
amendments to such regulation, which is attached hereto as Exhibit 1.

        13. That the Owner has no present  knowledge or expectation that it will
be  unable  to pay  any  United  States  taxes  owed by it so long as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
and for the  benefit  of the  person  from whom it  acquired  the  Class  R[-__]
Certificate  that the Owner  intends to pay taxes  associated  with holding such
Class R[- __]  Certificate as they become due, fully  understanding  that it may
incur tax  liabilities in excess of any cash flows generated by the Class R[-__]
Certificate.

        14. That the Owner has no present  knowledge or expectation that it will
become insolvent or subject to a bankruptcy proceeding for so long as any of the
Class R[-__] Certificates remain outstanding.

        15. (a) The  Purchaser  is not an  employee  benefit  plan or other plan
subject to the  prohibited  transaction  provisions  of the Employee  Retirement
Income  Security  Act of 1974,  as amended  ("ERISA"),  or  Section  4975 of the
Internal  Revenue  Code of 1986,  as  amended  (the  "Code"),  or an  investment
manager,  named  fiduciary  or a trustee of any such plan,  or any other  Person
acting, directly or indirectly,  on behalf of or purchasing any Certificate with
"plan assets" of any such plan; or

               (b) The Purchaser  will provide the Trustee,  the Company and the
Master  Servicer  with 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 of  Certificates  is permissible  under  applicable
law, will not  constitute  or result in any  non-exempt  prohibited  transaction
under ERISA or Section  4975 of the Code 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 the Pooling and Servicing Agreement.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser  will not  transfer  such  Certificates  to any Plan or person  unless
either such Plan or person meets the requirements set forth in either (a) or (b)
above.

        Capitalized  terms used but not defined  herein  shall have the meanings
assigned in the Pooling and Servicing Agreement.

<PAGE>

     IN WITNESS WHEREOF,  the Owner has caused this instrument to be executed on
its behalf,  pursuant to the authority of its Board of Directors,  by its [Title
of Officer]  and its  corporate  seal to be hereunto  attached,  attested by its
[Assistant] Secretary, this day of _____,___ 200__.

                                                   [NAME OF OWNER]

                                                   By:
                                                   [Name of Officer]
                                                   [Title of Officer]

[Corporate Seal]

ATTEST:

[Assistant] Secretary

        Personally  appeared before me the above-named [Name of Officer],  known
or proved to me to be the same person who executed the foregoing  instrument and
to be the  [Title of  Officer]  of the  Owner,  and  acknowledged  to me that he
executed  the  same as his  free  act and  deed and the free act and deed of the
Owner.

        Subscribed and sworn before me this ___ day of ________, 200 __.

                                     NOTARY PUBLIC

                                     COUNTY OF

                                     STATE OF

                                     My Commission expires the ____ day of
                                     _____, 20__ .

<PAGE>

                                           EXHIBIT 1

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 602

[TD 9004]
RIN 1545-AW98

Real Estate Mortgage Investment Conduits

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations.

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

SUMMARY:  This  document  contains  final  regulations  relating  to safe harbor
transfers of noneconomic  residual interests in real estate mortgage  investment
conduits (REMICs).  The final regulations provide additional  limitations on the
circumstances under which transferors may claim safe harbor treatment.

DATES: Effective Date: These regulations are effective July 19, 2002.
   Applicability Date: For dates of applicability, see Sec. 1.860E-
(1)(c)(10).

FOR FURTHER INFORMATION CONTACT: Courtney Shepardson at (202) 622-3940
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

   The  collection  of  information  in this final rule has been  reviewed  and,
pending  receipt and  evaluation of public  comments,  approved by the Office of
Management  and Budget (OMB) under 44 U.S.C.  3507 and assigned  control  number
1545-1675.
   The collection of information in this regulation is in Sec. 1.860E -
1(c)(5)(ii). This information is required to enable the IRS to verify
that a taxpayer is complying with the conditions of this regulation.
The collection of information is mandatory and is required. Otherwise,

<PAGE>

the taxpayer  will not receive the benefit of safe harbor  treatment as provided
in the regulation.  The likely  respondents are businesses and other  for-profit
institutions.
   Comments on the  collection  of  information  should be sent to the Office of
Management  and Budget,  Attn:  Desk Officer for the Department of the Treasury,
Office of Information and Regulatory Affairs, Washington, DC, 20503, with copies
to  the  Internal  Revenue  Service,   Attn:  IRS  Reports  Clearance   Officer,
W:CAR:MP:FP:S,  Washington,  DC 20224. Comments on the collection of information
should be received by September 17, 2002.  Comments are  specifically  requested
concerning:
   Whether the collection of information is necessary for the proper performance
of  the  functions  of the  Internal  Revenue  Service,  including  whether  the
information will have practical utility;
   The  accuracy of the  estimated  burden  associated  with the  collection  of
information (see below);
   How the quality, utility, and clarity of the information to be
collected may be enhanced;
   How the  burden  of  complying  with the  collection  of  information  may be
minimized,  including through the application of automated collection techniques
or other forms of information technology; and
   Estimates of capital or start-up  costs and costs of operation,  maintenance,
and purchase of service to provide information.
   An agency may not conduct or sponsor, and a person is not required to respond
to, a  collection  of  information  unless it  displays a valid  control  number
assigned by the Office of Management and Budget.
   The  estimated  total  annual  reporting  burden  is 470  hours,  based on an
estimated  number of respondents  of 470 and an estimated  average annual burden
hours per respondent of one hour.
   Books or records  relating to a collection of information must be retained as
long as their contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax return information are confidential,
as required by 26 U.S.C. 6103.

Background

   This document contains final regulations regarding the proposed amendments to
26 CFR part 1 under  section  860E of the  Internal  Revenue  Code  (Code).  The
regulations  provide the circumstances under which a transferor of a noneconomic
REMIC  residual   interest   meeting  the   investigation   and   representation
requirements  may avail  itself  of the safe  harbor by  satisfying  either  the
formula test or the asset test.
   Final regulations  governing REMICs,  issued in 1992, contain rules governing
the transfer of noneconomic REMIC residual interests.  In general, a transfer of
a  noneconomic  residual  interest  is  disregarded  for all tax  purposes  if a
significant purpose of the transfer is to

<PAGE>

[[Page 47452]]

enable the  transferor to impede the  assessment or collection of tax. A purpose
to impede the assessment or collection of tax (a wrongful purpose) exists if the
transferor,  at the time of the transfer,  either knew or should have known that
the transferee would be unwilling or unable to pay taxes due on its share of the
REMIC's taxable income.
   Under a safe harbor, the transferor of a REMIC noneconomic  residual interest
is presumed not to have a wrongful  purpose if two  requirements  are satisfied:
(1) the  transferor  conducts a  reasonable  investigation  of the  transferee's
financial  condition  (the  investigation  requirement);  and (2) the transferor
secures a  representation  from the transferee to the effect that the transferee
understands the tax obligations  associated with holding a residual interest and
intends to pay those taxes (the representation requirement).
   The IRS and Treasury have been concerned that some transferors of noneconomic
residual  interests claim they satisfy the safe harbor even in situations  where
the economics of the transfer  clearly  indicate the  transferee is unwilling or
unable to pay the tax associated with holding the interest.  For this reason, on
February  7, 2000,  the IRS  published  in the Federal  Register  (65 FR 5807) a
notice of proposed rulemaking (REG-100276-97; REG-122450-98) designed to clarify
the safe harbor by adding the  "formula  test," an economic  test.  The proposed
regulation provides that the safe harbor is unavailable unless the present value
of the anticipated tax liabilities associated with holding the residual interest
does not exceed the sum of: (1) The present value of any consideration  given to
the  transferee to acquire the  interest;  (2) the present value of the expected
future  distributions  on  the  interest;  and  (3)  the  present  value  of the
anticipated  tax  savings  associated  with  holding  the  interest as the REMIC
generates losses.
   The notice of proposed  rulemaking also contained  rules for FASITs.  Section
1.860H-6(g) of the proposed regulations  provides  requirements for transfers of
FASIT  ownership  interests  and adopts a safe harbor by  reference  to the safe
harbor provisions of the REMIC regulations.
   In January 2001, the IRS published Rev. Proc.  2001-12 (2001-3 I.R.B. 335) to
set forth an alternative  safe harbor that taxpayers could use while the IRS and
the  Treasury  considered  comments  on  the  proposed  regulations.  Under  the
alternative safe harbor, if a transferor meets the investigation requirement and
the representation  requirement but the transfer fails to meet the formula test,
the transferor  may invoke the safe harbor if the transferee  meets a two- prong
test (the asset test). A transferee generally meets the first prong of this test
if, at the time of the transfer, and in each of the two years preceding the year
of  transfer,  the  transferee's  gross  assets  exceed $100 million and its net
assets exceed $10 million. A transferee

<PAGE>

generally  meets  the  second  prong of this test if it is a  domestic,  taxable
corporation  and agrees in writing  not to transfer  the  interest to any person
other  than  another  domestic,  taxable  corporation  that also  satisfies  the
requirements  of the asset test. A  transferor  cannot rely on the asset test if
the transferor knows, or has reason to know, that the transferee will not comply
with its written agreement to limit the restrictions on subsequent  transfers of
the residual interest.
   Rev. Proc.  2001-12 provides that the asset test fails to be satisfied in the
case of a transfer or assignment of a noneconomic residual interest to a foreign
branch of an otherwise  eligible  transferee.  If such a transfer or  assignment
were permitted,  a corporate taxpayer might seek to claim that the provisions of
an  applicable  income tax treaty  would  resource  excess  inclusion  income as
foreign  source  income,  and that,  as a  consequence,  any U.S. tax  liability
attributable  to the excess  inclusion  income  could be offset by  foreign  tax
credits.  Such a claim would impede the  assessment or collection of U.S. tax on
excess inclusion income,  contrary to the congressional purpose of assuring that
such income will be taxable in all events. See, e.g., sections 860E(a)(1),  (b),
(e) and 860G(b) of the Code.
   The Treasury and the IRS have  learned  that certain  taxpayers  transferring
noneconomic residual interests to foreign branches have attempted to rely on the
formula  test to obtain  safe  harbor  treatment  in an  effort  to  impede  the
assessment or collection of U.S. tax on excess  inclusion  income.  Accordingly,
the  final  regulations  provide  that if a  noneconomic  residual  interest  is
transferred  to a  foreign  permanent  establishment  or  fixed  base  of a U.S.
taxpayer,  the transfer is not eligible for safe harbor  treatment  under either
the asset  test or the  formula  test.  The  final  regulations  also  require a
transferee  to  represent  that it will not cause  income  from the  noneconomic
residual  interest to be attributable to a foreign  permanent  establishment  or
fixed base.
   Section 1.860E -1(c)(8) provides  computational rules that a taxpayer may use
to  qualify  for  safe  harbor   status   under  the   formula   test.   Section
1.860E-1(c)(8)(i)  provides that the transferee is presumed to pay tax at a rate
equal to the highest rate of tax specified in section 11(b).  Some  commentators
were  concerned that this presumed rate of taxation was too high because it does
not take into  consideration  taxpayers  subject to the alternative  minimum tax
rate. In light of the comments received,  this provision has been amended in the
final regulations to allow certain transferees that compute their taxable income
using the alternative  minimum tax rate to use the alternative  minimum tax rate
applicable to corporations.
   Additionally, Sec. 1.860E-1(c)(8)(iii) provides that the present

values in the formula test are to be computed using a discount rate

<PAGE>

equal to the applicable  Federal  short-term rate prescribed by section 1274(d).
This is a change from the proposed  regulation and Rev. Proc.  2001-12. In those
publications  the  provision  stated that "present  values are computed  using a
discount rate equal to the applicable Federal rate prescribed in section 1274(d)
compounded  semiannually"  and that "[a] lower  discount rate may be used if the
transferee can demonstrate that it regularly borrows, in the course of its trade
or  business,  substantial  funds at such  lower  rate from an  unrelated  third
party." The IRS and the Treasury  Department  have learned  that,  based on this
provision,  certain taxpayers have been attempting to use unrealistically low or
zero interest rates to satisfy the formula test,  frustrating  the intent of the
test.  Furthermore,  the  Treasury  Department  and the IRS believe  that a rule
allowing  for a rate  other than a rate based on an  objective  index  would add
unnecessary complexity to the safe harbor. As a result, the rule in the proposed
regulations  that  permits a transferee  to use a lower  discount  rate,  if the
transferee can demonstrate that it regularly  borrows  substantial funds at such
lower rate, is not included in the final regulations; and the Federal short-term
rate  has  been  substituted  for  the  applicable  Federal  rate.  To  simplify
taxpayers' computations, the final regulations allow use of any of the published
short-term  rates,  provided  that  the  present  values  are  computed  with  a
corresponding  period  of  compounding.  With the  exception  of the  provisions
relating to transfers to foreign  branches,  these  changes  generally  have the
proposed  applicability  date of February 4, 2000,  but  taxpayers may choose to
apply the interest  rate formula set forth in the proposed  regulation  and Rev.
Proc. 2001-12 for transfers occurring before August 19, 2002.
   It is anticipated that when final regulations are adopted with respect to

[[Page 47453]]

FASITs,  Sec.  1.860H-6(g)  of the  proposed  regulations  will  be  adopted  in
substantially  its  present  form,  with the result  that the final  regulations
contained  in this  document  will  also  govern  transfers  of FASIT  ownership
interests with substantially the same applicability date as is contained in this
document.

Effect on Other Documents

   Rev.  Proc.  2001-12  (2001-3  I.R.B.  335)  is  obsolete  for  transfers  of
noneconomic residual interests in REMICs occurring on or after August 19, 2002.

Special Analyses

<PAGE>

   It is hereby  certified  that these  regulations  will not have a significant
economic impact on a substantial number of small entities. This certification is
based  on the  fact  that it is  unlikely  that a  substantial  number  of small
entities will hold REMIC residual interests. Therefore, a Regulatory Flexibility
Analysis  under  the  Regulatory  Flexibility  Act (5 U.S.C.  chapter  6) is not
required.  It  has  been  determined  that  this  Treasury  decision  is  not  a
significant regulatory action as defined in Executive Order 12866.  Therefore, a
regulatory assessment is not required. It also has been determined that sections
553(b) and 553(d) of the  Administrative  Procedure Act (5 U.S.C.  chapter 5) do
not apply to these regulations.

Drafting Information

   The principal author of these  regulations is Courtney  Shepardson.  However,
other  personnel  from the IRS and  Treasury  Department  participated  in their
development.

List of Subjects

26 CFR Part 1

   Income taxes, Reporting and record keeping requirements.

26 CFR Part 602

   Reporting and record keeping requirements.

Adoption of Amendments to the Regulations

   Accordingly, 26 CFR parts 1 and 602 are amended as follows:

PART 1--INCOME TAXES

   Paragraph 1. The  authority  citation for part 1 continues to read in part as
follows:

   Authority: 26 U.S.C. 7805 * * *

<PAGE>

                                         EXHIBIT G-2

                                FORM OF TRANSFEROR CERTIFICATE

                                                   __________ , 20__

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437

                                   [Trustee]

Attention: Residential Funding Corporation Series _______

               Re:    Mortgage Pass-Through Certificates,
                      Series ________, Class R[-__]

Ladies and Gentlemen:

        This  letter is  delivered  to you in  connection  with the  transfer by
_____________________ (the "Seller") to  _____________________(the  "Purchaser")
of   $______________   Initial   Certificate   Principal   Balance  of  Mortgage
Pass-Through  Certificates,  Series ________, Class R[-__] (the "Certificates"),
pursuant to Section 5.02 of the Series Supplement, dated as of ________________,
to  the  Standard  Terms  of  Pooling  and  Servicing   Agreement  dated  as  of
________________   (together,  the  "Pooling  and  Servicing  Agreement")  among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation,  as master servicer, and __________, as trustee
(the "Trustee").  All terms used herein and not otherwise defined shall have the
meanings set forth in the Pooling and  Servicing  Agreement.  The Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

        1. No purpose of the Seller  relating to the transfer of the Certificate
by the  Seller  to the  Purchaser  is or will be to  impede  the  assessment  or
collection of any tax.

        2. The  Seller  understands  that the  Purchaser  has  delivered  to the
Trustee and the Master  Servicer a transfer  affidavit and agreement in the form
attached to the Pooling and Servicing  Agreement as Exhibit G-1. The Seller does
not know or believe that any representation contained therein is false.

        3. The Seller has at the time of the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-  1(c)(4)(i)  and,  as a  result  of that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to
indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the future.  The Seller  understands  that the transfer of a Class R[-__]
Certificate may not be respected for United States

<PAGE>

income tax purposes  (and the Seller may continue to be liable for United States
income  taxes  Associated  therewith)  unless the Seller has  conducted  such an
investigation.

        4. The Seller has no actual  knowledge  that the proposed  Transferee is
not both a United States Person and a Permitted Transferee.

                                                   Very truly yours,

                                                   (Seller)

                                                   By:
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT H

                            FORM OF INVESTOR REPRESENTATION LETTER

                                                   ______________ , 20___

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

                                   [Trustee]

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

Attention: Residential Funding Corporation Series ________

               RE:    Mortgage Pass-Through Certificates,
                      Series ________, [Class B-]

Ladies and Gentlemen:

        _________________-   (the   "Purchaser")   intends  to   purchase   from
_________________  (the "Seller")  $_____________  Initial Certificate Principal
Balance of  Mortgage  Pass-Through  Certificates,  Series  ________,  Class (the
"Certificates"),   issued  pursuant  to  the  Series  Supplement,  dated  as  of
________________, to the Standard Terms of Pooling and Servicing Agreement dated
as of ________________  (together,  the "Pooling and Servicing Agreement") among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation, as master servicer (the "Master Servicer"), and
_____________,  as  trustee  (the  "Trustee").  All terms  used  herein  and not
otherwise defined shall have the meanings set forth in the Pooling and Servicing
Agreement.  The  Purchaser  hereby  certifies,  represents  and warrants to, and
covenants with, the Company, the Trustee and the Master Servicer that:

        1. The Purchaser understands that (a) the Certificates have not been and
will not be registered or qualified under the Securities Act of 1933, as amended
(the "Act") or any state  securities  law, (b) the Company is not required to so
register or qualify the Certificates, (c) the Certificates may be resold only if
registered  and  qualified  pursuant to the  provisions  of the Act or any state
securities law, or if an exemption from such  registration and  qualification is
available,  (d)  the  Pooling  and  Servicing  Agreement  contains  restrictions
regarding the transfer of the Certificates and (e) the Certificates  will bear a
legend to the foregoing effect.

<PAGE>

        2. The Purchaser is acquiring the  Certificates  for its own account for
investment  only  and not  with a view to or for  sale in  connection  with  any
distribution  thereof in any manner that would violate the Act or any applicable
state securities laws.

        3.  The  Purchaser  is (a) a  substantial,  sophisticated  institutional
investor having such knowledge and experience in financial and business matters,
and,  in  particular,  in such  matters  related  to  securities  similar to the
Certificates,  such that it is  capable  of  evaluating  the merits and risks of
investment in the  Certificates,  (b) able to bear the economic risks of such an
investment  and (c) an "accredited  investor"  within the meaning of Rule 501(a)
promulgated pursuant to the Act.

        4. The Purchaser has been furnished  with, and has had an opportunity to
review  (a) [a copy of the  Private  Placement  Memorandum,  dated  ___________,
20___,  relating to the  Certificates  (b)] a copy of the Pooling and  Servicing
Agreement and [b] [c] such other information  concerning the  Certificates,  the
Mortgage  Loans and the Company as has been  requested by the Purchaser from the
Company or the Seller and is  relevant to the  Purchaser's  decision to purchase
the  Certificates.  The Purchaser has had any questions arising from such review
answered by the Company or the Seller to the satisfaction of the Purchaser.  [If
the  Purchaser did not purchase the  Certificates  from the Seller in connection
with the initial  distribution of the  Certificates and was provided with a copy
of the Private Placement Memorandum (the "Memorandum")  relating to the original
sale (the "Original  Sale") of the  Certificates  by the Company,  the Purchaser
acknowledges  that such  Memorandum  was provided to it by the Seller,  that the
Memorandum  was prepared by the Company  solely for use in  connection  with the
Original  Sale and the Company did not  participate  in or facilitate in any way
the  purchase of the  Certificates  by the  Purchaser  from the Seller,  and the
Purchaser  agrees  that it will look solely to the Seller and not to the Company
with  respect  to any  damage,  liability,  claim  or  expense  arising  out of,
resulting from or in connection with (a) error or omission,  or alleged error or
omission,  contained in the Memorandum,  or (b) any information,  development or
event arising after the date of the Memorandum.]

        5. The  Purchaser  has not and will not nor has it authorized or will it
authorize  any  person to (a)  offer,  pledge,  sell,  dispose  of or  otherwise
transfer any  Certificate,  any interest in any Certificate or any other similar
security to any person in any manner,  (b) solicit any offer to buy or to accept
a pledge, disposition of other transfer of any Certificate,  any interest in any
Certificate  or any other similar  security  from any person in any manner,  (c)
otherwise approach or negotiate with respect to any Certificate, any interest in
any Certificate or any other similar security with any person in any manner, (d)
make any general  solicitation  by means of general  advertising or in any other
manner or (e) take any other  action,  that (as to any of (a) through (e) above)
would  constitute a distribution  of any  Certificate  under the Act, that would
render the disposition of any Certificate a violation of Section 5 of the Act or
any state  securities law, or that would require  registration or  qualification
pursuant thereto.  The Purchaser will not sell or otherwise  transfer any of the
Certificates,  except in  compliance  with the  provisions  of the  Pooling  and
Servicing Agreement.

        6. The Purchaser

        (a) is not an employee  benefit or other plan subject to the  prohibited
transaction  provisions of the Employee  Retirement Income Security Act of 1974,
as amended  ("ERISA),  or Section 4975 of the Internal  Revenue Code of 1986, as
amended ("Plan"), or any other person

<PAGE>

(including an investment  manager,  a named  fiduciary or a trustee of any Plan)
acting, directly or indirectly,  on behalf of or purchasing any Certificate with
"plan assets" of any Plan within the meaning of the  Department of Labor ("DOL")
regulation at 29 C.F.R. ss.2510.3-101;

        (b) is an  insurance  company,  the  source of funds to be used by it to
purchase the Certificates is an "insurance  company general account" (within the
meaning of DOL Prohibited  Transaction Class Exemption  ("PTCE") 95-60), and the
purchase is being made in reliance upon the availability of the exemptive relief
afforded under Sections I and III of PTCE 95-60; or

        (c) has provided the Trustee,  the Company and the Master  Servicer with
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
of  Certificates  is permissible  under  applicable  law, will not constitute or
result in any non-exempt  prohibited  transaction under ERISA or Section 4975 of
the Code 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 the Pooling and
Servicing Agreement.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser will not transfer such  Certificates to any Plan or person unless such
Plan or person  meets the  requirements  set  forth in either  6(a),  (b) or (c)
above.

                                                   Very truly yours,

                                                   By:
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT I

                           FORM OF TRANSFEROR REPRESENTATION LETTER

                                                   _________, 20___

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

                                   [Trustee]

Attention: Residential Funding Corporation Series ________

               Re:    Mortgage Pass-Through Certificates,
                      Series ________, [Class B-]

Ladies and Gentlemen:

        In connection  with the sale by  ____________________  (the "Seller") to
____________________ (the "Purchaser") of __________________ Initial Certificate
Principal Balance of Mortgage Pass-Through Certificates,  Series ________, Class
(the  "Certificates"),  issued  pursuant to the Series  Supplement,  dated as of
________________, to the Standard Terms of Pooling and Servicing Agreement dated
as of ________________  (together,  the "Pooling and Servicing Agreement") among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation,  as master servicer, and __________, as trustee
(the "Trustee").  The Seller hereby  certifies,  represents and warrants to, and
covenants with, the Company and the Trustee that:

        Neither  the  Seller nor  anyone  acting on its behalf has (a)  offered,
pledged,  sold,  disposed  of or  otherwise  transferred  any  Certificate,  any
interest in any  Certificate or any other similar  security to any person in any
manner, (b) has solicited any offer to buy or to accept a pledge, disposition or
other transfer of any Certificate,  any interest in any Certificate or any other
similar security from any person in any manner, (c) has otherwise  approached or
negotiated with respect to any  Certificate,  any interest in any Certificate or
any other  similar  security  with any  person in any  manner,  (d) has made any
general  solicitation by means of general advertising or in any other manner, or
(e) has taken any other action,  that (as to any of (a) through (e) above) would
constitute a distribution of the  Certificates  under the Securities Act of 1933
(the "Act"), that would render the disposition of any Certificate a violation of
Section  5 of the  Act or any  state  securities  law,  or  that  would  require
registration or qualification  pursuant thereto. The Seller will not act, in any
manner set forth in the foregoing sentence with respect to any Certificate.  The
Seller has not and will not sell or otherwise  transfer any of the Certificates,
except in compliance with the provisions of the Pooling and Servicing Agreement.

<PAGE>

                                                   Very truly yours,

                                                   (Seller)

                                                   By:
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT J

                        [FORM OF RULE 144A INVESTMENT REPRESENTATION]

                   Description of Rule 144A Securities, including numbers:

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

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

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

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

        The undersigned seller, as registered holder (the "Seller"),  intends to
transfer the Rule 144A Securities  described above to the undersigned buyer (the
"Buyer").

        1.  In  connection  with  such  transfer  and  in  accordance  with  the
agreements  pursuant to which the Rule 144A Securities  were issued,  the Seller
hereby  certifies the following  facts:  Neither the Seller nor anyone acting on
its behalf has offered, transferred,  pledged, sold or otherwise disposed of the
Rule 144A  Securities,  any  interest in the Rule 144A  Securities  or any other
similar security to, or solicited any offer to buy or accept a transfer,  pledge
or other disposition of the Rule 144A Securities,  any interest in the Rule 144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

        2. The Buyer warrants and represents to, and covenants with, the Seller,
the Trustee and the Master Servicer (as defined in the Series Supplement,  dated
as of ________________, to the Standard Terms of Pooling and Servicing Agreement
dated  as  of  ________________  (the  "Agreement")  among  Residential  Funding
Corporation as Master Servicer,  Residential Funding Mortgage Securities I, Inc.
as  depositor  pursuant to Section  5.02 of the  Agreement  and  __________,  as
trustee, as follows:

               (a) The Buyer  understands that the Rule 144A Securities have not
        been registered under the 1933 Act or the securities laws of any state.

               (b) The  Buyer  considers  itself  a  substantial,  sophisticated
        institutional investor having such knowledge and experience in financial
        and  business  matters that it is capable of  evaluating  the merits and
        risks of investment in the Rule 144A Securities.

               (c) The Buyer has been furnished with all  information  regarding
        the Rule 144A  Securities  that it has  requested  from the Seller,  the
        Trustee or the Servicer.

<PAGE>

               (d)  Neither  the  Buyer nor  anyone  acting  on its  behalf  has
        offered,  transferred,  pledged,  sold or otherwise disposed of the Rule
        144A  Securities,  any interest in the Rule 144A Securities or any other
        similar security to, or solicited any offer to buy or accept a transfer,
        pledge or other disposition of the Rule 144A Securities, any interest in
        the  Rule  144A  Securities  or any  other  similar  security  from,  or
        otherwise  approached  or  negotiated  with  respect  to the  Rule  144A
        Securities,  any  interest  in the Rule  144A  Securities  or any  other
        similar  security  with,  any person in any manner,  or made any general
        solicitation by means of general  advertising or in any other manner, or
        taken any other action, that would constitute a distribution of the Rule
        144A Securities  under the 1933 Act or that would render the disposition
        of the Rule 144A  Securities a violation of Section 5 of the 1933 Act or
        require  registration  pursuant  thereto,  nor  will it act,  nor has it
        authorized  or will it authorize  any person to act, in such manner with
        respect to the Rule 144A Securities.

               (e) The Buyer is a "qualified  institutional  buyer" as that term
        is defined in Rule 144A under the 1933 Act and has  completed  either of
        the forms of  certification to that effect attached hereto as Annex 1 or
        Annex 2.  The  Buyer  is  aware  that  the  sale to it is being  made in
        reliance on Rule 144A.  The Buyer is acquiring the Rule 144A  Securities
        for its own  account or the  accounts of other  qualified  institutional
        buyers,  understands  that  such  Rule 144A  Securities  may be  resold,
        pledged or transferred only (i) to a person reasonably  believed to be a
        qualified  institutional buyer that purchases for its own account or for
        the account of a qualified  institutional  buyer to whom notice is given
        that the  resale,  pledge or  transfer is being made in reliance on Rule
        144A, or (ii) pursuant to another exemption from registration  under the
        1933 Act.

        [3. The Buyer

               (a) is not an  employee  benefit  or other  plan  subject  to the
        prohibited  transaction  provisions  of the Employee  Retirement  Income
        Security  Act of 1974,  as amended  ("ERISA"),  or  Section  4975 of the
        Internal  Revenue  Code of 1986,  as  amended (a  "Plan"),  or any other
        person (including an investment  manager, a named fiduciary or a trustee
        of any Plan) acting, directly or indirectly,  on behalf of or purchasing
        any Certificate with "plan assets" of any Plan within the meaning of the
        Department of Labor ("DOL") regulation at 29 C.F.R. ss.2510.3-101;

               (b) is an insurance company, the source of funds to be used by it
        to purchase the  Certificates is an "insurance  company general account"
        (within  the  meaning  of DOL  Prohibited  Transaction  Class  Exemption
        ("PTCE")  95-60),  and the  purchase is being made in reliance  upon the
        availability  of the exemptive  relief afforded under Sections I and III
        of PTCE 95-60; or

               (c) has provided the Trustee, the Company and the Master Servicer
        with 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 of Certificates is permissible under applicable
        law,  will  not  constitute  or  result  in  any  non-exempt  prohibited
        transaction under ERISA or Section 4975 of the Code and will not subject
        the Trustee,  the Company or the Master  Servicer to any  obligation  or
        liability (including obligations or liabilities under

<PAGE>

        ERISA or Section  4975 of the Code) in addition to those  undertaken  in
        the Pooling and Servicing Agreement. ]

        4. This document may be executed in one or more  counterparts and by the
different  parties  hereto on  separate  counterparts,  each of  which,  when so
executed, shall be deemed to be an original; such counterparts,  together, shall
constitute one and the same document.

        IN WITNESS WHEREOF, each of the parties has executed this document as of
the date set forth below.

Print Name of Seller                         Print Name of Buyer

By:                                          By:
Name:                                        Name:
Title:                                       Title:
Taxpayer Identification                      Taxpayer Identification:
No.                                          No:
Date:                                       Date:

<PAGE>

                              ANNEX 1 TO EXHIBIT J

          QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A [For
               Buyers Other Than Registered Investment Companies]

        The undersigned  hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

        1. As indicated below, the undersigned is the President, Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.

        2. In connection with purchases by the Buyer,  the Buyer is a "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary basis $ in securities (except for the excluded securities referred
to below) as of the end of the  Buyer's  most recent  fiscal  year (such  amount
being  calculated in accordance with Rule 144A) and (ii) the Buyer satisfies the
criteria in the category marked below.

        Corporation, etc. The Buyer is a corporation (other than a bank, savings
and loan association or similar institution),  Massachusetts or similar business
trust, partnership, or charitable organization described in Section 501(c)(3) of
the Internal Revenue Code.

        Bank. The Buyer (a) is a national bank or banking institution  organized
under the laws of any State, territory or the District of Columbia, the business
of which is substantially  confined to banking and is supervised by the State or
territorial  banking  commission  or similar  official  or is a foreign  bank or
equivalent institution, and (b) has an audited net worth of at least $25,000,000
as demonstrated in its latest annual  financial  statements,  a copy of which is
attached hereto.

        Savings  and Loan.  The Buyer  (a) is a  savings  and loan  association,
building  and loan  association,  cooperative  bank,  homestead  association  or
similar  institution,  which is  supervised  and  examined by a State or Federal
authority having  supervision over any such institutions or is a foreign savings
and loan association or equivalent  institution and (b) has an audited net worth
of  at  least  $25,000,000  as  demonstrated  in  its  latest  annual  financial
statements.

        Broker-Dealer.  The Buyer is a dealer registered  pursuant to Section 15
of the Securities Exchange Act of 1934.

        Insurance  Company.  The Buyer is an insurance company whose primary and
predominant  business  activity is the writing of insurance or the reinsuring of
risks underwritten by insurance companies and which is subject to supervision by
the  insurance  commissioner  or a  similar  official  or  agency  of a State or
territory or the District of Columbia.

        State or Local Plan. The Buyer is a plan established and maintained by a
State, its political subdivisions, or any agency or instrumentality of the State
or its political subdivisions, for the benefit of its employees.

<PAGE>

        ERISA Plan. The Buyer is an employee  benefit plan within the meaning of
Title I of the Employee Retirement Income Security Act of 1974.

        Investment Adviser.  The Buyer is an investment adviser registered under
the Investment Advisers Act of 1940.

        SBIC. The Buyer is a Small Business  Investment  Company licensed by the
U.S.  Small  Business  Administration  under Section  301(c) or (d) of the Small
Business Investment Act of 1958.

        Business  Development  Company.  The  Buyer  is a  business  development
company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

        Trust Fund.  The Buyer is a trust fund whose  trustee is a bank or trust
company  and  whose  participants  are  exclusively  (a) plans  established  and
maintained  by  a  State,   its  political   subdivisions,   or  any  agency  or
instrumentality of the State or its political  subdivisions,  for the benefit of
its  employees,  or (b) employee  benefit plans within the meaning of Title I of
the Employee  Retirement  Income  Security Act of 1974,  but is not a trust fund
that includes as participants individual retirement accounts or H.R. 10 plans.

        3. The term  "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer,  (ii) securities that are part of
an unsold  allotment to or  subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit,  (iv) loan participations,
(v) repurchase  agreements,  (vi)  securities  owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

        4. For purposes of determining the aggregate  amount of securities owned
and/or invested on a discretionary  basis by the Buyer,  the Buyer used the cost
of such  securities  to the  Buyer  and did not  include  any of the  securities
referred to in the preceding  paragraph.  Further, in determining such aggregate
amount,  the Buyer may have included  securities  owned by  subsidiaries  of the
Buyer,  but only if such  subsidiaries  are  consolidated  with the Buyer in its
financial  statements  prepared in accordance with generally accepted accounting
principles  and if the  investments of such  subsidiaries  are managed under the
Buyer's direction.  However, such securities were not included if the Buyer is a
majority-owned,  consolidated  subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.

        5.  The  Buyer  acknowledges  that it is  familiar  with  Rule  144A and
understands  that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements  made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.

                          Will the Buyer be purchasing the Rule 144A
Yes            No            Securities only for the Buyer's own account?

        6. If the answer to the  foregoing  question is "no",  the Buyer  agrees
that,  in connection  with any purchase of securities  sold to the Buyer for the
account of a third party  (including  any separate  account) in reliance on Rule
144A,  the Buyer will only purchase for the account of a third party that at the
time is a "qualified institutional buyer" within the meaning of Rule 144A. In

<PAGE>

addition,  the Buyer  agrees that the Buyer will not purchase  securities  for a
third party unless the Buyer has obtained a current  representation  letter from
such third party or taken other appropriate  steps  contemplated by Rule 144A to
conclude that such third party  independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.

        7. The Buyer will notify each of the parties to which this certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice is given,  the Buyer's purchase of Rule 144A Securities will constitute a
reaffirmation of this certification as of the date of such purchase.

                                                   Print Name of Buyer

                                                   By:
                                                   Name:
                                                   Title:

                                                   Date:

<PAGE>

                              ANNEX 2 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

        The undersigned  hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

        1. As indicated below, the undersigned is the President, Chief Financial
Officer or Senior Vice  President  of the Buyer or, if the Buyer is a "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because  Buyer  is part of a Family  of  Investment
Companies (as defined below), is such an officer of the Adviser.

        2. In  connection  with  purchases  by Buyer,  the Buyer is a "qualified
institutional  buyer" as  defined in SEC Rule 144A  because  (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least  $100,000,000 in securities  (other than the excluded  securities
referred to below) as of the end of the Buyer's  most recent  fiscal  year.  For
purposes  of  determining  the  amount of  securities  owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

        The Buyer  owned $ in  securities  (other than the  excluded  securities
referred  to below) as of the end of the Buyer's  most recent  fiscal year (such
amount being calculated in accordance with Rule 144A).

        The Buyer is part of a Family of Investment Companies which owned in the
aggregate $ in securities (other than the excluded securities referred to below)
as of the  end of the  Buyer's  most  recent  fiscal  year  (such  amount  being
calculated in accordance with Rule 144A).

        3. The term "Family of Investment Companies" as used herein means two or
more  registered  investment  companies  (or series  thereof) that have the same
investment  adviser or  investment  advisers that are  affiliated  (by virtue of
being majority owned  subsidiaries  of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

        4. The term  "securities" as used herein does not include (i) securities
of issuers that are affiliated  with the Buyer or are part of the Buyer's Family
of Investment  Companies,  (ii) bank deposit notes and  certificates of deposit,
(iii) loan participations,  (iv) repurchase agreements, (v) securities owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

        5. The Buyer is familiar with Rule 144A and understands that each of the
parties to which this  certification  is made are relying  and will  continue to
rely on the  statements  made herein because one or more sales to the Buyer will
be in reliance on Rule 144A.  In addition,  the Buyer will only purchase for the
Buyer's own account.

<PAGE>

        6. The  undersigned  will  notify  each of the  parties  to  which  this
certification is made of any changes in the information and conclusions  herein.
Until such notice,  the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this  certification by the undersigned as of the date of such
purchase.

                                                   Print Name of Buyer

                                                   By:
                                                   Name:
                                                   Title:

                                                   IF AN ADVISOR:

                                                   Print Name of Buyer

                                                   Date:

<PAGE>

                                          EXHIBIT K

                         [TEXT OF AMENDMENT TO POOLING AND SERVICING
                         AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                      LIMITED GUARANTY]

                                         ARTICLE XII
                   Subordinate Certificate Loss Coverage; Limited Guaranty

        Section 12.01. Subordinate Certificate Loss Coverage;  Limited Guaranty.
(a) Subject to subsection  (c) below,  prior to the later of the third  Business
Day prior to each  Distribution  Date or the  related  Determination  Date,  the
Master Servicer shall determine  whether it or any Sub-Servicer will be entitled
to any  reimbursement  pursuant to Section 4.02(a) on such Distribution Date for
Advances or Sub-Servicer  Advances  previously made, (which will not be Advances
or Sub-Servicer Advances that were made with respect to delinquencies which were
subsequently determined to be Excess Special Hazard Losses, Excess Fraud Losses,
Excess  Bankruptcy  Losses or  Extraordinary  Losses)  and,  if so,  the  Master
Servicer shall demand payment from Residential Funding of an amount equal to the
amount of any Advances or Sub-Servicer  Advances  reimbursed pursuant to Section
4.02(a),  to the extent such  Advances or  Sub-Servicer  Advances  have not been
included in the amount of the Realized Loss in the related  Mortgage  Loan,  and
shall distribute the same to the Class B  Certificateholders  in the same manner
as if such amount were to be distributed pursuant to Section 4.02(a).

        (b)  Subject to  subsection  (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the Master  Servicer  shall  determine  whether any Realized  Losses (other than
Excess Special Hazard Losses,  Excess Bankruptcy Losses, Excess Fraud Losses and
Extraordinary  Losses)  will be allocated  to the Class B  Certificates  on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

        (c) Demands for payments pursuant to this Section shall be made prior to
the  later of the third  Business  Day  prior to each  Distribution  Date or the
related Determination Date by the Master Servicer with written notice thereof to
the Trustee.  The maximum amount that  Residential  Funding shall be required to
pay pursuant to this Section on any Distribution  Date (the "Amount  Available")
shall be equal to the lesser of (X) minus the sum of (i) all  previous  payments
made under  subsections  (a) and (b) hereof and (ii) all draws under the Limited
Guaranty made in lieu of such payments as

<PAGE>

described  below  in  subsection  (d) and (Y) the then  outstanding  Certificate
Principal  Balances of the Class B Certificates,  or such lower amount as may be
established  pursuant to Section  12.02.  Residential  Funding's  obligations as
described in this Section are referred to herein as the "Subordinate Certificate
Loss Obligation."

        (d)  The  Trustee  will  promptly   notify  General  Motors   Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

        (e) All payments made by Residential Funding pursuant to this Section or
amounts  paid under the  Limited  Guaranty  shall be  deposited  directly in the
Certificate Account, for distribution on the Distribution Date for such month to
the Class B Certificateholders.

        (f) The  Company  shall  have the  option,  in its sole  discretion,  to
substitute  for  either  or  both of the  Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution  shall  be made  unless  (A) the  substitute  Limited  Guaranty  or
Subordinate  Certificate  Loss Obligation is for an initial amount not less than
the then  current  Amount  Available  and  contains  provisions  that are in all
material  respects  equivalent to the original  Limited  Guaranty or Subordinate
Certificate   Loss   Obligation   (including   that  no  portion  of  the  fees,
reimbursements  or other  obligations under any such instrument will be borne by
the Trust  Fund),  (B) the long  term debt  obligations  of any  obligor  of any
substitute  Limited Guaranty or Subordinate  Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation  as of the date of  issuance  of the  Limited  Guaranty  and (b) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution  shall
not lower the  rating on the Class B  Certificates  below the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss
Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master

<PAGE>

Servicer and the Trustee, that such substitute  instrument  constitutes a legal,
valid and binding obligation of the substitute guarantor or obligor, enforceable
in accordance  with its terms,  and concerning  such other matters as the Master
Servicer and the Trustee  shall  reasonably  request.  Neither the Company,  the
Master  Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited  Guaranty  or  Subordinate  Certificate  Loss  Obligation  under any
circumstance.

        Section   12.02.   Amendments   Relating   to  the   Limited   Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding  or  an  Affiliate  of  Residential  Funding,  or  (B)  such  amendment,
reduction,  deletion or cancellation is made in accordance with Section 11.01(e)
and,  provided  further that the Company  obtains  (subject to the provisions of
Section  10.01(f)  as if the  Company was  substituted  for the Master  Servicer
solely for the purposes of such provision),  in the case of a material amendment
or  supersession  (but not a reduction,  cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such amendment or  supersession  will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on  "prohibited  transactions"  under  Section  860F(a)(1)  of  the  Code  or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.

<PAGE>

                                          EXHIBIT L

                                  [FORM OF LIMITED GUARANTY]
                                       LIMITED GUARANTY
                       RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
                              Mortgage Pass-Through Certificates
                                       Series ________

                                                   ___________, 20____

[Trustee]

Attention: Residential Funding Corporation Series ________
Ladies and Gentlemen:

     WHEREAS,   Residential   Funding   Corporation,   a  Delaware   corporation
("Residential  Funding"),  an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation,  a New York corporation ("GMAC"), plans to incur certain
obligations as described under Section 12.01 of the Series Supplement,  dated as
of  ________________,  to the Standard Terms of Pooling and Servicing  Agreement
dated  as of  ________________  (together,  the  "Servicing  Agreement"),  among
Residential  Funding Mortgage  Securities I, Inc. (the  "Company"),  Residential
Funding and  __________  (the  "Trustee") as amended by Amendment  No.  thereto,
dated as of , with respect to the  Mortgage  Pass-Through  Certificates,  Series
________ (the "Certificates"); and

        WHEREAS,   pursuant  to  Section  12.01  of  the  Servicing   Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

        WHEREAS,  GMAC desires to provide certain assurances with respect to the
ability of  Residential  Funding to secure  sufficient  funds and  faithfully to
perform its Subordinate Certificate Loss Obligation;

        NOW THEREFORE,  in  consideration  of the premises herein  contained and
certain  other good and valuable  consideration,  the receipt of which is hereby
acknowledged, GMAC agrees as follows:

        1. Provision of Funds.  (a) GMAC agrees to contribute and deposit in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related
Distribution  Date,  such moneys as may be required  by  Residential  Funding to
perform its Subordinate  Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the  Trustee  in  accordance  with  Section
12.01 of the Servicing Agreement.

        (b) The  agreement  set  forth  in the  preceding  clause  (a)  shall be
absolute,  irrevocable  and  unconditional  and  shall  not be  affected  by the
transfer by GMAC or any other person of all or any

<PAGE>

part  of its or  their  interest  in  Residential  Funding,  by any  insolvency,
bankruptcy, dissolution or other proceeding affecting Residential Funding or any
other  person,  by any defense or right of  counterclaim,  set-off or recoupment
that GMAC may have  against  Residential  Funding or any other  person or by any
other fact or circumstance.  Notwithstanding  the foregoing,  GMAC's obligations
under clause (a) shall terminate upon the earlier of (x)  substitution  for this
Limited Guaranty pursuant to Section 12.01(f) of the Servicing Agreement, or (y)
the termination of the Trust Fund pursuant to the Servicing Agreement.

        2.  Waiver.  GMAC  hereby  waives  any  failure  or delay on the part of
Residential  Funding,  the Trustee or any other person in asserting or enforcing
any  rights or in making  any  claims or demands  hereunder.  Any  defective  or
partial  exercise of any such  rights  shall not  preclude  any other or further
exercise  of  that  or  any  other  such  right.  GMAC  further  waives  demand,
presentment,  notice of default,  protest,  notice of  acceptance  and any other
notices with respect to this Limited Guaranty,  including,  without  limitation,
those of action or nonaction on the part of Residential Funding or the Trustee.

        3. Modification, Amendment and Termination. This Limited Guaranty may be
modified,  amended or terminated  only by the written  agreement of GMAC and the
Trustee and only if such  modification,  amendment or  termination  is permitted
under Section 12.02 of the Servicing  Agreement.  The  obligations of GMAC under
this  Limited  Guaranty  shall  continue  and  remain  in  effect so long as the
Servicing  Agreement is not modified or amended in any way that might affect the
obligations  of GMAC under  this  Limited  Guaranty  without  the prior  written
consent of GMAC.

        4.  Successor.  Except  as  otherwise  expressly  provided  herein,  the
guarantee  herein  set  forth  shall be  binding  upon  GMAC and its  respective
successors.

        5. Governing Law. This Limited Guaranty shall be governed by the laws of
the State of New York.

        6.  Authorization  and Reliance.  GMAC  understands  that a copy of this
Limited  Guaranty  shall be  delivered  to the  Trustee in  connection  with the
execution  of  Amendment  No.  1 to the  Servicing  Agreement  and  GMAC  hereby
authorizes  the Company and the Trustee to rely on the covenants and  agreements
set forth herein.

        7. Definitions.  Capitalized terms used but not otherwise defined herein
shall have the meaning given them in the Servicing Agreement.

        8. Counterparts.  This Limited Guaranty may be executed in any number of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.

<PAGE>

        IN WITNESS WHEREOF, GMAC has caused this Limited Guaranty to be executed
and delivered by its respective officers thereunto duly authorized as of the day
and year first above written.

                                                   GENERAL MOTORS ACCEPTANCE
                                                   CORPORATION

                                                   By:
                                                   Name:
                                                   Title:

Acknowledged by:
[Trustee], as Trustee

By:
Name:
Title:

RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

By:
Name:
Title:

<PAGE>

                                          EXHIBIT M

                 FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                                   _____________, 20______

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437

                                   [Trustee]

Attention: Residential Funding Corporation Series ________

               Re:    Mortgage Pass-Through Certificates, Series ________
                      Assignment of Mortgage Loan

Ladies and Gentlemen:

        This letter is delivered to you in  connection  with the  assignment  by
___________   (the  "Trustee")  to   _____________________   (the  "Lender")  of
__________________(the  "Mortgage  Loan")  pursuant  to  Section  3.13(d) of the
Series  Supplement,  dated  as of  ________________,  to the  Standard  Terms of
Pooling and Servicing  Agreement  dated as of  ________________  (together,  the
"Pooling and Servicing Agreement") among Residential Funding Mortgage Securities
I, Inc., as seller (the "Company"),  Residential Funding Corporation,  as master
servicer, and the Trustee. All terms used herein and not otherwise defined shall
have the meanings set forth in the Pooling and Servicing  Agreement.  The Lender
hereby  certifies,  represents  and warrants to, and covenants  with, the Master
Servicer and the Trustee that:

        the  Mortgage  Loan  is  secured  by  Mortgaged  Property  located  in a
jurisdiction  in which an  assignment  in lieu of  satisfaction  is  required to
preserve lien priority,  minimize or avoid mortgage recording taxes or otherwise
comply with, or facilitate a refinancing under, the laws of such jurisdiction;

        the substance of the assignment is, and is intended to be, a refinancing
of such Mortgage Loan and the form of the  transaction is solely to comply with,
or facilitate the transaction under, such local laws;

        the Mortgage Loan following the proposed  assignment will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest  on such  Mortgage  Loan prior to such  proposed  assignment;  and such
assignment is at the request of the borrower under the related Mortgage Loan.

<PAGE>

                                                   Very truly yours,

                                                   (Lender)

                                                   By:
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT N

                                 FORM OF REQUEST FOR EXCHANGE

                                                   [Date]

Bank One, National Association
1 Bank One Plaza
Suite IL1-0126
Chicago, Illinois 60670-0126

               Re:    Residential Funding Mortgage Securities I, Inc.
                      Mortgage Pass-Through Certificates, Series [________]

        Residential  Funding  Corporation,  as the Holder of a ____%  Percentage
Interest of the [Class/Subclass] of Class A-V Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

        1.     Class   A-V   Certificates,   corresponding   to  the   following
               Uncertificated    REMIC   Regular   Interests:    [List   numbers
               corresponding  to the related loans and Pool Strip Rates from the
               Mortgage Loan Schedule]. The Initial Subclass Notional Amount and
               the initial  Pass-Through Rate on the Class A-V Certificates will
               be $___________ and _____%, respectively.

        [2.    Repeat as appropriate.]

        The  Subclasses  requested  above will represent in the aggregate all of
the  Uncertificated  REMIC  Regular  Interests  represented  by  the  Class  A-V
Certificates surrendered for exchange.

        The  capitalized  terms  used  but not  defined  herein  shall  have the
meanings set forth in the Pooling and Servicing Agreement,  dated as of _______,
among  Residential  Funding  Mortgage  Securities I, Inc.,  Residential  Funding
Corporation and Bank One National Association, as trustee.

                                   RESIDENTIAL FUNDING CORPORATION

                                   By:
                                   Name:
                                   Title:

<PAGE>

                                          EXHIBIT O

                                FORM OF FORM 10-K CERTIFICATE

        I, [identify the certifying individual], certify that:

        1. I have  reviewed  the annual  report on Form 10-K for the fiscal year
[___], and all reports on Form 8-K containing  distribution or servicing reports
filed in respect of periods  included in the year covered by that annual report,
of the trust (the  "Trust")  created  pursuant  to the  [Pooling  and  Servicing
Agreement dated February 1, 2003] (the "Agreement")  among  Residential  Funding
Mortgage  Securities I, Inc. (the "Company"),  Residential  Funding  Corporation
(the "Master Servicer") and Bank One, National Association (the "Trustee");

        2. Based on my knowledge,  the information in these reports,  taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a  material  fact  necessary  to make  the  statements  made,  in  light  of the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by this annual report;

        3. Based on my  knowledge,  the  servicing  information  required  to be
provided to the Trustee by the Master Servicer under the Agreement for inclusion
in these reports is included in these reports;

        4. I am responsible for reviewing the activities performed by the Master
Servicer  under  the  Agreement  and  based  upon my  knowledge  and the  annual
compliance  review required under the Agreement,  and except as disclosed in the
report,  the Master Servicer has fulfilled its obligations  under the Agreement;
and

        5. The reports  disclose all  significant  deficiencies  relating to the
Master Servicer's compliance with the minimum servicing standards based upon the
report provided by an independent public  accountant,  after conducting a review
in compliance with the Uniform Single  Attestation  Program for Mortgage Bankers
as set forth in the Agreement, that is included in these reports.

        In giving the  certifications  above,  I have  reasonably  relied on the
information provided to me by the following unaffiliated parties: [the Trustee].

Date:____________

_________________________________*
[Signature]
Name:
Title:

* - to be signed by the senior  officer in charge of the servicing  functions of
the Master Servicer

<PAGE>

                                           EXHIBIT P

                    FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE

        The undersigned, a Responsible Officer of Bank One, National Association
(the "Trustee") certifies that:

        1. The Trustee has performed all of the duties specifically  required to
be  performed  by it pursuant  to the  provisions  of the Pooling and  Servicing
Agreement  dated [February 1, 2003] (the  "Agreement") by and among  Residential
Funding  Mortgage  Securities  I,  Inc.  (the  "Company"),  Residential  Funding
Corporation (the "Master Servicer") and Trustee in accordance with the standards
set forth therein.

        2.  Based on my  knowledge,  the  information  that is  provided  by the
Trustee  pursuant to Section  4.03(f)(I)  of the Agreement is accurate as of the
last day of the 20___ calendar year.

        Capitalized  terms used and not defined  herein  shall have the meanings
given such terms in the Agreement.

     IN  WITNESS   THEREOF,   I  have  duly  executed  this  certificate  as  of
____________, 20___

                                                          Name:
                                                          Title:

<PAGE>

<PAGE>

<PAGE>

                                  EXHIBIT FIVE

                           TARGETED PRINCIPAL BALANCES

                                     TARGETED PRINCIPAL BALANCES FOR THE
DISTRIBUTION DATE                    -----CLASS-A-6-CERTIFICATES
Initial Balance.....................                    $10,000,000.00
July 25, 2003.......................                      9,960,281.53
August 25, 2003.....................                      9,913,594.19
September 25, 2003..................                      9,859,967.53
October 25, 2003....................                      9,799,428.19
November 25, 2003...................                      9,732,009.95
December 25, 2003...................                      9,657,753.66
January 25, 2004....................                      9,576,707.29
February 25, 2004...................                      9,488,925.83
March 25, 2004......................                      9,394,471.31
April 25, 2004......................                      9,293,412.68
May 25, 2004........................                      9,185,825.80
June 25, 2004.......................                      9,071,793.30
July 25, 2004.......................                      8,951,404.54
August 25, 2004.....................                      8,824,755.48
September 25, 2004..................                      8,691,948.54
October 25, 2004....................                      8,553,092.53
November 25, 2004...................                      8,408,302.45
December 25, 2004...................                      8,257,699.38
January 25, 2005....................                      8,101,410.29
February 25, 2005...................                      7,939,567.90
March 25, 2005......................                      7,772,310.44
April 25, 2005......................                      7,599,781.52
May 25, 2005........................                      7,422,129.91
June 25, 2005.......................                      7,239,509.29
July 25, 2005.......................                      7,052,078.07
August 25, 2005.....................                      6,859,999.16
September 25, 2005..................                      6,663,439.69
October 25, 2005....................                      6,462,570.83
November 25, 2005...................                      6,262,707.18
December 25, 2005...................                      6,065,086.68
January 25, 2006....................                      5,869,684.95
February 25, 2006...................                      5,676,477.87
March 25, 2006......................                      5,485,441.56
April 25, 2006......................                      5,296,552.45
May 25, 2006........................                      5,109,787.16
June 25, 2006.......................                      4,925,122.61
July 25, 2006.......................                      4,742,535.94
August 25, 2006.....................                      4,562,004.56
September 25, 2006..................                      4,383,506.09
October 25, 2006....................                      4,207,018.43
November 25, 2006...................                      4,032,519.69
December 25, 2006...................                      3,859,988.22
January 25, 2007....................                      3,689,402.61
February 25, 2007...................                      3,520,741.69
March 25, 2007......................                      3,353,984.49
April 25, 2007......................                      3,189,110.29
May 25, 2007........................                      3,026,098.58
June 25, 2007.......................                      2,864,929.09

                                       -1-

<PAGE>

July 25, 2007.......................                     $2,705,581.74
August 25, 2007.....................                      2,548,036.69
September 25, 2007..................                      2,392,274.30
October 25, 2007....................                      2,238,275.16
November 25, 2007...................                      2,086,020.03
December 25, 2007...................                      1,935,489.93
January 25, 2008....................                      1,786,666.05
February 25, 2008...................                      1,639,529.79
March 25, 2008......................                      1,494,062.75
April 25, 2008......................                      1,350,246.73
May 25, 2008........................                      1,208,063.73
June 25, 2008.......................                      1,067,495.94
July 25, 2008.......................                        939,654.00
August 25, 2008.....................                        813,357.57
September 25, 2008..................                        688,589.49
October 25, 2008....................                        565,332.81
November 25, 2008...................                        443,570.75
December 25, 2008...................                        323,286.71
January 25, 2009....................                        204,464.29
February 25, 2009...................                         87,087.24
March 25, 2009 and thereafter.......                              0.00

                                       -2-

<PAGE>Exhibit 4.1

           STOCK PURCHASE AND SUBSCRIPTION AGREEMENT

     THIS   STOCK   PURCHASE  AND  SUBSCRIPTION  AGREEMENT   (the
"Agreement")  is made and entered into as of the date  set  forth
below  by  and between Innovo Group Inc., a Delaware  corporation
with  its  headquarters located at 5900 S. Eastern Avenue,  Suite
124,  Commerce,  CA 90040 (the "Company"), and (see  Exhibit  A),
whose  principal  address  is  (intentionally  left  blank)  (the
"Subscriber").

                            WHEREAS:

     A.   The Company is offering for sale (see Exhibit A) shares
of  the  common stock, par value $.10 per share, of  the  Company
(the  "Common  Stock"), at a price of $2.65  per  share,  for  an
aggregate purchase price of $2.65 (the "Purchase Price").

     B.    The  Subscriber agrees to purchase of  the  shares  of
Common Stock (the "Shares").

     NOW  THEREFORE, the Company and the Subscriber hereby  agree
as follows:

     1.   PURCHASE AND SALE OF SHARES.

          1.1. Purchase of Shares.  Subject to the receipt of
payment therefor, the Company agrees to issue and sell to
Subscriber and Subscriber agrees to purchase from the Company at
closing  (the "Closing") the Shares at a purchase price of $ (see
attachment) per Share for an aggregate price of $ (see
attachment) .  The aggregate purchase price for the Shares is
referred to herein as the "Purchase Price."

           1.2.  Closing  Date.   The date of  the  Closing  (the
"Closing  Date") shall be within five (5) business days following
the  date hereof or such later date as is mutually agreed  to  by
the  Company  and  Subscriber.  The Closing shall  occur  on  the
Closing  Date  at  the offices of the Company  or  at  any  other
mutually agreeable location.

          1.3   Form  of  Payment.   On  the  Closing  Date,  the
Subscriber  shall pay the Purchase Price to the Company  for  the
Shares  by check backed by good, available funds payable  to  the
Company  or  by wire transfer of immediately available  funds  in
accordance with the Company's written wire instructions.   Within
14  days  after  the Closing Date, the Company shall  deliver  to
Subscriber certificates representing the Shares, duly executed on
behalf  of  the Company and registered in the name of  Subscriber
(the "Certificates").

     2.   RESTRICTED SECURITIES; SUBSEQUENT REGISTRATION.

          2.1   Restrictions on Transfer.  The Shares  are  being
issued  in  a transaction that is exempt from registration  under
Section  4(2) of the 1933 Act and Regulation D promulgated  under
the   1933   Act.   As  a  result,  the  Shares  will  constitute
"restricted  securities" as that term is defined under  the  1933
Act.  From and after their respective dates of issuance, none  of
the  Shares  shall  be  transferable except upon  the  conditions
specified  in  this  Section  2  which  are  intended  to  ensure
compliance with the provisions of the 1933 Act in connection with
the   transfer   of   any   Shares  or  any   interest   therein.
Notwithstanding  the above restriction, the Company  consents  to
(i)  the  pledge or hypothecation of the Shares by the Subscriber
to secure a loan or loans, (ii) the acquisition of such Shares by
the  lender  at foreclosure sale, and (iii) the exercise  by  the
lender,   after   acquiring  ownership  of  the  Shares   through
foreclosure sale, of any of the rights granted the Subscriber  in
Sections  2.5 and 2.6; provided, however, any sale of the  Shares
by  the  lender to a third party, whether by foreclosure sale  or
otherwise,  shall  be subject to the restrictions  set  forth  in
Sections  2.1,  2.2 and 2.3 and any exercise  by  the  lender  of
Subscriber's rights under Sections 2.5 and 2.6 shall  be  subject
to all of the terms and conditions of Sections 2.5, 2.6 and 2.7.

           2.2  Restrictive Legends.  Subscriber understands that
the certificates representing the Shares shall bear a restrictive
legend  in substantially the following form (and a stop  transfer
order may be placed against transfer of such stock certificates):

        THE  SECURITIES  REPRESENTED BY THIS  CERTIFICATE
        HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
        OF   1933,   AS  AMENDED,  OR  APPLICABLE   STATE
        SECURITIES  LAWS.   THE  SECURITIES   HAVE   BEEN
        ACQUIRED  FOR INVESTMENT AND MAY NOT  BE  OFFERED
        FOR  SALE, SOLD, TRANSFERRED OR ASSIGNED  IN  THE
        ABSENCE  OF  AN EFFECTIVE REGISTRATION  STATEMENT
        FOR  THE SECURITIES UNDER THE SECURITIES  ACT  OF
        1933,  AS AMENDED, OR APPLICABLE STATE SECURITIES
        LAWS,  OR  AN OPINION OF COUNSEL, IN A  GENERALLY
        ACCEPTABLE   FORM,  THAT  REGISTRATION   IS   NOT
        REQUIRED  UNDER  SAID  ACT  OR  APPLICABLE  STATE
        SECURITIES LAWS OR UNLESS SOLD PURSUANT  TO  RULE
        144 UNDER SAID ACT.

      The legend set forth above shall be removed and the Company
shall  issue a certificate without such legend to the  holder  of
the Shares upon which it is stamped if, unless otherwise required
by  state  securities  laws,  (i)  the  sale  of  the  Shares  is
registered  under the 1933 Act, (ii) in connection  with  a  sale
transaction, such holder provides the Company with an opinion  of
counsel,  in  a generally acceptable form, to the effect  that  a
public  sale, assignment or transfer of the Shares  may  be  made
without  registration under the 1933 Act, or  (iii)  such  holder
provides  the Company with reasonable assurances that the  Shares
may  be sold pursuant to Rule 144 without any restriction  as  to
the  number of securities acquired as of a particular  date  that
can then be immediately sold.

          2.3   Notice  of  Proposed  Transfers.   Prior  to  any
proposed transfer of the Shares other than a transfer (i) subject
to  an effective registration statement under the 1933 Act,  (ii)
to  an  affiliate  of  the  Subscriber which  is  an  "accredited
investor"  within the meaning of Rule 501(a) under the 1933  Act,
provided that any such transferee shall agree to be bound by  the
terms of this Agreement, and (iii) to be made in reliance on Rule
144  under  the 1933 Act, the holder thereof shall  give  written
notice  to the Company of such holder's intention to effect  such
transfer,  setting  forth  the manner and  circumstances  of  the
proposed  transfer, which shall be accompanied by an  opinion  of
counsel  to the Company, confirming that such transfer  does  not
give   rise   to  a  violation  of  the  1933  Act,  satisfactory
representation   letters   in  form  and   substance   reasonably
satisfactory  to  the  Company  to  ensure  compliance  with  the
provisions  of  the  1933 Act and letters in form  and  substance
reasonably  satisfactory to the Company from each such transferee
stating  such transferee's agreement to be bound by the terms  of
this  Agreement.  Such proposed transfer may be effected only  if
the  Company shall have received such notice of transfer, opinion
of  counsel, representation letters and other letters referred to
in  the  immediately preceding sentence, whereupon the holder  of
such  Shares  shall  be  entitled  to  transfer  such  Shares  in
accordance  with the terms of the notice delivered by the  holder
to the Company.

          2.4   Piggy-Back Registration Rights.  If at  any  time
prior   to   the  expiration  of  the  Registration  Period   (as
hereinafter defined) the Company proposes to file with the SEC  a
registration  statement  relating to  an  offering  for  its  own
account or the account of others under any of the Securities Acts
of  any of its securities (other than on Form S-4 or Form S-8  or
their then equivalents relating to securities to be issued solely
in  connection with any acquisition of an entity or  business  or
equity securities issuable as compensation or in connection  with
a stock option or other Employee Benefit Plan), the Company shall
promptly  send to the Subscriber written notice of the  Company's
intention   to  file  a  registration  statement   and   of   the
Subscriber's  rights under this Section 2.4.  If within  20  days
after receipt of such notice, the Subscriber shall so request  in
writing,  the Company shall include in the registration statement
all  or  any  part of the Shares the Subscriber  requests  to  be
registered,  subject to the priorities set forth in this  Section
2.4.

          2.5   Demand Registration Rights.  Upon demand  by  the
Subscriber  made no sooner than 30 days after the  Closing  Date,
the  Company  will  use its best efforts to file  a  registration
statement  or  to include Subscriber in an existing  registration
statement  for the offer and sale of the Shares by the Subscriber
under  the  1933 Act.  The registration statement will be  filed,
amended  or  supplemented  as  soon as  is  reasonably  practical
following  such demand, but in no event later than 45 days  after
such demand, unless delayed by the Subscriber.  The Company shall
seek to have such registration statement declared effective or to
be effective as regards Subscriber's resales as soon after filing
as  is  reasonably practicable.  In the event  that  all  of  the
Shares  are  not  registered  or  sold  under  such  registration
statement,  the  Subscriber will be entitled to demand  that  the
Company  use  its  best  efforts to file  a  second  registration
statement for the offer and sale of such remaining Shares by  the
Subscriber  under  the  1933 Act.  The  second  demand  shall  be
subject to the same timetable as the initial demand.

          2.6    Other  Agreements  Respecting  Registration   of
Shares.    In  connection  with  the  filing  of  a  registration
statement  by  the Company which covers any of  the  Shares,  the
parties agree that:

               (a)    Unless  the  offering  is  an  underwritten
offering,  the Company will use its best efforts to maintain  the
effectiveness  of such registration statement for at  least  nine
months  following the effective date thereof, and  from  time  to
time  will amend or supplement such registration statement during
such nine month period to the extent necessary to comply with the
1933 Act.

               (b)   As and when the Company files a registration
statement  with respect to any of the Shares, the Subscriber  and
the  Company  will  execute an agreement to  cross-indemnify  one
another,  and  will agree to contribute to the aggregate  losses,
claims, damages and liabilities to which they may become subject,
on  terms  and conditions standard in the industry and negotiated
by  them  in good faith, including, without limitation,  standard
limitations on the indemnification of selling stockholders  in  a
secondary offering.

               (c)  Whenever the Company is registering the offer
and  sale of any of the Shares, the Subscriber agrees to  provide
to  the  Company  or its attorneys, promptly upon  request,  such
information  and materials regarding the Subscriber as  shall  be
reasonably requested in order to effect the registration  of  the
offer and sale of the Shares.

               (d)   The Company shall bear all reasonable  costs
and  expenses  to be incurred in connection with any registration
statement  covering any of the Shares, including printing  costs,
the fees of the registrant's counsel and accountants, and SEC and
NASD  filing  fees; however, the Company shall not be responsible
for  the  fees  and  expenses  of  any  counsel  engaged  by  the
Subscriber,  or  any underwriter engaged by the  Subscriber,  and
shall  not  be  responsible  for the underwriters',  brokers'  or
dealers'   commissions,  fees,  expenses,  discounts   or   other
compensation  attributable to the offer or sale  of  any  of  the
shares of the Subscriber.

               (e)   If the offering in connection with which the
Subscriber   demands  piggy-back   registration  rights   is   an
underwritten   offering,  then  the  Subscriber   shall,   unless
otherwise agreed by the Company, offer and sell such Shares in an
underwritten  offering using the same underwriter or underwriters
and,  subject to the provisions of this Agreement,  on  the  same
terms and conditions as other shares of common stock included  in
the  underwritten  offering.  If the registration  is  to  be  an
underwritten public offering for the account of the  Company  and
the  managing underwriter(s) advise the Company in writing,  that
in  their  reasonable  good  faith opinion,  marketing  or  other
factors  dictate  that a limitation on the number  of  shares  of
common  stock which may be included in the registration statement
is  necessary to facilitate and not adversely affect the proposed
offering,  then  the Company shall include in such  registration,
pro   rata,  up  to  the  limitation  imposed  by  the   managing
underwriter(s):  (i) first, up to the full amount  of  securities
the Company proposes to sell for its own account, (ii) second, up
to  the  full amount of securities proposed to be registered  for
the account of the holders of securities entitled to inclusion of
their  securities in the registration statement by reason of  the
exercise  of  demand registration rights, and  (iii)  third,  the
securities  requested  to  be  registered  by  other  holders  of
securities  (including securities requested to be  registered  by
the  Subscriber  under this Section 2.5) pursuant  to  piggy-back
registration  rights, pro rata based on the number of  securities
requested to be included in the registration.

               (f)   The  Company  shall  not  be  obligated   to
register the offer and sale of any of the Shares if, at the  time
of  the  demand  or  request  for registration  or  at  the  time
thereafter  up  to  the time of the filing  of  the  registration
statement, there has been any default or breach by the Subscriber
in the terms of this Agreement.

     3.   REPRESENTATIONS AND WARRANTIES OF THE SUBSCRIBER.

          The Subscriber represents as follows:

          3.1   Authority.  The Subscriber has the full power and
authority  to enter into this Agreement and has taken all  action
or  will  use its best efforts to take all action, corporate  and
otherwise,  necessary  to authorize the execution,  delivery  and
performance  of this Agreement, the completion of the transaction
contemplated hereby and the execution and delivery by it  of  any
and  all  instruments  necessary  or  appropriate  in  order   to
effectuate fully the terms and conditions of this Agreement.

          3.2   Consents.  No consent or approval of  any  court,
governmental  agency or other public authority, or of  any  other
person, corporation or entity with any actual or alleged interest
is  required as a condition to (i) the validity or enforceability
of  this Agreement or any other instruments to be executed by the
Subscriber  to effectuate this Agreement, or (ii) the  completion
or  validity  of  any  of the transactions contemplated  by  this
Agreement  except  as  provided  in  section  2.1  above..   This
Agreement  has  been  properly  executed  and  delivered  by  the
Subscriber and constitutes a valid and legally binding  agreement
which is enforceable against it in accordance with its terms.

          3.3   Commissions.  No fees or commissions are  payable
by  the  Subscriber  by  virtue of  or  in  connection  with  the
transaction contemplated by this Agreement.

          3.4   Investment Intent.  The Subscriber is  purchasing
the  Shares  for its own account, with the intention  of  holding
such  Shares  for  investment  and  not  with  the  intention  of
immediately participating, directly or indirectly, in any  resale
or distribution of the Shares.

          3.5   Company  Materials.  Subscriber has received  and
carefully reviewed the Company's Annual Report on Form  10-K  for
the year ended December 1, 2001, its Quarterly Reports on Form 10-
Q  for  the periods ended March 2, 2002, June 1, 2002, and August
31, 2002, its current Report on Form 8-K dated July 26, 2002, its
proxy  statement as filed September 11, 2002, its  Post-effective
Amendment Number 1 to Form S-1 on Form S-3 Registration Statement
and a statement of "Risk Factors" attached hereto as Schedule 3.5
(collectively,  the  "Company  Materials").   The   Company   has
provided  Subscriber and Subscriber's advisors with all materials
relating to the business, finances and operations of the  Company
and  materials relating to the offer and sale of the  Shares  and
other  ongoing capital raising activities as have been  requested
by  Subscriber  or  Subscriber's  advisors,  and  Subscriber  and
Subscriber's  advisors have had a reasonable opportunity  to  ask
questions of and receive answers from the Company concerning  the
Company and the Shares, and all such questions, if any, have been
answered  to  the  satisfaction of  Subscriber  and  Subscriber's
advisors    (such    additional   information   and    responses,
collectively, the "Additional Information").  Except as set forth
in  the  Disclosure  Materials, no additional representations  or
warranties  have been made to Subscriber by the  Company  or  any
agent,  employee or affiliate of the Company, and  Subscriber  is
relying  only  on  the Disclosure Materials  and  the  Additional
Information  in  deciding  to acquire the  Shares.  None  of  the
Additional  Information contradicts the Disclosure  Materials  in
any  material  respect.  Except  as  set  forth  in  the  Company
Materials  and the representations and warranties  set  forth  in
this  Agreement, no representations or warranties have been  made
to  the  Subscriber  by  the Company or any  agent,  employee  or
affiliate of the Company, and the Subscriber has relied  only  on
the Company Materials and the results of its own investigation in
deciding  to acquire the Shares and no information acquired  from
the   Subscriber's  own  investigation  contradicts  the  Company
Materials  in  any material respect.  The Subscriber  understands
that  its  investment  in the Shares is a speculative  investment
which  involves  a  high  degree of  risk  and  that  the  entire
investment  in  the  Shares could be lost.  In  addition  to  its
review  of the Company Materials, the Subscriber has sought  such
accounting,  legal and tax advice as it has considered  necessary
to  make  an  informed investment decision with  respect  to  the
acquisition of the Shares.

          3.6    Sophistication;  Accredited   Investor   Status.
Subscriber   personally,  or  together  with  Subscriber's   duly
appointed  and  qualified  Subscriber  Representative,  has  such
knowledge and experience in financial and business matters as  to
be capable of evaluating the merits and risks of an investment in
the  Shares  and to protect Subscriber's interests in  connection
with  investment  in the Shares.  In addition, Subscriber  is  an
"accredited investor" as that term is defined in Rule  501(a)  of
Regulation  D  ("Regulation D") as promulgated by the  Securities
and   Exchange  Commission  (the  "SEC")  because  the  indicated
alternative below applies (please initial as appropriate):

                               Subscriber  is  an individual  who
               has  a  net  worth, including assets held  jointly
               with  Subscriber's spouse, if appropriate, of  not
               less than $1,000,000.

                               Subscriber  is  an individual  who
               had  individual  income in excess of  $200,000  in
               each  of the two most recent years or joint income
               with  that  person's spouse in excess of  $300,000
               in  each  of  those  years and  has  a  reasonable
               expectation of reaching the same income  level  in
               the current year.

                               Subscriber is a bank as defined in
               Section 3(a)(2) of the Securities Act of 1933.

                               Subscriber is a savings  and  loan
               association  as defined in Section  3(a)(5)(A)  of
               the Securities Act of 1933.

                               Subscriber is an insurance company
               as  defined in Section 2(13) of the Securities Act
               of 1933.

                                Subscriber   is   an   investment
               company  registered  under the Investment  Company
               Act of 1940.

                                 Subscriber   is    a    business
               development   company  as   defined   in   Section
               2(a)(48) of the Investment Company Act of 1940.

                               Subscriber  is  a  Small  Business
               Investment  Company licensed  by  the  U.S.  Small
               Business  Administration under Section  301(c)  or
               (d) of the Small Business Investment Act of 1958.

                               Subscriber is an employee  benefit
               plan  within  the  meaning  of  Title  I  of   the
               Employee  Retirement Income Security Act of  1974,
               and  one  of  the following applies  [check  one]:
               (a)          the investment decision is being made
               by  a  plan fiduciary, as defined in Section 3(21)
               of  such  Act,  which is either a bank,  insurance
               company or registered investment advisor,  or  (b)
               Subscriber   has  total  assets   in   excess   of
               $5,000,000,   or  (c)         if  a  self-directed
               plan,  Subscriber's investment decisions are  made
               solely by accredited investors.

                               Subscriber  is a private  business
               development   company  as   defined   in   Section
               202(a)(22)  of  the  Investment  Advisers  Act  of
               1940.

                               Subscriber(a) has total assets  in
               excess  of $5,000,000, and (b) was not formed  for
               the  specific purpose of acquiring the Shares, and
               (c)   is   one   of   [check   one]:            an
               organization  described in  Section  501(c)(3)  of
               the    Internal   Revenue   Code    (tax    exempt
               organization),   or          a   corporation,   or
               a  Massachusetts  or  similar business  trust,  or
               a partnership or limited liability company.

                                Subscriber(a)  is  a  trust  with
               total assets in excess of $5,000,000, and (b)  was
               not  formed for the specific purpose of  acquiring
               the  Shares,  and (c) Subscriber's  purchases  are
               directed  by  a person who has such knowledge  and
               experience in financial and business matters  that
               he  is  capable of evaluating the merits and risks
               of investment in the Company and the Shares.

         If  Subscriber  must  rely exclusively  on  the
         following  alternative, each  equity  owner  of
         Subscriber    must    complete    a    separate
         Supplemental  Questionnaire  provided  by   the
         Company.

                    If  Subscriber  is an  entity,  each
         owner     of    an    equity    interest     in
         Subscriber is an accredited entity under one of
         the alternatives         listed above.

          3.7   Reliance.   The  Subscriber understand  that  the
Shares  are being issued to it in reliance on specific exemptions
from   the   registration  requirements  of  federal  and   state
securities  laws and that the Company is relying upon  the  truth
and  accuracy  of  the  representations, warranties,  agreements,
acknowledgments  and understandings of the Subscriber  set  forth
herein in order to determine the applicability of such exemptions
and the suitability of the Subscriber to acquire the Shares.  The
Subscriber  further understands that the issuance of  the  Shares
will  not have been the subject of a registration statement filed
under  the  1933  Act,  and  as  a  result  will  be  "restricted
securities"  as  that  term  is  defined  under  the  1933   Act.
Accordingly, the Shares may not be resold, in whole or  in  part,
unless  they are the subject of registration under the  1933  Act
and  any  applicable state securities laws, or there is available
an  exemption from such registration.  A legend, as set forth  in
Section  2.2 of this Agreement, will be placed on any certificate
or certificates representing the Shares.

          3.8     Reporting    Requirements.    The    Subscriber
understands   that  it  may  become  subject  to  the   reporting
requirements under Section 13 of the Securities Exchange  Act  of
1934  ("the  1934  Act")  and  of  Regulation  13(d)  promulgated
thereunder  if  its  "beneficial ownership"  exceeds  5%  of  the
outstanding  shares of common stock.  The Subscriber  understands
that it is responsible for determining what reports, if any, must
be  filed by it under Section 13 of the 1934 Act, including,  but
not  limited to, Schedule 13D, and to obtain such legal or  other
professional advice, at its cost and expense, as it may desire or
require, and to prepare or have prepared for it, at its cost  and
expense,  such report or reports as may be required of  it  under
Section  13.  The Subscriber understands that the Company assumes
no  responsibility  for  the reporting by  the  Subscriber  under
Section  13;  provided, however, that merely as an accommodation,
and  without assuming any responsibility for Section 13 reporting
by  the  Subscriber, the Company will, with respect to any report
which   must  be  filed  through  the  Securities  and   Exchange
Commission  Electronic  Data Gathering  and  Retrieval  ("EDGAR")
system,  upon  the  receipt from the Subscriber  of  such  report
prepared  in  WordPerfect  6.1  or  a  computer  word  processing
language  convertible  into WordPerfect 6.1  together  with  such
identifying  codes or passwords as may be required,  convert  any
such  report  to the language required for reports filed  through
the EDGAR system and transmit such report to the EDGAR system.

          3.9     No   Governmental   Review.    The   Subscriber
understands  that  no  federal  or  state  agency  or  any  other
government  or governmental authority has reviewed,  approved  or
made  any  recommendation or endorsement of  the  Shares  or  the
fairness or suitability of the investment in the Shares, nor  has
any  such  authority passed upon or endorsed the  merits  of  the
offering of the Shares.

           3.10  Own Funds.  The Subscriber represents  that  the
funds  paid  for  its  investment  in  the  Shares  will  be  the
Subscriber's  own funds and the Shares are being acquired  solely
for the Subscriber's own account.

          3.11 No General Solicitation.  The Subscriber has at no
time  been solicited with respect to investment in the Shares  by
any public promotional meeting, or newspaper, magazine, radio, or
television   advertisement,  or  any  other   form   of   general
solicitation or general advertising.

     4.   REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

          The Company represents as follows:

          4.1    Compliance  with  Reporting  Requirements.   The
Company  is a reporting company under the 1934 Act.  The  Company
is  in  full  compliance,  to  the extent  applicable,  with  all
reporting obligations under either Section 13(a) or 15(d) of  the
1934 Act.  Common Stock of the Company is registered pursuant  to
Section  12 of the Exchange Act and such stock is traded  on  the
NASDAQ Small Cap Market.

          4.2  Authorization of Shares.  Upon issuance hereunder,
the  Shares  will be duly authorized, validly issued, fully  paid
and non-assessable.

          4.3   Corporate Standing.  The Company is a corporation
duly organized, validly existing, and in good standing under  the
laws  of  the State of Delaware, and has full power and authority
to  enter  into this Agreement and to carry out the  transactions
contemplated hereby.  The Company has full power and authority to
carry on its business as it is now being conducted and to own its
assets.   The Company is duly qualified to transact business  and
is in good standing as a foreign corporation in each jurisdiction
where  the  nature of its business requires it to be so qualified
and where the failure so to qualify would have a material adverse
affect  on the business of the Company.  The execution,  delivery
and  performance of this Agreement by the Company does  not,  and
the consummation of the transactions contemplated hereby will not
(i)  violate  or  result  in a breach of any  provisions  of  the
Company's  Articles  of  Incorporation or Bylaws,  (ii)  conflict
with,  or  result in a breach or termination of, or constitute  a
default under, any material lease, agreement, commitment or other
instrument, or any material order, judgment or decree,  to  which
the  Company  is  a party or is bound or by which  the  Company's
assets are affected, or (iii) constitute a violation of any  law,
regulation, rule or ordinance applicable to the Company.

          4.4  Authorized and Outstanding Shares.  The authorized
capital  stock  of  the Company is 40 million  shares  of  common
stock.  As of the date hereof, there are approximately 14,901,264
shares  outstanding, and there are warrants outstanding  for  the
purchase of approximately 832,484 shares of common stock.  Except
as  set  forth in this Agreement or as disclosed in  the  Company
Materials, there is not outstanding, nor is the Company bound by,
any  subscriptions, options, preemptive rights, warrants,  calls,
commitments,  synthetic stock, or agreements  or  rights  of  any
character requiring the Company to issue, or entitling any person
or  entity to acquire, any additional shares of capital stock  or
any other equity security of the Company, including any right  of
conversion  or exchange under any outstanding security  or  other
instrument, and the Company is not obligated to issue or transfer
any  shares of its capital stock for any purpose.  There are  not
outstanding obligations of the Company to repurchase,  redeem  or
otherwise acquire any outstanding shares of capital stock of  the
Company.

          4.5    Authority.   The  Company  has  full  power  and
authority to enter into this Agreement and has taken all  action,
corporate   and  otherwise,  necessary  to  authorize   (i)   the
execution,  delivery and performance of this  Agreement  and  all
ancillary  agreements to be executed, delivered and performed  by
the  Company in connection therewith, and (ii) the completion  of
the   transaction  contemplated  hereby  and  the  execution  and
delivery  on  behalf  of the Company of any and  all  instruments
necessary  or appropriate in order to effectuate fully the  terms
and conditions of this Agreement and all ancillary agreements  to
be executed, delivered and performed by the Company in connection
therewith.   Upon  delivery  of  the  Shares,  and  the   payment
therefor,  title  to the Shares will pass to the Subscriber  free
and  clear  of all restrictions on transfer, liens, encumbrances,
security   interests  and  claims  whatsoever  except   for   the
restrictions  set  forth in Section 2 of this Agreement  and  the
obligations of the Subscriber hereunder.

          4.6   No Governmental Consents.  No consent or approval
of  any court, governmental agency or other public authority,  or
of  any  other person, corporation or entity with any  actual  or
alleged interest in the Company is required as a condition to (i)
the  validity or enforceability of this Agreement or of any other
instruments  to  be  executed by the Company to  effectuate  this
Agreement,  or  (ii) the completion or validity  of  any  of  the
transactions  contemplated by this Agreement. This Agreement  and
all  ancillary agreements to be executed, delivered and performed
by  the  Company  in  connection therewith,  have  been  properly
executed  and  delivered by the duly authorized  officer  of  the
Company, and constitute valid and legally binding obligations  of
the Company and are enforceable against the Company in accordance
with their terms.

          4.7  No Misrepresentations in Company Materials.

               (a)   The disclosures in the Company Materials  do
not  fail to disclose any material fact, the disclosure of  which
would  be  necessary  to make the required  statements  contained
therein  not  misleading in the light of the circumstances  under
which  they  are disclosed.  Except as disclosed in  the  Company
Materials, there has been no material adverse change in, material
loss  or  destruction of, or material amount  of  damage  to  the
financial  condition or business of the Company, whether  or  not
arising  from  transactions in the ordinary course  of  business.
The  financial  statements  contained in  the  Company  Materials
present fairly the financial condition of the Company as  of  the
respective  dates  and  have  been prepared  in  accordance  with
generally  accepted accounting principles applied on a consistent
basis  throughout  the  periods involved.   The  Company  has  no
liabilities or obligations, whether accrued, absolute, contingent
or  otherwise,  which would materially and adversely  affect  the
financial  condition of the Company, except  and  to  the  extent
recorded or disclosed in the Company Materials.  No dividends are
due or unpaid by the Company.

               (b)  Except as set forth in the Company Materials,
there   are   no  actions  at  law  or  in  equity,  proceedings,
governmental proceedings or investigations pending or  threatened
against the Company or against or with respect to the business or
assets of the Company, and the Company is not in material default
with  respect  to any decree, injunction or other  order  of  any
court  or  government authority.  The Company is  in  substantial
compliance  with  all (and has not received  any  notice  of  any
claimed  violation of any) applicable federal, state,  county  or
municipal laws, ordinances, and regulations.  There is no  action
at   law  or  in  equity,  arbitration  proceeding,  governmental
proceeding  or investigation, or motion or request to any  court,
pending  or  threatened, against or with respect to  the  Company
with  respect  to this Agreement or the transaction  contemplated
hereby and to the knowledge of the Company, no grounds exist  for
any such action, proceeding or investigation.

               (c)  Except as set forth in the Company Materials,
to  the  best  knowledge  of the Company,  there  are  no  facts,
developments or circumstances, existing or threatened,  that  are
materially  adverse to the assets, business, financial  condition
or future prospects of the Company.

          4.8   No  Commissions.   No  fees  or  commissions  are
payable  by  the  Company  by virtue or in  connection  with  the
transaction contemplated by this Agreement.

     5.   CONDITIONS TO THE OBLIGATION TO PURCHASE AND SELL.

          5.1   Conditions  to the Subscriber's Obligation.   The
obligation of the Subscriber hereunder to purchase the Shares  at
the  Closing is subject to the representations and warranties  of
the Company being true and correct in all material respects as of
the  date of this Agreement and as of the Closing Date as  though
made at that time.

          5.2   Conditions  to  the  Company's  Obligation.   The
obligation  of  the Company hereunder to sell the Shares  at  the
Closing is subject to the representations and warranties  of  the
Subscriber being true and correct in all material respects as  of
the  date of this Agreement and as of the Closing Date as  though
made at that time.

     6.   GOVERNING LAW; MISCELLANEOUS.

          6.1.  Governing Law; Arbitration.  This Agreement shall
be governed by and interpreted in accordance with the laws of the
State  of  California applicable to agreements made and delivered
within that state and without regard to any contrary "conflict of
laws" principles.  Any dispute or controversy between the parties
arising  in connection with this Agreement or the subject  matter
contemplated  by this Agreement shall be resolved by  arbitration
before   a   three-member  panel  of  the  American   Arbitration
Association  in accordance with the commercial arbitration  rules
of  said  forum and the Federal Arbitration Act, 9 U.S.C.  1,  et
seq., with the resulting award being final and conclusive.   Said
arbitrators shall be empowered to award all forms of  relief  and
damaged claimed, including, but not limited to, attorney's  fees,
expenses  of  litigation and arbitration, exemplary damages,  and
prejudgment   interest.   Notwithstanding  the   foregoing,   the
Subscriber may at any time and at its option, whether or  not  an
arbitration action is then pending, initiate a civil  action  for
temporary  and  permanent injunctive and other  equitable  relief
against  the  Company.   The  parties  further  agree  that   any
arbitration  action  between them shall be  heard  in  Nashville,
Tennessee, and expressly consent to the jurisdiction and venue of
the  United  States  District Court for the  Middle  District  of
Tennessee, Nashville Division, for the adjudication of any  civil
action asserted pursuant to this section.

          6.2.  Counterparts.  This Agreement may be executed  in
two  or  more  identical  counterparts, all  of  which  shall  be
considered one and the same agreement and shall become  effective
when counterparts have been signed by each party and delivered to
the other party.  In the event any signature page is delivered by
facsimile  transmission, the party using such means  of  delivery
shall cause four (4) additional original executed signature pages
to  be  physically delivered to the other party within  five  (5)
days of the execution and delivery hereof.

          6.3   Headings.  The headings of this Agreement are for
convenience  of reference and shall not form part of,  or  affect
the interpretation of, this Agreement.

          6.4   Severability.  If any provision of this Agreement
shall  be  invalid  or  unenforceable in any  jurisdiction,  such
invalidity  or unenforceability shall not affect the validity  or
enforceability  of  the  remainder  of  this  Agreement  in  that
jurisdiction  or the validity or enforceability of any  provision
of this Agreement in any other jurisdiction.

          6.5   Entire  Agreement;  Amendments.   This  Agreement
supersedes all other prior oral or written agreements between the
Subscriber, the Company, their affiliates and persons  acting  on
their  behalf with respect to the matters discussed  herein,  and
this Agreement and the instruments referenced herein contain  the
entire  understanding of the parties with respect to the  matters
covered herein and therein and, except as specifically set  forth
herein  or therein, neither the Company nor the Subscriber  makes
any   representation,  warranty,  covenant  or  undertaking  with
respect to such matters.  No provision of this Agreement  may  be
waived  or amended other than by an instrument in writing  signed
by the party to be charged with enforcement.
          6.6   Notices.  Any notices, consents, waivers or other
communications required or permitted to be given under the  terms
of  this Agreement must be in writing and will be deemed to  have
been  delivered (i) upon receipt, when delivered personally; (ii)
upon  receipt, when sent by facsimile, provided a copy is  mailed
by U.S. certified mail, return receipt requested; (iii) three (3)
days  after  being  sent by U.S. certified mail,  return  receipt
requested;  or (iv) one (1) day after deposit with  a  nationally
recognized  overnight  delivery service, in  each  case  properly
addressed  to  the party to receive the same.  The addresses  and
facsimile numbers for such communications shall be:

          If  to the Subscriber:         The Purchasers listed on
Exhibit A attached hereto

          If to the Company:       Jay Furrow
                              Innovo Group Inc.
                              5900 S. Eastern Avenue, Suite 124
                              Commerce, CA 900401808
                              Telephone:  (323) 725-5516
                              Facsimile:    (323)

          With a copy to:          Gilbert H. Davis, Esq.
                              Sims Moss Kline & Davis LLP
                              Three Ravinia Drive, Suite 1700
                              Atlanta, Georgia 30346
                              Telephone:  (770) 481-7200
                              Facsimile:   (770) 481-7205

Either party to this Agreement may change the addressee, address,
and  telephone  and facsimile numbers to which notices  hereunder
shall  be  sent  by  giving the other party  written  notice,  as
provided herein, of the new addressee, address, telephone  number
or facsimile number, as the case may be.

          6.7   Successors and Assigns.  This Agreement shall  be
binding  upon and inure to the benefit of the parties  and  their
respective   successors  and  assigns;  provided,  however,   the
Subscriber  may  not  assign  its rights  hereunder  without  the
consent of the Company.

          6.8   No Third Party Beneficiaries.  This Agreement  is
intended  for  the  benefit  of  the  parties  hereto  and  their
respective permitted successors and assigns, and is not  for  the
benefit  of,  nor  may any provision hereof be enforced  by,  any
other person.

          6.9   Survival.  The representations and warranties  of
the Company and the Subscriber shall survive the Closing.

          6.10  Publicity.  The Company and the Subscriber  shall
have  the right to review and approve any press releases  or  any
other   public   statements  with  respect  to  the  transactions
contemplated  hereby  in  advance  of  their  release;  provided,
however,  that the Company shall be entitled, without  the  prior
approval  of the Subscriber, to make any press release  or  other
public  disclosure  with  respect  to  such  transactions  as  is
required by applicable law and regulations.

          6.11  Further  Assurances.  Each  party  shall  do  and
perform, or cause to be done and performed, all such further acts
and  things,  and  shall  execute  and  deliver  all  such  other
agreements, certificates, instruments and documents, as the other
party may reasonably request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of
the transactions contemplated hereby.

          6.12  Termination.  In the event that the Closing shall
not  have  occurred  on or before the Closing  Date  due  to  the
failure  of any of the conditions to Closing, either party  shall
have  the right to terminate this Agreement on or after the close
of  business  on such date without any party having liability  to
any other party.

          6.13  Finder.   Neither the Company nor the  Subscriber
has  retained any broker or finder or will owe any fees  relating
to or arising out of the transactions contemplated hereby.

          6.14 No Strict Construction.  The language used in this
Agreement will be deemed to be the language chosen by the parties
to express its mutual intent, and no rules of strict construction
will be applied against any party.

          6.15  Stock Split or Reverse Stock Split.  In the event
that  the Shares are subject to a stock split or a reverse  stock
split,  the  number of Shares and the per share  price  shall  be
adjusted in proportion to the stock split or reverse stock  split
ratio, but the aggregate Purchase Price shall remain unchanged.

          6.16  Governing Law.  The terms of this  Agreement  and
interpretation thereof shall be governed by the laws of the State
of California, without reference to conflicts of law principles.

               [SIGNATURES ON THE FOLLOWING PAGE]

     IN  WITNESS  WHEREOF,  the Company and the  Subscriber  have
caused  this Stock Sale Agreement to be duly executed as of  (see
Exhibit A attached hereto).

                                   COMPANY:

                                   Innovo Group Inc.

                                   By:/s/ Jay Furrow
                                      --------------
                                      Jay Furrow, CEO

                                   SUBSCRIBER:

                                   The   Purchasers   listed   on
                                   Exhibit A attached hereto

                          SCHEDULE 3.5
                          RISK FACTORS

     In addition to other information provided to the Subscriber,
the Subscriber should carefully consider the following factors in
evaluating the Company and its business in evaluating the  shares
the Subscriber will receive.

Risks Associated with the Company's Past Financial Results

The  Company Could Be Required to Cut Back or Stop Operations  If
It Is Unable to Raise or Obtain Needed Funding

     The Company's ability to continue operations will depend  on
its positive cash flow, if any, from future operations and on its
ability  to  raise  additional  funds  through  equity  or   debt
financing. The Company does not know if it will be able to  raise
additional  funding  or  if such funding  will  be  available  on
favorable  terms. The Company could be required to  cut  back  or
stop  operations  if  it  is unable to  raise  or  obtain  needed
funding.

       The  Company's cash requirements to run its business  have
been  and  will  continue  to  be significant.  Since  1997,  the
Company's negative operating cash flow and losses from continuing
operations have been as follows:

                              Negative Cash Flow
                              from Operating      Losses from
                              Activities of       Continuing
 Fiscal year ended:        Continuing Operations  Operations

 December 1, 2001              $  632,000          $  618,000
 November 30,2000              $4,598,000          $5,056,000
 November 30,1999              $2,124,000          $1,340,000
 November 30,1998              $1,238,000          $2,267,000
 November 30,1997              $1,339,000          $1,729,000

      As  of  August  31,  2002, the Company had  an  accumulated
deficit of approximately $33.5 million. The Company continued  to
generate losses through the first quarter of fiscal 2002 before a
net  profit  of $207,000 for the second quarter and $820,000  for
the  third  quarter  of fiscal 2002, respectively.  Although  the
Company  has undertaken numerous measures to increase  sales  and
operate  more  efficiently, the Company  may  experience  further
losses  and  negative cash flows. The Company  can  give  you  no
assurance that it will in fact operate profitably in the future.

Risks Associated with the Company's Business

      The Company Must Expand Sales of Its Existing Products  and
Successfully  Introduce  New Products to  Increase  Revenues  and
Attain Profitability

      The  Company's success will depend on its ability to expand
sales  of its current products to new and existing customers,  as
well as the development or acquisition of new product designs and
the  acquisition of new licenses. The Company has little  control
over  the demand for its existing products, and it cannot  assure
you  that the new products it introduces will achieve acceptance.
Failure  to  expand sales of existing products and  new  products
would  significantly and negatively affect the Company's  ability
to achieve sustained profitability.

      The  Loss of One Major Customer Would Substantially  Reduce
Revenues and the Potential for Profitable Operations

      For  fiscal  2001, three customers accounted for  aggregate
sales in excess of 36.1% of gross sales: Wal-Mart, Michael's  and
Joannes  accounted  for 26.4%, 4.3% and 5.4%, respectively.  Wal-
Mart has continued to be a major customer for the company and the
loss  of  Wal-Mart  as a  customer would have a material  adverse
effect on the company.

       The   Company   is   Dependent  on   Certain   Contractual
Relationships to Generate Revenues

      The  Company's sales are dependent to some degree upon  the
contractual  relationships  it can establish  with  licensors  to
exploit,  on a generally non-exclusive basis, proprietary  rights
in  well  known logos, marks and characters. Although the Company
believes it will continue to meet all of its material obligations
under  such  license agreements, there can be no  assurance  that
such  licensing  rights will continue or will  be  available  for
renewal  on   favorable terms. Failure to obtain new licenses  or
extensions on current licenses or to sell such products, for  any
reason, could have a significant negative impact on the Company's
business.

       The   Company  is  Currently  Dependent  on   Supply   and
Distribution  Arrangements to Generate a Substantial  Portion  of
Its Revenues

      During  2000,  the  Company entered into arrangements  with
Commerce   Investment   Group,  LLC,  and   affiliated   entities
(collectively,  the "Commerce Group"). Under  the  terms  of  the
arrangements,  the Commerce Group purchased equity securities  of
the  Company and the Company became obligated to manufacture  and
distribute all of its craft products with the Commerce Group  for
a    two-year   period.   Those   arrangements,   which   renewed
automatically for an additional two-year term but without minimum
purchase   obligations,  could  adversely  affect  the  Company's
ability to obtain distribution and manufacturing services at  the
lowest available cost in the future.

       The  Seasonal  Nature  of  the  Company's  Business  Makes
Management  More  Difficult,  Severely  Reduces  Cash  Flow   and
Liquidity During Parts of the Year and Could Force the Company to
Curtail Operations

      The  Company's  business is seasonal. The majority  of  its
marketing and sales activities take place from late fall to early
spring.  The  Company's greatest volume of  shipments  and  sales
occur  from late spring through the summer, which coincides  with
the  Company's  second and third fiscal quarters.  The  Company's
cash  flow  is strongest in the third and fourth fiscal quarters.
Unfavorable  economic conditions affecting retailers  during  the
fall  and  holiday  seasons in any year  could  have  a  material
adverse  effect on its results of operations for  the  year.  The
Company  is  likely to experience periods of negative  cash  flow
throughout  each year and a drop-off in business commencing  each
December, which could force the company to curtail operations  if
adequate  liquidity is not available. The Company  cannot  assure
you  that  the effects of such seasonality will diminish  in  the
future.

       The  Company  has  a  Large  Number  of  Competitors  With
Substantially  Greater Financial, Technical and  Other  Resources
than We Do

     The industry in which the Company operates is fragmented and
highly  competitive. The Company competes against a large  number
of  manufacturers, importers, and other companies that distribute
products   similar  to  the  company's.  Some  of  the  Company's
competitors  possess  substantially greater financial,  technical
and  other  resources  than  we  do,  including  the  ability  to
implement  more extensive marketing campaigns. The  Company  does
not  hold a dominant competitive position in any market, and  its
ability  to  sell its products is dependent upon the  anticipated
popularity  of its designs, the logos or characters its  products
bear,  the  price and quality of its products and its ability  to
meet its customers' delivery schedules.

Risks Associated with the Company's Securities

      The Company Does Not Anticipate Paying Any Dividends on the
Common Stock

      The  Company  has  not  paid  any  dividends  nor  does  it
anticipate  paying  any  dividends on the  common  stock  in  the
foreseeable  future.  The  Company's operating  subsidiaries  are
currently  restricted  as  to the payment  of  dividends  to  the
Company.   It  is  also the Company's present  policy  to  retain
earnings, if any, for the use in the development and expansion of
the company's business.

     The Company Has a Substantial Number of Authorized Preferred
and Common Shares Available for Future Issuances that Could Cause
Dilution of Stockholder Interests

      The Company has a total of 40,000,000 authorized shares  of
common  stock  and 5,000,000 authorized shares of  "blank  check"
preferred  stock.  The  Company expects to seek  financing  which
could  result in the issuance of additional shares of its capital
stock  and/or rights to acquire additional shares of its  capital
stock.   Those additional issuances of capital stock would result
in  a  reduction  of  your percentage interest  in  the  Company.
Furthermore,  the  book value per share of common  stock  may  be
reduced. This reduction would occur if the exercise price of  the
options  or  warrants or the conversion ratio  of  the  preferred
stock were lower than the book value per share of common stock at
the time of such exercise or conversion.

      The  addition of a substantial number of shares  of  common
stock, into the market or by the registration of any other of the
Company's  securities under the Securities Act may  significantly
and negatively affect the  prevailing market price for the common
stock.  The future sales of shares of common stock issuable  upon
the  exercise  of  outstanding warrants and options  may  have  a
depressive  effect on the market price of the  common  stock,  as
such warrants and options would be more likely to be exercised at
a  time  when the price of the common stock is in excess  of  the
applicable exercise price.

The  Company's board of directors has the power to establish  the
dividend rates, preferential payments on any liquidation,  voting
rights,  redemption and conversion terms and privileges  for  any
series of preferred stock. The sale or issuance of any shares  of
preferred  stock having rights superior to those  of  the  common
stock  may result in a decrease in the value or market  price  of
the  common stock. The issuance of preferred stock could have the
effect of delaying deferring or  preventing a change of ownership
without  further  vote  or  action by the  stockholders  and  may
adversely  affect the voting and other rights of the  holders  of
common stock.

      The  Company  is  Controlled by Its  Management  and  Other
Related Parties

      The  Company's  executive  officers,  directors  and  their
affiliates as of February 20, 2002 beneficially owned or had  the
right  to  acquire voting control over approximately 40%  of  the
common  stock.   In addition, two investor groups  who  have  the
contractual  rights  to  designate  persons  to  be  elected   as
directors  beneficially owned or had the right to acquire  voting
control  over approximately 37% (the Commerce Group) and  17%  of
the company's common stock.

      Because of their stock ownership and/or positions with  the
company,  these persons have been and will continue to  be  in  a
position to greatly influence the election of directors and  thus
control  the affairs of the company.  Additionally, the Company's
by-laws  limit the ability of stockholders to call a  meeting  of
the  stockholders.  These by-law provisions could have the effect
of  discouraging  a  takeover of the Company, and  therefore  may
adversely  affect the market price and liquidity of the Company's
securities.   The  Company is also subject to a Delaware  statute
regulating  business  combinations that may  hinder  or  delay  a
change in control of the company. The anti-takeover provisions of
the  Delaware statute may adversely affect the market  price  and
liquidity of the company's securities.

      The  Company  Stock  Price Is Extremely  Volatile  and  May
Decrease Rapidly

      The  trading price and volume of the Company's common stock
has historically been subject to wide fluctuation in response  to
variations   in   actual   or  anticipated   operating   results,
announcements of new products or technological innovations by the
company  or  its  competitors,  and  general  conditions  in  the
company's industries.  In addition, stock markets generally  have
experienced extreme price and volume trading volatility in recent
years. This volatility has had a substantial effect on the market
prices  of  securities of many companies for  reasons  frequently
unrelated to the operating performance of the specific companies.
These  broad market fluctuations may significantly and negatively
affect the market price of the Company's common stock.

     There  are  a total of approximately 18 million shares  that
may be sold in the Nasdaq SmallCap Market by selling stockholders
pursuant to registration statements filed by the Company.   Sales
of  those shares could also adversely affect the Company's  stock
price.

      If  the  Company  Cannot  Meet the Nasdaq  SmallCap  Market
Maintenance Requirements and Nasdaq Rules, Nasdaq May Delist  the
Common  Stock  Which Could Negatively Affect  the  Price  of  the
Common Stock and  Your Ability to Sell the Common Stock

      In  the  future, the Company may not be able  to  meet  the
listing  maintenance requirements of the Nasdaq  SmallCap  Market
and  Nasdaq rules, which require, among other things, minimum net
tangible  assets  of  $2 million, a minimum  bid  price  for  the
company's  common stock of $1.00, and stockholder approval  prior
to  the  issuance of securities in connection with a  transaction
involving  the  sale  or issuance of common  stock  equal  to  20
percent  or  more of a company's outstanding common stock  before
the issuance for less than the greater of book or market value of
the  stock.   If  the  Company is unable to  satisfy  the  Nasdaq
criteria  for  maintaining listing, the  common  stock  would  be
subject to delisting. Trading, if any, of the common stock  would
thereafter be conducted in the over-the-counter market, in the so-
called "pink sheets" or on the National Association of Securities
Dealers,  Inc.  ("NASD")  "electronic  bulletin  board."   As   a
consequence  of  any such delisting, a stockholder  would  likely
find  it  more  difficult to dispose of, or  to  obtain  accurate
quotations as to the prices, of the common stock.

      If Nasdaq Delists the Company's Common Stock You Would Need
to  Comply with the Penny Stock Regulations Which Could  Make  it
More Difficult to Sell Your Common Stock

     In the event that the Company's securities are not listed on
the  SmallCap, trading of the common stock would be conducted  in
the "pink sheets" or through the NASD's Electronic Bulletin Board
and  covered by Rule 15g-9 under the  Securities Exchange Act  of
1934.   Under  such  rule,  broker/dealers  who  recommend  these
securities  to  persons  other  than  established  customers  and
accredited  investors  must  make a special  written  suitability
determination  for  the Subscriber and receive  the  Subscriber's
written agreement to a transaction prior to sale.  Securities are
exempt  from this rule if the market price is at least $5.00  per
share.

      The  Securities and Exchange Commission adopted regulations
that  generally define a penny stock as any equity security  that
has  a  market  price of less than $5.00 per share, with  certain
exceptions.   Unless an exception is available,  the  regulations
require the delivery, prior to any transaction involving a  penny
stock, of a disclosure schedule explaining the penny stock market
and the risks associated with it.  If the Company's common  stock
were  considered a penny stock, the ability of broker/dealers  to
sell  the  common  stock and the ability of Subscribers  in  this
offering  to sell their securities in the secondary market  would
be  limited.  As  a result, the market liquidity for  the  common
stock  would  be  severely and adversely  affected.  The  Company
cannot  assure  you that trading in its securities  will  not  be
subject  to these or other regulations in the future which  would
negatively affect the market for such securities.

               SUMMARY CONSOLIDATED FINANCIAL DATA
             (in thousands, except per share data)

     The  following table (including the notes thereto sets forth
a  summary of selected consolidated financial information for the
Company.  This summary of selected consolidated financial data is
derived  from and qualified in its entirety by reference  to  the
consolidated  financial  statements and  the  notes  thereto  and
should  be  read  in  conjunction  therewith,  as  well   as   in
conjunction   with  "Management's  Discussion  and  Analysis   of
Financial Condition and Results of Operations" appearing  in  the
Company's Annual Report on Form 10-K and Quarterly Report on Form
10-Q which constitute exhibits hereto.  Results of Operations for
interim periods are not necessarily indicative of results  to  be
expected for the full year.

<TABLE>

                                    Years Ended
                     12/01/01   11/30/00    11/30/99    11/30/98   11/30/97
                     --------   --------    --------    --------   --------
                           (000's except per share data)
<S>                     <C>       <C>         <C>         <C>        <C>

Net Sales              $9,292    $5,767      $10,837     $6,790    $7,901
Costs of Goods Sold     6,333     5,195        6,252      4,493     5,303
                       ------    ------       ------      -----     -----
Gross Profit            3,022       572        4,585      2,297     2,598

Operating Expenses      3,358     5,113        5,688      4,203     4,007
(3)                    ------    ------       ------      ------    -----

Loss from Operations     (399)   (4,541)      (1,103)     (1,906)  (1,409)

Interest Expense         (211)     (446)        (517)       (503)    (657)
Other Income (Expense)     81       (69)         280         142      337
                        -----     -----        ------      ------   -----

Loss Before Income       (529)   (5,056)      (1,340)      (2,267) (1,729)
 Taxes
Income Taxes               89         0             0           0       0
                        -----     -----        ------      ------   -----

Loss from Continuing     (618)   (5,056)       (1,340)     (2,267) (1,729)
 Operations
Discontinued
 Operations(1)               0         0           (1)     (1,747)   (110)
Extraordinary Item(2)        0    (1,095)           0           0     524
                         -----     -----       ------      ------   -----
Net Loss                  (618)  $(6,151)     $(1,341)    $(4,014) $(1,315)
                         -----     -----       ------      ------    -----
Loss per share from     $(0.04)  $ (0.62)     $ (0.22)    $ (0.49)  $(0.50)
Continuing Operations
(basic and diluted)

Weighted Average         14,315     8,163        5,984       4,618    3,438
Shares Outstanding

Balance Sheet Data:
Total Assets           $10,247     $7,416       $6,222      $7,232   $9,168
Long-Term Debt           4,225      1,340        2,054       2,604   2,065
Stockholders' Equity     4,519      3,758        1,730       1,722   3,791
     </TABLE>
(1)  The  amounts  for 1998 and 1997 represent the operations  of
     Thimble Square.  Thimble Square's operations were discontinued
     during the fourth fiscal quarter of 1998.
(2)  Represents  gains from the early extinguishment of  debt  in
     1997 and the loss from the early extinguishments of debt in 2000.
(3)  Amount includes a $300,000 write down of long-term assets in
     1998 and a $145,000 write down of long-term assets in 1999 as
     well as $293,000 for the termination of a capital lease  and
     $100,000 for the settlement of a lawsuit in 1999, and a $600,000
     write down of long-term assets in 2000.
                            Exhibit A
   Subscriber        Number of         Total         Date
                      Shares
                     Purchased
R.       Douglass     10,000          $26,500      March 19,
Strickland INDV                                      2003
John Chapman INDV     10,000          $26,500      March 19,
                                                     2003
Bank  of  TN  FBO     22,000          $58,300      March 19,
A.J. Telmos                                          2003
Madelyn        S.     10,000          $26,500      March 19,
Baggett INDV                                         2003
Steve     Houston     10,000          $26,500      March 19,
INDV                                                 2003
Dave    Lunceford     15,000          $39,750      March 19,
INDV                                                 2003
Robert  S.   Lane     10,000          $26,500      March 19,
Family Trust                                         2003
Charles    Gibson     20,000          $53,000      March 19,
IND                                                  2003
James K. Williams     10,000          $26,500      March 19,
IRA                                                  2003
George  &  Rhonda      5,000          $13,250      March 19,
Harris JT                                            2003
Jack  Holt Family      2,000          $5,300       March 19,
Trust                                                2003
Yolande    Wallin      6,000          $15,900      March 19,
INDV                                                 2003
Lee   L.   Turner      5,000          $13,250      March 19,
INDV                                                 2003
Michelle  Collins      5,000          $13,250      March 19,
INDV                                                 2003
Joe   &   Frances      5,000          $13,250      March 19,
Trout JT                                             2003
Mary Brewington       10,000          $26,500      March 19,
                                                     2003
Inwood Trust          10,000          $26,500      March 19,
                                                     2003
Gastroenterology      10,000          $26,500      March 26,
& Associates MPPP                                    2003
FBO J. Chapman
Bice,  Chapman  &     20,000          $53,000      March 26,
Smith PSP FBO  J.                                    2003
Chapman
Gerald     Psmier     20,000          $53,000      March 26,
INDV                                                 2003
Linda Storms INDV      9,000          $23,850      March 26,
                                                     2003
Michael P. Holt        4,500          $11,925      March 26,
                                                     2003

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