Document:

EXHIBIT 4.5

                                 First Amendment
                                       to
                              Employment Agreement

     This First Amendment to Employment Agreement is made as of June 1, 2002,
and is by and between Vista Exploration Corporation., a Colorado corporation
("Employer"), and Charles A. Ross, Sr., a resident of the State of Kansas
("Employee"). For good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally
bound, agree as follows:

     1. Section 2 of the Employment Agreement between Employer and Employee
dated as of April 1, 2002 (the "Agreement"), shall be amended and restated,
effective as of April 1, 2002, as follows:

     Professional Efforts. Employee shall devote such professional time and
     attention to the performance of his obligations under this Agreement as are
     reasonably required by Employer, and shall at all times perform all of his
     obligations hereunder to the best of his ability, experience and talent.

     2. Section 4 of the Agreement shall be amended and restated, effective as
of April 1, 2002, as follows:

     Compensation. In consideration for his services, Employer shall pay
     Employee a base salary at the rate of Thirty Thousand Dollars ($30,000) per
     annum. Employee's salary hereunder shall be payable in bi-monthly
     installments, or on such other payment schedule as is used to pay similarly
     situated employees of Employer. Employee shall be eligible for annual
     increases in base salary as determined by the Board of Directors of
     Employer in its sole discretion based upon Employee's performance and the
     financial performance of Employer. Employee agrees to defer the receipt of
     his salary for a period of (i) up to six (6) months; (ii) the Employer has
     received an additional Two Hundred Thousand Dollars ($200,000) in debt or
     equity capital infusion; (iii) the Employer starts receiving revenue from
     operations; or (iv) there is a change of control requiring an 8-K filing,
     whichever first occurs.

     3. Except as expressly set forth in this First Amendment, the Agreement
shall remain in full force and effect, enforceable in accordance with its terms.

EMPLOYEE:

/s/ Charles A. Ross, Sr.
------------------------

EMPLOYER:

Vista Exploration Corporation

By: /s/ Charles A. Ross, Sr.
----------------------------
Charles A. Ross, PresidentRESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.,

                                   Depositor,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                               JPMORGAN CHASE BANK

                                     Trustee

                         POOLING AND SERVICING AGREEMENT

                            Dated as of June 1, 2002

                    Mortgage-Backed Pass-Through Certificates

                                 Series 2002-SL1

<PAGE>

<TABLE>
<CAPTION>

                                      TABLE OF CONTENTS

                                          ARTICLE I

                                         DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01. Definitions............................................................5
               Accrued Certificate Interest..................................................5
               Adjusted Mortgage Rate........................................................6
               Adjustment Date...............................................................6
               Advance.......................................................................6
               Affiliate.....................................................................6
               Agreement.....................................................................6
               Amount Held for Future Distribution...........................................6
               Appraised Value...............................................................7
               Assignment....................................................................7
               Assignment Agreement..........................................................7
               Assignment of Proprietary Lease...............................................7
               Available Distribution Amount.................................................7
               Balloon Loan..................................................................8
               Balloon Payment...............................................................8
               Bankruptcy Code...............................................................8
               Bankruptcy Loss...............................................................8
               Book-Entry Certificate........................................................8
               Business Day..................................................................8
               Buydown Funds.................................................................8
               Buydown Mortgage Loan.........................................................8
               Calendar Quarter..............................................................8
               Cash Liquidation..............................................................8
               Certificate...................................................................9
               Certificate Account...........................................................9
               Certificate Account Deposit Date..............................................9
               Certificateholder or Holder...................................................9
               Certificate Owner.............................................................9
               Certificate Principal Balance.................................................9
               Certificate Register and Certificate Registrar...............................10
               Class........................................................................10
               Class A Certificates.........................................................10
               Class A-I Certificates.......................................................10
               Class A-I-PO Collection Shortfall............................................10
               Class A-I-PO Principal Distribution Amount...................................10
               Class A-II Certificate.......................................................10
               Class B Certificates.........................................................10

                                              i

<PAGE>

               Class B-1 Certificates.......................................................10
               Class B-3 Certificates.......................................................10
               Class B-I Certificates.......................................................10
               Class B-I-1 Certificate......................................................10
               Class B-I-2 Certificate......................................................11
               Class B-I-3 Certificate......................................................11
               Class B-II Certificates......................................................11
               Class B-II-1 Certificate.....................................................11
               Class B-II-2 Certificate.....................................................11
               Class B-II-3 Certificate.....................................................11
               Class M Certificates.........................................................11
               Class M-1 Certificates.......................................................11
               Class M-2 Certificates.......................................................11
               Class M-3 Certificates.......................................................11
               Class M-I Certificates.......................................................11
               Class M-I-1 Certificate......................................................11
               Class M-I-2 Certificate......................................................12
               Class M-I-3 Certificate......................................................12
               Class M-II Certificates......................................................12
               Class M-II-1 Certificate.....................................................12
               Class M-II-2 Certificate.....................................................12
               Class M-II-3 Certificate.....................................................12
               Class R Certificate..........................................................12
               Class R-I Certificate........................................................12
               Class R-II Certificate.......................................................13
               Class R-III Certificate......................................................13
               Closing Date.................................................................13
               Code.........................................................................13
               Compensating Interest........................................................13
               Cooperative..................................................................13
               Cooperative Apartment........................................................13
               Cooperative Lease............................................................13
               Cooperative Loans............................................................13
               Cooperative Stock............................................................14
               Cooperative Stock Certificate................................................14
               Corporate Trust Office.......................................................14
               Credit Support Depletion Date................................................14
               Cross-Collateralization Interest Shortfalls..................................14
               Cross-Collateralized Special Hazard Loss.....................................14
               Curtailment..................................................................14
               Custodial Account............................................................14
               Custodial Agreement..........................................................14
               Custodian....................................................................14
               Cut-off Date.................................................................14
               Cut-off Date Balance.........................................................14
               Cut-off Date Principal Balance...............................................14

                                              ii

<PAGE>

               Debt Service Reduction.......................................................14
               Deferred Interest............................................................15
               Deficient Valuation..........................................................15
               Definitive Certificate.......................................................15
               Deleted Mortgage Loan........................................................15
               Delinquent...................................................................15
               Depository...................................................................15
               Depository Participant.......................................................15
               Destroyed Mortgage Note......................................................15
               Determination Date...........................................................16
               Discount Fraction............................................................16
               Discount Mortgage Loan.......................................................16
               Discount Net Mortgage Rate...................................................16
               Disqualified Organization....................................................16
               Distribution Date............................................................16
               Diverted Amount..............................................................16
               Due Date.....................................................................17
               Due Period...................................................................17
               Eligible Account.............................................................17
               Eligible Funds...............................................................17
               ERISA........................................................................17
               Event of Default.............................................................17
               Excess Loss..................................................................17
               Excess Subordinate Principal Amount..........................................17
               Extraordinary Events.........................................................18
               Fannie Mae...................................................................18
               FASIT........................................................................18
               FDIC.........................................................................18
               FHA..........................................................................19
               Final Distribution Date......................................................19
               Fitch........................................................................19
               Foreclosure Profits..........................................................19
               Fraud Losses.................................................................19
               Freddie Mac..................................................................19
               Gross Margin.................................................................19
               Group II Allocated Prepayment Interest Shortfall Amount......................19
               Group I Bankruptcy Amount....................................................19
               Group II Bankruptcy Amount...................................................20
               Group I Certificates.........................................................20
               Group II Certificates........................................................20
               Group I Cut-off Date Balance.................................................20
               Group II Cut-off Date Balance................................................20
               Group I Excess Bankruptcy Loss...............................................20
               Group II Excess Bankruptcy Loss..............................................20
               Group I Excess Fraud Loss....................................................20
               Group II Excess Fraud Loss...................................................20

                                             iii

<PAGE>

               Group I Excess Loss..........................................................20
               Group II Excess Loss.........................................................20
               Group I Excess Special Hazard Loss...........................................21
               Group II Excess Special Hazard Loss..........................................21
               Group I Extraordinary Losses.................................................21
               Group II Extraordinary Losses................................................21
               Group I Fraud Loss Amount....................................................21
               Group II Fraud Loss Amount...................................................21
               Group I Loan.................................................................22
               Group II Loan................................................................22
               Group I Optional Termination Date............................................22
               Group II Optional Termination Date...........................................22
               Group I Pool Stated Principal Balance........................................22
               Group II Pool Stated Principal Balance.......................................22
               Group I Senior Accelerated Distribution Percentage...........................22
               Group II Senior Accelerated Distribution Percentage..........................24
               Group I Senior Certificates..................................................25
               Group II Senior Certificates.................................................25
               Group I Special Hazard Amount................................................26
               Group II Special Hazard Amount...............................................26
               Group I Subordinate Certificates.............................................27
               Group II Subordinate Certificates............................................27
               Group I Uncertificated Regular Interests.....................................27
               Group II Uncertificated Regular Interests....................................27
               Hazardous Materials..........................................................27
               High Cost Loan...............................................................27
               Highest Priority.............................................................27
               Independent..................................................................27
               Index........................................................................28
               Initial Certificate Principal Balance........................................28
               Initial Notional Amount......................................................28
               Initial Subordinate Class Percentage.........................................28
               Insurance Proceeds...........................................................28
               Interest Accrual Period......................................................28
               Interim Certification........................................................28
               Interested Person............................................................28
               Junior Certificateholder.....................................................28
               Junior Class of Certificates.................................................29
               Late Collections.............................................................29
               Liquidation Proceeds.........................................................29
               Loan Group...................................................................29
               Loan Group II Subgroup.......................................................29
               Loan-to-Value Ratio..........................................................29
               Lockout Certificates.........................................................29
               Lockout Percentage...........................................................29
               Lower Priority...............................................................29

                                              iv

<PAGE>

               Lowest Priority..............................................................29
               Maturity Date................................................................29
               Maximum Mortgage Rate........................................................30
               Maximum Net Mortgage Rate....................................................30
               MERS.........................................................................30
               MERS(R)System................................................................30
               MIN..........................................................................30
               Minimum Mortgage Rate........................................................30
               Modified Mortgage Loan.......................................................30
               Modified Net Mortgage Rate...................................................30
               MOM Loan.....................................................................30
               Monthly Payment..............................................................30
               Moody's......................................................................31
               Mortgage.....................................................................31
               Mortgage File................................................................31
               Mortgage Loan Accrued Interest...............................................31
               Mortgage Loan Schedule.......................................................31
               Mortgage Loans...............................................................32
               Mortgage Note................................................................32
               Mortgage Rate................................................................32
               Mortgaged Property...........................................................33
               Mortgagor....................................................................33
               Neg Am Loan..................................................................33
               Net Collections..............................................................33
               Net Mortgage Rate............................................................33
               Net WAC Rate.................................................................33
               Non-Discount Mortgage Loan...................................................33
               Non-Primary Residence Loans..................................................33
               Non-United States Person.....................................................33
               Nonrecoverable Advance.......................................................33
               Nonsubserviced Mortgage Loan.................................................34
               Note Margin..................................................................34
               Notice.......................................................................34
               Notional Amount..............................................................34
               Officers' Certificate........................................................34
               Opinion of Counsel...........................................................34
               Outstanding Mortgage Loan....................................................34
               Overcollateralized Amount....................................................35
               Overcollateralized Subgroup..................................................35
               Ownership Interest...........................................................35
               Pass-Through Rate............................................................35
               Paying Agent.................................................................35
               Percentage Interest..........................................................35
               Periodic Cap.................................................................36
               Permitted Investments........................................................36
               Permitted Transferee.........................................................37

                                              v

<PAGE>

               Person.......................................................................37
               Pool Strip Rate..............................................................37
               Prepayment Assumption........................................................37
               Prepayment Distribution Percentage...........................................37
               Prepayment Distribution Trigger..............................................38
               Prepayment Interest Shortfall................................................38
               Prepayment Period............................................................39
               Primary Insurance Policy.....................................................39
               Principal Prepayment.........................................................39
               Principal Prepayment in Full.................................................39
               Program Guide................................................................39
               Purchase Price...............................................................39
               Qualified Insurer............................................................39
               Qualified Substitute Mortgage Loan...........................................40
               Rating Agency................................................................40
               Realized Loss................................................................41
               Record Date..................................................................41
               Regular Certificates.........................................................41
               Regular Interest.............................................................41
               Related Classes..............................................................41
               Relief Act...................................................................41
               REMIC........................................................................42
               REMIC Administrator..........................................................42
               REMIC I......................................................................42
               REMIC I Regular Interests....................................................42
               REMIC I Regular Interest LT-I................................................42
               REMIC I Regular Interest LT-I-IO.............................................42
               REMIC I Regular Interest LT-I-PO.............................................42
               REMIC II.....................................................................42
               REMIC II Regular Interests...................................................43
               REMIC II Regular Interest LT-II-1SUB.........................................43
               REMIC II Regular Interest LT-II-1ZZ..........................................43
               REMIC II Regular Interest LT-II-2SUB.........................................43
               REMIC II Regular Interest LT-II-2ZZ..........................................43
               REMIC II Regular Interest LT-II-3SUB.........................................43
               REMIC II Regular Interest LT-II-3ZZ..........................................43
               REMIC II Regular Interest LT-II-4SUB.........................................43
               REMIC II Regular Interest LT-II-4ZZ..........................................43
               REMIC III....................................................................44
               REMIC Provisions.............................................................44
               REO Acquisition..............................................................44
               REO Disposition..............................................................44
               REO Imputed Interest.........................................................44
               REO Proceeds.................................................................44
               REO Property.................................................................45
               Repurchase Event.............................................................45

                                              vi

<PAGE>

               Repurchase Price.............................................................45
               Request for Release..........................................................45
               Required Insurance Policy....................................................45
               Residential Funding..........................................................45
               Responsible Officer..........................................................45
               Schedule of Discount Fractions...............................................45
               Security Agreement...........................................................46
               Senior Certificates..........................................................46
               Senior Percentage............................................................46
               Senior Principal Distribution Amount.........................................46
               Servicing Accounts...........................................................46
               Servicing Advances...........................................................46
               Servicing Fee................................................................46
               Servicing Fee Rate...........................................................46
               Servicing Modification.......................................................47
               Servicing Officer............................................................47
               Special Hazard Loss..........................................................47
               Standard & Poor's............................................................47
               Startup Date.................................................................47
               Stated Principal Balance.....................................................47
               Subclass.....................................................................47
               Subordination................................................................47
               Subordinate Certificate......................................................47
               Subordinate Class Percentage.................................................48
               Subordinate Percentage.......................................................48
               Subordinate Principal Distribution Amount....................................48
               Subserviced Mortgage Loan....................................................48
               Subservicer..................................................................49
               Subservicer Advance..........................................................49
               Subservicing Account.........................................................49
               Subservicing Agreement.......................................................49
               Subservicing Fee.............................................................49
               Tax Returns..................................................................49
               Transfer.....................................................................49
               Transferee...................................................................49
               Transferor...................................................................49
               Trust Fund...................................................................49
               Uniform Single Attestation Program for Mortgage Bankers......................49
               Uncertificated Accrued Interest..............................................50
               Uncertificated Class A-I-IO REMIC III Regular Interests......................50
               Uncertificated Notional Amount...............................................50
               Uncertificated REMIC I Pass-Through Rate.....................................50
               Uncertificated REMIC II Pass-Through Rate....................................50
               Uncertificated REMIC Regular Interest Pool Strip Rate........................50
               Uncertificated REMIC Regular Interest Distribution Amount....................51
               Uncertificated REMIC Regular Interests.......................................51

                                             vii

<PAGE>

               Undercollateralized Amount...................................................51
               Undercollateralized Group II Senior Certificates.............................51
               Undercollateralized Subgroup.................................................51
               Uninsured Cause..............................................................51
               United States Person.........................................................51
               VA...........................................................................51
               Voting Rights................................................................51

                                          ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES
        Section 2.01. Conveyance of Mortgage Loans..........................................52
        Section 2.02. Acceptance by Trustee.................................................56
        Section 2.03. Representations, Warranties and Covenants of the Master Servicer and the
                      Depositor.............................................................57
        Section 2.04. Representations and Warranties of Residential Funding.................60
        Section 2.05. Execution and Authentication of Certificates; Conveyance of Uncertificated
                      REMIC Regular Interests...............................................61

                                         ARTICLE III

                        ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
        Section 3.01. Master Servicer to Act as Servicer....................................63
        Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers;
                      Enforcement of Subservicers' Obligations..............................64
        Section 3.03. Successor Subservicers................................................65
        Section 3.04. Liability of the Master Servicer......................................66
        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders....................................................66
        Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee.......66
        Section 3.07. Collection of Certain Mortgage Loan Payments; Deposits to Custodial
                      Account...............................................................67
        Section 3.08. Subservicing Accounts; Servicing Accounts.............................69
        Section 3.09. Access to Certain Documentation and Information Regarding the Mortgage
                      Loans.................................................................70
        Section 3.10. Permitted Withdrawals from the Custodial Account......................70
        Section 3.11. Maintenance of Primary Insurance Coverage.............................72
        Section 3.12. Maintenance of Fire Insurance and Omissions and Fidelity Coverage
                       .....................................................................73
        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and Modification
                      Agreements; Certain Assignments.......................................74

                                             viii

<PAGE>

        Section 3.14. Realization Upon Defaulted Mortgage Loans.............................76
        Section 3.15. Trustee to Cooperate; Release of Mortgage Files.......................78
        Section 3.16. Servicing and Other Compensation; Compensating Interest...............80
        Section 3.17. Reports to the Trustee and the Depositor..............................81
        Section 3.18. Annual Statement as to Compliance.....................................81
        Section 3.19. Annual Independent Public Accountants' Servicing Report...............82
        Section 3.20. Right of the Depositor in Respect of the Master Servicer..............82

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS
        Section 4.01. Certificate Account...................................................83
        Section 4.02. Distributions.........................................................83
        Section 4.03. Statements to Certificateholders......................................93
        Section 4.04. Distribution of Reports to the Trustee and the Depositor; Advances by the
                      Master Servicer.......................................................95
        Section 4.05. Allocation of Realized Losses.........................................96
        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.........98
        Section 4.07. Optional Purchase of Defaulted Mortgage Loans.........................99

                                          ARTICLE V

                                       THE CERTIFICATES
        Section 5.01. The Certificates.....................................................100
        Section 5.02. Registration of Transfer and Exchange of Certificates................102
        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................107
        Section 5.04. Persons Deemed Owners................................................107
        Section 5.05. Appointment of Paying Agent..........................................108

                                          ARTICLE VI

                            THE DEPOSITOR AND THE MASTER SERVICER
        Section 6.01. Respective Liabilities of the Depositor and the Master Servicer......109
        Section 6.02. Merger or Consolidation of the Depositor or the Master Servicer; Assignment
                      of Rights and Delegation of Duties by Master Servicer................109
        Section 6.03. Limitation on Liability of the Depositor, the Master Servicer and Others
                       ....................................................................110
        Section 6.04. Depositor and Master Servicer Not to Resign..........................110

                                              ix

<PAGE>

                                         ARTICLE VII

                                           DEFAULT
        Section 7.01. Events of Default....................................................112
        Section 7.02. Trustee or Depositor to Act; Appointment of Successor................113
        Section 7.03. Notification to Certificateholders...................................115
        Section 7.04. Waiver of Events of Default..........................................115

                                         ARTICLE VIII

                                    CONCERNING THE TRUSTEE
        Section 8.01. Duties of Trustee....................................................116
        Section 8.02. Certain Matters Affecting the Trustee................................117
        Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans................119
        Section 8.04. Trustee May Own Certificates.........................................119
        Section 8.05. Master Servicer to Pay Trustee's Fees and Expenses; Indemnification
                       ....................................................................119
        Section 8.06. Eligibility Requirements for Trustee.................................120
        Section 8.07. Resignation and Removal of the Trustee...............................120
        Section 8.08. Successor Trustee....................................................121
        Section 8.09. Merger or Consolidation of Trustee...................................122
        Section 8.10. Appointment of Co-Trustee or Separate Trustee........................122
        Section 8.11. Appointment of Custodians............................................123

                                          ARTICLE IX

                                         TERMINATION
        Section 9.01. Termination Upon Purchase by the Master Servicer or Liquidation of All
                      Mortgage Loans.......................................................124
        Section 9.02. Additional Termination Requirements..................................126

                                          ARTICLE X

                                       REMIC PROVISIONS
        Section 10.01.REMIC Administration.................................................128
        Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification
                       ....................................................................131
        Section 10.04......................................................................132

                                              x

<PAGE>

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS
        Section 11.01.Amendment............................................................133
        Section 11.02.Recordation of Agreement; Counterparts...............................135
        Section 11.03.Limitation on Rights of Certificateholders...........................135
        Section 11.04.Governing Law........................................................136
        Section 11.05. Notices.............................................................136
        Section 11.06.Notices to Rating Agencies...........................................137
        Section 11.07.Severability of Provisions...........................................138
        Section 11.08.Supplemental Provisions for Resecuritization.........................138

                                              xi

<PAGE>

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 Custodial Agreement
Exhibit F-1    Group I Loan Schedule
Exhibit F-2    Group II Loan Schedule
Exhibit G      Forms of Request for Release
Exhibit H-1    Form of Transfer Affidavit and Agreement
Exhibit H-2    Form of Transferor Certificate
Exhibit I      Form of Investor Representation Letter
Exhibit J      Form of Transferor 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      Form of Rule 144A Investment Representation
Exhibit O      High Cost Loans
Exhibit P      Schedule of Discount Fractions
Exhibit Q      Form of Request for Exchange

</TABLE>

<PAGE>

        This  Pooling and  Servicing  Agreement,  effective  as of June 1, 2002,
among RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC., as the depositor (together with
its permitted  successors and assigns,  the  "Depositor"),  RESIDENTIAL  FUNDING
CORPORATION,  as master  servicer  (together  with its permitted  successors and
assigns,  the "Master  Servicer"),  and JPMORGAN  CHASE BANK, a New York banking
corporation, as trustee (together with its permitted successors and assigns, the
"Trustee").

                                    PRELIMINARY STATEMENT:

        The Depositor intends to sell mortgage-backed  pass-through certificates
(collectively,  the  "Certificates"),  to be  issued  hereunder  in  twenty-four
classes,  which in the aggregate will evidence the entire  beneficial  ownership
interest in the Mortgage Loans (as defined herein).

                                           REMIC I

        As provided  herein,  the REMIC  Administrator  will make an election to
treat the segregated pool of assets  consisting of the Group I Loans and certain
other  related  assets  subject  to this  Agreement  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  Class R-I
Certificates  will  represent the sole class of "residual  interests" in REMIC I
for purposes of the REMIC  Provisions  (as defined  herein) under federal income
tax law. The following table irrevocably sets forth the designation,  remittance
rate (the "Uncertificated REMIC I Pass-Through Rate") and initial Uncertificated
Principal  Balance for each of the "regular  interests" in REMIC I (the "REMIC I
Regular Interests").  The "latest possible maturity date" (determined solely for
purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii)) for each
REMIC I Regular Interest shall be June 25, 2032, which is the Distribution  Date
eighteen  months  following the last scheduled  monthly payment for any Mortgage
Loan. None of the REMIC I Regular Interests will be certificated.

<TABLE>

<CAPTION>
                                               UNCERTIFICATED REMIC I       LATEST POSSIBLE
    DESIGNATION         PASS-THROUGH RATE         PRINCIPAL BALANCE          MATURITY DATE

<S>                                <C>       <C>                                  <C> <C>
        LT-I               Variable(1)       $            137,864,883.42     June 25, 2032

      LT-I-IO              Variable(1)       $                       (2)     June 25, 2032
      LT-I-PO                 0.00%          $                96,379.00      June 25, 2032

---------------
(1)     Calculated as provided in the definition of Uncertificated REMIC I Pass-Through Rate.
(2)     REMIC I Regular Interest LT-I-IO does not have Uncertificated  Principal
        Balance. For the purpose of calculating interest payments, interest will
        accrue  on a  notional  amount  equal  to the  Uncertificated  Principal
        Balance of REMIC I Regular Interest LT-I.

</TABLE>

                                              1

<PAGE>

                                           REMIC II

        As provided  herein,  the REMIC  Administrator  will make an election to
treat the segregated pool of assets consisting of the Group II Loans and certain
other related assets subject to this Agreement as a REMIC for federal income tax
purposes,  and such  segregated pool of assets will be designated as "REMIC II."
The  Class  R-II  Certificates  will  represent  the  sole  class  of  "residual
interests" in REMIC II for purposes of the REMIC Provisions under federal income
tax law. The following table irrevocably sets forth the designation,  remittance
rate  (the   "Uncertificated   REMIC  II   Pass-Through   Rate")   and   initial
Uncertificated  Principal  Balance for the  "regular  interest" in REMIC II (the
"REMIC II Regular  Interest").  The "latest possible  maturity date" (determined
solely   for    purposes   of    satisfying    Treasury    regulation    Section
1.860G-1(a)(4)(iii))  for the REMIC II Regular  Interest shall be June 25, 2032,
which is the  Distribution  Date eighteen  months  following the last  scheduled
monthly payment for any Mortgage Loan. The REMIC II Regular Interest will not be
certificated.
<TABLE>
<CAPTION>

                                                UNCERTIFICATED REMIC        LATEST POSSIBLE
    DESIGNATION         PASS-THROUGH RATE       II PRINCIPAL BALANCE         MATURITY DATE

<S>        <C>                     <C>       <C>                                  <C> <C>
     LT-II-1SUB            Variable(1)       $                      7.80     June 25, 2032

     LT-II-1ZZ             Variable(1)       $              3,897,688.20     June 25, 2032

     LT-II-2SUB            Variable(1)       $                     18.69     June 25, 2032

     LT-II-2ZZ             Variable(1)       $              9,346,654.31     June 25, 2032

     LT-II-3SUB            Variable(1)       $                     46.53     June 25, 2032

     LT-II-3ZZ             Variable(1)       $             23,265,189.47     June 25, 2032

     LT-II-4SUB            Variable(1)       $                     91.46     June 25, 2032
     LT-II-4ZZ             Variable(1)       $             45,727,566.54     June 25, 2032

---------------
(1)     Calculated as provided in the definition of Uncertificated REMIC II Pass-Through Rate.
</TABLE>

                                          REMIC III

        As  provided  herein,  the REMIC  Administrator  will elect to treat the
segregated pool of assets  consisting of the REMIC I Regular Interests and REMIC
II  Regular  Interests  as a REMIC for  federal  income tax  purposes,  and such
segregated  pool of assets  will be  designated  as REMIC III.  The Class  R-III
Certificates will represent the sole class of "residual  interests" in REMIC III
for purposes of the REMIC Provisions under federal income tax law. The following
table irrevocably sets forth the

                                              2

<PAGE>

designation, Pass-Through Rate, aggregate Initial Certificate Principal Balance,
certain  features,   Maturity  Date  and  initial  ratings  for  each  Class  of
Certificates  comprising the interests representing "regular interests" in REMIC
III. The "latest  possible  maturity  date"  (determined  solely for purposes of
satisfying  Treasury Regulation Section  1.860G-1(a)(4)(iii))  for each Class of
REMIC III Regular Certificates shall be June 25, 2032, which is the Distribution
Date  eighteen  months  following  the last  scheduled  monthly  payment for any
Mortgage Loan.

<TABLE>
<CAPTION>

                                               Aggregate Initial
                                                 Certificate
                               Pass-Through-     Principal
  Designation       Type           Rate            Balance           Features       Maturity Date     Initial Ratings(7)
                                                                                                        S&P      Fitch
<S>         <C>                    <C>           <C>                                     <C> <C>
  Class A-I-1      Senior          7.00%        $ 118,999,338.00      Senior        June 25, 2032       AAA       AAA
  Class A-I-2      Senior          7.00%        $   3,000,000.00      Senior        June 25, 2032       AAA       AAA
  Class A-I-3      Senior          7.00%        $  13,796,126.00  Senior/Lockout    June 25, 2032       AAA       AAA
                                                $      96,379.00 Senior/Principal
 Class A-I-PO      Senior          0.00%                               Only         June 25, 2032       AAA       AAA
                             Variable Rate(1)                    Senior/Interest
                                                                  Only/Variable
 Class A-I-IO      Senior                       $              0      Strip         June 25, 2032       AAA       AAA
                             Variable Rate(1)                        Senior/
 Class A-II-1      Senior                       $   3,819,742.00  Variable Rate     June 25, 2032       AAA       AAA
                             Variable Rate(1)                        Senior/
 Class A-II-2      Senior                       $   9,159,739.00  Variable Rate     June 25, 2032       AAA       AAA
                             Variable Rate(1)                        Senior/
 Class A-II-3      Senior                       $  22,799,932.00  Variable Rate     June 25, 2032       AAA       AAA
                             Variable Rate(1)                        Senior/
 Class A-II-4      Senior                      $   44,813,105.00  Variable Rate     June 25, 2032       AAA       AAA
  Class M-I-1    Mezzanine         7.00%       $      965,729.00    Mezzanine       June 25, 2032       AA        N/R
  Class M-I-2    Mezzanine         7.00%       $      551,845.00    Mezzanine       June 25, 2032        A        N/R
  Class M-I-3    Mezzanine         7.00%       $      137,961.00    Mezzanine       June 25, 2032       BBB       N/R
                              Variable Rate(1)                       Mezzanine/
 Class M-II-1    Mezzanine                     $      740,135.00  Variable Rate     June 25, 2032       N/R        AA
                             Variable Rate(1)                       Mezzanine/
 Class M-II-2    Mezzanine                     $      287,830.00  Variable Rate     June 25, 2032       N/R        A
                             Variable Rate(1)                       Mezzanine/
 Class M-II-3    Mezzanine                     $      246,712.00  Variable Rate     June 25, 2032       N/R       BBB
  Class B-I-1   Subordinate        7.00%       $      137,961.00   Subordinate      June 25, 2032       BB        N/R
  Class B-I-2   Subordinate        7.00%       $      137,961.00   Subordinate      June 25, 2032        B        N/R
  Class B-I-3   Subordinate        7.00%       $      137,961.00   Subordinate      June 25, 2032       N/R       N/R
                              Variable Rate(1)                      Subordinate/
 Class B-II-1   Subordinate                    $      164,475.00  Variable Rate     June 25, 2032       N/R        BB
                              Variable Rate(1)                      Subordinate/
 Class B-II-2   Subordinate                    $       82,237.00  Variable Rate     June 25, 2032       N/R        B
                              Variable Rate(1)                      Subordinate/
 Class B-II-3   Subordinate                    $      123,356.00  Variable Rate     June 25, 2032       N/R       N/R
   Class R-I      Residual          N/A                      N/A     Residual       June 25, 2032       N/R       N/R
  Class R-II      Residual          N/A                      N/A     Residual       June 25, 2032       N/R       N/R
  Class R-III     Residual          N/A                      N/A     Residual       June 25, 2032       N/R       N/R

</TABLE>

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

                                              3

<PAGE>

(1)  Calculated in accordance with the definition of "Pass-Through Rate" herein.

        The Group I Loans have an aggregate Cut-off Date Principal Balance equal
to  approximately  $137,961,263.   The  Group  I  Loans  are  fixed-rate,  fully
amortizing  and balloon  payment,  first lien  mortgage  loans  having  terms to
maturity at origination or  modification  of generally not more than 30 years or
in the case of approximately  1.5% of the Group I Loans, not more than 15 years.
The Group II Loans have an aggregate  Cut-off Date  Principal  Balance  equal to
approximately  $82,237,263.  The  Group  II  Loans  are  adjustable-rate,  fully
amortizing, first lien mortgage loans having terms to maturity at origination or
modification  of generally not more than 30 years, or in the case of 2.4% of the
Group II Loans,  not more than 40 years,  or in the case of 0.1% of the Group II
Loans, not more than 15 years.

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

                                              4

<PAGE>

                                          ARTICLE I

                                         DEFINITIONS

        Section 1.01. Definitions.

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

        Accrued Certificate Interest: With respect to each Distribution Date, as
to any Class of  Certificates  (other than the Class  A-I-PO  Certificates),  an
amount equal to 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 of
Certificates  will be reduced by interest  shortfalls from the Mortgage Loans in
the related  Loan Group or Loan Group II  Subgroup,  if any,  allocated  to such
Class of Certificates for such Distribution Date, to the extent not covered with
respect to the Senior Certificates by the Subordination  provided by the related
Class B Certificates and Class M Certificates and, with respect to each Class of
Subordinate Certificates to the extent not covered by the Subordination provided
by each related Subordinate Certificate with a Lower Priority, including in each
case:

        (i)    Prepayment  Interest  Shortfalls  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),  allocated (A) among the Group I Certificates on a
               pro  rata  basis,  based on the  amount  of  Accrued  Certificate
               Interest  otherwise  payable thereon,  and (B) among the Group II
               Certificates  in an  amount  equal  to  the  Group  II  Allocated
               Prepayment Interest Shortfall Amount,

        (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 the  Mortgage  Loans in the related
               Loan Group (including  Excess Losses from the related Loan Group)
               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 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 Losses
               from the related Loan Group,

        (iv)   with  respect  to the  Class  A-II,  Class  M-II and  Class  B-II
               Certificates,  any Deferred  Interest  allocated  thereto,  which
               shall be allocated  (A) to each Class of Class A-II  Certificates
               in an  amount  equal  to such  Deferred  Interest  times  (x) the
               Certificate  Principal  Balance  of  such  Class  of  Class  A-II
               Certificates  over (y) the aggregate Stated Principal  Balance of
               the Mortgage Loans in the related Loan Group II

                                              5

<PAGE>

               Subgroup  and (B) to the Class M-II  Certificates  and Class B-II
               Certificates  in an  amount  equal  to  the  amount  of  Deferred
               Interest  remaining  after the  allocation  in clause  (A) above,
               among such Class M-II  Certificates  and Class B-II  Certificates
               pro  rata  based  on  their  respective   Certificate   Principal
               Balances,

          (v)  any Cross-Collateralization  Interest Shortfall allocated to such
               Class of Certificates,

          (vi) with  respect  to  the  Group  II  Certificates,   any  shortfall
               allocated thereto pursuant to Section 4.02(c)(ii)(y), and

          (vii)any other interest  shortfalls  not covered by the  subordination
               provided  by  the  related  Class  M  Certificates  and  Class  B
               Certificates, including interest that is not collectible from the
               Mortgagor pursuant to the Soldiers' and Sailors' Civil Relief Act
               of 1940, as amended,  or similar legislation or regulations as in
               effect from time to time,

with all such  reductions  allocated  among all of the related  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.

        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.

        Adjustment Date: As to each adjustable rate Mortgage Loan, each date set
forth in the related  Mortgage  Note on which an adjustment to the interest rate
on such Mortgage Loan becomes effective.

     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.

     Agreement:  This Pooling and Servicing  Agreement and all amendments hereof
and supplements hereto.

     Amount Held for Future Distribution: As to any Distribution Date, the total
of the  amounts  held in the  Custodial  Account at the close of business on the
preceding Determination Date on

                                              6

<PAGE>

account of (i) Liquidation Proceeds,  Insurance Proceeds, Principal Prepayments,
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 (ii)  payments  which  represent  early  receipt of
scheduled  payments of principal and interest due on a date or dates  subsequent
to the Due Date in the related Due Period.

        Appraised Value: As to any Mortgaged Property, one of the following: (i)
the lesser of (a) the appraised value of such Mortgaged  Property based upon the
appraisal made at the time of the origination of the related  Mortgage Loan, and
(b) the sales price of the  Mortgaged  Property at such time of  origination  or
(ii) in the case of a  Mortgaged  Property  securing a  refinanced  or  modified
Mortgage Loan,  one of (1) the appraised  value based upon the appraisal made at
the time of origination  of the loan which was  refinanced or modified,  (2) the
appraised  value  determined in an appraisal  made at the time of refinancing or
modification or (3) the sales price of the Mortgaged Property.

        Assignment:  An  assignment  of the  Mortgage,  notice  of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction  wherein  the related  Mortgaged  Property is located to reflect of
record  the  sale  of the  Mortgage  Loan to the  Trustee  for  the  benefit  of
Certificateholders,   which   assignment,   notice  of  transfer  or  equivalent
instrument  may be in the  form  of one or  more  blanket  assignments  covering
Mortgages  secured  by  Mortgaged  Properties  located  in the same  county,  if
permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing Date,  between  Residential  Funding and the  Depositor  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 Loan
Group I and each Loan Group II  Subgroup,  an amount equal to (a) the sum of (i)
the amount  relating to the related  Mortgage  Loans on deposit in the Custodial
Account as of the close of business on the immediately  preceding  Determination
Date and amounts  deposited  in the  Custodial  Account in  connection  with the
substitution of Qualified  Substitute  Mortgage Loans that are related  Mortgage
Loans,  (ii)  the  amount  of any  Advance  made  on the  immediately  preceding
Certificate  Account  Deposit Date with respect to the related  Mortgage  Loans,
(iii) any amount deposited in the Certificate Account on the related Certificate
Account  Deposit  Date  pursuant  to Section  3.12(a) in respect of the  related
Mortgage  Loans,  (iv) any amount that the Master  Servicer is not  permitted to
withdraw from the Custodial  Account  pursuant to Section  3.16(e) in respect of
the related Mortgage Loans, (v) any amount deposited in the Certificate  Account
pursuant to Section  4.07 or 9.01 in respect of the related  Mortgage  Loans and
(vi) any Diverted Amount  allocated to such Loan Group or Loan Group II Subgroup
from the non-related Loan Group pursuant to Section 4.05(d),  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  with  respect to the  related
Mortgage Loans and (y) amounts permitted to be

                                              7

<PAGE>

withdrawn by the Master  Servicer from the  Custodial  Account in respect of the
related  Mortgage  Loans  pursuant to clauses  (ii)-(x),  inclusive,  of Section
3.10(a) and (c) any Diverted Amount  diverted to the  non-related  Loan Group in
accordance with Section 4.05(d).

     Balloon  Loan:  Each of the  Mortgage  Loans  having  an  original  term to
maturity that is shorter than the related amortization term.

     Balloon  Payment:  With respect to any Balloon  Loan,  the related  Monthly
Payment payable on the stated maturity date of such Balloon Loan.

        Bankruptcy Code: The Bankruptcy Code of 1978, as amended.

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest  under the related  Mortgage  Loan and any  premiums on any  applicable
primary hazard  insurance  policy and any related escrow  payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master  Servicer
or a  Subservicer,  in either case  without  giving  effect to any Debt  Service
Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on  which  banking  institutions  in the  States  of  New  York,  Minnesota,
Illinois,  Texas or  California  (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  Depositor  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.

        Calendar  Quarter:  A  Calendar  Quarter  shall  consist  of  one of the
following  time periods in any given year:  January 1 through  March 31, April 1
through June 30, July 1 though September 30, and October 1 through December 31.

        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

                                              8

<PAGE>

Servicer  reasonably  and in good faith expects to be finally  recoverable  with
respect to such Mortgage Loan.

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

        Certificate  Account:  The  account or accounts  created and  maintained
pursuant  to Section  4.01,  which shall be entitled  "JPMorgan  Chase Bank,  as
trustee,  in trust for the  registered  holders of  Residential  Asset  Mortgage
Products, Inc., Mortgage-Backed Pass-Through Certificates,  Series 2002-SL1" and
which must be an Eligible Account.

     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,  except that  neither a  Disqualified
Organization  nor a  Non-United  States  Person  shall be a holder  of a Class R
Certificate for any purpose hereof. Solely for the purpose of giving any consent
or direction pursuant to this Agreement,  any Certificate,  other than a Class R
Certificate, registered in the name of the Depositor, 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 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 Class A-I-IO 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 with respect to the Group II
               Certificates, any Deferred Interest added thereto, minus

        (ii)   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;

                                              9

<PAGE>

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates then outstanding.

     Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.

     Class:  Collectively,  all of the Certificates or uncertificated  interests
bearing the same designation.

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

        Class A-I Certificates:  Any one of the Class A-I-1,  Class A-I-2, Class
A-I-3,  Class  A-I-PO or Class A-I-IO  Certificates  executed by the Trustee and
authenticated  by the Certificate  Registrar  substantially  in the form annexed
hereto  as  Exhibit  A,  senior  to the  Class  M-I  Certificates  and Class B-I
Certificates with respect to distributions and the allocation of Realized Losses
in  respect  of Loan Group I as set forth in Section  4.05,  and  evidencing  an
interest  designated  as a "regular  interest"  in REMIC III for purposes of the
REMIC Provisions..

        Class A-I-PO 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-I-PO  Principal   Distribution   Amount:  As  defined  in  Section
4.02(b)(i).

        Class A-II Certificate: Any one of the Class A-II-1, Class A-II-2, Class
A-II-3 or Class A-II-4 Certificates executed by the Trustee and authenticated by
the Certificate Registrar substantially in the form annexed hereto as Exhibit A,
senior to the Class M-II  Certificates and Class B-II  Certificates with respect
to distributions  and the allocation of Realized Losses in respect of Loan Group
II as set forth in Section  4.05,  and  evidencing  an interest  designated as a
"regular interest" in REMIC III for purposes of the REMIC Provisions.

     Class B Certificates: Any one of the Class B-I or Class B-II Certificates.

     Class  B-1  Certificates:  Any  one of the  Class  B-I-1  or  Class  B-II-1
Certificates.

     Class  B-2  Certificates:  Any  one of the  Class  B-I-2  or  Class  B-II-2
Certificates.

     Class  B-3  Certificates:  Any  one of the  Class  B-I-3  or  Class  B-II-3
Certificates.

     Class B-I  Certificates:  Any one of the Class B-I-1,  Class B-I-2 or Class
B-I-3 Certificates.

     Class B-I-1 Certificate:  Any one of the Class B-I-1 Certificates  executed
by the Trustee and authenticated by the Certificate  Registrar  substantially in
the form annexed hereto as Exhibit C,

                                              10

<PAGE>

senior  to the  Class  B-I-2  and  Class  B-I-3  Certificates  with  respect  to
distributions  and the allocation of Realized  Losses in respect of Loan Group I
as set forth in  Section  4.05,  and  evidencing  an  interest  designated  as a
"regular interest" in REMIC III for purposes of the REMIC Provisions.

        Class  B-I-2  Certificate:  Any  one of  the  Class  B-I-2  Certificates
executed  by  the  Trustee  and  authenticated  by  the  Certificate   Registrar
substantially in the form annexed hereto as Exhibit C, senior to the Class B-I-3
Certificates with respect to distributions and the allocation of Realized Losses
in  respect  of Loan Group I as set forth in Section  4.05,  and  evidencing  an
interest  designated  as a "regular  interest"  in REMIC III for purposes of the
REMIC Provisions.

        Class  B-I-3  Certificate:  Any  one of  the  Class  B-I-3  Certificates
executed  by  the  Trustee  and  authenticated  by  the  Certificate   Registrar
substantially  in the form  annexed  hereto  as  Exhibit  C, and  evidencing  an
interest  designated  as a "regular  interest"  in REMIC III for purposes of the
REMIC Provisions.

     Class B-II Certificates: Any one of the Class B-II-1, Class B-II-2 or Class
B-II-3 Certificates.

        Class  B-II-1  Certificate:  Any one of the  Class  B-II-1  Certificates
executed  by  the  Trustee  and  authenticated  by  the  Certificate   Registrar
substantially  in the form  annexed  hereto as  Exhibit  C,  senior to the Class
B-II-2 and Class  B-II-3  Certificates  with  respect to  distributions  and the
allocation  of  Realized  Losses  in  respect  of Loan  Group II as set forth in
Section 4.05, and evidencing an interest  designated as a "regular  interest" in
REMIC III for purposes of the REMIC Provisions.

        Class  B-II-2  Certificate:  Any one of the  Class  B-II-2  Certificates
executed  by  the  Trustee  and  authenticated  by  the  Certificate   Registrar
substantially  in the form  annexed  hereto as  Exhibit  C,  senior to the Class
B-II-3 Certificates with respect to distributions and the allocation of Realized
Losses in respect of Loan Group II as set forth in Section 4.05,  and evidencing
an interest  designated as a "regular interest" in REMIC III for purposes of the
REMIC Provisions.

        Class  B-II-3  Certificate:  Any one of the  Class  B-II-3  Certificates
executed  by  the  Trustee  and  authenticated  by  the  Certificate   Registrar
substantially  in the form  annexed  hereto  as  Exhibit  C, and  evidencing  an
interest  designated  as a "regular  interest"  in REMIC III for purposes of the
REMIC Provisions.

     Class M Certificates: Any one of the Class M-I or Class M-II Certificates.

     Class  M-1  Certificates:  Any  one of the  Class  M-I-1  or  Class  M-II-1
Certificates.

     Class  M-2  Certificates:  Any  one of the  Class  M-I-2  or  Class  M-II-2
Certificates.

     Class  M-3  Certificates:  Any  one of the  Class  M-I-3  or  Class  M-II-3
Certificates.

     Class M-I  Certificates:  Any one of the Class M-I-1,  Class M-I-2 or Class
M-I-3 Certificates.

     Class M-I-1 Certificate:  Any one of the Class M-I-1 Certificates  executed
by the Trustee and authenticated by the Certificate  Registrar  substantially in
the form annexed hereto as Exhibit B,

                                              11

<PAGE>

senior to the Class M-I-2,  Class M-I-3 and Class B-I Certificates  with respect
to distributions  and the allocation of Realized Losses in respect of Loan Group
I as set forth in Section  4.05,  and  evidencing  an interest  designated  as a
"regular interest" in REMIC III for purposes of the REMIC Provisions.

        Class  M-I-2  Certificate:  Any  one of  the  Class  M-I-2  Certificates
executed  by  the  Trustee  and  authenticated  by  the  Certificate   Registrar
substantially in the form annexed hereto as Exhibit B, senior to the Class M-I-3
and Class B-I Certificates  with respect to distributions  and the allocation of
Realized  Losses in respect of Loan  Group I as set forth in Section  4.05,  and
evidencing  an  interest  designated  as a "regular  interest"  in REMIC III for
purposes of the REMIC Provisions.

        Class  M-I-3  Certificate:  Any  one of  the  Class  M-I-3  Certificates
executed  by  the  Trustee  and  authenticated  by  the  Certificate   Registrar
substantially  in the form annexed  hereto as Exhibit B, senior to the Class B-I
Certificates with respect to distributions and the allocation of Realized Losses
in  respect  of Loan Group I as set forth in Section  4.05,  and  evidencing  an
interest  designated  as a "regular  interest"  in REMIC III for purposes of the
REMIC Provisions.

     Class M-II Certificates: Any one of the Class M-II-1, Class M-II-2 or Class
M-II-3 Certificates.

        Class  M-II-1  Certificate:  Any one of the  Class  M-II-1  Certificates
executed  by  the  Trustee  and  authenticated  by  the  Certificate   Registrar
substantially  in the form  annexed  hereto as  Exhibit  B,  senior to the Class
M-II-2,  Class M-II-3 and Class B-II  Certificates with respect to distributions
and the  allocation of Realized  Losses in respect of Loan Group II as set forth
in Section 4.05, and evidencing an interest  designated as a "regular  interest"
in REMIC III for purposes of the REMIC Provisions.

        Class  M-II-2  Certificate:  Any one of the  Class  M-II-2  Certificates
executed  by  the  Trustee  and  authenticated  by  the  Certificate   Registrar
substantially  in the form  annexed  hereto as  Exhibit  B,  senior to the Class
M-II-3  and Class  B-II  Certificates  with  respect  to  distributions  and the
allocation  of  Realized  Losses  in  respect  of Loan  Group II as set forth in
Section 4.05, and evidencing an interest  designated as a "regular  interest" in
REMIC III for purposes of the REMIC Provisions.

        Class  M-II-3  Certificate:  Any one of the  Class  M-II-3  Certificates
executed  by  the  Trustee  and  authenticated  by  the  Certificate   Registrar
substantially  in the form annexed hereto as Exhibit B, senior to the Class B-II
Certificates with respect to distributions and the allocation of Realized Losses
in  respect of Loan Group II as set forth in Section  4.05,  and  evidencing  an
interest  designated  as a "regular  interest"  in REMIC III for purposes of the
REMIC Provisions.

       Class R Certificate: Any one of the Class R-I, Class R-II or Class R-III.

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

                                              12

<PAGE>

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

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

        Closing Date: June 20, 2002.

        Code: The Internal Revenue Code of 1986.

        Compensating  Interest:  As determined  with respect to each Loan Group,
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 related 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 Section 7.02(a).

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

                                              13

<PAGE>

     Cooperative   Stock:  With  respect  to  a  Cooperative  Loan,  the  single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

     Cooperative  Stock  Certificate:  With respect to a Cooperative  Loan,  the
stock certificate or other instrument evidencing the related Cooperative Stock.

        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 450 West 33rd Street,  14th Floor,  New York,  New York
10001, Attention: RAMP, Series 2002-SL1.

        Credit  Support  Depletion  Date:  With respect to each Loan Group,  the
first  Distribution  Date on which the  Certificate  Principal  Balances  of the
related Subordinate Certificates have been reduced to zero.

     Cross-Collateralization   Interest   Shortfalls:   Shortfalls  in  interest
resulting from payment of a Diverted Amount.

        Cross-Collateralized  Special  Hazard Loss: Any Special Hazard Loss on a
Mortgage  Loan  which is (a) not an Excess  Loss,  (b) in excess of the  related
Special  Hazard Amount and (c) not in excess of the  non-related  Special Hazard
Amount.

     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
Depositor, the Master Servicer, the Trustee and a Custodian in substantially the
form of Exhibit E hereto.

        Custodian: A custodian appointed pursuant to a Custodial Agreement.

        Cut-off Date: June 1, 2002.

     Cut-off Date Balance: The Group I Cut-off Date or the Group II Cut-off Date
Balance.

        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
June 2002), 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

                                              14

<PAGE>

under the  Bankruptcy  Code,  except such a reduction  constituting  a Deficient
Valuation or any reduction that results in a permanent forgiveness of principal.

        Deferred Interest:  With respect to any Neg Am Loan, as of any Due Date,
the amount,  if any, by which the Mortgage  Loan  Accrued  Interest for such Due
Date exceeds the Monthly Payment for such Due Date and which amount, pursuant to
the  terms  of the  Mortgage  Note,  is added to the  principal  balance  of the
Mortgage Loan.

        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 definitive, fully registered 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(5) of the Uniform  Commercial Code of the State of New York and a
"clearing  agency"  registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

        Depository  Participant:  A  broker,  dealer,  bank or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

     Destroyed  Mortgage  Note:  A  Mortgage  Note the  original  of  which  was
permanently lost or destroyed and has not been replaced.

                                              15

<PAGE>

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

        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 Exhibit P hereto.

        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: 7.00% per annum.

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under Section  860E(e)(5) of the Code,  which includes 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) and (iv) rural  electric  and
telephone  cooperatives  described  in  Section  1381(a)(2)(C)  of the  Code.  A
Disqualified  Organization  also includes any "electing large  partnership,"  as
defined in Section  775(a) of the Code and 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 any REMIC 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.

        Diverted Amount: On any Distribution Date on which Special Hazard Losses
from one Loan Group are allocated to the Certificates relating to the other Loan
Group,  a  distribution  of  principal  diverted to the Loan Group in which such
Special  Hazard Losses  occurred,  plus any  unallocated  Diverted  Amounts from
previous Distribution Dates.

                                              16

<PAGE>

     Due Date: With respect to any Distribution  Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.

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

        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,  either (A) a trust
account or accounts  maintained in the corporate  trust  department of Bank One,
National Association,  or (B) an account or accounts maintained in the corporate
asset services department of Bank One, National Association as long as its short
term debt obligations are rated P-1 (or the equivalent) or better by each Rating
Agency,  and its long term debt  obligations are rated A2 (or the equivalent) or
better, by each Rating Agency, or (iv) in the case of the Certificate Account, a
trust account or accounts maintained in the corporate trust division of JPMorgan
Chase Bank, 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).

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

        ERISA: The Employee Retirement Income Security Act of 1974, as amended.

        Event of Default: As defined in Section 7.01.

        Excess Loss: A Group I Excess Loss or Group II Excess Loss.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which the aggregate  Certificate Principal Balance of the Class of Group
I 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

                                              17

<PAGE>

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).

        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,   combatting  or  defending  against  an  actual,
        impending or expected attack;

                    1. by any government or sovereign power, de jure or defacto,
               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; or

                    4. any weapon of war employing atomic fission or radioactive
               force whether in time of peace or war; or

                    5. insurrection,  rebellion,  revolution, civil war, usurped
               power or action taken by  governmental  authority  in  hindering,
               combatting 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.

        Fannie Mae:  Fannie  Mae, 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.

                                              18

<PAGE>

        FHA: The Federal Housing Administration, or its successor.

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

        Fitch: Fitch Ratings.

        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: The 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.

        Gross  Margin:  As to each  adjustable  rate  Mortgage  Loan,  the fixed
percentage  set forth in the related  Mortgage Note and indicated in Exhibit F-2
hereto as the "NOTE MARGIN,"  which  percentage is added to the related Index on
each  Adjustment  Date to determine  (subject to rounding in accordance with the
related  Mortgage  Note,  the Periodic  Cap, the Maximum  Mortgage  Rate and the
Minimum Mortgage Rate) the interest rate to be borne by such Mortgage Loan until
the next Adjustment Date.

        Group II Allocated  Prepayment  Interest Shortfall Amount: In connection
with  the  allocation  of  Prepayment   Interest  Shortfalls  to  the  Group  II
Certificates  pursuant to clause (i) of the  definition of "Accrued  Certificate
Interest",  to the extent the amount of Prepayment  Interest  Shortfalls for the
Mortgage  Loans in a Loan Group II  Subgroup  exceed the amount of  Compensating
Interest  received from the Mortgage Loans in such Subgroup,  an amount equal to
(A) in the  case of the  Class  A-II  Certificates,  such  allocated  Prepayment
Interest  Shortfalls times (x) the Certificate  Principal Balance of the related
Class A-II  Certificates  over (y) the aggregate Stated Principal Balance of the
Mortgage  Loans in the related Loan Group II Subgroup and (B) in the case of the
Class M-II  Certificates  and Class B-II  Certificates,  the  remainder  of such
allocated  Prepayment  Interest  Shortfalls  after the  allocation  described in
clause (A) above,  allocated among such Class M-II  Certificates and Class B- II
Certificates pro rata based on Accrued Certificate Interest.

     Group I Bankruptcy Amount: As of any date of determination, an amount equal
to  $100,000,  less the sum of any amounts  allocated  through  Section 4.05 for
Bankruptcy Losses on the Group I

                                              19

<PAGE>

Loans up to such date of  determination.  The Group I  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 the Class A-I, Class
M-I and Class B-I  Certificates  by such  Rating  Agency  below the lower of the
then-current  rating  or the  rating  assigned  to such  Certificates  as of the
Closing  Date by such  Rating  Agency  and (ii)  provide a copy of such  written
confirmation to the Trustee.

        Group II Bankruptcy  Amount: As of any date of determination,  an amount
equal to $100,000,  less the sum of any amounts  allocated  through Section 4.05
for  Bankruptcy  Losses on the Group II Loans up to such date of  determination.
The Group II  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 the Class A-II,  Class M-II and Class B-II  Certificates  by
such  Rating  Agency  below the lower of the  then-current  rating or the rating
assigned to such Certificates as of the Closing Date by such Rating Agency,  and
(ii) provide a copy of such written confirmation to the Trustee.

     Group  I  Certificates:  The  Group  I  Senior  Certificates  and  Group  I
Subordinate Certificates.

     Group II  Certificates:  The  Group II  Senior  Certificates  and  Group II
Subordinate Certificates.

        Group I Cut-off Date Balance: $137,961,262.52.

        Group II Cut-off Date Balance: $82,237,263.12.

        Group I Excess  Bankruptcy  Loss: With respect to the Group I Loans, any
Bankruptcy  Loss on the Group I Loans,  or portion  thereof,  which  exceeds the
then-applicable Group I Bankruptcy Amount.

        Group II Excess Bankruptcy Loss: With respect to the Group II Loans, any
Bankruptcy  Loss on the Group II Loans,  or portion  thereof,  which exceeds the
then-applicable Group II Bankruptcy Amount.

        Group I Excess Fraud Loss: With respect to the Group I Loans,  any Fraud
Loss on the Group I Loans, or portion thereof, which exceeds the then-applicable
Group I Fraud Loss Amount.

        Group II Excess  Fraud  Loss:  With  respect to the Group II Loans,  any
Fraud  Loss on the  Group II  Loans,  or  portion  thereof,  which  exceeds  the
then-applicable Group II Fraud Loss Amount.

        Group I Excess  Loss:  Any  Group I Excess  Fraud  Loss,  Group I Excess
Special Hazard Loss,  Group I Excess  Bankruptcy  Loss or Group I  Extraordinary
Loss.

        Group II Excess Loss:  Any Group II Excess  Fraud Loss,  Group II Excess
Special Hazard Loss,  Group II Excess  Bankruptcy Loss or Group II Extraordinary
Loss.

                                              20

<PAGE>

        Group I Excess Special  Hazard Loss:  With respect to the Group I Loans,
any Special Hazard Loss on the Group I Loans, or portion  thereof,  that exceeds
the then-applicable Group I Special Hazard Amount.

        Group II Excess Special Hazard Loss: With respect to the Group II Loans,
any Special Hazard Loss on the Group II Loans, or portion thereof,  that exceeds
the then-applicable Group II Special Hazard Amount.

     Group I Extraordinary Losses: Any loss incurred on a Group I Loan caused by
or resulting from an Extraordinary Event.

     Group II Extraordinary  Losses: Any loss incurred on a Group II Loan caused
by or resulting from an Extraordinary Event.

        Group I Fraud Loss  Amount:  As of any date of  determination  after the
Cut-off  Date,  an amount  equal to (X) prior to the  first  anniversary  of the
Cut-off Date an amount  equal to 1.00% of the  aggregate  outstanding  principal
balance of all of the Group I Loans as of the Cut-off  Date minus the  aggregate
amount of Fraud Losses on the Group I Loans allocated through Subordination,  in
accordance  with  Section  4.05  since  the  Cut-off  Date  up to  such  date of
determination, (Y) from the first to the second anniversary of the Cut-off Date,
an amount equal to (1) the lesser of (a) the Group I Fraud Loss Amount as of the
most  recent  anniversary  of the  Cut-off  Date and (b) 1.00% of the  aggregate
outstanding  principal balance of all of the Group I Loans as of the most recent
anniversary  of the Cut-off Date minus (2) the Fraud Losses on the Group I Loans
allocated through Subordination,  in accordance with Section 4.05 since the most
recent anniversary of the Cut-off Date up to such 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  Group I Fraud  Loss  Amount  as of the most  recent
anniversary  of the  Cut-off  Date and (b)  0.50% of the  aggregate  outstanding
principal balance of all of the Group I Loans as of the most recent  anniversary
of the Cut-off  Date minus (2) the Fraud  Losses on the Group I Loans  allocated
through  Subordination,  in  accordance  with Section 4.05 since the most recent
anniversary of the Cut-off Date up to such date of  determination.  On and after
the fifth anniversary of the Cut-off Date the Group I Fraud Loss Amount shall be
zero.

        The Group I 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 obtain
written  confirmation  from each  Rating  Agency that such  reduction  shall not
reduce  the  rating  assigned  to  the  Class  A-I,  Class  M-I  and  Class  B-I
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.

        Group II Fraud Loss Amount:  As of any date of  determination  after the
Cut-off  Date,  an amount  equal to (X) prior to the  first  anniversary  of the
Cut-off Date an amount  equal to 1.00% of the  aggregate  outstanding  principal
balance of all of the Group II Loans as of the Cut-off Date minus the  aggregate
amount of Fraud Losses on the Group II Loans allocated through Subordination, in
accordance  with  Section  4.05  since  the  Cut-off  Date  up to  such  date of
determination, (Y) from the first to the second anniversary of the Cut-off Date,
an amount  equal to (1) the lesser of (a) the Group II Fraud  Loss  Amount as of
the most recent anniversary of the Cut-off Date and (b) 1.00% of the

                                              21

<PAGE>

aggregate  outstanding  principal balance of all of the Group II Loans as of the
most recent  anniversary  of the Cut-off  Date minus (2) the Fraud Losses on the
Group II Loans allocated through Subordination,  in accordance with Section 4.05
since  the  most  recent  anniversary  of the  Cut-off  Date up to such  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 Group II Fraud Loss Amount as
of the  most  recent  anniversary  of the  Cut-off  Date  and (b)  0.50%  of the
aggregate  outstanding  principal balance of all of the Group II Loans as of the
most recent  anniversary  of the Cut-off  Date minus (2) the Fraud Losses on the
Group II Loans allocated through Subordination,  in accordance with Section 4.05
since  the  most  recent  anniversary  of the  Cut-off  Date up to such  date of
determination.  On and after the fifth anniversary of the Cut-off Date the Group
II Fraud Loss Amount shall be zero.

        The Group II 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 obtain
written  confirmation  from each  Rating  Agency that such  reduction  shall not
reduce  the  rating  assigned  to the Class  A-II,  Class  M-II and  Class  B-II
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.

     Group I Loan: The Mortgage  Loans  designated on the Mortgage Loan Schedule
attached hereto as Exhibit F-1.

     Group II Loan: The Mortgage Loans  designated on the Mortgage Loan Schedule
attached hereto as Exhibit F-2.

        Group I Optional  Termination  Date: Any  Distribution  Date on or after
which the Stated Principal  Balance (before giving effect to distributions to be
made on such Distribution  Date) of the Group I Loans is less than 10.00% of the
Group I Cut-off Date Balance.

        Group II Optional  Termination  Date: Any Distribution  Date on or after
which the Stated Principal  Balance (before giving effect to distributions to be
made on such Distribution  Date) of the Group II Loans is less than 5.00% of the
Group II Cut-off Date Balance.

        Group I Pool Stated Principal Balance:  As to any date of determination,
the aggregate of the Stated Principal  Balances of each Group I Loan that was an
Outstanding  Mortgage Loan on the Due Date immediately  preceding the Due Period
preceding such date of determination.

        Group II Pool Stated Principal Balance: As to any date of determination,
the aggregate of the Stated Principal Balances of each Group II Loan that was an
Outstanding  Mortgage Loan on the Due Date immediately  preceding the Due Period
preceding such date of determination.

        Group I Senior Accelerated Distribution Percentage:  With respect to any
Distribution  Date occurring  during the first five years after the Closing Date
and, with respect to the Group I Loans,  100%. With respect to any  Distribution
Date thereafter and the Group I Loans, as follows:

                                              22

<PAGE>

        (i)    for any Distribution Date during the sixth year after the Closing
               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  during  the  seventh  year after the
               Closing 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  during  the  eighth  year  after the
               Closing 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 during the ninth year after the Closing
               Date, the related Senior  Percentage for such  Distribution  Date
               plus  20%  of  the  related   Subordinate   Percentage  for  such
               Distribution Date; and

          (v)  for any Distribution  Date thereafter,  the Senior Percentage for
               such Distribution Date;

provided, however,

        (i)    that any  scheduled  reduction to the Group I 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 Group I Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the  Group  I  Subordinate  Certificates,  is less  than  50% or (Y) the
        outstanding  principal  balance of Group I Loans  delinquent  60 days or
        more averaged over the last six months, as a percentage of the aggregate
        outstanding  principal  balance of all Group I Loans  averaged  over the
        last six months, does not exceed 2% and (2) Realized Losses on the Group
        I 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 Group I Subordinate Certificates or

               (b)(1)  the  outstanding  principal  balance  of  Group  I  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding principal balance of all Group I
        Loans  averaged  over the last six  months,  does not  exceed 4% and (2)
        Realized Losses on the Group I 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 Group I Subordinate Certificates, and

        (ii)   that  for any  Distribution  Date on  which  the  related  Senior
               Percentage  is greater than the related  Senior  Percentage as of
               the Closing  Date,  the Group I Senior  Accelerated  Distribution
               Percentage for such Distribution Date shall be 100%.

                                              23

<PAGE>

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of the  Group I  Senior  Certificates  (other  than the  Class  A-I-PO
Certificates,  if any) to  zero,  the  Group I Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Group II Senior Accelerated Distribution Percentage: With respect to any
Distribution  Date occurring during the first seven years after the Closing Date
and, with respect to the Group II Loans,  100%. With respect to any Distribution
Date thereafter and the Group II Loans, as follows:

        (i)    for any  Distribution  Date  during  the  eighth  year  after the
               Closing 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 during the ninth year after the Closing
               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 during the tenth year after the Closing
               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  during the  eleventh  year after the
               Closing Date, the related Senior Percentage for such Distribution
               Date  plus 20% of the  related  Subordinate  Percentage  for such
               Distribution Date; and

          (v)  for any Distribution  Date thereafter,  the Senior Percentage for
               such Distribution Date;

provided, however,

        (i)    that any scheduled  reduction to the Group II 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 Group II Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the  Group  II  Subordinate  Certificates,  is less  than 50% or (Y) the
        outstanding  principal  balance of Group II Loans  delinquent 60 days or
        more averaged over the last six months, as a percentage of the aggregate
        outstanding  principal  balance of all Group II Loans  averaged over the
        last six months, does not exceed 2% and (2) Realized Losses on the Group
        II Loans to date for such  Distribution  Date if  occurring  during  the
        eighth,  ninth, tenth, eleventh or twelfth 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 Group II Subordinate Certificates or

               (b)(1)  the  outstanding  principal  balance  of  Group  II Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate  outstanding  principal balance of all Group
        II Loans averaged over the last six months, does not exceed

                                              24

<PAGE>

        4% and (2)  Realized  Losses  on the  Group  II  Loans  to date for such
        Distribution  Date,  if  occurring  during  the  eighth,  ninth,  tenth,
        eleventh or twelfth 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  Group II  Subordinate
        Certificates, and

        (ii)   that  for any  Distribution  Date on  which  the  related  Senior
               Percentage  is greater than the related  Senior  Percentage as of
               the Closing Date,  the Group II Senior  Accelerated  Distribution
               Percentage for such Distribution Date shall be 100%.

        However,  notwithstanding  the  prior  paragraph,  the  Group II  Senior
Accelerated  Distribution  Percentage  for such Loan Group II Subgroup  for such
Distribution  Date will equal (i) the related Senior  Percentage plus 50% of the
related  Subordinate  Percentage,  if such  Distribution  Date is  prior  to the
Distribution Date in July 2005, or (ii) the related Senior  Percentage,  if such
Distribution  Date is on or after the  Distribution  Date in July  2005,  if the
following tests are met:

               (a) the current weighted average  Subordinate  Percentage for the
        Loan  Group II  Subgroups  is equal to or  greater  than two  times  the
        initial  weighted average  Subordinate  Percentage for the Loan Group II
        Subgroups,  in each case weighted on the basis of the  aggregate  Stated
        Principal  Balance of the  Mortgage  Loans in the related  Loan Group II
        Subgroup;

               (b) the  outstanding  principal  balance  of the  Group  II Loans
        delinquent 60 days or more (including for this purpose any such Mortgage
        Loans in  foreclosure  and such Mortgage Loans with respect to which the
        related  Mortgaged  Property has been  acquired by the Trust),  averaged
        over  the last six  months,  as a  percentage  of the  weighted  average
        Subordinate  Percentage  for  the  Loan  Group  II  Subgroups  for  that
        Distribution  Date times the aggregate Stated  Principal  Balance of the
        Group II Loans, does not exceed 50%; and

               (c)  (1)  prior  to the  Distribution  in July  2005,  cumulative
               Realized  Losses  on  Group II  Loans  do not  exceed  20% of the
               initial  weighted  average  Subordinate  Percentage  for the Loan
               Group II Subgroups times the aggregate Stated  Principal  Balance
               of the Group II Loans as of the Cut-off Date; or

                      (2) on or after the Distribution in July 2005,  cumulative
               Realized  Losses  on  Group II  Loans  do not  exceed  30% of the
               initial  weighted  average  Subordinate  Percentage  for the Loan
               Group II Subgroups times the aggregate Stated  Principal  Balance
               of the Group II Loans as of the Cut-off Date.

        Notwithstanding the preceding two paragraphs,  upon the reduction of the
Certificate  Principal Balances of the Group II Senior Certificates to zero, the
related Group II Senior Accelerated  Distribution Percentage shall thereafter be
0%.

        Group I Senior Certificates: Any of the Class A-I Certificates.

        Group II Senior Certificates: Any of the Class A-II Certificates.

                                              25

<PAGE>

        Group I Special Hazard Amount:  As of any  Distribution  Date, an amount
equal to $1,781,738  minus the sum of (i) the aggregate amount of Special Hazard
Losses  allocated to the Group I Loans through  Subordination in accordance with
Section 4.05 and (ii) the Group I Adjustment  Amount (as defined  below) as most
recently  calculated.  For each  anniversary  of the Cut-off Date,  the "Group I
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 Group I Adjustment Amount for such anniversary) exceeds the
greater of (A) the greatest of (i) twice the  outstanding  principal  balance of
the Group I Loan  that 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 Group I 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 Group I Loans in any single five-digit  California zip
code  area  with the  largest  amount  of Group I 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 Group I 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 Group
I 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  Group  I  Loans,  expressed  as a
percentage,  and the denominator of which is equal to 39.9% (which percentage is
equal  to the  percentage  of  Group  I 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 Group I Loan secured by a Mortgaged Property located in the
State of California. The Group I 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
obtain the  written  confirmation  from each Rating  Agency that such  reduction
shall not reduce the rating  assigned to the Class A-I,  Class M-I and Class B-I
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.

        Group II Special Hazard Amount:  As of any Distribution  Date, an amount
equal to $1,846,604  minus the sum of (i) the aggregate amount of Special Hazard
Losses allocated to the Group II Loans through  Subordination in accordance with
Section 4.05 and (ii) the Group II Adjustment  Amount (as defined below) as most
recently  calculated.  For each  anniversary of the Cut- off Date, the "Group II
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 Group II Adjustment  Amount for such  anniversary)  exceeds
the greater of (A) the greatest of (i) twice the outstanding  principal  balance
of the Group II Loan that 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 Group II 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 Group II Loans in any single five-digit California zip
code  area with the  largest  amount  of Group II 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 Group II Loans on the
Distribution  Date  immediately  preceding  such  anniversary  multiplied  by  a
fraction, the numerator of which is equal to the aggregate outstanding

                                              26

<PAGE>

principal balance (as of the immediately preceding  Distribution Date) of all of
the Group II 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 Group II Loans, expressed
as a  percentage,  and the  denominator  of  which  is  equal  to  48.3%  (which
percentage  is equal to the  percentage of Group II 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  Group II Loan secured by a Mortgaged  Property  located in
the State of  California.  The Group II  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 obtain  written  confirmation  from each Rating Agency that such
reduction shall not reduce the rating assigned to the Class A-II, Class M-II and
Class  B-II   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.

     Group I Subordinate Certificates:  The Class M-I Certificates and Class B-I
Certificates.

     Group II Subordinate  Certificates:  The Class M-II  Certificates and Class
B-II Certificates.

        Group I Uncertificated Regular Interests:  The REMIC I Regular Interests
and the REMIC III Group I Regular Interests.

        Group  II  Uncertificated  Regular  Interests:   The  REMIC  II  Regular
Interests and the REMIC III Group II Regular Interests.

        Hazardous  Materials:  Any  dangerous,  toxic or  hazardous  pollutants,
chemicals,  wastes,  or  substances,  including,  without  limitation,  those so
identified pursuant to the Comprehensive  Environmental  Response,  Compensation
and Liability  Act, 42 U.S.C.  Section 9601 et seq., or any other  environmental
laws now existing, and specifically including, without limitation,  asbestos and
asbestos-containing  materials,  polychlorinated biphenyls, radon gas, petroleum
and petroleum products, urea formaldehyde and any substances classified as being
"in inventory", "usable work in progress" or similar classification which would,
if classified unusable, be included in the foregoing definition.

        High Cost Loan:  The  Mortgage  Loans set forth hereto as Exhibit O that
are subject to special rules,  disclosure requirements and other provisions that
were added to the Federal Truth in Lending Act by the Home  Ownership and Equity
Protection Act of 1994.

        Highest Priority: As of any date of determination and either Loan Group,
the Class of related Subordinate Certificates then outstanding with the earliest
priority for payments pursuant to Section 4.02(a), in the following order: Class
M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact  independent of the Depositor,  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 Depositor,
the Master Servicer or the Trustee or in an Affiliate thereof,  and (iii) is not
connected with

                                              27

<PAGE>

the  Depositor,  the Master  Servicer or the  Trustee as an  officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

     Index:  With respect to any  adjustable  rate  Mortgage  Loan and as to any
Adjustment  Date therefor,  the related index as stated in the related  Mortgage
Note.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates  (other  than  the  Class  A-I-IO  Certificates  and  the  Class  R
Certificates),  the Certificate  Principal Balance of such Class of Certificates
as of the Cut-off Date as set forth in the Preliminary Statement hereto.

        Initial Notional Amount:  With respect to any Class A-I-IO  Certificates
or Subclass  thereof issued pursuant to Section 5.01(c),  the aggregate  Cut-off
Date Principal Balance of the Group I Loans  corresponding to the Uncertificated
Class A-I-IO 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 related Mortgage Loans as
of the Cut-off Date as follows:

        Class M-I-1: 0.70%                   Class B-I-1: 0.10%
        Class M-I-2: 0.40%                   Class B-I-2: 0.10%
        Class M-I-3: 0.10%                   Class B-I-3: 0.10%
        Class M-II-1: 0.90%                  Class B-II-1: 0.20%
        Class M-II-2: 0.35%                  Class B-II-2: 0.10%
        Class M-II-3: 0.30%                  Class B-II-3: 0.15%

        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,  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.

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

        Interim Certification: As defined in Section 2.02.

        Interested Person: As of any date of determination,  the Depositor,  the
Master  Servicer,  the  Trustee,  any  Mortgagor,  any  Manager  of a  Mortgaged
Property,  or any Person known to a Responsible  Officer of the Trustee to be an
Affiliate of any of them.

     Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.

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<PAGE>

        Junior  Class  of   Certificates:   The  related  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 Loan through  trustee's  sale,
foreclosure sale or otherwise, other than REO Proceeds.

        Loan  Group:  With  respect  to the Class  A-I,  Class M-I and Class B-I
Certificates,  the Group I Loans, and with respect to the Class A-II, Class M-II
and Class B-II Certificates, the Group II Loans.

        Loan Group II  Subgroup:  Any of the four  subgroups  of Group II Loans,
each of which  consists of adjustable  rate  Mortgage  Loans that adjust on each
Adjustment Date as indicated in the Mortgage Loan Schedule.

        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.

        Lockout Certificates: The Class A-I-3 Certificates.

        Lockout  Percentage:  For any  Distribution  Date occurring prior to the
Distribution  Date in July 2007, 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%.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other Class of related Subordinate  Certificates
then outstanding with a later priority for payments pursuant to Section 4.02(a).

        Lowest Priority:  As of any date of determination,  the Class of related
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:  With  respect  to each  Class of  Certificates  of regular
interest or Uncertificated  Regular Interest issued by each of REMIC I, REMIC II
and REMIC III, the latest possible maturity

                                              29

<PAGE>

date,  solely  for  purposes  of  Section  1.860G-1(a)(4)(iii)  of the  Treasury
Regulations,  by which the Certificate  Principal  Balance of each such Class of
Certificates  representing a regular interest in the Trust Fund would be reduced
to zero,  which is, for each such regular  interest June 25, 2032,  which is the
Distribution  Date eighteen months following the last scheduled  monthly payment
of the Group I Mortgage Loans and the Group II Mortgage Loans.

        Maximum Mortgage Rate: As to any adjustable rate Mortgage Loan, the rate
indicated in Exhibit F-2 hereto as the "NOTE CEILING," which rate is the maximum
interest rate that may be applicable  to such  adjustable  rate Mortgage Loan at
any time during the life of such Mortgage Loan.

        Maximum  Net  Mortgage  Rate:  As to any  Group  II Loan and any date of
determination,  the Maximum Mortgage Rate minus the sum of (i) the rate at which
the related Subservicing Fee accrues and (ii) the Servicing Fee Rate.

     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.

        Minimum  Mortgage  Rate: As to any  adjustable  rate Mortgage  Loan, the
greater of (i) the Note Margin and (ii) the rate indicated in Exhibit F-2 hereto
as the "NOTE  FLOOR",  which  rate may be  applicable  to such  adjustable  rate
Mortgage Loan at any time during the life of such adjustable rate Mortgage Loan.

     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 the Due Date in any Due  Period,  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).

                                              30

<PAGE>

        Moody's: Moody's Investors Service, Inc., or its successor in interest.
        -------

        Mortgage:  With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating a first or junior lien on an estate in fee simple  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  Loan  Accrued  Interest:  With respect to each Neg Am Loan and
each Due Date, the aggregate  amount of interest accrued at the Mortgage Rate in
respect of such  Mortgage  Loan since the  preceding Due Date (or in the case of
the initial Due Date, since the Cut-off Date) to but not including such Due Date
with respect to which the Mortgage Loan Accrued  Interest is being calculated in
accordance  with the terms of such  Mortgage  Loan,  after giving  effect to any
previous Principal Prepayments, Deficient Valuation or Debt Service Reduction in
respect of such Neg Am Loan.

        Mortgage Loan Schedule:  The lists of the Mortgage Loans attached hereto
as Exhibit  F-1 and  Exhibit  F-2 (as  amended  from time to time to reflect the
addition of Qualified Substitute Mortgage Loans), which lists shall set forth at
a minimum the following information as to each Mortgage Loan:

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

        (ii)   [reserved];

        (iii) the maturity of the Mortgage Note  ("MATURITY  DATE", or "MATURITY
        DT" for Mortgage  Loans and if such Mortgage Loan is a Balloon Loan, the
        amortization term thereof;

        (iv)   the Mortgage Rate as of the Cut-off Date ("ORIG RATE")

          (v) the Mortgage  Rate as of the Cut-off Date for an  adjustable  rate
          Mortgage Loan ("CURR RATE");

        (vi)   the Net Mortgage Rate as of the Cut-off Date ("CURR NET");

        (vii) the scheduled  monthly payment of principal,  if any, and interest
        as of the  Cut-off  Date  ("ORIGINAL  P & I" or  "CURRENT P & I" for the
        adjustable rate Mortgage Loans);

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

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

                                              31

<PAGE>

        (x) a code "T", "BT" or "CT" under the column "LN  FEATURE,"  indicating
        that the Mortgage Loan is secured by a second or vacation residence (the
        absence of any such code means the Mortgage Loan is secured by a primary
        residence);

        (xi) a code "N"  under  the  column  "OCCP  CODE",  indicating  that the
        Mortgage Loan is secured by a non-owner  occupied residence (the absence
        of any such code means the Mortgage Loan is secured by an owner occupied
        residence);

          (xii) the Maximum Mortgage Rate for the adjustable rate Mortgage Loans
          ("NOTE CEILING");

          (xiii) the Maximum Net Mortgage Rate for the adjustable  rate Mortgage
          Loans ("NET CEILING");

          (xiv) the Note Margin for the  adjustable  rate Mortgage  Loans ("NOTE
          MARGIN");

          (xv)  the  Periodic  Cap  for  the  adjustable   rate  Mortgage  Loans
          ("PERIODIC DECR" or "PERIODIC INCR");

        (xvi)  the  rounding  of the  semi-annual  or annual  adjustment  to the
        Mortgage Rate with respect to the adjustable  rate Mortgage Loans ("NOTE
        METHOD"); and

        (xvii) whether such Mortgage Loan is a Neg Am Loan ("MAX NEG AM" greater
        than 100).

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

        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  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  Rate: As to any Mortgage  Loan, the interest rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.  The Mortgage  Rate on the  adjustable  rate  Mortgage  Loans will
adjust on each Adjustment Date to equal the sum (rounded to the nearest multiple
of  one-eighth  of one percent  (0.125%) or up to the nearest  one-eighth of one
percent,  which are indicated by a "U" on Exhibit F-1 or Exhibit F-2 hereto,  as
applicable, except in

                                              32

<PAGE>

the case of the adjustable  rate Mortgage  Loans  indicated by an "X" on Exhibit
F-1 or Exhibit F-2 hereto under the heading "NOTE METHOD"), of the related Index
plus the Note  Margin,  in each case  subject to the  applicable  Periodic  Cap,
Maximum Mortgage Rate and Minimum Mortgage Rate.

        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.

     Neg Am Loan:  Any Mortgage  Loan  providing for negative  amortization,  as
indicated in the Mortgage Loan Schedule.

     Net  Collections:  With respect to any Corrected  Mortgage  Loan, an amount
equal to all  payments on account of interest  and  principal  on such  Mortgage
Loan.

        Net Mortgage  Rate:  With respect to any Mortgage Loan as of any date of
determination,  a per annum rate equal to the  Adjusted  Mortgage  Rate for such
Mortgage Loan as of such date minus the Servicing Fee Rate;  provided that, with
respect to any Group II Loans,  (i) the Net Mortgage Rate becoming  effective on
any  Adjustment  Date shall not be greater  or less than the Net  Mortgage  Rate
immediately  prior to such  Adjustment  Date  plus or  minus  the  Periodic  Cap
applicable to such Group II Loan and (ii) the Net Mortgage Rate for any Group II
Loan shall not exceed a rate equal to the  Maximum  Net  Mortgage  Rate for such
Group II Loan.

        Net WAC  Rate:  With  respect  to any  Loan  Group II  Subgroup  and any
Distribution  Date,  a per annum rate equal to the  weighted  average of the Net
Mortgage  Rates (or, if  applicable,  the Modified  Net  Mortgage  Rates) on the
related Mortgage Loans as of the end of the calendar month immediately preceding
the month in which such Distribution  Date occurs,  weighted on the basis of the
respective  Stated  Principal  Balances  thereof   immediately   preceding  such
Distribution Date.

     Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount Mortgage
Loan.

        Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

        Non-United States Person: Any Person other than a United States Person.

        Nonrecoverable  Advance:  Any Advance  previously made or proposed to be
made by the Master  Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which,  in the good faith judgment of the Master  Servicer,  will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master  Servicer  from  related  Late  Collections,  Insurance  Proceeds,
Liquidation  Proceeds or REO  Proceeds.  To the extent that any Mortgagor is not
obligated under the related  Mortgage  documents to pay or reimburse any portion
of any 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  unpaid  Monthly  Payments  or other  amounts  which the  Master
Servicer had previously  advanced,  and the Master  Servicer  determines that no
other source of payment or  reimbursement  for such advances is available to it,
such Advances shall be deemed

                                              33

<PAGE>

to be nonrecoverable;  provided, however, that in connection with the foregoing,
the Master Servicer shall provide an Officers'  Certificate as described  below.
The  determination  by the  Master  Servicer  that it has made a  Nonrecoverable
Advance shall be evidenced by a certificate of a Servicing Officer,  Responsible
Officer or Vice  President  or its  equivalent  or senior  officer of the Master
Servicer,  delivered  to the  Depositor,  the  Trustee  and the Master  Servicer
setting forth such  determination,  which shall include any other information or
reports obtained by the Master Servicer such as property  operating  statements,
rent rolls,  property  inspection  reports and  engineering  reports,  which may
support such  determinations.  Notwithstanding  the above,  the Trustee shall be
entitled to rely upon any  determination by the Master Servicer that any Advance
previously made is a  Nonrecoverable  Advance or that any proposed  Advance,  if
made, would constitute a Nonrecoverable Advance.

     Nonsubserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is not subject to a Subservicing Agreement.

        Note  Margin:  As to each  adjustable  rate  Mortgage  Loan,  the  fixed
percentage  set forth in the related  Mortgage Note and indicated in Exhibit F-2
hereto  as the "NOTE  MARGIN,"  which  percentage  is added to the Index on each
Adjustment Date to determine (subject to rounding in accordance with the related
Mortgage  Note,  the  Periodic  Cap, the Maximum  Mortgage  Rate and the Minimum
Mortgage  Rate) the interest rate to be borne by such  adjustable  rate Mortgage
Loan until the next Adjustment Date.

        Notice: As defined in Section 4.04.

        Notional Amount: As of any Distribution  Date, with respect to any Class
A-I-IO Certificates or Subclass thereof issued pursuant to Section 5.01(d),  the
aggregate  Stated  Principal  Balance of the Group I Loans  corresponding to the
Uncertificated  Class A-I-IO  REMIC III 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).

        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 Depositor 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  Depositor  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 REMIC I,  REMIC  II or REMIC  III as  REMICs  or  compliance  with the  REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

        Outstanding  Mortgage  Loan:  As to the Due  Date in any Due  Period,  a
Mortgage  Loan  (including  an REO  Property)  that  was  not the  subject  of a
Principal  Prepayment in Full, Cash  Liquidation or REO Disposition and that was
not  purchased,  deleted or  substituted  for prior to such Due Date pursuant to
Section 2.02, 2.03, 2.04 or 4.07.

                                              34

<PAGE>

        Overcollateralized  Amount:  With respect to any Loan Group II Subgroup,
the  excess,  if any,  of (x) the  aggregate  Stated  Principal  Balance  of the
Mortgage Loans in such Loan Group II Subgroup over (y) the aggregate Certificate
Principal Balance of the related Group II Senior Certificates.

        Overcollateralized  Subgroup:  Any Loan  Group  II  Subgroup  where  the
aggregate Stated  Principal  Balance of the Mortgage Loans in such Loan Group II
Subgroup is greater  than the  aggregate  Certificate  Principal  Balance of the
related Group II Senior Certificates.

        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:  With respect to the Class A-I  Certificates  (other
than the Class A-I-IO  Certificates  and Class A-I-PO  Certificates),  Class M-I
Certificates and Class B-I Certificates and any Distribution Date, the per annum
rates set forth in the Preliminary  Statement hereto.  With respect to the Class
A-I-IO  Certificates  (other  than any  Subclass  thereof)  and (x) the  initial
Distribution  Date,  a rate  equal to 1.087%  per  annum and (y) any  subsequent
Distribution  Date,  a  rate  equal  to the  weighted  average,  expressed  as a
percentage,  of the Pool Strip  Rates of all Group I Loans as of the Due Date in
the related Due Period, weighted on the basis of the respective Stated Principal
Balances  of such  Group  I  Loans  as of the  day  immediately  preceding  such
Distribution  Date (or,  with respect to the initial  Distribution  Date, at the
close of business on the Cut-off  Date).  With  respect to any Subclass of Class
A-I-IO  Certificates  and any  Distribution  Date,  a rate equal to the weighted
average, expressed as a percentage, of the Pool Strip Rates of all Group I Loans
corresponding  to the  Uncertificated  Class A-I-IO REMIC III 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 Group
I Loans as of the day  immediately  preceding  such  Distribution  Date (or with
respect  to the  initial  Distribution  Date,  at the close of  business  on the
Cut-off Date). The Class A-I-PO  Certificates  have no Pass-Through Rate and are
not  entitled to Accrued  Certificate  Interest.  With respect to the Class A-II
Certificates and any Distribution Date, the weighted average of the Net Mortgage
Rates of the Mortgage  Loans in the related Loan Group II Subgroup as of the end
of the calendar month immediately preceding the month in which such Distribution
Date  occurs.  With  respect  to the Class  M-II  Certificates  and  Class  B-II
Certificates  and any  Distribution  Date,  the weighted  average of the Net WAC
Rates of each Loan Group II Subgroup,  weighted in  proportion to the results of
subtracting  from each Loan Group II Subgroup (to an amount not less than zero),
the  aggregate  Certificate  Principal  Balance of the  related  Group II Senior
Certificates.  The Class R Certificates  do not have a Pass-Through  Rate and do
not accrue interest.

     Paying Agent:  JPMorgan Chase Bank or any successor  Paying Agent appointed
by the Trustee.

        Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such  Certificate,  which  percentage  ownership  interest shall be
equal to the Initial  Certificate  Principal Balance thereof or Initial Notional
Amount  (in the case of any Class  A-I-IO  Certificate)  thereof  divided by the
aggregate Initial Certificate  Principal Balance or the aggregate of the Initial
Notional Amounts, as

                                              35

<PAGE>

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.

        Periodic Cap: With respect to each  adjustable  rate Mortgage  Loan, the
periodic  rate cap that  limits the  increase  or the  decrease  of the  related
Mortgage  Rate on any  Adjustment  Date  pursuant  to the  terms of the  related
Mortgage Note.

        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 a 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 and demand
        notes shall have a remaining maturity of not more than 30 days;

        (v) a money  market  fund or a qualified  investment  fund rated by each
        Rating Agency in its highest long-term rating available; and

                                              36

<PAGE>

        (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,  that 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 the
following:  A-1 in the case of Standard & Poor's, P-1 in the case of Moody's and
F-1 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.

        Pool Strip  Rate:  With  respect to each Group I Loan,  a per annum rate
equal to the excess of (a) the Net  Mortgage  Rate of such Group I Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Prepayment Assumption:  With respect to the Class A, Class M and Class B
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 45%
per annum with  respect to the Group I Loans,  and 40% per annum with respect to
the Group II 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  for  which  the  related  Senior
        Accelerated Distribution Percentage is equal to 100%, 0%.

               (ii) For any  Distribution  Date for which  clause (i) above does
        not apply,  and on which any Class of related  Subordinate  Certificates
        are outstanding:

                      (a) in  the  case  of the  Class  of  related  Subordinate
               Certificates  then outstanding with the Highest Priority and each
               other  Class of related  Subordinate  Certificates  for which the
               related Prepayment Distribution Trigger has been satisfied,

                                              37

<PAGE>

               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   related   Subordinate   Certificates   then
               outstanding  with the Highest  Priority and (2) all other Classes
               of  related  Subordinate  Certificates  for which the  respective
               Prepayment Distribution Triggers have been satisfied; and

                      (b) in the case of each other Class of related 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 Agreement  (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
        related 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 related 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 related
        Maturing  Class or  Classes  pursuant  to clause  (a) of this  sentence,
        expressed  as an  aggregate  percentage,  shall be  allocated  among the
        related   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 related  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 related  Maturing  Class had not
        been reduced to zero, plus (2) the related Adjustment Percentage.

        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 related  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 related  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

                                              38

<PAGE>

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  as  indicated  on Exhibit F-1 and Exhibit F-2 with the  exception  of
either code "23" or "96" under the column "MI CO CODE".

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

     Principal  Prepayment  in Full:  Any  Principal  Prepayment  of the  entire
principal balance of a Mortgage Loan that is made by the Mortgagor.

        Program  Guide:  The  Residential  Funding  Seller  Guide  for  mortgage
collateral  sellers that participate in Residential  Funding's standard mortgage
programs,  and Residential  Funding's Servicing Guide and any other subservicing
arrangements which Residential Funding has arranged to accommodate the servicing
of the Mortgage Loans.

        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 first day of the month  following  the month of purchase from the
Due Date to which interest was last paid by the Mortgagor.

        Qualified  Insurer: A mortgage guaranty insurance company duly qualified
as such under the laws of the state of its principal  place of business and each
state having  jurisdiction  over such insurer in  connection  with the insurance
policy issued by such insurer,  duly  authorized  and licensed in such states to
transact a mortgage guaranty  insurance business in such states and to write the
insurance  provided by the insurance policy issued by it, approved as a FNMA- or
FHLMC-approved  mortgage  insurer or having a claims paying ability rating of at
least "AA" or equivalent rating by a nationally

                                              39

<PAGE>

recognized statistical rating organization. Any replacement insurer with respect
to a Mortgage Loan must have at least as high a claims paying  ability rating as
the insurer it replaces had on the Closing Date.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Depositor for a Deleted Mortgage Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the  Trustee,  (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) in the case of the adjustable rate Mortgage Loans, (w) have a Mortgage Rate
that  adjusts with the same  frequency  and based upon the same Index as that of
the  Deleted  Mortgage  Loan,  (x) have a Note  Margin not less than that of the
Deleted Mortgage Loan; (y) have a Periodic Rate Cap that is equal to that of the
Deleted Mortgage Loan; and (z) have a next Adjustment Date no later than that of
the Deleted Mortgage Loan.

        Notwithstanding  any other  provisions  herein,  (x) with respect to any
Qualified Substitute Mortgage Loan substituted for a Deleted Mortgage Loan which
was a Discount Mortgage Loan, such Qualified  Substitute  Mortgage Loan shall be
deemed to be a Discount  Mortgage Loan and to have a Discount  Fraction equal to
the Discount Fraction of the Deleted Mortgage Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-I-IO 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: Standard & Poor's and Fitch. 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 Depositor,  notice
of which designation shall be given to the Trustee and the Master Servicer.

                                              40

<PAGE>

        Realized  Loss:  With respect to each Mortgage Loan (or REO Property) 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 last day of the month in which the Cash  Liquidation (or REO Disposition)
occurred on the Stated Principal Balance of such Mortgage Loan (or REO Property)
outstanding  during each Due Period that such interest was not paid or advanced,
minus (iii) the proceeds,  if any,  received during the month in which such Cash
Liquidation (or REO Disposition)  occurred,  to the extent applied as recoveries
of interest at the Net Mortgage Rate, and to principal of the Mortgage Loan, net
of the portion  thereof  reimbursable  to the Master Servicer or any Subservicer
with respect to related  Advances or expenses as to which the Master Servicer or
Subservicer  is entitled  to  reimbursement  thereunder  but which have not been
previously  reimbursed.  With respect to each Mortgage Loan which is the subject
of a Servicing  Modification,  (a) the amount by which the interest portion of a
Monthly Payment or the principal balance of such Mortgage Loan was reduced,  and
(b) 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.  With respect to each Mortgage Loan which has become the
subject of a Deficient  Valuation,  the difference between the principal balance
of the Mortgage Loan outstanding  immediately prior to such Deficient  Valuation
and the  principal  balance of the  Mortgage  Loan as  reduced by the  Deficient
Valuation.  With respect to each  Mortgage Loan which has become the object of a
Debt   Service   Reduction,   the  amount  of  such  Debt   Service   Reduction.
Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

        Record Date:  With respect to each  Distribution  Date 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.

     Regular  Certificates:  The Class A Certificates,  Class M Certificates and
Class B Certificates.

        Regular Interest: Any one of the regular interests in the Trust Fund.

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

     Relief  Act:  The  Soldiers'  and  Sailors'  Civil  Relief Act of 1940,  as
amended.

                                              41

<PAGE>

     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 I: The segregated  pool of assets subject  hereto,  constituting a
portion of the primary trust created  hereby and to be  administered  hereunder,
with respect to which a separate  REMIC  election is to be made (other than with
respect to the items in clause (v) and the proceeds thereof), consisting of: (i)
the Group I Loans and the  related  Mortgage  Files;  (ii) all  payments  on and
collections  in respect of the Group I Loans due after the Cut-off Date as shall
be on  deposit  in the  Custodial  Account  or in the  Certificate  Account  and
identified as belonging to the Trust Fund;  (iii) property which secured a Group
I Loan and which 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  Policy  pertaining to the Group I Loans, if any; and (v)
all proceeds of clauses (i) through (iv) above.

        REMIC I  Regular  Interests:  REMIC I  Regular  Interest  LT-I,  REMIC I
Regular Interest LT-I- IO and REMIC I Regular Interest LT-I-PO.

        REMIC I Regular  Interest  LT-I:  A regular  interest in REMIC I that is
held as an asset of REMIC III,  that has an initial  principal  balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
Uncertificated  REMIC I Pass-Through  Rate, and that has such other terms as are
described herein.

        REMIC I Regular Interest LT-I-IO:  A regular interest in REMIC I that is
held as an asset of REMIC III,  that has an initial  principal  balance equal to
the related  Uncertificated  Notional Amount, that bears interest at the related
Uncertificated  REMIC I Pass-Through  Rate, and that has such other terms as are
described herein.

        REMIC I Regular Interest LT-I-PO:  A regular interest in REMIC I that is
held as an asset of REMIC III,  that has an initial  principal  balance equal to
the related  Uncertificated  Principal Balance, that does not bear interest, and
that has such other terms as are described herein.

        REMIC II: The segregated pool of assets subject  hereto,  constituting a
portion of the primary trust created  hereby and to be  administered  hereunder,
with respect to which a separate  REMIC  election is to be made (other than with
respect to the items in clause (v) and the proceeds thereof), consisting of: (i)
the Group II Loans and the  related  Mortgage  Files;  (ii) all  payments on and
collections in respect of the Group II Loans due after the Cut-off Date as shall
be on  deposit  in the  Custodial  Account  or in the  Certificate  Account  and
identified as belonging to the Trust Fund;  (iii) property which secured a Group
II Loan and which has been acquired for the benefit of the Certificateholders by
foreclosure or deed in lieu of foreclosure;  (iv) the hazard insurance  policies
and

                                              42

<PAGE>

Primary  Insurance Policy  pertaining to the Group II Loans, if any; and (v) all
proceeds of clauses (i) through (iv) above.

        REMIC II Regular Interests: REMIC II Regular Interest LT-II-1SUB,  REMIC
II Regular Interest LT-II-1ZZ,  REMIC II Regular Interest  LT-II-2SUB,  REMIC II
Regular  Interest  LT-II-2ZZ,  REMIC II Regular  Interest  LT-II-3SUB,  REMIC II
Regular Interest  LT-II-3ZZ,  REMIC II Regular Interest  LT-II-4SUB and REMIC II
Regular Interest LT-II-4ZZ.

        REMIC II Regular  Interest  LT-II-1SUB:  A regular  interest in REMIC II
that is held as an asset of REMIC  III,  that has an initial  principal  balance
equal to the related  Uncertificated  Principal Balance,  that bears interest at
the related  Uncertificated  REMIC II Pass-Through Rate, and that has such other
terms as are described herein.

        REMIC II Regular Interest LT-II-1ZZ: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
Uncertificated  REMIC II Pass-Through Rate, and that has such other terms as are
described herein.

        REMIC II Regular  Interest  LT-II-2SUB:  A regular  interest in REMIC II
that is held as an asset of REMIC  III,  that has an initial  principal  balance
equal to the related  Uncertificated  Principal Balance,  that bears interest at
the related  Uncertificated  REMIC II Pass-Through Rate, and that has such other
terms as are described herein.

        REMIC II Regular Interest LT-II-2ZZ: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
Uncertificated  REMIC II Pass-Through Rate, and that has such other terms as are
described herein.

        REMIC II Regular  Interest  LT-II-3SUB:  A regular  interest in REMIC II
that is held as an asset of REMIC  III,  that has an initial  principal  balance
equal to the related  Uncertificated  Principal Balance,  that bears interest at
the related  Uncertificated  REMIC II Pass-Through Rate, and that has such other
terms as are described herein.

        REMIC II Regular Interest LT-II-3ZZ: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
Uncertificated  REMIC II Pass-Through Rate, and that has such other terms as are
described herein.

        REMIC II Regular  Interest  LT-II-4SUB:  A regular  interest in REMIC II
that is held as an asset of REMIC  III,  that has an initial  principal  balance
equal to the related  Uncertificated  Principal Balance,  that bears interest at
the related  Uncertificated  REMIC II Pass-Through Rate, and that has such other
terms as are described herein.

        REMIC II Regular Interest LT-II-4ZZ: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal

                                              43

<PAGE>

Balance, that bears interest at the related Uncertificated REMIC II Pass-Through
Rate, and that has such other terms as are described herein.

        REMIC II Subordinated  Balance Ratio: The ratio among the Uncertificated
Principal  Balances  of each of the REMIC II Regular  Interests  ending with the
designation "SUB" equal to the ratio among:

(1) the excess of (x) the aggregate  Scheduled Principal Balance of the Group II
Subgroup 1 Mortgage  Loans over (y) the  Current  Principal  Amount of the Class
A-II-1 Certificates;

(2) the excess of (x) the aggregate  Scheduled Principal Balance of the Group II
Subgroup 2 Mortgage  Loans over (y) the  Current  Principal  Amount of the Class
A-II-2 Certificates;

(3) the excess of (x) the aggregate  Scheduled Principal Balance of the Group II
Subgroup 3 Mortgage  Loans over (y) the  Current  Principal  Amount of the Class
A-II-3 Certificates; and

(4) the excess of (x) the aggregate  Scheduled Principal Balance of the Group II
Subgroup 4 Mortgage  Loans over (y) the  Current  Principal  Amount of the Class
A-II-4 Certificates.

        REMIC III: The segregated pool of assets subject hereto,  constituting a
portion of the primary trust created  hereby and to be  administered  hereunder,
with respect to which a separate REMIC election is to be made, consisting of the
REMIC I Regular Interests and the REMIC II Regular Interests.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received substantially 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 a rate equal to the sum of 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

                                              44

<PAGE>

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.

        Repurchase Event: As defined in the Assignment Agreement.

        Repurchase  Price:  With  respect  to any  Deleted  Mortgage  Loan to be
replaced by the substitution of one or more Qualified  Substitute Mortgage Loans
pursuant to Section 2.03, an amount,  calculated  by the Master  Servicer  equal
to:(a) the unpaid  principal  balance of such  Mortgage Loan (or, in the case of
any REO Property, the related Mortgage Loan) (after application of all principal
payments (including prepayments) collected and other principal amounts recovered
on such Mortgage Loan) as of the date of receipt of the Repurchase  Price or the
date of  substitution,  as the case may be,  hereunder;  plus(b) unpaid interest
accrued on such Mortgage  Loan or Mortgage  Loan related to an REO Property,  as
applicable,  at the related  Mortgage  Rate (after  application  of all interest
payments collected and other amounts recovered (and applied to accrued interest)
on such  Mortgage  Loan) to, but not  including,  the Due Date in the Due Period
during  which the  applicable  purchase  or  substitution  occurs;  plus(c)  any
unreimbursed  Servicing  Advances,  all accrued and unpaid interest on Advances,
any unpaid  servicing  compensation  (other than Master Servicer fees),  and any
unpaid or  unreimbursed  expenses of the Trust Fund  allocable to such  Mortgage
Loan or Mortgage Loan related to an REO Property, as applicable,  as of the date
of receipt of such Repurchase Price or the date of substitution, as the case may
be,  hereunder;  plus(d) in the event that such  Mortgage  Loan or Mortgage Loan
related to an REO Property,  as  applicable,  is required to be  repurchased  or
replaced  pursuant  to  Section  2.03,  expenses  reasonably  incurred  or to be
incurred  by the  Master  Servicer  or the  Trustee  in respect of the breach or
defect giving rise to the  repurchase or replacement  obligation,  including any
expenses  arising  out  of the  enforcement  of the  repurchase  or  replacement
obligation.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit G 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.

     Residential   Funding:   Residential   Funding   Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage  Loans to the  Depositor
and any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee with direct responsibility for the administration of this Agreement.

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions  with respect to the Discount  Mortgage  Loans,  attached as Exhibit P
hereof.

                                              45

<PAGE>

     Security  Agreement:  With respect to a  Cooperative  Loan,  the  agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

     Senior Certificates: Either of the Group I Senior Certificates or the Group
II Senior Certificates, as the context requires.

        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 (a) the Group I Senior Certificates (other than
the Class A-I-PO Certificates), (b) the Class A-II-1 Certificates, (c) the Class
A-II-2 Certificates,  (d) the Class A-II-3 Certificates, or (e) the Class A-II-4
Certificates,  in each case immediately  prior to such Distribution Date and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount Mortgage Loan) in the related Loan Group or Loan Group
II Subgroup, as applicable, immediately prior to such Distribution Date.

        Senior Principal  Distribution  Amount: As to any Distribution Date, the
lesser of (a) the balance of the related 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 Agreement, and (b) the sum
of  the   amounts   required   to  be   distributed   to  the   related   Senior
Certificateholders on such Distribution Date pursuant to Section 4.02(a)(ii)(Y),
(xvi) and (xvii) of this Agreement.

     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  in the  performance  of its
servicing  obligations,  including,  but not  limited  to,  the  cost of (i) the
preservation,  restoration  and  protection  of a  Mortgaged  Property  or, with
respect to a  Cooperative  Loan,  the related  Cooperative  Apartment,  (ii) any
enforcement  or judicial  proceedings,  including  foreclosures,  including  any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property and (iv) compliance  with the obligations  under
Sections 3.01, 3.08, 3.12(a) and 3.14, including,  if the Master Servicer or any
Affiliate  of the Master  Servicer  provides  services  such as  appraisals  and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that  accrues at an annual  rate equal to the  Servicing  Fee Rate
multiplied  by the  Stated  Principal  Balance of such  Mortgage  Loan as of the
related  Due Date in the related  Due  Period,  as may be  adjusted  pursuant to
Section 3.16(e).

        Servicing  Fee Rate:  The sum of the per annum rates  designated  on the
Mortgage Loan Schedule as the "MSTR SERV FEE" as may be adjusted with respect to
successor Master Servicers as provided in Section 7.02.

                                              46

<PAGE>

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage Loan that is in default or, in the
judgment of the Master Servicer, default is reasonably foreseeable pursuant to a
modification of such Mortgage Loan in accordance with Section 3.07(a).

        Servicing  Officer:  Any officer of the Master Servicer  involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

        Special  Hazard Loss:  Any Realized  Loss not in excess of the lesser of
the cost of repair or the cost of 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, or its successor in interest.

        Startup Date: The day designated as such pursuant to Article X hereof.

        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, and (b) any Deferred Interest added thereto, minus
(ii) the sum of (x) 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, (y) 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 or
4.03 on any previous  Distribution  Date, and (z) any Realized Loss allocated to
Certificateholders with respect thereto for any previous Distribution Date.

        Subclass:  With respect to the Class A-I-IO  Certificates,  any Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated Class A-I-IO REMIC Regular Interest or Interests specified by the
initial Holder of the Class A-I-IO Certificates pursuant to Section 5.01(c).

     Subordination:  The  provisions  described in Section 4.05  relating to the
allocation of Realized Losses.

        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.

                                              47

<PAGE>

        Subordinate Class Percentage:  With respect to any Distribution Date and
any  Class of Group I  Subordinate  Certificates,  a  fraction,  expressed  as a
percentage,  the  numerator  of which  is the  aggregate  Certificate  Principal
Balance of such Class of Group I Subordinate  Certificates  immediately prior to
such  Distribution  Date and the  denominator  of which is the aggregate  Stated
Principal Balance of all of the Group I Loans (or related REO Properties) (other
than the related Discount  Fraction of each Discount  Mortgage Loan) immediately
prior to such  Distribution  Date. With respect to any Distribution Date and any
Class  of  Group  II  Subordinate  Certificates,  a  fraction,  expressed  as  a
percentage,  the numerator of which is the Certificate Principal Balance of such
Class  of  Group  II  Subordinate   Certificates   immediately   prior  to  such
Distribution  Date and the  denominator  of which is the  aggregate  Certificate
Principal  Balance  of each  Class  of Group II  Subordinate  Certificates  then
outstanding.

     Subordinate Percentage: As of any Distribution Date, 100% minus the related
Senior Percentage as of such Distribution Date.

        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)(A) in the case of the Group I Subordinate Certificates, 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  Agreement  (without  giving  effect  to the
related  Senior  Percentage)  and (B) in the case of the  Group  II  Subordinate
Certificates, 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  Agreement
(without  giving  effect to the related  Senior  Percentage),  to the extent not
payable to the related  Senior  Certificates;  (ii) such Class's pro rata share,
based on the Certificate  Principal Balance of each Class of related Subordinate
Certificates then outstanding, of the principal collections described in Section
4.02(a)(ii)(Y)(B)(b)  of this  Agreement  (without  giving effect to the related
Senior Accelerated  Distribution  Percentage) to the extent such collections are
not otherwise distributed to the related 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, in the case
of the Group I Subordinate  Certificates,  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 related  Senior  Certificates;
(iv) if such  Class is the Class of Group I  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 related  Subordinate  Certificates  minus (b) with  respect to the
Class of Group I Subordinate  Certificates with the Lowest Priority,  any Excess
Subordinate Principal Amount for such Distribution Date; provided, however, that
the  Subordinate  Principal  Distribution  Amount  for any Class of  Subordinate
Certificates on any  Distribution  Date shall in no event exceed the outstanding
Certificate Principal Balance of such Class of Certificates immediately prior to
such date.

     Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

                                              48

<PAGE>

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been approved by the Master Servicer and the Depositor.

        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 with respect to each  Distribution  Date at an annual rate designated as
"SUBSERV FEE" in Exhibit F-1 and Exhibit F-2.

        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 REMIC I,  REMIC II and  REMIC  III due to their  classification  as
REMICs under the REMIC Provisions,  together with any and all other information,
reports   or   returns   that  may  be   required   to  be   furnished   to  the
Certificateholders  or filed  with the  Internal  Revenue  Service  or any other
governmental taxing authority under any applicable provisions of federal,  state
or local tax laws.

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund: Collectively, the assets of REMIC I, REMIC II and REMIC III.

        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.

                                              49

<PAGE>

        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-I-IO 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  Class  A-I-IO  REMIC  III  Regular  Interests:  The  619
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund numbered  sequentially  from 1 through  619each  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  Notional  Amount:  With  respect to each  Uncertificated
Class A-I-IO REMIC III Regular Interest,  the aggregate Stated Principal Balance
of the related Mortgage Loan.

        Uncertificated  REMIC I  Pass-Through  Rate:  With  respect  to  REMIC I
Regular Interest LT-I, 7.00% per annum; with respect to REMIC I Regular Interest
LT-I-PO,  0.00% per  annum;  and with  respect  to each  Uncertificated  REMIC I
Regular Interest LT-I-IO, the related Uncertificated REMIC Regular Interest Pool
Strip Rate.

        Uncertificated  REMIC II Pass-Through Rate: With respect to (i) REMIC II
Regular Interest  LT-II-1SUB,  (ii) REMIC II Regular Interest  LT-II-1ZZ,  (iii)
REMIC II Regular Interest LT-II- 2SUB, (iv) REMIC II Regular Interest LT-II-2ZZ,
(v)  REMIC II  Regular  Interest  LT-II-3SUB,  (vi)  REMIC II  Regular  Interest
LT-II-3ZZ,  (vii)  REMIC II Regular  Interest  LT-II-4SUB  and  (viii)  REMIC II
Regular Interest  LT-II-4ZZ,  (i) the weighted average of the Net Mortgage Rates
of the Mortgage Loans in Loan Group II subgroup 1, (ii) the weighted  average of
the Net Mortgage  Rates of the Mortgage Loans in Loan Group II subgroup 1, (iii)
the  weighted  average of the Net Mortgage  Rates of the Mortgage  Loans in Loan
Group II subgroup 2, (iv) the weighted  average of the Net Mortgage Rates of the
Mortgage Loans in Loan Group II subgroup 2, (v) the weighted  average of the Net
Mortgage  Rates of the  Mortgage  Loans in Loan  Group II  subgroup  3, (vi) the
weighted  average of the Net Mortgage  Rates of the Mortgage Loans in Loan Group
II  subgroup  3, (vii) the  weighted  average of the Net  Mortgage  Rates of the
Mortgage  Loans in Loan Group II subgroup 4 and (viii) the  weighted  average of
the Net  Mortgage  Rates of the  Mortgage  Loans in Loan  Group II  subgroup  4,
respectively.

     Uncertificated REMIC Regular Interest Pool Strip Rate: With respect to each
Uncertificated  REMIC  Regular  Interest,  the Pool Strip  Rate for the  related
Mortgage Loan.

                                              50

<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 619 uncertificated  partial
undivided  beneficial  ownership interests in the Trust Fund, each relating to a
Group I Loan  with a Net  Mortgage  Rate in  excess  of  7.00%,  each  having no
principal  balance and each bearing  interest at the  respective  Uncertificated
Pass-Through Rate on the respective Uncertificated Notional Amount.

        Undercollateralized  Amount: With respect to any Loan Group II Subgroup,
the excess,  if any, of (x) the aggregate  Certificate  Principal Balance of the
related Group II Senior  Certificates  over (y) the aggregate  Stated  Principal
Balance of the Mortgage Loans in such Loan Group II Subgroup.

     Undercollateralized  Group II  Senior  Certificates:  Any  Group II  Senior
Certificates related to an Undercollateralized Subgroup.

     Undercollateralized   Subgroup:   Any  Loan  Group  II  Subgroup  where  an
Undercollateralized Amount exists.

        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   (treated  as  a  corporation  or
partnership for United States federal income tax purposes)  created or organized
in, or under the laws of, the United States, any state thereof,  or the District
of  Columbia  (except in the case of a  partnership,  to the extent  provided in
Treasury  regulations) provided that, for purposes solely of the restrictions on
the transfer of Class R Certificates,  no partnership or other entity treated as
a partnership  for United States federal income tax purposes shall be treated as
a  United  States  Person  unless  all  persons  that  own an  interest  in such
partnership  either directly or through any entity that is not a corporation for
United  States  federal  income tax  purposes  are  required  by the  applicable
operative  agreement to be United States Persons, 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.

        VA: The Veterans Administration, or its successor.

        Voting  Rights:  The  portion  of  the  voting  rights  of  all  of  the
Certificates which is allocated to any Certificate.  98.00% of all of the Voting
Rights shall be allocated among Holders of the Class A Certificates  (other than
the  Class  A-I-IO  Certificates),  the  Class M  Certificates  and the  Class B
Certificates, in proportion to the outstanding Certificate Principal Balances of
their respective Certificates; 1% of all of the Voting Rights shall be allocated
among  Holders  of the Class  A-I-IO  Certificates;  and 1% of all of the Voting
Rights  shall be  allocated  among the Holders of the Class R-I,  Class R-II and
Class R-III Certificates on a pro rata basis, in each case to be allocated among
the  Certificates of such Class in accordance with their  respective  Percentage
Interest.

                                              51

<PAGE>

                                          ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES

        Section 2.01. Conveyance of Mortgage Loans.

        (a) The Depositor,  concurrently with the execution and delivery hereof,
does hereby  assign to the Trustee  without  recourse  all the right,  title and
interest  of the  Depositor  in and to (i) the  Mortgage  Loans,  including  all
interest and principal  received on or with respect to the Mortgage  Loans after
the Cut-off Date; and (ii) all proceeds of the foregoing.

        (b) In connection with such assignment,  and contemporaneously  with the
delivery of this  Agreement,  and except as set forth in Section  2.01(c) below,
the Depositor does hereby  deliver to, and deposit with, the Trustee,  or to and
with one or more  Custodians,  as the duly  appointed  agent  or  agents  of the
Trustee for such purpose,  the  following  documents or  instruments  (or copies
thereof as permitted by this Section)

        (I)  with  respect  to each  Mortgage  Loan so  assigned  (other  than a
Cooperative Loan):

               (i) The original Mortgage Note,  endorsed without recourse to the
        order of the Trustee and showing an unbroken chain of endorsements  from
        the  originator  thereof to the Person  endorsing it to the Trustee,  or
        with  respect to any  Destroyed  Mortgage  Note,  an original  lost note
        affidavit from the related Seller or  Residential  Funding  stating that
        the original  Mortgage Note was lost,  misplaced or destroyed,  together
        with a copy of the related Mortgage Note;

               (ii) The original Mortgage, noting the presence of the MIN of the
        Mortgage  Loan and language  indicating  that the Mortgage Loan is a MOM
        Loan if the  Mortgage  Loan is a MOM Loan,  with  evidence of  recording
        thereon or, if the original  Mortgage has not yet been returned from the
        public recording  office, a copy of the original  Mortgage with evidence
        of recording indicated thereon;

               (iii)  Unless the  Mortgage  Loan is  registered  on the  MERS(R)
        System,  the  Assignment  (which may be included in one or more  blanket
        assignments  if  permitted  by  applicable  law) 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 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;

                                              52

<PAGE>

               (v) The original of each  modification,  assumption  agreement or
        preferred loan agreement,  if any,  relating to such Mortgage Loan, or a
        copy  of each  modification,  assumption  agreement  or  preferred  loan
        agreement; and

        and (II) with respect to each Cooperative Loan so assigned:

               (i) The original Mortgage Note,  endorsed without recourse to the
        order of the Trustee and showing an unbroken chain of endorsements  from
        the  originator  thereof to the Person  endorsing it to the Trustee,  or
        with  respect to any  Destroyed  Mortgage  Note,  an original  lost note
        affidavit from the related Seller or  Residential  Funding  stating that
        the original  Mortgage Note was lost,  misplaced or destroyed,  together
        with a copy of the related Mortgage Note;

               (ii) A counterpart of the Cooperative Lease and the Assignment of
        Proprietary  Lease  to the  originator  of  the  Cooperative  Loan  with
        intervening  assignments  showing an  unbroken  chain of title from such
        originator to the Trustee;

               (iii) The related Cooperative Stock Certificate, representing the
        related Cooperative Stock pledged with respect to such Cooperative Loan,
        together  with an  undated  stock  power (or other  similar  instrument)
        executed in blank;

               (iv) The original recognition agreement by the Cooperative of the
          interests of the  mortgagee  with  respect to the related  Cooperative
          Loan;

               (v)    The Security Agreement;

               (vi) Copies of the original UCC-1  financing  statement,  and any
        continuation  statements,  filed by the  originator of such  Cooperative
        Loan  as  secured  party,  each  with  evidence  of  recording  thereof,
        evidencing the interest of the originator  under the Security  Agreement
        and the Assignment of Proprietary Lease;

               (vii)  Copies  of the filed  UCC-3  assignments  of the  security
        interest  referenced in clause (vi) above  showing an unbroken  chain of
        title  from  the  originator  to the  Trustee,  each  with  evidence  of
        recording  thereof,  evidencing the interest of the originator under the
        Security Agreement and the Assignment of Proprietary Lease;

               (viii) An executed  assignment of the interest of the  originator
        in the  Security  Agreement,  Assignment  of  Proprietary  Lease and the
        recognition  agreement  referenced  in clause  (iv)  above,  showing  an
        unbroken chain of title from the originator to the Trustee;

               (ix) The original of each modification,  assumption  agreement or
        preferred loan agreement, if any, relating to such Cooperative Loan; and

               (x)  A  duly  completed   UCC-1   financing   statement   showing
        Residential  Funding as debtor,  the  Depositor as secured party and the
        Trustee as  assignee  and a duly  completed  UCC-1  financing  statement
        showing the Depositor as debtor and the Trustee as secured

                                              53

<PAGE>

        party, each in a form sufficient for filing,  evidencing the interest of
        such debtors in the Cooperative Loans.

        The Depositor  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.

        (c) In  connection  with any  Mortgage  Loan,  if the  Depositor  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 Depositor shall deliver or cause to be delivered to the
Trustee  or the  respective  Custodian  a copy  of  such  Mortgage,  assignment,
modification, assumption agreement or preferred loan agreement.

        The Depositor  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 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  Residential  Funding
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 Depositor because of
any defect therein,  the Depositor 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,  Form UCC-3 or Form UCC-1, as applicable,  to be recorded
in accordance with this paragraph. The Depositor shall promptly deliver or cause
to be  delivered to the Trustee or the  respective  Custodian  such  Mortgage or
Assignment,  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 upon
receipt  thereof  from  the  public   recording   office  or  from  the  related
Subservicer.  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.

                                              54

<PAGE>

        If the Depositor  delivers to the Trustee or Custodian any Mortgage Note
or Assignment  of Mortgage in blank,  the  Depositor  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  Depositor  further  agrees  that  it will  cause,  at the
Depositor's  own  expense,  within 30 days after the Closing  Date,  the MERS(R)
System to indicate that such Mortgage  Loans have been assigned by the Depositor
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 Depositor  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.

        (d) It is intended that the  conveyances by the Depositor to the Trustee
of the  Mortgage  Loans as provided  for in this  Section 2.01 be construed as a
sale by the  Depositor to the Trustee of the  Mortgage  Loans for the benefit of
the Certificateholders.  Further, it is not intended that any such conveyance be
deemed to be a pledge of the Mortgage  Loans by the  Depositor to the Trustee to
secure a debt or other obligation of the Depositor.  However,  in the event that
the Mortgage  Loans are held to be property of the  Depositor or of  Residential
Funding,  or if for any  reason  this  Agreement  is held or  deemed to create a
security  interest in the  Mortgage  Loans,  then it is  intended  that (a) this
Agreement shall also be deemed to 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  conveyances
provided  for in this  Section  2.01  shall be  deemed  to be (1) a grant by the
Depositor to the Trustee of a security  interest in all of the Depositor's right
(including the power to convey title thereto),  title and interest,  whether now
owned or hereafter  acquired,  in and to (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 and (C) any and all general  intangibles  consisting of, arising from or
relating to any of the foregoing, and 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  Depositor  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

                                              55

<PAGE>

acquired,  in and to the property described in the foregoing clauses (1)(A), (B)
and  (C)  granted  by  Residential  Funding  to the  Depositor  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,  negotiable documents 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 Uniform  Commercial Code as in effect in the
States of New York and Minnesota and any other applicable jurisdiction;  and (d)
notifications to persons holding such property, and acknowledgments, receipts or
confirmations from persons holding such property,  shall be deemed notifications
to,   or   acknowledgments,    receipts   or   confirmations   from,   financial
intermediaries, bailees or agents (as applicable) of the Trustee for the purpose
of perfecting such security interest under applicable law.

        The Depositor and, at the Depositor'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
deemed  to  create a  security  interest  in the  Mortgage  Loans  and the other
property  described  above,  such  security  interest  would be  deemed  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  Depositor  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  Depositor,  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 as  evidenced  by an  Officers'  Certificate  of the  Depositor,
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 Depositor 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  Depositor  or (3) any  transfer  of any
interest of Residential Funding or the Depositor in any 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 an  Assignment  of Mortgage  may be 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,  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)

                                              56

<PAGE>

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  Depositor or the Master  Servicer,  the
Trustee shall acknowledge receipt (or, with respect to Mortgage Loans subject to
a Custodial Agreement, and based solely upon a receipt or certification executed
by the  Custodian,  receipt by the  respective  Custodian as the duly  appointed
agent of the Trustee) of the documents  referred to in Section 2.01(c) above. If
the  Custodian,  as  the  Trustee's  agent,  finds  any  document  or  documents
constituting  a part of a Mortgage File to be missing or defective,  the Trustee
shall promptly so notify the Master Servicer and the Depositor;  provided,  that
if the Mortgage  Loan related to such  Mortgage  File is listed on Schedule A of
the  Assignment  Agreement,  no  notification  shall be  necessary.  Pursuant to
Section 2.3 of the Custodial  Agreement,  the  Custodian  will notify the Master
Servicer,  the Depositor and the Trustee of any such omission or defect found by
it in  respect  of any  Mortgage  File  held by it. If such  omission  or defect
materially and adversely  affects the interests in the related  Mortgage Loan of
the  Certificateholders,  the Master  Servicer shall promptly notify the related
Subservicer of such omission or defect and request that such Subservicer 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  does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  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;  and provided further, that no
cure, substitution or repurchase shall be required if such omission or defect is
in respect of a Mortgage Loan listed on Schedule A of the Assignment  Agreement.
The Purchase Price for any such Mortgage Loan 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 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  Residential  Funding 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  Residential  Funding 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 Subservicer,
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 Certificateholders.

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

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<PAGE>

        (a) The Master  Servicer  hereby  represents and warrants to the Trustee
for the benefit of the Certificateholders that:

               (i) The Master Servicer is a corporation duly organized,  validly
        existing and in good standing  under the laws governing its creation and
        existence and is or will be in compliance with the laws of each state in
        which any  Mortgaged  Property  is located to the  extent  necessary  to
        ensure the  enforceability  of each Mortgage Loan in accordance with the
        terms of this Agreement;

               (ii) The execution  and delivery of this  Agreement by the Master
        Servicer  and its  performance  and  compliance  with the  terms of this
        Agreement  will  not  violate  the  Master  Servicer's   Certificate  of
        Incorporation  or Bylaws or  constitute a material  default (or an event
        which,  with  notice  or lapse of time,  or  both,  would  constitute  a
        material  default)  under,  or result in the  material  breach  of,  any
        material  contract,  agreement or other  instrument  to which the Master
        Servicer is a party or which may be applicable to the Master Servicer or
        any of its assets;

               (iii) This Agreement,  assuming due authorization,  execution and
        delivery by the Trustee and the  Depositor,  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 Depositor, any Affiliate
        of the  Depositor  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

                                              58

<PAGE>

        existing  Subservicing  Agreement and each  designated  Subservicer  are
        acceptable to the Master  Servicer and any new  Subservicing  Agreements
        will comply with the provisions of Section 3.02; and

               (ix) The Master  Servicer  is a member of MERS in good  standing,
        and will comply in all material  respects with the rules and  procedures
        of MERS in connection  with the servicing of the Mortgage Loans that are
        registered with MERS.

        It is understood and agreed that the  representations and warranties set
forth in this Section 2.03(a) shall survive delivery of the respective  Mortgage
Files to the Trustee or any  Custodian.  Upon discovery by either the Depositor,
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) The Depositor hereby  represents and warrants to the Trustee for the
benefit of the Certificateholders  that as of the Closing Date (or, if otherwise
specified below, as of the date so specified):  (i) The information set forth in
Exhibit F-1 and Exhibit F-2 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  respective  date or dates  which such  information  is  furnished;  (ii)
Immediately  prior to the conveyance of the Mortgage  Loans to the Trustee,  the
Depositor  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  conveyance  validly
transfers  ownership of the Mortgage  Loans to the Trustee free and clear of any
pledge,  lien,  encumbrance or security  interest;  and (iii) 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).  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  Depositor,  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)  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);  provided,
however,  that in the event of a breach of the  representation  and warranty set
forth in Section 2.03(b)(iii), 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 Depositor shall either (i) cure such breach in
all material respects or (ii) purchase such Mortgage Loan from the

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<PAGE>

Trust Fund at the  Purchase  Price and in the manner set forth in Section  2.02;
provided  that the  Depositor  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,
substitution  or repurchase  must occur within 90 days from the date such breach
was discovered.  Any such substitution  shall be effected by the Depositor 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
Depositor 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  Depositor  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 Residential Funding.

        The Depositor,  as assignee of Residential  Funding under the Assignment
Agreement,   hereby   assigns   to  the   Trustee   for  the   benefit   of  the
Certificateholders  all of its  right,  title and  interest  in  respect  of the
Assignment  Agreement  applicable to a Mortgage Loan.  Insofar as the Assignment
Agreement  relates to the  representations  and  warranties  made by Residential
Funding 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 Depositor,  the Master  Servicer,
the  Trustee  or any  Custodian  of a breach of any of the  representations  and
warranties  made in the Assignment  Agreement in respect of any Mortgage Loan or
of any Repurchase Event 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  Residential  Funding of such breach or Repurchase Event and request that
Residential  Funding  either  (i) cure such  breach or  Repurchase  Event in all
material  respects within 90 days from the date the Master Servicer was notified
of such breach or Repurchase  Event 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 or Repurchase  Event 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 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,
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

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<PAGE>

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  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 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,   and
Residential  Funding  shall  be  deemed  to have  made the  representations  and
warranties with respect to the Qualified  Substitute  Mortgage Loan contained in
Section 4 of the Assignment Agreement,  as of the date of substitution,  and the
covenants, representations and warranties set forth in this Section 2.04, and 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 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 REMIC I, REMIC II or REMIC
III to  fail  to  qualify  as a  REMIC  at any  time  that  any  Certificate  is
outstanding.  It is understood and agreed that the obligation of the Residential
Funding 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 the 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 right,  title and  interest  in  respect  of the  Assignment
Agreement applicable to such Mortgage Loan.

          Section 2.05. Execution and Authentication of Certificates; Conveyance
               of Uncertificated REMIC Regular Interests.

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        (a) 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 Depositor executed by an officer of the Depositor,
has executed and caused to be  authenticated  and delivered to or upon the order
of the Depositor the  Certificates  in authorized  denominations  which evidence
ownership of the entire Trust Fund.

        (b) The Depositor,  concurrently with the execution and delivery hereof,
does hereby  transfer,  assign,  set over and  otherwise  convey in trust to the
Trustee without  recourse all the right,  title and interest of the Depositor in
and to the REMIC I Regular  Interests and the REMIC II Regular  Interest for the
benefit of the Holders of the REMIC III Regular Interests and the Holders of the
Class  R-III  Certificates.  The  Trustee  acknowledges  receipt  of the REMIC I
Regular  Interests  and  the  REMIC  II  Regular  Interest  (each  of  which  is
uncertificated)  and declares  that it holds and will hold the same in trust for
the exclusive use and benefit of the Holders of the REMIC III Regular  Interests
and Holders of the Class R-III  Certificates.  The  interests  evidenced  by the
Class  R-III  Certificates,  together  with the  REMIC  III  Regular  Interests,
constitute the entire beneficial ownership interest in REMIC III.

        (c) In exchange  for the REMIC II Regular  Interests  and,  concurrently
with the assignment to the Trustee  thereof,  pursuant to the written request of
the Depositor executed by an officer of the Depositor, the Trustee has executed,
authenticated  and delivered to or upon the order of the Depositor,  the Regular
Certificates  in authorized  denominations  evidencing  (together with the Class
R-III Certificates) the entire beneficial ownership interest in REMIC III.

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                                   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,  following such  procedures as it would employ in its good faith business
judgment  and  which are  normal  and usual in its  general  mortgage  servicing
activities,  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
completion  of  judicial  or  non-judicial  foreclosure,  the  conveyance  of  a
Mortgaged  Property to the related  insurer,  the  acquisition  of any  property
acquired  by  foreclosure  or deed in lieu of  foreclosure,  or the  management,
marketing and conveyance of any property acquired by foreclosure or deed in lieu
of  foreclosure  with  respect  to the  Mortgage  Loans and with  respect to the
Mortgaged Properties.

        The Master Servicer  further is authorized and empowered by the Trustee,
on behalf of the  Certificateholders  and the Trustee, in its own name or in the
name of the  Subservicer,  when the Master Servicer or the  Subservicer,  as the
case may be,  believes it is  appropriate  in its best  judgment to register any
Mortgage Loan on the MERS(R) System,  or cause the removal from the registration
of any Mortgage Loan on the MERS(R) System, to execute and deliver, on behalf of
the Trustee and the  Certificateholders  or any of them, any and all instruments
of assignment and other  comparable  instruments with respect to such assignment
or  re-recording  of a Mortgage  in the name of MERS,  solely as nominee for the
Trustee and its successors and assigns. Any expenses incurred in connection with
the actions  described in the  preceding  sentence  shall be borne by the Master
Servicer in accordance  with Section  3.16(c),  with no right of  reimbursement;
provided,  that if,  as a result of MERS  discontinuing  or  becoming  unable to
continue  operations in connection with the MERS System, it becomes necessary to
remove any Mortgage Loan from registration on the MERS System and to arrange for
the  assignment  of the  related  Mortgages  to the  Trustee,  then any  related
expenses  shall be  reimbursable  to the Master  Servicer.  Notwithstanding  the
foregoing,  subject to Section 3.07(a), the Master Servicer shall not permit any
modification with respect to any Mortgage Loan that would both constitute a sale
or exchange of such Mortgage Loan within the meaning of Section 1001 of the Code
and any proposed,  temporary or final regulations  promulgated thereunder (other
than in  connection  with a proposed  conveyance  or assumption of such Mortgage
Loan that

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is treated as a Principal Prepayment in Full pursuant to Section 3.13(d) hereof)
and cause any of REMIC I,  REMIC II or REMIC III 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 customarily
provided  by Persons  other  than  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' 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 shall be either (i) an institution the accounts
of which are  insured by the FDIC or (ii)  another  entity  that  engages in the
business of originating or servicing mortgage loans, and in either case shall be
authorized  to  transact  business  in the state or states in which the  related
Mortgaged  Properties  it is to  service  are  situated,  if and  to the  extent
required by applicable law to enable the  Subservicer to perform its obligations
hereunder and under the  Subservicing  Agreement,  and in either case shall be a
Freddie Mac,  Fannie Mae or HUD approved  mortgage  servicer.  In addition,  any
Subservicer  of a  Mortgage  Loan  insured  by the FHA  must be an  FHA-approved
servicer,  and any Subservicer of a Mortgage Loan guaranteed by the VA must be a
VA-approved  servicer.  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

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amounts  required  to be  remitted  to the  Master  Servicer  in respect of such
Mortgage Loan. For any Mortgage Loan that is a Nonsubserviced Mortgage Loan, the
Master  Servicer  shall be entitled to receive and retain an amount equal to the
Subservicing  Fee from  payments  of  interest.  Unless  the  context  otherwise
requires,  references  in this  Agreement to actions taken or to be taken by the
Master  Servicer in servicing the Mortgage Loans include  actions taken or to be
taken by a  Subservicer  on behalf of the  Master  Servicer.  Each  Subservicing
Agreement will be upon such terms and  conditions as are generally  required by,
permitted by or consistent with the Program Guide and are not inconsistent  with
this Agreement and as the Master Servicer and the Subservicer have agreed.  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,  to the extent that the non-performance of any
such  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, 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.

        Section 3.03. Successor Subservicers.

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made

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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 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
Depositor  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 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
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) In the event the Master  Servicer  shall for any reason no longer be
the master servicer  (including by reason of an Event of Default),  the Trustee,
its  designee  or its  successor  shall  thereupon  assume all of the rights and
obligations of the Master  Servicer under each  Subservicing  Agreement that may
have been entered into. The Trustee,  its designee or the successor servicer for
the  Trustee  shall be  deemed  to have  assumed  all of the  Master  Servicer's
interest  therein  and to have  replaced  the Master  Servicer as a party to the
Subservicing  Agreement to the same extent as if the Subservicing  Agreement had
been assigned to the assuming  party except that the Master  Servicer  shall not
thereby be relieved  of any  liability  or  obligations  under the  Subservicing
Agreement.

        (b) The Master  Servicer  shall,  upon request of the Trustee but at the
expense of the Master Servicer,  deliver to the assuming party all documents and
records  relating to each  Subservicing  Agreement  and the Mortgage  Loans then
being  serviced  and an  accounting  of  amounts  collected  and  held by it and
otherwise use its best efforts to effect the orderly and  efficient  transfer of
each Subservicing Agreement to the assuming party.

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          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  advance  would  be a
Nonrecoverable Advance.  Consistent with the terms of this Agreement, the Master
Servicer may also waive, modify or vary any term of any Mortgage Loan or consent
to the  postponement  of strict  compliance  with any such term or in any manner
grant indulgence to any Mortgagor if in the Master Servicer's determination such
waiver,  modification,  postponement or indulgence is not materially  adverse to
the  interests of the  Certificateholders  (taking  into  account any  estimated
Realized Loss that might result absent such action), provided, however, that the
Master  Servicer may not modify  materially or permit any  Subservicer to modify
any Mortgage Loan,  including  without  limitation any  modification  that would
change the  Mortgage  Rate,  forgive  the payment of any  principal  or interest
(unless in  connection  with the  liquidation  of the related  Mortgage  Loan or
except in connection with prepayments to the extent that such  reamortization is
not  inconsistent  with the terms of the  Mortgage  Loan),  or extend  the final
maturity date of such Mortgage Loan, unless such Mortgage Loan is in default or,
in the judgment of the Master Servicer,  such default is reasonably foreseeable.
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  re-amortized  such that the
Monthly  Payment  is  recalculated  as an amount  that will fully  amortize  the
remaining Stated Principal Amount thereof by the original Maturity Date based on
the original  Mortgage Rate;  provided,  that such  reamortization  shall not be
permitted if it would  constitute a reissuance  of the Mortgage Loan for federal
income tax purposes.

        (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

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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  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  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; and

     (v) Any amounts  required to be  deposited  pursuant to Section  3.07(c) or
3.21.

        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
consisting 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 related 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

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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.

        (d) The  Master  Servicer  shall  give  notice  to the  Trustee  and the
Depositor  of any  change  in the  location  of the  Custodial  Account  and the
location of the Certificate Account prior to the use thereof.

        Section 3.08. Subservicing Accounts; Servicing Accounts.

        (a) In those  cases where a  Subservicer  is  servicing a Mortgage  Loan
pursuant  to a  Subservicing  Agreement,  the Master  Servicer  shall  cause the
Subservicer,  pursuant to the Subservicing  Agreement, to establish and maintain
one or more Subservicing Accounts which shall be an Eligible Account or, if such
account is not an Eligible Account,  shall generally satisfy the requirements of
the Program Guide and be otherwise  acceptable  to the Master  Servicer and each
Rating  Agency.  The  Subservicer  will be required  thereby to deposit into the
Subservicing Account on a daily basis all proceeds of Mortgage Loans received by
the  Subservicer,  less its  Subservicing  Fees and  unreimbursed  advances  and
expenses,  to  the  extent  permitted  by  the  Subservicing  Agreement.  If the
Subservicing  Account is not an Eligible  Account,  the Master Servicer shall be
deemed to have received such monies upon receipt thereof by the Subservicer. The
Subservicer  shall  not be  required  to  deposit  in the  Subservicing  Account
payments or  collections  consisting  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).

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        (c) In addition to the Custodial  Account and the  Certificate  Account,
the Master Servicer shall for any Nonsubserviced  Mortgage Loan, and shall cause
the Subservicers  for Subserviced  Mortgage Loans to, establish and maintain one
or more Servicing  Accounts and deposit and retain therein all collections  from
the  Mortgagors  (or  advances  from  Subservicers)  for the  payment  of taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy)  and  3.12(a)  (with  respect  to  hazard  insurance),  to refund to any
Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

        (d) The Master  Servicer  shall advance the payments  referred to in the
preceding  subsection  that are not timely paid by the Mortgagors or advanced by
the  Subservicers on the date when the tax, premium or other cost for which such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

          Section  3.09.   Access  to  Certain   Documentation  and  Information
               Regarding the Mortgage Loans.

        In the event that 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:

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               (i) to make deposits into the Certificate  Account in the amounts
          and in the manner provided for in Section 4.01;

               (ii)  to  reimburse   itself  or  the  related   Subservicer  for
        previously  unreimbursed  advances or expenses made pursuant to Sections
        3.01, 3.08, 3.12(a), 3.14 and 4.04 or otherwise reimbursable pursuant to
        the terms of this  Agreement,  such  withdrawal  right being  limited to
        amounts  received on  particular  Mortgage  Loans  (including,  for this
        purpose,  REO Proceeds,  Insurance  Proceeds,  Liquidation  Proceeds and
        proceeds  from the purchase of a Mortgage Loan pursuant to Section 2.02,
        2.03,  2.04 or 4.07) which  represent  (A) Late  Collections  of Monthly
        Payments for which any such advance was made in the case of  Subservicer
        Advances or Advances pursuant to Section 4.04 and (B) late recoveries of
        the payments for 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 a rate  per  annum  equal to 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 deposited in 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,  and  any  amounts  remitted  by  Subservicers  as
        interest in respect of Curtailments pursuant to Section 3.08(b);

               (vi) to pay to itself, a Subservicer,  Residential  Funding,  the
        Depositor  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, 3.23, 4.07 or 9.01, all amounts received thereon and
        not required to be distributed to  Certificateholders  as of the date on
        which  the  related  Stated  Principal  Balance  or  Purchase  Price  is
        determined;

               (vii) to  reimburse  itself or the  related  Subservicer  for any
        Nonrecoverable  Advance  or  Advances  in the  manner  and to the extent
        provided in subsection (c) below,  any Advance made in connection with a
        modification  of a Mortgage  Loan that is in default or, in the judgment
        of the Master Servicer,  default is reasonably  foreseeable  pursuant to
        Section 3.07(a),  to the extent the amount of the Advance has been added
        to the outstanding principal balance of the Mortgage Loan;

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               (viii) to reimburse itself or the Depositor for expenses incurred
        by and reimbursable to it or the Depositor  pursuant to Section 3.14(c),
        6.03, 10.01 or otherwise;

               (ix) to reimburse  itself for amounts 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,
        including any payoff fees or penalties or any other  additional  amounts
        payable to the Master  Servicer or Subservicer  pursuant to the terms of
        the Mortgage Note.

        (b) Since,  in  connection  with  withdrawals  pursuant to clauses (ii),
(iii),  (v) and (vi), the Master  Servicer's  entitlement  thereto is limited to
collections  or other  recoveries  on the  related  Mortgage  Loan,  the  Master
Servicer  shall keep and maintain  separate  accounting,  on a Mortgage  Loan by
Mortgage  Loan basis,  for the purpose of  justifying  any  withdrawal  from the
Custodial Account pursuant to such clauses.

        (c) The Master  Servicer  shall be entitled to  reimburse  itself or the
related  Subservicer for any advance made in respect of a Mortgage Loan that the
Master Servicer determines to be a Nonrecoverable Advance by withdrawal from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).

        Section 3.11. Maintenance of Primary Insurance Coverage.

        (a) The Master  Servicer  shall not take, or permit any  Subservicer  to
take, any action which would result in noncoverage 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 at origination 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 Master
Servicer had knowledge of such Primary  Insurance  Policy.  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

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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 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 (together with the principal  balance of any mortgage loan secured
by a lien that is senior to the 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
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program

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(assuming  that  the  area in  which  such  Mortgaged  Property  is  located  is
participating  in such  program).In  the event  that 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 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
Depositor. Coverage of the Master Servicer under a policy or bond obtained by an
Affiliate of the Master  Servicer and  providing  the coverage  required by this
Section 3.12(b) shall satisfy the requirements of this Section 3.12(b).

          Section 3.13.  Enforcement  of  Due-on-Sale  Clauses;  Assumption  and
               Modification Agreements; Certain Assignments.

        (a) When any Mortgaged Property is conveyed by the Mortgagor, the Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental  regulations,  but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing: (i)
the  Master  Servicer  shall not be deemed to be in default  under this  Section
3.13(a) by reason of any  transfer or  assumption  which the Master  Servicer is
restricted by law from  preventing;  and (ii) if the Master Servicer  determines
that it is reasonably  likely that any Mortgagor will bring, or if any Mortgagor
does bring,  legal action to declare invalid or otherwise avoid enforcement of a
due-on-  sale clause  contained in any  Mortgage  Note or  Mortgage,  the Master
Servicer shall not be required to enforce the  due-on-sale  clause or to contest
such action.

        (b) Subject to the Master  Servicer's  duty to enforce  any  due-on-sale
clause  to the  extent  set  forth in  Section  3.13(a),  in any case in which a
Mortgaged Property is to be conveyed to a Person

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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 both constitute a
"significant  modification" effecting an exchange or reissuance of such Mortgage
Loan  under the Code (or  final,  temporary  or  proposed  Treasury  regulations
promulgated  thereunder) and cause any of REMIC I, REMIC II or REMIC III to fail
to qualify as REMICs under the Code or the  imposition of any tax on "prohibited
transactions"  or  "contributions"  after  the  startup  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 (or junior lien of the same  priority in relation to any
senior  mortgage  loan,  with respect to any  Mortgage  Loan secured by a junior
Mortgage)  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, the  buyer/transferee  of the Mortgaged Property
would be  qualified to assume the  Mortgage  Loan based on generally  comparable
credit  quality and 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  by  the  Master  Servicer.   Upon  the  closing  of  the  transactions
contemplated by such documents, the Master Servicer shall cause the originals or
true and correct  copies of the assumption  agreement,  the release (if any), or
the  modification or supplement to the Mortgage Note or Mortgage to be delivered
to the Trustee or the Custodian  and  deposited  with the Mortgage File for such
Mortgage  Loan.  Any fee  collected  by the  Master  Servicer  or  such  related
Subservicer  for  entering  into an  assumption  or  substitution  of  liability
agreement  will be  retained  by the  Master  Servicer  or such  Subservicer  as
additional servicing compensation.

        (c) The Master Servicer or the related Subservicer,  as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged Property,  the granting of an easement thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
without  any  right  of  reimbursement  or  other  similar  matters  if  it  has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related  Mortgage Loan, that the security for,
and the timely and full collectability of, such

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Mortgage Loan would not be adversely  affected thereby and that each of REMIC I,
REMIC II or REMIC III would  continue  to qualify as a REMIC under the Code as a
result thereof and that no tax on "prohibited  transactions" or  "contributions"
after the  startup day would be imposed on any of REMIC I, REMIC II or REMIC III
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  Mortgage  Loan is secured by  Mortgaged  Property
located in a  jurisdiction  in which an  assignment in lieu of  satisfaction  is
required to preserve lien priority,  minimize or avoid mortgage  recording taxes
or otherwise  comply with, or facilitate a refinancing  under,  the laws of such
jurisdiction;  (ii) that the substance of the  assignment is, and is intended to
be, a refinancing of such Mortgage Loan and that the form of the  transaction is
solely to comply with, or facilitate  the  transaction  under,  such local laws;
(iii) 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 (iv) that such assignment
is at the request of the borrower under the related Mortgage Loan. Upon approval
of an assignment in lieu of satisfaction  with respect to any Mortgage Loan, the
Master  Servicer  shall receive cash in an amount equal to the unpaid  principal
balance of and accrued  interest on such Mortgage  Loan and the Master  Servicer
shall treat such amount as a Principal  Prepayment  in Full with respect to such
Mortgage Loan for all purposes hereof.

        Section 3.14. Realization Upon Defaulted Mortgage Loans.

        (a) The Master  Servicer shall  foreclose  upon or otherwise  comparably
convert  (which may include an REO  Acquisition)  the  ownership  of  properties
securing such of the Mortgage  Loans as come into and continue in default and as
to which no satisfactory  arrangements  can be made for collection of delinquent
payments pursuant to Section 3.07.  Alternatively,  the Master Servicer may take
other  actions in respect of a defaulted  Mortgage  Loan,  which may include (i)
accepting  a short sale (a payoff of the  Mortgage  Loan for an amount less than
the  total  amount  contractually  owed in  order  to  facilitate  a sale of the
Mortgaged Property by the Mortgagor) or permitting a short refinancing (a payoff
of the Mortgage Loan for an amount less than the total amount contractually owed
in order to facilitate refinancing transactions by the Mortgagor not involving a
sale of the Mortgaged  Property),  (ii)  arranging for a repayment plan or (iii)
agreeing to a modification  in accordance  with Section 3.07. In connection with
such  foreclosure  or other  conversion or action,  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 or action 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

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not  completed,  or towards the  correction  of any default on a related  senior
mortgage  loan,  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  and  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 its funds so  expended  pursuant to Section  3.10.  In  addition,  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 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) In the event that title to any Mortgaged Property is acquired by the
Trust Fund as an REO Property by foreclosure or by deed in lieu of  foreclosure,
the deed or certificate of sale shall be issued to the Trustee or to its nominee
on behalf of  Certificateholders.  Notwithstanding any such acquisition of title
and  cancellation of the related  Mortgage Loan, such REO Property shall (except
as otherwise  expressly  provided  herein) be  considered  to be an  Outstanding
Mortgage  Loan held in the Trust Fund until such time as the REO Property  shall
be  sold.  Consistent  with  the  foregoing  for  purposes  of all  calculations
hereunder so long as such REO Property  shall be considered to be an Outstanding
Mortgage Loan it shall be assumed that,  notwithstanding  that the  indebtedness
evidenced by the related Mortgage Note shall have been discharged, such Mortgage
Note and the  related  amortization  schedule  in effect at the time of any such
acquisition of title (after giving effect

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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) In the event  that 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  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 each of
REMIC I, REMIC II or REMIC III 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  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 of REMIC I,
REMIC  II or  REMIC  III 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 REMIC I, REMIC II or REMIC III 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 in the  related Due Period
prior to the  Distribution  Date on which such  amounts  are to be  distributed;
third, to the Certificateholders as a recovery of principal on the Mortgage Loan
(or REO Property) (provided that if any such Class of Certificates to which such
Realized Loss was allocated is no longer  outstanding,  such subsequent recovery
shall be  distributed  to the  persons  who were the  Holders  of such  Class of
Certificates   when  it  was  retired);   fourth,  to  all  Servicing  Fees  and
Subservicing Fees payable therefrom (and the Master Servicer and the Subservicer
shall have no claims for any deficiencies with respect to such fees which result
from the foregoing allocation); and fifth, to Foreclosure Profits.

        Section 3.15. Trustee to Cooperate; Release of Mortgage Files.

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        (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 G
requesting   delivery  to  it  of  the  Mortgage  File.  Upon  receipt  of  such
certification  and request,  the Trustee shall  promptly  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,  including  any  applicable  UCC
termination  statements.  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 G hereto, requesting that possession of all, or
any document  constituting  part of, the Mortgage File be released to the Master
Servicer and  certifying as to the reason for such release and that such release
will not invalidate any insurance  coverage  provided in respect of the Mortgage
Loan under any Required  Insurance  Policy.  Upon receipt of the foregoing,  the
Trustee shall deliver,  or cause the Custodian to deliver,  the Mortgage File or
any document  therein to the Master  Servicer.  The Master  Servicer shall cause
each  Mortgage  File or any  document  therein so released to be returned to the
Trustee, or the Custodian as agent for the Trustee when the need therefor by the
Master  Servicer  no  longer  exists,  unless  (i) the  Mortgage  Loan  has been
liquidated and the Liquidation  Proceeds relating to the Mortgage Loan have been
deposited in the  Custodial  Account or (ii) the Mortgage  File or such document
has been  delivered  directly or through a Subservicer  to an attorney,  or to a
public  trustee or other  public  official as required by law,  for  purposes of
initiating or pursuing legal action or other  proceedings for the foreclosure of
the  Mortgaged  Property  either  judicially or  non-judicially,  and the Master
Servicer  has  delivered  directly  or through a  Subservicer  to the  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

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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.

        (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  clauses (a) and (b) above, 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, which amount shall be deposited by the Master
Servicer  into  the  Certificate   Account  to  be  included  in  the  Available
Distribution  Amount 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);
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;  and third, to
any amounts of servicing compensation to

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which the Master Servicer is entitled pursuant to Section 3.10(a)(v) or (vi). In
making such reduction, the Master Servicer shall 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);  (ii) shall 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)  and (iii) shall not  withdraw
from the Custodial Account any such amount of servicing compensation to which it
is  entitled  pursuant  to  Section  3.10(a)(v)  or (vi).  With  respect  to any
Distribution Date, Compensating Interest derived from Loan Group I shall be used
on such Distribution Date (i) to cover any Prepayment Interest Shortfalls on the
Group I Loans and (ii) to cover any Prepayment  Interest Shortfalls on the Group
II Loans,  but only to the extent not covered by Compensating  Interest  derived
from Loan Group II. With respect to any Distribution Date, Compensating Interest
derived from Loan Group II shall be used on such  Distribution Date (i) to cover
any Prepayment  Interest  Shortfalls on the Group II Loans and (ii) to cover any
Prepayment  Interest Shortfalls on the Group I Loans, but only to the extent not
covered by Compensating Interest derived from Loan Group I.

        Section 3.17. Reports to the Trustee and the Depositor.

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer  shall forward to the Trustee and the Depositor 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 Depositor and the Trustee on or
before March 31 of each year,  beginning  with the first March 31 that occurs at
least six months after the Cut-off Date, an Officers' Certificate stating, as to
each signer thereof,  that (i) a review of the activities of the Master Servicer
during the preceding  calendar  year related to its servicing of mortgage  loans
and of its  performance  under the 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 in all material respects  throughout such year,
or, if there has been material  noncompliance with such servicing standards or a
default in the  fulfillment  in all  material  respects  of any such  obligation
relating to this  Agreement,  such statement shall include a description of such
noncompliance  or specify each such  default,  as the case may be, known to such
officer  and the  nature  and  status  thereof  and  (iii)  to the  best of such
officers' knowledge, each Subservicer has complied in all material respects with
the minimum  servicing  standards  set forth in the Uniform  Single  Attestation
Program for Mortgage  Bankers and has fulfilled all of its material  obligations
under its Subservicing  Agreement in all material respects throughout such year,
or if there has been material  noncompliance with such servicing  standards or a
material  default  in the  fulfillment  of  such  obligations  relating  to this
Agreement,  specifying  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.

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        Section 3.19. Annual Independent Public Accountants' Servicing Report.

        On or before  March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  the Master  Servicer at
its expense shall cause a firm of independent  public accountants which shall be
members of the American  Institute of Certified Public  Accountants to furnish a
report to the Depositor  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. Right of the Depositor in Respect of the Master Servicer.

        The Master Servicer shall afford the Depositor,  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 Depositor 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 Depositor or Residential  Funding.  The Depositor 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 Depositor
or its designee.  The Depositor shall not have the  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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                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

        Section 4.01. Certificate Account.

        (a) The Master  Servicer  acting as agent 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 all
other  amounts   constituting  the  Available   Distribution   Amounts  for  the
immediately succeeding Distribution Date.

        (b)    [reserved]

        (c) The Trustee shall,  upon written  request from the Master  Servicer,
invest or cause the institution  maintaining  the Certificate  Account to invest
the funds in the Certificate Account in Permitted Investments  designated in the
name of the  Trustee  for the  benefit of the  Certificateholders,  which  shall
mature 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 on such
Distribution  Date and (ii) any other investment may mature 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. 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.

        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 the amount  required to be distributed to the Master Servicer
        or a Sub-Servicer  pursuant to Section  4.02(a)(iii)  below, and to each
        Certificateholder  of record on the next  preceding  Record  Date (other
        than as  provided in Section  9.01  respecting  the final  distribution)
        either in immediately available funds (by wire transfer or otherwise) to
        the account of such  Certificateholder  at a bank or other entity having
        appropriate  facilities  therefor,  if  such  Certificateholder  has  so
        notified the Master  Servicer or the Paying  Agent,  as the case may be,
        or, if such Certificateholder has not so notified the Master Servicer or
        the  Paying  Agent  by  the  Record  Date,   by  check  mailed  to  such
        Certificateholder  at  the  address  of  such  Holder  appearing  in the
        Certificate  Register  such  Certificateholder's  share (which share (A)
        with respect to each Class of Certificates

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        (other than any  Subclass of the Class  A-I-IO  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-I-IO 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 and subject  further to the provisions of Section  4.05(d)
        in respect of any Diverted  Amounts),  in each case to the extent of the
        related Available Distribution Amount:

                      (i) to the  related  Senior  Certificates  (other than the
               Class A-I-PO  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-I-IO  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 related  "Senior  Interest
               Distribution Amount"); and

                      (ii)  (X) to the  Class  A-I-PO  Certificates,  the  Class
               A-I-PO  Principal  Distribution  Amount  (as  defined  in Section
               4.02(b)(i) herein); and

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

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

                                    (1) the  principal  portion of each  Monthly
                             Payment  due during the  related Due Period on each
                             related  Outstanding  Mortgage Loan (other than, in
                             the case of the  Group I Senior  Certificates,  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,
                             in the case of the Group I Senior Certificates, 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
                             related  Mortgage  Loan   repurchased   during  the
                             preceding calendar month (or deemed to have been so
                             repurchased in accordance  with Section  3.07(b) of
                             this Agreement)  pursuant to Sections 2.02, 2.04 or
                             4.07 of this  Agreement  and  Section  2.03 of this
                             Agreement, and the amount of

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<PAGE>

                             any shortfall deposited in the Custodial Account in
                             respect  of  such  Loan  Group  of  Loan  Group  II
                             Subgroup in connection  with the  substitution of a
                             Deleted  Mortgage  Loan pursuant to Section 2.03 or
                             Section   2.04  of  this   Agreement,   during  the
                             preceding  calendar  month (other than, in the case
                             of the  Group I Senior  Certificates,  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  related   Mortgage  Loan
                             described  in  Section  4.02(a)(ii)(Y)(B)  of  this
                             Agreement,  including without limitation  Insurance
                             Proceeds,  Liquidation  Proceeds and REO  Proceeds)
                             received  during the preceding  calendar  month (or
                             deemed to have been so received in accordance  with
                             Section  3.07(b) of this  Agreement)  to the extent
                             applied by the Master  Servicer  as  recoveries  of
                             principal of the related  Mortgage Loan pursuant to
                             Section 3.14 of this Agreement  (other than, in the
                             case  of  the  Group  I  Senior  Certificates,  the
                             related Discount  Fraction of the principal portion
                             of such  unscheduled  collections,  with respect to
                             each Discount Mortgage Loan);

                             (B) with respect to each related  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))  and did not  result  in any  Excess  Losses,  an
                      amount  equal  to the  lesser  of (a) the  related  Senior
                      Percentage  for such  Distribution  Date  times the Stated
                      Principal  Balance of such  Mortgage  Loan (other than, in
                      the case of the Group I Senior  Certificates,  the related
                      Discount Fraction of such Stated Principal  Balance,  with
                      respect  to  each  Discount  Mortgage  Loan)  and  (b) the
                      related  Senior  Accelerated  Distribution  Percentage for
                      such  Distribution  Date  times  the  related  unscheduled
                      collections   (including  without   limitation   Insurance
                      Proceeds,  Liquidation  Proceeds and REO  Proceeds) to the
                      extent  applied by the Master  Servicer as  recoveries  of
                      principal of the related Mortgage Loan pursuant to Section
                      3.14 (in each case other than,  in the case of the Group I
                      Senior  Certificates,  the  portion  of  such  unscheduled
                      collections,  with  respect to a Discount  Mortgage  Loan,
                      included in Section 4.02(b)(i)(C));

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

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<PAGE>

                             (D) in  the  case  of  Loan  Group  I,  any  Excess
                      Subordinate  Principal Amount for such Distribution  Date;
                      and

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

                      (iii) if the Certificate Principal Balances of the related
               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 Losses;

                      (iv) to the Holders of the related 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 related Class M-1  Certificates,
               an  amount  equal  to  (x)  the  related  Subordinate   Principal
               Distribution  Amount  for  such  Class of  Certificates  for such
               Distribution  Date,  minus  (y) in the  case of the  Class  M-I-1
               Certificates,   the  amount  of  any  Class   A-I-PO   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  Agreement  are  insufficient
               therefor,  applied  in  reduction  of the  Certificate  Principal
               Balance of the related Class M-1 Certificates;

                      (vi) to the Holders of the related 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   related   Class   M-2
               Certificates,  an  amount  equal to (x) the  related  Subordinate
               Principal  Distribution Amount for such Class of Certificates for
               such Distribution  Date, minus (y) in the case of the Class M-I-2
               Certificates,   the  amount  of  any  Class   A-I-PO   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),

                                              86

<PAGE>

               (xiv)  and  (xv) of this  Agreement  are  insufficient  therefor,
               applied in reduction of the Certificate  Principal Balance of the
               related Class M-2 Certificates;

                      (viii)  to  the   Holders   of  the   related   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 related Class M-3 Certificates,
               an  amount  equal  to  (x)  the  related  Subordinate   Principal
               Distribution  Amount  for  such  Class of  Certificates  for such
               Distribution  Date  minus  (y) in the  case  of the  Class  M-I-3
               Certificates,   the  amount  of  any  Class   A-I-PO   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  Agreement  are  insufficient  therefor,  applied in
               reduction  of the  Certificate  Principal  Balance of the related
               Class M-3 Certificates;

                      (x) to the Holders of the related 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 related Class B-1 Certificates,
               an  amount  equal  to  (x)  the  related  Subordinate   Principal
               Distribution  Amount  for  such  Class of  Certificates  for such
               Distribution  Date  minus  (y) in the  case  of the  Class  B-I-1
               Certificates,   the  amount  of  any  Class   A-I-PO   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 Agreement are insufficient therefor, applied in reduction
               of the  Certificate  Principal  Balance of the related  Class B-1
               Certificates;

                      (xii)  to  the   Holders   of  the   related   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   related   Class  B-2
               Certificates,  an  amount  equal to (x) the  related  Subordinate
               Principal  Distribution Amount for such Class of Certificates for
               such  Distribution  Date minus (y) in the case of the Class B-I-2
               Certificates,   the  amount  of  any  Class   A-I-PO   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
               Agreement are insufficient therefor,  applied in reduction of the
               Certificate   Principal   Balance  of  the   related   Class  B-2
               Certificates;

                                              87

<PAGE>

                      (xiv)  to  the   Holders   of  the   related   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) in the
               case of the Class  B-I-3  Certificates,  the  amount of any Class
               A-I-PO  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 Agreement are insufficient therefor;

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

                      (xvi) to the related Senior Certificates,  in the priority
               set forth in Section 4.02(b) of this Agreement,  the portion,  if
               any, of the related 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 related  Subordinate  Certificates
               then  outstanding  beginning  with such  Class  with the  Highest
               Priority,  any  portion  of the  related  Available  Distribution
               Amount remaining after the related 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-III  Certificates,  the balance,  if
               any, of the related Available Distribution Amount.

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

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

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<PAGE>

                      (i) in the case of the Group I Senior Certificates, to the
               Class  A-I-PO  Certificates,   until  the  Certificate  Principal
               Balance  thereof is reduced to zero, an amount (the "Class A-I-PO
               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 and repurchases (including deemed repurchases
                      under Section 3.07(b)) 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 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-I-PO  Collection
                      Shortfalls  for such  Distribution  Date and the amount of
                      any Class A-I-PO  Collection  Shortfalls  remaining unpaid
                      for  all  previous  Distribution  Dates,  but  only to the
                      extent of the Eligible Funds for such Distribution Date;

                      (ii) (A) the related Senior Principal  Distribution Amount
               shall  be  distributed  to the  Group I  Senior  Certificates  as
               follows:

                         (1) the related Senior  Principal  Distribution  Amount
                    shall  be  distributed  to  the  Lockout  Certificates,   in
                    reduction of the Certificate

                                              89

<PAGE>

                             Principal  Balances thereof,  in an amount equal to
                             the Lockout Percentage of the Lockout Certificates'
                             pro rata  share  of the  related  Senior  Principal
                             Distribution  Amount  without  application  of  the
                             related   Senior   Percentage  or  related   Senior
                             Accelerated  Distribution  Percentage (based on the
                             Certificate  Principal  Balance thereof relative to
                             the aggregate  Certificate Principal Balance of all
                             classes of  related  Certificates  (other  than the
                             Class A-I-PO Certificates)),  until the Certificate
                             Principal Balance thereof has been reduced to zero;

                                    (2)    the    related    Senior    Principal
                             Distribution    Amount    remaining    after    the
                             distribution  described in clause  (ii)(A)(1) above
                             shall be  distributed  sequentially,  to the  Class
                             A-I-1, Class A-I-2 and Class A-I-3 Certificates, in
                             that  order,  in each case  until  the  Certificate
                             Principal Balance thereof has been reduced to zero;
                             and

                                    (3)    the    related    Senior    Principal
                             Distribution    Amount    remaining    after    the
                             distribution  described in clauses  (ii)(A)(1)  and
                             (ii)(A)(2)   above  shall  be  distributed  to  the
                             Lockout   Certificates,   until   the   Certificate
                             Principal Balance thereof has been reduced to zero;
                             and

                             (B)  the  related  Senior  Principal   Distribution
                      Amount  related  to each Loan  Group II  Subgroup  will be
                      distributed   to  the   related   Class  of   Class   A-II
                      Certificates,  until  the  Certificate  Principal  Balance
                      thereof has been reduced to zero;

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

                      (ii)(x)  On each  Distribution  Date  prior to the  Credit
        Support  Depletion  Date for Loan  Group II but after  reduction  of the
        Certificate  Principal  Balance of any of the Class A-II Certificates to
        zero, the remaining Class or Classes of Class A-II  Certificates will be
        entitled  to  receive,  in  reduction  of  their  Certificate  Principal
        Balances,  pro rata  based  upon their  Certificate  Principal  Balances
        immediately  prior  to  such  Distribution  Date,  in  addition  to  any
        principal prepayments related to such remaining Class A-II Certificates'
        respective  Loan  Group  II  Subgroup   allocated  to  such  Class  A-II
        Certificates,  100% of the principal prepayments on any Mortgage Loan in
        the Loan Group II Subgroup relating to the fully repaid class or classes
        of Class A-II Certificates; provided, however, that if (1) the weighted

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<PAGE>

        average Subordinate Percentage for the Loan Group II Subgroups equals or
        exceeds  approximately  4.00%  on  such  distribution  date  and (2) the
        outstanding  principal  balance of the Group II Loans delinquent 60 days
        or  more  (including  for  this  purpose  any  such  Mortgage  Loans  in
        foreclosure  and such  Mortgage  Loans with respect to which the related
        Mortgaged  Property has been  acquired by the Trust),  averaged over the
        last six months,  as a percentage  of the weighted  average  Subordinate
        Percentage  for the Loan Group II Subgroups for that  Distribution  Date
        times the aggregate Stated  Principal  Balance of the Group II Loans, is
        less than or equal to 50%, then the  additional  allocation of principal
        prepayments  to the Class  A-II  Certificates  in  accordance  with this
        clause (ii)(x) will not be made.

                      (y)   If  on   any   Distribution   Date   on   which   an
        Undercollateralized  Amount  exists  with  respect  to any Loan Group II
        Subgroup and any Class M-II  Certificates or Class B-II Certificates are
        still  outstanding in each case after giving effect to  distributions to
        be made on such  Distribution  Date,  (i) 100% of  amounts in respect of
        principal  otherwise  allocable to the Class M-II Certificates and Class
        B-II Certificates will be distributed to the  Undercollateralized  Group
        II  Senior  Certificates  in  reduction  of  the  Certificate  Principal
        Balances thereof,  until the Certificate Principal Balance of such Class
        or Classes of Undercollateralized  Group II Senior Certificates is equal
        to the aggregate Stated  Principal  Balance of the Mortgage Loans in the
        related  Loan  Group  II  Subgroup,  and (ii)  the  Accrued  Certificate
        Interest  otherwise  allocable to the Class M-II  Certificates and Class
        B-II  Certificates  on  such  Distribution  Date  will  be  reduced,  if
        necessary,    and    distributed   to   such   Class   or   Classes   of
        Undercollateralized  Group II  Senior  Certificates  pursuant  to clause
        first of Section 4.02(a)(i) above, as applicable,  in an amount equal to
        the Accrued Certificate Interest at the Pass-Through Rate for such Class
        or Classes of Undercollateralized  Group II Senior Certificates for such
        Distribution Date, on a balance equal to the related Undercollateralized
        Amount.  Any such reduction in the Accrued  Certificate  Interest on the
        Class M-II Certificates and Class B-II Certificates will be allocated to
        the Class B-II-3, Class B-II-2, Class B-II-1, Class M-II-3, Class M-II-2
        and Class M-II-1 Certificates, in that order.

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

               (e) In addition to the foregoing  distributions,  with respect to
        any Mortgage Loan that was previously the subject of a Cash  Liquidation
        or an REO  Disposition  that  resulted in a Realized  Loss, in the event
        that  within  two  years  of the date on which  such  Realized  Loss was
        determined to have occurred the Master Servicer receives amounts,  which
        the  Master  Servicer  reasonably   believes  to  represent   subsequent
        recoveries (net of any related liquidation expenses), or determines that
        it  holds  surplus  amounts  previously   reserved  to  cover  estimated
        expenses, specifically related to such Mortgage Loan (including, but not
        limited to, recoveries in respect of the  representations and warranties
        made by the related

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<PAGE>

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

               (f)  Distributions  shall be  deemed  to be made to the  REMIC II
        Regular  Interests  first,  so as to keep the  Uncertificated  Principal
        Balance of each REMIC II Regular  Interest  ending with the  designation
        "SUB," so that the  Uncertificated  Principal Balance of each such REMIC
        II Regular Interest is equal to 0.01% of the excess of (x) the aggregate
        Scheduled  Principal  Balance  of the  Mortgage  Loans  in  the  related
        Subgroup over (y) the Current Principal Amount of the Senior Certificate
        in the  related  Subgroup  (except  that if any such  excess is a larger
        number than in the preceding  distribution  period,  the least amount of
        principal  shall be distributed to such REMIC II Regular  Interests such
        that the REMIC II Subordinated Balance Ratio is maintained); and second,
        any remaining  principal to each REMIC II Regular  Interest  ending with
        the designation "ZZ," from the related Subgroup.

               (g) Each  distribution  with respect to a Book-Entry  Certificate
        shall be paid to the Depository,  as Holder thereof,  and the Depository
        shall  be  solely   responsible   for   crediting  the  amount  of  such
        distribution   to  the  accounts  of  its  Depository   Participants  in
        accordance with its normal procedures. Each Depository Participant shall
        be  responsible  for disbursing  such  distribution  to the  Certificate
        Owners that it represents and to each indirect participating

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        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 Depositor or the Master Servicer shall have
        any responsibility therefor.

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

        Section 4.03. Statements to Certificateholders.

        (a)  Concurrently  with each  distribution  charged  to the  Certificate
Account and with respect to each  Distribution  Date the Master  Servicer  shall
forward to the Trustee and the Trustee shall  forward by mail or otherwise  make
available  electronically  on its  website  at  www.jpmorgan.com/absmbs  to each
Holder and the Depositor a statement setting forth the following  information as
to each Class of Certificates, in each case to the extent applicable:

               (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  with
        respect  to the  Group I Loans and Group II Loans  pursuant  to  Section
        4.04;

               (v) the  number  of Group I Loans,  Group II Loans  and  Mortgage
        Loans in each Loan Group II Subgroup  and the Stated  Principal  Balance
        after  giving   effect  to  the   distribution   of  principal  on  such
        Distribution Date;

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               (vi) the  aggregate  Certificate  Principal  Balance or  Notional
        Amount, as applicable,  of each Class of the Certificates,  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) on the basis of the most recent reports  furnished to it by
        Subservicers,  the number and  aggregate  principal  balances of Group I
        Loans,  Group II Loans and Mortgage Loans in each Loan Group II Subgroup
        that are Delinquent (A) one month,  (B) two months and (C) three or more
        months and the number and aggregate  principal  balance of Group I Loans
        and Group II Loans that are in foreclosure;

               (viii) the number,  aggregate principal balance and book value of
          any REO Properties;

               (ix) 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;

               (x) the aggregate amount of Realized Losses for such Distribution
        Date and the aggregate  amount of Realized  Losses on the Group I Loans,
        Group  II  Loans  and  Mortgage  Loans in each  Loan  Group II  Subgroup
        incurred since the Cut-off Date;

               (xi) the Group I and Group II Special Hazard Amount,  Group I and
        Group II Fraud Loss Amount and Group I and Group II 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 Pass-Through Rate on each Class of Certificates;

               (xiii)  the  number and  aggregate  principal  balance of Group I
        Loans and Group II Loans repurchased under Section 4.07;

               (xiv)  the  aggregate  amount  of any  recoveries  on  previously
          foreclosed  loans  from  Residential   Funding  due  to  a  breach  of
          representation or warranty;

               (xv) the weighted average remaining term to maturity of the Group
        I Loans,  Group II  Loans  and  Mortgage  Loans  in each  Loan  Group II
        Subgroup  after  giving  effect  to  the  amounts  distributed  on  such
        Distribution Date; and

               (xvi) the weighted  average  Mortgage Rates of the Group I Loans,
        Group II Loans and Mortgage  Loans in each Loan Group II Subgroup  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. In addition to the statement provided to the Trustee as set
forth in this Section 4.03(a),  the Master Servicer shall provide to any manager
of a trust fund consisting of some or all of the Certificates, upon reasonable

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request,  such additional  information as is reasonably obtainable by the Master
Servicer at no additional expense to the Master Servicer.

        (b) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer  shall  prepare,  or cause to be  prepared,  and the
Trustee 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  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  and  Trustee  shall be deemed to have been
satisfied  to the extent  that  substantially  comparable  information  shall be
provided by the Master Servicer and Trustee  pursuant to any requirements of the
Code.

        (c) As soon as reasonably  practicable,  upon the written request of any
Certificateholder,   the  Master   Servicer   shall   provide   the   requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

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

        (a) Prior to the close of business on the Business  Day next  succeeding
each  Determination  Date, the Master Servicer shall furnish a written statement
(which may be in a mutually  agreeable  electronic  format) to the Trustee,  any
Paying Agent and the Depositor  (the  information  in such  statement to be made
available to  Certificateholders  by the Master  Servicer on request)  (provided
that the Master  Servicer  will use its best  efforts to  deliver  such  written
statement  not later than 12:00 p.m.  New York time on the second  Business  Day
prior to the  Distribution  Date) setting  forth (i) the Available  Distribution
Amounts,  (ii) the amounts  required to be withdrawn from the Custodial  Account
and deposited into the Certificate Account and Certificate  Insurance Account on
the immediately  succeeding  Certificate Account Deposit Date pursuant to clause
(iii) of Section 4.01(a),  (iii) the amount of Prepayment  Interest  Shortfalls,
and  (iv) to the  extent  required,  a report  detailing  the  Stated  Principal
Balance,  Mortgage Rate, Modified Mortgage Rate,  remaining term to maturity and
Monthly  Payment for any Modified  Mortgage Loan  pursuant to Section 3.13.  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
sum of (A) the aggregate  amount of Monthly Payments other than Balloon Payments
(with each interest  portion  thereof  adjusted to a per annum rate equal 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 Relief Act or similar  legislation or regulations then
in effect,  on the Outstanding  Mortgage Loans as of the related Due Date in the
related  Due  Period,  which  Monthly  Payments  were due during the related Due
Period and not

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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
and (B) with respect to each Balloon Loan  delinquent  in respect of its Balloon
Payment as of the close of business on the related Determination Date, an amount
equal to the excess, if any, of interest on the unpaid principal balance thereof
(with each interest  portion  thereof  adjusted to a per annum rate equal to the
Net Mortgage  Rate),  over any payments of interest (with each interest  portion
thereof  adjusted to a per annum rate equal to the Net Mortgage  Rate)  received
from  the  related  Mortgagor  as of  the  close  of  business  on  the  related
Determination  Date and  allocable to the Due Date during the related Due Period
for each month until such Balloon Loan is finally liquidated, (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   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 a  certificate  of a Servicing
Officer delivered to the Depositor and the Trustee. In the event that 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. In connection with the
preceding sentence,  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.

        (a) 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

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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 Losses or Cross-Collateralized  Special Hazard Losses,
shall be  allocated as follows:  first,  to the related  Class B-3  Certificates
until the  Certificate  Principal  Balance  thereof  has been  reduced  to zero;
second,  to the related Class B-2 Certificates  until the Certificate  Principal
Balance  thereof  has been  reduced to zero;  third,  to the  related  Class B-1
Certificates until the Certificate Principal Balance thereof has been reduced to
zero;  fourth,  to the  related  Class M-3  Certificates  until the  Certificate
Principal  Balance thereof has been reduced to zero; fifth, to the related Class
M-2  Certificates  until the  Certificate  Principal  Balance  thereof  has been
reduced  to zero;  sixth,  to the  related  Class  M-1  Certificates  until  the
Certificate Principal Balance thereof has been reduced to zero; and, thereafter,
(i) in the case of the  Group I  Loans,  if any such  Realized  Losses  are on a
Discount  Mortgage Loan, to the Class A-I-PO  Certificates in an amount equal to
the Discount  Fraction of the principal  portion  thereof until the  Certificate
Principal  Balance  thereof has been reduced to zero,  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
remaining Group I Senior Certificates (other than the Class A-I-PO Certificates)
on a pro rata basis, as described in paragraph (c) below and (ii) in the case of
each Loan  Group II  Subgroup,  first,  if any such  Realized  Loss  occurs on a
Mortgage  Loan in an  Undercollateralized  Subgroup,  such Realized Loss will be
allocated pro rata to the Group II Senior Certificates in any Overcollateralized
Subgroup, based on the related Overcollateralized Amount, in each case until the
amount by which the aggregate Stated Principal  Balance of the Mortgage Loans in
the Undercollateralized  Subgroup in which such Realized Loss occurs exceeds the
aggregate   Certificate  Principal  Balance  of  the  related  Group  II  Senior
Certificates  has been  reduced  to zero,  and  second,  to the  Group II Senior
Certificates  related to the Loan Group II Subgroup in which such  Realized Loss
occurred,  until the Certificate  Principal  Balance thereof has been reduced to
zero.

        (b) Any Excess Losses on Non-Discount Mortgage Loans in the case of Loan
Group I, or on the Mortgage Loans in a Loan Group II Subgroup, will be allocated
among the related Senior  Certificates (other than the Class A-I-PO Certificates
in the case of Loan Group I) and the related 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-I-PO  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 Group
I Senior  Certificates  (other than the Class A-I- PO Certificates)  and Group I
Subordinate  Certificates,  on a pro rata basis,  as described in paragraph  (c)
below.

        (c) 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
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

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of  Certificates  shall be made by reducing the  Certificate  Principal  Balance
thereof by the amount so  allocated,  which  allocation  shall be deemed to have
occurred on such  Distribution  Date. Any allocation of the principal portion of
Realized  Losses  (other  than  Debt  Service  Reductions)  to  the  Subordinate
Certificates  then  outstanding  with  the  Lowest  Priority  shall  be  made by
operation of the definition of "Certificate  Principal Balance" and by operation
of the provisions of Section  4.02(a).  Allocations of the interest  portions of
Realized Losses to the Subordinate Certificates then outstanding with the Lowest
Priority  shall be made in  proportion  to the  amount  of  Accrued  Certificate
Interest and by operation of the  definition of "Accrued  Certificate  Interest"
and by  operation  of the  provisions  of Section  4.02(a).  Allocations  of the
principal  portion of Debt Service  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-I-IO  Certificates have
been issued pursuant to Section  5.01(c),  such Realized Losses and other losses
allocated  to the  Class  A-I-IO  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.

        Realized Losses shall be applied after all distributions  have been made
on each  Distribution  Date first,  so as to keep the  Uncertificated  Principal
Balance of each REMIC II Regular Interest ending with the designation  "SUB," so
that the Uncertificated Principal Balance of each such REMIC II Regular Interest
is equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance
of the Mortgage  Loans in the related  Subgroup  over (y) the Current  Principal
Amount of the Senior  Certificate  in the related  Subgroup  (except that if any
such excess is a larger number than in the preceding  distribution  period,  the
least  amount of  Realized  Losses  shall be  applied  to such  REMIC II Regular
Interests such that the REMIC II Subordinated Balance Ratio is maintained);  and
second, the remaining Realized Losses shall be allocated to the related REMIC II
Regular Interest ending with the designation "ZZ".

        (d) (i) On each  Distribution  Date,  any  Cross-Collateralized  Special
Hazard  Losses  on the  Group  I  Loans  shall  be  allocated  to the  Group  II
Certificates in accordance with the allocation provisions set forth in paragraph
(a) above.  On such  Distribution  Date,  the  related  Diverted  Amount will be
diverted from first, Principal  Prepayments,  and second, the principal portions
of Monthly Payments,  in each case in respect of Loan Group II and will be paid,
as  principal,  to the Group I  Certificates  as part of the  related  Available
Distribution Amount and shall be treated as a Principal Prepayment in Full.

               (ii) On each Distribution Date, any Cross-Collateralized  Special
Hazard  Losses  on the  Group  II  Loans  shall  be  allocated  to the  Group  I
Certificates in accordance with the allocation provisions set forth in paragraph
(a) above.  On such  Distribution  Date,  the  related  Diverted  Amount will be
diverted from first, Principal  Prepayments,  and second, the principal portions
of Monthly  Payments,  in each case in respect of Loan Group I and will be paid,
as principal,  to the Group II Certificates  and shall be treated as a Principal
Prepayment in Full.  Such Diverted  Amount will be allocated among the Available
Distribution  Amounts  relating  to each  Loan  Group II  Subgroup  based on the
Certificate Principal Balances of the related Group II Senior Certificates.

     Section  4.06.   Reports  of  Foreclosures  and  Abandonment  of  Mortgaged
          Property.

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        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interest  received  in a trade  or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the  informational  returns relating to cancellation of indebtedness  income
with respect to any Mortgaged  Property  required by Sections  6050H,  6050J and
6050P of the  Code,  respectively,  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 such 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;  provided,  that any such Mortgage
Loan that becomes 90 days or more delinquent  during any given Calendar  Quarter
shall only be eligible for purchase  pursuant to this Section  during the period
beginning  on the first  Business Day of the  following  Calendar  Quarter,  and
ending at the  close of  business  on the  second-to-last  Business  Day of such
following Calendar Quarter. Such option if not exercised shall not thereafter be
reinstated  as to any Mortgage  Loan,  unless the  delinquency  is cured and the
Mortgage Loan thereafter again becomes  delinquent in payment by 90 days or more
in a subsequent  Calendar  Quarter.  If at any time the Master  Servicer makes a
payment to the Certificate Account covering the amount of the Purchase Price for
such a  Mortgage  Loan,  and the  Master  Servicer  provides  to the  Trustee  a
certification  signed by a  Servicing  Officer  stating  that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer  without recourse to the Master Servicer which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

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                                          ARTICLE V

                                       THE CERTIFICATES

        Section 5.01. The Certificates.

        (a) The  Class A,  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  Depositor  upon  receipt by the  Trustee or one or more  Custodians  of the
documents  specified  in Section  2.01.  The Class A and Class M-1  Certificates
shall be  issuable  in minimum  dollar  denominations  of $25,000  and  integral
multiples  of $1 in excess  thereof.  The  Class M-2 and Class M-3  Certificates
shall be issuable in minimum  dollar  denominations  of  $250,000  and  integral
multiples of $1 in excess thereof. The Class B Certificates shall be issuable in
minimum  denominations  of  $100,000  and  integral  multiples  of $1 in  excess
thereof, except that one Class B-II- 2 Certificate will be issued evidencing the
sum of an  authorized  denomination  thereof plus the remainder of the aggregate
initial  Certificate  Principal  Balance  of such  class.  Each Class of Class R
Certificates  shall  be  issued  in  registered,  certificated  form in  minimum
percentage  interests  of  20.00%  and  integral  multiples  of 0.01% in  excess
thereof;  provided,  however, that one Class R Certificate of each Class will be
issuable to the REMIC  Administrator as "tax matters person" pursuant to Section
10.01(c) in a minimum  denomination  representing  a Percentage  Interest of not
less than  0.01%.The  Certificates  shall be  executed  by  manual or  facsimile
signature  on behalf  of an  authorized  officer  of the  Trustee.  Certificates
bearing the manual or facsimile  signatures of individuals  who were at any time
the proper officers of the Trustee shall bind the Trustee,  notwithstanding that
such  individuals  or any of them have ceased to hold such offices  prior to the
authentication  and delivery of such Certificate or did not hold such offices at
the date of such  Certificates.  No Certificate shall be entitled to any benefit
under this Agreement,  or be valid for any purpose, unless there appears on such
Certificate a certificate of  authentication  substantially in the form provided
for herein executed by the Certificate  Registrar by manual signature,  and such
certificate  upon any  Certificate  shall be conclusive  evidence,  and the only
evidence,  that such  Certificate  has been  duly  authenticated  and  delivered
hereunder. All Certificates shall be dated the date of their authentication.

        (b) The Class A Certificates and Class M Certificates shall initially be
issued as one or more  Certificates  registered in the name of the Depository or
its nominee and, except as provided below, registration of such 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 Certificate Owners shall hold their respective Ownership
Interests in and to each Class A Certificate  and Class M  Certificate,  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.

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        The Trustee,  the Master Servicer and the Depositor 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 Depositor  advises the Trustee in
writing that the Depository is no longer  willing or able to properly  discharge
its  responsibilities  as Depository and (B) the Depositor is unable to locate a
qualified  successor or (ii) the Depositor 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
Depositor,  the Master  Servicer nor the Trustee shall be liable for any actions
taken by the Depository or its nominee, including, without limitation, any delay
in  delivery of such  instructions  and may  conclusively  rely on, and shall be
protected  in relying on, such  instructions.  Upon the  issuance of  Definitive
Certificates  all  references  herein  to  obligations  imposed  upon  or  to be
performed by the  Depositor 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) Each of the Certificates is intended to be a "security"  governed by
Article 8 of the Uniform  Commercial  Code as in effect in the State of New York
and any other applicable  jurisdiction,  to the extent that any of such laws may
be applicable.

        (d)  From  time  to  time  the  initial   Holder  of  the  Class  A-I-IO
Certificates,   may  exchange  such  Holder's  Class  A-I-IO   Certificates  for
Subclasses  of Class A-I-IO  Certificates  to be issued under this  Agreement by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit Q executed by an authorized officer, which Subclasses, in the aggregate,
will  represent  the  Uncertificated  Class A-I-IO  REMIC III Regular  Interests
corresponding to the Class A-I-IO Certificates so surrendered for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-I-IO-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, the
Holder's  determinations  of the  Uncertificated  Class A-I-IO REMIC III 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-I-IO  REMIC III Regular  Interest  designated  on a Request for Exchange
corresponds to a Subclass which has

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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-I-IO  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 8.11
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  8.11 and,  in the case of any Class M, Class B or Class R  Certificate,
upon  satisfaction of the conditions set forth below,  the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver, in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class 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 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 or Class
R  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 (the "1933 Act"),  and any applicable  state securities laws
or is made in accordance with said Act and laws. Except as otherwise provided in
this  Section  5.02(d),  in the event  that a  transfer  of a Class B or Class R
Certificate  is to be  made,  (i)  unless  the  Depositor  directs  the  Trustee
otherwise,  the Trustee shall require a written Opinion of Counsel acceptable to
and in form and substance satisfactory to the Trustee and the Depositor that

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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 Trust Fund, the Depositor or the Master Servicer,  and (ii)
the Trustee shall require the  transferee  to execute a  representation  letter,
substantially in the form of Exhibit I hereto, and the Trustee shall require the
transferor  to execute a  representation  letter,  substantially  in the form of
Exhibit J hereto,  each acceptable to and in form and substance  satisfactory to
the  Depositor  and the Trustee  certifying to the Depositor and the Trustee the
facts surrounding such transfer,  which  representation  letters shall not be an
expense of the Trustee, the Trust Fund, the Depositor or the Master Servicer. In
lieu of the requirements set forth in the preceding sentence, transfers of Class
B or Class R Certificates may be made in accordance with this Section 5.02(d) if
the  prospective  transferee of such a Certificate  provides the Trustee and the
Master Servicer with an investment letter substantially in the form of Exhibit N
attached hereto, which investment letter shall not be an expense of the Trustee,
the Depositor,  or the Master Servicer, and which investment letter states that,
among other things, such transferee (i) 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 (ii) is aware
that the proposed  transferor intends to rely on the exemption from registration
requirements  under the 1933 Act provided by Rule 144A.  The Holder of a Class B
or Class R Certificate  desiring to effect any transfer,  sale,  pledge or other
disposition  shall,  and does  hereby  agree  to,  indemnify  the  Trustee,  the
Depositor,  the  Master  Servicer  and the  Certificate  Registrar  against  any
liability that may result if the transfer,  sale, pledge or other disposition is
not so exempt or is not made in accordance  with such federal and state laws and
this Agreement.

        (e) (i) In the case of any Class B or Class R Certificate  presented for
registration in the name of any Person,  either (i) the Trustee shall require an
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Depositor 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  ERISA,  or  Section  4975 of the  Code  (or
comparable  provisions of any subsequent  enactments),  and will not subject the
Trustee,  the  Depositor 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 Depositor or the Master Servicer or
(ii) the prospective  transferee  shall be required to provide the Trustee,  the
Depositor and the Master Servicer with a  certification  to the effect set forth
in  Exhibit  paragraph  six of Exhibit I or  paragraph  three of Exhibit N (with
respect to a Class B Certificate) or in paragraph  fourteen of Exhibit H-1 (with
respect  to a 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
insurance company investing its general accounts, 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 or (b) in the case of a 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

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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)  (the  "RFC  Exemption"),  and  that it
understands  that there are certain  conditions to the  availability  of the RFC
Exemption  including  that  such  Certificate  must  be  rated,  at the  time of
purchase,  not lower than "BBB-" (or its equivalent) by Standard & Poor's, Fitch
or Moody's or (c) such Transferee is a Complying Insurance Company.

               (iii) (A) If any Class M Certificate (or any interest therein) is
acquired or held by any Person that does not satisfy the conditions described in
paragraph (ii) above, then the last preceding  Transferee that either (i) is not
a Plan  Investor,  (ii) acquired  such  Certificate  in compliance  with the RFC
Exemption,  or (iii) is a Complying Insurance Company shall be restored,  to the
extent  permitted by law, to all rights and  obligations  as  Certificate  Owner
thereof  retroactive  to the date of such Transfer of such Class M  Certificate.
The Trustee  shall be under no  liability  to any Person for making any payments
due on such Certificate to such preceding Transferee.

                  (B) Any  purported  Certificate  Owner  whose  acquisition  or
holding  of any Class M  Certificate  (or  interest  therein)  was  effected  in
violation of the  restrictions  in this Section 5.02(e) shall indemnify and hold
harmless the Company, the Trustee, the Master Servicer, any Subservicer, and the
Trust Fund from and against any and all liabilities,  claims,  costs or expenses
incurred by such parties as a result of such acquisition or holding.

        (f) (i)Each  Person who has or who acquires any Ownership  Interest in a
Class R Certificate  shall be deemed by the  acceptance or  acquisition  of such
Ownership Interest to have agreed to be bound by the following provisions and to
have  irrevocably  authorized the Trustee or its designee under clause  (iii)(A)
below to deliver  payments to a Person  other than such Person and to  negotiate
the terms of any mandatory  sale under clause  (iii)(B) below and to execute all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

               (A) Each Person holding or acquiring any Ownership  Interest in a
        Class R Certificate  shall be a Permitted  Transferee and shall promptly
        notify the Trustee of any change or impending  change in its status as a
        Permitted Transferee.

               (B) In  connection  with any proposed  Transfer of any  Ownership
        Interest in a Class R Certificate, the Trustee shall require delivery to
        it, and shall not register the Transfer of any Class R Certificate until
        its receipt of,

                      (I) an affidavit and agreement (a "Transfer  Affidavit and
                      Agreement,"  in the form  attached  hereto as Exhibit H-1)
                      from the proposed Transferee, in

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                      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
                      H-2,  from the  Holder  wishing  to  transfer  the Class R
                      Certificate,  in form and  substance  satisfactory  to the
                      Master Servicer,  representing and warranting, among other
                      things,  that no purpose of the  proposed  Transfer  is to
                      impede the assessment or collection of tax.

               (C)  Notwithstanding  the  delivery of a Transfer  Affidavit  and
        Agreement  by  a  proposed  Transferee  under  clause  (B)  above,  if a
        Responsible Officer of the Trustee who is assigned to this Agreement has
        actual  knowledge  that  the  proposed  Transferee  is  not a  Permitted
        Transferee,   no  Transfer  of  an  Ownership  Interest  in  a  Class  R
        Certificate to such proposed Transferee shall be effected.

               (D) Each Person holding or acquiring any Ownership  Interest in a
        Class R Certificate shall agree (x) to require a Transfer  Affidavit and
        Agreement from any other Person to whom such Person attempts to transfer
        its Ownership  Interest in a Class R Certificate and (y) not to transfer
        its Ownership  Interest  unless it provides a certificate to the Trustee
        in the form attached hereto as Exhibit H-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  H-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.

               (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

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        be  restored,  to  the  extent  permitted  by  law,  to all  rights  and
        obligations as Holder thereof retroactive to the date of registration of
        such  Transfer of such Class R  Certificate.  If a transfer of a Class R
        Certificate  is  disregarded  pursuant  to the  provisions  of  Treasury
        Regulations  Section  1.860E-1  or  Section  1.860G-3,   then  the  last
        preceding  Permitted  Transferee  shall  be  restored,   to  the  extent
        permitted  by law,  to all  rights  and  obligations  as Holder  thereof
        retroactive to the date of registration of such Transfer of such Class R
        Certificate.  The Trustee  shall be under no liability to any Person for
        any  registration  of Transfer of a Class R Certificate  that is in fact
        not permitted by this Section  5.02(f) or for making any payments due on
        such  Certificate  to the holder  thereof or for taking any other action
        with respect to such holder under the provisions of this Agreement.

               (B) If any purported  Transferee shall become a Holder of a Class
        R Certificate in violation of the  restrictions  in this Section 5.02(f)
        and to the extent that the retroactive  restoration of the rights of the
        Holder of such Class R Certificate as described in clause (iii)(A) above
        shall be invalid,  illegal or  unenforceable,  then the Master  Servicer
        shall have the right,  without  notice to the holder or any prior holder
        of such  Class R  Certificate,  to sell such  Class R  Certificate  to a
        purchaser  selected  by the Master  Servicer on such terms as the Master
        Servicer may choose.  Such purported  Transferee  shall promptly endorse
        and deliver each Class R Certificate in accordance with the instructions
        of the Master Servicer. Such purchaser may be the Master Servicer itself
        or any Affiliate of the Master Servicer.  The proceeds of such sale, net
        of the commissions (which may include  commissions payable to the Master
        Servicer or its  Affiliates),  expenses  and taxes due, if any,  will be
        remitted by the Master Servicer to such purported Transferee.  The terms
        and  conditions  of  any  sale  under  this  clause  (iii)(B)  shall  be
        determined in the sole discretion of the Master Servicer, and the Master
        Servicer shall not be liable to any Person having an Ownership  Interest
        in a Class R Certificate as a result of its exercise of such discretion.

        (iv)  The  Master  Servicer,  on  behalf  of  the  Trustee,  shall  make
available,  upon written request from the Trustee, all information  necessary to
compute any tax imposed

               (A) as a result of the  Transfer  of an  Ownership  Interest in a
               Class  R  Certificate   to  any  Person  who  is  a  Disqualified
               Organization,   including  the  information   regarding   "excess
               inclusions" of such Class R Certificates  required to be provided
               to the Internal  Revenue Service and certain Persons as described
               in   Treasury    Regulations    Sections    1.860D-1(b)(5)    and
               1.860E-2(a)(5), and

               (B) as a result of any regulated investment company,  real estate
               investment trust, common trust fund,  partnership,  trust, estate
               or organization  described in Section 1381 of the Code that holds
               an Ownership  Interest in a Class R  Certificate  having as among
               its record  holders at any time any Person who is a  Disqualified
               Organization.   Reasonable   compensation   for  providing   such
               information  may be  required  by the Master  Servicer  from such
               Person.

        (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:

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               (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 the Class A Certificates below
               the lower of the  then-current  rating or the rating  assigned to
               such  Certificates  as of the Closing Date by such Rating Agency;
               and

               (B) a 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 of  REMIC I,  REMIC  II or REMIC  III to cease to
               qualify  as a REMIC and will not cause (x) any of REMIC I,  REMIC
               II or REMIC III 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 Depositor,  the Master Servicer,  the Trustee, the Certificate Registrar and
any agent of the Depositor,  the Master Servicer, the Trustee 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

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Section 4.02 and for all other purposes whatsoever,  except as and to the extent
provided in the  definition of  "Certificateholder",  and neither the Depositor,
the Master Servicer, the Trustee, the Certificate Registrar nor any agent of the
Depositor,  the Master Servicer,  the Trustee 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  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 Certificateholders in the amounts
and in the manner  provided for in Section 4.02 and 4.03, such sum to be held in
trust for the benefit of 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 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 DEPOSITOR AND THE MASTER SERVICER

     Section  6.01.  Respective  Liabilities  of the  Depositor  and the  Master
          Servicer.

        The Depositor 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 Depositor and the Master Servicer herein.  By
way of  illustration  and not  limitation,  the  Depositor is not liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section  7.01 or 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  Depositor  or the  Master
          Servicer;  Assignment  of Rights  and  Delegation  of Duties by Master
          Servicer.

        (a) The Depositor 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  Depositor  or the Master  Servicer may be
merged  or  consolidated,  or any  corporation  resulting  from  any  merger  or
consolidation to which the Depositor or the Master Servicer shall be a party, or
any Person  succeeding to the business of the Depositor or the Master  Servicer,
shall be the successor of the Depositor 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 Class A 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  Depositor,  is willing  to  service  the
Mortgage  Loans and executes and  delivers to the  Depositor  and the Trustee an
agreement,  in form and substance  reasonably  satisfactory to the Depositor and
the Trustee, which contains an assumption by such Person of the due and punctual
performance  and  observance  of each  covenant and condition to be performed or
observed by the Master Servicer under this Agreement; provided further that each
Rating Agency's  rating of the Classes of  Certificates  that have been rated in
effect immediately prior to such

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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 Depositor, the Master Servicer
          and Others.

        Neither the  Depositor,  the Master  Servicer nor any of the  directors,
officers,  employees or agents of the Depositor 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  Depositor,  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  Depositor,  the Master
Servicer and any  director,  officer,  employee or agent of the Depositor 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  Depositor,  the  Master  Servicer  and any  director,  officer,
employee or agent of the Depositor 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 Depositor 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
Depositor  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 Depositor 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.

        Section 6.04. Depositor and Master Servicer Not to Resign.

        Subject to the provisions of Section 6.02, neither the Depositor nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon determination that

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its duties  hereunder are no longer  permissible  under applicable law. Any such
determination permitting the resignation of the Depositor or the Master Servicer
shall be  evidenced  by an Opinion of Counsel (at the  expense of the  resigning
party) to such effect  delivered  to the  Trustee.  No such  resignation  by the
Master Servicer shall become effective until the Trustee or a successor servicer
shall have assumed the Master  Servicer's  responsibilities  and  obligations in
accordance with Section 7.02.

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                                   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 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  Depositor  or to the Master  Servicer,  the  Depositor  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  Depositor,  or to the  Master  Servicer,  the
Depositor  and  the  Trustee  by  the  Holders  of  Certificates  of  any  Class
evidencing,  as to such Class,  Percentage  Interests  aggregating not less than
25%; or

        (iii) a decree or order of a court or agency  or  supervisory  authority
having  jurisdiction in the premises in an involuntary case under any present or
future  federal or state  bankruptcy,  insolvency or similar law or appointing a
conservator or receiver or liquidator in any  insolvency,  readjustment of debt,
marshalling  of  assets  and  liabilities  or  similar  proceedings,  or for the
winding- up or liquidation of its affairs,  shall have been entered  against the
Master  Servicer  and  such  decree  or  order  shall  have  remained  in  force
undischarged or unstayed for a period of 60 days; or

        (iv)  the  Master  Servicer  shall  consent  to  the  appointment  of  a
conservator or receiver or liquidator in any  insolvency,  readjustment of debt,
marshalling of assets and  liabilities,  or similar  proceedings of, or relating
to, the Master Servicer or of, or relating to, all or  substantially  all of the
property of the Master Servicer; or

        (v) the Master  Servicer shall admit in writing its inability to pay its
debts  generally as they become due,  file a petition to take  advantage  of, or
commence a voluntary  case under,  any applicable  insolvency or  reorganization
statute,  make an assignment  for the benefit of its  creditors,  or voluntarily
suspend payment of its obligations; or

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        (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 Depositor or the Trustee shall
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights, by notice in writing to the Master Servicer (and to the Depositor
if given by the Trustee or to the Trustee if given by the Depositor),  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 Depositor,  immediately  terminate all of the rights and  obligations of the
Master  Servicer  under this  Agreement and in and to the Mortgage Loans and the
proceeds  thereof,  other than its rights as a  Certificateholder  hereunder  as
provided in Section  4.04(b).  On or after the receipt by the Master Servicer of
such written  notice,  all authority and power of the Master Servicer under this
Agreement,  whether  with  respect to the  Certificates  (other than as a Holder
thereof) or the Mortgage Loans or otherwise,  shall subject to Section 7.02 pass
to and be vested in the Trustee or the Trustee's  designee appointed pursuant to
Section 7.02;  and,  without  limitation,  the Trustee is hereby  authorized and
empowered  to  execute  and  deliver,  on  behalf  of the  Master  Servicer,  as
attorney-in-fact or otherwise, any and all documents and other instruments,  and
to do or accomplish all other acts or things  necessary or appropriate to effect
the purposes of such notice of termination, whether to complete the transfer and
endorsement  or  assignment  of the  Mortgage  Loans and related  documents,  or
otherwise. The Master Servicer agrees to cooperate with the Trustee in effecting
the termination of the Master Servicer's  responsibilities and rights hereunder,
including,  without limitation,  the transfer to the Trustee or its designee for
administration  by it of all cash amounts which shall at the time be credited to
the Custodial Account or the Certificate  Account or thereafter be received with
respect to the Mortgage  Loans.  No such  termination  shall  release the Master
Servicer for any liability that it would otherwise have hereunder for any act or
omission prior to the effective time of such  termination.  Notwithstanding  any
termination of the  activities of Residential  Funding in its capacity as Master
Servicer hereunder, Residential Funding shall be entitled to receive, out of any
late  collection of a Monthly  Payment on a Mortgage Loan which was due prior to
the notice  terminating  Residential  Funding's rights and obligations as Master
Servicer  hereunder  and  received  after  such  notice,  that  portion to which
Residential  Funding would have been entitled pursuant to Sections  3.10(a)(ii),
(vi) and (vii) as well as its  Servicing Fee in respect  thereof,  and any other
amounts payable to Residential  Funding hereunder the entitlement to which arose
prior to the  termination of its activities  hereunder.  Upon the termination of
Residential  Funding as Master Servicer hereunder the Depositor shall deliver to
the Trustee a copy of the Program Guide.

        Section 7.02. Trustee or Depositor 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  Depositor and with the  Depositor'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

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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 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(c) 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 Depositor,  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 0.50% per annum in the event that the successor Master Servicer is not
servicing  such Mortgage Loans directly and it is necessary to raise the related
Subservicing  Fee to a rate of 0.50%  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

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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 as provided in Section 7.04 hereof.

        Section 7.04. Waiver of Events of Default.

        The  Holders   representing  at  least  66%  of  the  Voting  Rights  of
Certificates  affected by a default or Event of Default  hereunder may waive any
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), (ii) or (iii). Upon any such waiver
of a default or Event of  Default  by the  Holders  representing  the  requisite
percentage of Voting Rights of Certificates 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 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,  cause to be forwarded or make available  electronically  on its
website in a timely fashion the notices,  reports and statements  required to be
forwarded by the Trustee pursuant to Sections 4.03, 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 each of REMIC I, REMIC II and REMIC III as a REMIC under
the REMIC  Provisions  and to prevent the  imposition  of any federal,  state or
local  income,  prohibited  transaction  (except as  provided  in  Section  2.04
herein),  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  Depositor  or the Master  Servicer and
        which  on  their  face,  do not  contradict  the  requirements  of  this
        Agreement;

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               (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  the   Certificateholders   holding
        Certificates which evidence,  Percentage Interests  aggregating not less
        than 25% of the  affected  classes  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 Depositor or any Certificateholder;
        and

               (v) Except to the extent  provided in Section  7.02, no provision
        in this  Agreement  shall  require the Trustee to expend or risk its own
        funds  (including,  without  limitation,  the making of any  Advance) or
        otherwise incur any personal  financial  liability in the performance of
        any of its duties as Trustee hereunder, or in the exercise of any of its
        rights or powers,  if the  Trustee  shall have  reasonable  grounds  for
        believing  that  repayment of funds or adequate  indemnity  against such
        risk or liability is not reasonably assured to it.

        (d) The Trustee shall timely pay, from its own funds,  the amount of any
and all federal,  state and local taxes  imposed on the Trust Fund or its assets
or transactions  including,  without  limitation,  (A) "prohibited  transaction"
penalty  taxes as defined in Section 860F of the Code,  if, when and as the same
shall be due and  payable,  (B) any tax on  contributions  to a REMIC  after the
Closing  Date  imposed  by  Section  860G(d) of the Code and (C) any tax on "net
income from foreclosure property" as defined in Section 860G(c) of the Code, but
only if such  taxes  arise out of a breach  by the  Trustee  of its  obligations
hereunder,  which breach  constitutes  negligence  or willful  misconduct of the
Trustee.

        Section 8.02. Certain Matters Affecting the Trustee.

        (a)    Except as otherwise provided in Section 8.01:

               (i) The  Trustee  may rely and  shall be  protected  in acting or
        refraining  from  acting  upon any  resolution,  Officers'  Certificate,
        certificate of auditors or any other certificate, statement, instrument,
        opinion,  report, notice, request,  consent,  order, appraisal,  bond or
        other  paper or  document  believed by it to be genuine and to have been
        signed or presented by the proper party or parties;

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               (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),  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 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 the
        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  provided  that the Trustee  shall  remain
        liable for any acts of such agents or attorneys; and

               (vii) To the extent authorized under the Code and the regulations
        promulgated  thereunder,  each  Holder of a Class R  Certificate  hereby
        irrevocably   appoints   and   authorizes   the   Trustee   to  be   its
        attorney-in-fact  for purposes of signing any Tax Returns required to be
        filed on behalf of the Trust Fund.  The Trustee  shall sign on behalf of
        the Trust Fund and deliver to the Master Servicer in a timely manner any
        Tax  Returns  prepared by or on behalf of the Master  Servicer  that the
        Trustee  is  required  to  sign as  determined  by the  Master  Servicer
        pursuant to applicable  federal,  state or local tax laws, provided that
        the Master

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        Servicer  shall  indemnify  the Trustee for signing any such Tax Returns
        that contain errors or omissions.

        (b) Following the issuance of the  Certificates  (and except as provided
for in Section 2.04), the Trustee shall not accept any contribution of assets to
the Trust Fund unless it shall have obtained or been  furnished  with an Opinion
of Counsel to the effect that such  contribution will not (i) cause any of REMIC
I,  REMIC II or REMIC  III 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 Depositor 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 Depositor 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  Depositor  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  Depositor  or the Master
Servicer.

        Section 8.04. Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

     Section  8.05.   Master  Servicer  to  Pay  Trustee's  Fees  and  Expenses;
          Indemnification.

        (a) The Master  Servicer  covenants and agrees to pay to the Trustee and
any co-trustee  from time to time,  and the Trustee and any co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and any co-trustee, and the Master Servicer will pay or
reimburse  the  Trustee  and any  co-trustee  upon  request  for all  reasonable
expenses,  disbursements  and  advances  incurred  or made by the Trustee or any
co-trustee in accordance with any of the provisions of this Agreement (including
the reasonable  compensation  and the expenses and  disbursements of its counsel
and of all persons not regularly in its employ, and the expenses incurred by the
Trustee or any  co-trustee in connection  with the  appointment  of an office or
agency  pursuant  to Section  8.12)  except any such  expense,  disbursement  or
advance as may arise from its negligence or bad faith.

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        (b) The Master Servicer agrees to indemnify the Trustee for, and to hold
the Trustee harmless  against,  any loss,  liability or expense incurred without
negligence or willful  misconduct on its 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, 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
Certificateholders pursuant to the terms of this Agreement.

        Section 8.06. Eligibility Requirements for Trustee.

        The  Trustee  hereunder  shall  at  all  times  be  a  national  banking
association or a New York banking  corporation  having its principal office in a
state and city  acceptable to the  Depositor  and  organized and doing  business
under the laws of such state or the United States of America,  authorized  under
such laws to exercise  corporate  trust  powers,  having a combined  capital and
surplus of at least  $50,000,000  and subject to  supervision  or examination by
federal or state authority.  If such corporation or national banking association
publishes  reports of  condition  at least  annually,  pursuant to law or to the
requirements of the aforesaid  supervising or examining authority,  then for the
purposes of this  Section the combined  capital and surplus of such  corporation
shall be deemed to be its combined  capital and surplus as set forth in its most
recent report of condition so  published.  In case at any time the Trustee shall
cease to be eligible in accordance  with the  provisions  of this  Section,  the
Trustee shall resign  immediately in the manner and with the effect specified in
Section 8.07.

        Section 8.07. Resignation and Removal of the Trustee.

        (a) The Trustee may at any time resign and be discharged from the trusts
hereby  created by giving written notice thereof to the Depositor and the Master
Servicer.  Upon  receiving  such  notice of  resignation,  the  Depositor  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

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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  then 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  Depositor,  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 Depositor
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 Depositor  determines that the Trustee has failed (i) to distribute or cause
to be distributed to  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  Depositor)  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  Depositor,
then the  Depositor  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  Depositor  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 Depositor,  one complete set to the Trustee so removed
and one complete set to the successor so appointed.

        (d) Any  resignation  or removal of the  Trustee  and  appointment  of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08.

        Section 8.08. Successor Trustee.

        (a) Any  successor  trustee  appointed as provided in Section 8.07 shall
execute, acknowledge and deliver to the Depositor 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

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held by a  Custodian,  which  shall  become the agent of any  successor  trustee
hereunder),  and the Depositor,  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 Depositor 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 Depositor 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 Depositor.

        Section 8.09. Merger or Consolidation of Trustee.

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

        Section 8.10. Appointment of Co-Trustee or Separate Trustee.

        (a)  Notwithstanding  any other provisions  hereof, at any time, for the
purpose of meeting any legal  requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located,  the
Master  Servicer and the Trustee  acting  jointly shall have the power and shall
execute and deliver all  instruments to appoint one or more Persons  approved by
the Trustee to act as co-trustee or  co-trustees,  jointly with the Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof,  and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

        (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

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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
Depositor,  appoint  one or  more  Custodians  who  are  not  Affiliates  of the
Depositor or the Master  Servicer to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section  8.11.  The Trustee will maintain an office or agency in the City of New
York where  Certificates  may be  surrendered  for  registration  of transfer or
exchange.  The Trustee initially designates its offices located at 450 West 33rd
Street,  14th Floor, New York, New York 10001,  Attention:  Institutional  Trust
Services/Structured Finance Services, RAMP 2002- SL1, for the purpose of keeping
the  Certificate  Register.  The Trustee will  maintain an office at the address
stated in Section  11.05(c)  hereof  where  notices  and  demands to or upon the
Trustee in respect of this Agreement may be served.

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                                          ARTICLE IX

                                         TERMINATION

     Section  9.01.   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 Depositor,  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 Depositor 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 Group I Loans and
        all  property  acquired in respect of any Group I Loan  remaining in the
        Trust Fund and the purchase by the Master Servicer of all Group II Loans
        and all property  acquired in respect of any Group II Loan  remaining in
        the Trust  Fund,  in each case,  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;
        provided  further,  that, if the amount due under any Certificate  shall
        not have been  reduced to zero prior to the  Maturity  Date,  the Master
        Servicer  shall be required to terminate  this  Agreement in  accordance
        with this clause (ii); 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 of REMIC I, REMIC II
        or REMIC III as a REMIC.

        The right of the Master Servicer to purchase all the assets of the Trust
Fund relating to the Group I Loans, pursuant to clause (ii) above is conditioned
upon the  date of such  purchase  occurring  on or after  the  Group I  Optional
Termination Date. The right of the Master Servicer to purchase all the assets of
the Trust Fund relating to the Group II Loans,  pursuant to clause (ii) above is
conditioned  upon the date of such  purchase  occurring on or after the Group II
Optional  Termination  Date. 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

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respect to the Mortgage Loans being purchased.  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 or after the
Group I Optional  Termination Date, the Master Servicer shall have the right, at
its option,  to purchase the Class A-I, Class M-I and Class B-I  Certificates in
whole,  but  not  in  part,  at a  price  equal  to the  sum of the  outstanding
Certificate  Principal  Balance of such Certificates plus the sum of one month's
Accrued  Certificate  Interest  thereon,  or, with  respect to the Class  A-I-IO
Certificates,   on  their  Notional  Amount,   any  previously   unpaid  Accrued
Certificate  Interest,  and any unpaid Prepayment Interest Shortfall  previously
allocated  thereto.  On any Distribution  Date on or after the Group II Optional
Termination  Date, the Master Servicer shall have the right,  at its option,  to
purchase the Class A-II,  Class M-II and Class B-II  Certificates in whole,  but
not in  part,  at a  price  equal  to the  sum  of the  outstanding  Certificate
Principal  Balance  of such  Certificates  plus the sum of one  month's  Accrued
Certificate   Interest  thereon,   any  previously  unpaid  Accrued  Certificate
Interest,  and any unpaid Prepayment  Interest  Shortfall  previously  allocated
thereto. If the Master Servicer exercises this right to purchase the outstanding
Class A-I, Class M-I and Class B-I Certificates,  or Class A-II, Class M- II and
Class B-II  Certificates,  the  Master  Servicer  will  promptly  terminate  the
respective  obligations and responsibilities  created hereby in respect of these
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).  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  for  payment  of  the  final
distribution  and  cancellation,  shall be given promptly by the Master Servicer
(if it is exercising its right to purchase the assets of the Trust Fund),  or by
the  Trustee  (in any other  case) by letter to  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,

               (ii)   the amount of any such final payment, if known, and

               (iii)  that  the  Record  Date   otherwise   applicable  to  such
        Distribution Date is not applicable,  and 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. In the event such notice is given by
the  Master  Servicer,  the Master  Servicer  shall  deposit in the  Certificate
Account before the Final  Distribution  Date in immediately  available  funds an
amount

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equal to the purchase  price for the assets of the Trust Fund  computed as above
provided.  The Master Servicer shall provide to the Trustee written notification
of any change to the anticipated Final Distribution Date as soon as practicable.
If the Trust Fund is not terminated on the anticipated Final  Distribution Date,
for any reason,  the Trustee shall promptly mail notice thereof to each affected
Certificateholder.

        (c)  Upon   presentation  and  surrender  of  the  Certificates  by  the
Certificateholders,  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,  or (ii) if the
Master  Servicer  elected to so repurchase,  an amount equal to the  outstanding
Certificate Principal Balance thereof, plus Accrued Certificate Interest thereon
for the  related  Interest  Accrual  Period and any  previously  unpaid  Accrued
Certificate Interest.

        (d) In the event that any  Certificateholders  shall not surrender their
Certificates  for  final  payment  and  cancellation  on  or  before  the  Final
Distribution  Date,  the  Trustee  shall on such  date  cause  all  funds in the
Certificate Account not distributed in final distribution to  Certificateholders
to be withdrawn  therefrom and credited to the remaining  Certificateholders  by
depositing  such  funds in a separate  escrow  account  for the  benefit of such
Certificateholders,  and the  Master  Servicer  (if it  exercised  its  right to
purchase the assets of the Trust Fund), or the Trustee (in any other case) shall
give a second  written notice to the remaining  Certificateholders  to surrender
their  Certificates  for cancellation  and receive the final  distribution  with
respect  thereto.  If within six months after the second notice any  Certificate
shall not have  been  surrendered  for  cancellation,  the  Trustee  shall  take
appropriate  steps as directed by the Master  Servicer to contact the  remaining
Certificateholders  concerning  surrender of their  Certificates.  The costs and
expenses of maintaining the escrow account and of contacting  Certificateholders
shall be paid out of the assets  which remain in the escrow  account.  If within
nine  months  after  the  second  notice  any  Certificates  shall not have been
surrendered for  cancellation,  the Trustee shall pay to the Master 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 and the Certificateholders  shall look only to the Master
Servicer for such payment.

        Section 9.02. Additional Termination Requirements.

        (a) Each of REMIC I, REMIC II and REMIC III,  as the case may be,  shall
be terminated in accordance with the following additional  requirements,  unless
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 any of REMIC I,  REMIC II and REMIC III,  as the case may be, to
comply with the  requirements  of this  Section  9.02 will not (i) result in the
imposition on the Trust Fund of taxes on "prohibited transactions," as described
in Section 860F of the Code, or (ii) cause any of REMIC I, REMIC II or REMIC III
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 of REMIC I,  REMIC II and REMIC III,  and  specify  the
        first day of such period in a statement

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        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 each of REMIC I,
        REMIC  II and  REMIC  III,  under  Section  860F  of the  Code  and  the
        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 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;

provided,  however,  that in the event  that a calendar  quarter  ends after the
commencement  of  the  90-  day  liquidation  period  but  prior  to  the  Final
Distribution  Date, the Master  Servicer shall not purchase any of the assets of
the Trust Fund prior to the close of that calendar quarter.

        (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 of REMIC I, REMIC II and REMIC III at the
expense of the Trust Fund in  accordance  with the terms and  conditions of this
Agreement.

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                                          ARTICLE X

                                       REMIC PROVISIONS

        Section 10.01.REMIC Administration.

        (a) The REMIC  Administrator  shall  make an  election  to treat each of
REMIC I,  REMIC II and REMIC III as a REMIC  under the Code and,  if  necessary,
under  applicable  state law.  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.  The  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 REMIC II Regular  Interests  shall be  designated  as the  "regular
interests" and the Class R-II Certificates shall be designated as the sole class
of "residual interests" in REMIC II. The Class A-I, Class A-II, Class M-I, Class
M-II, Class B-I and Class B-II Certificates  shall be designated as the "regular
interests" in REMIC III and the Class R-III Certificates shall be designated the
sole class of "residual interests" in REMIC III. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section 860G of the Code) in the REMIC other than the Certificates.

        (b) The Closing Date is hereby  designated  as the "startup day" of each
of REMIC I, REMIC II and REMIC III within the meaning of Section  860G(a)(9)  of
the Code.

        (c) The REMIC  Administrator  shall hold a Class R  Certificate  in each
REMIC  representing a 0.01%  Percentage  Interest of the Class R Certificates in
each REMIC and shall be designated  as the "tax matters  person" with respect to
each of REMIC I, REMIC II and REMIC III 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 of REMIC I,  REMIC II and  REMIC  III 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 the 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

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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,  if  any,  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 created hereunder.

        (f) The  Master  Servicer  and the REMIC  Administrator  shall take such
actions and shall cause each REMIC created hereunder to take such actions as are
reasonably within the Master Servicer's or the REMIC Administrator's control and
the scope of its duties more specifically set forth herein as shall be necessary
or  desirable  to  maintain  the  status  thereof  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). In performing their duties as more  specifically
set forth  herein,  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 and the scope of duties more  specifically set
forth herein,  that, under the REMIC  Provisions,  if taken or not taken, as the
case may be,  could (i) endanger the status of any of REMIC I, REMIC II or REMIC
III as a REMIC or (ii)  result in the  imposition  of a tax upon any of REMIC I,
REMIC  II or REMIC  III  (including  but not  limited  to the tax on  prohibited
transactions as defined in Section 860F(a)(2) of the Code (except as provided in
Section  2.04) 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 the Trust Fund created hereunder, endanger such status
or,  unless  the  Master  Servicer  or  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

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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
the Trust  Fund or its  assets,  or causing  the Trust Fund 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 the Trust Fund and the  Trustee
shall not take any such  action or cause the Trust Fund 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  or the  REMIC
Administrator,  as  applicable,  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 the REMIC as  "qualified  mortgages"  as defined in Section
860G(a)(3)  of the  Code and  "permitted  investments"  as  defined  in  Section
860G(a)(5) of the Code.

        (g) In the event that any tax is imposed on "prohibited transactions" of
any REMIC  created  hereunder as defined in Section  860F(a)(2)  of the Code, on
"net  income  from  foreclosure  property"  of any REMIC as  defined  in Section
860G(c) of the Code,  on any  contributions  to any REMIC  after the startup day
therefor  pursuant to Section  860G(d) of the Code,  or any other tax 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 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 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 any REMIC will
not cause any of REMIC I, REMIC II or REMIC III to fail to qualify as a REMIC at
any time that any  Certificates are outstanding or subject any such 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 of REMIC I, REMIC II
or REMIC III will receive a fee or other

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compensation  for  services  nor permit any of REMIC I, REMIC II or REMIC III 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 principal
balance of each regular  interest in each REMIC would be reduced to zero is June
25, 2032.

        (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 the Trust Fund.

        (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  the  Trust  Fund,  (iii)  the
termination  of any REMIC  pursuant  to Article IX of this  Agreement  or (iv) a
purchase of Mortgage Loans  pursuant to Article II or III of this  Agreement) or
acquire  any assets for any REMIC or sell or dispose of any  investments  in the
Custodial   Account  or  the  Certificate   Account  for  gain,  or  accept  any
contributions  to any 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 any of REMIC I, REMIC II or REMIC III as
a REMIC or (b) unless the Master  Servicer has determined in its sole discretion
to indemnify the Trust Fund against such tax, cause any 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 Depositor,  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 Depositor or the Master Servicer, as a result of a breach of the
Trustee's  covenants  set forth in Article  VIII or this Article X. In the event
that  Residential  Funding is no longer the Master  Servicer,  the Trustee shall
indemnify  Residential  Funding  for any  taxes  and  costs  including,  without
limitation,  any reasonable attorneys fees imposed on or incurred by Residential
Funding 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
Depositor,  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 Depositor,  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.

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        (c) The  Master  Servicer  agrees  to  indemnify  the  Trust  Fund,  the
Depositor,  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  Depositor  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   10.04.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-I-IO
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-I-IO 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-I-IO  Certificates  shall
equal 100% of the  amounts  payable  with  respect to the  Uncertificated  REMIC
Regular Interests.

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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  Depositor,  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 REMIC I,  REMIC II or REMIC III as REMICs 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 the
        Trust Fund  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,  as  evidenced  by an
        Opinion of Counsel  (at the  expense of the party  seeking so to modify,
        eliminate  or add such  provisions),  cause the Trust Fund 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, or

               (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

                                             133

<PAGE>

        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.

        (b) This  Agreement or any Custodial  Agreement may also be amended from
time to time by the Depositor,  the Master Servicer, the Trustee and the Holders
of Certificates  evidencing in the aggregate not less than 66% of the Percentage
Interests  of each Class of  Certificates  affected  thereby  for the purpose of
adding any  provisions  to or changing in any manner or  eliminating  any of the
provisions of this Agreement or such Custodial  Agreement or of modifying in any
manner  the rights of the  Holders  of  Certificates  of such  Class;  provided,
however, that no such amendment shall:

               (i)  reduce in any  manner the amount of, or delay the timing of,
        payments which are required to be distributed on any Certificate without
        the consent of the Holder of such Certificate,

               (ii) adversely affect in any material respect the interest of the
        Holders of Certificates of any Class in a manner other than as described
        in clause (i) hereof without the consent of Holders of  Certificates  of
        such  Class  evidencing,   as  to  such  Class,   Percentage   Interests
        aggregating not less than 66%, or

               (iii) 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 (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 Depositor or the Trustee in accordance with
such  amendment  will not result in the imposition of a federal tax on the Trust
Fund or cause REMIC I, REMIC II or REMIC III to fail to qualify as REMICs at any
time that any  Certificate  is  outstanding.  The  Trustee  may but shall not be
obligated to enter into any amendment  pursuant to this Section that affects its
rights, duties and immunities and this agreement or otherwise; provided however,
such consent shall not be unreasonably withheld.

        (d) Promptly after the execution of any such amendment the Trustee shall
furnish  written  notification  of the  substance  of  such  amendment  to  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  Depositor  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 R Certificates against any or all
Realized Losses or other  shortfalls.  Any such instrument or fund shall be held
by the Trustee for the benefit of the

                                             134

<PAGE>

Class R Certificateholders, but shall not be and shall not be deemed to be under
any circumstances  included in the REMIC. 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 REMIC, (ii) any such reserve fund shall be owned by the Depositor, and (iii)
amounts  transferred  by the REMIC to any such  reserve fund shall be treated as
amounts  distributed by the REMIC to the Depositor or any successor,  all within
the meaning of Treasury regulations Section 1.860G-2(h).  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  Depositor  and such  related  insurer  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
Certificateholders,  the Master Servicer or the Trustee, as applicable; provided
that the Depositor  obtains 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 of REMIC I,  REMIC II or REMIC III to fail to qualify as
a REMIC at any time that any Certificate is  outstanding.  In the event that the
Depositor  elects to provide  such  coverage  in the form of a limited  guaranty
provided by General Motors Acceptance Corporation,  the Depositor may elect that
the text of such amendment to this Agreement shall be  substantially in the form
attached hereto as Exhibit K (in which case  Residential  Funding's  Subordinate
Certificate Loss Obligation as described in such exhibit shall be established by
Residential  Funding's  consent to such amendment) and that the limited guaranty
shall be executed in the form attached hereto as Exhibit L, with such changes as
the Depositor 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 the  Holders of  Certificates  entitled to at least 25% of the Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

        (b) For the purpose of facilitating the recordation of this Agreement as
herein  provided  and  for  other  purposes,  this  Agreement  may  be  executed
simultaneously in any number of counterparts,  each of which  counterparts shall
be deemed to be an original,  and such counterparts shall constitute but one and
the same instrument.

        Section 11.03.Limitation on Rights of Certificateholders.

                                             135

<PAGE>

        (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,  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.

        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 (a) in the case of the
Depositor,  8400 Normandale Lake Boulevard,  Suite 250,  Minneapolis,  Minnesota
55437,  Attention:  President  (RAMP), or such other address as may hereafter be
furnished to the Master

                                             136

<PAGE>

Servicer  and the  Trustee in writing by the  Depositor;  (b) in the case of the
Master  Servicer,  2255 North Ontario Street,  Burbank,  California  91504-3120,
Attention:  Bond  Administration  or  such  other  address  as may be  hereafter
furnished to the  Depositor  and the Trustee by the Master  Servicer in writing;
(c) in the case of the Trustee,  450 West 33rd Street, 14th Floor, New York, New
York 10001, Attention:  Residential Asset Mortgage Products Inc. Series 2002-SL1
or such other  address as may  hereafter be furnished to the  Depositor  and the
Master Servicer in writing by the Trustee; (d) in the case of Standard & Poor's,
55 Water Street,  New York, New York 10041 Attention:  Mortgage  Surveillance or
such other address as may be hereafter  furnished to the Depositor,  Trustee and
Master  Servicer by Standard & Poor's;  and (e) in the case of Fitch,  One State
Street Plaza, New York, New York 10004, Attention: ABS Monitoring Department, or
such other address as may be hereafter  furnished to the Depositor,  the Trustee
and the Master Servicer in writing by Fitch. 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.

        Section 11.06.Notices to Rating Agencies.

        The Depositor, the Master Servicer or the Trustee, as applicable,  shall
notify each Rating Agency and each  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 152 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,

                                             137

<PAGE>

        (i)    the occurrence of the Final Distribution Date, and

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

        Section 11.07.Severability of Provisions.

        If any one or more of the covenants, agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

        Section 11.08.Supplemental Provisions for Resecuritization.

        (a) 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 Depositor or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Depositor  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 Depositor,  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 to the
purposes thereof.  In connection with each Supplemental  Article,  the Depositor
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 any of
REMIC I, REMIC II or REMIC III as a REMIC or result in the  imposition  of a tax
upon  the  Trust  Fund  (including  but not  limited  to the  tax on  prohibited
transaction  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.

                                             138

<PAGE>

               IN WITNESS  WHEREOF,  the Depositor,  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 ASSET MORTGAGE
                                                PRODUCTS, INC.

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

[Seal]
                                                RESIDENTIAL FUNDING CORPORATION

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

[Seal]                                          JPMORGAN CHASE BANK
                                                                  as Trustee

Attest:
        ---------------------------------------
        Name:                                   By:
                                                   -----------------------------
        Title:                                          Name:
                                                        Title:

                                             139

<PAGE>

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

               On the 20th day of June,  2002 before me, a notary  public in and
for said  State,  personally  appeared  Randy Van Zee,  known to me to be a Vice
President of Residential Asset Mortgage Products,  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]

                                             140

<PAGE>

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

               On the 20th day of June,  2002 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]

                                             141

<PAGE>

STATE OF NEW YORK               )
                                ) ss.:
COUNTY OF NEW YORK              )

               On the 20th day of June,  2002 before me, a notary  public in and
for said State,  personally appeared  ____________________,  known to me to be a
_________________  of JPMorgan Chase Bank, a New York banking  corporation  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.

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

                                                    Notary Public

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

[Notarial Seal]

                                             142

<PAGE>

                                          EXHIBIT A

     FORM OF CLASS A CERTIFICATE, [PRINCIPAL ONLY/CLASS A-I-PO] CERTIFICATE
                  AND [INTEREST ONLY/CLASS A-I-IO] 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
Class [A-___] Senior                            Percentage Interest: ____%
Date of Pooling and Servicing Agreement and     Aggregate Initial [Certificate Principal
Cut-off Date:                                   Balance] [Notional Amount] of the Class [A-
June 1, 2002                                    ___] Certificates: $________
First Distribution Date:                        [Initial] [Certificate Principal Balance]
July 25, 2002                                   [Notional Amount] of this Certificate:
                                                $[--------------]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
June 25, 2032                                   [______________]

</TABLE>

                           MORTGAGE-BACKED PASS-THROUGH CERTIFICATE
                                       SERIES 2002-SL1

               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 and  adjustable  interest rate first  mortgage
               loans sold by RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or  interest  in  Residential  Asset
Mortgage Products,  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 Asset Mortgage Products,  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  Notional  Amount]  of this
Certificate by the aggregate [Initial Certificate Principal Balance of all Class
A-__ Certificates]  [Initial Notional Amount of all [Interest Only/Class A-I-IO]
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 and adjustable interest rate first

                                             A-2

<PAGE>

mortgage  loans (the  "Mortgage  Loans"),  sold by  Residential  Asset  Mortgage
Products,  Inc.  (hereinafter  called the  "Company,"  which term  includes  any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant to a Pooling and Servicing  Agreement dated as of June 1, 2002
(the "Pooling and Servicing  Agreement" or the  "Agreement")  among the Company,
the Master  Servicer and JPMorgan  Chase Bank,  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 related 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  Notional  Amount  of the
[Interest  Only/Class  A-I-IO]  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-I-IO] 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 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-Backed   Pass-Through
Certificates  of the Series  specified  hereon (herein  collectively  called the
"Certificates").

        The Certificates are limited in right of payment to certain  collections
and recoveries  respecting the related 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

                                             A-3

<PAGE>

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.

                                             A-4

<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 in a
loan group or (ii) purchase in whole,  but not in part, all of the  Certificates
related to a loan group from the Holders thereof; provided, that any such option
may only be  exercised  if the pool  Stated  Principal  Balance  of the  related
Mortgage Loans as of the  Distribution  Date upon which the proceeds of any such
purchase are  distributed  is less than [five] [ten] percent of the Cut-off Date
Principal Balance of the related 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.

                                             A-5

<PAGE>

        IN WITNESS  WHEREOF,  the Trustee has caused this Certificate to be duly
executed.

Dated:________________                             JPMORGAN CHASE BANK,
                                                   as Trustee

                                                   By:
                                                      --------------------------
                                                   Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [A- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   JPMORGAN CHASE BANK,
                                                   as Certificate Registrar

                                                   By:
                                                      --------------------------
                                                   Authorized Signatory

                                             A-6

<PAGE>

                                          ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip  code  of   assignee)  a  Percentage   Interest   evidenced  by  the  within
Mortgage-Backed  Pass- Through Certificate and hereby authorizes the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:
      ----------------              -------------------------------------------
                                    Signature by or on behalf of assignor

                                    _________________________________
                                    Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

                                             A-7

<PAGE>

                                    EXHIBIT B

                           FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES [CLASS M- CERTIFICATES] [AND CLASS M- 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. [____]                          [____]% [Variable] Pass-Through Rate
Class [M-___] Subordinate
Date of Pooling and Servicing Agreement and     Aggregate Certificate Principal Balance of the
Cut-off Date:                                   Class M Certificates: $_______________
June 1, 2002
First Distribution Date:                        Initial Certificate Principal Balance of this
July 25, 2002                                   Certificate:
                                                $[--------------]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
June 25, 2032                                   [______________]
</TABLE>

                          MORTGAGE-BACKED PASS-THROUGH CERTIFICATE,
                                       SERIES 2002-SL1

               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 and  adjustable  interest rate first  mortgage
               loans sold by RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or  interest  in  Residential  Asset
Mortgage Products,  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 Asset Mortgage Products,  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 and  adjustable  interest rate
first  mortgage  loans (the  "Mortgage  Loans"),  formed and sold by Residential
Asset Mortgage  Products,  Inc.  (hereinafter  called the "Company,"  which term
includes any successor entity under the Agreement  referred to below). The Trust
Fund was created pursuant to a Pooling and Servicing Agreement dated as of June

                                             B-3

<PAGE>

1, 2002 (the "Pooling and Servicing  Agreement"  or the  "Agreement")  among the
Company,   the  Master  Servicer  and  JPMorgan  Chase  Bank,  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 related 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-Backed   Pass-Through
Certificates  of the Series  specified  hereon (herein  collectively  called the
"Certificates").

                                             B-4

<PAGE>

        The Certificates are limited in right of payment to certain  collections
and recoveries  respecting the related 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

                                             B-5

<PAGE>

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 in a
loan group or (ii) purchase in whole,  but not in part, all of the  Certificates
related to a loan group from the Holders thereof; provided, that any such option
may only be  exercised  if the pool  Stated  Principal  Balance  of the  related
Mortgage Loans as of the  Distribution  Date upon which the proceeds of any such
purchase are  distributed  is less than [five] [ten] percent of the Cut-off Date
Principal Balance of the related 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.

                                             B-6

<PAGE>

        IN WITNESS  WHEREOF,  the Trustee has caused this Certificate to be duly
executed.

Dated:________________                             JPMORGAN CHASE BANK,
                                                   as Trustee

                                                   By:
                                                      --------------------------
                                                   Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [M- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   JPMORGAN CHASE BANK,
                                                   as Certificate Registrar

                                                   By:
                                                      --------------------------
                                                   Authorized Signatory

                                             B-7

<PAGE>

                                          ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip  code  of   assignee)  a  Percentage   Interest   evidenced  by  the  within
Mortgage-Backed  Pass- Through Certificate and hereby authorizes the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:
      ----------------             -------------------------------------------
                                   Signature by or on behalf of assignor

                                    ________________________________
                                   Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

                                             B-8

<PAGE>

                                    EXHIBIT C

                           FORM OF CLASS B CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  AND  CLASS  M-__  CERTIFICATES  [AND  CLASS B-]  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. [____]                          [____]% [Variable] Pass-Through Rate
Class [B-___] Subordinate
Date of Pooling and Servicing Agreement and     Aggregate Certificate Principal Balance of the
Cut-off Date:                                   Class B-___ Certificates as of the Cut-off Date:
June 1, 2002                                    $________
First Distribution Date:                        Initial Certificate Principal Balance of this
July 25, 2002                                   Certificate:
                                                $[--------------]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
June 25, 2032                                   [______________]
</TABLE>

                          MORTGAGE-BACKED PASS-THROUGH CERTIFICATE,
                                       SERIES 2002-SL1

               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 and  adjustable  interest rate first  mortgage
               loans sold by RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or  interest  in  Residential  Asset
Mortgage Products,  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 Asset Mortgage Products,  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 and  adjustable  interest rate
first mortgage loans (the "Mortgage Loans"),  sold by Residential Asset Mortgage
Products,  Inc.  (hereinafter  called the  "Company,"  which term  includes  any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant to a Pooling and Servicing  Agreement dated as of June 1, 2002
(the

                                             C-2

<PAGE>

"Pooling and Servicing  Agreement" or the  "Agreement")  among the Company,  the
Master Servicer and JPMorgan Chase Bank, 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 ("ERISA"), and Section 4975 of the Internal Revenue Code
(the "Code") and stating, among other

                                             C-3

<PAGE>

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-Backed   Pass-Through
Certificates  of the Series  specified  hereon (herein  collectively  called the
"Certificates").

        The Certificates are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.

        As provided in the  Agreement,  withdrawals  from the Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The Agreement permits,  with certain  exceptions  therein provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

        As provided in the Agreement and subject to certain  limitations therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate  Registrar  duly  executed  by the  Holder  hereof or such  Holder's
attorney duly authorized in writing, and thereupon one or

                                             C-4

<PAGE>

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 in a
loan group or (ii) purchase in whole,  but not in part, all of the  Certificates
related to a loan group from the Holders thereof; provided, that any such option
may only be  exercised  if the pool  Stated  Principal  Balance  of the  related
Mortgage Loans as of the  Distribution  Date upon which the proceeds of any such
purchase are  distributed  is less than [five] [ten] percent of the Cut-off Date
Principal Balance of the related 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.

                                             C-5

<PAGE>

        IN WITNESS  WHEREOF,  the Trustee has caused this Certificate to be duly
executed.

Dated:________________                             JPMORGAN CHASE BANK,
                                                   as Trustee

                                                   By:
                                                      --------------------------
                                                   Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  B-___  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   JPMORGAN CHASE BANK,
                                                   as Certificate Registrar

                                                   By:
                                                      --------------------------
                                                   Authorized Signatory

                                             C-6

<PAGE>

                                          ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip  code  of   assignee)  a  Percentage   Interest   evidenced  by  the  within
Mortgage-Backed  Pass- Through Certificate and hereby authorizes the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:
      ----------------              -------------------------------------------
                                    Signature by or on behalf of assignor

                                    ________________________________________
                                    Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

                                             C-7

<PAGE>

                                          EXHIBIT D

                                 FORM OF CLASS R CERTIFICATE

        THIS  CERTIFICATE  MAY NOT BE HELD BY OR  TRANSFERRED  TO A NON-  UNITED
STATES PERSON OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"RESIDUAL  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE"). 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.

        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.

        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

<PAGE>

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.  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. [____]                          [____]% [Variable] Pass-Through Rate
Class [R-___] Subordinate
Date of Pooling and Servicing Agreement and     Aggregate Initial Certificate Principal Balance
Cut-off Date:                                   of the Class R-___ Certificates: [$100.00]
June 1, 2002
First Distribution Date:                        Initial Certificate Principal Balance of this
July 25, 2002                                   Certificate:
                                                $[--------------]
Master Servicer:                                Percentage Interest: _____%
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
June 25, 2032                                   [______________]
</TABLE>

                          MORTGAGE-BACKED PASS-THROUGH CERTIFICATE,
                                       SERIES 2002-SL1

               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 and  adjustable  interest rate first  mortgage
               loans sold by RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or  interest  in  Residential  Asset
Mortgage Products,  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 Asset Mortgage Products,  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 and
adjustable  interest rate first mortgage loans (the "Mortgage  Loans"),  sold by
Residential Asset Mortgage  Products,  Inc.  (hereinafter  called the "Company,"
which term includes any successor entity under the Agreement referred to below).
The Trust Fund was created  pursuant to a Pooling and Servicing  Agreement dated
as of June 1, 2002 (the

                                             D-3

<PAGE>

"Pooling and Servicing  Agreement" or the  "Agreement")  among the Company,  the
Master Servicer and JPMorgan Chase Bank, 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 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

                                             D-4

<PAGE>

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
("ERISA"),  and  Section  4975 of the  Internal  Revenue  Code (the  "Code") and
stating,  among other things,  that the  transferee's  acquisition  of a Class R
Certificate  will  not  constitute  or  result  in  a  non-  exempt   prohibited
transaction  under  Section  406 of ERISA or Section  4975 of the Code or (ii) a
representation letter, in the form as described by the Agreement, 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-Backed   Pass-Through
Certificates  of the Series  specified  hereon (herein  collectively  called the
"Certificates").

        The Certificates are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.

        As provided in the  Agreement,  withdrawals  from the Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The Agreement permits,  with certain  exceptions  therein provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this Certificate shall be conclusive

                                             D-5

<PAGE>

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.

        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 in a
loan group or (ii) purchase in whole,  but not in part, all of the  Certificates
related to a loan group from the Holders thereof; provided, that any such option
may only be  exercised  if the pool  Stated  Principal  Balance  of the  related
Mortgage Loans as of the

                                             D-6

<PAGE>

Distribution  Date upon which the proceeds of any such purchase are  distributed
is less than [five] [ten] percent of the Cut-off Date  Principal  Balance of the
related 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.

                                             D-7

<PAGE>

        IN WITNESS  WHEREOF,  the Trustee has caused this Certificate to be duly
executed.

Dated:________________                             JPMORGAN CHASE BANK,
                                                   as Trustee

                                                   By:
                                                      --------------------------
                                                   Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [R- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   JPMORGAN CHASE BANK,
                                                   as Certificate Registrar

                                                   By:
                                                      --------------------------
                                                   Authorized Signatory

                                             D-8

<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-Backed  Pass- Through Certificate and hereby authorizes the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:
      ----------------              -------------------------------------------
                                    Signature by or on behalf of assignor

                                    _________________________________________
                                    Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

                                             D-9

<PAGE>

                                          EXHIBIT E

                               CUSTODIAL AGREEMENT

               THIS CUSTODIAL  AGREEMENT (as amended and supplemented  from time
to time, the "Agreement"), dated as of June 1, 2002, by and among JPMORGAN CHASE
BANK, as trustee  (including its successors under the Pooling  Agreement defined
below, the "Trustee"),  RESIDENTIAL  ASSET MORTGAGE  PRODUCTS,  INC., as company
(together with any successor in interest,  the "Company"),  RESIDENTIAL  FUNDING
CORPORATION,  as master  servicer  (together  with any  successor in interest or
successor under the Pooling Agreement  referred to below, the "Master Servicer")
and WELLS FARGO BANK MINNESOTA,  NATIONAL  ASSOCIATION,  as custodian  (together
with any  successor  in  interest  or any  successor  appointed  hereunder,  the
"Custodian").

                                W I T N E S S E T H   T H A T :
                                - - - - - - - - - -   - - - -

               WHEREAS, the Company,  the Master Servicer,  and the Trustee have
entered  into a  Pooling  and  Servicing  Agreement,  dated as of June 1,  2002,
relating  to  the  issuance  of  Residential  Asset  Mortgage  Products,   Inc.,
Mortgage-Backed Pass-Through Certificates,  Series 2002-SL1 (as in effect on the
date of this  Agreement,  the "Original  Pooling  Agreement," and as amended and
supplemented from time to time, the "Pooling Agreement"); and

               WHEREAS, the Custodian has agreed to act as agent for the Trustee
for  the  purposes  of  receiving  and  holding  certain   documents  and  other
instruments  delivered by the Company and the Master  Servicer under the Pooling
Agreement,  all upon the terms and  conditions  and  subject to the  limitations
hereinafter set forth;

               NOW,  THEREFORE,  in consideration of the premises and the mutual
covenants and agreements  hereinafter set forth, the Trustee,  the Company,  the
Master Servicer and the Custodian hereby agree as follows:

                                    ARTICLE I

                                   Definitions

               Capitalized  terms used in this  Agreement and not defined herein
shall have the  meanings  assigned in the  Original  Pooling  Agreement,  unless
otherwise required by the context herein.

                                             F-1

<PAGE>

                                          ARTICLE II

                          Custody of Mortgage Documents

               Section 2.1.  Custodian to Act as Agent;  Acceptance  of Mortgage
Files.  The  Custodian,  as the duly  appointed  agent of the  Trustee for these
purposes,  acknowledges  receipt of the Mortgage  Files relating to the Mortgage
Loans  identified on the schedule  attached  hereto (the  "Mortgage  Files") and
declares  that it  holds  and  will  hold the  Mortgage  Files as agent  for the
Trustee,  in  trust,  for  the  use  and  benefit  of  all  present  and  future
Certificateholders.

               Section 2.2.  Recordation  of  Assignments.  If any Mortgage File
includes one or more  assignments  to the Trustee of Mortgage  Notes and related
Mortgages that have not been recorded,  each such assignment  shall be delivered
by the  Custodian  to  the  Company  for  the  purpose  of  recording  it in the
appropriate  public office for real  property  records,  and the Company,  at no
expense to the Custodian, shall promptly cause to be recorded in the appropriate
public office for real property  records each such  assignment and, upon receipt
thereof  from such  public  office,  shall  return each such  assignment  to the
Custodian.

               Section 2.3.  Review of Mortgage Files.
                             ------------------------

               (a) On or prior to the Closing Date, the Custodian  shall deliver
to the Trustee an Initial  Certification  in the form annexed  hereto as Exhibit
One  evidencing  receipt of a Mortgage File for each Mortgage Loan listed on the
Schedule attached hereto (the "Mortgage Loan Schedule").

               (b) Within 45 days of the initial  issuance of the  Certificates,
the  Custodian  agrees,  for the benefit of  Certificateholders,  to review,  in
accordance  with the provisions of Section 2.02 of the Pooling  Agreement,  each
Mortgage File, and shall deliver to the Trustee an Interim  Certification in the
form annexed hereto as Exhibit Two to the effect that all documents  required to
be  delivered  pursuant to Section  2.01(b) of the Pooling  Agreement  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.  Within 45 days of receipt of
the  documents  required  to be  delivered  pursuant  to Section  2.01(c) of the
Pooling Agreement,  the Custodian agrees, for the benefit of Certificateholders,
to review,  in  accordance  with the  provisions  of Section 2.02 of the Pooling
Agreement,  each such  document,  and shall deliver to the Trustee either (i) an
Interim  Certification  in the form attached hereto as Exhibit Two to the effect
that all 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 or (ii) a Final  Certification as set forth in subsection
(c) below. The Custodian shall be under no duty or obligation to inspect, review
or  examine  said  documents,  instruments,  certificates  or  other  papers  to
determine  that  the same  are  genuine,  enforceable,  or  appropriate  for the
represented  purpose or that they have  actually  been recorded or that they are
other than what they purport to be on their face.  If in  performing  the review
required  by this  Section 2.3 the  Custodian  finds any  document or  documents
constituting a part of a Mortgage File to be defective in any material  respect,
the Custodian shall promptly so notify the Company,  the Master Servicer and the
Trustee.  Upon receipt of written notification from the Master Servicer,  signed
by a Servicing Officer,  that the Master Servicer or a Subservicer,  as the case
may be, has made a deposit into the Certificate Account in payment for the

                                             E-2

<PAGE>

purchase of the related  Mortgage Loan in an amount equal to the Purchase  Price
for such Mortgage Loan, the Custodian  shall release to the Master  Servicer the
related Mortgage File.

               (c) Upon receipt of all documents  required to be in the Mortgage
Files the Custodian  shall deliver to the Trustee a Final  Certification  in the
form annexed hereto as Exhibit Three evidencing the completeness of the Mortgage
Files.

               Upon receipt of written  request from the Trustee,  the Custodian
shall  as soon  as  practicable  supply  the  Trustee  with a list of all of the
documents relating to the Mortgage Loans then contained in the Mortgage Files.

               Section  2.4.  Notification  of Breaches of  Representations  and
Warranties. Upon discovery by the Custodian of a breach of any representation or
warranty made by the Master  Servicer or the Company as set forth in the Pooling
Agreement or by a Seller in a Seller's  Agreement or by  Residential  Funding or
the Company in the Assignment Agreement with respect to a Mortgage Loan relating
to a Mortgage  File,  the  Custodian  shall give  prompt  written  notice to the
Company, the Master Servicer and the Trustee.

               Section 2.5.  Custodian to Cooperate;  Release of Mortgage Files.
Upon the repurchase or  substitution of any Mortgage Loan pursuant to Article II
of the Pooling Agreement or payment in full of any Mortgage Loan, or 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 shall  immediately
notify the Custodian by a  certification  (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 of the Pooling  Agreement have been or will be
so  deposited) of a Servicing  Officer and shall  request  delivery to it of the
Mortgage  File. The Custodian  agrees,  upon receipt of such  certification  and
request,  promptly to release to the Master Servicer the related  Mortgage File.
The Master  Servicer shall deliver to the Custodian and the Custodian  agrees to
accept the Mortgage Note and other documents constituting the Mortgage File with
respect to any Qualified Substitute Mortgage Loan.

               From  time  to  time  as is  appropriate  for  the  servicing  or
foreclosures of any Mortgage Loan, including, for this purpose, collection under
any Primary Insurance Policy or any Mortgage Pool Insurance  Policy,  the Master
Servicer  shall deliver to the Custodian a  certificate  of a Servicing  Officer
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 of the  Required
Insurance Policies. With such certificate,  the Master Servicer shall deliver to
the  Custodian a trust  receipt  signed by a Servicing  Officer on behalf of the
Master Servicer, and upon receipt of the foregoing,  the Custodian shall deliver
the Mortgage File or such document to the Master  Servicer.  The Master Servicer
shall  cause  each  Mortgage  File or any  document  therein so  released  to be
returned  to the  Custodian  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
to an attorney,  or to a public trustee or other public  official as required by
law, for purposes of  initiating or pursuing  legal action or other  proceedings
for the foreclosure

                                             E-3

<PAGE>

of the Mortgaged  Property either judicially or  non-judicially,  and the Master
Servicer has  delivered to the Custodian 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 Custodian shall deliver the
Trust  Receipt with respect  thereto to the Master  Servicer upon deposit of the
related Liquidation Proceeds in the Custodial Account as provided in the Pooling
Agreement.

               Section  2.6.  Assumption  Agreements.  In  the  event  that  any
assumption agreement or substitution of liability agreement is entered into with
respect to any Mortgage Loan subject to this  Agreement in  accordance  with the
terms and provisions of the Pooling Agreement,  the Master Servicer shall notify
the Custodian that such assumption or substitution  agreement has been completed
by forwarding to the Custodian the original of such  assumption or  substitution
agreement,  which  shall be added to the  related  Mortgage  File  and,  for all
purposes, shall be considered a part of such Mortgage File to the same extent as
all other documents and instruments constituting parts thereof.

                                   ARTICLE III

                                   Concerning the Custodian

               Section 3.1.  Custodian a Bailee and Agent of the  Trustee.  With
respect to each Mortgage Note,  Mortgage and other documents  constituting  each
Mortgage File which are delivered to the Custodian, the Custodian is exclusively
the bailee and agent of the Trustee and has no instructions to hold any Mortgage
Note or Mortgage  for the benefit of any person  other than the  Trustee,  holds
such documents for the benefit of  Certificateholders  and undertakes to perform
such  duties  and  only  such  duties  as are  specifically  set  forth  in this
Agreement.  Except upon  compliance  with the  provisions of Section 2.5 of this
Agreement, no Mortgage Note, Mortgage or other document constituting a part of a
Mortgage  File shall be delivered by the  Custodian to the Company or the Master
Servicer or otherwise released from the possession of the Custodian.

               Section  3.2.  Indemnification.  The  Company  hereby  agrees  to
indemnify  and  hold  the  Custodian  harmless  from  and  against  all  claims,
liabilities,  losses,  actions, suits or proceedings at law or in equity, or any
other expenses,  fees or charges of any character or nature, which the Custodian
may incur or with which the  Custodian may be threatened by reason of its acting
as custodian under this Agreement,  including  indemnification  of the Custodian
against  any and all  expenses,  including  attorney's  fees if counsel  for the
Custodian  has been  approved  by the  Company,  and the cost of  defending  any
action,  suit  or  proceedings  or  resisting  any  claim.  Notwithstanding  the
foregoing,  it is specifically  understood and agreed that in the event any such
claim,  liability,  loss,  action,  suit or proceeding or other expense,  fee or
charge shall have been caused by reason of any negligent act,  negligent failure
to act or  willful  misconduct  on the part of the  Custodian,  or  which  shall
constitute  a  willful  breach  of its  duties  hereunder,  the  indemnification
provisions of this Agreement shall not apply.

                                             E-4

<PAGE>

               Section 3.3. Custodian May Own Certificates. The Custodian 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 Custodian.

               Section  3.4.  Master  Servicer  to  Pay  Custodian's   Fees  and
Expenses.  The Master Servicer covenants and agrees to pay to the Custodian from
time to time, and the Custodian  shall be entitled to,  reasonable  compensation
for all services  rendered by it in the exercise and  performance  of any of the
powers and duties  hereunder of the Custodian,  and the Master Servicer will pay
or  reimburse  the  Custodian  upon its  request  for all  reasonable  expenses,
disbursements  and advances incurred or made by the Custodian 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),  except any such expense,  disbursement  or advance as
may arise from its negligence or bad faith.

               Section 3.5. Custodian May Resign;  Trustee May Remove Custodian.
The Custodian may resign from the  obligations and duties hereby imposed upon it
as such obligations and duties relate to its acting as Custodian of the Mortgage
Loans. Upon receiving such notice of resignation,  the Trustee shall either take
custody of the  Mortgage  Files  itself and give  prompt  notice  thereof to the
Company, the Master Servicer and the Custodian,  or promptly appoint a successor
Custodian by written  instrument,  in  duplicate,  one copy of which  instrument
shall be  delivered to the  resigning  Custodian  and one copy to the  successor
Custodian. If the Trustee shall not have taken custody of the Mortgage Files and
no  successor   Custodian  shall  have  been  so  appointed  and  have  accepted
appointment  within 30 days after the giving of such notice of resignation,  the
resigning  Custodian  may petition any court of competent  jurisdiction  for the
appointment of a successor Custodian.

               The Trustee may remove the  Custodian at any time. In such event,
the Trustee  shall  appoint,  or petition a court of competent  jurisdiction  to
appoint, a successor  Custodian  hereunder.  Any successor  Custodian shall be a
depository institution subject to supervision or examination by federal or state
authority  and shall be able to  satisfy  the other  requirements  contained  in
Section 3.7 and shall be unaffiliated with the Master Servicer or the Company.

               Any  resignation or removal of the Custodian and appointment of a
successor  Custodian pursuant to any of the provisions of this Section 3.5 shall
become effective upon acceptance of appointment by the successor Custodian.  The
Trustee shall give prompt  notice to the Company and the Master  Servicer of the
appointment  of  any  successor  Custodian.  No  successor  Custodian  shall  be
appointed  by the  Trustee  without  the prior  approval  of the Company and the
Master Servicer.

               Section 3.6.  Merger or  Consolidation  of Custodian.  Any Person
into  which the  Custodian  may be merged or  converted  or with which it may be
consolidated,   or  any  Person   resulting  from  any  merger,   conversion  or
consolidation to which the Custodian shall be a party, or any Person  succeeding
to the  business  of the  Custodian,  shall be the  successor  of the  Custodian
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.

                                             E-5

<PAGE>

               Section 3.7.  Representations  of the  Custodian.  The  Custodian
hereby represents that it is a depository  institution subject to supervision or
examination by a federal or state authority,  has a combined capital and surplus
of at least  $15,000,000 and is qualified to do business in the jurisdictions in
which it will hold any Mortgage File.

                                          ARTICLE IV

                                   Miscellaneous Provisions

               Section 4.1. Notices. All notices, requests, consents and demands
and other communications  required under this Agreement or pursuant to any other
instrument  or document  delivered  hereunder  shall be in writing  and,  unless
otherwise  specifically  provided,  may be delivered personally,  by telegram or
telex,  or by registered or certified  mail,  postage  prepaid,  return  receipt
requested,  at the  addresses  specified on the  signature  page hereof  (unless
changed by the particular party whose address is stated herein by similar notice
in writing), in which case the notice will be deemed delivered when received.

               Section  4.2.  Amendments.  No  modification  or  amendment of or
supplement to this Agreement  shall be valid or effective  unless the same is in
writing and signed by all parties  hereto,  and neither the Company,  the Master
Servicer  nor the  Trustee  shall  enter  into any  amendment  hereof  except as
permitted by the Pooling Agreement.  The Trustee shall give prompt notice to the
Custodian of any amendment or  supplement  to the Pooling  Agreement and furnish
the Custodian with written copies thereof.

               SECTION 4.3.  GOVERNING  LAW.  THIS  AGREEMENT  SHALL BE DEEMED A
CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

               Section 4.4. Recordation of Agreement. 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
evidencing  undivided  interests  in the  aggregate  of not less than 25% of the
Trust  Fund),  but only upon  direction  accompanied  by an  Opinion  of Counsel
reasonably satisfactory to the Master Servicer to the effect that the failure to
effect  such  recordation  is likely to  materially  and  adversely  affect  the
interests of the Certificateholders.

               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.

                                             E-6

<PAGE>

               Section 4.5.  Severability  of Provisions.  If any one or more of
the covenants,  agreements,  provisions or terms of this Agreement  shall be for
any reason whatsoever held invalid, then such covenants, agreements,  provisions
or terms shall be deemed  severable  from the remaining  covenants,  agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability  of the other provisions of this Agreement or of the Certificates
or the rights of the holders thereof.

                                             E-7

<PAGE>

               IN WITNESS  WHEREOF,  this  Agreement  is executed as of the date
first above written.

Address:                                           JPMORGAN CHASE BANK,
                                                   as Trustee

450 West 33rd Street - 14th Floor
New York, New York 10001                    By:_________________________________
                                                   Name:
                                                   Title:

Address:                                           RESIDENTIAL ASSET MORTGAGE
                                                   PRODUCTS, INC.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437
                                                   By:__________________________
                                                   Name:
                                                   Title:

Address:                                           RESIDENTIAL FUNDING
                                                 CORPORATION, as Master Servicer
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437
                                                   By:__________________________
                                                   Name:
                                                   Title:

Address:                                           WELLS FARGO BANK MINNESOTA,
                                                   NATIONAL ASSOCIATION
Mortgage Document Custody
One Meridian Crossings - 3rd Floor
Richfield, Minnesota 55423
                                                   By:__________________________
                                                   Name:
                                                   Title:

                                             E-8

<PAGE>

STATE OF NEW YORK     )
                             )ss.:
COUNTY OF NEW YORK           )

               On the ____ day of June, 2002,  before me, a notary public in and
for  said  State,  personally  appeared  _____________,  known  to  me  to  be a
_______________ of JPMorgan Chase Bank, 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

[SEAL]

                                             E-9

<PAGE>

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

               On the ___ day of June,  2002,  before me, a notary public in and
for  said  State,  personally  appeared  ____________,  known  to  me  to  be  a
____________  of  Residential  Asset  Mortgage   Products,   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]

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

               On the ____ day of June, 2002,  before me, a notary public in and
for  said  State,  personally  appeared,  ____________,  known  to  me  to  be a
_____________ 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 wr.tten.

                                                ------------------------
                                                       Notary Public

[Notarial Seal]

                                             E-10

<PAGE>

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

               On the ____ day of June, 2002,  before me, a notary public in and
for  said  State,  personally  appeared  ___________,  known  to  me  to  be  an
______________ of Wells Fargo Bank Minnesota,  National Association,  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  national  banking  association,  and
acknowledged to me that such national  banking  association  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

                                             E-11

<PAGE>

                                   EXHIBIT ONE

                                FORM OF CUSTODIAN
                              INITIAL CERTIFICATION

                                                   June 20, 2002

JPMorgan Chase Bank
450 West 33rd Street - 14th Floor
New York, New York 10001

Attention: Residential Asset Mortgage Products, Inc., Series 2002-SL1

     Re:  Custodial  Agreement,  dated as of June 1, 2002, by and among JPMorgan
          Chase Bank,  Residential Asset Mortgage  Products,  Inc.,  Residential
          Funding   Corporation  and  Wells  Fargo  Bank   Minnesota,   National
          Association,  relating to Mortgage-Backed  Pass-Through  Certificates,
          Series 2002-SL1

Ladies and Gentlemen:

               In accordance with Section 2.3 of the  above-captioned  Custodial
Agreement,   and  subject  to  Section  2.02  of  the  Pooling  Agreement,   the
undersigned, as Custodian, hereby certifies that it has received a Mortgage File
(which  contains an original  Mortgage Note or an original  Lost Note  Affidavit
with a copy of the  related  Mortgage  Note) to the extent  required  in Section
2.01(b) of the Pooling  Agreement  with respect to each  Mortgage Loan listed in
the Mortgage Loan Schedule,  with any  exceptions  listed on Schedule A attached
hereto.

               Capitalized   words  and  phrases  used  herein  shall  have  the
respective meanings assigned to them in the above-captioned Custodial Agreement.

                                                   WELLS FARGO BANK MINNESOTA,
                                                   NATIONAL ASSOCIATION

                                                   By:_________________________
                                                   Name:_______________________
                                                   Title:______________________

                                             E-12

<PAGE>

                                   EXHIBIT TWO

                     FORM OF CUSTODIAN INTERIM CERTIFICATION

                                                   _____________ __, 2002

JPMorgan Chase Bank
450 West 33rd Street - 14th Floor
New York, New York 10001

Attention: Residential Asset Mortgage Products, Inc., Series 2002-SL1

     Re:  Custodial  Agreement,  dated as of June 1, 2002, by and among JPMorgan
          Chase Bank,  Residential Asset Mortgage  Products,  Inc.,  Residential
          Funding   Corporation  and  Wells  Fargo  Bank   Minnesota,   National
          Association,  relating to Mortgage-Backed  Pass-Through  Certificates,
          Series 2002-SL1

Ladies and Gentlemen:

               In accordance with Section 2.3 of the  above-captioned  Custodial
Agreement, the undersigned,  as Custodian, hereby certifies that it has received
a  Mortgage  File to the extent  required  pursuant  to  Section  2.01(b) of the
Pooling Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
Schedule,  and it has reviewed the Mortgage  File and the Mortgage Loan Schedule
and has determined that: all required  documents have been executed and received
and that such documents  relate to the Mortgage Loans identified on the Mortgage
Loan Schedule, with any exceptions listed on Schedule A attached hereto.

               Capitalized   words  and  phrases  used  herein  shall  have  the
respective meanings assigned to them in the above-captioned Custodial Agreement.

                                                   WELLS FARGO BANK MINNESOTA,
                                                   NATIONAL ASSOCIATION

                                                   By:_________________________
                                                   Name:_______________________
                                                   Title:______________________

                                             E-13

<PAGE>

                                  EXHIBIT THREE

                      FORM OF CUSTODIAN FINAL CERTIFICATION

                                                   _____________ __, 2002

JPMorgan Chase Bank
450 West 33rd Street - 14th Floor
New York, New York 10001

Attention: Residential Asset Mortgage Products, Inc., Series 2002-SL1

     Re:  Custodial  Agreement,  dated as of June 1, 2002, by and among JPMorgan
          Chase Bank,  Residential Asset Mortgage  Products,  Inc.,  Residential
          Funding   Corporation  and  Wells  Fargo  Bank   Minnesota,   National
          Association,  relating to Mortgage-Backed  Pass-Through  Certificates,
          Series 2002-SL1

Ladies and Gentlemen:

               In accordance with Section 2.3 of the  above-captioned  Custodial
Agreement, the undersigned,  as Custodian, hereby certifies that it has received
a Mortgage  File with respect to each  Mortgage Loan listed in the Mortgage Loan
Schedule and it has reviewed the Mortgage  File and the Mortgage  Loan  Schedule
and has determined that: all required  documents  referred to in Section 2.01(b)
of the Pooling Agreement have been executed and received and that such documents
relate to the Mortgage Loans identified on the Mortgage Loan Schedule.

               Capitalized   words  and  phrases  used  herein  shall  have  the
respective meanings assigned to them in the above-captioned Custodial Agreement.

                                                   WELLS FARGO BANK MINNESOTA,
                                                   NATIONAL ASSOCIATION

                                                   By:_________________________
                                                   Name:_______________________
                                                   Title:______________________

                                             E-14

<PAGE>

                                         EXHIBIT F-1

                                    GROUP I LOAN SCHEDULE

  RUN ON     : 06/18/02           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 12.32.11           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RAMP 2002-SL1 FIXED                            CUTOFF : 06/01/02
  POOL       : 0004593
             :
             :
  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
  ---------------------------------------------------------------------------

      1049163                              .3750
       96,758.79                          .0800
            8.1250                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      1196379                              .2500
      213,480.54                          .0800
           11.2500                         .0000
           11.0000                         .0000
           10.9200                         .0000
            7.0000                        3.9200

      1241940                              .2500
      218,694.28                          .0800
           10.1250                         .0000
            9.8750                         .0000
            9.7950                         .0000
            7.0000                        2.7950

      1275740                              .2500
      224,794.85                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      1280831                              .2500
      164,323.25                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1282536                              .2500
      112,566.64                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450
1

      1284073                              .2500
      251,541.92                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      1284081                              .2500
      214,362.16                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      1286768                              .2500
      292,778.23                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1287792                              .2500
      298,638.77                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      1288012                              .2500
       77,073.83                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450

      1288037                              .2500
       80,424.27                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450

      1288211                              .2500
      148,865.36                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450

      1288467                              .2500
      220,392.66                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950
1

      1288896                              .2500
      216,105.24                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      1288927                              .3750
       89,429.30                          .0800
            8.7500                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      1289097                              .2500
      295,300.47                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      1289275                              .2500
      331,639.51                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      1290135                              .2500
      209,867.85                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450

      1290527                              .2500
      207,934.23                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1290573                              .6250
      172,549.95                          .0800
            8.8750                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      1290644                              .5000
      112,764.48                          .0800
            8.8750                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950
1

      1291008                              .2500
      308,751.29                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      1291127                              .2500
      204,459.88                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450

      1291244                              .5000
      263,609.94                          .0800
            8.6250                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1291291                              .1250
       85,991.22                          .0800
            8.3750                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      1291348                              .1250
      206,889.16                          .0800
            8.3750                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      1291360                              .1250
      231,609.33                          .0800
            8.3750                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      1291598                              .2500
      192,518.22                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      1291869                              .3750
      234,665.92                          .0800
            8.7500                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950
1

      1291891                              .2500
      233,415.49                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      1291925                              .5500
      187,290.26                          .0800
            8.7500                         .0000
            8.2000                         .0000
            8.1200                         .0000
            7.0000                        1.1200

      1291986                              .2500
      155,419.57                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1292100                              .3750
      198,671.73                          .0800
            8.5000                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1292120                              .2500
      199,180.13                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      1292123                              .1250
      188,402.62                          .0800
            8.5000                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      1292150                              .1250
      224,689.75                          .0800
            8.6250                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      1292163                              .1250
      567,096.79                          .0800
            8.5000                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950
1

      1292666                              .2500
      170,844.53                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      1292678                              .2500
      226,416.04                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1292855                              .2500
      152,611.14                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      1292862                              .5500
      224,752.92                          .0800
            8.7500                         .0000
            8.2000                         .0000
            8.1200                         .0000
            7.0000                        1.1200

      1292948                              .2500
      195,385.23                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1293022                              .3750
      318,464.38                          .0800
            8.5000                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1293057                              .2500
      105,811.44                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      1293101                              .2500
      226,013.51                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450
1

      1293649                              .2500
      295,298.51                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1293697                              .2500
      231,405.14                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      1293719                              .2500
       80,664.18                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450

      1294261                              .1250
       37,952.91                          .0800
            8.7500                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450

      1294407                              .2500
      190,057.53                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1294636                              .2500
      233,635.76                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      1294959                              .2500
       71,435.52                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      1295092                              .2500
      111,989.52                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450
1

      1295276                              .2500
      501,964.40                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1295568                              .2500
      160,828.70                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1295607                              .6250
      207,938.25                          .0800
            8.8750                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      1295774                              .2500
      232,691.33                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      1295891                              .5000
      625,533.01                          .0800
            8.6250                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1296148                              .1250
      164,161.76                          .0800
            8.3750                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      1296243                              .2500
      125,919.57                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      1296259                              .2500
      335,694.35                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450
1

      1298368                              .2500
       52,077.82                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      1298410                              .2500
      111,970.02                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1299634                              .2500
      134,143.88                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      1299655                              .2500
      266,199.42                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1300255                              .5000
       72,023.80                          .0800
            8.6250                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1300538                              .2500
      117,309.91                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1300780                              .6250
      357,405.69                          .0800
            9.0000                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      1300923                              .3750
      195,041.29                          .0800
            8.5000                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450
1

      1300975                              .2500
      196,595.79                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      1301117                              .2500
      126,469.70                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      1301415                              .1250
      232,207.23                          .0800
            8.2500                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      1301445                              .5500
      214,529.99                          .0800
            8.7500                         .0000
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      1533110                              .2500
      168,933.90                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200
1

      1533809                              .2500
      257,234.95                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

  TOTAL NUMBER OF LOANS:      719
  TOTAL BALANCE........:        137,961,262.52

  RUN ON     : 06/18/02            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 12.32.11            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RAMP 2002-SL1 FIXED  FIXED SUMMARY REPORT      CUTOFF : 06/01/02
  POOL       : 0004593
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ---------------------------------------------------------------------------
  CURR NOTE RATE                        8.4441            6.6250     12.6250
  RFC NET RATE                          8.1608            6.3750     12.1250
  NET MTG RATE(INVSTR RATE)             8.0818            6.3450     12.0450
  POST STRIP RATE                       6.9951            6.3450      7.0000
  SUB SERV FEE                           .2833             .1250      1.2250
  MSTR SERV FEE                          .0789             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                 1.0867             .0000      5.0450

  TOTAL NUMBER OF LOANS:   719
  TOTAL BALANCE........:     137,961,262.52

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 06/18/02           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 12.32.11          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RAMP 2002-SL1 FIXED                            CUTOFF : 06/01/02
  POOL       : 0004593
             :
             :
  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 #
  ______________________________________________________________________________

    1049163          211/J95             F          107,125.91         ZZ
                                         230         96,758.79          1
                                       8.125            920.26         75
                                       7.750            920.26
    SOMERSET         MA   02726          1            09/01/98         00
    0000911768                           05           10/01/98          0
    06000792                             O            11/01/17
    0

    1196379          976/976             F          241,500.00         ZZ
                                         360        213,480.54          1
                                      11.250          2,345.60         70
                                      11.000          2,345.60
    SAN GABRIEL      CA   91775          1            10/24/89         00
    0619878                              05           12/01/89          0
    619878                               O            11/01/19
    0

    1241940          052/670             F          244,000.00         ZZ
                                         360        218,694.28          1
                                      10.125          2,163.85         80
                                       9.875          2,163.85
    SALINAS          CA   93901          1            05/01/91         00
    3116545204                           05           07/01/91          0
    160046                               O            06/01/21
    0

    1275740          637/447             F          243,581.96         ZZ
                                         300        224,794.85          1
                                       8.500          1,961.39         73
                                       8.250          1,961.39
    ROWLAND HEIGHTS  CA   91748          2            03/06/97         00
    2839326                              05           04/01/97          0
1

    1723592                              O            03/01/22
    0

    1280831          578/070             F          282,600.00         ZZ
                                         360        164,323.25          1
                                       8.375          2,147.97         90
                                       8.125          2,147.97
    RIDGEFIELD       CT   06877          1            07/09/92         04
    006415823                            05           09/01/92         17
    45001245                             O            08/01/22
    0

    1282536          372/447             F          130,000.00         ZZ
                                         360        112,566.64          1
                                       8.875          1,034.34         73
                                       8.625          1,034.34
    LAS VEGAS        NV   89102          2            07/17/92         00
    2878460                              05           09/01/92          0
    2878460                              O            08/01/22
    0

    1284073          372/447             F          281,700.00         ZZ
                                         360        251,541.92          1
                                       8.750          2,216.14         90
                                       8.500          2,216.14
    UNION CITY       CA   94587          1            07/02/92         11
    2818805                              05           09/01/92         17
    2818805                              O            08/01/22
    0

    1284081          372/447             F          268,000.00         ZZ
                                         360        214,362.16          1
                                       8.500          2,060.69         80
                                       8.250          2,060.69
    LAS VEGAS        NV   89118          2            08/25/92         00
    2977973                              05           10/01/92          0
    2977973                              O            09/01/22
    0

    1286768          372/447             F          371,000.00         ZZ
                                         360        292,778.23          1
                                       8.375          2,819.87         70
                                       8.125          2,819.87
    HACIENDA HEIGHT  CA   91745          5            07/10/92         00
    5012257                              05           09/01/92          0
    5012257                              O            08/01/22
    0

1

    1287792          647/647             F          336,000.00         ZZ
                                         360        298,638.77          1
                                       8.500          2,583.58         80
                                       8.250          2,583.58
    WHITTIER         CA   90601          1            07/14/92         00
    936526                               03           09/01/92          0
    19365261                             O            08/01/22
    0

    1288012          429/S48             F           86,250.00         ZZ
                                         360         77,073.83          1
                                       8.875            686.25         75
                                       8.625            686.25
    CHERRY HILL      NJ   08034          1            06/19/92         00
    0020068425                           05           08/01/92          0
    92023518                             O            07/01/22
    0

    1288037          429/S48             F           90,000.00         ZZ
                                         360         80,424.27          1
                                       8.875            716.09         40
                                       8.625            716.09
    STATEN ISLAND    NY   10308          1            06/24/92         00
    0020074993                           05           08/01/92          0
    92035835                             O            07/01/22
    0

    1288211          429/S48             F          170,000.00         ZZ
                                         360        148,865.36          1
                                       8.875          1,352.60         74
                                       8.625          1,352.60
    FORT LEE         NJ   07024          1            07/01/92         00
    0020087920                           05           09/01/92          0
    92059746                             O            08/01/22
    0

    1288467          196/070             F          247,500.00         ZZ
                                         360        220,392.66          1
                                       8.625          1,925.03         90
                                       8.375          1,925.03
    FRESNO           CA   93727          1            07/23/92         12
    006416330                            05           09/01/92         17
    874414                               O            08/01/22
    0

    1288896          372/447             F          243,800.00         ZZ
                                         360        216,105.24          1
                                       8.500          1,874.61         73
                                       8.250          1,874.61
1

    FAIRFAX          VA   22030          2            08/03/92         00
    2922730                              05           09/01/92          0
    2922730                              O            08/01/22
    0

    1288927          637/447             F          100,000.00         ZZ
                                         360         89,429.30          1
                                       8.750            786.71         57
                                       8.375            786.70
    TURLOCK          CA   95380          4            08/04/92         00
    2841457                              05           10/01/92          0
    1930452                              O            09/01/22
    0

    1289097          052/670             F          331,500.00         ZZ
                                         360        295,300.47          1
                                       8.750          2,607.92         58
                                       8.500          2,607.92
    APTOS            CA   95003          5            06/16/92         00
    3118368813                           05           08/01/92          0
    210304                               O            07/01/22
    0

    1289275          637/447             F          378,800.00         ZZ
                                         360        331,639.51          1
                                       8.500          2,912.64         76
                                       8.250          2,912.64
    GLENDALE         CA   91202          2            08/06/92         00
    2842430                              05           10/01/92          0
    2003051                              O            09/01/22
    0

    1290135          070/070             F          234,500.00         ZZ
                                         360        209,867.85          4
                                       8.875          1,865.79         68
                                       8.625          1,865.79
    ALHAMBRA         CA   91801          1            07/06/92         00
    006942416                            05           09/01/92          0
    6942416                              O            08/01/22
    0

    1290527          445/070             F          269,600.00         ZZ
                                         360        207,934.23          1
                                       8.375          2,049.15         80
                                       8.125          2,049.15
    HAYWARD          CA   94542          1            08/03/92         00
    006415706                            05           10/01/92          0
    20010684                             O            09/01/22
    0
1

    1290573          573/070             F          220,000.00         ZZ
                                         360        172,549.95          1
                                       8.875          1,750.42         74
                                       8.250          1,750.42
    SAN DIEGO        CA   92107          5            08/04/92         00
    006416981                            05           10/01/92          0
    799351                               O            09/01/22
    0

    1290644          462/076             F          131,300.00         T
                                         360        112,764.48          1
                                       8.875          1,044.69         70
                                       8.375          1,044.69
    BOCA RATON       FL   33487          1            07/17/92         00
    14883505                             03           09/01/92          0
    824052                               O            08/01/22
    0

    1291008          976/976             F          350,000.00         ZZ
                                         360        308,751.29          1
                                       8.500          2,691.20         64
                                       8.250          2,691.20
    SAN DIEGO        CA   92130          2            08/11/92         00
    0873772                              05           10/01/92          0
    873772                               O            09/01/22
    0

    1291127          570/070             F          238,500.00         ZZ
                                         360        204,459.88          1
                                       8.875          1,897.62         80
                                       8.625          1,897.62
    IRVINE           CA   92720          2            07/08/92         00
    006415223                            05           09/01/92          0
    6375182                              O            08/01/22
    0

    1291244          664/070             F          296,250.00         ZZ
                                         360        263,609.94          1
                                       8.625          2,304.21         75
                                       8.125          2,304.21
    LAKE OSWEGO      OR   97034          5            07/02/92         00
    006416186                            05           09/01/92          0
    0554360                              O            08/01/22
    0

    1291291          560/B71             F           97,000.00         ZZ
                                         360         85,991.22          1
1

                                       8.375            737.27         63
                                       8.250            737.27
    LINDENHURST      NY   11757          2            07/09/92         00
    220341481                            05           09/01/92          0
    138383401                            O            08/01/22
    0

    1291348          560/B71             F          233,500.00         ZZ
                                         360        206,889.16          1
                                       8.375          1,774.77         80
                                       8.250          1,774.77
    CORONA           CA   91719          1            07/08/92         00
    220348312                            03           09/01/92          0
    444571707                            O            08/01/22
    0

    1291360          560/B71             F          261,200.00         ZZ
                                         360        231,609.33          1
                                       8.375          1,985.31         67
                                       8.250          1,985.31
    MISSION VIEJO    CA   92691          2            07/08/92         00
    220348460                            03           09/01/92          0
    469955306                            O            08/01/22
    0

    1291598          372/447             F          216,600.00         BB
                                         360        192,518.22          1
                                       8.500          1,665.47         90
                                       8.250          1,665.47
    CHINO            CA   91710          1            07/22/92         12
    2861425                              05           09/01/92         17
    2861425                              O            08/01/22
    0

    1291869          274/181             F          262,800.00         ZZ
                                         360        234,665.92          1
                                       8.750          2,067.45         80
                                       8.375          2,067.45
    WOODLAND HILLS   CA   91364          1            07/24/92         00
    0004686454                           05           09/01/92          0
    1920703608                           O            08/01/22
    0

    1291891          028/M32             F          262,000.00         ZZ
                                         360        233,415.49          1
                                       8.625          2,037.81         74
                                       8.375          2,037.81
    WALNUT           CA   91789          2            07/22/92         00
    010039170                            05           09/01/92          0
1

    099396684                            O            08/01/22
    0

    1291925          633/070             F          210,000.00         ZZ
                                         360        187,290.26          1
                                       8.750          1,652.07         75
                                       8.200          1,652.07
    LOS ANGELES      CA   90041          5            07/08/92         00
    006415790                            05           09/01/92          0
    643052                               O            08/01/22
    0

    1291986          470/470             F          175,000.00         ZZ
                                         360        155,419.57          1
                                       8.375          1,330.13         70
                                       8.125          1,330.13
    RIVERSIDE        CA   92503          1            08/18/92         00
    01138286                             05           10/01/92          0
    01138286                             O            09/01/22
    0

    1292100          405/405             F          226,000.00         ZZ
                                         360        198,671.73          1
                                       8.500          1,737.75         40
                                       8.125          1,737.75
    NEWPORT BEACH    CA   92660          2            07/09/92         00
    5772803609                           03           09/01/92          0
    2803609                              O            08/01/22
    0

    1292120          372/447             F          226,400.00         ZZ
                                         360        199,180.13          1
                                       8.500          1,740.82         80
                                       8.250          1,740.82
    HUNTINGTON BEAC  CA   92646          2            07/21/92         00
    9788286                              05           09/01/92          0
    2535201                              O            08/01/22
    0

    1292123          560/B71             F          225,000.00         ZZ
                                         360        188,402.62          1
                                       8.500          1,730.06         75
                                       8.375          1,730.06
    GILBERT          AZ   85234          1            07/21/92         00
    220352058                            03           09/01/92          0
    145205308                            O            08/01/22
    0

1

    1292150          560/B71             F          253,000.00         ZZ
                                         360        224,689.75          1
                                       8.625          1,967.81         60
                                       8.500          1,967.81
    YUCAIPA          CA   92399          5            07/14/92         00
    220350714                            05           09/01/92          0
    442866406                            O            08/01/22
    0

    1292163          560/B71             F          650,000.00         ZZ
                                         360        567,096.79          1
                                       8.500          4,997.94         45
                                       8.375          4,997.94
    MISSION VIEJO    CA   92692          4            07/08/92         00
    220348452                            03           09/01/92          0
    469949507                            O            08/01/22
    0

    1292666          480/070             F          220,500.00         ZZ
                                         360        170,844.53          1
                                       8.625          1,715.03         90
                                       8.375          1,715.03
    MIAMI BEACH      FL   33141          1            07/31/92         10
    006416471                            05           09/01/92         22
    0688465                              O            08/01/22
    0

    1292678          570/070             F          275,750.00         ZZ
                                         360        226,416.04          1
                                       8.375          2,095.90         75
                                       8.125          2,095.90
    FREMONT          CA   94539          2            07/21/92         00
    006416405                            03           09/01/92          0
    6382154                              O            08/01/22
    0

    1292855          372/447             F          172,500.00         ZZ
                                         360        152,611.14          1
                                       8.625          1,341.69         75
                                       8.375          1,341.69
    MOORPARK         CA   93021          1            07/24/92         00
    2985026                              03           09/01/92          0
    2985026                              O            08/01/22
    0

    1292862          664/070             F          252,000.00         ZZ
                                         360        224,752.92          1
                                       8.750          1,982.49         90
                                       8.200          1,982.49
1

    HACIENDA HEIGHT  CA   91745          1            07/21/92         11
    006416252                            05           09/01/92         17
    0535112                              O            08/01/22
    0

    1292948          010/405             F          220,000.00         ZZ
                                         360        195,385.23          1
                                       8.375          1,672.16         74
                                       8.125          1,672.16
    BONSALL          CA   92003          2            08/03/92         00
    5779764101                           05           10/01/92          0
    19125665                             O            09/01/22
    0

    1293022          472/070             F          358,300.00         ZZ
                                         360        318,464.38          1
                                       8.500          2,755.02         62
                                       8.125          2,755.02
    CARMEL VALLEY    CA   93924          2            07/24/92         00
    006417173                            05           09/01/92          0
    6200570909                           O            08/01/22
    0

    1293057          052/670             F          133,000.00         ZZ
                                         360        105,811.44          2
                                       8.500          1,022.66         58
                                       8.250          1,022.66
    HAWTHORNE        NY   10532          2            07/29/92         00
    3117672433                           05           09/01/92          0
    193972                               O            08/01/22
    0

    1293101          150/070             F          262,500.00         ZZ
                                         360        226,013.51          1
                                       8.375          1,995.19         75
                                       8.125          1,995.19
    VISALIA          CA   93277          1            08/21/92         00
    006418799                            05           10/01/92          0
    2156814                              O            09/01/22
    0

    1293649          013/070             F          332,500.00         ZZ
                                         360        295,298.51          1
                                       8.375          2,527.24         70
                                       8.125          2,527.24
    CARMEL VALLEY    CA   93924          5            07/30/92         00
    006417095                            05           10/01/92          0
    29006021                             O            09/01/22
    0
1

    1293697          637/447             F          281,500.00         ZZ
                                         360        231,405.14          1
                                       8.500          2,164.50         57
                                       8.250          2,164.49
    SEABROOK         TX   77586          4            07/16/92         00
    2841880                              03           09/01/92          0
    1966530                              O            08/01/22
    0

    1293719          429/S48             F           90,000.00         ZZ
                                         360         80,664.18          1
                                       8.875            716.09         48
                                       8.625            716.09
    GARNERVILLE      NY   10923          1            08/06/92         00
    0020092599                           05           10/01/92          0
    92061809                             O            09/01/22
    0

    1294261          560/B71             F           50,000.00         ZZ
                                         360         37,952.91          1
                                       8.750            393.35         40
                                       8.625            393.35
    HOPATCONG        NJ   07843          1            07/29/92         00
    220359053                            05           09/01/92          0
    196543706                            O            08/01/22
    0

    1294407          633/070             F          214,000.00         ZZ
                                         360        190,057.53          1
                                       8.375          1,626.55         78
                                       8.125          1,626.55
    PINOLE           CA   94564          2            08/06/92         00
    006418043                            03           10/01/92          0
    612777                               O            09/01/22
    0

    1294636          372/447             F          268,000.00         ZZ
                                         360        233,635.76          1
                                       8.500          2,060.69         79
                                       8.250          2,060.69
    CULVER CITY      CA   90230          2            09/21/92         00
    9791221                              05           11/01/92          0
    5174404                              O            10/01/22
    0

    1294959          028/M32             F           80,000.00         ZZ
                                         360         71,435.52          1
1

                                       8.750            629.36         42
                                       8.500            629.36
    MONTEBELLO       CA   90640          5            07/13/92         00
    010039071                            05           09/01/92          0
    099396147                            O            08/01/22
    0

    1295092          070/070             F          214,300.00         ZZ
                                         360        111,989.52          1
                                       8.375          1,628.83         75
                                       8.125          1,628.83
    PLEASANTON       CA   94588          1            08/10/92         00
    007015808                            03           10/01/92          0
    7015808                              O            09/01/22
    0

    1295276          209/070             F          612,000.00         ZZ
                                         360        501,964.40          1
                                       8.375          4,651.65         80
                                       8.125          4,651.65
    WASHINGTON       DC   20012          2            08/11/92         00
    006418178                            05           10/01/92          0
    924619227                            O            09/01/22
    0

    1295568          028/M32             F          192,500.00         ZZ
                                         360        160,828.70          1
                                       8.375          1,463.14         55
                                       8.125          1,463.14
    GLENDALE         CA   91206          2            08/18/92         00
    010039907                            05           10/01/92          0
    099397591                            O            09/01/22
    0

    1295607          541/070             F          232,000.00         ZZ
                                         360        207,938.25          1
                                       8.875          1,845.90         75
                                       8.250          1,845.90
    WHITTIER         CA   90603          5            08/10/92         00
    006418529                            05           10/01/92          0
    45700297                             O            09/01/22
    0

    1295774          637/447             F          260,000.00         ZZ
                                         360        232,691.33          1
                                       8.625          2,022.25         65
                                       8.375          2,022.25
    EAST QUOGUE      NY   11942          1            10/13/92         00
    2842886                              05           12/01/92          0
1

    2025807                              O            11/01/22
    0

    1295891          478/X14             F          700,000.00         ZZ
                                         360        625,533.01          1
                                       8.625          5,444.53         59
                                       8.125          5,444.53
    PASADENA         CA   91106          5            08/26/92         00
    8012249424                           05           11/01/92          0
    412922292                            O            10/01/22
    0

    1296148          560/B71             F          185,000.00         ZZ
                                         360        164,161.76          1
                                       8.375          1,406.13         73
                                       8.250          1,406.13
    EAST HANOVER     NJ   07936          2            08/07/92         00
    220375083                            05           10/01/92          0
    193313103                            O            09/01/22
    0

    1296243          028/M32             F          252,000.00         ZZ
                                         360        125,919.57          1
                                       8.625          1,960.03         57
                                       8.375          1,960.03
    ELK GROVE        CA   95624          2            08/13/92         00
    010040111                            05           10/01/92          0
    099399835                            O            09/01/22
    0

    1296259          274/181             F          378,000.00         ZZ
                                         360        335,694.35          1
                                       8.375          2,873.08         70
                                       8.125          2,873.08
    LOS ANGELES      CA   90066          2            08/12/92         00
    0004686900                           05           10/01/92          0
    1920704473                           O            09/01/22
    0

    1298368          034/S48             F           58,500.00         ZZ
                                         360         52,077.82          1
                                       8.500            449.81         65
                                       8.250            449.81
    KATY             TX   77449          1            08/10/92         00
    0040530701                           03           10/01/92          0
    5776589                              O            09/01/22
    0

1

    1298410          028/070             F          126,000.00         ZZ
                                         360        111,970.02          1
                                       8.375            957.69         67
                                       8.125            957.69
    ANAHEIM          CA   92804          2            09/01/92         00
    006420818                            05           11/01/92          0
    099051982                            O            10/01/22
    0

    1299634          637/447             F          150,000.00         ZZ
                                         360        134,143.88          2
                                       8.750          1,180.05         69
                                       8.500          1,180.05
    STATEN ISLAND    NY   10312          1            08/20/92         00
    2837521                              05           10/01/92          0
    1396548                              O            09/01/22
    0

    1299655          637/447             F          300,000.00         T
                                         360        266,199.42          1
                                       8.375          2,280.22         79
                                       8.125          2,280.22
    FORT BRAGG       CA   95437          4            08/05/92         00
    2841484                              05           10/01/92          0
    1932037                              O            09/01/22
    0

    1300255          028/M32             F           80,600.00         ZZ
                                         360         72,023.80          1
                                       8.625            626.90         65
                                       8.125            626.90
    GALT             CA   95632          5            09/01/92         00
    010040335                            05           11/01/92          0
    099397424                            O            10/01/22
    0

    1300538          704/670             F          148,000.00         ZZ
                                         360        117,309.91          1
                                       8.375          1,124.91         80
                                       8.125          1,124.91
    SACRAMENTO       CA   95828          5            09/02/92         00
    3033545129                           05           11/01/92          0
    913716361                            O            10/01/22
    0

    1300780          375/070             F          400,000.00         ZZ
                                         360        357,405.69          1
                                       9.000          3,218.50         80
                                       8.375          3,218.50
1

    SCOTTSDALE       AZ   85260          5            05/27/92         00
    006422672                            05           07/01/92          0
    233913                               O            06/01/22
    0

    1300923          201/M32             F          220,000.00         ZZ
                                         360        195,041.29          1
                                       8.500          1,691.61         80
                                       8.125          1,691.61
    REISTERSTOWN     MD   21136          1            09/10/92         00
    305568198                            05           11/01/92          0
    220059188                            O            10/01/22
    0

    1300975          562/562             F          220,000.00         ZZ
                                         360        196,595.79          1
                                       8.625          1,711.14         35
                                       8.375          1,711.14
    POUND RIDGE      NY   10576          2            09/18/92         00
    293858073000000                      05           11/01/92          0
    385807                               O            10/01/22
    0

    1301117          034/S48             F          142,100.00         ZZ
                                         360        126,469.70          1
                                       8.750          1,117.91         70
                                       8.500          1,117.91
    MASSAPEQUA       NY   11758          2            08/21/92         00
    0040487393                           05           10/01/92          0
    5650585                              O            09/01/22
    0

    1301415          560/B71             F          262,500.00         ZZ
                                         360        232,207.23          1
                                       8.250          1,972.07         75
                                       8.125          1,972.07
    ESCONDIDO        CA   92025          1            09/04/92         00
    220416945                            05           11/01/92          0
    444822704                            O            10/01/22
    0

    1301445          575/070             F          239,900.00         ZZ
                                         360        214,529.99          1
                                       8.750          1,887.29         89
                                       8.200          1,887.29
    EASTON           PA   18042          1            08/14/92         04
    006422636                            05           10/01/92         20
    4583212                              O            09/01/22
    0
1

    1301461          575/070             F           60,000.00         ZZ
                                         360         48,402.00          1
                                       8.500            461.35         56
                                       8.125            461.35
    REISTERSTOWN     MD   21136          1            08/21/92         00
    006423377                            02           10/01/92          0
    8367302                              O            09/01/22
    0

    1301584          503/070             F          215,900.00         ZZ
                                         360        192,711.94          1
                                       8.625          1,679.25         89
                                       8.125          1,679.25
    VISALIA          CA   93291          1            09/24/92         14
    006423593                            03           11/01/92         20
    02011015                             O            10/01/22
    0

    1301599          561/070             F          145,000.00         ZZ
                                         360        127,999.31          1
                                       8.750          1,140.72         75
                                       8.200          1,140.72
    HAVERTOWN        PA   19083          1            09/18/92         00
    006423674                            05           11/01/92          0
    7270374                              O            10/01/22
    0

    1301661          375/070             F          326,000.00         ZZ
                                         360        289,438.26          1
                                       8.375          2,477.84         80
                                       8.125          2,477.84
    VILLANOVA        PA   19085          1            08/05/92         00
    006423017                            05           10/01/92          0
    0108534756                           O            09/01/22
    0

    1301677          575/070             F          346,500.00         ZZ
                                         360        297,677.20          1
                                       8.500          2,664.29         90
                                       8.125          2,664.29
    ALLENTOWN        PA   18104          1            08/31/92         04
    006425003                            05           10/01/92         20
    8367948                              O            09/01/22
    0

    1301692          375/070             F          267,500.00         ZZ
                                         360        232,566.94          1
1

                                       8.375          2,033.20         78
                                       8.125          2,033.20
    SPRINGFIELD      VA   22153          2            07/29/92         00
    006422642                            03           09/01/92          0
    1208591370                           O            08/01/22
    0

    1301894          478/X14             F          352,000.00         ZZ
                                         360        312,469.15          1
                                       8.375          2,675.45         80
                                       8.125          2,675.45
    PALOS VERDES ES  CA   90274          1            09/25/92         00
    8012249200                           05           11/01/92          0
    222877868                            O            10/01/22
    0

    1302081          034/S48             F          420,000.00         ZZ
                                         360        353,986.10          1
                                       8.750          3,304.14         75
                                       8.500          3,304.14
    HASTINGS ON HUD  NY   10706          2            09/10/92         00
    0040478882                           05           11/01/92          0
    5615216                              O            10/01/22
    0

    1302286          562/562             F          216,000.00         ZZ
                                         360        185,859.50          1
                                       8.375          1,641.76         80
                                       8.125          1,641.76
    MOUNT VERNON     NY   10552          1            08/25/92         00
    293877040000000                      05           10/01/92          0
    387704                               O            09/01/22
    0

    1302376          704/670             F           90,000.00         ZZ
                                         360         25,026.73          1
                                       8.375            684.07         65
                                       8.125            684.07
    HAMPTON BAYS     NY   11946          2            09/10/92         00
    3033548900                           05           11/01/92          0
    913719423                            O            10/01/22
    0

    1302788          560/B71             F          227,500.00         ZZ
                                         360        202,363.89          1
                                       8.375          1,729.16         90
                                       8.250          1,729.16
    RANCHOCUCAMONGA  CA   91701          1            08/28/92         04
    220435473                            05           11/01/92         17
1

    442867171                            O            10/01/22
    0

    1302980          028/070             F          100,000.00         ZZ
                                         360         27,722.46          1
                                       8.375            760.07         27
                                       8.125            760.07
    DIAMOND BAR      CA   91766          2            09/24/92         00
    006423185                            05           11/01/92          0
    098964562                            O            10/01/22
    0

    1303178          052/670             F           70,000.00         ZZ
                                         360         42,737.16          1
                                       8.750            550.70         32
                                       8.125            550.70
    THIELLS          NY   10984          1            09/14/92         00
    3118531073                           05           11/01/92          0
    215078                               O            10/01/22
    0

    1303204          052/670             F          225,000.00         ZZ
                                         360        200,604.41          1
                                       8.500          1,730.06         90
                                       8.125          1,730.06
    EAST HAMPTON     NY   11937          1            09/16/92         10
    3118479133                           05           11/01/92         17
    213693                               O            10/01/22
    0

    1303235          560/B71             F          149,000.00         ZZ
                                         360        133,547.20          1
                                       8.875          1,185.51         75
                                       8.750          1,185.51
    SMITHTOWN        NY   11787          1            08/26/92         00
    220391239                            05           10/01/92          0
    138382007                            O            09/01/22
    0

    1303241          560/B71             F          201,412.65         ZZ
                                         333        174,795.87          1
                                       9.250          1,683.05         87
                                       9.125          1,683.05
    BOWIE            MD   20715          1            02/08/92         04
    220374201                            03           04/01/92         20
    169926003                            O            12/01/19
    0

1

    1303345          070/070             F          260,000.00         ZZ
                                         360        232,134.61          1
                                       8.500          1,999.18         80
                                       8.250          1,999.18
    REDONDO BEACH    CA   90277          2            09/28/92         00
    007020476                            05           12/01/92          0
    7020476                              O            11/01/22
    0

    1303366          070/070             F          350,000.00         ZZ
                                         360        311,596.24          1
                                       8.375          2,660.26         62
                                       8.125          2,660.26
    FRESNO           CA   93720          5            10/02/92         00
    007124996                            03           12/01/92          0
    7124996                              O            11/01/22
    0

    1303501          028/M32             F           88,200.00         ZZ
                                         360         77,076.40          1
                                       8.375            670.38         70
                                       8.125            670.38
    SAN JOSE         CA   95123          2            10/07/92         00
    010041572                            01           12/01/92          0
    099493164                            O            11/01/22
    0

    1303519          028/M32             F          131,000.00         ZZ
                                         360         92,966.91          1
                                       8.500          1,007.28         49
                                       8.125          1,007.28
    LOS ANGELES      CA   91344          2            10/08/92         00
    010041481                            05           12/01/92          0
    099492845                            O            11/01/22
    0

    1304100          562/562             F          202,000.00         ZZ
                                         360        181,956.04          1
                                       9.000          1,625.34         73
                                       8.750          1,625.34
    FOREST HILLS     NY   11374          1            10/16/92         00
    293851383000000                      05           12/01/92          0
    385138                               O            11/01/22
    0

    1304111          013/070             F          251,900.00         ZZ
                                         360        224,720.53          1
                                       8.500          1,936.89         90
                                       8.125          1,936.89
1

    HERCULES         CA   94547          1            10/05/92         04
    006425171                            05           12/01/92         17
    21801339                             O            11/01/22
    0

    1304120          324/183             F          213,750.00         ZZ
                                         360        190,133.22          1
                                       8.375          1,624.65         75
                                       8.125          1,624.65
    SAN FRANCISCO    CA   94110          5            09/18/92         00
    117942447                            05           11/01/92          0
    4360871                              O            10/01/22
    0

    1304204          462/076             F          280,000.00         ZZ
                                         360        247,620.90          1
                                       8.500          2,152.96         52
                                       8.250          2,152.96
    LITHONIA         GA   30058          5            09/22/92         00
    14888444                             05           11/01/92          0
    985689                               O            10/01/22
    0

    1304210          462/076             F          105,000.00         ZZ
                                         360         93,758.99          1
                                       8.500            807.36         70
                                       8.250            807.36
    SUNRISE          FL   33325          2            09/29/92         00
    14888233                             03           12/01/92          0
    982124                               O            11/01/22
    0

    1304229          016/448             F          637,500.00         ZZ
                                         360        436,700.48          1
                                       8.375          4,845.47         75
                                       8.125          4,845.47
    DOWNEY           CA   90240          1            10/12/92         00
    0001092296                           05           12/01/92          0
    0020098091                           O            11/01/22
    0

    1304399          070/070             F          220,500.00         ZZ
                                         360        192,774.07          1
                                       8.500          1,695.45         90
                                       8.250          1,695.45
    DOBBS FERRY      NY   10522          1            10/14/92         04
    007126580                            03           11/01/92         17
    7126580                              O            10/01/22
    0
1

    1304410          070/070             F          256,000.00         ZZ
                                         360        227,715.08          1
                                       8.375          1,945.78         84
                                       8.125          1,945.78
    LOS ANGELES      CA   90004          2            09/29/92         04
    007169228                            05           11/01/92         12
    7169228                              O            10/01/22
    0

    1305045          070/070             F          400,000.00         ZZ
                                         360        357,650.80          1
                                       8.625          3,111.16         69
                                       8.375          3,111.16
    VENICE (AREA)    CA   90291          5            10/12/92         00
    007181885                            05           12/01/92          0
    7181885                              O            11/01/22
    0

    1308196          372/447             F          112,000.00         ZZ
                                         360        100,698.63          1
                                       9.000            901.18         70
                                       8.750            901.18
    PLACERVILLE      CA   95667          2            12/03/92         00
    5426416                              05           02/01/93          0
    5426416                              O            01/01/23
    0

    1308918          372/447             F          151,200.00         ZZ
                                         360        136,911.32          3
                                       9.375          1,257.61         90
                                       9.125          1,257.61
    LOS ANGELES      CA   90003          1            10/30/92         11
    5262670                              05           12/01/92         22
    5262670                              O            11/01/22
    0

    1309638          372/447             F          214,000.00         ZZ
                                         360        193,547.52          1
                                       9.125          1,741.17         80
                                       8.875          1,741.17
    WHITTIER HEIGHT  CA   90601          2            12/16/92         00
    5519756                              05           02/01/93          0
    5519756                              O            01/01/23
    0

    1310024          180/070             F          228,000.00         ZZ
                                         360        206,112.09          1
1

                                       9.125          1,855.09         79
                                       8.875          1,855.09
    ALAMEDA          CA   94501          2            11/17/92         00
    006428459                            05           01/01/93          0
    2256642                              O            12/01/22
    0

    1310485          032/M32             F          104,500.00         ZZ
                                         360         92,952.16          1
                                       7.875            757.70         64
                                       7.625            757.70
    LAS VEGAS        NV   89117          1            03/23/93         00
    302701784                            05           05/01/93          0
    111218                               O            04/01/23
    0

    1310832          614/070             F          156,000.00         ZZ
                                         360        141,086.58          1
                                       9.250          1,283.37         80
                                       8.625          1,283.37
    SAN DIEGO        CA   92126          2            11/17/92         00
    006430946                            05           01/01/93          0
    7200086574                           O            12/01/22
    0

    1311186          052/670             F          117,000.00         ZZ
                                         360        104,407.51          1
                                       9.000            941.41         65
                                       8.750            941.41
    BABYLON          NY   11702          2            11/10/92         00
    3118745623                           05           01/01/93          0
    222249                               O            12/01/22
    0

    1311215          274/181             F          575,000.00         ZZ
                                         360        519,803.43          1
                                       9.125          4,678.39         80
                                       8.875          4,678.39
    SHERMAN OAKS AR  CA   91423          2            11/25/92         00
    0004708423                           05           01/01/93          0
    1921110266                           O            12/01/22
    0

    1311670          372/447             F          225,000.00         ZZ
                                         360        199,869.19          1
                                       9.000          1,810.40         75
                                       8.750          1,810.40
    LOS ANGELES      CA   91342          5            12/09/92         00
    2950681                              05           02/01/93          0
1

    2950681                              O            01/01/23
    0

    1311736          372/447             F          138,750.00         ZZ
                                         360        122,382.18          1
                                       9.000          1,116.41         75
                                       8.750          1,116.41
    BIG BEAR LAKE    CA   92315          1            12/09/92         00
    5522479                              05           02/01/93          0
    5522479                              O            01/01/23
    0

    1311781          070/070             F          334,000.00         ZZ
                                         360        300,689.30          1
                                       9.000          2,687.44         90
                                       8.750          2,687.44
    CYPRESS          CA   90630          2            12/04/92         04
    007397528                            05           02/01/93         17
    7397528                              O            01/01/23
    0

    1312000          142/670             F          135,000.00         ZZ
                                         360        121,522.13          1
                                       9.375          1,122.87         68
                                       9.125          1,122.87
    JACKSON          NJ   08527          2            05/01/92         00
    3107865113                           05           07/01/92          0
    7375121                              O            06/01/22
    0

    1312142          070/070             F          165,200.00         ZZ
                                         360        148,762.17          1
                                       8.875          1,314.41         68
                                       8.625          1,314.41
    SACRAMENTO       CA   95831          2            12/16/92         00
    007119821                            05           02/01/93          0
    7119821                              O            01/01/23
    0

    1312987          283/686             F          346,000.00         ZZ
                                         360        312,800.64          1
                                       8.875          2,752.94         80
                                       8.250          2,752.94
    OLD LYME         CT   06371          1            03/01/93         00
    6161188104                           03           04/01/93          0
    4190331                              O            03/01/23
    0

1

    1313016          274/181             F          225,000.00         ZZ
                                         360        202,090.05          1
                                       8.875          1,790.21         75
                                       8.625          1,790.21
    LOS ANGELES      CA   90035          5            12/21/92         00
    0004709691                           05           02/01/93          0
    1921200380                           O            01/01/23
    0

    1313209          372/447             F          240,000.00         ZZ
                                         360        217,702.33          1
                                       9.250          1,974.42         78
                                       9.000          1,974.42
    CLINTON TOWNSHI  NJ   08833          5            12/16/92         00
    9792058                              05           02/01/93          0
    5204995                              O            01/01/23
    0

    1313253          560/560             F          320,300.00         ZZ
                                         360        284,369.50          1
                                       8.750          2,519.80         52
                                       8.625          2,519.80
    LOS ALTOS        CA   94024          2            12/16/92         00
    220589857                            05           02/01/93          0
    199862905                            O            01/01/23
    0

    1313527          556/M32             F          400,000.00         ZZ
                                         360        339,304.03          1
                                       8.875          3,182.58         68
                                       8.625          3,182.58
    LUTHERVILLE      MD   21093          2            12/23/92         00
    302686589                            05           02/01/93          0
    97224                                O            01/01/23
    0

    1315223          047/076             F          115,000.00         ZZ
                                         360        102,457.22          1
                                       7.875            833.83         73
                                       7.625            833.83
    CORRALES         NM   87048          4            04/20/93         00
    10813400                             05           06/01/93          0
    10813400                             O            05/01/23
    0

    1316571          433/M32             F          242,500.00         ZZ
                                         360        209,871.40          1
                                       8.000          1,779.38         89
                                       7.625          1,779.38
1

    MONTEREY PARK    CA   91754          2            03/11/93         14
    302699970                            05           05/01/93         17
    6801064                              O            04/01/23
    0

    1318101          403/076             F          272,000.00         ZZ
                                         360        243,623.14          1
                                       8.250          2,043.45         80
                                       8.000          2,043.45
    WESTON           CT   06883          1            03/26/93         00
    19231239                             05           05/01/93          0
    1867340                              O            04/01/23
    0

    1318556          372/M32             F          500,000.00         ZZ
                                         360        441,053.71          1
                                       7.875          3,625.35         70
                                       7.625          3,625.35
    GLENDALE         CA   91207          1            03/15/93         00
    302698105                            03           05/01/93          0
    5670161                              O            04/01/23
    0

    1318581          531/448             F          265,000.00         ZZ
                                         360        235,725.51          1
                                       7.875          1,921.43         77
                                       7.625          1,921.43
    SAN LEANDRO      CA   94577          1            03/01/93         00
    0001091795                           05           05/01/93          0
    30891099                             O            04/01/23
    0

    1318660          462/076             F          287,000.00         ZZ
                                         360        255,890.78          1
                                       8.000          2,105.91         70
                                       7.750          2,105.91
    CUPERTINO        CA   95014          5            03/19/93         00
    14889363                             05           05/01/93          0
    1015080                              O            04/01/23
    0

    1319113          639/M32             F          297,000.00         ZZ
                                         360        246,815.87          1
                                       8.125          2,205.22         90
                                       7.625          2,205.22
    MANALAPAN        NJ   07726          1            09/17/92         10
    302706973                            05           11/01/92         17
    5807498                              O            10/01/22
    0
1

    1319120          429/S48             F          100,000.00         ZZ
                                         360         89,897.41          1
                                       8.375            760.08         67
                                       8.125            760.08
    LINDENHURST      NY   11757          1            04/07/93         00
    0020163184                           05           06/01/93          0
    93011478                             O            05/01/23
    0

    1319234          406/406             F          228,400.00         ZZ
                                         360         83,730.73          1
                                       8.500          1,756.20         80
                                       8.250          1,756.20
    GREAT NECK       NY   11024          1            04/14/93         00
    1096726                              05           06/01/93          0
    1096726                              O            05/01/23
    0

    1319462          573/M32             F          310,000.00         ZZ
                                         360        275,636.80          1
                                       7.875          2,247.72         31
                                       7.625          2,247.72
    LOS ANGELES      CA   90069          5            03/17/93         00
    302698428                            03           05/01/93          0
    800327                               O            04/01/23
    0

    1319485          597/M32             F          240,000.00         ZZ
                                         360        211,177.43          1
                                       8.125          1,781.99         57
                                       7.625          1,781.99
    BASKING RIDGE    NJ   07920          2            04/26/93         00
    302707427                            05           06/01/93          0
    130044                               O            05/01/23
    0

    1319567          634/M32             F          340,000.00         ZZ
                                         360        302,329.33          1
                                       7.875          2,465.24         80
                                       7.625          2,465.24
    GLENDALE         CA   91206          2            03/12/93         00
    302698022                            05           05/01/93          0
    121234                               O            04/01/23
    0

    1319593          622/M32             F          344,000.00         ZZ
                                         360        301,901.59          1
1

                                       8.000          2,524.15         80
                                       7.625          2,524.15
    ANAHEIM          CA   92808          2            03/19/93         00
    302697727                            03           05/01/93          0
    537054                               O            04/01/23
    0

    1319736          976/976             F          253,000.00         ZZ
                                         360        227,938.04          1
                                       8.625          1,967.81         79
                                       8.375          1,967.81
    CERRITOS         CA   90701          2            03/19/93         00
    0856828                              05           05/01/93          0
    856828                               O            04/01/23
    0

    1319855          626/M32             F          278,000.00         ZZ
                                         360        129,401.56          1
                                       7.875          2,015.70         78
                                       7.625          2,015.70
    ROSEVILLE        CA   95747          2            03/25/93         00
    302702683                            05           05/01/93          0
    0336826                              O            04/01/23
    0

    1319866          976/976             F          345,000.00         ZZ
                                         360        301,506.40          1
                                       8.000          2,531.49         72
                                       7.750          2,531.49
    FILLMORE         CA   93015          5            03/19/93         00
    0951659                              05           05/01/93          0
    951659                               O            04/01/23
    0

    1320040          976/976             F          222,700.00         ZZ
                                         360        191,907.23          1
                                       7.875          1,614.73         72
                                       7.625          1,614.73
    IRVINE           CA   92715          2            04/02/93         00
    0859515                              02           06/01/93          0
    859515707                            O            05/01/23
    0

    1320171          056/M32             F          562,500.00         ZZ
                                         360        338,833.55          1
                                       7.875          4,078.52         75
                                       7.625          4,078.52
    LA CANADA FLINT  CA   91011          2            03/25/93         00
    302698790                            05           05/01/93          0
1

    2914704                              O            04/01/23
    0

    1320569          447/447             F          228,000.00         T
                                         360        197,416.41          1
                                       8.375          1,732.96         80
                                       8.125          1,732.96
    WEST HOLLYWOOD   CA   90048          1            09/24/92         00
    631944                               01           11/01/92          0
    631944                               O            10/01/22
    0

    1320986          472/M32             F          252,000.00         ZZ
                                         360        224,111.24          1
                                       7.875          1,827.17         80
                                       7.625          1,827.17
    LOS ANGELES      CA   91356          2            03/23/93         00
    302702030                            01           05/01/93          0
    006200623908                         O            04/01/23
    0

    1321049          976/976             F          450,000.00         ZZ
                                         360        304,852.80          1
                                       7.875          3,262.82         50
                                       7.625          3,262.82
    LOS ANGELES      CA   91316          5            03/24/93         00
    0860326                              05           05/01/93          0
    860326                               O            04/01/23
    0

    1321139          016/448             F          171,000.00         ZZ
                                         360        149,949.94          1
                                       7.875          1,239.87         58
                                       7.625          1,239.87
    LAGUNA HILLS AR  CA   92653          2            03/24/93         00
    0001092304                           05           05/01/93          0
    25033010                             O            04/01/23
    0

    1321346          372/M32             F          500,000.00         ZZ
                                         360        445,582.33          1
                                       8.000          3,668.82         69
                                       7.625          3,668.82
    VANCOUVER        WA   98664          1            03/25/93         00
    302702253                            05           05/01/93          0
    5340658                              O            04/01/23
    0

1

    1321577          299/025             F          265,500.00         ZZ
                                         360        203,456.68          1
                                       7.875          1,925.06         90
                                       7.625          1,925.06
    FAIRFAX STATION  VA   22039          2            04/14/93         11
    0102121662                           03           06/01/93         17
    212166                               O            05/01/23
    0

    1321594          072/070             F           70,000.00         ZZ
                                         360         63,063.34          1
                                       8.750            550.70         63
                                       8.500            550.70
    MANORVILLE       NY   11949          4            01/29/93         00
    009604654                            05           04/01/93          0
    4667735                              O            03/01/23
    0

    1321931          056/M32             F          229,500.00         ZZ
                                         360        201,967.42          1
                                       8.250          1,724.16         75
                                       7.750          1,724.16
    LA PALMA         CA   90623          5            04/02/93         00
    302702790                            05           06/01/93          0
    2914801                              O            05/01/23
    0

    1321941          622/M32             F          166,500.00         ZZ
                                         360        148,683.08          1
                                       8.000          1,221.72         66
                                       7.625          1,221.72
    TUSTIN           CA   92680          2            03/31/93         00
    302703525                            03           06/01/93          0
    537168                               O            05/01/23
    0

    1321947          682/994             F          270,000.00         ZZ
                                         360        141,473.20          1
                                       7.875          1,957.69         75
                                       7.625          1,957.69
    WEST PALM BEACH  FL   33405          5            04/07/93         00
    5965318602                           05           06/01/93          0
    162302180                            O            05/01/23
    0

    1322051          051/M32             F          243,000.00         ZZ
                                         360        164,918.12          1
                                       8.000          1,783.05         42
                                       7.625          1,783.05
1

    PALO ALTO        CA   94301          2            04/07/93         00
    302702337                            05           06/01/93          0
    10101127                             O            05/01/23
    0

    1322061          069/M32             F          296,000.00         ZZ
                                         360        263,119.44          1
                                       7.875          2,146.21         80
                                       7.625          2,146.21
    NEWHALL AREA     CA   91321          2            03/30/93         00
    302702964                            05           06/01/93          0
    1035054                              O            05/01/23
    0

    1322078          056/M32             F          250,000.00         ZZ
                                         360        206,498.23          1
                                       7.875          1,812.67         67
                                       7.625          1,812.67
    OAKLAND          CA   94605          5            03/30/93         00
    302699160                            05           06/01/93          0
    7931830                              O            05/01/23
    0

    1322242          664/M32             F          254,500.00         ZZ
                                         360        226,912.98          1
                                       8.000          1,867.44         74
                                       7.625          1,867.44
    LOS ANGELES      CA   91367          2            03/11/93         00
    302698006                            05           05/01/93          0
    0710285                              O            04/01/23
    0

    1322436          634/M32             F          299,000.00         ZZ
                                         360        266,992.00          1
                                       8.000          2,193.96         65
                                       7.625          2,193.96
    BRENTWOOD        CA   94513          2            04/08/93         00
    302701230                            05           06/01/93          0
    521247                               O            05/01/23
    0

    1322496          550/550             F          320,000.00         ZZ
                                         360        284,427.29          1
                                       7.875          2,320.22         36
                                       7.625          2,320.22
    SAN FRANCISCO    CA   94118          2            03/10/93         00
    120094888000000                      05           05/01/93          0
    120094888                            O            04/01/23
    0
1

    1322636          028/M32             F          457,500.00         ZZ
                                         360        388,213.80          1
                                       7.875          3,317.19         75
                                       7.625          3,317.19
    VILLA PARK       CA   92667          5            04/02/93         00
    302703624                            05           06/01/93          0
    067129                               O            05/01/23
    0

    1322761          052/670             F        1,000,000.00         ZZ
                                         360        890,869.18          1
                                       7.875          7,250.70         50
                                       7.625          7,250.70
    NEW CANAAN       CT   06840          5            04/12/93         00
    3119293593                           05           06/01/93          0
    237757                               O            05/01/23
    0

    1322777          241/448             F          325,000.00         ZZ
                                         360        168,560.13          1
                                       8.750          2,556.78         79
                                       8.000          2,556.78
    MANHASSET        NY   11030          2            01/12/93         00
    0001092080                           05           03/01/93          0
    1530765                              O            02/01/23
    0

    1322922          614/M32             F          335,000.00         ZZ
                                         360        296,721.39          1
                                       8.000          2,458.11         79
                                       7.625          2,458.11
    SIMI VALLEY      CA   93065          2            03/11/93         00
    302698410                            03           05/01/93          0
    7100008322                           O            04/01/23
    0

    1322931          472/M32             F          322,500.00         ZZ
                                         360        278,427.52          1
                                       7.875          2,338.35         75
                                       7.625          2,338.35
    WHITTIER         CA   90603          5            03/18/93         00
    302697735                            05           05/01/93          0
    006000021704                         O            04/01/23
    0

    1323072          472/M32             F          364,000.00         ZZ
                                         360        324,546.10          1
1

                                       8.000          2,670.90         80
                                       7.625          2,670.90
    NEWPORT BEACH    CA   92625          2            03/17/93         00
    302701768                            09           05/01/93          0
    006200621900                         O            04/01/23
    0

    1323077          324/183             F          255,000.00         ZZ
                                         360        226,869.56          1
                                       8.000          1,871.10         78
                                       7.750          1,871.10
    WALNUT           CA   91789          2            03/05/93         00
    117982062                            05           05/01/93          0
    4554697                              O            04/01/23
    0

    1323189          413/M32             F          284,000.00         ZZ
                                         360        175,780.75          1
                                       7.875          2,059.20         76
                                       7.625          2,059.20
    HUNTINGTON BEAC  CA   92649          2            03/22/93         00
    302697859                            09           05/01/93          0
    579034837                            O            04/01/23
    0

    1323286          372/M32             F          333,000.00         ZZ
                                         360        298,256.66          2
                                       8.250          2,501.72         90
                                       7.750          2,501.72
    MOUNTAIN VIEW    CA   94041          2            03/16/93         11
    302697404                            05           05/01/93         17
    5654355                              O            04/01/23
    0

    1323379          570/M32             F          312,000.00         ZZ
                                         360        278,819.89          1
                                       8.125          2,316.60         79
                                       7.875          2,316.60
    POMONA           CA   91766          2            03/11/93         00
    302701693                            05           05/01/93          0
    5355524                              O            04/01/23
    0

    1323475          070/070             F          240,000.00         ZZ
                                         360        143,943.61          1
                                       7.875          1,740.17         60
                                       7.625          1,740.17
    ORANGE           CA   92669          2            03/19/93         00
    007692137                            05           05/01/93          0
1

    7692137                              O            04/01/23
    0

    1323533          070/070             F          450,000.00         ZZ
                                         360        400,802.55          1
                                       8.250          3,380.70         75
                                       8.000          3,380.70
    LOS ANGELES      CA   90046          2            02/19/93         00
    007828517                            05           05/01/93          0
    7828517                              O            04/01/23
    0

    1323574          447/447             F          292,000.00         ZZ
                                         360        248,725.61          1
                                       8.500          2,245.23         90
                                       8.250          2,245.23
    DURHAM           NC   27707          4            02/03/93         04
    958899                               05           04/01/93         17
    1254958899                           O            03/01/23
    0

    1323637          627/M32             F          300,000.00         ZZ
                                         360        267,279.45          1
                                       7.875          2,175.21         60
                                       7.625          2,175.21
    ROWLAND HEIGHTS  CA   91748          1            04/08/93         00
    302703152                            05           06/01/93          0
    21215                                O            05/01/23
    0

    1323717          503/M32             F          370,800.00         ZZ
                                         360        329,836.69          1
                                       7.875          2,688.56         90
                                       7.625          2,688.56
    OAKLAND          CA   94610          1            02/25/93         11
    302698816                            05           05/01/93         17
    13003002                             O            04/01/23
    0

    1323748          642/737             F          235,000.00         ZZ
                                         360        202,418.58          1
                                       8.375          1,786.17         89
                                       8.125          1,786.17
    TUSTIN           CA   92680          2            03/25/93         11
    0736651                              05           05/01/93         17
    03020493                             O            04/01/23
    0

1

    1323779          550/550             F          405,000.00         ZZ
                                         360        360,259.04          1
                                       7.875          2,936.53         54
                                       7.625          2,936.53
    SAN FRANCISCO    CA   94133          2            03/12/93         00
    120128140000000                      06           05/01/93          0
    120128140                            O            04/01/23
    0

    1323865          003/B86             F          352,800.00         ZZ
                                         360        314,484.34          1
                                       8.000          2,588.72         90
                                       7.750          2,588.72
    BOCA RATON       FL   33496          1            03/26/93         12
    6000230000                           03           05/01/93         17
    1040917                              O            04/01/23
    0

    1323965          299/025             F          343,000.00         ZZ
                                         360        264,295.16          1
                                       7.875          2,486.99         62
                                       7.625          2,486.99
    VIRGINIA BEACH   VA   23454          2            04/26/93         00
    0102101995                           05           06/01/93          0
    210199                               O            05/01/23
    0

    1323976          032/M32             F          140,000.00         ZZ
                                         360        124,563.26          1
                                       8.000          1,027.27         74
                                       7.625          1,027.27
    PAXTON           MA   01612          1            04/29/93         00
    302707047                            05           06/01/93          0
    127340                               O            05/01/23
    0

    1323980          028/M32             F           90,000.00         ZZ
                                         360         80,966.25          1
                                       8.500            692.02         70
                                       8.250            692.02
    SAN BERNARDINO   CA   92407          2            03/15/93         00
    010043123                            09           05/01/93          0
    258471                               O            04/01/23
    0

    1324046          028/M32             F          298,000.00         ZZ
                                         360        260,777.82          1
                                       7.875          2,160.71         67
                                       7.625          2,160.71
1

    SANTA ANA        CA   92705          2            03/15/93         00
    010043156                            05           05/01/93          0
    258659                               O            04/01/23
    0

    1324073          372/M32             F          120,000.00         ZZ
                                         360        100,739.88          1
                                       7.875            870.08         54
                                       7.625            870.08
    CAMARILLO        CA   93010          2            03/25/93         00
    302698618                            05           05/01/93          0
    5110416                              O            04/01/23
    0

    1324168          406/406             F          240,000.00         ZZ
                                         360        213,823.20          1
                                       7.875          1,740.17         60
                                       7.625          1,740.17
    SARATOGA SPRING  NY   12866          2            04/30/93         00
    1394287                              05           06/01/93          0
    1394287                              O            05/01/23
    0

    1324257          637/447             F          157,500.00         ZZ
                                         360        141,993.68          2
                                       8.625          1,225.02         70
                                       8.375          1,225.02
    HOBOKEN          NJ   07030          1            03/31/93         00
    2846369                              05           05/01/93          0
    2295723                              O            04/01/23
    0

    1324273          637/447             F          324,000.00         ZZ
                                         360        288,207.99          1
                                       7.875          2,349.22         60
                                       7.625          2,349.22
    LOS ALTOS        CA   94024          2            03/18/93         00
    2846869                              05           05/01/93          0
    2351880                              O            04/01/23
    0

    1324286          472/M32             F          100,000.00         ZZ
                                         360         66,316.08          1
                                       8.125            742.50         46
                                       7.625            742.50
    TORRANCE         CA   90503          5            03/09/93         00
    302702576                            01           05/01/93          0
    006000021508                         O            04/01/23
    0
1

    1324296          267/405             F          245,000.00         ZZ
                                         360        211,293.03          1
                                       7.875          1,776.43         68
                                       7.625          1,776.43
    MISSION VIEJO    CA   92692          2            03/19/93         00
    5414829757                           03           05/01/93          0
    4829757                              O            04/01/23
    0

    1324306          635/M32             F          143,000.00         ZZ
                                         360        127,791.64          1
                                       8.125          1,061.78         57
                                       7.625          1,061.78
    GLENWOOD VERNON  NJ   07461          2            03/17/93         00
    302706700                            05           05/01/93          0
    3074721                              O            04/01/23
    0

    1324397          637/447             F          100,000.00         ZZ
                                         360         75,987.07          1
                                       8.250            751.27         65
                                       8.000            751.27
    BOCA RATON       FL   33428          2            03/25/93         00
    2844998                              03           05/01/93          0
    2166239                              O            04/01/23
    0

    1324399          413/M32             F          234,000.00         ZZ
                                         360        208,138.96          1
                                       7.875          1,696.66         80
                                       7.625          1,696.66
    FREMONT          CA   94536          2            03/24/93         00
    302699202                            05           05/01/93          0
    595034605                            O            04/01/23
    0

    1324443          637/447             F          210,750.00         ZZ
                                         360        187,468.67          1
                                       7.875          1,528.08         75
                                       7.625          1,528.08
    MENIFEE          CA   92584          5            03/19/93         00
    2845490                              03           05/01/93          0
    2223972                              O            04/01/23
    0

    1324472          472/M32             F          337,500.00         ZZ
                                         360        300,917.13          1
1

                                       8.000          2,476.46         75
                                       7.625          2,476.46
    STEVENSON RANCH  CA   91381          2            03/23/93         00
    302700885                            03           05/01/93          0
    006200623800                         O            04/01/23
    0

    1324478          013/S48             F          575,000.00         ZZ
                                         360         81,873.00          1
                                       7.875          4,169.15         70
                                       7.625          4,169.15
    LOS ALTOS        CA   94024          2            03/26/93         00
    0010706323                           05           05/01/93          0
    25000782                             O            04/01/23
    0

    1324525          635/M32             F          146,700.00         ZZ
                                         360        131,963.08          1
                                       8.500          1,128.00         90
                                       8.000          1,128.00
    UNION CITY       NJ   07087          1            03/16/93         14
    302699137                            05           05/01/93         17
    3079258                              O            04/01/23
    0

    1324544          635/M32             F          165,000.00         T
                                         360        146,375.87          1
                                       8.500          1,268.71         79
                                       8.000          1,268.71
    BOCA RATON       FL   33487          2            03/16/93         00
    302701966                            09           05/01/93          0
    3071446                              O            04/01/23
    0

    1324546          635/M32             F          104,000.00         ZZ
                                         360         42,050.15          1
                                       8.375            790.48         65
                                       7.875            790.48
    ELIZABETH        NJ   07208          5            02/23/93         00
    302700653                            05           05/01/93          0
    3071495                              O            04/01/23
    0

    1324547          267/405             F          329,600.00         ZZ
                                         360        293,188.22          1
                                       7.875          2,389.83         80
                                       7.625          2,389.83
    PASADENA         CA   91107          1            03/24/93         00
    5414822284                           05           05/01/93          0
1

    4822284                              O            04/01/23
    0

    1324589          562/562             F          130,000.00         ZZ
                                         360         39,976.69          1
                                       8.500            999.59         54
                                       8.250            999.59
    HARRINGTON PARK  NJ   07640          2            04/08/93         00
    294023701000000                      05           06/01/93          0
    402370                               O            05/01/23
    0

    1324667          324/183             F          336,000.00         T
                                         360        299,580.30          1
                                       8.000          2,465.45         80
                                       7.750          2,465.45
    OCEANSIDE        CA   92054          1            03/10/93         00
    117982174                            01           05/01/93          0
    4555645                              O            04/01/23
    0

    1324687          334/M32             F          234,000.00         ZZ
                                         360        178,594.31          1
                                       8.000          1,717.01         45
                                       7.625          1,717.01
    ALAMO            CA   94507          2            03/03/93         00
    009794306                            05           05/01/93          0
    979430                               O            04/01/23
    0

    1324724          686/686             F          316,000.00         ZZ
                                         360        281,222.34          1
                                       7.900          2,296.71         80
                                       7.650          2,296.71
    LAGUNA HILLS     CA   92653          1            03/10/93         00
    0814802740                           01           05/01/93          0
    030814802740                         O            04/01/23
    0

    1324763          444/X14             F          320,000.00         ZZ
                                         360        284,353.61          1
                                       7.875          2,320.22         72
                                       7.625          2,320.22
    ARLINGTON        VA   22201          2            03/26/93         00
    8008679444                           05           05/01/93          0
    6443766                              O            04/01/23
    0

1

    1324869          324/183             F          276,000.00         ZZ
                                         360        157,283.39          1
                                       7.875          2,001.20         79
                                       7.625          2,001.20
    FT LAURDALE      FL   33306          1            03/31/93         00
    117983324                            05           05/01/93          0
    4567269                              O            04/01/23
    0

    1324874          241/448             F          363,500.00         ZZ
                                         360        317,535.65          1
                                       7.875          2,635.63         80
                                       7.625          2,635.63
    IRVINGTON        NY   10533          2            03/24/93         00
    0001092082                           05           05/01/93          0
    1535624                              O            04/01/23
    0

    1324928          531/448             F          258,000.00         ZZ
                                         360        229,498.22          1
                                       7.875          1,870.68         70
                                       7.625          1,870.68
    GIG HARBOR       WA   98335          2            03/23/93         00
    0001091787                           05           05/01/93          0
    30684206                             O            04/01/23
    0

    1324994          570/M32             F          287,000.00         ZZ
                                         360        255,890.78          1
                                       8.000          2,105.91         78
                                       7.625          2,105.91
    HACIENDA HEIGHT  CA   91745          2            03/22/93         00
    302700323                            05           05/01/93          0
    5222419                              O            04/01/23
    0

    1325006          111/111             F          178,500.00         ZZ
                                         360        153,247.46          1
                                       8.125          1,325.36         70
                                       7.875          1,325.36
    SAN FRANCISCO    CA   94112          2            02/12/93         00
    290304                               05           04/01/93          0
    290304                               O            03/01/23
    0

    1325108          560/560             F          259,000.00         ZZ
                                         360        229,840.61          1
                                       7.750          1,855.51         74
                                       7.625          1,855.51
1

    WALNUT           CA   91789          2            03/16/93         00
    220691695                            05           05/01/93          0
    445564107                            O            04/01/23
    0

    1325112          560/560             F          710,000.00         ZZ
                                         360        628,591.25          1
                                       7.875          5,147.99         62
                                       7.750          5,147.99
    MANHATTAN BEACH  CA   90266          2            03/18/93         00
    220707996                            05           05/01/93          0
    444848808                            O            04/01/23
    0

    1325160          052/670             F          450,000.00         ZZ
                                         360        400,038.16          1
                                       7.875          3,262.81         78
                                       7.625          3,262.81
    KAILUA           HI   96734          2            03/10/93         00
    3119229663                           05           05/01/93          0
    235445                               O            04/01/23
    0

    1325185          052/670             F          131,000.00         ZZ
                                         360        114,188.62          1
                                       8.125            972.68         48
                                       7.875            972.68
    TAPPAN           NY   10983          5            03/30/93         00
    3119127233                           05           05/01/93          0
    232293                               O            04/01/23
    0

    1325242          472/M32             F          230,600.00         ZZ
                                         360        202,968.23          1
                                       8.000          1,692.06         75
                                       7.625          1,692.06
    STEVENSON RANCH  CA   91381          2            04/05/93         00
    302701842                            03           06/01/93          0
    006200626503                         O            05/01/23
    0

    1325346          560/560             F          150,000.00         ZZ
                                         360        118,268.77          1
                                       7.750          1,074.62         32
                                       7.625          1,074.62
    WOODSIDE         CA   94062          1            03/08/93         00
    220698906                            05           05/01/93          0
    463427500                            O            04/01/23
    0
1

    1325357          560/560             F          317,000.00         ZZ
                                         360        281,801.12          1
                                       7.875          2,298.47         51
                                       7.750          2,298.47
    MENLO PARK       CA   94025          2            03/19/93         00
    220708432                            05           05/01/93          0
    447984709                            O            04/01/23
    0

    1325362          560/560             F          400,000.00         ZZ
                                         360        356,642.27          1
                                       8.000          2,935.06         80
                                       7.875          2,935.06
    GREEN LANE       PA   18054          2            03/22/93         00
    220694509                            05           05/01/93          0
    197757909                            O            04/01/23
    0

    1325367          560/560             F          212,250.00         ZZ
                                         360        189,397.60          1
                                       8.125          1,575.95         75
                                       8.000          1,575.95
    MARSHFIELD       MA   02050          2            03/24/93         00
    220695589                            05           05/01/93          0
    137644308                            O            04/01/23
    0

    1325438          664/M32             F          236,000.00         ZZ
                                         360        186,683.58          1
                                       8.000          1,731.69         80
                                       7.625          1,731.69
    ESCONDIDO        CA   92029          1            03/29/93         00
    302702311                            03           05/01/93          0
    0626176                              O            04/01/23
    0

    1325523          664/M32             F          214,000.00         ZZ
                                         360        190,358.73          1
                                       7.875          1,551.65         73
                                       7.625          1,551.65
    CLAYTON          CA   94517          2            03/29/93         00
    302703780                            03           05/01/93          0
    0725671                              O            04/01/23
    0

    1325537          180/M32             F          130,900.00         T
                                         360        113,293.83          1
1

                                       8.250            983.41         70
                                       8.000            983.41
    CAREFREE         AZ   85377          1            03/26/93         00
    302701875                            05           05/01/93          0
    2401586                              O            04/01/23
    0

    1325665          652/M32             F          350,000.00         ZZ
                                         360        309,788.53          1
                                       7.875          2,537.75         50
                                       7.625          2,537.75
    NEWPORT BEACH    CA   92625          5            03/24/93         00
    003882040                            03           06/01/93          0
    3882040                              O            05/01/23
    0

    1325701          633/M32             F          392,000.00         ZZ
                                         360        348,485.66          1
                                       7.875          2,842.27         75
                                       7.625          2,842.27
    SAN DIEGO        CA   92131          5            04/01/93         00
    302702519                            09           06/01/93          0
    647421                               O            05/01/23
    0

    1325773          111/111             F          255,000.00         ZZ
                                         360        228,051.95          1
                                       8.250          1,915.73         80
                                       7.875          1,915.73
    SAN DIEGO        CA   92106          2            01/26/93         00
    324593                               05           04/01/93          0
    324593                               O            03/01/23
    0

    1325775          111/111             F          250,000.00         ZZ
                                         360        212,988.88          1
                                       8.250          1,878.17         72
                                       7.875          1,878.17
    SAN FRANCISCO    CA   94122          2            01/29/93         00
    290134                               05           04/01/93          0
    290134                               O            03/01/23
    0

    1325814          323/G02             F          295,000.00         ZZ
                                         360        263,660.40          1
                                       8.125          2,190.37         29
                                       7.875          2,190.37
    ASPEN            CO   81611          5            04/12/93         00
    0430439398                           03           06/01/93          0
1

    2038010019                           O            05/01/23
    0

    1325835          635/447             F           68,000.00         T
                                         360         60,558.97          1
                                       8.000            498.96         80
                                       7.625            498.96
    MIDDLE SMITHFIE  PA   18301          2            03/16/93         00
    4074693                              05           05/01/93          0
    3097326                              O            04/01/23
    0

    1325902          562/562             F          220,800.00         ZZ
                                         360        196,716.73          1
                                       7.875          1,600.96         80
                                       7.625          1,600.96
    RYE              NY   10580          1            04/19/93         00
    294034930000000                      05           06/01/93          0
    403493                               O            05/01/23
    0

    1325964          385/168             F          236,720.52         ZZ
                                         339        207,788.03          1
                                       8.250          1,804.30         77
                                       8.000          1,804.30
    SOMERS           NY   10589          1            02/25/93         00
    1362650                              05           05/01/93          0
    8523235                              O            07/01/21
    0

    1325971          201/M32             F          175,000.00         ZZ
                                         360        147,897.39          1
                                       8.000          1,284.09         73
                                       7.625          1,284.09
    BOROUGH OF RING  NJ   07456          2            04/06/93         00
    305564445                            05           06/01/93          0
    180063637                            O            05/01/23
    0

    1326045          559/M32             F          270,000.00         ZZ
                                         360        237,946.44          1
                                       8.125          2,004.75         73
                                       7.625          2,004.75
    SAN RAMON        CA   94583          5            04/09/93         00
    302703046                            03           06/01/93          0
    7071368                              O            05/01/23
    0

1

    1326068          478/X14             F          290,000.00         ZZ
                                         360        258,257.43          1
                                       7.875          2,102.70         72
                                       7.625          2,102.70
    SAN GABRIEL      CA   91775          2            03/31/93         00
    8012254382                           05           06/01/93          0
    413308061                            O            05/01/23
    0

    1326069          478/X14             F          240,000.00         ZZ
                                         360        205,091.46          1
                                       7.875          1,740.17         71
                                       7.625          1,740.17
    ESCONDIDO        CA   92025          2            04/02/93         00
    8012253624                           03           06/01/93          0
    8813289964                           O            05/01/23
    0

    1326106          069/M32             F          264,500.00         ZZ
                                         360        221,310.12          1
                                       7.875          1,917.81         90
                                       7.625          1,917.81
    BUENA PARK       CA   90620          2            03/23/93         11
    302703061                            05           05/01/93         20
    288845                               O            04/01/23
    0

    1326110          481/M32             F          396,000.00         ZZ
                                         360        339,244.48          1
                                       7.875          2,871.28         80
                                       7.625          2,871.28
    RUSSELL TOWNSHI  OH   44072          1            03/23/93         00
    702990609                            05           05/01/93          0
    0966130                              O            04/01/23
    0

    1326116          413/M32             F          219,800.00         ZZ
                                         360        195,976.33          1
                                       8.000          1,612.81         58
                                       7.625          1,612.81
    SAN JOSE         CA   95120          2            03/25/93         00
    302703327                            05           05/01/93          0
    595034332                            O            04/01/23
    0

    1326136          637/447             F          223,000.00         ZZ
                                         360        198,322.49          1
                                       7.875          1,616.90         80
                                       7.625          1,616.90
1

    SAN FRANCISCO    CA   94134          2            03/23/93         00
    2846874                              05           05/01/93          0
    2352524                              O            04/01/23
    0

    1326207          070/070             F          265,500.00         ZZ
                                         360        234,043.17          1
                                       7.875          1,925.06         90
                                       7.625          1,925.06
    HUNTINGTON BEAC  CA   92647          1            03/22/93         04
    007718501                            05           05/01/93         17
    7718501                              O            04/01/23
    0

    1326221          070/070             F          315,000.00         ZZ
                                         360        256,398.91          1
                                       7.875          2,283.97         80
                                       7.625          2,283.97
    LA CRESCENTA AR  CA   91214          2            04/06/93         00
    007722539                            05           06/01/93          0
    7722539                              O            05/01/23
    0

    1326249          070/070             F          282,000.00         ZZ
                                         360        252,242.72          1
                                       8.125          2,093.84         80
                                       7.875          2,093.84
    CARSON           CA   90745          2            04/05/93         00
    007762373                            05           06/01/93          0
    7762373                              O            05/01/23
    0

    1326404          286/286             F          230,000.00         ZZ
                                         360        190,896.26          1
                                       8.125          1,707.74         80
                                       7.875          1,707.74
    WHEATON          IL   60187          2            04/09/93         00
    0891577                              05           06/01/93          0
    0891577                              O            05/01/23
    0

    1326421          267/405             F          240,000.00         ZZ
                                         360        206,645.06          1
                                       7.875          1,740.17         75
                                       7.625          1,740.17
    MIAMI            FL   33156          2            03/29/93         00
    5414840321                           09           06/01/93          0
    4840321                              O            05/01/23
    0
1

    1326575          076/076             F          264,000.00         ZZ
                                         360        187,842.01          1
                                       8.000          1,937.14         80
                                       7.625          1,937.14
    SILVER SPRING    MD   20902          1            03/08/93         00
    16922861                             05           05/01/93          0
    6922861                              O            04/01/23
    0

    1326731          562/562             F          145,000.00         T
                                         360        129,472.15          1
                                       8.000          1,063.96         79
                                       7.750          1,063.96
    SHERMAN          CT   06784          2            04/19/93         00
    294041034000000                      05           06/01/93          0
    404103                               O            05/01/23
    0

    1326732          575/M32             F          339,100.00         ZZ
                                         360        302,343.66          1
                                       8.000          2,488.20         83
                                       7.625          2,488.20
    BETHESDA         MD   20817          2            03/19/93         12
    302703723                            05           05/01/93         20
    421011761                            O            04/01/23
    0

    1326760          201/M32             F          125,000.00         ZZ
                                         360         92,058.90          1
                                       8.375            950.10         74
                                       7.875            950.10
    BOROUGH OF EMER  NJ   07630          2            04/13/93         00
    305564437                            05           06/01/93          0
    180063484                            O            05/01/23
    0

    1327166          531/448             F          250,000.00         ZZ
                                         360        214,138.83          1
                                       7.875          1,812.67         72
                                       7.625          1,812.67
    PORTLAND         OR   97212          5            03/25/93         00
    0001091801                           05           06/01/93          0
    30935418                             O            05/01/23
    0

    1327211          077/377             F          252,000.00         ZZ
                                         360        224,515.58          1
1

                                       7.875          1,827.17         80
                                       7.625          1,827.17
    COLUMBUS         OH   43221          2            04/13/93         00
    6390694                              05           06/01/93          0
    319289                               O            05/01/23
    0

    1327235          447/447             F          238,500.00         T
                                         360        182,905.38          1
                                       7.875          1,729.30         90
                                       7.625          1,729.30
    SIMPSONVILLE     SC   29681          1            03/26/93         10
    1090452                              03           05/01/93         17
    1090452                              O            04/01/23
    0

    1327246          447/447             F          365,000.00         ZZ
                                         360        324,212.23          1
                                       7.875          2,646.51         51
                                       7.625          2,646.51
    AUSTIN           TX   78746          4            03/23/93         00
    1053423                              03           05/01/93          0
    1053423                              O            04/01/23
    0

    1327267          447/447             F          220,500.00         ZZ
                                         360        194,364.88          1
                                       8.000          1,617.96         90
                                       7.625          1,617.96
    PEABODY          MA   01960          1            03/04/93         04
    1043559                              01           04/01/93         17
    1043559                              O            03/01/23
    0

    1327419          704/670             F          113,400.00         ZZ
                                         360        102,154.70          1
                                       8.500            871.95         69
                                       7.625            871.95
    WEST BLOOMFIELD  MI   48324          2            03/29/93         00
    3034277579                           05           06/01/93          0
    930111174                            O            05/01/23
    0

    1327426          704/670             F           62,000.00         ZZ
                                         360         55,447.23          1
                                       8.250            465.79         42
                                       7.625            465.79
    TOMS RIVER       NJ   08753          1            02/12/93         00
    3034104049                           09           04/01/93          0
1

    913980959                            O            03/01/23
    0

    1327432          704/670             F          174,700.00         ZZ
                                         360        156,565.61          1
                                       8.375          1,327.85         67
                                       7.625          1,327.85
    MARLBORO         NJ   07746          1            02/24/93         00
    3034151559                           05           04/01/93          0
    930024385                            O            03/01/23
    0

    1327446          283/686             F          336,000.00         ZZ
                                         360        298,573.15          1
                                       7.990          2,463.11         56
                                       7.740          2,463.11
    CAMBRIDGE        MA   02138          2            03/25/93         00
    6161188625                           05           05/01/93          0
    4190636                              O            04/01/23
    0

    1327682          560/560             F          138,000.00         ZZ
                                         360        122,327.20          1
                                       7.750            988.65         66
                                       7.625            988.65
    MT LAUREL        NJ   08054          2            04/12/93         00
    220718340                            05           06/01/93          0
    196662209                            O            05/01/23
    0

    1327686          560/560             F          232,000.00         ZZ
                                         360        177,966.40          1
                                       7.750          1,662.08         80
                                       7.625          1,662.08
    PHOENIXVILLE     PA   19460          2            03/31/93         00
    220711790                            05           05/01/93          0
    199453804                            O            04/01/23
    0

    1327840          083/M32             F          240,000.00         ZZ
                                         360        213,823.20          1
                                       7.875          1,740.17         86
                                       7.625          1,740.17
    BLUE BELL        PA   19422          2            04/08/93         11
    302707906                            05           06/01/93         17
    078225                               O            05/01/23
    0

1

    1327845          201/M32             F          183,750.00         ZZ
                                         360        144,785.25          1
                                       8.125          1,364.34         75
                                       7.875          1,364.34
    COUNTY OF BERGE  NJ   07626          2            04/19/93         00
    305564478                            05           06/01/93          0
    180063994                            O            05/01/23
    0

    1327847          637/447             F          522,000.00         ZZ
                                         360        466,142.52          1
                                       8.000          3,830.25         68
                                       7.750          3,830.25
    MARBLE FALLS     TX   78654          2            04/12/93         00
    2847046                              03           06/01/93          0
    2380889                              O            05/01/23
    0

    1327848          561/M32             F          230,000.00         ZZ
                                         360        184,080.81          1
                                       8.125          1,707.75         61
                                       7.625          1,707.75
    FORT WASHINGTON  MD   20744          5            04/19/93         00
    302706882                            05           06/01/93          0
    0296865                              O            05/01/23
    0

    1328223          444/X14             F          243,900.00         ZZ
                                         360        216,884.04          1
                                       7.875          1,768.45         90
                                       7.625          1,768.45
    FAIRFAX          VA   22033          2            03/25/93         04
    8008681580                           03           05/01/93         17
    6471767                              O            04/01/23
    0

    1328563          562/562             F          261,000.00         ZZ
                                         360        231,923.94          1
                                       7.875          1,892.44         90
                                       7.625          1,892.44
    SCARSDALE        NY   10583          1            04/22/93         04
    294061990000000                      05           06/01/93         25
    406199                               O            05/01/23
    0

    1328707          561/M32             F          246,000.00         ZZ
                                         360        219,167.90          1
                                       7.875          1,783.68         72
                                       7.625          1,783.68
1

    POTOMAC          MD   20854          2            04/23/93         00
    302707377                            05           06/01/93          0
    0446302                              O            05/01/23
    0

    1328815          562/562             F          254,000.00         ZZ
                                         360        226,290.70          1
                                       7.875          1,841.68         79
                                       7.625          1,841.68
    MOUNT VERNON     NY   10552          2            04/22/93         00
    294061404000000                      05           06/01/93          0
    406140                               O            05/01/23
    0

    1328846          561/M32             F          305,000.00         ZZ
                                         360        266,280.88          1
                                       8.000          2,237.99         68
                                       7.625          2,237.99
    NORTH WALES      PA   19436          5            04/23/93         00
    302707922                            05           06/01/93          0
    1229483                              O            05/01/23
    0

    1328910          052/670             F          450,000.00         ZZ
                                         360        401,845.31          1
                                       8.000          3,301.95         75
                                       7.750          3,301.95
    MESA             AZ   85205          4            04/08/93         00
    3119260583                           03           06/01/93          0
    236541                               O            05/01/23
    0

    1328913          052/670             F          260,000.00         ZZ
                                         360        231,275.76          1
                                       7.875          1,885.19         80
                                       7.625          1,885.19
    PORTLAND         OR   97212          1            03/24/93         00
    3119217314                           05           05/01/93          0
    234875                               O            04/01/23
    0

    1329234          052/670             F          318,000.00         ZZ
                                         360        283,915.01          1
                                       8.000          2,333.38         67
                                       7.750          2,333.38
    EASTCHESTER      NY   10709          1            04/06/93         00
    3119249773                           05           06/01/93          0
    236062                               O            05/01/23
    0
1

    1329280          249/M32             F           79,000.00         ZZ
                                         360         69,629.55          1
                                       7.875            572.80         53
                                       7.625            572.80
    OSSINING         NY   10562          2            04/26/93         00
    302707864                            01           06/01/93          0
    101357649                            O            05/01/23
    0

    1329390          976/976             F          255,000.00         ZZ
                                         360        228,230.46          1
                                       8.125          1,893.37         80
                                       7.875          1,893.37
    DARNESTOWN       MD   20878          2            04/21/93         00
    0934523                              05           06/01/93          0
    934523655                            O            05/01/23
    0

    1329585          353/S48             F          560,000.00         ZZ
                                         360        482,258.19          1
                                       7.875          4,060.39         80
                                       7.625          4,060.39
    HONOLULU         HI   96821          2            04/21/93         00
    4462498306                           03           06/01/93          0
    58943                                O            05/01/23
    0

    1382823          462/076             F          123,300.00         ZZ
                                         360        113,343.44          1
                                       8.750            970.01         90
                                       8.500            970.01
    MIAMI            FL   33015          1            04/04/94         04
    14909215                             05           06/01/94         20
    4264313                              O            05/01/24
    607446

    1384713          770/J95             F           58,900.00         ZZ
                                         360         54,581.60          1
                                       9.250            484.56         95
                                       9.000            484.56
    WATAUGA          TX   76148          2            05/04/94         04
    0003107521                           05           07/01/94         25
    3107521                              O            06/01/24
    607449

    1386245          556/M32             F          232,750.00         ZZ
                                         360        213,344.08          1
1

                                       8.375          1,769.07         95
                                       8.205          1,769.07
    SPRINGFIELD      VA   22153          1            06/29/94         04
    009715913                            05           08/01/94         25
    725570                               O            07/01/24
    607451

    1387556          372/447             F          110,650.00         ZZ
                                         360        103,825.91          1
                                      10.100            979.22         95
                                       8.875            979.22
    FRESNO           CA   93710          1            07/27/94         04
    8363269                              05           09/01/94         30
    8363269                              O            08/01/24
    607453

    1389935          447/447             F          218,400.00         ZZ
                                         360        195,366.90          1
                                       8.750          1,718.16         95
                                       8.500          1,718.16
    BATON ROUGE      LA   70816          1            07/19/94         04
    1665467                              03           09/01/94         25
    1665467                              O            08/01/24
    607455

    1390809          070/070             F          256,000.00         ZZ
                                         360        234,953.76          1
                                       8.750          2,013.95         55
                                       8.500          2,013.95
    ST LOUIS         MO   63141          2            05/10/94         00
    001230766                            05           06/01/94          0
    1230766                              O            05/01/24
    607457

    1393984          241/M32             F          232,000.00         ZZ
                                         360        212,278.04          1
                                       8.125          1,722.59         70
                                       7.955          1,722.59
    SOUTHLAKE        TX   76092          1            08/31/94         00
    009719808                            03           10/01/94          0
    1949734                              O            09/01/24
    607467

    1393992          562/G48             F          100,000.00         ZZ
                                         360         93,749.61          3
                                       9.750            859.16         45
                                       9.580            859.16
    YONKERS          NY   10705          1            10/06/94         00
    0657129                              05           12/01/94          0
1

    90018649                             O            11/01/24
    607468

    1394358          375/448             F          273,000.00         ZZ
                                         360        243,756.31          1
                                       8.875          2,172.11         63
                                       8.625          2,172.11
    SAN ANTONIO      TX   78257          2            08/18/94         00
    0001091973                           03           10/01/94          0
    352379                               O            09/01/24
    607479

    1394364          372/M32             F           59,300.00         ZZ
                                         360         54,940.51          1
                                       8.875            471.82         90
                                       8.705            471.82
    PENSACOLA BEACH  FL   32561          1            09/14/94         04
    009719816                            01           11/01/94         17
    8333668                              O            10/01/24
    607480

    1394418          562/G48             F          197,600.00         ZZ
                                         360        115,404.04          1
                                       9.250          1,625.61         75
                                       9.080          1,625.61
    CONGERS          NY   10920          1            10/11/94         00
    0657133                              05           12/01/94          0
    90019076                             O            11/01/24
    607481

    1394443          072/S48             F          360,000.00         ZZ
                                         360        333,342.44          1
                                       9.250          2,961.64         85
                                       9.000          2,961.64
    TOWN OF DEWITT   NY   13078          4            09/28/94         04
    0010702306                           05           11/01/94         12
    1332317                              O            10/01/24
    607483

    1394517          052/670             F          146,000.00         ZZ
                                         360        114,656.81          1
                                       8.750          1,148.59         75
                                       8.500          1,148.59
    EAST HILLS       NY   11577          1            07/20/94         00
    3120979343                           05           09/01/94          0
    285867                               O            08/01/24
    607488

1

    1396976          637/M32             F          230,000.00         ZZ
                                         360        158,328.16          1
                                       8.625          1,788.92         66
                                       8.375          1,788.92
    GREAT NECK       NY   11021          1            10/24/94         00
    009720061                            05           12/01/94          0
    3238961                              O            11/01/24
    607498

    1396998          686/686             F           22,400.00         ZZ
                                         360         19,623.72          1
                                       8.800            177.03         70
                                       8.550            177.03
    OAKLAND PARK     FL   33309          1            10/05/94         00
    0816293369                           01           12/01/94          0
    30816293369                          O            11/01/24
    607499

    1397009          286/286             F          455,000.00         ZZ
                                         360        414,704.98          1
                                       7.875          3,299.07         72
                                       7.625          3,299.07
    DARNESTOWN       MD   20874          1            10/14/94         00
    8263357                              05           12/01/94          0
    8263357                              O            11/01/24
    607500

    1397275          074/074             F          180,000.00         ZZ
                                         360        166,011.10          2
                                       8.500          1,384.05         75
                                       8.250          1,384.05
    STATEN ISLAND,   NY   10306          1            10/03/94         00
    0060053945                           05           12/01/94          0
    60053945                             O            11/01/24
    607511

    1397321          076/076             F          269,500.00         ZZ
                                         360        250,387.75          1
                                       9.000          2,168.45         70
                                       8.750          2,168.45
    WINCHESTER       MA   01890          1            10/07/94         00
    14478882                             05           12/01/94          0
    4478882                              O            11/01/24
    607516

    1397331          076/076             F          267,000.00         ZZ
                                         360        245,496.07          1
                                       8.625          2,076.70         77
                                       8.375          2,076.70
1

    CASTRO VALLEY    CA   94552          1            09/12/94         00
    14351632                             05           11/01/94          0
    4351632                              O            10/01/24
    607519

    1397342          076/076             F          350,000.00         ZZ
                                         360        193,420.27          1
                                       8.500          2,691.20         78
                                       8.250          2,691.20
    CONCORD          MA   01742          1            09/16/94         00
    14187102                             01           11/01/94          0
    4187102                              O            10/01/24
    607523

    1397343          076/076             F          220,500.00         T
                                         360        204,477.34          1
                                       9.125          1,794.07         90
                                       8.875          1,794.07
    KENNEBUNKPORT    ME   04046          1            07/11/94         04
    13480442                             05           09/01/94         17
    3480442                              O            08/01/24
    607524

    1397354          375/448             F           64,400.00         ZZ
                                         360         59,526.81          2
                                       9.125            523.98         70
                                       8.875            523.98
    NEW ORLEANS      LA   70117          1            08/23/94         00
    0001092040                           05           10/01/94          0
    22088011                             O            09/01/24
    607528

    1397357          375/448             F          119,700.00         ZZ
                                         360        111,082.16          1
                                       9.000            963.13         70
                                       8.750            963.13
    FRIENDSWOOD      TX   77546          2            09/26/94         00
    0001091986                           03           11/01/94          0
    363607                               O            10/01/24
    607530

    1397395          560/560             F          104,000.00         ZZ
                                         360         90,393.19          1
                                       8.500            799.67         73
                                       8.330            799.67
    MT. LAUREL       NJ   08054          1            10/11/94         00
    450007117                            05           12/01/94          0
    450007117                            O            11/01/24
    607538
1

    1397408          560/560             F          320,000.00         ZZ
                                         360         58,935.55          1
                                       8.125          2,375.99         80
                                       7.955          2,375.99
    WALLINGFORD      CT   06492          1            09/30/94         00
    450012836                            05           11/01/94          0
    450012836                            O            10/01/24
    607542

    1397520          169/076             F          230,000.00         ZZ
                                         360        213,679.98          1
                                       9.250          1,892.16         80
                                       9.125          1,892.16
    BARRINGTON       IL   60010          1            10/31/94         00
    15886140                             05           12/01/94          0
    9302662                              O            11/01/24
    607546

    1397527          375/448             F          314,550.00         ZZ
                                         360        289,069.01          1
                                       8.500          2,418.62         90
                                       8.250          2,418.62
    BAINBRIDGE ISLA  WA   98110          1            08/09/94         04
    0001092078                           05           10/01/94         17
    1432452354                           O            09/01/24
    607547

    1400985          A62/K61             F           28,000.00         ZZ
                                         180         20,187.59          1
                                      12.250            340.56         70
                                      11.750            340.56
    NASHVILLE        NC   27856          2            01/18/95         00
    0800017741                           05           03/01/95          0
    1400985                              N            02/01/10
    0

    1415510          A12/G02             F           68,400.00         ZZ
                                         360         59,621.26          1
                                       9.625            581.40         95
                                       9.375            581.40
    BRUNSWICK        GA   31525          1            04/27/95         04
    0459904223                           05           06/01/95         30
    0101113                              O            05/01/25
    0

    1436538          560/M32             F           24,400.00         ZZ
                                         180         15,957.55          1
1

                                       8.750            243.87         60
                                       8.250            243.87
    MAYFIELD         NY   12177          5            06/23/95         00
    450161112                            05           08/01/95          0
    450161112                            O            07/01/10
    0

    1449218          074/K77             F          245,000.00         ZZ
                                         360        228,357.71          1
                                       8.250          1,840.61         70
                                       8.000          1,840.61
    BAY SHORE        NY   11706          5            09/27/95         00
    626003771                            05           12/01/95          0
    1112030670                           O            11/01/25
    0

    1450604          A52/K61             F           78,400.00         ZZ
                                         360         74,168.78          1
                                       9.375            652.09         80
                                       8.875            652.09
    KINGSTON         GA   30145          2            11/17/95         00
    0800021321                           05           01/01/96          0
    0126618                              O            12/01/25
    0

    1456499          597/K61             F          184,800.00         ZZ
                                         360        171,271.88          1
                                      10.000          1,621.76         80
                                       9.500          1,621.76
    INDEPENDENCE TO  NJ   07840          1            05/31/96         00
    0800022014                           05           07/01/96          0
    651102                               O            06/01/26
    0

    1462873          820/162             F          344,250.00         ZZ
                                         180        326,469.63          1
                                       9.625          2,926.09         85
                                       9.125          2,926.09
    WAHIAWA          HI   96786          5            11/21/95         23
    301297                               05           01/01/96          0
    0160590312                           O            12/01/10
    0

    1467810          A52/K61             F          108,500.00         ZZ
                                         360        101,629.20          1
                                       8.375            824.68         57
                                       7.875            824.68
    ATLANTA          GA   30306          2            01/04/96         00
    0800023632                           05           03/01/96          0
1

    1234                                 O            02/01/26
    0

    1470543          A35/A35             F          230,000.00         ZZ
                                         360        209,424.57          1
                                       8.000          1,687.66         65
                                       7.750          1,687.66
    BROOKLYN         NY   11229          1            08/07/96         00
    4000086                              05           10/01/96          0
    UNKNOWN                              O            09/01/26
    0

    1474159          939/G02             F          348,000.00         ZZ
                                         360        328,681.32          3
                                       9.500          2,926.18         80
                                       9.250          2,926.18
    WOODSIDE         NY   11377          1            03/19/96         00
    0459920252                           05           05/01/96          0
    9503126                              O            04/01/26
    608750

    1475637          964/G02             F          270,000.00         ZZ
                                         360        238,689.06          1
                                       7.375          1,864.83         75
                                       7.125          1,864.83
    MILL VALLEY      CA   94941          1            02/15/96         00
    0430040501                           05           04/01/96          0
    17005                                O            03/01/26
    0

    1479279          F05/K61             F           49,000.00         ZZ
                                         360         46,537.91          1
                                      11.500            485.24         90
                                      11.000            485.24
    TIPTON           CA   93272          2            04/16/96         23
    0800025066                           05           06/01/96          0
    96013003                             O            05/01/26
    0

    1479425          B38/K61             F           60,000.00         T
                                         180         57,479.00          1
                                      10.875            565.74         45
                                      10.375            565.74
    SEABROOK         NH   03874          5            10/24/95         00
    0800025249                           05           12/01/95          0
    611029                               O            11/01/10
    0

1

    1479467          B38/K61             F           26,250.00         ZZ
                                         180         24,806.22          1
                                      11.875            267.49         75
                                      11.375            267.49
    CAMBRIDGE        OH   43725          5            12/27/95         00
    0800025371                           05           02/01/96          0
    710325                               O            01/01/11
    0

    1482749          971/K61             F           45,000.00         ZZ
                                         180         34,615.18          1
                                      10.750            504.43         85
                                      10.250            504.43
    POMPANO BEACH    FL   33060          5            04/25/96         23
    0800013393                           05           06/01/96          0
    9660037                              O            05/01/11
    0

    1485795          429/S48             F          392,000.00         T
                                         360         51,361.34          1
                                       7.875          2,842.28         72
                                       7.625          2,842.28
    NEW YORK         NY   10016          2            02/09/96         00
    4821206762                           06           04/01/96          0
    0021206768                           O            03/01/26
    0

    1487577          766/K61             F           86,250.00         ZZ
                                         180         13,080.83          1
                                       9.375            894.15         75
                                       8.875            894.15
    MIAMI            FL   33183          1            04/16/96         00
    0800028920                           05           06/01/96          0
    96SG0282                             O            05/01/11
    0

    1487701          664/K61             F           82,100.00         ZZ
                                         360         76,942.51          1
                                       9.000            660.60         75
                                       8.500            660.60
    BURLESON         TX   76028          2            04/30/96         00
    0800028938                           05           06/01/96          0
    2115129                              O            05/01/26
    0

    1488516          E20/K61             F           60,000.00         ZZ
                                         360         57,668.78          1
                                      10.750            560.09         75
                                      10.250            560.09
1

    ATLANTA          GA   30315          1            04/12/96         00
    0800029480                           05           06/01/96          0
    WILLIAMS                             N            05/01/26
    0

    1488699          683/K61             F           80,000.00         ZZ
                                         360         76,382.56          4
                                       9.875            694.68         69
                                       9.375            694.68
    NASHUA           NH   03060          5            04/11/96         00
    0800029589                           05           06/01/96          0
    0104351                              O            05/01/26
    0

    1489318          B26/K61             F           99,000.00         ZZ
                                         360         94,504.95          1
                                       9.750            850.56         80
                                       9.250            850.56
    NORTH BABYLON    NY   11703          2            05/31/96         00
    0800029803                           05           07/01/96          0
    1311011384R                          O            06/01/26
    0

    1490067          E22/K61             F           74,700.00         ZZ
                                         360         71,797.99          1
                                      10.750            697.31         90
                                      10.250            697.31
    WACO             TX   76705          1            04/18/96         23
    0800030041                           05           06/01/96          0
    0410129365                           O            05/01/26
    0

    1490323          664/K61             F           62,950.00         ZZ
                                         360         60,631.50          1
                                      11.000            599.49         67
                                      10.500            599.49
    AUSTIN           TX   78758          2            04/18/96         00
    0800030165                           03           06/01/96          0
    2145282                              O            05/01/26
    0

    1490357          637/K61             F           54,000.00         ZZ
                                         360         48,220.00          1
                                      10.750            504.08         75
                                      10.250            504.08
    PLATTSBURGH      NY   12901          5            07/16/96         00
    0800030181                           05           09/01/96          0
    4734216                              O            08/01/26
    0
1

    1490534          635/K61             F           47,000.00         ZZ
                                         360         44,629.40          1
                                      12.375            497.06         45
                                      11.875            497.06
    ARLINGTON        TX   76018          1            11/20/95         00
    0800030272                           05           01/01/96          0
    9750514                              O            12/01/25
    0

    1491042          637/K61             F           64,000.00         ZZ
                                         360         60,360.47          1
                                       8.750            503.49         80
                                       8.250            503.49
    MARLBOROUGH      NY   12542          1            06/13/96         00
    0800030389                           05           08/01/96          0
    9102807                              O            07/01/26
    0

    1491368          971/K61             F          129,500.00         ZZ
                                         180         98,092.85          1
                                       9.900          1,383.70         70
                                       9.400          1,383.70
    HOLLYWOOD        FL   33021          5            04/24/96         00
    0800030439                           05           06/01/96          0
    9670004                              O            05/01/11
    0

    1491394          B38/K61             F          114,400.00         ZZ
                                         360        100,132.01          1
                                      10.875          1,078.67         80
                                      10.375          1,078.67
    DALLAS           TX   75240          2            04/26/96         00
    0800030454                           05           06/01/96          0
    1160                                 O            05/01/26
    0

    1492030          F45/X14             F          420,000.00         ZZ
                                         360        343,343.26          1
                                       8.500          3,229.44         80
                                       8.250          3,229.44
    SUMMIT           NJ   07901          1            12/09/92         00
    8012838168                           05           02/01/93          0
    150565                               O            01/01/23
    0

    1493833          201/K61             F          187,500.00         ZZ
                                         360        170,730.02          1
1

                                       8.500          1,441.72         75
                                       8.000          1,441.72
    WOODBRIDGE       NJ   07067          1            02/20/96         00
    0800030504                           05           04/01/96          0
    1300874995                           O            03/01/26
    0

    1493904          976/G02             F          368,000.00         ZZ
                                         360        341,456.98          1
                                       8.500          2,829.61         80
                                       8.250          2,829.61
    MOORHEAD         MN   56560          4            08/28/96         00
    0430030684                           05           10/01/96          0
    985227                               O            09/01/26
    0

    1493917          637/K61             F           61,900.00         ZZ
                                         360         58,962.09          1
                                      10.500            566.23         70
                                      10.000            566.23
    JEWETT           NY   12444          1            05/30/96         00
    0800030546                           05           07/01/96          0
    9103300                              O            06/01/26
    0

    1494777          A59/K61             F           32,850.00         ZZ
                                         180         24,971.54          1
                                      10.000            353.01         90
                                       9.500            353.01
    CLARKFIELD       MN   56223          1            05/17/96         14
    0800030751                           05           07/01/96         12
    1234                                 O            06/01/11
    0

    1496019          637/K61             F          141,600.00         ZZ
                                         360        135,453.16          1
                                      10.000          1,242.65         80
                                       9.500          1,242.65
    HOWELL           NJ   07731          2            05/22/96         00
    0800030850                           05           07/01/96          0
    9122730                              O            06/01/26
    0

    1496767          A73/K61             F           55,250.00         ZZ
                                         180         45,815.83          1
                                       9.500            464.57         85
                                       9.000            464.57
    RIVERDALE        GA   30296          5            04/10/96         23
    0800030934                           05           06/01/96          0
1

    0412523008                           O            05/01/11
    0

    1496798          A73/K61             F          117,000.00         ZZ
                                         180        110,484.49          1
                                       8.800            924.62         78
                                       8.300            924.62
    JUPITER          FL   33478          5            03/21/96         00
    0800030975                           05           05/01/96          0
    0267256991                           O            04/01/11
    0

    1496799          A73/K61             F          126,400.00         ZZ
                                         180        117,551.48          1
                                       8.700            989.88         80
                                       8.200            989.88
    BELLEVUE         WA   98008          2            03/18/96         00
    0800030983                           05           05/01/96          0
    0539622687                           O            04/01/11
    0

    1497458          637/K61             F           66,300.00         ZZ
                                         360         63,923.91          1
                                      11.000            631.39         85
                                      10.500            631.39
    CHICAGO          IL   60628          2            06/28/96         23
    0800031130                           05           08/01/96          0
    9205170                              O            07/01/26
    0

    1497685          897/K61             F           88,000.00         ZZ
                                         360         83,251.56          1
                                       8.875            700.17         65
                                       8.375            700.17
    WASHINGTON       DC   20010          5            05/21/96         00
    0800031197                           05           07/01/96          0
    5073132                              N            06/01/26
    0

    1498020          921/G06             F          147,200.00         ZZ
                                         360        139,176.31          1
                                      11.650          1,474.58         80
                                      11.150          1,474.58
    STONE MOUNTAIN   GA   30087          1            04/29/96         00
    0655438901                           05           06/01/96          0
    296350                               O            05/01/26
    0

1

    1498033          E59/K61             F          300,000.00         ZZ
                                         360        288,852.20          1
                                      10.750          2,800.44         76
                                      10.250          2,800.44
    ISSAQUAH         WA   98027          1            06/07/96         00
    0800031320                           05           08/01/96          0
    70348                                O            07/01/26
    0

    1498044          862/K61             F           46,500.00         ZZ
                                         180         44,682.66          1
                                      10.750            434.07         60
                                      10.250            434.07
    TACOMA           WA   98404          5            04/02/96         00
    0800031338                           05           06/01/96          0
    DA4076584                            O            05/01/11
    0

    1498049          971/K61             F           79,000.00         ZZ
                                         180         59,589.28          1
                                       9.500            824.94         69
                                       9.000            824.94
    PLANTATION       FL   33317          5            05/13/96         00
    0800031346                           05           07/01/96          0
    9660116                              O            06/01/11
    0

    1498233          664/K61             F           77,000.00         ZZ
                                         360         74,017.47          1
                                      10.625            711.56         59
                                      10.125            711.56
    BLOOMINGDALE     IL   60108          5            05/20/96         00
    0800031429                           05           07/01/96          0
    2139756                              N            06/01/26
    0

    1498486          664/K61             F           65,000.00         ZZ
                                         360         61,394.26          1
                                       9.875            564.43         28
                                       9.375            564.43
    TIGARD           OR   97224          5            05/23/96         00
    0800031502                           05           07/01/96          0
    2173953                              O            06/01/26
    0

    1498809          A73/K61             F          136,000.00         ZZ
                                         180        127,745.17          1
                                       8.300          1,026.51         77
                                       7.800          1,026.51
1

    ANAHEIM          CA   92804          5            04/16/96         00
    0800031627                           05           06/01/96          0
    58322639                             O            05/01/11
    0

    1498816          A73/K61             F           90,750.00         ZZ
                                         180         86,710.96          1
                                      10.000            796.40         75
                                       9.500            796.40
    GRESHAM          OR   97080          5            04/10/96         00
    0800031643                           05           06/01/96          0
    542586119                            O            05/01/11
    0

    1499042          921/G06             F          196,110.00         ZZ
                                         360        189,001.35          1
                                      11.150          1,889.87         90
                                      10.650          1,889.87
    LITHONIA         GA   30038          1            05/03/96         23
    0655438919                           05           07/01/96          0
    296517                               O            06/01/26
    0

    1499110          F45/X14             F          300,000.00         ZZ
                                         360        279,912.05          1
                                       7.625          2,123.38         41
                                       7.375          2,123.38
    RYE              NY   10580          5            03/26/96         00
    8012873033                           05           06/01/96          0
    466706                               O            05/01/26
    0

    1499334          719/G02             F          300,000.00         ZZ
                                         360        279,133.08          1
                                       7.500          2,097.65         89
                                       7.250          2,097.65
    VIENNA           VA   22182          1            03/28/96         04
    0459935359                           03           05/01/96         25
    4609889                              O            04/01/26
    0

    1499349          736/K61             F           80,000.00         ZZ
                                         360         75,679.20          2
                                       8.875            636.52         22
                                       8.375            636.52
    SAN MATEO        CA   94401          5            04/18/96         00
    0800031809                           05           06/01/96          0
    467694                               O            05/01/26
    0
1

    1499630          766/K61             F           76,500.00         ZZ
                                         360         72,921.37          1
                                       9.875            664.29         66
                                       9.375            664.29
    MIAMI            FL   33165          2            04/26/96         00
    0800031957                           05           06/01/96          0
    96560342                             O            05/01/26
    0

    1499661          700/K61             F          168,200.00         ZZ
                                         360        162,041.58          1
                                      10.875          1,585.94         90
                                      10.375          1,585.94
    BARTLETT         IL   60103          1            06/28/96         23
    0800032013                           05           08/01/96          0
    96032046                             O            07/01/26
    0

    1500238          820/162             F          415,000.00         ZZ
                                         360        289,283.87          1
                                       8.000          3,045.12         77
                                       7.500          3,045.12
    WAIPAHU          HI   96797          2            11/08/95         00
    301543                               05           01/01/96          0
    7012002891                           O            12/01/25
    0

    1500394          820/162             F           41,500.00         ZZ
                                         180         30,815.35          1
                                       9.500            433.35         70
                                       9.000            433.35
    BILLINGS         MT   59101          5            02/23/96         00
    301550                               05           04/01/96          0
    01960435                             O            03/01/11
    0

    1500471          820/162             F           36,000.00         ZZ
                                         360         34,297.25          1
                                       9.625            306.00         50
                                       9.125            306.00
    SAN BERNARDINO   CA   92376          5            04/08/96         00
    301553                               05           06/01/96          0
    0160854912                           O            05/01/26
    0

    1500481          820/162             F           85,000.00         ZZ
                                         180         62,757.50          1
1

                                       8.901            857.13         72
                                       8.401            857.13
    MT. RAINIER      MD   20712          5            03/29/96         00
    301560                               05           05/01/96          0
    CP22                                 N            04/01/11
    0

    1500486          820/162             F          157,500.00         ZZ
                                         240        133,244.69          1
                                       8.901          1,407.06         90
                                       8.401          1,407.06
    RIDGEFIELD       NJ   08830          5            02/23/96         23
    301567                               05           04/01/96          0
    1608765                              O            03/01/16
    0

    1500488          820/162             F           28,800.00         ZZ
                                         180         22,676.71          1
                                      12.250            350.30         90
                                      11.750            350.30
    ZEPHYRHILLS      FL   33540          1            04/19/96         23
    301571                               05           06/01/96          0
    01962036                             O            05/01/11
    0

    1500527          830/K61             F           80,000.00         ZZ
                                         360         77,089.49          1
                                      11.375            784.61         74
                                      10.875            784.61
    WEST JORDAN      UT   84088          5            05/23/96         00
    0800032377                           05           07/01/96          0
    525872                               O            06/01/26
    0

    1500769          820/162             F           60,000.00         ZZ
                                         180         57,422.78          1
                                      11.000            571.39         75
                                      10.500            571.39
    MORENO VALLEY    CA   92553          1            04/22/96         00
    301573                               05           06/01/96          0
    9610543                              O            05/01/11
    0

    1501057          971/K61             F           72,250.00         ZZ
                                         360         69,687.66          1
                                      10.999            688.00         85
                                      10.499            688.00
    HOLLYWOOD        FL   33020          2            06/06/96         23
    0800032518                           05           08/01/96          0
1

    9660111                              O            07/01/26
    0

    1501490          921/G06             F          158,300.00         ZZ
                                         180        111,215.16          1
                                       9.400          1,643.47         58
                                       8.900          1,643.47
    DENVER           CO   80221          2            05/07/96         00
    0655437549                           05           07/01/96          0
    264598                               O            06/01/11
    0

    1502155          147/K61             F           40,950.00         ZZ
                                         360         37,841.91          2
                                      10.625            378.42         41
                                      10.125            378.42
    LOS ANGELES      CA   90003          5            04/11/96         00
    0800032740                           05           06/01/96          0
    489864                               N            05/01/26
    0

    1502214          921/G06             F           55,200.00         ZZ
                                         360         53,167.65          1
                                      10.900            521.52         80
                                      10.400            521.52
    DECATUR          GA   30035          5            05/13/96         00
    0655438935                           05           07/01/96          0
    296715                               O            06/01/26
    0

    1502291          897/K61             F           96,000.00         ZZ
                                         360         91,909.58          1
                                      10.000            842.47         80
                                       9.500            842.47
    CAPITAL HEIGHTS  MD   20743          2            05/31/96         00
    0800032971                           05           08/01/96          0
    5073172                              O            07/01/26
    0

    1502295          664/K61             F           60,000.00         ZZ
                                         180         45,952.25          1
                                       9.875            640.19         64
                                       9.375            640.19
    ROUND LAKE PARK  IL   60073          5            06/13/96         00
    0800032989                           05           08/01/96          0
    2191922                              O            07/01/11
    0

1

    1502302          637/K61             F           50,000.00         ZZ
                                         360         47,177.48          1
                                      10.125            443.42         35
                                       9.625            443.42
    ROUGH AND READY  CA   95975          5            06/03/96         00
    0800032997                           05           08/01/96          0
    3437985                              O            07/01/26
    0

    1502415          B26/K61             F           69,600.00         ZZ
                                         360         64,866.85          1
                                      10.500            636.66         76
                                      10.000            636.66
    SAW CREEK ESTAT  PA   18324          1            06/07/96         00
    0800033045                           05           08/01/96          0
    1371011509                           O            07/01/26
    0

    1502845          E22/K61             F           49,600.00         ZZ
                                         360         48,035.46          1
                                      11.625            495.92         80
                                      11.125            495.92
    MIAMI            FL   33127          2            06/20/96         00
    0800033094                           05           08/01/96          0
    0410188031                           O            07/01/26
    0

    1503044          E22/K61             F           56,000.00         ZZ
                                         360         53,549.13          1
                                      10.000            491.44         80
                                       9.500            491.44
    ROUND ROCK       TX   78681          1            06/12/96         00
    0800033110                           05           08/01/96          0
    0410132898                           O            07/01/26
    0

    1503180          462/K61             F          125,000.00         ZZ
                                         360        119,035.19          4
                                       9.750          1,073.95         63
                                       9.250          1,073.95
    LOS ANGELES      CA   91040          5            06/18/96         00
    0800033185                           05           08/01/96          0
    4473724                              O            07/01/26
    0

    1503285          766/K61             F          350,000.00         ZZ
                                         360        339,263.13          1
                                      11.875          3,566.50         70
                                      11.375          3,566.50
1

    ODESSA           FL   33556          2            05/13/96         00
    0800033268                           05           07/01/96          0
    96DA0146                             O            06/01/26
    0

    1504069          608/G48             F           92,900.00         ZZ
                                         360         87,285.41          1
                                       8.125            689.78         61
                                       7.875            689.78
    RICHBORO         PA   18954          1            05/22/96         00
    0659412                              01           07/01/96          0
    960006                               O            06/01/26
    0

    1504253          429/S48             F          247,200.00         ZZ
                                         360        230,128.45          1
                                       7.875          1,792.38         80
                                       7.625          1,792.38
    LOVELAND         OH   45140          1            12/26/95         00
    4021342862                           03           02/01/96          0
    21342860                             O            01/01/26
    0

    1504269          769/K61             F          155,200.00         ZZ
                                         360        149,623.26          1
                                      10.875          1,463.37         80
                                      10.375          1,463.37
    LIVINGTON TOWNS  NJ   07039          2            07/15/96         23
    0800033565                           05           09/01/96          0
    110201818                            O            08/01/26
    0

    1504485          897/K61             F           40,500.00         ZZ
                                         180         30,875.73          1
                                       9.625            425.97         90
                                       9.125            425.97
    JACKSONVILLE     FL   32211          5            06/19/96         23
    0800033649                           05           08/01/96          0
    5028211                              O            07/01/11
    0

    1504570          A11/K61             F           21,000.00         ZZ
                                         360         20,452.55          1
                                      12.625            226.16         75
                                      12.125            226.16
    DETROIT          MI   48205          5            06/19/96         00
    0800033730                           05           08/01/96          0
    510596141                            O            07/01/26
    0
1

    1504796          A52/K61             F           41,250.00         ZZ
                                         120         22,225.32          1
                                      10.750            562.40         75
                                      10.250            562.40
    GAINESVILLE      GA   30506          2            06/13/96         00
    0800033805                           05           08/01/96          0
    1234                                 O            07/01/06
    0

    1504970          921/G06             F           52,500.00         ZZ
                                         360         50,840.61          1
                                      12.050            542.05         68
                                      11.550            542.05
    CUMMING          GA   30130          1            05/30/96         00
    0655438976                           05           07/01/96          0
    297275                               O            06/01/26
    0

    1505279          637/K61             F          108,000.00         ZZ
                                         360        102,270.11          1
                                       9.375            898.29         80
                                       8.875            898.29
    PLAINFIELD       NJ   07060          2            12/04/95         00
    0800033979                           05           02/01/96          0
    63700                                O            01/01/26
    0

    1505426          B75/K61             F           80,200.00         ZZ
                                         360         77,620.96          1
                                      11.625            801.87         90
                                      11.125            801.87
    DONNA            TX   78537          1            05/23/96         23
    0800034043                           05           07/01/96          0
    2584001                              O            06/01/26
    0

    1505671          140/K61             F           57,000.00         ZZ
                                         360         54,204.01          1
                                      10.500            521.40         66
                                      10.000            521.40
    TUCSON           AZ   85706          1            07/02/96         00
    0800034134                           05           09/01/96          0
    425798                               O            08/01/26
    0

    1505918          180/K77             F          475,300.00         ZZ
                                         360        448,168.78          1
1

                                       8.250          3,570.77         70
                                       7.625          3,570.77
    PILOT POINT      TX   76258          1            07/12/96         00
    626005364                            05           09/01/96          0
    4158325                              O            08/01/26
    608773

    1506159          147/G02             F          133,700.00         ZZ
                                         360        111,580.93          1
                                       8.750          1,051.82         71
                                       8.500          1,051.82
    PEMBROKE PINES   FL   33026          2            07/01/96         00
    0430017418                           03           09/01/96          0
    507240                               O            08/01/26
    0

    1506194          E22/K61             F           98,400.00         ZZ
                                         120         53,068.81          1
                                      10.875          1,348.51         80
                                      10.375          1,348.51
    HOUSTON          TX   77062          1            07/02/96         00
    0800034282                           03           08/01/96          0
    0410199038                           O            07/01/06
    0

    1506213          B77/K61             F          108,500.00         ZZ
                                         360        104,785.48          1
                                      11.500          1,074.47         84
                                      11.000          1,074.47
    RICHMOND         RI   02892          2            04/29/96         23
    0800034308                           05           07/01/96          0
    95301106                             O            06/01/26
    0

    1506293          664/K61             F           77,600.00         ZZ
                                         360         75,093.51          1
                                      11.500            768.47         90
                                      11.000            768.47
    MUSCATINE        IA   52761          1            06/21/96         23
    0800034365                           05           08/01/96          0
    2210995                              O            07/01/26
    0

    1506763          450/K61             F           31,550.00         ZZ
                                         180         23,779.91          1
                                       9.625            331.84         55
                                       9.125            331.84
    TWP OF GUN PLAI  MI   49080          2            07/25/96         00
    0800034472                           05           09/01/96          0
1

    4208930                              O            08/01/11
    0

    1506860          766/K61             F           41,000.00         ZZ
                                         180         29,133.31          1
                                      10.125            443.73         72
                                       9.625            443.73
    MIAMI            FL   33175          2            06/04/96         00
    0800034480                           05           08/01/96          0
    96SGO479                             O            07/01/11
    0

    1507133          E36/G02             F          173,000.00         ZZ
                                         240         63,988.48          1
                                       9.375          1,598.49         66
                                       9.125          1,598.49
    GLEN COVE        NY   11542          1            07/17/96         00
    0459953493                           05           09/01/96          0
    1507133                              O            08/01/16
    0

    1507300          976/K77             F          320,000.00         ZZ
                                         360        301,329.48          1
                                       8.750          2,517.45         72
                                       8.500          2,517.45
    SCOTTSDALE       AZ   85259          1            07/15/96         00
    626005359                            05           09/01/96          0
    150655                               O            08/01/26
    0

    1508172          B75/737             F          650,000.00         ZZ
                                         360        576,583.61          1
                                       7.050          4,346.32         55
                                       6.800          4,346.32
    MALVERN          PA   19355          2            11/17/93         00
    0730604                              05           01/01/94          0
    88359                                O            12/01/23
    0

    1508173          B75/737             F          365,000.00         ZZ
                                         360        320,284.54          1
                                       7.050          2,440.62         48
                                       6.800          2,440.62
    WYNNEWOOD        PA   19096          2            10/12/93         00
    0730602                              05           12/01/93          0
    45962                                O            11/01/23
    0

1

    1508176          B75/737             F          260,000.00         ZZ
                                         360        230,628.28          1
                                       7.300          1,782.48         53
                                       7.050          1,782.48
    HAVERFORD        PA   19041          2            09/27/93         00
    0730605                              05           11/01/93          0
    88348                                O            10/01/23
    0

    1508177          B75/737             F          450,000.00         ZZ
                                         360        398,101.68          1
                                       7.500          3,146.47         62
                                       7.250          3,146.47
    WYNNEWOOD        PA   19096          2            10/07/93         00
    0730610                              05           12/01/93          0
    237190                               O            11/01/23
    0

    1508187          B75/737             F          250,000.00         ZZ
                                         360        220,980.14          1
                                       7.650          1,773.79         75
                                       7.400          1,773.79
    RICHBORO         PA   18954          2            07/08/93         00
    0730608                              05           09/01/93          0
    270244                               O            08/01/23
    0

    1508191          B75/737             F          252,500.00         ZZ
                                         360        224,723.01          1
                                       7.650          1,791.52         77
                                       7.400          1,791.52
    NEWTOWN SQUARE   PA   19073          2            06/22/93         00
    0730606                              05           08/01/93          0
    114503                               O            07/01/23
    0

    1508199          B75/737             F          247,500.00         ZZ
                                         360        220,422.09          1
                                       7.000          1,646.62         75
                                       6.750          1,646.62
    LANSDALE         PA   19446          2            01/28/94         00
    0730600                              05           04/01/94          0
    13580                                O            03/01/24
    0

    1508369          E22/K61             F           41,600.00         ZZ
                                         360         37,839.51          1
                                      10.500            380.53         80
                                      10.000            380.53
1

    BOCA RATON       FL   33434          1            06/27/96         00
    0800034621                           01           08/01/96          0
    0410189922                           O            07/01/26
    0

    1508456          637/G02             F          135,000.00         ZZ
                                         360        128,771.05          2
                                       9.250          1,110.62         69
                                       9.000          1,110.62
    MASPETH          NY   11378          1            09/06/96         00
    0430041723                           05           11/01/96          0
    9225749                              O            10/01/26
    0

    1508907          897/K61             F           37,500.00         ZZ
                                         360         35,939.64          1
                                      10.875            353.58         75
                                      10.375            353.58
    WICHITA          KS   67211          2            07/03/96         00
    0800034746                           05           09/01/96          0
    766536086                            O            08/01/26
    0

    1509007          562/562             F           75,000.00         ZZ
                                         360         72,091.72          1
                                      10.750            700.12         47
                                      10.250            700.12
    MASSAPEQUA       NY   11758          5            04/26/96         00
    295130935000000                      05           06/01/96          0
    513093                               O            05/01/26
    0

    1509069          971/K61             F           63,900.00         ZZ
                                         360         61,799.03          1
                                      11.875            651.14         90
                                      11.375            651.14
    HOLLYWOOD        FL   33023          5            07/19/96         23
    0800034779                           05           09/01/96          0
    9660460                              O            08/01/26
    0

    1509130          559/K77             F          100,000.00         ZZ
                                         360         92,335.03          1
                                       8.750            786.70         63
                                       8.500            786.70
    SACRAMENTO       CA   95864          1            06/13/96         00
    626004946                            05           08/01/96          0
    5340500                              O            07/01/26
    608781
1

    1509169          921/G06             F           52,020.00         ZZ
                                         360         50,087.92          1
                                      10.750            485.60         84
                                      10.250            485.60
    WALSENBURG       CO   81089          5            06/14/96         23
    0655437630                           05           08/01/96          0
    266460                               O            07/01/26
    0

    1509306          E22/K77             F          203,150.00         ZZ
                                         360        191,345.66          1
                                       8.375          1,544.09         80
                                       8.125          1,544.09
    PETALUMA         CA   94954          1            05/31/96         00
    626005465                            05           08/01/96          0
    410153068                            O            07/01/26
    608782

    1509503          971/K61             F           99,200.00         ZZ
                                         360         95,682.65          1
                                      10.990            943.96         85
                                      10.490            943.96
    PEMBROKE PINES   FL   33028          1            07/24/96         23
    0800034860                           09           09/01/96          0
    960288                               O            08/01/26
    0

    1509615          F64/K61             F           75,350.00         ZZ
                                         360         72,141.68          1
                                      11.000            717.58         90
                                      10.500            717.58
    VIRGINIA BEACH   VA   23456          1            07/26/96         23
    0800079246                           07           09/01/96          0
    158913                               O            08/01/26
    0

    1509722          736/K61             F          204,600.00         ZZ
                                         360        195,683.17          1
                                       9.875          1,776.64         70
                                       9.375          1,776.64
    ROWLAND HEIGHTS  CA   91748          1            06/06/96         00
    0800034928                           03           08/01/96          0
    466377                               O            07/01/26
    0

    1509786          948/K61             F           57,600.00         ZZ
                                         180         44,787.02          1
1

                                      11.125            659.21         65
                                      10.625            659.21
    SUNNYSIDE        WA   98944          5            05/22/96         00
    0800034977                           05           07/01/96          0
    19116                                O            06/01/11
    0

    1509811          299/025             F          368,000.00         ZZ
                                         360        342,934.96          1
                                       7.625          2,604.69         73
                                       7.375          2,604.69
    BROOMES ISLAND   MD   20615          5            03/18/96         00
    0106415250                           05           05/01/96          0
    641525                               O            04/01/26
    608785

    1509943          462/K61             F          125,600.00         ZZ
                                         360        120,117.63          1
                                       9.875          1,090.65         80
                                       9.375          1,090.65
    NORWALK          CA   90650          2            07/09/96         00
    0800035008                           05           09/01/96          0
    4477642                              O            08/01/26
    0

    1511284          731/G48             F          249,000.00         ZZ
                                         360        237,127.02          1
                                       9.375          2,071.06         80
                                       9.125          2,071.06
    ROWLAND HEIGHTS  CA   91748          1            06/13/96         00
    0660021                              03           08/01/96          0
    411611789                            O            07/01/26
    608787

    1511319          450/K61             F           26,800.00         ZZ
                                         360         25,759.91          1
                                      10.875            252.69         61
                                      10.375            252.69
    DETROIT          MI   48224          2            07/25/96         00
    0800035099                           05           09/01/96          0
    4177259                              O            08/01/26
    0

    1511584          705/K61             F          117,000.00         ZZ
                                         360        112,193.43          1
                                      10.125          1,037.58         80
                                       9.625          1,037.58
    RONKONKOMA       NY   11779          1            07/31/96         00
    0800035255                           05           09/01/96          0
1

    96030197                             O            08/01/26
    0

    1511764          573/G02             F          313,600.00         ZZ
                                         360        295,698.35          1
                                       8.250          2,355.98         80
                                       8.000          2,355.98
    LOMITA           CA   90717          1            07/23/96         00
    0430047332                           05           09/01/96          0
    100165                               O            08/01/26
    0

    1512081          E22/K61             F           60,000.00         ZZ
                                         360         57,705.91          4
                                      12.250            628.74         80
                                      11.750            628.74
    ST LOUIS         MO   63118          1            07/23/96         00
    0800035404                           05           09/01/96          0
    0410143457                           N            08/01/26
    0

    1512110          F05/K61             F           45,000.00         ZZ
                                         180         35,633.15          1
                                      11.500            525.69         60
                                      11.000            525.69
    ARVIN            CA   93203          2            07/15/96         00
    0800035446                           05           09/01/96          0
    96052804                             O            08/01/11
    0

    1512324          664/K61             F           60,000.00         ZZ
                                         360         57,910.34          1
                                      11.875            611.41         63
                                      11.375            611.41
    DEL VALLE        TX   78617          2            08/01/96         00
    0800035628                           05           09/01/96          0
    2147361                              O            08/01/26
    0

    1512419          637/K61             F           87,750.00         ZZ
                                         360         84,495.99          1
                                      11.500            868.98         90
                                      11.000            868.98
    GARDINER         ME   04345          1            07/31/96         23
    0800035677                           05           09/01/96          0
    4221313                              O            08/01/26
    0

1

    1512537          668/K77             F          232,000.00         ZZ
                                         360        218,477.19          1
                                       8.375          1,763.37         75
                                       8.125          1,763.37
    CASTRO VALLEY    CA   94552          5            05/02/96         00
    626005097                            05           07/01/96          0
    6737159                              O            06/01/26
    608795

    1512936          808/G02             F          247,000.00         ZZ
                                         360        233,791.64          1
                                       9.375          2,054.43         95
                                       9.125          2,054.43
    LA HABRA         CA   90631          1            06/20/96         11
    0459960787                           05           08/01/96         30
    9300944                              O            07/01/26
    608800

    1512994          696/M32             F          148,000.00         ZZ
                                         360        138,628.19          1
                                       7.750          1,060.29         80
                                       7.500          1,060.29
    LEESBURG         VA   22075          1            06/28/96         00
    380489725                            03           08/01/96          0
    2357785                              O            07/01/26
    0

    1513122          526/G02             F          246,500.00         BB
                                         360        232,594.47          1
                                       9.125          2,005.61         90
                                       8.875          2,005.61
    SILVER SPRING    MD   20904          2            05/22/96         04
    0430027045                           05           07/01/96         17
    0123962                              O            06/01/26
    0

    1513163          637/K61             F           67,000.00         ZZ
                                         360         64,775.49          1
                                      11.250            650.75         84
                                      10.750            650.75
    FT OGLETHORPE    GA   30742          2            07/22/96         23
    0800036014                           05           09/01/96          0
    9077801                              O            08/01/26
    0

    1513190          F45/X14             F           99,000.00         T
                                         360         81,081.72          1
                                       8.750            778.83         67
                                       8.500            778.83
1

    BRIGANTINE       NJ   08203          1            06/27/96         00
    8012926914                           01           08/01/96          0
    0782946                              O            07/01/26
    608806

    1513353          147/K61             F           41,250.00         ZZ
                                         360         39,395.35          1
                                       9.990            361.69         75
                                       9.490            361.69
    BAKERSFIELD      CA   93309          2            04/23/96         00
    0800036154                           05           06/01/96          0
    489702                               N            05/01/26
    0

    1513451          921/G06             F           85,000.00         ZZ
                                         360         81,549.69          1
                                      10.250            761.69         70
                                       9.750            761.69
    QUAKER HILL (WA  CT   06375          5            06/28/96         00
    0655440386                           05           09/01/96          0
    410753                               O            08/01/26
    0

    1513599          106/976             F          242,250.00         ZZ
                                         360        225,112.00          1
                                       7.500          1,693.85         75
                                       7.250          1,693.85
    ATLANTA          GA   30306          5            02/08/96         00
    3709714                              05           04/01/96          0
    3709714                              O            03/01/26
    608812

    1513609          106/976             F          305,600.00         ZZ
                                         360        260,049.87          1
                                       7.375          2,110.71         84
                                       7.125          2,110.71
    EVANS            GA   30809          2            02/16/96         10
    5930607                              05           04/01/96         12
    5930607                              O            03/01/26
    608817

    1513618          106/976             F          215,000.00         ZZ
                                         360        192,912.16          1
                                       6.875          1,412.40         80
                                       6.625          1,412.40
    VIRGINIA BEACH   VA   23454          1            04/02/96         00
    5937529                              05           05/01/96          0
    5937529                              O            04/01/26
    608821
1

    1513620          106/976             F          347,000.00         ZZ
                                         360        305,733.10          1
                                       7.000          2,308.60         70
                                       6.750          2,308.60
    MANHASSET        NY   11030          1            04/29/96         00
    5939160                              05           06/01/96          0
    5939160                              O            05/01/26
    608823

    1513622          106/976             F          341,409.00         ZZ
                                         360        317,661.69          1
                                       7.500          2,387.19         72
                                       7.250          2,387.19
    PEACHTREE CITY   GA   30269          2            03/08/96         00
    5943618                              05           05/01/96          0
    5943618                              O            04/01/26
    608824

    1513627          106/976             F          310,500.00         ZZ
                                         360        285,943.14          1
                                       7.875          2,251.35         90
                                       7.625          2,251.35
    BRANCHBURG       NJ   08590          1            04/26/96         14
    5949862                              05           06/01/96         25
    5949862                              O            05/01/26
    608825

    1513631          106/976             F          420,000.00         ZZ
                                         360        390,786.27          1
                                       7.500          2,936.71         80
                                       7.250          2,936.71
    ARLINGTON        VA   22207          2            04/02/96         00
    5955638                              05           05/01/96          0
    5955638                              O            04/01/26
    608827

    1513689          F45/X14             F          330,000.00         ZZ
                                         360        312,794.33          1
                                       8.875          2,625.63         75
                                       8.625          2,625.63
    FAIRFIELD        CT   06430          2            06/17/96         00
    8012926195                           05           08/01/96          0
    0781880                              O            07/01/26
    608833

    1513698          F45/X14             F          300,000.00         ZZ
                                         360        260,961.77          1
1

                                       7.375          2,072.03         75
                                       7.125          2,072.03
    LIDO BEACH       NY   11561          2            05/15/96         00
    8012885144                           05           07/01/96          0
    UNKNOWN                              O            06/01/26
    608835

    1513814          106/976             F          253,800.00         ZZ
                                         360        235,012.37          1
                                       7.250          1,731.36         90
                                       7.000          1,731.36
    WATERFORD        VA   22190          2            02/08/96         01
    9944695                              05           04/01/96         25
    9944695                              O            03/01/26
    608844

    1513843          387/M32             F          330,000.00         ZZ
                                         360        294,528.56          1
                                       8.750          2,596.11         75
                                       8.500          2,596.11
    LAS VEGAS        NV   89134          1            06/25/96         00
    306120675                            03           08/01/96          0
    793562                               O            07/01/26
    608852

    1513845          B75/K61             F           51,200.00         ZZ
                                         360         48,802.66          1
                                      11.875            521.73         90
                                      11.375            521.73
    PLANO            TX   75074          1            06/06/96         23
    0800036576                           01           08/01/96          0
    0908772                              O            07/01/26
    0

    1514016          147/K61             F           51,000.00         ZZ
                                         180         39,048.06          1
                                      10.250            555.87         44
                                       9.750            555.87
    CALEXICO         CA   92231          5            04/01/96         00
    0800036675                           05           06/01/96          0
    489944                               O            05/01/11
    0

    1514149          F02/G02             F          340,000.00         ZZ
                                         360        313,516.36          1
                                       7.250          2,319.40         80
                                       7.000          2,319.40
    CAMPBELL         CA   95008          1            02/02/96         00
    0459963419                           05           04/01/96          0
1

    209719523                            O            03/01/26
    608867

    1514153          A35/A35             F          396,000.00         ZZ
                                         360        374,541.75          1
                                       8.625          3,080.05         80
                                       8.375          3,080.05
    COLD SPRING HAR  NY   11724          1            08/29/96         00
    4000116                              05           10/01/96          0
    UNKNOWN                              O            09/01/26
    0

    1514185          181/181             F          244,000.00         ZZ
                                         360        227,504.70          1
                                       7.875          1,769.17         80
                                       7.625          1,769.17
    FAYETTEVILLE     AR   72701          2            02/23/96         00
    0004947886                           05           04/01/96          0
    4947886                              O            03/01/26
    608870

    1514189          181/181             F          232,000.00         ZZ
                                         360        206,652.63          1
                                       7.875          1,682.16         80
                                       7.625          1,682.16
    BIRMINGHAM       AL   35223          1            04/25/96         00
    0005062632                           05           06/01/96          0
    5062632                              O            05/01/26
    608871

    1514287          B26/G02             F          225,000.00         ZZ
                                         360        205,869.82          1
                                       7.875          1,631.41         70
                                       7.625          1,631.41
    GLEN COVE        NY   11542          1            08/12/96         00
    0430013078                           05           10/01/96          0
    1311011624R                          O            09/01/26
    0

    1514328          624/G02             F          300,000.00         T
                                         360        285,260.44          1
                                       9.000          2,413.87         72
                                       8.750          2,413.87
    PARK CITY        UT   84060          1            08/01/96         00
    0430010355                           01           10/01/96          0
    65026560066                          O            09/01/26
    0

1

    1514439          635/447             F          235,950.00         ZZ
                                         360        219,913.05          1
                                       8.750          1,856.22         77
                                       8.500          1,856.22
    LAKE JACKSON     TX   77566          4            07/30/96         00
    3848110                              05           09/01/96          0
    637244500                            O            08/01/26
    0

    1514685          A59/K61             F           41,500.00         ZZ
                                         360         40,215.57          1
                                      11.625            414.94         54
                                      11.125            414.94
    MINNEAPOLIS      MN   55409          5            07/30/96         00
    0800036808                           05           09/01/96          0
    1514685                              N            08/01/26
    0

    1514786          439/G02             F          100,000.00         ZZ
                                         360         78,903.51          1
                                       8.000            733.77         75
                                       7.750            733.77
    FULLERTON        CA   92633          1            06/10/96         00
    0430008540                           05           08/01/96          0
    1856575                              O            07/01/26
    608891

    1514850          686/K77             F          105,000.00         ZZ
                                         360         98,683.61          1
                                       8.050            774.12         57
                                       7.800            774.12
    HAMDEN           CT   06518          1            06/28/96         00
    626000353                            05           08/01/96          0
    817599608                            O            07/01/26
    608896

    1514857          686/K77             F          303,700.00         ZZ
                                         360        286,212.23          1
                                       8.200          2,270.94         90
                                       7.950          2,270.94
    ARLINGTON        MA   02174          1            07/01/96         10
    626000357                            05           09/01/96         25
    817245699                            O            08/01/26
    608899

    1514978          181/181             F          243,800.00         ZZ
                                         360        227,474.33          1
                                       7.625          1,725.61         77
                                       7.375          1,725.61
1

    AUSTIN           TX   78734          2            04/12/96         00
    0005063205                           05           06/01/96          0
    5063205                              O            05/01/26
    608904

    1515001          A52/K61             F           65,200.00         ZZ
                                         360         60,713.07          1
                                      10.500            596.41         75
                                      10.000            596.41
    GROVE HILL       AL   36451          5            07/31/96         00
    0800036923                           05           10/01/96          0
    160835                               O            09/01/26
    0

    1515034          180/K61             F          136,550.00         ZZ
                                         360        128,409.84          1
                                      10.250          1,223.63         75
                                       9.750          1,223.63
    GILBERT          AZ   85233          1            07/31/96         00
    0800036964                           03           09/01/96          0
    3930476                              O            08/01/26
    0

    1515041          A52/K61             F           79,600.00         ZZ
                                         360         75,781.33          1
                                      10.250            713.30         80
                                       9.750            713.30
    SAVANNAH         GA   31410          1            07/31/96         00
    0800036972                           05           09/01/96          0
    160611                               O            08/01/26
    0

    1515123          195/K77             F          358,400.00         ZZ
                                         360        340,061.77          1
                                       8.875          2,851.60         80
                                       8.625          2,851.60
    WYNNEWOOD        PA   19096          1            07/12/96         00
    626005213                            05           09/01/96          0
    49811                                O            08/01/26
    0

    1515233          B33/K77             F          256,500.00         ZZ
                                         360        242,949.93          2
                                       8.625          1,995.03         90
                                       8.375          1,995.03
    BROOKLYN         NY   11236          1            08/19/96         11
    626000471                            05           10/01/96         25
    961000                               O            09/01/26
    0
1

    1515274          F18/K61             F           60,000.00         T
                                         360         57,753.36          1
                                      10.500            548.85         85
                                      10.000            548.85
    DELANO           CA   93215          2            08/01/96         23
    0800037038                           05           10/01/96          0
    964403                               O            09/01/26
    0

    1515306          074/074             F           50,750.00         T
                                         360         47,980.30          1
                                       8.750            399.26         70
                                       8.500            399.26
    MARGARETVILLE    NY   12455          1            05/29/96         00
    1107008413                           05           07/01/96          0
    1107008413                           O            06/01/26
    0

    1515308          074/074             F          250,000.00         ZZ
                                         360        226,591.94          1
                                       7.500          1,748.04         54
                                       7.250          1,748.04
    NORTH SALEM      NY   10560          1            04/09/96         00
    1112053950                           05           06/01/96          0
    1112053950                           O            05/01/26
    608914

    1515328          074/074             F          480,000.00         ZZ
                                         360        449,841.75          1
                                       8.000          3,522.07         80
                                       7.750          3,522.07
    YORBA LINDA      CA   92687          1            04/25/96         00
    1562152429                           05           06/01/96          0
    1562152429                           O            05/01/26
    608919

    1515340          074/074             F          236,000.00         ZZ
                                         360        206,715.20          1
                                       7.875          1,711.17         90
                                       7.625          1,711.17
    EL CAJON         CA   92019          2            04/09/96         14
    1567145963                           05           06/01/96         25
    1567145963                           O            05/01/26
    608924

    1515575          765/G02             F          142,500.00         ZZ
                                         360        135,524.86          1
1

                                       9.125          1,159.43         95
                                       8.875          1,159.43
    HACIENDA HTS AR  CA   91745          2            07/10/96         12
    0430009746                           01           09/01/96         30
    316008                               O            08/01/26
    608930

    1515590          776/K77             F          181,600.00         ZZ
                                         360        169,815.72          1
                                       9.000          1,461.19         80
                                       8.750          1,461.19
    VENTURA          CA   93004          2            06/24/96         00
    626005260                            05           08/01/96          0
    2132818                              O            07/01/26
    608931

    1515688          B49/G02             F           98,400.00         ZZ
                                         360         81,145.00          1
                                       8.500            756.62         80
                                       8.250            756.62
    MANITOU SPRINGS  CO   80829          1            08/06/96         00
    0430005256                           05           10/01/96          0
    UNKNOWN                              O            09/01/26
    0

    1515767          526/K77             F          189,000.00         ZZ
                                         360        179,439.23          1
                                       9.000          1,520.74         72
                                       8.750          1,520.74
    NEW CITY         NY   10956          1            07/15/96         00
    626005289                            05           09/01/96          0
    128354                               O            08/01/26
    608934

    1515773          B75/K61             F           93,500.00         ZZ
                                         360         90,248.21          1
                                      11.000            890.42         85
                                      10.500            890.42
    MESA             AZ   85204          5            07/10/96         23
    0800037152                           05           09/01/96          0
    2541068                              O            08/01/26
    0

    1516074          E47/K61             F           30,700.00         ZZ
                                         360         29,754.02          1
                                      11.750            309.89         70
                                      11.250            309.89
    FALLS CHURCH     VA   22042          1            06/21/96         00
    0800037541                           01           08/01/96          0
1

    600297                               O            07/01/26
    0

    1516080          E47/K61             F          149,250.00         ZZ
                                         360        139,707.90          1
                                      10.375          1,351.32         75
                                       9.875          1,351.32
    ASHBURN          VA   22011          1            06/28/96         00
    0800037574                           03           08/01/96          0
    600403                               O            07/01/26
    0

    1516083          E47/K61             F           54,000.00         ZZ
                                         180         51,953.09          1
                                      10.650            500.03         68
                                      10.150            500.03
    KING GEORGE      VA   22486          5            06/26/96         00
    0800037590                           05           08/01/96          0
    600142                               O            07/01/11
    0

    1516207          765/K77             F          221,800.00         ZZ
                                         360        210,286.89          1
                                       8.875          1,764.75         90
                                       8.625          1,764.75
    HIGHLAND         CA   92346          2            07/12/96         11
    626000386                            05           09/01/96         25
    315836                               O            08/01/26
    608942

    1516291          076/076             F          230,000.00         ZZ
                                         360        216,045.43          1
                                       8.000          1,687.66         66
                                       7.750          1,687.66
    RIDGEFIELD       CT   06877          1            06/20/96         00
    15599452                             05           08/01/96          0
    5599452                              O            07/01/26
    608946

    1516360          A63/G02             F          100,000.00         ZZ
                                         360         95,069.70          1
                                       8.875            795.64         65
                                       8.625            795.64
    EASTPORT         NY   11941          1            09/11/96         00
    0430033068                           05           11/01/96          0
    UNKNOWN                              O            10/01/26
    0

1

    1516548          070/070             F          380,000.00         ZZ
                                         360        357,435.26          1
                                       8.125          2,821.49         80
                                       7.875          2,821.49
    CHATSWORTH       CA   91311          1            06/05/96         00
    002095011                            05           08/01/96          0
    2095011                              O            07/01/26
    608960

    1516572          070/070             F          328,700.00         ZZ
                                         360        309,818.12          1
                                       8.375          2,498.36         85
                                       8.125          2,498.36
    FRANKLIN         MI   48025          1            06/25/96         14
    003005513                            05           08/01/96         12
    3005513                              O            07/01/26
    608964

    1516612          921/G06             F          116,000.00         ZZ
                                         360        111,897.39          1
                                      10.950          1,100.32         80
                                      10.450          1,100.32
    FORT LUPTON      CO   80621          5            07/19/96         00
    0655437721                           05           09/01/96          0
    268466                               O            08/01/26
    0

    1516617          074/074             F          300,001.00         ZZ
                                         360        283,511.22          1
                                       8.750          2,360.11         48
                                       8.500          2,360.11
    BEDFORD          NY   10506          1            06/14/96         00
    1103045000                           05           08/01/96          0
    1103045000                           O            07/01/26
    608968

    1516618          074/074             F          200,000.00         ZZ
                                         360        188,871.05          1
                                       8.500          1,537.83         48
                                       8.250          1,537.83
    NEW YORK         NY   10017          1            06/06/96         00
    1105002100                           06           08/01/96          0
    1105002100                           O            07/01/26
    608969

    1516623          074/074             F          246,400.00         ZZ
                                         360        232,386.17          1
                                       8.500          1,894.61         80
                                       8.250          1,894.61
1

    ROCKVILLE CENTR  NY   11570          1            05/31/96         00
    1106003232                           05           07/01/96          0
    1106003232                           O            06/01/26
    608971

    1516629          074/074             F           86,250.00         ZZ
                                         360         73,798.61          1
                                       8.750            678.53         75
                                       8.500            678.53
    PLEASANT VALLEY  NY   12569          1            06/03/96         00
    1107008038                           05           08/01/96          0
    1107008038                           O            07/01/26
    608973

    1516638          074/074             F          425,000.00         ZZ
                                         360        397,701.84          1
                                       7.875          3,081.55         68
                                       7.625          3,081.55
    EAST NANTMEAL    PA   19343          1            05/30/96         00
    1171153935                           05           07/01/96          0
    1171153935                           O            06/01/26
    608976

    1516649          074/074             F          167,000.00         ZZ
                                         360        141,809.72          1
                                       8.000          1,225.39         80
                                       7.750          1,225.39
    MIDDLEBURG       FL   32068          5            06/14/96         00
    1351011400                           05           08/01/96          0
    1351011400                           O            07/01/26
    608978

    1516655          074/074             F          244,800.00         ZZ
                                         360        229,356.47          1
                                       8.375          1,860.66         90
                                       8.125          1,860.66
    HOLLIS           NH   03049          1            12/12/95         11
    1500144680                           05           02/01/96         25
    1500144680                           O            01/01/26
    608979

    1516659          074/074             F          170,000.00         ZZ
                                         360        160,578.30          1
                                       8.625          1,322.24         54
                                       8.375          1,322.24
    ARMONK           NY   10504          5            05/24/96         00
    1500203510                           05           07/01/96          0
    1500203510                           O            06/01/26
    608980
1

    1516703          074/074             F          271,000.00         ZZ
                                         360        242,236.51          1
                                       7.875          1,964.94         80
                                       7.625          1,964.94
    POWDER SPRINGS   GA   30073          4            06/06/96         00
    1511016853                           05           08/01/96          0
    1511016853                           O            07/01/26
    608986

    1516738          074/074             F          238,000.00         ZZ
                                         360        211,459.82          1
                                       8.125          1,767.15         80
                                       7.875          1,767.15
    SAN JOSE         CA   95124          1            05/01/96         00
    1561327593                           05           07/01/96          0
    1561327593                           O            06/01/26
    0

    1516761          074/074             F          324,000.00         ZZ
                                         360        308,266.90          1
                                       9.375          2,694.87         80
                                       9.125          2,694.87
    SANTA CLARITA    CA   91351          1            05/02/96         00
    1562155777                           05           07/01/96          0
    1562155777                           O            06/01/26
    609005

    1516763          074/074             F          332,000.00         ZZ
                                         360        313,598.14          1
                                       8.625          2,582.27         80
                                       8.375          2,582.27
    LAKE ELSINORE    CA   92530          5            05/01/96         00
    1562156408                           05           07/01/96          0
    1562156408                           O            06/01/26
    609006

    1516767          074/074             F          100,000.00         ZZ
                                         360         79,067.29          1
                                       8.875            795.65         36
                                       8.625            795.65
    NEWPORT COAST A  CA   92657          1            06/01/96         00
    1562157251                           03           08/01/96          0
    1562157251                           O            07/01/26
    609007

    1516771          074/074             F          266,000.00         ZZ
                                         360        248,870.66          1
1

                                       8.250          1,998.37         80
                                       8.000          1,998.37
    LOS ANGELES      CA   90064          1            05/14/96         00
    1562158028                           05           07/01/96          0
    1562158028                           O            06/01/26
    609009

    1516901          074/074             F          375,000.00         ZZ
                                         360        348,270.08          1
                                       7.750          2,686.55         69
                                       7.500          2,686.55
    SADDLE RIVER     NJ   07458          1            11/17/95         00
    1584012081                           05           01/01/96          0
    1584012081                           O            12/01/25
    609022

    1516952          074/074             F          265,050.00         ZZ
                                         360        245,498.14          1
                                       8.750          2,085.15         95
                                       8.500          2,085.15
    WESTMINSTER      CA   92683          1            06/24/96         10
    1595005292                           05           08/01/96         30
    1595005292                           O            07/01/26
    609028

    1516958          074/074             F          300,000.00         ZZ
                                         360        284,585.03          1
                                       9.125          2,440.90         80
                                       8.875          2,440.90
    LOS ANGELES      CA   90049          1            05/08/96         00
    1596002096                           05           07/01/96          0
    1596002096                           O            06/01/26
    609031

    1517065          074/074             F          261,500.00         ZZ
                                         240        220,080.64          1
                                       8.375          2,248.72         79
                                       8.125          2,248.72
    FLAT ROCK        NC   28731          5            04/22/96         00
    1577034153                           05           06/01/96          0
    1577034153                           O            05/01/16
    609034

    1517135          074/074             F          320,000.00         ZZ
                                         360        292,974.86          1
                                       7.250          2,182.96         76
                                       7.000          2,182.96
    NEW CITY         NY   10956          5            02/08/96         00
    3016311777                           05           04/01/96          0
1

    1631177                              O            03/01/26
    609037

    1517136          074/074             F          160,000.00         ZZ
                                         360        149,057.81          1
                                       7.500          1,118.75         50
                                       7.250          1,118.75
    NORTHRIDGE       CA   91326          1            04/15/96         00
    3113880814                           03           06/01/96          0
    11388081                             O            05/01/26
    609038

    1517139          074/074             F           95,250.00         ZZ
                                         360         84,278.66          1
                                       8.625            740.85         30
                                       8.375            740.85
    STANFORD         CA   94305          1            06/21/96         00
    3124608343                           01           08/01/96          0
    12460834                             O            07/01/26
    609039

    1517163          074/074             F          676,000.00         ZZ
                                         360        638,155.44          1
                                       8.750          5,318.10         80
                                       8.500          5,318.10
    FORT WORTH       TX   76132          1            06/28/96         00
    3141064423                           03           08/01/96          0
    14106442                             O            07/01/26
    609042

    1517199          A73/K77             F          138,750.00         ZZ
                                         360        128,105.57          1
                                       9.000          1,116.41         75
                                       8.750          1,116.41
    MADERA           CA   93638          2            07/24/96         00
    626005378                            05           09/01/96          0
    554901436                            O            08/01/26
    0

    1517502          897/K61             F           68,500.00         ZZ
                                         360         64,823.15          1
                                       8.875            545.02         68
                                       8.375            545.02
    NORCROSS         GA   30071          2            07/02/96         00
    0800037863                           05           09/01/96          0
    1111                                 O            08/01/26
    0

1

    1517597          921/G06             F           54,800.00         ZZ
                                         360         53,206.38          1
                                      11.950            561.57         79
                                      11.450            561.57
    PENSACOLA        FL   32503          1            07/16/96         00
    0655441541                           05           09/01/96          0
    504936                               O            08/01/26
    0

    1517624          074/074             F          230,000.00         ZZ
                                         360        212,935.94          1
                                       8.500          1,768.50         71
                                       8.250          1,768.50
    BONDURANT        IA   50035          1            05/15/96         00
    3011207563                           05           07/01/96          0
    1120756                              O            06/01/26
    0

    1517656          F02/G02             F          270,000.00         ZZ
                                         360        255,781.52          1
                                       8.875          2,148.24         72
                                       8.625          2,148.24
    NEW CITY         NY   10956          1            06/17/96         00
    0459963989                           05           08/01/96          0
    600158786                            O            07/01/26
    0

    1517814          921/G06             F           57,800.00         ZZ
                                         180         44,010.85          1
                                       9.250            594.88         79
                                       8.750            594.88
    COVINGTON        GA   30209          5            07/23/96         00
    0655439081                           05           09/01/96          0
    298687                               O            08/01/11
    0

    1517839          921/G06             F           50,400.00         ZZ
                                         360         48,671.38          1
                                      11.350            493.35         90
                                      10.850            493.35
    ATLANTA          GA   30310          1            07/29/96         23
    0655439065                           05           09/01/96          0
    298620                               O            08/01/26
    0

    1518167          A17/K61             F           95,000.00         ZZ
                                         360         90,382.66          1
                                      10.000            833.69         52
                                       9.500            833.69
1

    NORTH READING    MA   01864          5            08/22/96         00
    0800038002                           05           10/01/96          0
    1518167                              O            09/01/26
    0

    1518224          624/K77             F          278,000.00         ZZ
                                         360        242,272.37          1
                                       9.000          2,236.85         75
                                       8.750          2,236.85
    KAILUA           HI   96734          2            07/26/96         00
    626005370                            05           09/01/96          0
    70007360286                          O            08/01/26
    609068

    1518305          E22/G02             F          114,300.00         ZZ
                                         360        106,252.72          1
                                       8.750            899.20         80
                                       8.500            899.20
    THE WOODLANDS    TX   77382          1            07/11/96         00
    0410076855                           03           09/01/96          0
    410076855                            O            08/01/26
    0

    1518348          686/074             F          240,000.00         ZZ
                                         360        219,670.43          1
                                       7.450          1,669.91         73
                                       7.200          1,669.91
    PLEASANTVILLE    NY   10570          1            07/26/96         00
    1690330108                           05           09/01/96          0
    817575541                            O            08/01/26
    0

    1518350          686/K77             F           50,200.00         ZZ
                                         360         40,591.21          1
                                       8.800            396.72         75
                                       8.550            396.72
    EAST HARTFORD    CT   06118          1            07/26/96         00
    626000405                            05           09/01/96          0
    817674310                            O            08/01/26
    0

    1518460          526/G02             F          571,200.00         ZZ
                                         360        533,904.80          1
                                       7.875          4,141.60         69
                                       7.625          4,141.60
    KENNER           LA   70065          5            03/19/96         00
    0459965307                           05           05/01/96          0
    96069                                O            04/01/26
    609071
1

    1518570          696/G02             F          240,000.00         ZZ
                                         360        213,657.92          1
                                       7.625          1,698.70         78
                                       7.375          1,698.70
    ARLINGTON        VA   22202          1            06/28/96         00
    0430009878                           05           08/01/96          0
    2277905                              O            07/01/26
    609075

    1518756          070/070             F          362,500.00         ZZ
                                         360        328,317.92          1
                                       8.250          2,723.34         75
                                       8.000          2,723.34
    LAS VEGAS        NV   89129          5            06/28/96         00
    002718417                            05           08/01/96          0
    2718417                              O            07/01/26
    609083

    1518767          070/070             F          250,000.00         ZZ
                                         360        236,684.67          1
                                       8.750          1,966.75         66
                                       8.500          1,966.75
    LYNNFIELD        MA   01940          5            06/28/96         00
    004215638                            05           08/01/96          0
    4215638                              O            07/01/26
    609084

    1518850          696/G02             F          163,100.00         ZZ
                                         360        152,345.39          1
                                       8.500          1,254.10         80
                                       8.250          1,254.10
    MITCHELLEVILLE   MD   20721          1            08/02/96         00
    0430032870                           03           10/01/96          0
    3243898                              O            09/01/26
    0

    1518861          375/G02             F           71,200.00         ZZ
                                         360         65,999.70          1
                                       9.375            592.21         50
                                       9.125            592.21
    RUTLAND          MA   01543          2            07/11/96         00
    0459965620                           05           09/01/96          0
    328053                               O            08/01/26
    0

    1518913          820/162             F           16,800.00         ZZ
                                         180         16,234.25          1
1

                                      11.500            166.37         65
                                      11.000            166.37
    LAUDERHILL       FL   33313          1            05/24/96         00
    301584                               01           07/01/96          0
    1609163                              N            06/01/11
    0

    1519003          E22/K77             F          100,000.00         ZZ
                                         360         95,077.62          1
                                       9.000            804.62         40
                                       8.750            804.62
    MARENGO          IL   60152          2            08/02/96         00
    626000015                            05           10/01/96          0
    410171888                            O            09/01/26
    0

    1519021          E22/K77             F          108,000.00         ZZ
                                         360        102,330.35          1
                                       8.625            840.01         80
                                       8.375            840.01
    COMPTON          CA   90220          2            07/26/96         00
    626000026                            05           10/01/96          0
    410183818                            O            09/01/26
    0

    1519038          181/181             F          262,000.00         ZZ
                                         360        228,083.04          1
                                       7.875          1,899.68         70
                                       7.625          1,899.68
    MARIETTA         GA   30068          2            03/14/96         00
    0004948513                           03           05/01/96          0
    4948513                              O            04/01/26
    609085

    1519099          820/162             F          120,000.00         ZZ
                                         180        115,495.69          1
                                      10.900          1,133.73         64
                                      10.400          1,133.73
    TELLURIDE        CO   81435          5            05/23/96         00
    301574                               06           07/01/96          0
    1608864                              N            06/01/11
    0

    1519114          820/162             F           60,000.00         ZZ
                                         240         52,980.70          1
                                      10.625            604.07         24
                                      10.125            604.07
    DURANGO          CO   81301          5            07/07/96         00
    301593                               05           09/01/96          0
1

    1609318                              O            08/01/16
    0

    1519196          966/K77             F          383,500.00         ZZ
                                         360        364,152.86          1
                                       8.875          3,051.30         77
                                       8.625          3,051.30
    DESOTO           TX   75115          2            08/19/96         00
    626000542                            03           10/01/96          0
    30002356                             O            09/01/26
    0

    1519291          820/162             F           18,600.00         ZZ
                                         180         14,698.55          1
                                      11.650            219.06         60
                                      11.150            219.06
    HENRY            SD   57243          5            07/12/96         00
    301589                               05           09/01/96          0
    1609241                              O            08/01/11
    0

    1519335          820/162             F           25,000.00         ZZ
                                         240         21,681.51          1
                                      10.692            252.83         42
                                      10.192            252.83
    EL PASO          TX   79936          5            07/10/96         00
    301588                               05           09/01/96          0
    1609240                              N            08/01/16
    0

    1519427          354/S48             F          450,000.00         ZZ
                                         360        423,849.37          1
                                       8.250          3,380.70         75
                                       8.000          3,380.70
    HOUSTON          TX   77024          1            07/01/96         00
    0020428454                           03           08/01/96          0
    20428454                             O            07/01/26
    0

    1519459          354/S48             F          350,000.00         ZZ
                                         360        324,853.68          1
                                       8.500          2,691.20         80
                                       8.250          2,691.20
    ALBUQUERQUE      NM   87122          4            05/29/96         00
    0020447546                           05           07/01/96          0
    20447546                             O            06/01/26
    0

1

    1519469          354/S48             F          493,200.00         ZZ
                                         360        464,538.67          1
                                       8.250          3,705.25         80
                                       8.000          3,705.25
    PENSACOLA        FL   32503          1            06/06/96         00
    0020451456                           05           08/01/96          0
    20451456                             O            07/01/26
    0

    1519473          354/S48             F          336,000.00         ZZ
                                         360         44,009.55          1
                                       8.250          2,524.26         80
                                       8.000          2,524.26
    CHARLOTTESVILLE  VA   22901          1            05/24/96         00
    0020454179                           03           07/01/96          0
    20454179                             O            06/01/26
    0

    1519539          354/S48             F          223,500.00         ZZ
                                         360        207,691.11          1
                                       7.500          1,562.75         81
                                       7.250          1,562.75
    CHULA VISTA      CA   91915          2            02/23/96         04
    0024302689                           03           04/01/96         12
    24302689                             O            03/01/26
    0

    1519550          354/S48             F          265,600.00         ZZ
                                         360        232,918.40          1
                                       8.375          2,018.76         80
                                       8.125          2,018.76
    SILVER SPRING    MD   20910          1            07/15/96         00
    0024484008                           05           09/01/96          0
    24484008                             O            08/01/26
    0

    1519560          354/S48             F          224,000.00         ZZ
                                         360        210,114.83          1
                                       7.875          1,624.16         80
                                       7.625          1,624.16
    BURKE            VA   22015          1            06/14/96         00
    0024521841                           03           08/01/96          0
    24521841                             O            07/01/26
    0

    1519584          354/S48             F          243,200.00         ZZ
                                         360        230,756.57          1
                                       8.875          1,935.01         80
                                       8.625          1,935.01
1

    CHEVY CHASE      MD   20815          1            07/26/96         00
    0024570806                           05           09/01/96          0
    24570806                             O            08/01/26
    0

    1519597          354/S48             F          219,920.00         ZZ
                                         360        207,284.82          1
                                       8.250          1,652.19         80
                                       8.000          1,652.19
    OAK RIDGE        NC   27310          1            07/09/96         00
    0024598740                           05           09/01/96          0
    24598740                             O            08/01/26
    0

    1519611          354/S48             F          390,000.00         ZZ
                                         360        352,011.47          1
                                       8.250          2,929.94         80
                                       8.000          2,929.94
    GLEN ALLEN       VA   23060          1            08/06/96         00
    0024628679                           03           10/01/96          0
    24628679                             O            09/01/26
    0

    1519780          439/G02             F          275,000.00         ZZ
                                         360        253,017.52          1
                                       8.450          2,104.78         76
                                       8.200          2,104.78
    SAN MARTIN       CA   95046          1            07/26/96         00
    0430014902                           05           09/01/96          0
    1868533                              O            08/01/26
    0

    1519792          225/447             F          228,820.00         ZZ
                                         360        215,272.91          1
                                       8.250          1,719.04         85
                                       8.000          1,719.04
    MONTGOMERY       TX   77356          1            05/30/96         14
    3906779                              03           07/01/96         12
    8407234                              O            06/01/26
    0

    1519797          225/447             F          225,000.00         ZZ
                                         360        210,382.13          1
                                       7.750          1,611.92         75
                                       7.500          1,611.92
    MADISON          CT   06443          1            05/30/96         00
    3907294                              05           07/01/96          0
    8409522                              O            06/01/26
    0
1

    1519798          225/447             F          313,520.00         ZZ
                                         360        293,667.58          1
                                       7.750          2,246.09         80
                                       7.500          2,246.09
    GIBSONIA         PA   15044          1            06/21/96         00
    3907356                              03           08/01/96          0
    8409698                              O            07/01/26
    0

    1519825          439/686             F          240,200.00         ZZ
                                         360        226,819.01          1
                                       8.400          1,829.94         80
                                       8.150          1,829.94
    LOS ANGELES      CA   90039          1            07/25/96         00
    7018663349                           05           09/01/96          0
    1866334                              O            08/01/26
    0

    1519859          624/G02             F          212,200.00         ZZ
                                         360        195,650.13          1
                                       8.625          1,650.47         90
                                       8.375          1,650.47
    GILROY           CA   95020          1            08/06/96         01
    0430013516                           05           10/01/96         25
    32054660026                          O            09/01/26
    0

    1520085          225/447             F          224,000.00         ZZ
                                         360        203,980.14          1
                                       8.375          1,702.56         79
                                       8.125          1,702.56
    CHESAPEAKE       VA   23323          1            05/30/96         00
    3885623                              05           07/01/96          0
    8364397                              O            06/01/26
    0

    1520086          225/447             F          500,000.00         ZZ
                                         360        450,305.47          1
                                       8.250          3,756.33         63
                                       8.000          3,756.33
    DOYLESTOWN       PA   18901          1            06/07/96         00
    3801093                              05           08/01/96          0
    2815151                              O            07/01/26
    0

    1520183          180/K77             F          300,000.00         ZZ
                                         360        284,038.83          1
1

                                       8.625          2,333.37         83
                                       8.375          2,333.37
    CALISTOGA        CA   94515          1            08/22/96         12
    626000708                            05           10/01/96         12
    4435137                              O            09/01/26
    0

    1520242          601/G02             F          279,000.00         ZZ
                                         360        262,218.61          1
                                       8.000          2,047.21         90
                                       7.750          2,047.21
    NEWPORT NEWS     VA   23606          1            07/25/96         11
    0430012278                           05           09/01/96         25
    14850000002276                       O            08/01/26
    0

    1520269          617/S48             F          248,000.00         ZZ
                                         360        232,827.22          1
                                       8.000          1,819.74         80
                                       7.750          1,819.74
    CHARLOTTESVILLE  VA   22901          1            06/21/96         00
    0102490471                           05           08/01/96          0
    249047                               O            07/01/26
    0

    1520290          470/G02             F          223,200.00         ZZ
                                         360        212,083.48          1
                                       9.375          1,856.47         95
                                       9.125          1,856.47
    WEST COVINA      CA   91791          1            07/30/96         12
    0430013979                           05           09/01/96         30
    23000991                             O            08/01/26
    0

    1520312          470/K77             F          243,000.00         ZZ
                                         360        230,138.37          1
                                       8.750          1,911.69         90
                                       8.500          1,911.69
    RANCHO CUCAMONG  CA   91701          1            07/09/96         11
    626000436                            05           09/01/96         25
    24150927                             O            08/01/26
    0

    1520368          387/M32             F          252,000.00         ZZ
                                         360        238,577.50          1
                                       8.750          1,982.49         80
                                       8.500          1,982.49
    LOS ANGELES      CA   90008          2            06/24/96         00
    306110728                            05           08/01/96          0
1

    784116                               O            07/01/26
    0

    1520372          637/G02             F          243,600.00         ZZ
                                         360        208,065.55          1
                                       8.750          1,916.41         80
                                       8.500          1,916.41
    NORTHRIDGE       CA   91326          1            07/22/96         00
    0430014944                           03           09/01/96          0
    3189008                              O            08/01/26
    0

    1520434          E45/K77             F          537,600.00         ZZ
                                         360        510,576.56          1
                                       8.875          4,277.39         80
                                       8.625          4,277.39
    DULUTH           GA   30136          1            08/14/96         00
    626005408                            05           10/01/96          0
    31602                                O            09/01/26
    0

    1520535          921/G06             F           75,000.00         ZZ
                                         360         64,624.17          1
                                      10.800            702.94         47
                                      10.300            702.94
    WALLINGFORD      CT   06492          2            08/05/96         00
    0655440477                           05           10/01/96          0
    412494                               O            09/01/26
    0

    1520646          E20/K61             F           43,500.00         ZZ
                                         360         42,090.99          1
                                      11.500            430.78         75
                                      11.000            430.78
    PEACHTREE CITY   GA   30269          5            07/31/96         00
    0800038812                           05           09/01/96          0
    BHUNTER                              N            08/01/26
    0

    1520665          076/076             F          250,000.00         ZZ
                                         360        236,633.69          1
                                       8.625          1,944.47         80
                                       8.375          1,944.47
    WATSONVILLE      CA   95076          2            07/01/96         00
    16083762                             03           09/01/96          0
    6083762                              O            08/01/26
    0

1

    1520719          076/076             F          304,000.00         ZZ
                                         348        269,400.76          1
                                       8.125          2,275.74         80
                                       7.875          2,275.74
    FORT LAUDERDALE  FL   33305          2            06/21/96         00
    17030544                             05           08/01/96          0
    UNKNOWN                              O            07/01/25
    0

    1520880          776/G02             F          258,750.00         ZZ
                                         360        242,524.91          1
                                       8.750          2,035.59         75
                                       8.500          2,035.59
    ISSAQUAH         WA   98029          1            08/12/96         00
    0430016808                           03           10/01/96          0
    5534612                              O            09/01/26
    0

    1521012          076/076             F          495,900.00         ZZ
                                         360        441,072.87          1
                                       8.375          3,769.20         80
                                       8.125          3,769.20
    CUPERTINO        CA   95014          1            07/08/96         00
    16095242                             05           09/01/96          0
    6095242                              O            08/01/26
    0

    1521046          E22/K77             F          118,400.00         ZZ
                                         360        111,576.21          1
                                       8.250            889.50         80
                                       8.000            889.50
    LOMBARD          IL   60148          2            08/06/96         00
    626000037                            05           10/01/96          0
    410203301                            O            09/01/26
    0

    1521047          976/K77             F          230,850.00         ZZ
                                         360        218,128.38          1
                                       8.875          1,836.75         95
                                       8.625          1,836.75
    OVIEDO           FL   32765          1            08/27/96         12
    626000632                            05           10/01/96         30
    296527                               O            09/01/26
    0

    1521070          964/K77             F          145,200.00         ZZ
                                         360        137,408.16          1
                                       8.500          1,116.46         80
                                       8.250          1,116.46
1

    RIVERSIDE        CA   92506          1            08/12/96         00
    626000426                            05           10/01/96          0
    19444                                O            09/01/26
    0

    1521071          559/K77             F          240,000.00         ZZ
                                         360        163,143.33          1
                                       8.125          1,782.00         80
                                       7.875          1,782.00
    SANTA CRUZ       CA   95060          1            08/29/96         00
    626000642                            05           11/01/96          0
    5371299                              O            10/01/26
    0

    1521111          A26/K77             F          229,500.00         ZZ
                                         360        216,816.51          1
                                       8.875          1,826.01         90
                                       8.625          1,826.01
    STATEN ISLAND    NY   10314          1            09/19/96         14
    626000719                            05           11/01/96         25
    7628                                 O            10/01/26
    0

    1521136          354/S48             F          255,200.00         ZZ
                                         360        241,202.40          1
                                       8.375          1,939.70         80
                                       8.125          1,939.70
    LAKE JACKSON     TX   77566          1            08/07/96         00
    0020311346                           05           10/01/96          0
    20311346                             O            09/01/26
    0

    1521159          354/S48             F          235,850.00         ZZ
                                         360        219,887.34          1
                                       7.875          1,710.08         80
                                       7.625          1,710.08
    FORT WASHINGTON  MD   20744          1            07/25/96         00
    0020510004                           05           09/01/96          0
    20510004                             O            08/01/26
    0

    1521170          354/S48             F          279,000.00         ZZ
                                         360        263,660.48          1
                                       8.875          2,219.85         90
                                       8.625          2,219.85
    TROY             MI   48098          1            07/26/96         14
    0020534715                           05           09/01/96         25
    20534715                             O            08/01/26
    0
1

    1521185          354/S48             F          306,000.00         ZZ
                                         360        286,221.13          1
                                       7.875          2,218.72         90
                                       7.625          2,218.72
    CINCINNATI       OH   45215          1            08/15/96         14
    0024672859                           05           10/01/96         25
    24672859                             O            09/01/26
    0

    1521241          964/K77             F          136,600.00         ZZ
                                         360        129,585.04          1
                                       8.750          1,074.63         80
                                       8.500          1,074.63
    ESCONDIDO        CA   92026          1            08/13/96         00
    626000662                            03           10/01/96          0
    19609                                O            09/01/26
    0

    1521291          766/K61             F          104,000.00         ZZ
                                         360         95,029.34          1
                                      10.875            980.61         80
                                      10.375            980.61
    MIAMI            FL   33015          2            08/09/96         00
    0800039034                           05           10/01/96          0
    960Z0223                             O            09/01/26
    0

    1521374          171/994             F          220,000.00         ZZ
                                         360        208,660.84          1
                                       8.625          1,711.14         67
                                       8.375          1,711.14
    LOS ANGELES      CA   91311          1            09/05/96         00
    5965364507                           05           11/01/96          0
    67095363                             O            10/01/26
    0

    1521403          976/K77             F          300,000.00         ZZ
                                         360        282,812.32          1
                                       8.125          2,227.50         26
                                       7.875          2,227.50
    SAN FRANCISCO    CA   94123          1            08/26/96         00
    626000707                            01           10/01/96          0
    258075                               O            09/01/26
    0

    1521723          686/K77             F           47,250.00         ZZ
                                         360         43,517.55          1
1

                                       8.875            375.95         75
                                       8.625            375.95
    HOUSTON          TX   77084          1            07/24/96         00
    626000450                            03           09/01/96          0
    817766454                            O            08/01/26
    0

    1521788          731/K77             F           53,000.00         ZZ
                                         360         49,499.44          1
                                       8.750            416.95         73
                                       8.500            416.95
    OLIVEHURST       CA   95961          2            08/02/96         00
    626000771                            05           10/01/96          0
    110540951                            O            09/01/26
    0

    1521795          568/G02             F          203,600.00         T
                                         360        193,184.29          1
                                       8.875          1,619.93         70
                                       8.625          1,619.93
    CARLSBAD         CA   92008          1            07/23/96         00
    0430022863                           03           09/01/96          0
    807350                               O            08/01/26
    0

    1521824          686/G02             F           40,000.00         ZZ
                                         360         37,839.41          1
                                       8.525            308.28         52
                                       8.275            308.28
    SAUGUS           CA   91350          1            08/01/96         00
    0430015685                           05           10/01/96          0
    817641285                            O            09/01/26
    0

    1521837          686/K77             F           50,000.00         T
                                         360         47,314.47          1
                                       8.600            388.01         48
                                       8.350            388.01
    ORLANDO          FL   32837          1            07/31/96         00
    626000484                            03           09/01/96          0
    816973499                            O            08/01/26
    0

    1521838          686/K77             F           85,000.00         ZZ
                                         360         52,253.59          1
                                       8.650            662.64         52
                                       8.400            662.64
    ATLANTA          GA   30329          1            07/31/96         00
    626000454                            05           09/01/96          0
1

    817126907                            O            08/01/26
    0

    1521839          686/G02             F           53,900.00         ZZ
                                         360         50,776.21          1
                                       9.250            443.43         60
                                       9.000            443.43
    LANTANA          FL   33462          1            07/31/96         00
    0430016279                           05           09/01/96          0
    817568868                            O            08/01/26
    0

    1521843          686/G02             F           97,300.00         ZZ
                                         360         44,467.82          1
                                       8.375            739.56         68
                                       8.125            739.56
    CONSHOHOCKEN     PA   19428          1            07/26/96         00
    0430016667                           05           09/01/96          0
    817687320                            O            08/01/26
    0

    1521851          686/G02             F           70,000.00         ZZ
                                         360         61,568.49          1
                                       8.300            528.35         56
                                       8.050            528.35
    BOCA RATON       FL   33431          5            08/09/96         00
    0430017053                           05           10/01/96          0
    817584840                            O            09/01/26
    0

    1521852          686/G02             F           73,000.00         ZZ
                                         360         69,150.57          1
                                       8.600            566.49         65
                                       8.350            566.49
    AMESBURY         MA   01913          2            08/09/96         00
    0430016766                           01           10/01/96          0
    817603152                            O            09/01/26
    0

    1521853          686/G02             F          150,000.00         ZZ
                                         360        142,629.84          1
                                       9.000          1,206.94         65
                                       8.750          1,206.94
    MOUNTAIN BROOK   AL   35243          2            08/09/96         00
    0430016626                           05           10/01/96          0
    817768989                            O            09/01/26
    0

1

    1521945          429/S48             F          330,000.00         ZZ
                                         360        289,027.86          1
                                       7.875          2,392.73         74
                                       7.625          2,392.73
    MEDIA            PA   19063          1            07/25/96         00
    4821220532                           03           09/01/96          0
    0021220538                           O            08/01/26
    0

    1522287          074/074             F          228,000.00         ZZ
                                         360        215,856.00          1
                                       8.750          1,793.68         80
                                       8.500          1,793.68
    DALLAS           TX   75219          1            06/10/96         00
    1113016380                           01           08/01/96          0
    1113016380                           O            07/01/26
    0

    1522289          074/G02             F          300,000.00         ZZ
                                         360        279,074.26          1
                                       8.000          2,201.29         90
                                       7.750          2,201.29
    CHALFONT         PA   18914          1            06/28/96         01
    0430024083                           05           08/01/96         25
    1172128558                           O            07/01/26
    0

    1522291          074/074             F          363,000.00         ZZ
                                         360        332,309.95          1
                                       6.625          2,324.33         80
                                       6.375          2,324.33
    WHITPAIN         PA   19422          1            12/28/95         00
    1690330119                           03           02/01/96          0
    1175030380                           O            01/01/26
    0

    1522357          074/G02             F          460,000.00         ZZ
                                         360        434,141.07          1
                                       8.500          3,537.01         80
                                       8.250          3,537.01
    BYRON            CA   94514          5            06/05/96         00
    0430020255                           03           08/01/96          0
    1561330033                           O            07/01/26
    0

    1522405          074/K77             F          188,500.00         ZZ
                                         360        178,052.05          1
                                       8.625          1,466.14         65
                                       8.375          1,466.14
1

    SACRAMENTO       CA   95816          2            05/16/96         00
    626000514                            05           07/01/96          0
    1573151880                           O            06/01/26
    0

    1522408          074/G02             F          448,000.00         ZZ
                                         360        423,515.94          1
                                       8.500          3,444.74         80
                                       8.250          3,444.74
    STOCKTON         CA   95219          1            07/01/96         00
    0430020156                           03           09/01/96          0
    1573153015                           O            08/01/26
    0

    1522472          074/G02             F          240,000.00         ZZ
                                         360        226,644.91          1
                                       8.500          1,845.40         75
                                       8.250          1,845.40
    WINTER PARK      FL   32789          1            07/03/96         00
    0430020461                           05           08/01/96          0
    1590016316                           O            07/01/26
    0

    1522478          074/K77             F          232,000.00         ZZ
                                         360        217,686.02          1
                                       8.500          1,783.88         80
                                       8.250          1,783.88
    LONG BEACH       CA   90803          1            06/10/96         00
    626000509                            01           08/01/96          0
    1595003559                           O            07/01/26
    0

    1522519          074/074             F          250,000.00         ZZ
                                         360        233,178.01          1
                                       7.750          1,791.04         59
                                       7.500          1,791.04
    PECONIC          NY   11958          5            06/05/96         00
    1106005511                           05           08/01/96          0
    1106005511                           O            07/01/26
    0

    1522520          074/074             F          235,000.00         ZZ
                                         360        219,857.44          1
                                       8.250          1,765.48         71
                                       8.000          1,765.48
    GREAT NECK       NY   11021          1            06/26/96         00
    1106007426                           05           08/01/96          0
    1106007426                           O            07/01/26
    0
1

    1522523          074/074             F          146,250.00         ZZ
                                         360        127,392.02          1
                                       8.500          1,124.54         75
                                       8.250          1,124.54
    EAST MEADOW      NY   11554          1            05/21/96         00
    1111045071                           05           07/01/96          0
    1111045071                           O            06/01/26
    0

    1522525          074/074             F          375,000.00         ZZ
                                         360        350,241.36          2
                                       7.875          2,719.02         65
                                       7.625          2,719.02
    BROOKLYN         NY   11238          5            03/14/96         00
    1112060864                           05           05/01/96          0
    1112060864                           O            04/01/26
    0

    1522537          074/074             F           79,300.00         ZZ
                                         360         74,825.25          1
                                       8.625            616.79         65
                                       8.375            616.79
    CENTEREACH       NY   11720          5            04/24/96         00
    1500222729                           05           06/01/96          0
    1500222729                           O            05/01/26
    0

    1522577          074/G02             F          112,000.00         ZZ
                                         360        106,443.15          1
                                       9.250            921.40         80
                                       9.000            921.40
    WAYNESBURG       PA   15370          5            07/09/96         00
    0430025619                           05           09/01/96          0
    1506140864                           O            08/01/26
    0

    1522583          074/G02             F          300,000.00         ZZ
                                         360        141,511.07          1
                                       7.875          2,175.21         76
                                       7.625          2,175.21
    EDMOND           OK   73013          2            01/16/96         00
    0430020602                           03           03/01/96          0
    1510037279                           O            02/01/26
    0

    1522602          074/K77             F          525,000.00         ZZ
                                         360        495,031.75          1
1

                                       8.250          3,944.15         75
                                       8.000          3,944.15
    SAN FRANCISCO    CA   94110          5            07/19/96         00
    626000480                            05           09/01/96          0
    1561322228                           O            08/01/26
    0

    1522607          074/G02             F          242,100.00         ZZ
                                         360        213,080.78          1
                                       8.000          1,776.45         90
                                       7.750          1,776.45
    GLENDALE         CA   91214          1            12/01/95         10
    0430025023                           05           02/01/96         25
    1562142040                           O            01/01/26
    0

    1522611          074/K77             F          455,000.00         ZZ
                                         360        430,428.10          1
                                       8.875          3,620.19         75
                                       8.625          3,620.19
    OKLAHOMA CITY    OK   73120          2            04/12/96         00
    626000576                            05           06/01/96          0
    1563115687                           O            05/01/26
    0

    1522618          074/G02             F          296,800.00         ZZ
                                         360        279,980.36          1
                                       8.500          2,282.14         80
                                       8.250          2,282.14
    WOODINVILLE      WA   98072          1            05/28/96         00
    0430024869                           03           07/01/96          0
    1565132790                           O            06/01/26
    0

    1522620          074/G02             F          279,300.00         ZZ
                                         360        264,035.72          1
                                       8.500          2,147.58         95
                                       8.250          2,147.58
    BEND             OR   97701          1            07/15/96         10
    0430019240                           05           09/01/96         30
    1565134183                           O            08/01/26
    0

    1522634          074/G02             F          360,000.00         ZZ
                                         360        168,193.33          1
                                       8.750          2,832.13         80
                                       8.500          2,832.13
    EL DORADO HILLS  CA   95762          1            03/21/96         00
    0430020701                           03           05/01/96          0
1

    1573147329                           O            04/01/26
    0

    1522645          074/K77             F          280,000.00         ZZ
                                         360        264,354.99          1
                                       8.500          2,152.96         74
                                       8.250          2,152.96
    OREM             UT   84057          1            06/28/96         00
    626000537                            05           08/01/96          0
    1579026860                           O            07/01/26
    0

    1522665          074/G02             F          346,500.00         ZZ
                                         360        324,705.77          2
                                       8.000          2,542.50         90
                                       7.750          2,542.50
    CORAL GABLES     FL   33134          1            07/22/96         14
    0430022343                           05           09/01/96         25
    1589059402                           O            08/01/26
    0

    1522686          074/G02             F          100,400.00         ZZ
                                         360         89,344.52          1
                                       9.000            807.84         65
                                       8.750            807.84
    ST PETERS        MO   63376          1            05/02/96         00
    0430017731                           03           06/01/96          0
    1632015828                           O            05/01/26
    0

    1522699          074/074             F          221,250.00         ZZ
                                         360        150,988.70          1
                                       7.625          1,566.00         74
                                       7.375          1,566.00
    SCARSDALE        NY   10583          1            02/29/96         00
    1111027524                           05           04/01/96          0
    1111027524                           O            03/01/26
    0

    1522701          074/074             F          682,500.00         ZZ
                                         360        643,590.83          1
                                       8.750          5,369.24         69
                                       8.500          5,369.24
    CARMEL           NY   10512          1            04/15/96         00
    1111031703                           05           06/01/96          0
    1111031703                           O            05/01/26
    0

1

    1522702          074/074             F          300,000.00         ZZ
                                         360        280,745.11          1
                                       7.875          2,175.21         75
                                       7.625          2,175.21
    NEW YORK         NY   10016          1            04/08/96         00
    1111034064                           13           06/01/96          0
    1111034064                           O            05/01/26
    0

    1522703          074/074             F          400,000.00         ZZ
                                         360        372,065.49          1
                                       7.375          2,762.71         43
                                       7.125          2,762.71
    PURCHASE         NY   10577          1            04/15/96         00
    1111034111                           03           06/01/96          0
    1111034111                           O            05/01/26
    0

    1522709          074/074             F          140,000.00         ZZ
                                         360        132,003.83          1
                                       8.375          1,064.11         69
                                       8.125          1,064.11
    VALLEY STREAM    NY   11580          1            06/21/96         00
    1111038622                           05           08/01/96          0
    1111038622                           O            07/01/26
    0

    1522715          074/074             F           24,350.00         ZZ
                                         360         22,835.39          1
                                       9.375            202.54         70
                                       9.125            202.54
    MOUNT VERNON     NY   10552          1            05/21/96         00
    1111043371                           05           07/01/96          0
    1111043371                           O            06/01/26
    0

    1522717          074/074             F           78,750.00         ZZ
                                         360         72,919.27          1
                                       8.750            619.53         75
                                       8.500            619.53
    ALDEN            NY   14004          1            04/15/96         00
    1111043429                           05           06/01/96          0
    1111043429                           O            05/01/26
    0

    1522720          074/074             F          100,000.00         ZZ
                                         360         94,694.57          1
                                       8.875            795.65         43
                                       8.625            795.65
1

    NORTH MERRICK    NY   11566          1            05/17/96         00
    1111046926                           05           07/01/96          0
    1111046926                           O            06/01/26
    0

    1522722          074/074             F          122,500.00         ZZ
                                         360        115,683.61          1
                                       8.500            941.92         50
                                       8.250            941.92
    BRONXVILLE       NY   10708          1            06/07/96         00
    1111048105                           13           08/01/96          0
    1111048105                           O            07/01/26
    0

    1522725          074/074             F          353,000.00         ZZ
                                         360        331,152.78          1
                                       8.125          2,621.02         61
                                       7.875          2,621.02
    MERRICK          NY   11566          1            06/27/96         00
    1111050967                           05           08/01/96          0
    1111050967                           O            07/01/26
    0

    1522728          074/074             F          226,000.00         ZZ
                                         360        210,544.53          1
                                       7.500          1,580.23         77
                                       7.250          1,580.23
    MONROE           NY   10950          2            04/23/96         00
    1112069042                           05           06/01/96          0
    1112069042                           O            05/01/26
    0

    1522732          074/074             F          400,000.00         ZZ
                                         360        281,150.54          1
                                       7.875          2,900.28         77
                                       7.625          2,900.28
    BAYSIDE          NY   11361          2            03/12/96         00
    1500157897                           05           05/01/96          0
    1500157897                           O            04/01/26
    0

    1522733          074/074             F          350,000.00         ZZ
                                         360        326,050.46          1
                                       8.500          2,691.20         89
                                       8.250          2,691.20
    BRIARWOOD        NY   11432          2            04/01/96         11
    1500190021                           05           06/01/96         25
    1500190021                           O            05/01/26
    0
1

    1522735          074/074             F          155,000.00         ZZ
                                         360        137,437.81          1
                                       8.500          1,191.82         58
                                       8.250          1,191.82
    MERRICK          NY   11566          1            07/08/96         00
    1500222092                           05           09/01/96          0
    1500222092                           O            08/01/26
    0

    1522768          147/K77             F          243,300.00         ZZ
                                         360        230,190.78          1
                                       8.750          1,914.05         80
                                       8.500          1,914.05
    ALISO VIEJO      CA   92656          1            07/03/96         00
    626000540                            03           09/01/96          0
    624025                               O            08/01/26
    0

    1522791          375/G02             F          132,000.00         ZZ
                                         360        124,884.15          1
                                       8.625          1,026.69         72
                                       8.375          1,026.69
    OCOEE            FL   34761          2            07/31/96         00
    0430019539                           03           09/01/96          0
    619149                               O            08/01/26
    0

    1523038          686/K77             F           70,000.00         ZZ
                                         360         32,776.93          1
                                       8.300            528.35         70
                                       8.050            528.35
    DAVIE            FL   33317          1            08/16/96         00
    626000481                            03           10/01/96          0
    17470842                             O            09/01/26
    0

    1523184          439/G02             F           33,700.00         ZZ
                                         360         31,830.55          1
                                       8.800            266.33         75
                                       8.550            266.33
    LEHIGH ACRES     FL   33936          1            08/19/96         00
    0430027144                           01           10/01/96          0
    1863352                              O            09/01/26
    0

    1523197          439/K77             F           75,000.00         ZZ
                                         360         70,785.23          1
1

                                       8.650            584.68         70
                                       8.400            584.68
    RIALTO           CA   92377          1            07/26/96         00
    626000594                            05           09/01/96          0
    1868369                              O            08/01/26
    0

    1523201          439/G02             F          190,000.00         ZZ
                                         360        180,068.15          1
                                       8.650          1,481.19         62
                                       8.400          1,481.19
    SUGAR LAND       TX   77479          1            08/09/96         00
    0430027532                           03           10/01/96          0
    1869383                              O            09/01/26
    0

    1523207          439/686             F           48,700.00         ZZ
                                         360         45,680.78          1
                                       8.900            388.36         75
                                       8.650            388.36
    HOUSTON          TX   77040          1            07/26/96         00
    7018650379                           03           09/01/96          0
    1865037                              O            08/01/26
    0

    1523239          560/560             F          427,000.00         ZZ
                                         360        162,137.60          1
                                       9.500          3,590.45         70
                                       9.250          3,590.45
    CARLSBAD         CA   92008          5            09/12/91         00
    217986504                            05           11/01/91          0
    217986504                            O            10/01/21
    0

    1523249          560/560             F          370,000.00         R
                                         360        297,964.72          1
                                       8.000          2,714.93         80
                                       7.750          2,714.93
    MAHWAH           NJ   07430          1            06/13/96         00
    450456645                            05           08/01/96          0
    450456645                            O            07/01/26
    0

    1523256          560/560             F          232,000.00         ZZ
                                         360        218,579.86          1
                                       8.500          1,783.88         78
                                       8.250          1,783.88
    WEST HARTFORD    CT   06117          2            06/21/96         00
    450462395                            05           08/01/96          0
1

    450462395                            O            07/01/26
    0

    1523260          560/560             F          346,460.00         ZZ
                                         360        314,126.44          1
                                       8.375          2,633.35         90
                                       8.125          2,633.35
    HAYWARD          CA   94542          1            06/18/96         04
    450463583                            05           08/01/96         25
    450463583                            O            07/01/26
    0

    1523266          560/560             F          297,480.00         ZZ
                                         360        281,635.31          1
                                       8.750          2,340.28         95
                                       8.500          2,340.28
    CHANDLER         AZ   85248          1            06/07/96         04
    450466362                            03           08/01/96         30
    450466362                            O            07/01/26
    0

    1523280          560/560             F          144,700.00         ZZ
                                         360        136,439.56          1
                                       8.250          1,087.09         75
                                       8.000          1,087.09
    MONROE TOWNSHIP  NJ   08094          1            07/01/96         00
    450474739                            05           09/01/96          0
    450474739                            O            08/01/26
    0

    1523300          560/560             F          300,000.00         ZZ
                                         360        282,381.79          1
                                       8.125          2,227.50         73
                                       7.875          2,227.50
    HILLSDALE        NJ   07642          1            07/15/96         00
    450482195                            05           09/01/96          0
    450482195                            O            08/01/26
    0

    1523302          560/560             F          241,400.00         ZZ
                                         360        227,761.96          1
                                       8.375          1,834.81         75
                                       8.125          1,834.81
    DALLAS           TX   75248          2            07/17/96         00
    450483417                            05           09/01/96          0
    450483417                            O            08/01/26
    0

1

    1523303          560/560             F          750,000.00         ZZ
                                         360        709,011.46          1
                                       8.500          5,766.86         69
                                       8.250          5,766.86
    SANTA MARGARITA  CA   93453          1            07/09/96         00
    450483631                            05           09/01/96          0
    450483631                            O            08/01/26
    0

    1523310          560/560             F          616,400.00         R
                                         360        573,806.15          1
                                       8.000          4,522.93         80
                                       7.750          4,522.93
    CHESTER          NJ   07930          1            07/24/96         00
    450487657                            05           09/01/96          0
    450487657                            O            08/01/26
    0

    1523320          560/560             F          241,500.00         R
                                         360        226,479.44          1
                                       8.125          1,793.14         70
                                       7.875          1,793.14
    SAN RAMON        CA   94583          1            07/29/96         00
    450497748                            03           09/01/96          0
    450497748                            O            08/01/26
    0

    1523440          074/074             F          240,500.00         ZZ
                                         360        226,883.50          1
                                       8.500          1,849.24         65
                                       8.250          1,849.24
    NEW YORK         NY   10021          1            07/01/96         00
    1106007448                           12           08/01/96          0
    1106007448                           O            07/01/26
    0

    1523458          765/K77             F          256,000.00         ZZ
                                         360        241,648.19          1
                                       8.250          1,923.25         80
                                       8.000          1,923.25
    TORRANCE         CA   90503          1            08/07/96         00
    626000580                            05           10/01/96          0
    316824                               O            09/01/26
    0

    1523464          253/253             F          132,000.00         ZZ
                                         360        114,078.00          1
                                       8.250            991.68         80
                                       8.000            991.68
1

    DALLAS           TX   75230          1            08/22/96         00
    321049                               05           10/01/96          0
    312049                               O            09/01/26
    0

    1523501          074/074             F           86,000.00         ZZ
                                         360         81,045.21          1
                                       8.500            661.27         40
                                       8.250            661.27
    REGO PARK        NY   11375          1            05/14/96         00
    1111035599                           05           07/01/96          0
    1111035599                           O            06/01/26
    0

    1523506          074/074             F          108,750.00         ZZ
                                         360         96,334.83          1
                                       8.250            817.00         75
                                       8.000            817.00
    CORNWALL         NY   12520          1            05/15/96         00
    1103044787                           05           07/01/96          0
    1103044787                           O            06/01/26
    0

    1523511          074/074             F          198,750.00         ZZ
                                         360        183,835.57          1
                                       8.250          1,493.15         75
                                       8.000          1,493.15
    WESTBURY         NY   11590          1            05/07/96         00
    1111036773                           05           07/01/96          0
    1111036773                           O            06/01/26
    0

    1523599          429/S48             F          295,000.00         ZZ
                                         360        278,160.41          1
                                       8.250          2,216.24         77
                                       8.000          2,216.24
    CHICAGO          IL   60605          1            07/31/96         00
    0010387331                           03           09/01/96          0
    0010387331                           O            08/01/26
    0

    1523822          686/G02             F           46,000.00         ZZ
                                         360         43,608.60          1
                                       8.700            360.25         68
                                       8.450            360.25
    WEST PALM BEACH  FL   33416          1            08/16/96         00
    0430023010                           05           10/01/96          0
    817588072                            O            09/01/26
    0
1

    1523914          526/G02             F          236,000.00         ZZ
                                         360        222,747.14          1
                                       8.500          1,814.64         80
                                       8.250          1,814.64
    LAS VEGAS        NV   89123          1            08/15/96         00
    0430031880                           05           10/01/96          0
    141991                               O            09/01/26
    0

    1523960          480/074             F          120,000.00         ZZ
                                         360        107,639.25          1
                                       7.625            849.35         47
                                       7.375            849.35
    MIRAMAR          FL   33029          1            08/14/96         00
    1690381481                           03           10/01/96          0
    1755990                              O            09/01/26
    0

    1523962          526/G02             F          243,550.00         ZZ
                                         360        201,567.49          1
                                       8.000          1,787.09         80
                                       7.750          1,787.09
    SUCCASUNNA       NJ   07876          1            08/15/96         00
    0430031633                           05           10/01/96          0
    0126347                              O            09/01/26
    0

    1523997          A39/G02             F          959,000.00         ZZ
                                         360        868,016.75          1
                                       8.875          7,630.23         70
                                       8.625          7,630.23
    WOODLAND HILLS   CA   91364          1            08/07/96         00
    0430024166                           03           10/01/96          0
    9600656RFC                           O            09/01/26
    0

    1524548          405/405             F          118,000.00         ZZ
                                         360        102,501.14          1
                                       8.250            886.50         64
                                       8.000            886.50
    KIRKLAND         WA   98033          2            03/28/96         00
    5773903192                           05           05/01/96          0
    3903192                              O            04/01/26
    0

    1524554          E22/G02             F           72,800.00         ZZ
                                         360         67,249.67          1
1

                                       8.500            559.77         80
                                       8.250            559.77
    WEBSTER          TX   77598          1            07/31/96         00
    0410109177                           09           09/01/96          0
    410109177                            O            08/01/26
    0

    1524604          808/G02             F          241,500.00         ZZ
                                         360        217,705.93          1
                                       8.500          1,856.93         75
                                       8.250          1,856.93
    IRVINE           CA   92720          2            08/16/96         00
    0430030445                           05           10/01/96          0
    9301177                              O            09/01/26
    0

    1524821          686/G02             F          110,500.00         ZZ
                                         360        104,817.10          1
                                       8.750            869.31         75
                                       8.500            869.31
    WASHINGTON       DC   20032          2            08/15/96         00
    0430031146                           05           10/01/96          0
    817774664                            O            09/01/26
    0

    1524839          686/K77             F           56,250.00         ZZ
                                         360         53,246.75          1
                                       8.600            436.51         75
                                       8.350            436.51
    WEST PALM BEACH  FL   33405          1            08/28/96         00
    626000653                            05           10/01/96          0
    817540909                            O            09/01/26
    0

    1524841          686/G02             F          134,500.00         ZZ
                                         360        126,714.91          1
                                       8.375          1,022.30         74
                                       8.125          1,022.30
    SOUTH ELGIN      IL   60177          1            08/28/96         00
    0430032029                           05           10/01/96          0
    817706468                            O            09/01/26
    0

    1524844          686/K77             F           70,000.00         ZZ
                                         360         51,680.95          1
                                       8.300            528.35         70
                                       8.050            528.35
    MIDDLETOWN       CT   06457          1            08/29/96         00
    626000658                            03           10/01/96          0
1

    817675325                            O            09/01/26
    0

    1524881          450/G02             F          628,000.00         ZZ
                                         360        591,235.72          1
                                       8.000          4,608.04         79
                                       7.750          4,608.04
    BEVERLY HILLS    CA   90211          1            08/13/96         00
    0430033548                           05           10/01/96          0
    4187902                              O            09/01/26
    0

    1524910          560/560             F          303,000.00         T
                                         360        286,306.01          1
                                       8.375          2,303.02         63
                                       8.125          2,303.02
    CAREFREE         AZ   85331          1            08/26/96         00
    450517107                            05           10/01/96          0
    450517107                            O            09/01/26
    0

    1524960          686/K77             F           45,000.00         ZZ
                                         360         38,438.49          1
                                       8.350            341.24         30
                                       8.100            341.24
    OAKLAND          CA   94602          5            08/15/96         00
    626000660                            05           10/01/96          0
    817555865                            O            09/01/26
    0

    1524992          685/G02             F          101,950.00         ZZ
                                         360         96,802.23          2
                                       8.875            811.16         76
                                       8.625            811.16
    SALT LAKE CITY   UT   84115          5            08/23/96         00
    0430028845                           05           10/01/96          0
    105424                               O            09/01/26
    0

    1525204          696/K77             F          162,500.00         ZZ
                                         360        153,190.25          1
                                       8.125          1,206.56         80
                                       7.875          1,206.56
    MITCHELLVILLE    MD   20721          1            08/23/96         00
    626000640                            03           10/01/96          0
    3244183                              O            09/01/26
    0

1

    1525236          664/K77             F          101,625.00         ZZ
                                         360         92,007.57          1
                                       8.500            781.41         75
                                       8.250            781.41
    GARDENA          CA   90247          1            09/03/96         00
    626000833                            01           11/01/96          0
    2179638                              O            10/01/26
    0

    1525253          559/K77             F          200,640.00         ZZ
                                         360        189,634.64          1
                                       8.375          1,525.01         75
                                       8.125          1,525.01
    ELK GROVE        CA   95758          1            08/27/96         00
    626000630                            05           10/01/96          0
    5368857                              O            09/01/26
    0

    1525313          601/G02             F          270,752.00         ZZ
                                         360        256,537.78          1
                                       8.625          2,105.88         93
                                       8.375          2,105.88
    SCOTTSDALE       AZ   85251          1            08/16/96         04
    0430031674                           01           10/01/96         30
    1096396                              O            09/01/26
    0

    1525345          369/G02             F          238,000.00         ZZ
                                         360        224,067.01          1
                                       8.000          1,746.36         80
                                       7.750          1,746.36
    HOUSTON          TX   77079          1            08/28/96         00
    0430030601                           03           10/01/96          0
    49669518                             O            09/01/26
    0

    1525347          635/447             F          328,300.00         ZZ
                                         360        310,627.48          1
                                       8.500          2,524.35         78
                                       8.250          2,524.35
    EASTCHESTER      NY   10709          2            08/28/96         00
    4102511                              05           10/01/96          0
    6558431                              O            09/01/26
    0

    1526684          696/G02             F          150,000.00         ZZ
                                         360        140,825.85          1
                                       7.750          1,074.62         80
                                       7.500          1,074.62
1

    KENSINGTON       MD   20895          1            08/30/96         00
    0430033951                           05           10/01/96          0
    2326862                              O            09/01/26
    0

    1527075          375/G02             F           90,000.00         ZZ
                                         360         85,643.59          1
                                       9.250            740.41         65
                                       9.000            740.41
    UPPER SOUTHAMPT  PA   18966          1            07/30/96         00
    0430033340                           01           09/01/96          0
    UNKNOWN                              O            08/01/26
    0

    1527108          105/K77             F          223,600.00         ZZ
                                         360        210,790.41          1
                                       8.125          1,660.22         80
                                       7.875          1,660.22
    FALLS CHURCH     VA   22046          1            08/29/96         00
    626000673                            05           10/01/96          0
    0968297                              O            09/01/26
    0

    1527137          181/181             F          256,900.00         ZZ
                                         360        228,216.71          1
                                       8.125          1,907.48         80
                                       7.875          1,907.48
    RESTON           VA   22094          1            08/30/96         00
    0005369355                           03           10/01/96          0
    5369355                              O            09/01/26
    0

    1527368          461/G02             F          284,000.00         ZZ
                                         360        261,974.01          1
                                       8.500          2,183.72         80
                                       8.250          2,183.72
    COVINA           CA   91724          2            08/21/96         00
    0430033167                           05           10/01/96          0
    20761318                             O            09/01/26
    0

    1527404          491/S48             F          302,000.00         ZZ
                                         360        281,081.48          1
                                       7.625          2,137.54         84
                                       7.375          2,137.54
    RENO             NV   89511          1            02/20/96         10
    4560255145                           03           04/01/96         12
    60255145                             O            03/01/26
    0
1

    1527443          491/S48             F          234,000.00         ZZ
                                         360        220,745.26          1
                                       8.500          1,799.26         90
                                       8.250          1,799.26
    LAREDO           TX   78045          1            05/15/96         10
    4460763578                           03           07/01/96         25
    60763574                             O            06/01/26
    0

    1527459          491/S48             F          225,000.00         ZZ
                                         360        210,445.92          1
                                       7.625          1,592.54         44
                                       7.375          1,592.54
    PLEASANTON       CA   94566          1            06/13/96         00
    4261024089                           05           08/01/96          0
    61024082                             O            07/01/26
    0

    1527499          491/S48             F          244,000.00         ZZ
                                         360        231,469.17          1
                                       8.750          1,919.55         80
                                       8.500          1,919.55
    REDWOOD CITY     CA   94065          1            08/06/96         00
    4761021544                           05           10/01/96          0
    61021547                             O            09/01/26
    0

    1527645          E22/G02             F           80,000.00         ZZ
                                         360         75,703.47          1
                                       9.000            643.70         80
                                       8.750            643.70
    HEMET            CA   92544          2            09/03/96         00
    0410224950                           05           10/01/96          0
    410224950                            O            09/01/26
    0

    1528123          776/K77             F          125,900.00         ZZ
                                         360        119,828.72          1
                                       9.000          1,013.02         70
                                       8.750          1,013.02
    BELLEVUE         WA   98005          1            09/06/96         00
    626000755                            01           11/01/96          0
    5533594                              O            10/01/26
    0

    1528143          811/G02             F          136,000.00         ZZ
                                         360        128,043.29          1
1

                                       8.000            997.92         80
                                       7.750            997.92
    LIVERMORE        CA   94550          1            08/26/96         00
    0430043125                           05           10/01/96          0
    FM02100748                           O            09/01/26
    0

    1528161          369/G02             F          527,200.00         ZZ
                                         360        498,282.66          1
                                       8.375          4,007.10         80
                                       8.125          4,007.10
    AIEA             HI   96701          2            08/27/96         00
    0430037150                           05           10/01/96          0
    49087026                             O            09/01/26
    0

    1528498          685/G02             F          213,750.00         ZZ
                                         360        198,635.00          1
                                       8.375          1,624.65         80
                                       8.125          1,624.65
    FOOTHILL RANCH   CA   92610          1            09/05/96         00
    0430045674                           03           11/01/96          0
    105376                               O            10/01/26
    0

    1528614          637/G02             F          270,000.00         ZZ
                                         360        256,891.45          2
                                       9.125          2,196.81         90
                                       8.875          2,196.81
    BROOKLYN         NY   11218          1            08/26/96         04
    0430046565                           05           10/01/96         25
    9104738                              O            09/01/26
    0

    1528897          439/686             F           97,500.00         ZZ
                                         360         92,403.81          1
                                       8.650            760.08         75
                                       8.400            760.08
    SACRAMENTO       CA   95831          1            08/12/96         00
    7018683453                           05           10/01/96          0
    1868345                              O            09/01/26
    0

    1528901          439/K77             F          235,000.00         ZZ
                                         360        223,350.83          1
                                       8.950          1,882.42         75
                                       8.700          1,882.42
    LOS ANGELES      CA   90066          2            08/21/96         00
    626000775                            05           10/01/96          0
1

    1866156                              O            09/01/26
    0

    1528917          439/K77             F          306,000.00         ZZ
                                         360        288,993.74          1
                                       8.300          2,309.65         80
                                       8.050          2,309.65
    BELLAIRE         TX   77401          1            08/29/96         00
    626000780                            05           10/01/96          0
    1871410                              O            09/01/26
    0

    1528944          439/G02             F          213,700.00         ZZ
                                         360        201,912.48          1
                                       8.650          1,665.94         75
                                       8.400          1,665.94
    SAN FRANCISCO    CA   94122          1            08/27/96         00
    0430035402                           05           11/01/96          0
    18697698                             O            10/01/26
    0

    1528955          439/K77             F          127,000.00         ZZ
                                         360        120,009.39          1
                                       8.250            954.11         60
                                       8.000            954.11
    CLAREMONT        CA   91711          5            09/04/96         00
    626000700                            05           11/01/96          0
    18694711                             O            10/01/26
    0

    1528972          439/G02             F          160,500.00         ZZ
                                         360        147,788.07          1
                                       8.800          1,268.40         65
                                       8.550          1,268.40
    CEDARHURST       NY   11516          1            09/12/96         00
    0430035451                           05           11/01/96          0
    18685008                             O            10/01/26
    0

    1529139          575/K77             F          260,000.00         ZZ
                                         360        247,225.92          1
                                       9.000          2,092.02         80
                                       8.750          2,092.02
    CHARLOTTESVILLE  VA   22903          1            08/16/96         00
    626000744                            05           10/01/96          0
    412005629                            O            09/01/26
    0

1

    1529173          668/K77             F          227,000.00         ZZ
                                         360        212,698.23          1
                                       8.750          1,785.81         88
                                       8.500          1,785.81
    TEMECULA         CA   92592          2            08/27/96         04
    626000820                            03           10/01/96         25
    6901797                              O            09/01/26
    0

    1529247          686/G02             F           59,500.00         ZZ
                                         360         56,159.75          1
                                       8.375            452.25         65
                                       8.125            452.25
    KISSIMMEE        FL   34746          1            08/30/96         00
    0430043729                           03           10/01/96          0
    817462989                            O            09/01/26
    0

    1529248          686/K77             F           68,625.00         ZZ
                                         360         32,769.91          1
                                       8.300            517.98         75
                                       8.050            517.98
    TAMARAC          FL   33321          1            08/27/96         00
    626000793                            03           10/01/96          0
    817470933                            O            09/01/26
    0

    1529270          686/G02             F           74,200.00         ZZ
                                         360         67,145.50          1
                                       9.375            617.16         70
                                       9.125            617.16
    ST PETERS        MO   63376          1            09/06/96         00
    0430044362                           05           11/01/96          0
    817707656                            O            10/01/26
    0

    1529279          686/K77             F           50,500.00         ZZ
                                         360         47,767.11          1
                                       8.350            382.95         54
                                       8.100            382.95
    MIAMI            FL   33196          5            09/06/96         00
    626000801                            03           11/01/96          0
    817449754                            O            10/01/26
    0

    1529280          686/K77             F          133,000.00         ZZ
                                         360        125,800.36          1
                                       8.500          1,022.66         70
                                       8.250          1,022.66
1

    LA JOLLA         CA   92037          1            09/10/96         00
    626000800                            01           11/01/96          0
    817679202                            O            10/01/26
    0

    1529327          439/686             F           80,000.00         ZZ
                                         360         75,516.20          1
                                       8.650            623.66         47
                                       8.400            623.66
    NAPLES           FL   34108          1            09/10/96         00
    7018741046                           01           11/01/96          0
    18741041                             O            10/01/26
    0

    1529413          765/G02             F          244,000.00         ZZ
                                         360        231,023.75          1
                                       8.500          1,876.15         80
                                       8.250          1,876.15
    DANA POINT       CA   92629          1            09/11/96         00
    0430043232                           09           11/01/96          0
    317218                               O            10/01/26
    0

    1529644          550/550             F          241,000.00         ZZ
                                         360        227,734.80          1
                                       8.250          1,810.55         70
                                       8.000          1,810.55
    SAN FRANCISCO    CA   94111          1            09/19/96         00
    120208108000000                      01           11/01/96          0
    120208108                            O            10/01/26
    0

    1529655          642/K77             F           80,000.00         T
                                         360         75,891.57          1
                                       8.750            629.36         80
                                       8.500            629.36
    PALMDALE         CA   93552          2            08/14/96         00
    626000889                            05           10/01/96          0
    08503096                             O            09/01/26
    0

    1529696          766/K77             F           84,500.00         ZZ
                                         360         80,106.50          1
                                       9.000            679.91         68
                                       8.750            679.91
    HIALEAH          FL   33013          2            09/20/96         00
    626000829                            05           11/01/96          0
    96OZ0510                             O            10/01/26
    0
1

    1529929          696/G02             F          150,000.00         BB
                                         360        142,603.62          1
                                       8.875          1,193.47         80
                                       8.625          1,193.47
    FALLS CHURCH     VA   22043          1            09/20/96         00
    0430041665                           09           11/01/96          0
    2268404                              O            10/01/26
    0

    1530287          375/K77             F          125,000.00         ZZ
                                         360        113,841.22          1
                                       8.250            939.08         72
                                       8.000            939.08
    MALVERN          PA   19355          1            08/30/96         00
    626000809                            05           10/01/96          0
    9608024                              O            09/01/26
    0

    1530341          685/K77             F          194,300.00         ZZ
                                         360        181,154.86          1
                                       8.500          1,494.00         80
                                       8.250          1,494.00
    WEST COVINA      CA   91790          1            09/24/96         00
    626000846                            05           11/01/96          0
    105659                               O            10/01/26
    0

    1530342          267/405             F          360,000.00         ZZ
                                         360        325,239.64          1
                                       8.250          2,704.56         79
                                       8.000          2,704.56
    WALNUT           CA   91789          1            09/09/96         00
    5414419942                           05           11/01/96          0
    4419942                              O            10/01/26
    0

    1530433          601/K77             F          256,000.00         ZZ
                                         360        241,599.09          1
                                       8.125          1,900.79         77
                                       7.875          1,900.79
    LONG GROVE       IA   52756          4            09/13/96         00
    626000799                            05           11/01/96          0
    1079641                              O            10/01/26
    0

    1530444          601/G02             F          273,700.00         ZZ
                                         360        257,965.89          1
1

                                       8.000          2,008.31         80
                                       7.750          2,008.31
    DOYLESTOWN       PA   18901          1            09/19/96         00
    0430044057                           05           11/01/96          0
    1076432                              O            10/01/26
    0

    1530488          731/K77             F          105,600.00         ZZ
                                         360         98,154.91          1
                                       8.625            821.35         80
                                       8.375            821.35
    RIVERSIDE        CA   92505          1            09/23/96         00
    626000893                            05           11/01/96          0
    411612416                            O            10/01/26
    0

    1531126          E22/G02             F          108,000.00         ZZ
                                         360         30,518.76          1
                                       9.000            868.99         44
                                       8.750            868.99
    MIAMI            FL   33158          5            09/20/96         00
    0410237838                           05           11/01/96          0
    410237838                            O            10/01/26
    0

    1531256          163/G02             F          279,200.00         ZZ
                                         360        264,566.87          1
                                       8.625          2,171.59         80
                                       8.375          2,171.59
    ROCKVILLE CENTR  NY   11570          1            09/26/96         00
    0430047167                           05           11/01/96          0
    37218757                             O            10/01/26
    0

    1531305          686/G02             F           95,000.00         ZZ
                                         360         78,163.32          1
                                       8.750            747.37         60
                                       8.500            747.37
    MIAMI            FL   33179          1            09/16/96         00
    0430051441                           05           11/01/96          0
    817570237                            O            10/01/26
    0

    1531309          686/K77             F          265,000.00         ZZ
                                         360        250,915.08          1
                                       8.450          2,028.24         85
                                       8.200          2,028.24
    FLUSHING         NY   11358          1            09/18/96         10
    626000867                            05           11/01/96         30
1

    817830060                            O            10/01/26
    0

    1531311          686/G02             F          220,000.00         ZZ
                                         360        208,203.34          1
                                       8.400          1,676.05         45
                                       8.150          1,676.05
    SANTA ANA        CA   92705          5            09/16/96         00
    0430051748                           05           11/01/96          0
    817660640                            O            10/01/26
    0

    1531315          686/G02             F           60,000.00         ZZ
                                         360         55,061.11          1
                                       8.400            457.11         18
                                       8.150            457.11
    ALPHARETTA       GA   30202          5            09/17/96         00
    0430051839                           03           11/01/96          0
    817733082                            O            10/01/26
    0

    1531333          686/G02             F           98,000.00         ZZ
                                         360         91,449.93          1
                                       8.750            770.97         70
                                       8.500            770.97
    STREAMWOOD       IL   60107          5            09/25/96         00
    0430052456                           05           11/01/96          0
    817709413                            O            10/01/26
    0

    1531335          686/G02             F           42,000.00         ZZ
                                         360         39,878.16          1
                                       8.875            334.18         68
                                       8.625            334.18
    MARGATE          FL   33063          1            09/27/96         00
    0430052522                           03           11/01/96          0
    817795206                            O            10/01/26
    0

    1531336          686/G02             F           40,000.00         ZZ
                                         360         35,252.89          1
                                       8.550            308.99         60
                                       8.300            308.99
    FT LAUDERDALE    FL   33326          1            09/30/96         00
    0430052555                           01           11/01/96          0
    817800113                            O            10/01/26
    0

1

    1531338          686/G02             F           75,000.00         ZZ
                                         360         70,407.13          1
                                       8.800            592.71         50
                                       8.550            592.71
    LOS OSOS         CA   93402          5            09/24/96         00
    0430052605                           05           11/01/96          0
    817839202                            O            10/01/26
    0

    1531506          998/K77             F          162,000.00         ZZ
                                         360        145,670.21          1
                                       8.250          1,217.06         41
                                       8.000          1,217.06
    PASADENA         CA   91107          2            08/05/96         00
    626000920                            05           10/01/96          0
    99499097                             O            09/01/26
    0

    1531528          696/K77             F          248,000.00         ZZ
                                         360        234,357.57          1
                                       8.375          1,884.98         80
                                       8.125          1,884.98
    GREAT FALLS      VA   22066          1            09/30/96         00
    626000830                            03           11/01/96          0
    2328781                              O            10/01/26
    0

    1532341          369/K77             F          220,000.00         ZZ
                                         360        202,622.73          1
                                       8.250          1,652.79         80
                                       8.000          1,652.79
    FLAGSTAFF        AZ   86004          1            09/30/96         00
    626000886                            05           11/01/96          0
    49346505                             O            10/01/26
    0

    1532473          998/G02             F          184,900.00         ZZ
                                         360        172,164.93          1
                                       8.625          1,438.14         73
                                       8.375          1,438.14
    LAGUNA NIGUEL    CA   92677          1            09/25/96         00
    0430057497                           03           11/01/96          0
    59694984                             O            10/01/26
    0

    1532980          163/K77             F          240,000.00         ZZ
                                         360        227,861.99          1
                                       8.750          1,888.08         69
                                       8.500          1,888.08
1

    SHARON           MA   02067          1            09/19/96         00
    626000946                            05           11/01/96          0
    UNKNOWN                              O            10/01/26
    0

    1533110          375/G02             F          180,000.00         ZZ
                                         360        168,933.90          1
                                       8.750          1,416.06         72
                                       8.500          1,416.06
    HAINESPORT       NJ   08060          2            09/20/96         00
    0430056234                           05           11/01/96          0
    960164                               O            10/01/26
    0

    1533809          601/G02             F          283,800.00         ZZ
                                         360        257,234.95          1
                                       8.000          2,082.42         95
                                       7.750          2,082.42
    YUMA             AR   85364          1            09/20/96         11
    0430056135                           05           11/01/96         30
    1098158                              O            10/01/26
    0

   TOTAL NUMBER OF LOANS   :        719

   TOTAL ORIGINAL BALANCE  :   157,560,373.04

   TOTAL PRINCIPAL BALANCE :   137,961,262.52

   TOTAL ORIGINAL P+I      :     1,208,613.82

   TOTAL CURRENT P+I       :     1,208,613.80

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

<PAGE>
  RUN ON     : 06/18/02           RFC DISCLOSURE SYSTEM       RFFSDARM-01
  AT         : 12.57.05            ARM PASSTHRU REPORT        AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS                                 CUTOFF : 06/01/02
  POOL       : 0004594 0004595 0004596 0004597
             :
             :
  POOL STATUS:

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

       1128132                  .3750              13.1250
       139,450.16               .0500              13.0750
             6.7500             .0000              13.0750
             6.3750             .0000                2.2000
             6.3250             .0000                2.2000
             6.3250             .0000

       1128490                  .2500              14.8750
       167,956.69               .0500              14.8250
             6.7500             .0000              14.8250
             6.5000             .0000                2.3250
             6.4500             .0000                2.3250
             6.4500             .0000

       1128610                  .3750              14.0000
       138,757.03               .0500              13.9500
             6.7500             .0000              13.9500
             6.3750             .0000                2.2000
             6.3250             .0000                2.2000
             6.3250             .0000

       1153914                  .3750              13.1250
        31,955.31               .0500              13.0750
             6.7500             .0000              13.0750
             6.3750             .0000                2.2000
             6.3250             .0000                2.2000
             6.3250             .0000

       1157723                  .3750              13.6250
        76,206.41               .0500              13.5750
             6.7500             .0000              13.5750
             6.3750             .0000                2.2000
             6.3250             .0000                2.2000
             6.3250             .0000

       1158051                  .3750              13.6250
       153,213.41               .0500              13.5750
             6.7500             .0000              13.5750
             6.3750             .0000                2.2000
             6.3250             .0000                2.2000
             6.3250             .0000
1

       1158071                  .5000              13.0000
        33,005.18               .0500              12.9500
             6.8750             .0000              12.9500
             6.3750             .0000                2.2000
             6.3250             .0000                2.2000
             6.3250             .0000

       1158286                  .5000              13.2500
        58,719.23               .0500              13.2000
             6.8750             .0000              13.2000
             6.3750             .0000                2.2000
             6.3250             .0000                2.2000
             6.3250             .0000

       1162573                  .3750              13.6250
       152,177.79               .0500              13.5750
             6.7500             .0000              13.5750
             6.3750             .0000                2.2000
             6.3250             .0000                2.2000
             6.3250             .0000

       1162746                  .3750              14.0000
        43,467.67               .0500              13.9500
             6.8750             .0000              13.9500
             6.5000             .0000                2.3250
             6.4500             .0000                2.3250
             6.4500             .0000

       1162748                  .3750              13.1250
       193,950.72               .0500              13.0750
             7.0000             .0000              13.0750
             6.6250             .0000                2.2000
             6.5750             .0000                2.2000
             6.5750             .0000

       1165665                  .5000              12.8750
        78,608.46               .0500              12.8250
             6.8750             .0000              12.8250
             6.3750             .0000                2.2000
             6.3250             .0000                2.2000
             6.3250             .0000

       1165678                  .5000              12.8750
       129,352.49               .0500              12.8250
             6.8750             .0000              12.8250
             6.3750             .0000                2.2000
             6.3250             .0000                2.2000
             6.3250             .0000

       1165891                  .5000              12.8750
       103,943.99               .0500              12.8250
             6.8750             .0000              12.8250
             6.3750             .0000                2.2000
             6.3250             .0000                2.2000
             6.3250             .0000
1

       1166370                  .5000              13.0000
        45,822.05               .0500              12.9500
             6.8750             .0000              12.9500
             6.3750             .0000                2.2000
             6.3250             .0000                2.2000
             6.3250             .0000

       1175887                  .3750              14.0000
        71,405.12               .0500              13.9500
             5.5000             .0000              13.9500
             5.1250             .0000                2.3250
             5.0750             .0000                2.3250
             5.0750             .0000

       1185553                  .3750              14.3750
       168,167.13               .0500              14.3250
             5.6250             .0000              14.3250
             5.2500             .0000                2.3250
             5.2000             .0000                2.3250
             5.2000             .0000

       1185618                  .3750              12.0750
       149,742.31               .0500              12.0250
             7.1250             .0000              12.0250
             6.7500             .0000                2.3250
             6.7000             .0000                2.3250
             6.7000             .0000

       1185646                  .3750              12.5750
       215,808.45               .0500              12.5250
             5.2500             .0000              12.5250
             4.8750             .0000                2.3250
             4.8250             .0000                2.3250
             4.8250             .0000

       1185669                  .3750              13.5750
       136,277.69               .0500              13.5250
             6.8750             .0000              13.5250
             6.5000             .0000                2.3250
             6.4500             .0000                2.3250
             6.4500             .0000

       1185768                  .3750              12.5750
       154,288.26               .0500              12.5250
             6.8750             .0000              12.5250
             6.5000             .0000                2.3250
             6.4500             .0000                2.3250
             6.4500             .0000

       1185774                  .3750              12.0750
       194,394.83               .0500              12.0250
             7.1250             .0000              12.0250
             6.7500             .0000                2.3250
             6.7000             .0000                2.3250
             6.7000             .0000
1

       1185791                  .3750              12.5750
       157,804.09               .0500              12.5250
             5.5000             .0000              12.5250
             5.1250             .0000                2.3250
             5.0750             .0000                2.3250
             5.0750             .0000

       1185893                  .3750              13.1250
       156,572.92               .0500              13.0750
             5.5000             .0000              13.0750
             5.1250             .0000                2.3250
             5.0750             .0000                2.3250
             5.0750             .0000

       1185901                  .3750              14.0000
       259,158.55               .0500              13.9500
             5.2500             .0000              13.9500
             4.8750             .0000                2.3250
             4.8250             .0000                2.3250
             4.8250             .0000

       1185911                  .3750              14.3750
       163,247.18               .0500              14.3250
             5.5000             .0000              14.3250
             5.1250             .0000                2.3250
             5.0750             .0000                2.3250
             5.0750             .0000

       1186019                  .3750              12.5750
       150,486.76               .0500              12.5250
             6.8750             .0000              12.5250
             6.5000             .0000                2.3250
             6.4500             .0000                2.3250
             6.4500             .0000

       1186031                  .3750              12.5750
        20,957.02               .0500              12.5250
             6.8750             .0000              12.5250
             6.5000             .0000                2.3250
             6.4500             .0000                2.3250
             6.4500             .0000

       1186037                  .3750              12.7500
        68,743.85               .0500              12.7000
             5.2500             .0000              12.7000
             4.8750             .0000                2.3250
             4.8250             .0000                2.3250
             4.8250             .0000

       1186076                  .3750              13.3750
       180,849.92               .0500              13.3250
             6.7500             .0000              13.3250
             6.3750             .0000                2.3250
             6.3250             .0000                2.3250
             6.3250             .0000
1

       1186104                  .3750              12.5750
       172,347.70               .0500              12.5250
             5.6250             .0000              12.5250
             5.2500             .0000                2.3250
             5.2000             .0000                2.3250
             5.2000             .0000

       1186113                  .3750              12.5750
       177,513.20               .0500              12.5250
             5.2500             .0000              12.5250
             4.8750             .0000                2.3250
             4.8250             .0000                2.3250
             4.8250             .0000

       1186145                  .3750              12.5750
       161,169.80               .0500              12.5250
             7.1250             .0000              12.5250
             6.7500             .0000                2.3250
             6.7000             .0000                2.3250
             6.7000             .0000

       1186154                  .3750              13.1250
       251,714.68               .0500              13.0750
             6.8750             .0000              13.0750
             6.5000             .0000                2.3250
             6.4500             .0000                2.3250
             6.4500             .0000

       1186193                  .3750              13.1250
       125,640.64               .0500              13.0750
             6.8750             .0000              13.0750
             6.5000             .0000                2.3250
             6.4500             .0000                2.3250
             6.4500             .0000

       1186257                  .3750              12.5750
       153,028.04               .0500              12.5250
             5.6250             .0000              12.5250
             5.2500             .0000                2.3250
             5.2000             .0000                2.3250
             5.2000             .0000

       1186262                  .3750              13.1250
       153,284.35               .0500              13.0750
             6.5000             .0000              13.0750
             6.1250             .0000                2.3250
             6.0750             .0000                2.3250
             6.0750             .0000

       1186268                  .3750              12.8750
       219,348.69               .0500              12.8250
             5.5000             .0000              12.8250
             5.1250             .0000                2.3250
             5.0750             .0000                2.3250
             5.0750             .0000
1

       1186285                  .3750              13.5750
       151,578.17               .0500              13.5250
             5.2500             .0000              13.5250
             4.8750             .0000                2.3250
             4.8250             .0000                2.3250
             4.8250             .0000

       1186287                  .3750              12.5750
         5,316.24               .0500              12.5250
             5.2500             .0000              12.5250
             4.8750             .0000                2.3250
             4.8250             .0000                2.3250
             4.8250             .0000

       1186288                  .3750              12.5750
       152,263.92               .0500              12.5250
             5.2500             .0000              12.5250
             4.8750             .0000                2.3250
             4.8250             .0000                2.3250
             4.8250             .0000

       1186363                  .3750              12.5750
       166,538.87               .0500              12.5250
             5.2500             .0000              12.5250
             4.8750             .0000                2.3250
             4.8250             .0000                2.3250
             4.8250             .0000

       1197462                  .3750              15.6250
       101,461.94               .0500              15.5750
             6.8750             .0000              15.5750
             6.5000             .0000                2.3250
             6.4500             .0000                2.3250
             6.4500             .0000

       1221793                  .3750              14.2500
       108,007.42               .0500              14.2000
             8.1550             .0000              14.2000
             7.7800             .0000                2.9400
             7.7300             .0000                2.9400
             7.7300             .0000

       1221794                  .3750              14.2500
        99,646.63               .0500              14.2000
             8.1550             .0000              14.2000
             7.7800             .0000                2.9400
             7.7300             .0000                2.9400
             7.7300             .0000

       1226321                  .3750              14.1250
       164,826.69               .0500              14.0750
             7.5400             .0000              14.0750
             7.1650             .0000                2.1750
             7.1150             .0000                2.1750
             7.1150             .0000
1

       1227278                  .6850              15.9400
        22,164.43               .0500              15.8900
             7.0000             .0000              15.8900
             6.3150             .0000                2.1550
             6.2650             .0000                2.1550
             6.2650             .0000

       1227405                  .6850              15.9400
        78,936.38               .0500              15.8900
             7.0000             .0000              15.8900
             6.3150             .0000                2.1550
             6.2650             .0000                2.1550
             6.2650             .0000

       1227431                  .7800              15.8450
        62,681.03               .0500              15.7950
             6.8750             .0000              15.7950
             6.0950             .0000                2.0600
             6.0450             .0000                2.0600
             6.0450             .0000

       1227507                  .7850              15.8400
        51,280.35               .0500              15.7900
             7.1250             .0000              15.7900
             6.3400             .0000                2.0550
             6.2900             .0000                2.0550
             6.2900             .0000

       1227794                  .7000              15.9250
        28,632.57               .0500              15.8750
             7.1250             .0000              15.8750
             6.4250             .0000                2.1400
             6.3750             .0000                2.1400
             6.3750             .0000

       1227834                  .6850              15.9400
         1,133.17               .0500              15.8900
             7.0000             .0000              15.8900
             6.3150             .0000                2.1550
             6.2650             .0000                2.1550
             6.2650             .0000

       1228191                  .6850              15.9400
        45,684.48               .0500              15.8900
             7.0000             .0000              15.8900
             6.3150             .0000                2.1550
             6.2650             .0000                2.1550
             6.2650             .0000

       1228310                  .7000              16.9250
        30,392.68               .0500              16.8750
             7.1250             .0000              16.8750
             6.4250             .0000                2.1400
             6.3750             .0000                2.1400
             6.3750             .0000
1

       1248786                  .3750              16.1250
        40,311.74               .0500              16.0750
             7.2500             .0000              16.0750
             6.8750             .0000                2.5750
             6.8250             .0000                2.5750
             6.8250             .0000

       1248796                  .3750              14.5000
        39,004.67               .0500              14.4500
             7.5000             .0000              14.4500
             7.1250             .0000                2.3250
             7.0750             .0000                2.3250
             7.0750             .0000

       1248805                  .3750              15.5000
        18,342.65               .0500              15.4500
             7.0000             .0000              15.4500
             6.6250             .0000                2.3250
             6.5750             .0000                2.3250
             6.5750             .0000

       1248824                  .3750              15.8750
        63,448.16               .0500              15.8250
             7.0000             .0000              15.8250
             6.6250             .0000                1.8250
             6.5750             .0000                1.8250
             6.5750             .0000

       1248841                  .3750              15.8750
        85,423.32               .0500              15.8250
             6.8750             .0000              15.8250
             6.5000             .0000                1.8250
             6.4500             .0000                1.8250
             6.4500             .0000

       1248885                  .3750              15.5000
       248,370.70               .0500              15.4500
             5.6250             .0000              15.4500
             5.2500             .0000                2.3250
             5.2000             .0000                2.3250
             5.2000             .0000

       1248886                  .3750              15.6250
       155,787.76               .0500              15.5750
             6.5000             .0000              15.5750
             6.1250             .0000                2.3250
             6.0750             .0000                2.3250
             6.0750             .0000

       1248893                  .3750              15.5000
        87,550.16               .0500              15.4500
             5.2500             .0000              15.4500
             4.8750             .0000                2.3250
             4.8250             .0000                2.3250
             4.8250             .0000
1

       1248920                  .3750              16.2500
        44,634.59               .0500              16.2000
             7.5000             .0000              16.2000
             7.1250             .0000                2.8250
             7.0750             .0000                2.8250
             7.0750             .0000

       1248964                  .3750              13.6250
        83,929.02               .0500              13.5750
             6.7500             .0000              13.5750
             6.3750             .0000                2.0750
             6.3250             .0000                2.0750
             6.3250             .0000

       1248982                  .3750              14.5000
       116,249.91               .0500              14.4500
             7.0000             .0000              14.4500
             6.6250             .0000                2.3250
             6.5750             .0000                2.3250
             6.5750             .0000

       1248999                  .3750              17.5000
         5,423.75               .0500              17.4500
             6.8750             .0000              17.4500
             6.5000             .0000                3.9500
             6.4500             .0000                3.9500
             6.4500             .0000

       1249005                  .3750              14.1250
       155,003.82               .0500              14.0750
             7.5000             .0000              14.0750
             7.1250             .0000                2.7000
             7.0750             .0000                2.7000
             7.0750             .0000

       1249123                  .3750              14.5000
        54,610.16               .0500              14.4500
             5.2500             .0000              14.4500
             4.8750             .0000                2.3250
             4.8250             .0000                2.3250
             4.8250             .0000

       1249127                  .3750              15.5000
        34,220.13               .0500              15.4500
             5.2500             .0000              15.4500
             4.8750             .0000                2.3250
             4.8250             .0000                2.3250
             4.8250             .0000

       1249131                  .3750              15.2500
        54,457.42               .0500              15.2000
             6.7500             .0000              15.2000
             6.3750             .0000                2.3250
             6.3250             .0000                2.3250
             6.3250             .0000
1

       1249135                  .3750              14.5000
        30,980.62               .0500              14.4500
             6.8750             .0000              14.4500
             6.5000             .0000                2.3250
             6.4500             .0000                2.3250
             6.4500             .0000

       1249145                  .3750              14.5000
        52,882.37               .0500              14.4500
             6.6250             .0000              14.4500
             6.2500             .0000                2.5250
             6.2000             .0000                2.5250
             6.2000             .0000

       1249208                  .3750              13.0000
       118,351.25               .0500              12.9500
             6.8750             .0000              12.9500
             6.5000             .0000                2.2000
             6.4500             .0000                2.2000
             6.4500             .0000

       1249209                  .3750              14.1250
        96,362.29               .0500              14.0750
             5.5000             .0000              14.0750
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000

       1249240                  .3750              14.1250
        66,234.79               .0500              14.0750
             5.5000             .0000              14.0750
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000

       1249244                  .3750              14.1250
        77,442.87               .0500              14.0750
             5.5000             .0000              14.0750
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000

       1249265                  .3750              14.1250
       171,422.58               .0500              14.0750
             7.3750             .0000              14.0750
             7.0000             .0000                2.5750
             6.9500             .0000                2.5750
             6.9500             .0000

       1249276                  .3750              14.1250
        85,399.78               .0500              14.0750
             5.5000             .0000              14.0750
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000
1

       1249285                  .3750              13.5000
        99,806.42               .0500              13.4500
             7.2500             .0000              13.4500
             6.8750             .0000                2.5750
             6.8250             .0000                2.5750
             6.8250             .0000

       1249290                  .3750              13.5000
       116,482.02               .0500              13.4500
             7.2500             .0000              13.4500
             6.8750             .0000                2.5750
             6.8250             .0000                2.5750
             6.8250             .0000

       1249304                  .3750              12.5000
       193,856.72               .0500              12.4500
             7.0000             .0000              12.4500
             6.6250             .0000                2.4500
             6.5750             .0000                2.4500
             6.5750             .0000

       1249307                  .3750              13.5000
        33,922.13               .0500              13.4500
             7.1250             .0000              13.4500
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1249324                  .3750              13.5000
        77,124.96               .0500              13.4500
             7.1250             .0000              13.4500
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1249340                  .3750              14.0000
        55,944.72               .0500              13.9500
             7.1250             .0000              13.9500
             6.7500             .0000                2.4500
             6.7000             .0000                2.4500
             6.7000             .0000

       1249342                  .3750              14.0000
        68,965.42               .0500              13.9500
             7.1250             .0000              13.9500
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1249347                  .3750              15.2500
        97,032.37               .0500              15.2000
             7.5000             .0000              15.2000
             7.1250             .0000                2.9500
             7.0750             .0000                2.9500
             7.0750             .0000
1

       1249353                  .3750              12.1250
       149,391.21               .0500              12.0750
             6.8750             .0000              12.0750
             6.5000             .0000                2.3250
             6.4500             .0000                2.3250
             6.4500             .0000

       1249529                  .3750              16.1250
        84,019.41               .0500              16.0750
             7.6250             .0000              16.0750
             7.2500             .0000                3.0750
             7.2000             .0000                3.0750
             7.2000             .0000

       1249554                  .3750              12.8750
       215,773.74               .0500              12.8250
             7.0000             .0000              12.8250
             6.6250             .0000                2.3250
             6.5750             .0000                2.3250
             6.5750             .0000

       1249560                  .3750              14.5000
        49,296.43               .0500              14.4500
             7.0000             .0000              14.4500
             6.6250             .0000                2.4500
             6.5750             .0000                2.4500
             6.5750             .0000

       1249632                  .3750              13.7500
       140,781.67               .0500              13.7000
             7.3750             .0000              13.7000
             7.0000             .0000                3.2000
             6.9500             .0000                3.2000
             6.9500             .0000

       1249640                  .3750              14.8750
        86,224.47               .0500              14.8250
             7.1250             .0000              14.8250
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1315487                  .2500              11.8750
       137,389.71               .0500              11.8250
             7.0000             .0000              11.8250
             6.7500             .0000                2.4500
             6.7000             .0000                2.4500
             6.7000             .0000

       1353660                  .3750              10.2500
       189,999.73               .0500              10.2000
             7.1250             .0000              10.2000
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000
1

       1356905                  .2500              10.1250
       537,353.52               .0500              10.0750
             6.6250             .0000              10.0750
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1364317                  .3750              11.0000
       192,296.64               .0500              10.9500
             7.0000             .0000              10.9500
             6.6250             .0000                2.4500
             6.5750             .0000                2.4500
             6.5750             .0000

       1366841                  .2500              10.6250
       185,401.92               .0500              10.5750
             5.7500             .0000              10.5750
             5.5000             .0000                2.5750
             5.4500             .0000                2.5750
             5.4500             .0000

       1368812                  .2500              10.2500
       161,118.12               .0500              10.2000
             5.7500             .0000              10.2000
             5.5000             .0000                2.5750
             5.4500             .0000                2.5750
             5.4500             .0000

       1369282                  .3750              10.5000
        53,729.57               .0500              10.4500
             6.8750             .0000              10.4500
             6.5000             .0000                2.3250
             6.4500             .0000                2.3250
             6.4500             .0000

       1370384                  .3750              10.2500
        80,715.67               .0500              10.2000
             7.0000             .0000              10.2000
             6.6250             .0000                2.4500
             6.5750             .0000                2.4500
             6.5750             .0000

       1370700                  .3750              10.1250
       250,150.71               .0500              10.0750
             6.8750             .0000              10.0750
             6.5000             .0000                2.3250
             6.4500             .0000                2.3250
             6.4500             .0000

       1370827                  .3750              10.6250
       182,614.08               .0500              10.5750
             7.1250             .0000              10.5750
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000
1

       1370888                  .3750              11.1250
       280,371.82               .0500              11.0750
             5.7500             .0000              11.0750
             5.3750             .0000                2.4500
             5.3250             .0000                2.4500
             5.3250             .0000

       1371194                  .3750              10.5000
       135,662.03               .0500              10.4500
             5.7500             .0000              10.4500
             5.3750             .0000                2.4500
             5.3250             .0000                2.4500
             5.3250             .0000

       1371396                  .2500              10.0000
        84,782.31               .0500               9.9500
             6.7500             .0000               9.9500
             6.5000             .0000                2.7000
             6.4500             .0000                2.7000
             6.4500             .0000

       1371524                  .2500              10.6250
       249,284.89               .0500              10.5750
             7.0000             .0000              10.5750
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1371536                  .3750              10.5750
       297,007.80               .0500              10.5250
             7.2500             .0000              10.5250
             6.8750             .0000                2.5250
             6.8250             .0000                2.5250
             6.8250             .0000

       1371711                  .5000              11.0000
        92,895.96               .0500              10.9500
             6.8750             .0000              10.9500
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1371995                  .2500              10.3750
       247,160.06               .0500              10.3250
             6.6250             .0000              10.3250
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1372172                  .3750              10.6250
       233,652.93               .0500              10.5750
             5.6250             .0000              10.5750
             5.2500             .0000                2.4500
             5.2000             .0000                2.4500
             5.2000             .0000
1

       1372305                  .2500              11.0000
       221,677.02               .0500              10.9500
             5.6250             .0000              10.9500
             5.3750             .0000                2.4500
             5.3250             .0000                2.4500
             5.3250             .0000

       1372381                  .3750              11.0000
         8,021.52               .0500              10.9500
             5.6250             .0000              10.9500
             5.2500             .0000                2.3250
             5.2000             .0000                2.3250
             5.2000             .0000

       1372398                  .2500              10.2500
        92,313.90               .0500              10.2000
             6.6250             .0000              10.2000
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1372515                  .3750              10.3750
       251,638.12               .0500              10.3250
             6.7500             .0000              10.3250
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1372569                  .2500              10.8750
       347,829.45               .0500              10.8250
             5.6250             .0000              10.8250
             5.3750             .0000                2.5750
             5.3250             .0000                2.5750
             5.3250             .0000

       1372604                  .2500              10.3750
       233,397.47               .0500              10.3250
             6.6250             .0000              10.3250
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1372839                  .2500              10.5000
        83,889.23               .0500              10.4500
             5.6250             .0000              10.4500
             5.3750             .0000                2.4500
             5.3250             .0000                2.4500
             5.3250             .0000

       1372924                  .3750              10.1250
       242,018.29               .0500              10.0750
             7.0000             .0000              10.0750
             6.6250             .0000                2.4500
             6.5750             .0000                2.4500
             6.5750             .0000
1

       1373111                  .3750              11.0000
        80,437.61               .0500              10.9500
             5.7500             .0000              10.9500
             5.3750             .0000                2.4500
             5.3250             .0000                2.4500
             5.3250             .0000

       1373399                  .2500              11.3750
       158,303.83               .0500              11.3250
             5.6250             .0000              11.3250
             5.3750             .0000                2.4500
             5.3250             .0000                2.4500
             5.3250             .0000

       1373507                  .2500              11.1250
       196,190.27               .0500              11.0750
             5.5000             .0000              11.0750
             5.2500             .0000                2.4500
             5.2000             .0000                2.4500
             5.2000             .0000

       1373630                  .2500              10.5000
       109,270.02               .0500              10.4500
             6.3750             .0000              10.4500
             6.1250             .0000                2.3250
             6.0750             .0000                2.3250
             6.0750             .0000

       1373643                  .3750              11.1250
       207,999.14               .0500              11.0750
             5.7500             .0000              11.0750
             5.3750             .0000                2.4500
             5.3250             .0000                2.4500
             5.3250             .0000

       1373779                  .2500              10.6250
        91,433.42               .0500              10.5750
             5.6250             .0000              10.5750
             5.3750             .0000                2.5750
             5.3250             .0000                2.5750
             5.3250             .0000

       1374750                  .2500              10.6250
       212,836.67               .0500              10.5750
             5.5000             .0000              10.5750
             5.2500             .0000                2.4500
             5.2000             .0000                2.4500
             5.2000             .0000

       1375264                  .2500              11.3750
        57,048.20               .0500              11.3250
             5.6250             .0000              11.3250
             5.3750             .0000                2.4500
             5.3250             .0000                2.4500
             5.3250             .0000
1

       1375628                  .3750              10.6250
       217,405.52               .0500              10.5750
             5.7500             .0000              10.5750
             5.3750             .0000                2.4500
             5.3250             .0000                2.4500
             5.3250             .0000

       1376059                  .2500              10.6250
        59,736.17               .0500              10.5750
             5.6250             .0000              10.5750
             5.3750             .0000                2.5750
             5.3250             .0000                2.5750
             5.3250             .0000

       1376157                  .2500              10.5000
        65,945.47               .0500              10.4500
             5.7500             .0000              10.4500
             5.5000             .0000                2.5750
             5.4500             .0000                2.5750
             5.4500             .0000

       1376168                  .2500              10.8750
       269,669.79               .0500              10.8250
             5.7500             .0000              10.8250
             5.5000             .0000                2.5750
             5.4500             .0000                2.5750
             5.4500             .0000

       1376508                  .3750              10.5000
       235,051.53               .0500              10.4500
             5.7500             .0000              10.4500
             5.3750             .0000                2.4500
             5.3250             .0000                2.4500
             5.3250             .0000

       1376537                  .3750              10.2500
       165,266.36               .0500              10.2000
             5.6250             .0000              10.2000
             5.2500             .0000                2.4500
             5.2000             .0000                2.4500
             5.2000             .0000

       1376911                  .2500              11.1250
       122,590.00               .0500              11.0750
             5.6250             .0000              11.0750
             5.3750             .0000                2.5750
             5.3250             .0000                2.5750
             5.3250             .0000

       1379316                  .2500              10.6250
       335,641.38               .0500              10.5750
             5.5000             .0000              10.5750
             5.2500             .0000                2.4500
             5.2000             .0000                2.4500
             5.2000             .0000
1

       1379738                  .2500              10.7500
       124,643.30               .0500              10.7000
             5.3750             .0000              10.7000
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000

       1380755                  .2500              11.0000
       325,327.30               .0500              10.9500
             5.3750             .0000              10.9500
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000

       1381159                  .2500              11.7500
       325,957.01               .0500              11.7000
             5.3750             .0000              11.7000
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000

       1381943                  .2500              10.8750
       226,262.42               .0500              10.8250
             5.5000             .0000              10.8250
             5.2500             .0000                2.4500
             5.2000             .0000                2.4500
             5.2000             .0000

       1382172                  .2500              10.6250
       134,935.93               .0500              10.5750
             5.3750             .0000              10.5750
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000

       1382876                  .2500              11.1250
       122,653.57               .0500              11.0750
             5.3750             .0000              11.0750
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000

       1383027                  .2500              11.0000
       135,766.67               .0500              10.9500
             5.3750             .0000              10.9500
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000

       1384489                  .2500              10.7500
       162,344.09               .0500              10.7000
             5.3750             .0000              10.7000
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000
1

       1385790                  .2500              11.7500
        54,584.28               .0500              11.7000
             7.2500             .0000              11.7000
             7.0000             .0000                2.5750
             6.9500             .0000                2.5750
             6.9500             .0000

       1386363                  .2500              11.7500
        89,491.15               .0500              11.7000
             7.2500             .0000              11.7000
             7.0000             .0000                2.5750
             6.9500             .0000                2.5750
             6.9500             .0000

       1388023                  .2500              11.1250
       383,091.14               .0500              11.0750
             7.1250             .0000              11.0750
             6.8750             .0000                2.5750
             6.8250             .0000                2.5750
             6.8250             .0000

       1389793                  .2500              12.1250
        90,164.89               .0500              12.0750
             7.0000             .0000              12.0750
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1390488                  .2500              11.8750
        33,643.78               .0500              11.8250
             7.1250             .0000              11.8250
             6.8750             .0000                2.5750
             6.8250             .0000                2.5750
             6.8250             .0000

       1390702                  .2500              12.3750
       218,609.42               .0500              12.3250
             6.8750             .0000              12.3250
             6.6250             .0000                2.4500
             6.5750             .0000                2.4500
             6.5750             .0000

       1392025                  .2500              11.6250
        99,509.94               .0500              11.5750
             7.0000             .0000              11.5750
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1392155                  .2500              11.7500
       291,166.42               .0500              11.7000
             6.8750             .0000              11.7000
             6.6250             .0000                2.4500
             6.5750             .0000                2.4500
             6.5750             .0000
1

       1392423                  .2500              10.6250
        71,618.54               .0500              10.5750
             7.0000             .0000              10.5750
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1392889                  .2500              10.6250
        44,581.86               .0500              10.5750
             7.0000             .0000              10.5750
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1393280                  .2500              12.1250
       121,069.26               .0500              12.0750
             7.0000             .0000              12.0750
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1393428                  .3750              12.3750
        43,914.24               .0500              12.3250
             7.1250             .0000              12.3250
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1393675                  .2500              12.2500
        77,724.00               .0500              12.2000
             7.0000             .0000              12.2000
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1394094                  .2500              13.1250
        38,126.41               .0500              13.0750
             7.1250             .0000              13.0750
             6.8750             .0000                2.5750
             6.8250             .0000                2.5750
             6.8250             .0000

       1394484                  .2500              12.6250
       301,682.60               .0500              12.5750
             7.2500             .0000              12.5750
             7.0000             .0000                2.7000
             6.9500             .0000                2.7000
             6.9500             .0000

       1394605                  .2500              12.6250
       174,974.28               .0500              12.5750
             7.0000             .0000              12.5750
             6.7500             .0000                2.4500
             6.7000             .0000                2.4500
             6.7000             .0000
1

       1396947                  .2500              12.3750
       106,460.20               .0500              12.3250
             7.0000             .0000              12.3250
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1396965                  .2500              12.1250
       242,807.47               .0500              12.0750
             7.0000             .0000              12.0750
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1397436                  .2500              13.5000
        37,193.69               .0500              13.4500
             6.8750             .0000              13.4500
             6.6250             .0000                2.5750
             6.5750             .0000                2.5750
             6.5750             .0000

       1397557                  .2500              12.6250
        77,097.02               .0500              12.5750
             7.1250             .0000              12.5750
             6.8750             .0000                2.5750
             6.8250             .0000                2.5750
             6.8250             .0000

       1398007                  .2500              12.8750
       123,836.41               .0500              12.8250
             6.8750             .0000              12.8250
             6.6250             .0000                2.5750
             6.5750             .0000                2.5750
             6.5750             .0000

       1398093                  .2500              11.7500
       100,060.24               .0500              11.7000
             7.0000             .0000              11.7000
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1398095                  .2500              11.6250
        92,318.81               .0500              11.5750
             6.8750             .0000              11.5750
             6.6250             .0000                2.5750
             6.5750             .0000                2.5750
             6.5750             .0000

       1398109                  .2500              12.3750
        67,078.30               .0500              12.3250
             7.1250             .0000              12.3250
             6.8750             .0000                2.5750
             6.8250             .0000                2.5750
             6.8250             .0000
1

       1398124                  .2500              11.6250
        86,764.31               .0500              11.5750
             7.1250             .0000              11.5750
             6.8750             .0000                2.5750
             6.8250             .0000                2.5750
             6.8250             .0000

       1398156                  .2500              12.7500
       140,325.37               .0500              12.7000
             7.1250             .0000              12.7000
             6.8750             .0000                2.5750
             6.8250             .0000                2.5750
             6.8250             .0000

       1398696                  .2500              12.6250
        47,209.53               .0500              12.5750
             6.8750             .0000              12.5750
             6.6250             .0000                2.5750
             6.5750             .0000                2.5750
             6.5750             .0000

       1398698                  .2500              12.3750
       164,308.12               .0500              12.3250
             6.8750             .0000              12.3250
             6.6250             .0000                2.5750
             6.5750             .0000                2.5750
             6.5750             .0000

       1399083                  .2500              11.8750
        47,853.39               .0500              11.8250
             6.8750             .0000              11.8250
             6.6250             .0000                2.5750
             6.5750             .0000                2.5750
             6.5750             .0000

       1399883                  .2500              12.6250
        35,069.06               .0500              12.5750
             6.8750             .0000              12.5750
             6.6250             .0000                2.5750
             6.5750             .0000                2.5750
             6.5750             .0000

       1400025                  .3750              11.8750
       131,445.90               .0500              11.8250
             7.1250             .0000              11.8250
             6.7500             .0000                2.4500
             6.7000             .0000                2.4500
             6.7000             .0000

       1400057                  .3750              12.0000
       118,512.32               .0500              11.9500
             7.1250             .0000              11.9500
             6.7500             .0000                2.4500
             6.7000             .0000                2.4500
             6.7000             .0000
1

       1400061                  .2500              12.2500
        42,766.08               .0500              12.2000
             6.8750             .0000              12.2000
             6.6250             .0000                2.5750
             6.5750             .0000                2.5750
             6.5750             .0000

       1400069                  .2500              12.5000
        79,540.60               .0500              12.4500
             6.8750             .0000              12.4500
             6.6250             .0000                2.5750
             6.5750             .0000                2.5750
             6.5750             .0000

       1400076                  .2500              12.5000
        84,250.00               .0500              12.4500
             6.8750             .0000              12.4500
             6.6250             .0000                2.5750
             6.5750             .0000                2.5750
             6.5750             .0000

       1400106                  .2500              13.0000
       107,258.92               .0500              12.9500
             6.8750             .0000              12.9500
             6.6250             .0000                2.5750
             6.5750             .0000                2.5750
             6.5750             .0000

       1400209                  .2500              12.3750
       157,063.27               .0500              12.3250
             6.8750             .0000              12.3250
             6.6250             .0000                2.5750
             6.5750             .0000                2.5750
             6.5750             .0000

       1400343                  .3750              12.6250
        87,257.60               .0500              12.5750
             7.0000             .0000              12.5750
             6.6250             .0000                2.4500
             6.5750             .0000                2.4500
             6.5750             .0000

       1400639                  .2500              12.1250
        77,431.42               .0500              12.0750
             6.8750             .0000              12.0750
             6.6250             .0000                2.5750
             6.5750             .0000                2.5750
             6.5750             .0000

       1400847                  .3750              13.1250
       109,942.39               .0500              13.0750
             6.8750             .0000              13.0750
             6.5000             .0000                2.3250
             6.4500             .0000                2.3250
             6.4500             .0000
1

       1401088                  .2500              13.3750
       121,240.63               .0500              13.3250
             7.0000             .0000              13.3250
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1403375                  .3750              12.1250
       115,349.05               .0500              12.0750
             7.1250             .0000              12.0750
             6.7500             .0000                2.4500
             6.7000             .0000                2.4500
             6.7000             .0000

       1403570                  .2500              13.2500
        88,421.22               .0500              13.2000
             6.6250             .0000              13.2000
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1425389                  .2500              11.5000
        66,719.17               .0500              11.4500
             7.1250             .0000              11.4500
             6.8750             .0000                2.5750
             6.8250             .0000                2.5750
             6.8250             .0000

       1436467                  .2500              11.8750
       453,320.18               .0500              11.8250
             7.0000             .0000              11.8250
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1438309                  .2500              12.7500
       220,842.71               .0500              12.7000
             7.0000             .0000              12.7000
             6.7500             .0000                2.4500
             6.7000             .0000                2.4500
             6.7000             .0000

       1438315                  .2500              15.7500
       180,073.08               .0500              15.7000
             5.5000             .0000              15.7000
             5.2500             .0000                2.7000
             5.2000             .0000                2.7000
             5.2000             .0000

       1440725                  .2500              12.5000
       217,212.24               .0500              12.4500
             7.0000             .0000              12.4500
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000
1

       1440765                  .2500              12.2500
       166,886.36               .0500              12.2000
             7.1250             .0000              12.2000
             6.8750             .0000                2.5750
             6.8250             .0000                2.5750
             6.8250             .0000

       1443037                  .2500              11.7500
       183,694.06               .0500              11.7000
             7.0000             .0000              11.7000
             6.7500             .0000                2.4500
             6.7000             .0000                2.4500
             6.7000             .0000

       1446110                  .2500              13.0000
       195,221.69               .0500              12.9500
             6.8750             .0000              12.9500
             6.6250             .0000                2.4500
             6.5750             .0000                2.4500
             6.5750             .0000

       1448150                  .2500              11.7500
        96,204.57               .0500              11.7000
             7.0000             .0000              11.7000
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1452598                  .2500              11.8750
       116,739.38               .0500              11.8250
             7.0000             .0000              11.8250
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1454152                  .2500              12.5000
       157,865.93               .0500              12.4500
             7.1250             .0000              12.4500
             6.8750             .0000                2.5750
             6.8250             .0000                2.5750
             6.8250             .0000

       1456481                  .2500              11.8750
       147,724.71               .0500              11.8250
             7.0000             .0000              11.8250
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1456630                  .2500              12.8750
       234,172.28               .0500              12.8250
             7.0000             .0000              12.8250
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000
1

       1462299                  .2500              11.7500
       292,951.67               .0500              11.7000
             6.8750             .0000              11.7000
             6.6250             .0000                2.5750
             6.5750             .0000                2.5750
             6.5750             .0000

       1466104                  .5000              15.5000
       119,115.95               .0500              15.4500
            10.0000             .0000              15.4500
             9.5000             .0000                4.3500
             9.4500             .0000                4.3500
             9.4500             .0000

       1467665                  .2500              11.7500
       202,817.48               .0500              11.7000
             6.8750             .0000              11.7000
             6.6250             .0000                2.5750
             6.5750             .0000                2.5750
             6.5750             .0000

       1468054                  .2500              12.5000
       227,076.06               .0500              12.4500
             6.6250             .0000              12.4500
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1468574                  .2500              12.1250
       251,415.85               .0500              12.0750
             7.0000             .0000              12.0750
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1471902                  .2500              12.3750
       279,525.91               .0500              12.3250
             5.7500             .0000              12.3250
             5.5000             .0000                2.5750
             5.4500             .0000                2.5750
             5.4500             .0000

       1474337                  .2500              12.0000
        10,753.69               .0500              11.9500
             6.6250             .0000              11.9500
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1474530                  .2500              11.8750
        35,656.97               .0500              11.8250
             7.1250             .0000              11.8250
             6.8750             .0000                2.5750
             6.8250             .0000                2.5750
             6.8250             .0000
1

       1481118                  .2500              11.3750
       150,658.18               .0500              11.3250
             5.7500             .0000              11.3250
             5.5000             .0000                2.5750
             5.4500             .0000                2.5750
             5.4500             .0000

       1481845                  .2500              11.2500
       338,412.00               .0500              11.2000
             5.7500             .0000              11.2000
             5.5000             .0000                2.5750
             5.4500             .0000                2.5750
             5.4500             .0000

       1484934                  .5000              15.8750
       135,842.17               .0500              15.8250
            10.6250             .0000              15.8250
            10.1250             .0000                5.9500
            10.0750             .0000                5.9500
            10.0750             .0000

       1484966                  .5000              15.0000
        49,296.67               .0500              14.9500
             9.5000             .0000              14.9500
             9.0000             .0000                4.2000
             8.9500             .0000                4.2000
             8.9500             .0000

       1484968                  .5000              15.1250
       135,400.16               .0500              15.0750
             9.6250             .0000              15.0750
             9.1250             .0000                4.2000
             9.0750             .0000                4.2000
             9.0750             .0000

       1484969                  .5000              15.7500
        99,246.81               .0500              15.7000
            10.2500             .0000              15.7000
             9.7500             .0000                4.9500
             9.7000             .0000                4.9500
             9.7000             .0000

       1485000                  .5000              15.3750
        62,730.18               .0500              15.3250
             9.8750             .0000              15.3250
             9.3750             .0000                5.3250
             9.3250             .0000                5.3250
             9.3250             .0000

       1485007                  .5000              14.5000
        81,268.37               .0500              14.4500
             9.0000             .0000              14.4500
             8.5000             .0000                3.5750
             8.4500             .0000                3.5750
             8.4500             .0000
1

       1485023                  .5000              15.3750
       156,271.26               .0500              15.3250
             9.8750             .0000              15.3250
             9.3750             .0000                4.4500
             9.3250             .0000                4.4500
             9.3250             .0000

       1485067                  .5000              14.2500
        82,222.09               .0500              14.2000
             8.7500             .0000              14.2000
             8.2500             .0000                3.3250
             8.2000             .0000                3.3250
             8.2000             .0000

       1485074                  .5000              15.6250
        74,177.43               .0500              15.5750
            10.1250             .0000              15.5750
             9.6250             .0000                4.8250
             9.5750             .0000                4.8250
             9.5750             .0000

       1485099                  .5000              20.5000
        38,441.35               .0500              20.4500
            11.7500             .0000              20.4500
            11.2500             .0000                7.2000
            11.2000             .0000                7.2000
            11.2000             .0000

       1485121                  .5000              14.5000
        47,401.75               .0500              14.4500
            11.3750             .0000              14.4500
            10.8750             .0000                6.8250
            10.8250             .0000                6.8250
            10.8250             .0000

       1488028                  .5000              13.8750
        74,993.31               .0500              13.8250
             8.3750             .0000              13.8250
             7.8750             .0000                2.7000
             7.8250             .0000                2.7000
             7.8250             .0000

       1488058                  .5000              14.5000
        56,923.86               .0500              14.4500
            11.8750             .0000              14.4500
            11.3750             .0000                7.5750
            11.3250             .0000                7.5750
            11.3250             .0000

       1488780                  .2500              11.0000
       262,425.44               .0500              10.9500
             5.7500             .0000              10.9500
             5.5000             .0000                2.5750
             5.4500             .0000                2.5750
             5.4500             .0000
1

       1490411                  .2500              12.5000
       287,461.56               .0500              12.4500
             5.7500             .0000              12.4500
             5.5000             .0000                2.5750
             5.4500             .0000                2.5750
             5.4500             .0000

       1494477                  .3750              12.3750
        60,785.07               .0500              12.3250
             5.3750             .0000              12.3250
             5.0000             .0000                2.4500
             4.9500             .0000                2.4500
             4.9500             .0000

       1494527                  .2500              12.0000
       185,120.83               .0500              11.9500
             5.6250             .0000              11.9500
             5.3750             .0000                2.5750
             5.3250             .0000                2.5750
             5.3250             .0000

       1495128                  .2500              12.8750
       174,227.11               .0500              12.8250
             5.3750             .0000              12.8250
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000

       1495243                  .2500              11.7500
       279,577.78               .0500              11.7000
             5.6250             .0000              11.7000
             5.3750             .0000                2.5750
             5.3250             .0000                2.5750
             5.3250             .0000

       1496453                  .2500              12.6250
       387,928.17               .0500              12.5750
             5.3750             .0000              12.5750
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000

       1496922                  .2500              12.2500
        32,663.52               .0500              12.2000
             5.6250             .0000              12.2000
             5.3750             .0000                2.5750
             5.3250             .0000                2.5750
             5.3250             .0000

       1497284                  .2500              12.5000
       175,114.59               .0500              12.4500
             5.3750             .0000              12.4500
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000
1

       1497464                  .2500              11.6250
       234,631.35               .0500              11.5750
             5.6250             .0000              11.5750
             5.3750             .0000                2.5750
             5.3250             .0000                2.5750
             5.3250             .0000

       1498457                  .5000              14.2500
       104,657.81               .0500              14.2000
             6.6250             .0000              14.2000
             6.1250             .0000                3.5750
             6.0750             .0000                3.5750
             6.0750             .0000

       1500070                  .5000              14.5000
        87,975.17               .0500              14.4500
             7.8750             .0000              14.4500
             7.3750             .0000                4.8250
             7.3250             .0000                4.8250
             7.3250             .0000

       1503163                  .5000              15.3750
        39,334.79               .0500              15.3250
             9.3750             .0000              15.3250
             8.8750             .0000                4.4500
             8.8250             .0000                4.4500
             8.8250             .0000

       1504161                  .5000              15.0000
       132,378.50               .0500              14.9500
             8.7500             .0000              14.9500
             8.2500             .0000                3.9500
             8.2000             .0000                3.9500
             8.2000             .0000

       1504738                  .5000              16.0000
        59,885.30               .0500              15.9500
             6.3750             .0000              15.9500
             5.8750             .0000                1.4500
             5.8250             .0000                1.4500
             5.8250             .0000

       1504892                  .5000              16.2500
        46,586.14               .0500              16.2000
             8.7500             .0000              16.2000
             8.2500             .0000                3.8250
             8.2000             .0000                3.8250
             8.2000             .0000

       1507103                  .8750              12.0100
       120,710.21               .0500              11.9600
             6.1250             .0000              11.9600
             5.2500             .0000                2.7100
             5.2000             .0000                2.7100
             5.2000             .0000
1

       1508647                  .3750              12.3750
        39,649.16               .0500              12.3250
             7.2500             .0000              12.3250
             6.8750             .0000                2.4500
             6.8250             .0000                2.4500
             6.8250             .0000

       1508873                  .5000              16.1250
        80,972.38               .0500              16.0750
            10.6250             .0000              16.0750
            10.1250             .0000                4.9500
            10.0750             .0000                4.9500
            10.0750             .0000

       1512107                  .5000              15.2500
        53,008.58               .0500              15.2000
             8.5000             .0000              15.2000
             8.0000             .0000                3.7000
             7.9500             .0000                3.7000
             7.9500             .0000

       1512304                  .5000              16.2500
        53,925.07               .0500              16.2000
            10.1250             .0000              16.2000
             9.6250             .0000                5.3250
             9.5750             .0000                5.3250
             9.5750             .0000

       1513941                  .5000              15.2500
       345,317.88               .0500              15.2000
             9.1250             .0000              15.2000
             8.6250             .0000                4.3250
             8.5750             .0000                4.3250
             8.5750             .0000

       1514981                  .5000              15.3750
        65,675.24               .0500              15.3250
            10.2500             .0000              15.3250
             9.7500             .0000                5.4300
             9.7000             .0000                5.4300
             9.7000             .0000

       1516012                  .5000              14.1250
       327,884.99               .0500              14.0750
             8.6250             .0000              14.0750
             8.1250             .0000                4.3250
             8.0750             .0000                4.3250
             8.0750             .0000

       1516023                  .5000              15.0000
        45,941.26               .0500              14.9500
             9.5000             .0000              14.9500
             9.0000             .0000                5.3250
             8.9500             .0000                5.3250
             8.9500             .0000
1

       1516028                  .5000              14.3750
        46,503.88               .0500              14.3250
             8.8750             .0000              14.3250
             8.3750             .0000                4.9500
             8.3250             .0000                4.9500
             8.3250             .0000

       1516035                  .5000              14.1250
        50,897.59               .0500              14.0750
             8.6250             .0000              14.0750
             8.1250             .0000                3.5750
             8.0750             .0000                3.5750
             8.0750             .0000

       1517075                  .5000              14.1250
        54,392.59               .0500              14.0750
             8.6250             .0000              14.0750
             8.1250             .0000                3.5750
             8.0750             .0000                3.5750
             8.0750             .0000

       1519087                  .5000              15.2250
       122,291.48               .0500              15.1750
             9.7250             .0000              15.1750
             9.2250             .0000                5.2000
             9.1750             .0000                5.2000
             9.1750             .0000

       1521917                  .5000              14.8750
        93,985.77               .0500              14.8250
             9.6250             .0000              14.8250
             9.1250             .0000                4.9500
             9.0750             .0000                4.9500
             9.0750             .0000

       1522093                  .5000              13.6250
        94,188.79               .0500              13.5750
             8.1250             .0000              13.5750
             7.6250             .0000                2.9500
             7.5750             .0000                2.9500
             7.5750             .0000

       1522110                  .5000              15.3750
        40,621.12               .0500              15.3250
             9.8750             .0000              15.3250
             9.3750             .0000                2.9500
             9.3250             .0000                2.9500
             9.3250             .0000

       1522112                  .5000              13.3750
       171,410.05               .0500              13.3250
             6.3750             .0000              13.3250
             5.8750             .0000                2.9500
             5.8250             .0000                2.9500
             5.8250             .0000
1

       1522122                  .5000              14.1250
       166,095.15               .0500              14.0750
             8.6250             .0000              14.0750
             8.1250             .0000                2.9500
             8.0750             .0000                2.9500
             8.0750             .0000

       1522152                  .5000              14.1250
        32,873.34               .0500              14.0750
             8.6250             .0000              14.0750
             8.1250             .0000                2.9500
             8.0750             .0000                2.9500
             8.0750             .0000

       1522158                  .5000              16.6250
        50,727.66               .0500              16.5750
            11.1250             .0000              16.5750
            10.6250             .0000                5.7000
            10.5750             .0000                5.7000
            10.5750             .0000

       1522184                  .5000              15.2500
       123,935.93               .0500              15.2000
             9.7500             .0000              15.2000
             9.2500             .0000                3.4500
             9.2000             .0000                3.4500
             9.2000             .0000

       1522216                  .5000              16.1250
        30,156.84               .0500              16.0750
            10.6250             .0000              16.0750
            10.1250             .0000                2.7000
            10.0750             .0000                2.7000
            10.0750             .0000

       1522250                  .5000              16.1250
        88,979.28               .0500              16.0750
             7.3750             .0000              16.0750
             6.8750             .0000                2.5750
             6.8250             .0000                2.5750
             6.8250             .0000

       1522847                  .2500              12.8750
       565,214.93               .0500              12.8250
             7.0000             .0000              12.8250
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1525037                  .2500              12.3750
       282,637.05               .0500              12.3250
             6.5000             .0000              12.3250
             6.2500             .0000                2.5750
             6.2000             .0000                2.5750
             6.2000             .0000
1

       1526994                  .2500              12.2500
       236,126.67               .0500              12.2000
             6.8750             .0000              12.2000
             6.6250             .0000                2.4500
             6.5750             .0000                2.4500
             6.5750             .0000

       1527229                  .2500              13.1250
       609,714.65               .0500              13.0750
             6.8750             .0000              13.0750
             6.6250             .0000                2.4500
             6.5750             .0000                2.4500
             6.5750             .0000

       1527586                  .2500              12.6250
       227,486.71               .0500              12.5750
             7.1250             .0000              12.5750
             6.8750             .0000                2.5750
             6.8250             .0000                2.5750
             6.8250             .0000

       1530411                  .2500              11.8750
        33,588.14               .0500              11.8250
             7.1250             .0000              11.8250
             6.8750             .0000                2.5750
             6.8250             .0000                2.5750
             6.8250             .0000

       1530602                  .2500              11.8750
       116,002.92               .0500              11.8250
             7.0000             .0000              11.8250
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1530821                  .2500              11.8750
        84,028.22               .0500              11.8250
             7.0000             .0000              11.8250
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1531024                  .2500              13.0000
       248,013.88               .0500              12.9500
             6.8750             .0000              12.9500
             6.6250             .0000                2.4500
             6.5750             .0000                2.4500
             6.5750             .0000

       1531269                  .2500              13.0000
        68,813.61               .0500              12.9500
             7.0000             .0000              12.9500
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000
1

       1562248                  .2500              11.7500
       247,491.68               .0500              11.7000
             5.7500             .0000              11.7000
             5.5000             .0000                2.5750
             5.4500             .0000                2.5750
             5.4500             .0000

       1563920                  .2500              11.8750
       384,320.92               .0500              11.8250
             5.5000             .0000              11.8250
             5.2500             .0000                2.4500
             5.2000             .0000                2.4500
             5.2000             .0000

       1565437                  .2500              12.1250
       378,112.26               .0500              12.0750
             5.6250             .0000              12.0750
             5.3750             .0000                2.5750
             5.3250             .0000                2.5750
             5.3250             .0000

       1570848                  .2500              12.6250
       923,302.36               .0500              12.5750
             5.3750             .0000              12.5750
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000

       1577314                  .2500              13.0000
       291,732.07               .0500              12.9500
             5.2500             .0000              12.9500
             5.0000             .0000                2.4500
             4.9500             .0000                2.4500
             4.9500             .0000

       1577615                  .2500              11.6250
       236,172.11               .0500              11.5750
             5.3750             .0000              11.5750
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000

       1577643                  .2500              12.7500
       213,219.82               .0500              12.7000
             5.3750             .0000              12.7000
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000

       1580899                  .2500              12.7500
       234,894.62               .0500              12.7000
             5.3750             .0000              12.7000
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000
1

       1582648                  .2500              12.2500
        96,081.53               .0500              12.2000
             5.3750             .0000              12.2000
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000

       1586137                  .2500              12.2500
        66,521.94               .0500              12.2000
             5.3750             .0000              12.2000
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000

       1587015                  .2500              13.1250
       272,554.74               .0500              13.0750
             7.0000             .0000              13.0750
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1590117                  .2500              13.0000
        96,780.48               .0500              12.9500
             5.2500             .0000              12.9500
             5.0000             .0000                2.4500
             4.9500             .0000                2.4500
             4.9500             .0000

       1590848                  .2500              13.3750
       169,786.32               .0500              13.3250
             5.2500             .0000              13.3250
             5.0000             .0000                2.4500
             4.9500             .0000                2.4500
             4.9500             .0000

       1591721                  .2500              12.6250
        94,556.96               .0500              12.5750
             5.3750             .0000              12.5750
             5.1250             .0000                2.5750
             5.0750             .0000                2.5750
             5.0750             .0000

       1593714                  .2500              12.8750
       135,622.80               .0500              12.8250
             6.6250             .0000              12.8250
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1610801                  .3750              12.7500
        48,289.93               .0500              12.7000
             7.2500             .0000              12.7000
             6.8750             .0000                2.5750
             6.8250             .0000                2.5750
             6.8250             .0000
1

       1636698                  .2500              12.3750
       282,580.18               .0500              12.3250
             7.6250             .0000              12.3250
             7.3750             .0000                2.4500
             7.3250             .0000                2.4500
             7.3250             .0000

       1664451                  .2500              13.1250
       358,732.80               .0500              13.0750
             7.3750             .0000              13.0750
             7.1250             .0000                2.4500
             7.0750             .0000                2.4500
             7.0750             .0000

       1673547                  .2500              13.1250
       283,469.39               .0500              13.0750
             5.6250             .0000              13.0750
             5.3750             .0000                2.5750
             5.3250             .0000                2.5750
             5.3250             .0000

       1675564                  .2500              13.1250
       128,933.46               .0500              13.0750
             7.0000             .0000              13.0750
             6.7500             .0000                2.5750
             6.7000             .0000                2.5750
             6.7000             .0000

       1679380                  .3750              11.5000
       479,998.43               .0500              11.4500
             6.8750             .0000              11.4500
             6.5000             .0000                2.3250
             6.4500             .0000                2.3250
             6.4500             .0000

       1679573                  .3750              11.0000
       390,811.84               .0500              10.9500
             6.3750             .0000              10.9500
             6.0000             .0000                2.3250
             5.9500             .0000                2.3250
             5.9500             .0000

       1679930                  .3750              11.7500
       367,789.21               .0500              11.7000
             7.1250             .0000              11.7000
             6.7500             .0000                2.3250
             6.7000             .0000                2.3250
             6.7000             .0000

       1682869                  .2500              11.8750
       280,106.60               .0500              11.8250
             7.1250             .0000              11.8250
             6.8750             .0000                2.4500
             6.8250             .0000                2.4500
             6.8250             .0000
1

       1686325                  .2500              11.7500
       249,888.77               .0500              11.7000
             7.0000             .0000              11.7000
             6.7500             .0000                2.4500
             6.7000             .0000                2.4500
             6.7000             .0000

       1688199                  .2500              11.7500
       211,279.27               .0500              11.7000
             7.0000             .0000              11.7000
             6.7500             .0000                2.4500
             6.7000             .0000                2.4500
             6.7000             .0000

       1695617                  .2500              13.0000
       188,901.84               .0500              12.9500
             6.6250             .0000              12.9500
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1701396                  .2500              12.8750
       142,668.54               .0500              12.8250
             5.7500             .0000              12.8250
             5.5000             .0000                2.5750
             5.4500             .0000                2.5750
             5.4500             .0000

       1709729                  .2500              13.2500
       286,836.90               .0500              13.2000
             5.6250             .0000              13.2000
             5.3750             .0000                2.5750
             5.3250             .0000                2.5750
             5.3250             .0000

       1715300                  .2500              13.4000
       343,124.97               .0500              13.3500
             7.4500             .0000              13.3500
             7.2000             .0000                2.4500
             7.1500             .0000                2.4500
             7.1500             .0000

       1715308                  .2500              12.8500
       295,205.95               .0500              12.8000
             7.1000             .0000              12.8000
             6.8500             .0000                2.4500
             6.8000             .0000                2.4500
             6.8000             .0000

       1717030                  .2500               6.5000
       206,721.99               .0500               6.4500
             5.6250             .0000               6.4500
             5.3750             .0000                2.5750
             5.3250             .0000                2.5750
             5.3250             .0000
1

       3299829                  .2500              13.0000
        51,522.30               .0500              12.9500
             8.2500             .0000              12.9500
             8.0000             .0000                2.4500
             7.9500             .0000                2.4500
             7.9500             .0000

       3328793                  .2500              13.5000
       281,838.23               .0500              13.4500
             8.7500             .0000              13.4500
             8.5000             .0000                2.4500
             8.4500             .0000                2.4500
             8.4500             .0000

       3345852                  .2500              12.6250
       274,556.41               .0500              12.5750
             7.8750             .0000              12.5750
             7.6250             .0000                2.4500
             7.5750             .0000                2.4500
             7.5750             .0000

  TOTAL NUMBER OF LOANS:      305
  TOTAL BALANCE........:         45,727,657.91

  RUN ON     : 06/18/02            RFC DISCLOSURE SYSTEM      RFFSDARM-01
  AT         : 12.57.05            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS        ARM SUMMARY REPORT       CUTOFF : 06/01/02
  POOL       : 0004594 0004595 0004596 0004597
             :
             :
  POOL STATUS:

                                   WEIGHTED AVERAGES    FROM        TO
  ---------------------------------------------------------------------------
  CURR NOTE RATE                       6.6560            5.2500     11.8750
  RFC NET RATE                         6.3381            4.8750     11.3750
  NET MTG RATE(INVSTR RATE)            6.2881            4.8250     11.3250
  POST STRIP RATE                      6.2881            4.8250     11.3250
  SUB SERV FEE                          .3179             .2500       .8750
  MSTR SERV FEE                         .0500              .0500      .0500
  ALL EXP                               .0000             .0000       .0000
  MISC EXP                              .0000             .0000       .0000
  SPREAD                                .0000             .0000       .0000
  STRIP                                 .0000             .0000       .0000
  RFC NET CEILING(MX RFC NET RT)      12.5068            6.5000     20.5000
  MAX NET MTG RT(MAX INV RT)          12.4568            6.4500     20.4500
  MAX POST STRIP RATE                 12.4568            6.4500     20.4500
  INV RATE MARGIN                      2.6315            1.4500      7.5750
  POST STRIP MARGIN                    2.6315            1.4500      7.5750

  TOTAL NUMBER OF LOANS:   305
  TOTAL BALANCE........:    45,727,657.91

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 06/18/02           RFC DISCLOSURE SYSTEM       RFFSD175-01
  AT         : 12.57.05        NONFIXED RATE LOAN LISTING     AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS                                 CUTOFF : 06/01/02
  POOL       : 0004594 0004595 0004596 0004597
             :
             :
  POOL STATUS:

  RFC LOAN #                      ORIG RATE       ORIGINAL BAL    MAX NEG AM
  MORTGAGOR NAME                  CURR RATE       PRINCIPAL BAL   LN FEATURE
  CURR NET                                        ORIGINAL P+I    # OF UNITS
  NOTE CEILING                                    CURRENT P+I     LTV
  CITY           STATE  ZIP       NET CEILING     NOTE DATE
  SERVICER LOAN #                 NOTE FLOOR      1ST PMT DT      MI CO CODE
  SELLER LOAN #                   NET FLOOR       MATURITY DT     MI CVG
  INVSTR LOAN #                   GROSS MARGIN    1ST INTCHGDT    NXT INTCHGDT
  S/S CODE                        NET MARGIN      1ST PMTCHGDT    NXT PMTCHGDT
  INT CHG PRIOR DAYS              1ST YR FLR      PMT CAP INCR    PMT CAP DECR
  PMT TYPE                        1ST YR CEIL     INT FREQ MOS    PMT FREQ MOS
  ORIG TERM                       ADJ INDEX       PERIOD INCR     PERIOD DECR
  NOTE LF INCR                    RND NOTE TYPE   RND NOTE METH   RND NOTE FCTR
  NET LF INCR                     RND NET TYPE    RND NET METH    RND NET FCTR
  NOTE LF DECR                    LOAN PURP       CNVRT CODE      FROM WINDOW
  NET LF DECR                     PROP TYPE       CNVT INDEX      TO WINDOW
                                  OCCP CODE       CNVT MARGIN
  ______________________________________________________________________________

    1128132                           6.7500        178,500.00        100
                                      6.7500        139,450.16         ZZ
                                      6.3750          1,372.51         1
                                     13.5000          1,218.51         70
    WOODMERE        NY    11598      13.1250       09/15/87
    740079                             .0000       11/01/87            00
    35001250141648                     .0000       10/01/17            0
    0                                 2.6250       10/01/88        10/01/02
    669/514                           2.2500       11/01/88        11/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
       5.0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1128490                           6.7500        215,000.00        100
                                      6.7500        167,956.69         ZZ
                                      6.5000          1,749.31         1
                                     15.1250          1,467.61         69
    ORANGE          CT    06477      14.8750       09/30/87
    320112741                          .0000       11/01/87            00
    090                                .0000       10/01/17            0
    0                                 2.6250       10/01/88        10/01/02
1

    090/M32                           2.3750       11/01/88        11/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       6.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1128610                           6.7500        179,000.00        100
                                      6.7500        138,757.03         ZZ
                                      6.3750          1,472.59         1
                                     14.2500          1,208.72         90
    LEXINGTON       MA    02173      14.0000       10/14/87
    320166408                          .0000       12/01/87            04
    401463                             .0000       11/01/17           17
    0                                 2.6250       01/01/89        01/01/03
    199/M32                           2.2500       02/01/89        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
       5.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1153914                           6.7500        146,250.00        100
                                      6.7500         31,955.31         ZZ
                                      6.3750          1,163.63         1
                                     14.8750            278.60         75
    DUMONT          NJ    07628      13.1250       10/02/87
    216773408                          .0000       12/01/87            00
    00191684307                        .0000       11/01/17            0
    0                                 2.6250       01/01/89        01/01/03
    560/560                           2.2500       02/01/89        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       4.6250                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1157723                           6.7500         97,500.00        100
                                      6.7500         76,206.41         ZZ
                                      6.3750            775.75         1
                                     14.8750            665.90         75
    WYOMISSING HIL  PA    19610      13.6250       09/16/87
1

    216762567                          .0000       11/01/87            00
    00152817300                        .0000       10/01/17            0
    0                                 2.6250       10/01/88        10/01/02
    560/560                           2.2500       11/01/88        11/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       5.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1158051                           6.7500        207,000.00        100
                                      6.7500        153,213.41         ZZ
                                      6.3750          1,646.99         1
                                     13.8750          1,338.77         57
    FOSTER CITY     CA    94404      13.6250       09/08/87
    3115555563                         .0000       11/01/87            00
    90693                              .0000       10/01/17            0
    0                                 2.6250       10/01/88        10/01/02
    052/670                           2.2500       11/01/88        11/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
       5.0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1158071                           6.8750         66,000.00        100
                                      6.8750         33,005.18         ZZ
                                      6.3750            507.49         1
                                     13.5000            292.02         69
    GLOCESTER       RI    02814      13.0000       09/18/87
    0459900213                         .0000       11/01/87            00
    556968                             .0000       10/01/17            0
    0                                 2.7500       10/01/88        10/01/02
    019/G02                           2.2500       11/01/88        11/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
       5.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1158286                           6.8750         75,000.00        100
                                      6.8750         58,719.23         ZZ
1

                                      6.3750            576.69         1
                                     13.5000            515.61         54
    WATERBURY       CT    06708      13.2500       10/05/87
    0215201                            .0000       12/01/87            00
    0215201                            .0000       11/01/17            0
    0                                 2.7500       01/01/89        01/01/03
    177/447                           2.2500       02/01/89        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
       5.0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1162573                           6.7500        195,000.00        100
                                      6.7500        152,177.79         ZZ
                                      6.3750          1,551.51         1
                                     13.8750          1,325.62         65
    YONKERS         NY    10710      13.6250       10/09/87
    293182466000000                    .0000       12/01/87            00
    318246                             .0000       11/01/17            0
    0                                 2.6250       01/01/89        01/01/03
    562/562                           2.2500       02/01/89        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
       5.0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1162746                           6.8750         55,500.00        100
                                      6.8750         43,467.67         ZZ
                                      6.5000            421.84         1
                                     14.3750            381.68         75
    TEMPE           AZ    85282      14.0000       10/09/87
    5935004019                         .0000       12/01/87            00
    098481625                          .0000       11/01/17            0
    0                                 2.7500       01/01/89        01/01/03
    638/994                           2.3750       02/01/89        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       5.8750                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1162748                           7.0000        250,000.00        100
                                      7.0000        193,950.72         ZZ
                                      6.6250          1,900.18         1
                                     13.3750          1,737.84         90
    HIGHLAND MILLS  NY    10930      13.1250       06/18/87
    216692798                          .0000       08/01/87            04
    00191672500                        .0000       07/01/17           17
    0                                 2.6250       07/01/88        07/01/02
    560/560                           2.2500       08/01/88        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
       5.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1165665                           6.8750        101,250.00        100
                                      6.8750         78,608.46         ZZ
                                      6.3750            805.60         1
                                     13.8750            695.47         75
    BERKLEY         MA    02780      12.8750       10/01/87
    0459900726                         .0000       11/01/87            00
    5001567                            .0000       10/01/17            0
    0                                 2.7500       10/01/88        10/01/02
    019/G02                           2.2500       11/01/88        11/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
       5.5000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1165678                           6.8750        165,000.00        100
                                      6.8750        129,352.49         ZZ
                                      6.3750          1,312.82         1
                                     14.8750          1,135.83         66
    CHARLOTTE       VT    05445      12.8750       10/15/87
    0459900825                         .0000       12/01/87            00
    5001967                            .0000       11/01/17            0
    0                                 2.7500       01/01/89        01/01/03
    019/G02                           2.2500       02/01/89        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       5.5000                           S              N              .1250
1

        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1165891                           6.8750        168,750.00        100
                                      6.8750        103,943.99         ZZ
                                      6.3750          1,312.53         1
                                     13.6250            939.28         75
    WOODSTOCK       CT    06281      12.8750       11/25/87
    0459900254                         .0000       01/01/88            00
    551789                             .0000       12/01/17            0
    0                                 2.7500       01/01/89        01/01/03
    019/G02                           2.2500       02/01/89        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
       5.5000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1166370                           6.8750         60,000.00        100
                                      6.8750         45,822.05         ZZ
                                      6.3750            477.39         1
                                     13.8750            405.59         38
    RINDGE          NH    03461      13.0000       11/18/87
    0459900270                         .0000       01/01/88            00
    557429                             .0000       12/01/17            0
    0                                 2.7500       01/01/89        01/01/03
    019/G02                           2.2500       02/01/89        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
       5.5000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1175887                           5.5000         92,250.00        100
                                      5.5000         71,405.12         ZZ
                                      5.1250            693.05         1
                                     14.2500            563.94         75
    MYSTIC          CT    06335      14.0000       03/11/88
    0459901534                         .0000       05/01/88            00
    5004903                            .0000       04/01/18            0
    0                                 2.7500       04/01/89        04/01/03
    019/G02                           2.3750       05/01/89        05/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
1

      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       6.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1185553                           5.6250        236,700.00        100
                                      5.6250        168,167.13         ZZ
                                      5.2500          1,947.27         1
                                     14.7500          1,542.45         90
    INDIAN SHORES   FL    33535      14.3750       02/06/85
    0044008                            .0000       04/01/85            04
    0044008                            .0000       03/01/15           20
    0                                 2.7500       03/01/86        03/01/03
    620/976                           2.3750       04/01/86        04/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.5000                           S              N              .1250
       2.8750                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           06             0           00/00/00
                                        O             .0000

    1185618                           7.1250        193,500.00        100
                                      7.1250        149,742.31         ZZ
                                      6.7500          1,216.70         1
                                     12.4500          1,352.46         90
    MOUNT OLIVE     NJ    07828      12.0750       06/26/87
    0269373                            .0000       08/01/87            04
    0269373                            .0000       07/01/17           25
    0                                 2.7500       07/01/88        07/01/02
    620/976                           2.3750       08/01/88        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       4.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1185646                           5.2500        280,000.00        100
                                      5.2500        215,808.45         ZZ
                                      4.8750          1,853.46         1
                                     12.9500          1,734.84         47
    BARNEGAT LIGHT  NJ    08006      12.5750       05/15/87
    0278523                            .0000       07/01/87            00
    0278523                            .0000       06/01/17            0
    0                                 2.7500       06/01/88        06/01/03
1

    620/976                           2.3750       07/01/88        07/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       4.0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1185669                           6.8750        194,000.00        100
                                      6.8750        136,277.69         ZZ
                                      6.5000          1,416.75         1
                                     13.9500          1,211.24         78
    GLEN ROCK       NJ    07452      13.5750       08/06/87
    0283341                            .0000       10/01/87            00
    0283341                            .0000       09/01/17            0
    0                                 2.7500       09/01/88        09/01/02
    620/976                           2.3750       10/01/88        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       4.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1185768                           6.8750        200,000.00        100
                                      6.8750        154,288.26         ZZ
                                      6.5000          1,323.90         1
                                     12.9500          1,363.13         61
    NEW YORK        NY    10025      12.5750       08/03/87
    0362467                            .0000       10/01/87            00
    0362467                            .0000       09/01/17            0
    0                                 2.7500       09/01/88        09/01/02
    620/976                           2.3750       10/01/88        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       4.0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1185774                           7.1250        250,000.00        100
                                      7.1250        194,394.83         ZZ
                                      6.7500          1,739.49         1
                                     12.4500          1,755.44         56
    REMSENBERG      NY    11960      12.0750       06/04/87
1

    0364901                            .0000       08/01/87            00
    0364901                            .0000       07/01/17            0
    0                                 2.7500       07/01/88        07/01/02
    620/976                           2.3750       08/01/88        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
       3.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1185791                           5.5000        207,000.00        100
                                      5.5000        157,804.09         ZZ
                                      5.1250          1,370.24         1
                                     12.9500          1,298.73         90
    HICKSVILLE      NY    11801      12.5750       03/11/87
    0371526                            .0000       05/01/87            15
    0371526                            .0000       04/01/17           25
    0                                 2.7500       04/01/88        04/01/03
    620/976                           2.3750       05/01/88        05/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       2.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1185893                           5.5000        212,000.00        100
                                      5.5000        156,572.92         T
                                      5.1250          1,630.10         1
                                     13.5000          1,349.15         80
    NEW YORK        NY    10012      13.1250       03/11/86
    0571489                            .0000       05/01/86            00
    0571489                            .0000       04/01/16            0
    0                                 2.7500       04/01/87        04/01/03
    620/976                           2.3750       05/01/87        05/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
       2.1250                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           08             0           00/00/00
                                        O             .0000

    1185901                           5.2500        400,000.00        100
                                      5.2500        259,158.55         ZZ
1

                                      4.8750          3,182.58         1
                                     14.3750          2,202.31         71
    GLEN COVE       NY    11542      14.0000       04/21/86
    0573618                            .0000       06/01/86            00
    0573618                            .0000       05/01/16            0
    0                                 2.7500       05/01/87        05/01/03
    620/976                           2.3750       06/01/87        06/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.5000                           S              N              .1250
       4.8750                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1185911                           5.5000        229,500.00        100
                                      5.5000        163,247.18         ZZ
                                      5.1250          1,929.76         1
                                     14.7500          1,480.13         90
    AMBLER          PA    19002      14.3750       03/25/85
    0579516                            .0000       05/01/85            01
    0579516                            .0000       04/01/15           25
    0                                 2.7500       04/01/86        04/01/03
    620/976                           2.3750       05/01/86        05/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.2500                           S              N              .1250
       3.3750                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1186019                           6.8750        193,500.00        100
                                      6.8750        150,486.76         ZZ
                                      6.5000          1,280.87         1
                                     12.9500          1,329.55         90
    EAST BRUNSWICK  NJ    08816      12.5750       08/13/87
    1494145                            .0000       10/01/87            15
    1494145                            .0000       09/01/17           25
    0                                 2.7500       09/01/88        09/01/02
    620/976                           2.3750       10/01/88        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       4.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1186031                           6.8750        259,000.00        100
                                      6.8750         20,957.02         ZZ
                                      6.5000          1,714.45         1
                                     12.9500            185.15         78
    BETHESDA        MD    20817      12.5750       08/11/87
    2004679                            .0000       10/01/87            00
    2004679                            .0000       09/01/17            0
    0                                 2.7500       09/01/88        09/01/02
    620/976                           2.3750       10/01/88        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       4.0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1186037                           5.2500        195,000.00        100
                                      5.2500         68,743.85         ZZ
                                      4.8750          1,313.76         1
                                     13.1250            554.65         75
    NESHANIC        NJ    08853      12.7500       04/14/87
    2009702                            .0000       06/01/87            00
    2009702                            .0000       05/01/17            0
    0                                 2.7500       05/01/88        05/01/03
    620/976                           2.3750       06/01/88        06/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       4.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1186076                           6.7500        230,650.00        100
                                      6.7500        180,849.92         ZZ
                                      6.3750          1,652.40         1
                                     13.7500          1,570.57         85
    AUSTIN          TX    78746      13.3750       11/17/87
    2031318                            .0000       01/01/88            11
    2031318                            .0000       12/01/17           12
    0                                 2.7500       12/01/88        12/01/02
    620/976                           2.3750       01/01/89        01/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       4.0000                           S              N              .1250
1

        .0000                           4              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1186104                           5.6250        220,000.00        100
                                      5.6250        172,347.70         ZZ
                                      5.2500          1,456.29         1
                                     12.9500          1,376.71         69
    SEA BRIGHT      NJ    07760      12.5750       02/29/88
    2047553                            .0000       04/01/88            00
    2047553                            .0000       03/01/18            0
    0                                 2.7500       03/01/89        03/01/03
    620/976                           2.3750       04/01/89        04/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       4.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1186113                           5.2500        224,900.00        100
                                      5.2500        177,513.20         ZZ
                                      4.8750          1,488.73         1
                                     12.9500          1,370.05         75
    VENTNOR         NJ    08406      12.5750       05/31/88
    2055325                            .0000       07/01/88            00
    2055325                            .0000       06/01/18            0
    0                                 2.7500       06/01/89        06/01/03
    620/976                           2.3750       07/01/89        07/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       6.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1186145                           7.1250        215,100.00        100
                                      7.1250        161,169.80         ZZ
                                      6.7500          1,423.86         1
                                     12.9500          1,441.74         90
    CHICAGO         IL    60649      12.5750       06/13/88
    2069011                            .0000       08/01/88            10
    2069011                            .0000       07/01/18           17
    0                                 2.7500       07/01/89        07/01/02
    620/976                           2.3750       08/01/89        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
1

      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       6.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1186154                           6.8750        315,000.00        100
                                      6.8750        251,714.68         ZZ
                                      6.5000          2,202.53         1
                                     13.5000          2,152.01         90
    STAMFORD        CT    06903      13.1250       08/17/88
    0800093155                         .0000       10/01/88            04
    2071967                            .0000       09/01/18           17
    0                                 2.7500       09/01/89        09/01/02
    620/K61                           2.3750       10/01/89        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       6.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1186193                           6.8750        192,400.00        100
                                      6.8750        125,640.64         ZZ
                                      6.5000          1,345.29         1
                                     13.5000          1,073.78         80
    WAYNE           NJ    07470      13.1250       09/14/88
    2087989                            .0000       11/01/88            00
    2087989                            .0000       10/01/18            0
    0                                 2.7500       10/01/89        10/01/02
    620/976                           2.3750       11/01/89        11/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       6.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1186257                           5.6250        195,250.00        100
                                      5.6250        153,028.04         ZZ
                                      5.2500          1,292.45         1
                                     12.9500          1,222.39         80
    VOORHEES        NJ    08043      12.5750       02/26/88
    4029278                            .0000       04/01/88            00
    4029278                            .0000       03/01/18            0
    0                                 2.7500       03/01/89        03/01/03
1

    620/976                           2.3750       04/01/89        04/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       4.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1186262                           6.5000        200,000.00        100
                                      6.5000        153,284.35         ZZ
                                      6.1250          1,398.43         1
                                     13.5000          1,301.78         45
    RYE BROOK       NY    10573      13.1250       01/20/88
    4032322                            .0000       03/01/88            00
    4032322                            .0000       02/01/18            0
    0                                 2.7500       02/01/89        02/01/03
    620/976                           2.3750       03/01/89        03/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       4.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1186268                           5.5000        279,300.00        100
                                      5.5000        219,348.69         ZZ
                                      5.1250          1,905.32         1
                                     13.2500          1,731.68         80
    JERICHO         NY    11753      12.8750       03/09/88
    4033569                            .0000       05/01/88            00
    4033569                            .0000       04/01/18            0
    0                                 2.7500       04/01/89        04/01/03
    620/976                           2.3750       05/01/89        05/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       4.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1186285                           5.2500        190,000.00        100
                                      5.2500        151,578.17         ZZ
                                      4.8750          1,521.96         1
                                     13.9500          1,168.56         79
    ROCKVILLE CENT  NY    11570      13.5750       05/10/88
1

    4041968                            .0000       07/01/88            00
    4041968                            .0000       06/01/18            0
    0                                 2.7500       06/01/89        06/01/03
    620/976                           2.3750       07/01/89        07/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
       5.0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1186287                           5.2500        200,000.00        100
                                      5.2500          5,316.24         ZZ
                                      4.8750          1,323.90         1
                                     12.9500             40.98         44
    RYE BROOK       NY    10573      12.5750       05/24/88
    4042354                            .0000       07/01/88            00
    4042354                            .0000       06/01/18            0
    0                                 2.7500       06/01/89        06/01/03
    620/976                           2.3750       07/01/89        07/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       6.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1186288                           5.2500        192,000.00        100
                                      5.2500        152,263.92         ZZ
                                      4.8750          1,270.95         1
                                     12.9500          1,173.85         80
    BROOKLYN        NY    11230      12.5750       05/26/88
    4043337                            .0000       07/01/88            00
    4043337                            .0000       06/01/18            0
    0                                 2.7500       06/01/89        06/01/03
    620/976                           2.3750       07/01/89        07/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       6.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           07             0           00/00/00
                                        O             .0000

    1186363                           5.2500        210,000.00        100
                                      5.2500        166,538.87         ZZ
1

                                      4.8750          1,390.10         1
                                     12.9500          1,283.89         77
    KENNESAW        GA    30144      12.5750       04/30/88
    6010086                            .0000       07/01/88            00
    6010086                            .0000       06/01/18            0
    0                                 2.7500       06/01/89        06/01/03
    620/976                           2.3750       07/01/89        07/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       6.0000                           S              N              .1250
        .0000                           4              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1197462                           6.8750        122,900.00        100
                                      6.8750        101,461.94         ZZ
                                      6.5000          1,067.21         1
                                     15.8750            838.20         78
    NOTTINGHAM      NH    03290      15.6250       09/01/89
    0459902060                         .0000       10/01/89            00
    5025946                            .0000       09/01/19            0
    0                                 2.7500       09/01/90        09/01/02
    019/G02                           2.3750       10/01/90        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
       6.0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1221793                           8.1550        150,000.00        100
                                      8.1550        108,007.42         ZZ
                                      7.7800          1,386.15         2
                                     14.6250          1,098.07         65
    SAN JOSE        CA    95120      14.2500       12/20/85
    5771193655                        6.6250       02/01/86            00
    12951219                           .0000       01/01/16            0
    0                                 3.3650       07/01/86        07/01/02
    981/405                           2.9900       08/01/86        08/01/02
      60                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               A             .5000           .5000
       4.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        N             .0000
1

    1221794                           8.1550        150,000.00        100
                                      8.1550         99,646.63         ZZ
                                      7.7800          1,386.15         2
                                     14.6250          1,024.15         65
    SAN JOSE        CA    95120      14.2500       12/20/85
    5771193663                        6.6250       02/01/86            00
    12951441                           .0000       01/01/16            0
    0                                 3.3650       07/01/86        07/01/02
    981/405                           2.9900       08/01/86        08/01/02
      60                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               A             .5000           .5000
       4.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        N             .0000

    1226321                           7.5400        198,000.00        100
                                      7.5400        164,826.69         ZZ
                                      7.1650          1,664.90         1
                                     14.5000          1,415.56         90
    CAROL STREA     IL    60188      14.1250       11/01/89
    14115781                           .0000       11/01/89            10
    07304676                           .0000       12/01/19            0
    1670066140                        2.6000       01/01/93        07/01/02
    901/076                           2.2250       02/01/93        08/01/02
      15                              6.5000          .0000           .0000
    A                                12.5000            6              6
      362                               D            1.0000          1.0000
        .0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1227278                           7.0000         31,350.00        100
                                      7.0000         22,164.43         ZZ
                                      6.3150            295.60         1
                                     16.6250            224.97         95
    ODESSA          TX    79762      15.9400       08/09/84
    310115613                         5.1250       10/01/84            10
    0310115613                         .0000       09/01/14            0
    0                                 2.8900       09/01/85        09/01/02
    902/M32                           2.2050       10/01/85        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
        .0000                           S              U              .1250
        .0000                           X              X              .0000
1

        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1227405                           7.0000        112,050.00        100
                                      7.0000         78,936.38         ZZ
                                      6.3150          1,056.51         1
                                     16.6250            801.19         95
    ROUND ROCK      TX    78664      15.9400       08/15/84
    0401124                           5.1250       10/01/84            10
    0310397872                         .0000       09/01/14            0
    0                                 2.8900       09/01/85        09/01/02
    902/737                           2.2050       10/01/85        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
        .0000                           S              U              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1227431                           6.8750         92,000.00        100
                                      6.8750         62,681.03         ZZ
                                      6.0950            867.46         3
                                     16.6250            624.13         95
    LYNN            MA    01902      15.8450       11/08/84
    310444211                         5.1250       01/01/85            10
    0310444211                         .0000       12/01/14            0
    0                                 2.8900       12/01/85        12/01/02
    902/M32                           2.1100       01/01/86        01/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
        .0000                           S              U              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1227507                           7.1250         72,000.00        100
                                      7.1250         51,280.35         ZZ
                                      6.3400            678.89         1
                                     16.6250            519.52         87
    WASHINGTON      DC    20024      15.8400       10/05/84
    310630108                         5.1250       12/01/84            10
    0310630108                         .0000       11/01/14            0
    0                                 2.8900       11/01/85        11/01/02
    902/M32                           2.1050       12/01/85        12/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
1

      360                               1            2.0000          2.0000
        .0000                           S              U              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1227794                           7.1250         41,700.00        100
                                      7.1250         28,632.57         ZZ
                                      6.4250            393.19         1
                                     16.6250            296.15         95
    AUGUSTA         GA    30906      15.9250       09/14/84
    311159651                         5.1250       11/01/84            10
    0311159651                         .0000       10/01/14            0
    0                                 2.8900       10/01/85        10/01/02
    902/M32                           2.1900       11/01/85        11/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
        .0000                           S              U              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1227834                           7.0000         58,900.00        100
                                      7.0000          1,133.17         ZZ
                                      6.3150            555.37         1
                                     16.6250             11.50         95
    SOUTH BEND      IN    46619      15.9400       08/16/84
    0401975                           5.1250       10/01/84            10
    0311236376                         .0000       09/01/14            0
    0                                 2.8900       09/01/85        09/01/02
    902/737                           2.2050       10/01/85        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
        .0000                           S              U              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1228191                           7.0000         64,600.00        100
                                      7.0000         45,684.48         ZZ
                                      6.3150            609.11         1
                                     16.6250            463.69         95
    CIBOLO          TX    78108      15.9400       08/20/84
    0661273                           5.1250       10/01/84            10
    0311825152                         .0000       09/01/14            0
    0                                 2.8900       09/01/85        09/01/02
1

    902/737                           2.2050       10/01/85        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
        .0000                           S              U              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1228310                           7.1250         42,750.00        100
                                      7.1250         30,392.68         ZZ
                                      6.4250            435.62         1
                                     17.6250            309.21         90
    ENID            OK    73701      16.9250       09/28/84
    312029853                         6.1250       11/01/84            10
    0312029853                         .0000       10/01/14            0
    0                                 2.8900       10/01/85        10/01/02
    902/M32                           2.1900       11/01/85        11/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.7500                           S              U              .1250
        .0000                           X              X              .0000
       5.7500                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248786                           7.2500         65,000.00        100
                                      7.2500         40,311.74         ZZ
                                      6.8750            643.69         1
                                     16.5000            424.43         65
    EL CENTRO,      CA    92243      16.1250       10/12/84
    0108333600                         .0000       12/01/84            00
    006008959301                       .0000       11/01/14            0
    0                                 3.0000       11/01/85        11/01/02
    903/S48                           2.6250       12/01/85        12/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248796                           7.5000         55,000.00        100
                                      7.5000         39,004.67         ZZ
                                      7.1250            518.59         1
                                     14.8750            403.08         46
    LOS ANGELES     CA    90019      14.5000       10/19/84
1

    0108333709                         .0000       12/01/84            00
    006009838801                       .0000       11/01/14            0
    0                                 2.7500       11/01/85        11/01/02
    903/S48                           2.3750       12/01/85        12/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            1.5000          1.5000
       4.0000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248805                           7.0000         26,400.00        100
                                      7.0000         18,342.65         ZZ
                                      6.6250            248.93         1
                                     15.8750            184.60         80
    SUN CITY, C     CA    92381      15.5000       11/08/84
    0108333790                         .0000       12/01/84            00
    006010311311                       .0000       11/01/14            0
    0                                 2.7500       11/01/85        11/01/02
    903/S48                           2.3750       12/01/85        12/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1248824                           7.0000        192,000.00        100
                                      7.0000         63,448.16         ZZ
                                      6.6250          2,011.97         1
                                     16.2500            671.71         80
    LOS ANGELES     CA    90036      15.8750       10/26/84
    0108333949                         .0000       12/01/84            00
    006010881501                       .0000       11/01/14            0
    0                                 2.2500       11/01/85        11/01/02
    903/S48                           1.8750       12/01/85        12/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            1.5000          1.5000
       4.0000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248841                           6.8750        125,200.00        100
                                      6.8750         85,423.32         ZZ
1

                                      6.5000          1,311.97         1
                                     16.2500            857.73         80
    LOMPOC, CA      CA    93436      15.8750       12/14/84
    0108334103                         .0000       02/01/85            00
    006011745101                       .0000       01/01/15            0
    0                                 2.2500       01/01/86        01/01/03
    903/S48                           1.8750       02/01/86        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            1.5000          1.5000
       4.0000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248885                           5.6250        350,000.00        100
                                      5.6250        248,370.70         ZZ
                                      5.2500          3,039.22         1
                                     15.8750          2,280.58         80
    EL CAJON        CA    92021      15.5000       02/26/85
    0108334525                         .0000       04/01/85            00
    006014560101                       .0000       03/01/15            0
    0                                 2.7500       03/01/86        03/01/03
    903/S48                           2.3750       04/01/86        04/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248886                           6.5000        250,000.00        100
                                      6.5000        155,787.76         ZZ
                                      6.1250          2,428.16         1
                                     16.0000          1,522.34         79
    SANTA BARBA     CA    93105      15.6250       01/22/85
    0108334533                         .0000       03/01/85            00
    006014562701                       .0000       02/01/15            0
    0                                 2.7500       02/01/86        02/01/03
    903/S48                           2.3750       03/01/86        03/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       4.7500                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1248893                           5.2500        124,000.00        100
                                      5.2500         87,550.16         ZZ
                                      4.8750          1,076.76         1
                                     15.8750            780.08         80
    CALABASAS,      CA    91302      15.5000       05/01/85
    0108334608                         .0000       06/01/85            00
    006015836411                       .0000       05/01/15            0
    0                                 2.7500       05/01/86        05/01/03
    903/S48                           2.3750       06/01/86        06/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1248920                           7.5000         60,000.00        100
                                      7.5000         44,634.59         ZZ
                                      7.1250            548.85         1
                                     16.6250            445.39         75
    SAN DIMAS,      CA    91773      16.2500       07/25/85
    0108334863                         .0000       09/01/85            00
    006020834201                       .0000       08/01/15            0
    0                                 3.2500       08/01/86        08/01/02
    903/S48                           2.8750       09/01/86        09/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.1250                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248964                           6.7500        115,300.00        100
                                      6.7500         83,929.02         ZZ
                                      6.3750            927.73         1
                                     14.0000            793.87         75
    LOS ANGELES     CA    90026      13.6250       10/17/85
    0108335282                         .0000       12/01/85            00
    006029632101                       .0000       11/01/15            0
    0                                 2.5000       11/01/86        11/01/02
    903/S48                           2.1250       12/01/86        12/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
        .0000                           X              X              .0000
1

        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248982                           7.0000        206,000.00        100
                                      7.0000        116,249.91         ZZ
                                      6.6250          1,583.97         1
                                     14.8750          1,079.86         80
    HUNTINGTON BEA  CA    92648      14.5000       07/18/86
    0108335464                         .0000       09/01/86            00
    006047473816                       .0000       08/01/16            0
    0                                 2.7500       08/01/87        08/01/02
    903/S48                           2.3750       09/01/87        09/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.3750                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           09             0           00/00/00
                                        O             .0000

    1248999                           6.8750         25,000.00        100
                                      6.8750          5,423.75         ZZ
                                      6.5000            298.04         1
                                     17.8750            242.53         12
    GOLETA, CA      CA    93117      17.5000       06/01/89
    0108335639                         .0000       07/01/89            00
    006057908001                       .0000       06/01/04            0
    0                                 4.3750       06/01/90        06/01/03
    903/S48                           4.0000       07/01/90        07/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      180                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249005                           7.5000        199,200.00        100
                                      7.5000        155,003.82         ZZ
                                      7.1250          1,803.58         1
                                     14.5000          1,350.70         80
    POMONA AREA     CA    91766      14.1250       06/22/89
    0108335696                         .0000       08/01/89            00
    006058280301                       .0000       07/01/19            0
    0                                 3.1250       07/01/90        07/01/02
    903/S48                           2.7500       08/01/90        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
1

      360                               1            2.0000          2.0000
       4.1250                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249123                           5.2500         76,000.00        100
                                      5.2500         54,610.16         ZZ
                                      4.8750            652.96         1
                                     14.8750            485.92         80
    FISHKILL, N     NY    12533      14.5000       04/26/85
    0108336843                         .0000       06/01/85            00
    800026022601                       .0000       05/01/15            0
    0                                 2.7500       05/01/86        05/01/03
    903/S48                           2.3750       06/01/86        06/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.1250                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249127                           5.2500         47,600.00        100
                                      5.2500         34,220.13         ZZ
                                      4.8750            453.31         1
                                     15.8750            304.49         90
    HIALEAH, FL     FL    33012      15.5000       04/30/85
    0108336884                         .0000       06/01/85            09
    800032447711                       .0000       05/01/15            0
    0                                 2.7500       05/01/86        05/01/03
    903/S48                           2.3750       06/01/86        06/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       4.8750                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1249131                           6.7500         74,250.00        100
                                      6.7500         54,457.42         ZZ
                                      6.3750            665.36         1
                                     15.6250            513.75         90
    BOSTON, MAS     MA    02114      15.2500       11/21/85
    0108336926                         .0000       01/01/86            01
    800046002411                       .0000       12/01/15            0
    0                                 2.7500       12/01/86        12/01/02
1

    903/S48                           2.3750       01/01/87        01/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.3750                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1249135                           6.8750        200,000.00        100
                                      6.8750         30,980.62         ZZ
                                      6.5000          1,591.29         1
                                     14.8750            292.93         80
    STILLWATER,     MN    55082      14.5000       12/18/85
    0108336967                         .0000       02/01/86            00
    800050150401                       .0000       01/01/16            0
    0                                 2.7500       01/01/87        01/01/03
    903/S48                           2.3750       02/01/87        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249145                           6.6250         71,250.00        100
                                      6.6250         52,882.37         ZZ
                                      6.2500            651.76         1
                                     14.8750            493.03         75
    DAYTON, NEV     NV    89403      14.5000       12/31/85
    0108337064                         .0000       02/01/86            00
    800061075001                       .0000       01/01/16            0
    0                                 2.9500       02/01/87        02/01/03
    903/S48                           2.5750       03/01/87        03/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       4.3750                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249208                           6.8750        153,100.00        100
                                      6.8750        118,351.25         ZZ
                                      6.5000          1,057.43         1
                                     13.3750          1,055.52         80
    IRVINE, CAL     CA    92720      13.0000       05/14/87
1

    0108337676                         .0000       07/01/87            00
    801029742501                       .0000       06/01/17            0
    0                                 2.6250       08/01/88        08/01/02
    903/S48                           2.2500       09/01/88        09/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249209                           5.5000        125,600.00        100
                                      5.5000         96,362.29         ZZ
                                      5.1250            988.10         1
                                     14.5000            790.20         75
    RENO, NEVAD     NV    89509      14.1250       04/13/87
    0108337684                         .0000       06/01/87            00
    801029974401                       .0000       05/01/17            0
    0                                 3.0000       05/01/88        05/01/03
    903/S48                           2.6250       06/01/88        06/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.7500                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249240                           5.5000         85,000.00        100
                                      5.5000         66,234.79         ZZ
                                      5.1250            608.96         1
                                     14.5000            541.19         53
    CHESHIRE, C     CT    06410      14.1250       05/20/87
    0108337981                         .0000       07/01/87            00
    801037988411                       .0000       06/01/17            0
    0                                 3.0000       06/01/88        06/01/03
    903/S48                           2.6250       07/01/88        07/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.7500                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1249244                           5.5000        100,000.00        100
                                      5.5000         77,442.87         ZZ
1

                                      5.1250            716.42         1
                                     14.5000            632.77         80
    DECATUR, GA     GA    30034      14.1250       05/27/87
    0108338021                         .0000       07/01/87            00
    801038987501                       .0000       06/01/17            0
    0                                 3.0000       06/01/88        06/01/03
    903/S48                           2.6250       07/01/88        07/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.7500                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249265                           7.3750        220,000.00        100
                                      7.3750        171,422.58         ZZ
                                      7.0000          1,576.11         2
                                     14.5000          1,572.18         80
    NORWALK, CO     CT    06855      14.1250       06/24/87
    0108338229                         .0000       08/01/87            00
    801041650402                       .0000       07/01/17            0
    0                                 3.0000       07/01/88        07/01/02
    903/S48                           2.6250       08/01/88        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.7500                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249276                           5.5000        109,350.00        100
                                      5.5000         85,399.78         ZZ
                                      5.1250            879.86         1
                                     14.5000            697.79         80
    INCLINE VIL     NV    89450      14.1250       06/01/87
    0108338336                         .0000       07/01/87            00
    801043463016                       .0000       06/01/17            0
    0                                 3.0000       06/01/88        06/01/03
    903/S48                           2.6250       07/01/88        07/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.5000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           09             0           00/00/00
                                        O             .0000
1

    1249285                           7.2500        129,550.00        100
                                      7.2500         99,806.42         ZZ
                                      6.8750            984.68         1
                                     13.8750            905.88         80
    LAS VEGAS,      NV    89102      13.5000       07/20/87
    0108338427                         .0000       09/01/87            00
    801044510701                       .0000       08/01/17            0
    0                                 3.0000       08/01/88        08/01/02
    903/S48                           2.6250       09/01/88        09/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.5000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249290                           7.2500        148,000.00        100
                                      7.2500        116,482.02         ZZ
                                      6.8750          1,124.91         1
                                     13.8750          1,056.85         80
    SCOTTSDALE,     AZ    85260      13.5000       07/20/87
    0108338476                         .0000       09/01/87            00
    801045477801                       .0000       08/01/17            0
    0                                 3.0000       08/01/88        08/01/02
    903/S48                           2.6250       09/01/88        09/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.5000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249304                           7.0000        250,000.00        100
                                      7.0000        193,856.72         ZZ
                                      6.6250          1,791.03         1
                                     12.8750          1,728.60         55
    VENTURA, CA     CA    93003      12.5000       09/01/87
    0108338617                         .0000       10/01/87            00
    801048020301                       .0000       09/01/17            0
    0                                 2.8750       09/01/88        09/01/02
    903/S48                           2.5000       10/01/88        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.1250                           S              N              .1250
        .0000                           X              X              .0000
1

        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249307                           7.1250         90,000.00        100
                                      7.1250         33,922.13         ZZ
                                      6.7500            684.07         1
                                     13.8750            346.85         75
    BLOOMINGTON     MN    55437      13.5000       08/11/87
    0108338641                         .0000       10/01/87            00
    801048265416                       .0000       09/01/17            0
    0                                 3.0000       09/01/88        09/01/02
    903/S48                           2.6250       10/01/88        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.5000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           09             0           00/00/00
                                        O             .0000

    1249324                           7.1250         97,500.00        100
                                      7.1250         77,124.96         ZZ
                                      6.7500            855.64         1
                                     13.8750            690.52         75
    INCLINE VIL     NV    89450      13.5000       09/16/87
    0108338815                         .0000       11/01/87            00
    801051418301                       .0000       10/01/17            0
    0                                 3.0000       10/01/88        10/01/02
    903/S48                           2.6250       11/01/88        11/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       3.8750                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249340                           7.1250         72,000.00        100
                                      7.1250         55,944.72         ZZ
                                      6.7500            553.62         1
                                     14.3750            499.11         90
    SAN ANTONIO     TX    78249      14.0000       10/23/87
    0108338955                         .0000       12/01/87            04
    801053905701                       .0000       11/01/17            0
    0                                 2.8750       11/01/88        11/01/02
    903/S48                           2.5000       12/01/88        12/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
1

      360                               1            2.0000          2.0000
       5.8750                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249342                           7.1250         86,700.00        100
                                      7.1250         68,965.42         ZZ
                                      6.7500            793.08         1
                                     14.3750            611.66         79
    OCEAN CITY,     MD    21842      14.0000       12/31/87
    0108338971                         .0000       02/01/88            00
    801054467711                       .0000       01/01/18            0
    0                                 3.0000       01/01/89        01/01/03
    903/S48                           2.6250       02/01/89        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       3.8750                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1249347                           7.5000        126,000.00        100
                                      7.5000         97,032.37         ZZ
                                      7.1250          1,036.58         1
                                     15.6250            881.33         80
    MERIDEN, CO     CT    06450      15.2500       12/28/87
    0108339029                         .0000       02/01/88            00
    801056340401                       .0000       01/01/18            0
    0                                 3.3750       01/01/89        01/01/03
    903/S48                           3.0000       02/01/89        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.3750                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249353                           6.8750        192,000.00        100
                                      6.8750        149,391.21         ZZ
                                      6.5000          1,342.50         1
                                     12.5000          1,319.87         90
    FORTWORTH,T     TX    76110      12.1250       09/01/87
    0108339086                         .0000       10/01/87            01
    801061461101                       .0000       09/01/17            0
    0                                 2.7500       09/01/88        09/01/02
1

    903/S48                           2.3750       10/01/88        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249529                           7.6250        120,000.00        100
                                      7.6250         84,019.41         ZZ
                                      7.2500          1,053.09         2
                                     16.5000            752.77         80
    BROOKLYN, N     NY    11203      16.1250       09/01/88
    0108340746                         .0000       10/01/88            00
    801065801402                       .0000       09/01/18            0
    0                                 3.5000       09/01/89        09/01/02
    903/S48                           3.1250       10/01/89        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.5000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249554                           7.0000        275,000.00        100
                                      7.0000        215,773.74         ZZ
                                      6.6250          1,825.89         1
                                     13.2500          1,909.83         60
    STAMFORD, C     CT    06903      12.8750       11/01/87
    0108340977                         .0000       12/01/87            00
    801066584501                       .0000       11/01/17            0
    0                                 2.7500       11/01/88        11/01/02
    903/S48                           2.3750       12/01/88        12/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.2700                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249560                           7.0000         73,500.00        100
                                      7.0000         49,296.43         ZZ
                                      6.6250            584.80         1
                                     14.8750            421.93         70
    LAKESIDE, C     CA    92040      14.5000       12/01/88
1

    0108341025                         .0000       01/01/89            00
    801066807001                       .0000       12/01/18            0
    0                                 2.8750       01/01/90        01/01/03
    903/S48                           2.5000       02/01/90        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249632                           7.3750        178,500.00        100
                                      7.3750        140,781.67         ZZ
                                      7.0000          1,616.15         1
                                     14.1250          1,203.04         75
    CALABASAS,      CA    91302      13.7500       01/19/90
    0108341710                         .0000       03/01/90            00
    801071616811                       .0000       02/01/20            0
    0                                 3.6250       02/01/91        02/01/03
    903/S48                           3.2500       03/01/91        03/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       3.7500                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1249640                           7.1250        108,750.00        100
                                      7.1250         86,224.47         ZZ
                                      6.7500            836.19         1
                                     15.2500            764.73         75
    LEBANON         PA    17042      14.8750       01/01/88
    0108341793                         .0000       02/01/88            00
    909057742001                       .0000       01/01/18            0
    0                                 3.0000       01/01/89        01/01/03
    903/S48                           2.6250       02/01/89        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.7500                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1315487                           7.0000        155,000.00        100
                                      7.0000        137,389.71         ZZ
1

                                      6.7500            941.80         1
                                     12.1250          1,049.48         86
    AMHERST         NY    14226      11.8750       01/15/93
    220618987                          .0000       03/01/93            10
    197304207                          .0000       02/01/23           17
    0                                 2.7500       08/01/94        08/01/02
    560/560                           2.5000       09/01/94        09/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              01          08/01/94
        .0000                           05             E           08/01/98
                                        O            1.1250

    1353660                           7.1250        215,100.00        100
                                      7.1250        189,999.73         ZZ
                                      6.7500          1,105.92         1
                                     10.6250          1,448.73         90
    HERCULES        CA    94547      10.2500       08/25/93
    007017502                          .0000       10/01/93            12
    0806208                            .0000       09/01/23           17
    0                                 3.0000       09/01/94        09/01/02
    664/M32                           2.6250       10/01/94        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              01          09/01/94
        .0000                           05             C           09/01/98
                                        O             .5000

    1356905                           6.6250        600,000.00        100
                                      6.6250        537,353.52         ZZ
                                      6.3750          2,995.71         1
                                     10.3750          3,898.12         80
    DUNWOODY        GA    30350      10.1250       01/19/94
    11441686                           .0000       03/01/94            00
    0110104160                         .0000       02/01/24            0
    8585556                           2.8750       02/01/95        02/01/03
    486/076                           2.6250       03/01/95        03/01/03
      45                              2.8750          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1364317                           7.0000        216,000.00        100
                                      7.0000        192,296.64         ZZ
                                      6.6250          1,209.54         1
                                     11.3750          1,448.76         79
    INDIAN WELLS    CA    92210      11.0000       12/16/93
    6018535                            .0000       02/01/94            00
    6018535                            .0000       01/01/24            0
    607890                            2.8750       01/01/95        01/01/03
    372/447                           2.5000       02/01/95        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              01          01/01/95
        .0000                           05             E           01/01/99
                                        O            1.1250

    1366841                           5.7500        206,500.00        100
                                      5.7500        185,401.92         ZZ
                                      5.5000          1,092.81         1
                                     10.8750          1,246.31         80
    MARIETTA        GA    30068      10.6250       02/09/94
    10830527                           .0000       04/01/94            00
    10830527                           .0000       03/01/24            0
    8591851                           2.8750       03/01/95        03/01/03
    047/076                           2.6250       04/01/95        04/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1368812                           5.7500        180,000.00        100
                                      5.7500        161,118.12         ZZ
                                      5.5000            912.03         1
                                     10.5000          1,083.06         75
    TOWNSHIP OF WH  PA    19422      10.2500       02/04/94
    5935194802                         .0000       04/01/94            00
    183189                             .0000       03/01/24            0
    8592214                           2.8750       03/01/95        03/01/03
    032/994                           2.6250       04/01/95        04/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1369282                           6.8750         60,000.00        100
                                      6.8750         53,729.57         ZZ
                                      6.5000            317.52         1
                                     10.8750            398.91         48
    BROOKHAVEN      PA    19015      10.5000       12/24/93
    0690019773                         .0000       02/01/94            00
    51002786                           .0000       01/01/24            0
    607898                            2.7500       01/01/95        01/01/03
    608/G06                           2.3750       02/01/95        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              01          01/01/95
        .0000                           05             D           01/01/99
                                        O            1.1250

    1370384                           7.0000         90,000.00        100
                                      7.0000         80,715.67         ZZ
                                      6.6250            462.73         1
                                     10.6250            605.02         55
    DUNWOODY        GA    30338      10.2500       12/22/93
    305567588                          .0000       02/01/94            00
    290072675                          .0000       01/01/24            0
    607900                            2.8750       01/01/95        01/01/03
    201/M32                           2.5000       02/01/95        02/01/03
      45                              2.6250          .0000           .0000
    A                                 6.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              01          01/01/95
        .0000                           05             C           01/01/99
                                        O            1.1250

    1370700                           6.8750        280,000.00        100
                                      6.8750        250,150.71         ZZ
                                      6.5000          1,418.72         1
                                     10.5000          1,855.76         80
    ARCADIA         CA    91006      10.1250       12/10/93
    1451376                            .0000       02/01/94            00
    1451376                            .0000       01/01/24            0
    8592768                           2.7500       01/01/95        01/01/03
    447/447                           2.3750       02/01/95        02/01/03
      45                              2.7500          .0000           .0000
    A                                  .0000           12             12
1

      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1370827                           7.1250        202,900.00        100
                                      7.1250        182,614.08         ZZ
                                      6.7500          1,089.21         1
                                     11.0000          1,382.70         41
    DANVILLE        CA    94506      10.6250       12/14/93
    001160548                          .0000       02/01/94            00
    16100125                           .0000       01/01/24            0
    8592784                           3.0000       01/01/95        01/01/03
    051/M32                           2.6250       02/01/95        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1370888                           5.7500        311,500.00        100
                                      5.7500        280,371.82         ZZ
                                      5.3750          1,768.66         1
                                     11.5000          1,884.71         70
    BELMONT         CA    94002      11.1250       02/15/94
    007054463                          .0000       04/01/94            00
    71080                              .0000       03/01/24            0
    607903                            2.8750       03/01/95        03/01/03
    744/M32                           2.5000       04/01/95        04/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1371194                           5.7500        151,100.00        100
                                      5.7500        135,662.03         ZZ
                                      5.3750            799.64         1
                                     10.8750            911.94         59
    SAN DIMAS       CA    91773      10.5000       02/04/94
    0900057947                         .0000       04/01/94            00
    57947                              .0000       03/01/24            0
    607905                            2.8750       03/01/95        03/01/03
1

    477/477                           2.5000       04/01/95        04/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1371396                           6.7500         94,500.00        100
                                      6.7500         84,782.31         ZZ
                                      6.5000            464.89         1
                                     10.2500            621.46         90
    FORT WASHINGTO  MD    20744      10.0000       01/12/94
    11442256                          3.0000       03/01/94            04
    9361277                           2.7500       02/01/24           17
    607906                            3.0000       02/01/95        02/01/03
    229/076                           2.7500       03/01/95        03/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
       1.2500                           2              00          00/00/00
        .0000                           07             0           00/00/00
                                        O             .0000

    1371524                           7.0000        277,800.00        100
                                      7.0000        249,284.89         ZZ
                                      6.7500          1,470.14         1
                                     10.8750          1,869.52         73
    SAN JOSE        CA    95120      10.6250       12/14/93
    007050578                          .0000       02/01/94            00
    2822682                            .0000       01/01/24            0
    8593055                           2.8750       01/01/95        01/01/03
    180/M32                           2.6250       02/01/95        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1371536                           7.2500        332,000.00        100
                                      7.2500        297,007.80         ZZ
                                      6.8750          1,833.32         1
                                     10.9500          2,287.96         80
    TIBURON         CA    94920      10.5750       09/14/93
1

    220140608000000                    .0000       11/01/93            00
    220140608                          .0000       10/01/23            0
    8593097                           2.9500       10/01/94        10/01/02
    550/550                           2.5750       11/01/94        11/01/02
      15                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       5.7000                           S              U              .1250
        .0000                           S              U              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1371711                           6.8750        110,000.00        100
                                      6.8750         92,895.96         ZZ
                                      6.3750            624.57         1
                                     11.5000            699.34         65
    CLOVIS          CA    93611      11.0000       01/19/94
    001160894                          .0000       03/01/94            00
    0613950                            .0000       02/01/24            0
    8611550                           3.1250       02/01/95        02/01/03
    559/M32                           2.6250       03/01/95        03/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1371995                           6.6250        280,000.00        100
                                      6.6250        247,160.06         ZZ
                                      6.3750          1,439.59         1
                                     10.6250          1,792.97         80
    HAGERSTOWN      MD    21740      10.3750       01/31/94
    11442586                           .0000       03/01/94            00
    5140463                            .0000       02/01/24            0
    8612244                           2.8750       02/01/95        02/01/03
    696/076                           2.6250       03/01/95        03/01/03
      45                              2.8750          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1372172                           5.6250        260,000.00        100
                                      5.6250        233,652.93         ZZ
1

                                      5.2500          1,395.74         1
                                     11.0000          1,552.54         70
    BOUNTIFUL       UT    84010      10.6250       03/01/94
    6936942                            .0000       05/01/94            00
    6936942                            .0000       04/01/24            0
    607909                            2.8750       04/01/95        04/01/03
    372/447                           2.5000       05/01/95        05/01/03
      45                              3.0000          .0000           .0000
    A                                 7.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1372305                           5.6250        247,000.00        100
                                      5.6250        221,677.02         ZZ
                                      5.3750          1,363.95         1
                                     11.2500          1,474.05         75
    RESCUE          CA    95672      11.0000       02/14/94
    001165828                          .0000       04/01/94            00
    567826                             .0000       03/01/24            0
    607911                            2.7500       03/01/95        03/01/03
    626/M32                           2.5000       04/01/95        04/01/03
      45                              3.2500          .0000           .0000
    A                                 7.2500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              01          03/01/95
        .0000                           05             E           03/01/99
                                        O            1.1250

    1372381                           5.6250        300,000.00        100
                                      5.6250          8,021.52         ZZ
                                      5.2500          1,679.91         1
                                     11.3750             54.45         58
    YARDLEY         PA    19067      11.0000       02/25/94
    0690019799                         .0000       04/01/94            00
    51002826                           .0000       03/01/24            0
    607912                            2.7500       03/01/95        03/01/03
    608/G06                           2.3750       04/01/95        04/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1372398                           6.6250        104,000.00        100
                                      6.6250         92,313.90         ZZ
                                      6.3750            526.96         1
                                     10.5000            671.15         80
    SPRINGFIELD     VA    22153      10.2500       01/21/94
    11443776                           .0000       03/01/94            00
    322649                             .0000       02/01/24            0
    8614083                           2.8750       02/01/95        02/01/03
    028/076                           2.6250       03/01/95        03/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           09             0           00/00/00
                                        O             .0000

    1372515                           6.7500        315,000.00        100
                                      6.7500        251,638.12         ZZ
                                      6.3750          1,643.19         1
                                     10.7500          1,847.26         90
    FT LAUDERDALE   FL    33301      10.3750       01/18/94
    2851168                            .0000       03/01/94            04
    3053295                            .0000       02/01/24           17
    8614216                           3.0000       02/01/95        02/01/03
    637/447                           2.6250       03/01/95        03/01/03
      45                              3.0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1372569                           5.6250        387,000.00        100
                                      5.6250        347,829.45         ZZ
                                      5.3750          2,107.16         1
                                     11.1250          2,308.38         66
    HONOLULU        HI    96822      10.8750       03/15/94
    9109326299                         .0000       05/01/94            00
    196704                             .0000       04/01/24            0
    0                                 2.8750       04/01/95        04/01/03
    032/686                           2.6250       05/01/95        05/01/03
      45                              3.1250          .0000           .0000
    A                                 7.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1372604                           6.6250        260,000.00        100
                                      6.6250        233,397.47         ZZ
                                      6.3750          1,336.77         1
                                     10.6250          1,693.14         80
    TEMECULA        CA    92592      10.3750       01/31/94
    007049794                          .0000       03/01/94            00
    3088366                            .0000       02/01/24            0
    607914                            2.8750       02/01/95        02/01/03
    559/M32                           2.6250       03/01/95        03/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1372839                           5.6250        150,000.00        100
                                      5.6250         83,889.23         ZZ
                                      5.3750            782.48         1
                                     10.7500            613.74         63
    YONKERS         NY    10704      10.5000       02/10/94
    294281853000000                    .0000       04/01/94            00
    428185                             .0000       03/01/24            0
    607918                            2.7500       03/01/95        03/01/03
    562/562                           2.5000       04/01/95        04/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1372924                           7.0000        270,000.00        100
                                      7.0000        242,018.29         ZZ
                                      6.6250          1,368.06         1
                                     10.5000          1,813.91         73
    SEATTLE         WA    98155      10.1250       12/09/93
    0001091867                         .0000       02/01/94            00
    31811858                           .0000       01/01/24            0
    8614448                           2.8750       01/01/95        01/01/03
    531/448                           2.5000       02/01/95        02/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
1

      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1373111                           5.7500        100,000.00        100
                                      5.7500         80,437.61         ZZ
                                      5.3750            559.98         2
                                     11.3750            581.87         67
    COUNTY OF ESSE  NJ    07003      11.0000       02/03/94
    305567166                          .0000       04/01/94            00
    280070986                          .0000       03/01/24            0
    8614562                           2.8750       03/01/95        03/01/03
    201/M32                           2.5000       04/01/95        04/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              01          03/01/95
        .0000                           05             C           03/01/99
                                        O            1.1250

    1373399                           5.6250        176,000.00        100
                                      5.6250        158,303.83         ZZ
                                      5.3750          1,013.16         1
                                     11.6250          1,052.65         74
    SUNNYVALE       CA    94087      11.3750       02/10/94
    007051584                          .0000       04/01/94            00
    15101769                           .0000       03/01/24            0
    8614653                           2.7500       03/01/95        03/01/03
    051/M32                           2.5000       04/01/95        04/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1373507                           5.5000        218,000.00        100
                                      5.5000        196,190.27         ZZ
                                      5.2500          1,220.74         1
                                     11.3750          1,287.84         68
    BETHESDA        MD    20814      11.1250       03/11/94
    221126                             .0000       05/01/94            00
    0877027                            .0000       04/01/24            0
    607921                            2.7500       04/01/95        04/01/03
1

    480/514                           2.5000       05/01/95        05/01/03
      45                              3.3750          .0000           .0000
    A                                 7.3750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1373630                           6.3750        124,000.00        100
                                      6.3750        109,270.02         ZZ
                                      6.1250            723.63         1
                                     10.7500            776.26         80
    SOUTHFIELD      MI    48034      10.5000       01/21/94
    221312184                          .0000       03/01/94            00
    184254704                          .0000       02/01/24            0
    0                                 2.6250       02/01/99        02/01/03
    560/560                           2.3750       03/01/99        03/01/03
      45                              2.6250          .0000           .0000
    A                                10.7500           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1373643                           5.7500        231,000.00        100
                                      5.7500        207,999.14         ZZ
                                      5.3750          1,311.59         1
                                     11.5000          1,398.21         60
    SAN DIEGO       CA    92106      11.1250       02/01/94
    007052871                          .0000       04/01/94            00
    006200673408                       .0000       03/01/24            0
    607922                            2.8750       03/01/95        03/01/03
    472/M32                           2.5000       04/01/95        04/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1373779                           5.6250        133,000.00        100
                                      5.6250         91,433.42         ZZ
                                      5.3750            703.85         1
                                     10.8750            608.08         72
    PLANTATION      FL    33324      10.6250       03/22/94
1

    9109326836                         .0000       05/01/94            00
    326580                             .0000       04/01/24            0
    607925                            2.8750       04/01/95        04/01/03
    028/686                           2.6250       05/01/95        05/01/03
      45                              2.8750          .0000           .0000
    A                                 6.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              01          04/01/95
        .0000                           03             E           04/01/99
                                        O            1.1250

    1374750                           5.5000        246,000.00        100
                                      5.5000        212,836.67         ZZ
                                      5.2500          1,301.86         1
                                     10.8750          1,399.09         72
    EAST ATLANTIC   NY    11561      10.6250       03/18/94
    9109331638                         .0000       05/01/94            00
    2812345                            .0000       04/01/24            0
    607927                            2.7500       04/01/95        04/01/03
    637/686                           2.5000       05/01/95        05/01/03
      45                              2.8750          .0000           .0000
    A                                 6.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1375264                           5.6250        122,000.00        100
                                      5.6250         57,048.20         ZZ
                                      5.3750            702.30         1
                                     11.6250            387.09         67
    SAN FRANCISCO   CA    94114      11.3750       02/09/94
    0000588742                         .0000       04/01/94            00
    9551085                            .0000       03/01/24            0
    607933                            2.7500       03/01/95        03/01/03
    698/448                           2.5000       04/01/95        04/01/03
      45                              3.6250          .0000           .0000
    A                                 7.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              01          03/01/95
        .0000                           01             C           03/01/99
                                        O             .5000

    1375628                           5.7500        242,000.00        100
                                      5.7500        217,405.52         ZZ
1

                                      5.3750          1,299.11         1
                                     11.0000          1,461.43         71
    MONTGOMERY      NJ    08558      10.6250       02/28/94
    740772                             .0000       04/01/94            00
    11502340                           .0000       03/01/24            0
    607937                            2.8750       03/01/95        03/01/03
    669/514                           2.5000       04/01/95        04/01/03
      45                              3.0000          .0000           .0000
    A                                 7.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           09             0           00/00/00
                                        O             .0000

    1376059                           5.6250         98,500.00        100
                                      5.6250         59,736.17         ZZ
                                      5.3750            521.27         1
                                     10.8750            400.83         46
    ESTES PARK      CO    80517      10.6250       03/22/94
    10839928                           .0000       05/01/94            00
    0839928                            .0000       04/01/24            0
    607940                            2.8750       04/01/95        04/01/03
    047/076                           2.6250       05/01/95        05/01/03
      45                              2.8750          .0000           .0000
    A                                 6.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1376157                           5.7500         74,500.00        100
                                      5.7500         65,945.47         ZZ
                                      5.5000            388.63         1
                                     10.7500            443.30         50
    SANTEE          CA    92071      10.5000       02/17/94
    9109324716                         .0000       04/01/94            00
    137088                             .0000       03/01/24            0
    607942                            2.8750       03/01/95        03/01/03
    028/686                           2.6250       04/01/95        04/01/03
      45                              2.7500          .0000           .0000
    A                                 6.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1376168                           5.7500        300,000.00        100
                                      5.7500        269,669.79         T
                                      5.5000          1,633.47         1
                                     11.1250          1,812.76         70
    REHOBOTH BEACH  DE    19971      10.8750       02/18/94
    9109324674                         .0000       04/01/94            00
    325617                             .0000       03/01/24            0
    607943                            2.8750       03/01/95        03/01/03
    028/686                           2.6250       04/01/95        04/01/03
      45                              3.1250          .0000           .0000
    A                                 7.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1376508                           5.7500        275,000.00        100
                                      5.7500        235,051.53         ZZ
                                      5.3750          1,455.33         1
                                     10.8750          1,580.05         55
    RICHMOND        VA    23220      10.5000       02/24/94
    0000622084                         .0000       04/01/94            00
    86849                              .0000       03/01/24            0
    607947                            2.8750       03/01/95        03/01/03
    246/448                           2.5000       04/01/95        04/01/03
      45                              2.8750          .0000           .0000
    A                                 6.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           07             0           00/00/00
                                        O             .0000

    1376537                           5.6250        184,000.00        100
                                      5.6250        165,266.36         ZZ
                                      5.2500            946.02         1
                                     10.6250          1,096.80         80
    RAMSEY          NJ    07446      10.2500       03/31/94
    740795                             .0000       05/01/94            00
    GM10020909                         .0000       04/01/24            0
    607948                            2.8750       04/01/95        04/01/03
    669/514                           2.5000       05/01/95        05/01/03
      45                              2.8750          .0000           .0000
    A                                 6.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1376911                           5.6250        136,000.00        100
                                      5.6250        122,590.00         ZZ
                                      5.3750            761.56         1
                                     11.3750            813.57         80
    SANTA ROSA      CA    95403      11.1250       03/04/94
    9109325259                         .0000       05/01/94            00
    406154                             .0000       04/01/24            0
    607949                            2.8750       04/01/95        04/01/03
    736/686                           2.6250       05/01/95        05/01/03
      45                              3.3750          .0000           .0000
    A                                 7.3750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1379316                           5.5000        375,000.00        100
                                      5.5000        335,641.38         ZZ
                                      5.2500          1,984.54         1
                                     10.8750          2,203.49         55
    COS COB         CT    06807      10.6250       04/01/94
    294389458000000                    .0000       05/01/94            00
    438945                             .0000       04/01/24            0
    607969                            2.7500       04/01/95        04/01/03
    562/562                           2.5000       05/01/95        05/01/03
      45                              2.8750          .0000           .0000
    A                                 6.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1379738                           5.3750        140,000.00        100
                                      5.3750        124,643.30         ZZ
                                      5.1250            751.55         1
                                     11.0000            809.23         55
    BERKELEY        CA    94708      10.7500       03/30/94
    9109327131                         .0000       05/01/94            00
    413788                             .0000       04/01/24            0
    607972                            2.8750       05/01/95        05/01/03
    736/686                           2.6250       06/01/95        06/01/03
      45                              3.0000          .0000           .0000
    A                                 7.0000           12             12
1

      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1380755                           5.3750        367,500.00        100
                                      5.3750        325,327.30         ZZ
                                      5.1250          2,029.35         1
                                     11.2500          2,103.71         75
    MEDFORD         NJ    08055      11.0000       05/10/94
    9109335282                         .0000       07/01/94            00
    865282                             .0000       06/01/24            0
    607977                            2.8750       06/01/95        06/01/03
    047/686                           2.6250       07/01/95        07/01/03
      45                              3.2500          .0000           .0000
    A                                 7.2500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1381159                           5.3750        359,100.00        100
                                      5.3750        325,957.01         ZZ
                                      5.1250          2,152.99         1
                                     12.0000          2,107.78         90
    WAIPAHU         HI    96797      11.7500       05/17/94
    4162554846                         .0000       07/01/94            10
    73123                              .0000       06/01/24           17
    0                                 2.8750       06/01/95        06/01/03
    353/S48                           2.6250       07/01/95        07/01/03
      45                              4.0000          .0000           .0000
    A                                 8.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1381943                           5.5000        252,000.00        100
                                      5.5000        226,262.42         T
                                      5.2500          1,372.11         1
                                     11.1250          1,485.92         80
    BONITA SPRINGS  FL    33923      10.8750       03/18/94
    9109330077                         .0000       05/01/94            00
    2938413                            .0000       04/01/24            0
    607982                            2.7500       04/01/95        04/01/03
1

    637/686                           2.5000       05/01/95        05/01/03
      45                              3.1250          .0000           .0000
    A                                 7.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1382172                           5.3750        150,000.00        100
                                      5.3750        134,935.93         ZZ
                                      5.1250            793.81         1
                                     10.8750            874.29         55
    SANTA FE        NM    87501      10.6250       04/08/94
    9109330267                         .0000       06/01/94            00
    1296581                            .0000       05/01/24            0
    607986                            2.8750       05/01/95        05/01/03
    028/686                           2.6250       06/01/95        06/01/03
      45                              2.8750          .0000           .0000
    A                                 6.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1382876                           5.3750        135,500.00        100
                                      5.3750        122,653.57         ZZ
                                      5.1250            758.76         2
                                     11.3750            793.13         80
    BOGOTA          NJ    07603      11.1250       05/10/94
    740810                             .0000       07/01/94            00
    GM10021015                         .0000       06/01/24            0
    607989                            2.8750       06/01/95        06/01/03
    669/514                           2.6250       07/01/95        07/01/03
      45                              3.3750          .0000           .0000
    A                                 7.3750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1383027                           5.3750        171,900.00        100
                                      5.3750        135,766.67         ZZ
                                      5.1250            949.24         1
                                     11.2500            883.28         90
    ASHBURN         VA    22011      11.0000       04/19/94
1

    9109332263                         .0000       06/01/94            10
    322934                             .0000       05/01/24           22
    607991                            2.8750       05/01/95        05/01/03
    028/686                           2.6250       06/01/95        06/01/03
      45                              3.2500          .0000           .0000
    A                                 7.2500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           09             0           00/00/00
                                        O             .0000

    1384489                           5.3750        180,000.00        100
                                      5.3750        162,344.09         ZZ
                                      5.1250            966.28         1
                                     11.0000          1,051.88         67
    MAMARONECK      NY    10543      10.7500       04/22/94
    9109336116                         .0000       06/01/94            00
    606037691                          .0000       05/01/24            0
    608002                            2.8750       05/01/95        05/01/03
    249/686                           2.6250       06/01/95        06/01/03
      45                              3.0000          .0000           .0000
    A                                 7.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1385790                           7.2500         60,000.00        100
                                      7.2500         54,584.28         ZZ
                                      7.0000            359.73         1
                                     12.0000            413.64         34
    N. EASTON       MA    02356      11.7500       06/24/94
    9109338468                        4.0000       08/01/94            00
    95945                             3.7500       07/01/24            0
    608006                            2.8750       07/01/95        07/01/02
    A01/686                           2.6250       08/01/95        08/01/02
      45                              4.0000          .0000           .0000
    A                                 8.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
       2.0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1386363                           7.2500         98,300.00        100
                                      7.2500         89,491.15         ZZ
1

                                      7.0000            589.36         1
                                     12.0000            678.10         95
    KINGMAN         AZ    86401      11.7500       06/10/94
    9109338526                         .0000       08/01/94            04
    4279600                            .0000       07/01/24           25
    608010                            2.8750       07/01/95        07/01/02
    462/686                           2.6250       08/01/95        08/01/02
      45                              4.0000          .0000           .0000
    A                                 8.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1388023                           7.1250        435,000.00        100
                                      7.1250        383,091.14         ZZ
                                      6.8750          2,435.87         1
                                     11.3750          2,903.78         70
    HONOLULU        HI    96821      11.1250       07/07/94
    9109342767                         .0000       09/01/94            00
    60631                              .0000       08/01/24            0
    608018                            2.8750       08/01/95        08/01/02
    353/686                           2.6250       09/01/95        09/01/02
      45                              3.3750          .0000           .0000
    A                                 7.3750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           02             0           00/00/00
                                        O             .0000

    1389793                           7.0000         98,700.00        100
                                      7.0000         90,164.89         ZZ
                                      6.7500            615.76         1
                                     12.3750            667.14         70
    AVON            NC    27915      12.1250       08/05/94
    9109343450                         .0000       10/01/94            00
    4304184                            .0000       09/01/24            0
    608022                            2.8750       09/01/95        09/01/02
    462/686                           2.6250       10/01/95        10/01/02
      45                              4.3750          .0000           .0000
    A                                 8.3750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000
1

    1390488                           7.1250         37,050.00        100
                                      7.1250         33,643.78         ZZ
                                      6.8750            225.12         1
                                     12.1250            251.93         95
    SPOKANE         WA    99207      11.8750       07/18/94
    9109343765                         .0000       09/01/94            04
    1708231                            .0000       08/01/24           25
    608028                            2.8750       08/01/95        08/01/02
    447/686                           2.6250       09/01/95        09/01/02
      45                              4.1250          .0000           .0000
    A                                 8.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1390702                           6.8750        240,000.00        100
                                      6.8750        218,609.42         ZZ
                                      6.6250          1,536.75         1
                                     12.6250          1,601.79         80
    NORTHPORT       NY    11767      12.3750       08/30/94
    9109344045                         .0000       10/01/94            00
    9411078                            .0000       09/01/24            0
    608029                            2.7500       09/01/95        09/01/02
    A47/686                           2.5000       10/01/95        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              01          09/01/95
        .0000                           05             C           09/01/99
                                        O             .5000

    1392025                           7.0000        109,100.00        100
                                      7.0000         99,509.94         ZZ
                                      6.7500            645.37         1
                                     11.8750            736.29         95
    ALBUQUERQUE     NM    87109      11.6250       08/19/94
    9109344979                         .0000       10/01/94            04
    10892029                           .0000       09/01/24           25
    608031                            2.8750       09/01/95        09/01/02
    047/686                           2.6250       10/01/95        10/01/02
      45                              3.8750          .0000           .0000
    A                                 7.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1392155                           6.8750        320,000.00        100
                                      6.8750        291,166.42         ZZ
                                      6.6250          1,918.56         1
                                     12.0000          2,134.17         89
    OWENS CROSS RO  AL    35763      11.7500       08/19/94
    0000781248                         .0000       10/01/94            04
    472197                             .0000       09/01/24           22
    608033                            2.7500       10/01/95        10/01/02
    140/448                           2.5000       11/01/95        11/01/02
      45                              4.0000          .0000           .0000
    A                                 8.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           4              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1392423                           7.0000         92,800.00        100
                                      7.0000         71,618.54         ZZ
                                      6.7500            491.11         1
                                     10.8750            542.18         80
    SEVEN HILLS     OH    44131      10.6250       08/25/94
    9109345257                         .0000       10/01/94            00
    94065133                           .0000       09/01/24            0
    608040                            2.8750       09/01/95        09/01/02
    429/686                           2.6250       10/01/95        10/01/02
      45                              2.8750          .0000           .0000
    A                                 6.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1392889                           7.0000         50,000.00        100
                                      7.0000         44,581.86         ZZ
                                      6.7500            264.60         1
                                     10.8750            329.94         60
    MECHANICSBURG   PA    17055      10.6250       08/05/94
    9109345950                         .0000       10/01/94            00
    94063916                           .0000       09/01/24            0
    608044                            2.8750       09/01/95        09/01/02
    429/686                           2.6250       10/01/95        10/01/02
      45                              2.8750          .0000           .0000
    A                                 6.8750           12             12
1

      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           07             0           00/00/00
                                        O             .0000

    1393280                           7.0000        133,000.00        100
                                      7.0000        121,069.26         ZZ
                                      6.7500            829.75         1
                                     12.3750            895.80         95
    MONTCLAIR       CA    91763      12.1250       08/02/94
    9109346560                         .0000       10/01/94            04
    4307757                            .0000       09/01/24           25
    608052                            2.8750       09/01/95        09/01/02
    462/686                           2.6250       10/01/95        10/01/02
      45                              4.3750          .0000           .0000
    A                                 8.3750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1393428                           7.1250         77,500.00        100
                                      7.1250         43,914.24         ZZ
                                      6.7500            502.66         1
                                     12.7500            357.34         70
    MARLTON         NJ    08053      12.3750       08/25/94
    8012277326                         .0000       10/01/94            00
    4451811                            .0000       09/01/24            0
    608054                            3.0000       09/01/95        09/01/02
    478/X14                           2.6250       10/01/95        10/01/02
      45                              4.7500          .0000           .0000
    A                                 8.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1393675                           7.0000         90,000.00        100
                                      7.0000         77,724.00         ZZ
                                      6.7500            568.86         1
                                     12.5000            574.21         59
    FALLS CHURCH    VA    22042      12.2500       09/29/94
    9109346461                         .0000       11/01/94            00
    2284870                            .0000       10/01/24            0
    0                                 2.8750       10/01/95        10/01/02
1

    696/686                           2.6250       11/01/95        11/01/02
      45                              4.5000          .0000           .0000
    A                                 8.5000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1394094                           7.1250         41,500.00        100
                                      7.1250         38,126.41         T
                                      6.8750            286.63         1
                                     13.3750            284.19         80
    MIAMI BEACH     FL    33141      13.1250       10/26/94
    9109348921                         .0000       12/01/94            00
    94HA102                            .0000       11/01/24            0
    608062                            2.8750       11/01/95        11/01/02
    766/686                           2.6250       12/01/95        12/01/02
      45                              5.3750          .0000           .0000
    A                                 9.3750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           08             0           00/00/00
                                        O             .0000

    1394484                           7.2500        328,400.00        100
                                      7.2500        301,682.60         ZZ
                                      7.0000          2,157.35         1
                                     12.8750          2,272.68         90
    SANTA ROSA      CA    95405      12.6250       10/07/94
    9109352402                         .0000       12/01/94            11
    23006737                           .0000       11/01/24           17
    608067                            3.0000       11/01/95        11/01/02
    013/686                           2.7500       12/01/95        12/01/02
      45                              4.8750          .0000           .0000
    A                                 8.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1394605                           7.0000        191,500.00        100
                                      7.0000        174,974.28         T
                                      6.7500          1,258.02         1
                                     12.8750          1,292.05         52
    ANNAPOLIS       MD    21403      12.6250       10/07/94
1

    9109348202                         .0000       12/01/94            00
    1122266                            .0000       11/01/24            0
    608069                            2.7500       11/01/95        11/01/02
    480/686                           2.5000       12/01/95        12/01/02
      45                              4.8750          .0000           .0000
    A                                 8.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1396947                           7.0000        116,450.00        100
                                      7.0000        106,460.20         ZZ
                                      6.7500            745.65         1
                                     12.6250            788.09         94
    SAN BERNARDINO  CA    92411      12.3750       09/14/94
    9109349713                         .0000       11/01/94            04
    4311080                            .0000       10/01/24           25
    96924                             2.8750       10/01/95        10/01/02
    462/686                           2.6250       11/01/95        11/01/02
      45                              4.6250          .0000           .0000
    A                                 8.6250           12             12
      360                               1            2.0000          2.0000
       6.2500                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1396965                           7.0000        265,300.00        100
                                      7.0000        242,807.47         ZZ
                                      6.7500          1,655.13         1
                                     12.3750          1,793.77         70
    CHICAGO         IL    60614      12.1250       09/28/94
    9109348657                         .0000       11/01/94            00
    1858976                            .0000       10/01/24            0
    608074                            2.8750       10/01/95        10/01/02
    447/686                           2.6250       11/01/95        11/01/02
      45                              4.3750          .0000           .0000
    A                                 8.3750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1397436                           6.8750         40,500.00        100
                                      6.8750         37,193.69         T
1

                                      6.6250            290.15         1
                                     13.7500            271.05         75
    MIAMI BEACH     FL    33134      13.5000       11/22/94
    9109353152                         .0000       01/01/95            00
    94HA105                            .0000       12/01/24            0
    608079                            2.8750       12/01/95        12/01/02
    766/686                           2.6250       01/01/96        01/01/03
      45                              5.7500          .0000           .0000
    A                                 9.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           08             0           00/00/00
                                        O             .0000

    1397557                           7.1250         84,000.00        100
                                      7.1250         77,097.02         T
                                      6.8750            551.82         1
                                     12.8750            574.66         80
    TAHOE CITY      CA    96145      12.6250       10/20/94
    9109351842                         .0000       12/01/94            00
    427631                             .0000       11/01/24            0
    608081                            2.8750       11/01/95        11/01/02
    736/686                           2.6250       12/01/95        12/01/02
      45                              4.8750          .0000           .0000
    A                                 8.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1398007                           6.8750        135,000.00        100
                                      6.8750        123,836.41         ZZ
                                      6.6250            909.52         1
                                     13.1250            902.48         45
    FLEMINGTON      NJ    08822      12.8750       11/08/94
    9109350158                         .0000       01/01/95            00
    4023180                            .0000       12/01/24            0
    608090                            2.8750       12/01/95        12/01/02
    637/686                           2.6250       01/01/96        01/01/03
      45                              5.1250          .0000           .0000
    A                                 9.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1398093                           7.0000        110,650.00        100
                                      7.0000        100,060.24         ZZ
                                      6.7500            663.40         1
                                     12.0000            739.21         95
    BEND            OR    97701      11.7500       09/27/94
    9109350299                         .0000       11/01/94            04
    362799                             .0000       10/01/24           25
    608093                            2.8750       10/01/95        10/01/02
    375/686                           2.6250       11/01/95        11/01/02
      45                              4.0000          .0000           .0000
    A                                 8.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1398095                           6.8750        102,350.00        100
                                      6.8750         92,318.81         ZZ
                                      6.6250            605.44         1
                                     11.8750            676.44         89
    LONGVIEW        WA    98632      11.6250       11/01/94
    9109350927                         .0000       01/01/95            04
    364744                             .0000       12/01/24           17
    608094                            2.8750       12/01/95        12/01/02
    375/686                           2.6250       01/01/96        01/01/03
      45                              3.8750          .0000           .0000
    A                                 7.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              01          12/01/95
        .0000                           05             E           12/01/99
                                        O             .6250

    1398109                           7.1250         73,150.00        100
                                      7.1250         67,078.30         ZZ
                                      6.8750            468.39         1
                                     12.6250            499.99         95
    JACKSONVILLE    IL    62650      12.3750       10/14/94
    1859993                            .0000       12/01/94            04
    1859993                            .0000       11/01/24           25
    608095                            2.8750       11/01/95        11/01/02
    447/447                           2.6250       12/01/95        12/01/02
      45                              4.6250          .0000           .0000
    A                                 8.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1398124                           7.1250         96,000.00        100
                                      7.1250         86,764.31         ZZ
                                      6.8750            567.88         1
                                     11.8750            646.72         80
    PHILLIPSBURG    NJ    08865      11.6250       10/28/94
    9109351412                         .0000       12/01/94            00
    4024279                            .0000       11/01/24            0
    608096                            2.8750       11/01/95        11/01/02
    637/686                           2.6250       12/01/95        12/01/02
      45                              3.8750          .0000           .0000
    A                                 7.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1398156                           7.1250        153,600.00        100
                                      7.1250        140,325.37         ZZ
                                      6.8750          1,021.91         1
                                     13.0000          1,046.21         80
    RANCHO CUCAMON  CA    91701      12.7500       10/27/94
    9109350778                         .0000       12/01/94            00
    3458254                            .0000       11/01/24            0
    608099                            2.8750       11/01/95        11/01/02
    637/686                           2.6250       12/01/95        12/01/02
      45                              5.0000          .0000           .0000
    A                                 9.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1398696                           6.8750         51,750.00        100
                                      6.8750         47,209.53         ZZ
                                      6.6250            339.97         1
                                     12.8750            344.05         90
    SUN CITY        AZ    85351      12.6250       11/18/94
    1907840                            .0000       01/01/95            04
    1907840                            .0000       12/01/24           17
    608104                            2.8750       12/01/95        12/01/02
    447/447                           2.6250       01/01/96        01/01/03
      45                              4.8750          .0000           .0000
    A                                 8.8750           12             12
1

      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1398698                           6.8750        214,200.00        100
                                      6.8750        164,308.12         ZZ
                                      6.6250          1,371.55         1
                                     12.6250          1,234.18         90
    RANCHO CUCAMON  CA    91737      12.3750       11/01/94
    1875620                            .0000       01/01/95            21
    1875620                            .0000       12/01/24           17
    608105                            2.8750       12/01/95        12/01/02
    447/447                           2.6250       01/01/96        01/01/03
      45                              4.6250          .0000           .0000
    A                                 8.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1399083                           6.8750         52,500.00        100
                                      6.8750         47,853.39         ZZ
                                      6.6250            319.00         1
                                     12.1250            348.87         75
    BREMERTON       WA    98312      11.8750       11/02/94
    9109352428                         .0000       01/01/95            00
    365875                             .0000       12/01/24            0
    608112                            2.8750       12/01/95        12/01/02
    375/686                           2.6250       01/01/96        01/01/03
      45                              4.1250          .0000           .0000
    A                                 8.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1399883                           6.8750         38,250.00        100
                                      6.8750         35,069.06         ZZ
                                      6.6250            251.28         1
                                     12.8750            255.57         66
    ST PETERSBURG   FL    33713      12.6250       11/23/94
    9109352592                         .0000       01/01/95            00
    3832193                            .0000       12/01/24            0
    608116                            2.8750       12/01/95        12/01/02
1

    637/686                           2.6250       01/01/96        01/01/03
      45                              4.8750          .0000           .0000
    A                                 8.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1400025                           7.1250        143,500.00        100
                                      7.1250        131,445.90         ZZ
                                      6.7500            883.56         1
                                     12.2500            979.77         70
    BELLMORE        NY    11710      11.8750       10/06/94
    0010702140                         .0000       12/01/94            00
    3161374                            .0000       11/01/24            0
    608124                            2.8750       11/01/95        11/01/02
    072/S48                           2.5000       12/01/95        12/01/02
      45                              4.2500          .0000           .0000
    A                                 8.2500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1400057                           7.1250        300,000.00        100
                                      7.1250        118,512.32         ZZ
                                      6.7500          1,871.61         1
                                     12.3750          1,235.22         53
    T/O MOUNT PLEA  NY    10570      12.0000       10/24/94
    0010702157                         .0000       12/01/94            00
    3403637                            .0000       11/01/24            0
    608125                            2.8750       11/01/95        11/01/02
    072/S48                           2.5000       12/01/95        12/01/02
      45                              4.3750          .0000           .0000
    A                                 8.3750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1400061                           6.8750         47,600.00        100
                                      6.8750         42,766.08         ZZ
                                      6.6250            300.87         1
                                     12.5000            311.66         80
    BRADENTON       FL    34210      12.2500       12/05/94
1

    9109352709                         .0000       01/01/95            00
    2956373                            .0000       12/01/24            0
    608126                            2.8750       12/01/95        12/01/02
    637/686                           2.6250       01/01/96        01/01/03
      45                              4.5000          .0000           .0000
    A                                 8.5000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1400069                           6.8750         86,850.00        100
                                      6.8750         79,540.60         ZZ
                                      6.6250            563.31         1
                                     12.7500            579.66         90
    GRANDVILLE      MI    49418      12.5000       11/30/94
    9109354648                         .0000       01/01/95            01
    3615077                            .0000       12/01/24           17
    608127                            2.8750       12/01/95        12/01/02
    637/686                           2.6250       01/01/96        01/01/03
      45                              4.7500          .0000           .0000
    A                                 8.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1400076                           6.8750         92,000.00        100
                                      6.8750         84,250.00         ZZ
                                      6.6250            596.71         1
                                     12.7500            614.03         86
    CAPE CORAL      FL    33990      12.5000       11/29/94
    9109354077                         .0000       01/01/95            04
    2954089                            .0000       12/01/24           17
    608128                            2.8750       12/01/95        12/01/02
    637/686                           2.6250       01/01/96        01/01/03
      45                              4.7500          .0000           .0000
    A                                 8.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1400106                           6.8750        116,900.00        100
                                      6.8750        107,258.92         ZZ
1

                                      6.6250            797.47         1
                                     13.2500            781.67         90
    JACKSONVILLE    FL    32257      13.0000       12/01/94
    9109352576                         .0000       01/01/95            11
    3920865                            .0000       12/01/24           17
    608130                            2.8750       12/01/95        12/01/02
    637/686                           2.6250       01/01/96        01/01/03
      45                              5.2500          .0000           .0000
    A                                 9.2500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1400209                           6.8750        171,500.00        100
                                      6.8750        157,063.27         ZZ
                                      6.6250          1,098.13         1
                                     12.6250          1,144.62         70
    WAKE FOREST     NC    27587      12.3750       12/05/94
    9109353285                         .0000       01/01/95            00
    157515273                          .0000       12/01/24            0
    608133                            2.8750       12/01/95        12/01/02
    249/686                           2.6250       01/01/96        01/01/03
      45                              4.6250          .0000           .0000
    A                                 8.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1400343                           7.0000         94,900.00        100
                                      7.0000         87,257.60         ZZ
                                      6.6250            631.38         1
                                     13.0000            641.67         90
    CLEARWATER      FL    34621      12.6250       12/14/94
    2856999                            .0000       02/01/95            14
    3832417                            .0000       01/01/25           25
    608135                            2.8750       01/01/96        01/01/03
    637/447                           2.5000       02/01/96        02/01/03
      45                              5.0000          .0000           .0000
    A                                 9.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1400639                           6.8750         94,900.00        100
                                      6.8750         77,431.42         ZZ
                                      6.6250            592.06         1
                                     12.3750            564.29         95
    DOVER           PA    17315      12.1250       11/30/94
    1902578                            .0000       01/01/95            21
    1902578                            .0000       12/01/24           25
    608140                            2.8750       12/01/95        12/01/02
    447/447                           2.6250       01/01/96        01/01/03
      45                              4.3750          .0000           .0000
    A                                 8.3750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1400847                           6.8750        119,900.00        100
                                      6.8750        109,942.39         T
                                      6.5000            838.36         1
                                     13.5000            799.98         80
    BERLIN          MD    21811      13.1250       12/09/94
    0000622485                         .0000       02/01/95            00
    88347                              .0000       01/01/25            0
    97825                             2.7500       01/01/96        01/01/03
    246/448                           2.3750       02/01/96        02/01/03
      45                              5.5000          .0000           .0000
    A                                 9.5000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1401088                           7.0000        133,000.00        100
                                      7.0000        121,240.63         ZZ
                                      6.7500            941.37         1
                                     13.6250            893.93         74
    ESCONDIDO       CA    92025      13.3750       12/23/94
    9109354861                         .0000       02/01/95            00
    430306                             .0000       01/01/25            0
    96942                             2.8750       01/01/96        01/01/03
    736/686                           2.6250       02/01/96        02/01/03
      45                              5.6250          .0000           .0000
    A                                 9.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1403375                           7.1250        125,900.00        100
                                      7.1250        115,349.05         ZZ
                                      6.7500            795.77         1
                                     12.5000            859.79         90
    NATIONAL CITY   CA    91950      12.1250       10/24/94
    5779766536                         .0000       12/01/94            04
    420224338                          .0000       11/01/24           20
    96965                             2.8750       11/01/95        11/01/02
    417/405                           2.5000       12/01/95        12/01/02
      45                              4.5000          .0000           .0000
    A                                 8.5000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1403570                           6.6250         97,000.00        100
                                      6.6250         88,421.22         ZZ
                                      6.3750            678.24         1
                                     13.5000            628.81         83
    MORENO VALLEY   CA    92553      13.2500       01/13/95
    9109356171                         .0000       03/01/95            04
    2053421972                         .0000       02/01/25           12
    97004                             2.8750       02/01/96        02/01/03
    324/686                           2.6250       03/01/96        03/01/03
      45                              5.5000          .0000           .0000
    A                                 9.5000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1425389                           7.1250         84,000.00        100
                                      7.1250         66,719.17         ZZ
                                      6.8750            490.20         1
                                     11.7500            506.82         66
    SAN ANTONIO     TX    78232      11.5000       07/12/95
    0657575                            .0000       09/01/95            00
    10832416                           .0000       08/01/25            0
    608147                            2.8750       08/01/96        08/01/02
    047/G48                           2.6250       09/01/96        09/01/02
      45                              3.7500          .0000           .0000
    A                                 7.7500           12             12
1

      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1436467                           7.0000        499,750.00        100
                                      7.0000        453,320.18         ZZ
                                      6.7500          3,036.53         1
                                     12.1250          3,301.45         65
    ISLAMORADA      FL    33036      11.8750       09/13/95
    0657591                            .0000       11/01/95            00
    0501015520                         .0000       10/01/25            0
    608154                            2.8750       10/01/96        10/01/02
    590/G48                           2.6250       11/01/96        11/01/02
      45                              4.1250          .0000           .0000
    A                                 8.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1438309                           7.0000        238,500.00        100
                                      7.0000        220,842.71         ZZ
                                      6.7500          1,586.75         1
                                     13.0000          1,607.85         90
    MONSEY          NY    10952      12.7500       07/31/95
    9109363755                         .0000       09/01/95            14
    4606356                            .0000       08/01/25           25
    608160                            2.7500       08/01/96        08/01/02
    637/686                           2.5000       09/01/96        09/01/02
      45                              5.0000          .0000           .0000
    A                                 9.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1438315                           5.5000        224,000.00        100
                                      5.5000        180,073.08         ZZ
                                      5.2500          1,965.76         2
                                     16.0000          1,416.94         80
    BRONX           NY    10469      15.7500       04/28/88
    0657696                            .0000       06/01/88            00
    4471769                            .0000       05/01/18            0
    608162                            3.0000       05/01/89        05/01/03
1

    073/G48                           2.7500       06/01/89        06/01/03
      45                              8.0000          .0000           .0000
    A                                12.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              U              .1250
        .0000                           S              U              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1440725                           7.0000        234,000.00        100
                                      7.0000        217,212.24         ZZ
                                      6.7500          1,517.72         1
                                     12.7500          1,578.61         75
    PHOENIX         AZ    85021      12.5000       08/07/95
    9109364068                         .0000       10/01/95            00
    7000581                            .0000       09/01/25            0
    608177                            2.8750       09/01/96        09/01/02
    372/686                           2.6250       10/01/96        10/01/02
      45                              4.7500          .0000           .0000
    A                                 8.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1440765                           7.1250        180,000.00        100
                                      7.1250        166,886.36         ZZ
                                      6.8750          1,137.72         1
                                     12.5000          1,227.67         65
    FAYETTEVILLE    NC    28306      12.2500       08/01/95
    0657571                            .0000       09/01/95            00
    3239747                            .0000       08/01/25            0
    608179                            2.8750       08/01/96        08/01/02
    447/G48                           2.6250       09/01/96        09/01/02
      45                              4.5000          .0000           .0000
    A                                 8.5000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1443037                           7.0000        198,750.00        100
                                      7.0000        183,694.06         ZZ
                                      6.7500          1,191.61         1
                                     12.0000          1,336.93         75
    BOZEMAN         MT    59715      11.7500       07/12/95
1

    0657612                            .0000       09/01/95            00
    798355                             .0000       08/01/25            0
    608189                            2.7500       08/01/96        08/01/02
    626/G48                           2.5000       09/01/96        09/01/02
      45                              4.0000          .0000           .0000
    A                                 8.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1446110                           6.8750        211,450.00        100
                                      6.8750        195,221.69         ZZ
                                      6.6250          1,442.46         1
                                     13.2500          1,404.68         90
    WALNUT          CA    91789      13.0000       09/27/95
    9109364639                         .0000       11/01/95            10
    88000740                           .0000       10/01/25           25
    608193                            2.7500       10/01/96        10/01/02
    B23/686                           2.5000       11/01/96        11/01/02
      45                              5.2500          .0000           .0000
    A                                 9.2500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1448150                           7.0000        104,500.00        100
                                      7.0000         96,204.57         ZZ
                                      6.7500            626.53         1
                                     12.0000            699.18         95
    BOISE           ID    83704      11.7500       08/10/95
    0657918                            .0000       10/01/95            10
    376115                             .0000       09/01/25           30
    97850                             2.8750       09/01/96        09/01/02
    375/G48                           2.6250       10/01/96        10/01/02
      45                              4.0000          .0000           .0000
    A                                 8.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1452598                           7.0000        152,750.00        100
                                      7.0000        116,739.38         ZZ
1

                                      6.7500            928.13         1
                                     12.1250            871.35         65
    NEWARK          CA    94560      11.8750       08/22/95
    0658033                            .0000       10/01/95            00
    443799                             .0000       09/01/25            0
    97866                             2.8750       09/01/96        09/01/02
    736/G48                           2.6250       10/01/96        10/01/02
      45                              4.1250          .0000           .0000
    A                                 8.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1454152                           7.1250        169,600.00        100
                                      7.1250        157,865.93         ZZ
                                      6.8750          1,100.02         1
                                     12.7500          1,156.44         80
    LOS ANGELES     CA    91344      12.5000       10/26/95
    0658069                            .0000       12/01/95            00
    2124697                            .0000       11/01/25            0
    97871                             2.8750       11/01/96        11/01/02
    776/G48                           2.6250       12/01/96        12/01/02
      45                              4.7500          .0000           .0000
    A                                 8.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1456481                           7.0000        159,250.00        100
                                      7.0000        147,724.71         ZZ
                                      6.7500            967.62         1
                                     12.1250          1,072.08         65
    MIAMI           FL    33176      11.8750       09/08/95
    0660155                            .0000       11/01/95            00
    450220132                          .0000       10/01/25            0
    97877                             2.8750       10/01/96        10/01/02
    560/G48                           2.6250       11/01/96        11/01/02
      45                              4.1250          .0000           .0000
    A                                 8.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1456630                           7.0000        251,000.00        100
                                      7.0000        234,172.28         T
                                      6.7500          1,691.03         1
                                     13.1250          1,692.30         70
    DESTIN          FL    32541      12.8750       12/21/95
    0459913588                         .0000       02/01/96            00
    0131713                            .0000       01/01/26            0
    608560                            2.8750       01/01/97        01/01/03
    A18/G02                           2.6250       02/01/97        02/01/03
      45                              5.1250          .0000           .0000
    A                                 9.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1462299                           6.8750        318,750.00        100
                                      6.8750        292,951.67         ZZ
                                      6.6250          1,911.07         1
                                     12.0000          2,104.64         75
    ORLAND PARK     IL    60462      11.7500       11/15/95
    0660038                            .0000       01/01/96            00
    0410019574                         .0000       12/01/25            0
    608326                            2.8750       12/01/96        12/01/02
    E22/G48                           2.6250       01/01/97        01/01/03
      45                              4.0000          .0000           .0000
    A                                 8.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1466104                          10.0000        127,100.00        100
                                     10.0000        119,115.95         ZZ
                                      9.5000          1,115.39         1
                                     16.0000          1,113.35         90
    SALIDA          CA    95368      15.5000       10/16/95
    0800023269                       10.0000       12/01/95            23
    7911829                           9.5000       11/01/25            0
    0                                 4.9000       11/01/98        11/01/02
    862/K61                           4.4000       12/01/98        12/01/02
      45                             10.0000          .0000           .0000
    A                                13.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1467665                           6.8750        219,000.00        100
                                      6.8750        202,817.48         ZZ
                                      6.6250          1,313.02         1
                                     12.0000          1,451.90         75
    BELLINGHAM      WA    98225      11.7500       11/16/95
    0660058                            .0000       01/01/96            00
    0410031744                         .0000       12/01/25            0
    608337                            2.8750       12/01/96        12/01/02
    E22/G48                           2.6250       01/01/97        01/01/03
      45                              4.0000          .0000           .0000
    A                                 8.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1468054                           6.6250        243,750.00        100
                                      6.6250        227,076.06         ZZ
                                      6.3750          1,580.96         1
                                     12.7500          1,585.65         75
    LOS ANGELES     CA    90077      12.5000       01/24/96
    0658747                            .0000       03/01/96            00
    890065                             .0000       02/01/26            0
    608363                            2.8750       02/01/97        02/01/03
    764/G48                           2.6250       03/01/97        03/01/03
      45                              4.7500          .0000           .0000
    A                                 8.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1468574                           7.0000        269,900.00        100
                                      7.0000        251,415.85         ZZ
                                      6.7500          1,683.83         1
                                     12.3750          1,816.92         73
    GERMANTOWN      TN    38138      12.1250       12/14/95
    2063397                            .0000       02/01/96            00
    2063397                            .0000       01/01/26            0
    608342                            2.8750       01/01/97        01/01/03
    447/447                           2.6250       02/01/97        02/01/03
      45                              4.3750          .0000           .0000
    A                                 8.3750           12             12
1

      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1471902                           5.7500        300,000.00        100
                                      5.7500        279,525.91         ZZ
                                      5.5000          1,920.94         1
                                     12.6250          1,800.39         75
    BULVERDE        TX    78163      12.3750       02/13/96
    0658795                            .0000       04/01/96            00
    2143642                            .0000       03/01/26            0
    608370                            2.8750       03/01/97        03/01/03
    664/G48                           2.6250       04/01/97        04/01/03
      45                              4.6250          .0000           .0000
    A                                 8.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           4              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1474337                           6.6250         74,000.00        100
                                      6.6250         10,753.69         ZZ
                                      6.3750            455.64         1
                                     12.2500             81.49         56
    NEWTON          KS    67114      12.0000       01/17/96
    0658717                            .0000       03/01/96            00
    3362668                            .0000       02/01/26            0
    608375                            2.8750       02/01/97        02/01/03
    447/G48                           2.6250       03/01/97        03/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1474530                           7.1250         42,000.00        100
                                      7.1250         35,656.97         ZZ
                                      6.8750            255.20         2
                                     12.1250            283.20         70
    AMSTERDAM       NY    12010      11.8750       10/13/95
    0658723                            .0000       12/01/95            00
    3280699                            .0000       11/01/25            0
    608376                            2.8750       11/01/96        11/01/02
1

    447/G48                           2.6250       12/01/96        12/01/02
      45                              4.1250          .0000           .0000
    A                                 8.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1481118                           5.7500        166,500.00        100
                                      5.7500        150,658.18         ZZ
                                      5.5000            958.47         1
                                     11.6250            970.37         75
    WEST BLOOMFIEL  MI    48322      11.3750       02/29/96
    0658791                            .0000       04/01/96            00
    951839                             .0000       03/01/26            0
    608454                            2.8750       03/01/97        03/01/03
    A06/G48                           2.6250       04/01/97        04/01/03
      45                              3.6250          .0000           .0000
    A                                 7.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1481845                           5.7500        365,000.00        100
                                      5.7500        338,412.00         ZZ
                                      5.5000          2,072.43         1
                                     11.5000          2,179.67         76
    WATERFORD       MI    48329      11.2500       02/29/96
    0658799                            .0000       04/01/96            00
    954146                             .0000       03/01/26            0
    608455                            2.8750       03/01/97        03/01/03
    A06/G48                           2.6250       04/01/97        04/01/03
      45                              3.5000          .0000           .0000
    A                                 7.5000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1484934                          10.6250        142,500.00        100
                                     10.6250        135,842.17         ZZ
                                     10.1250          1,290.20         1
                                     16.3750          1,316.47         75
    OCEANPORT       NJ    07757      15.8750       09/14/95
1

    0800027658                       10.3750       11/01/95            00
    1813591                           9.8750       10/01/25            0
    0                                 6.5000       10/01/98        10/01/02
    F14/K61                           6.0000       11/01/98        11/01/02
      45                             10.3750          .0000           .0000
    A                                13.3750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1484966                           9.5000         52,300.00        100
                                      9.5000         49,296.67         ZZ
                                      9.0000            439.77         1
                                     15.5000            438.72         63
    OREM            UT    84058      15.0000       10/23/95
    0800027757                        9.5000       12/01/95            00
    1830140                           9.0000       11/01/25            0
    0                                 4.7500       11/01/98        11/01/02
    F14/K61                           4.2500       12/01/98        12/01/02
      45                              9.5000          .0000           .0000
    A                                12.5000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1484968                           9.6250        142,500.00        100
                                      9.6250        135,400.16         ZZ
                                      9.1250          1,211.23         1
                                     15.6250          1,213.57         75
    LAWAI           HI    96765      15.1250       11/07/95
    0800027765                        9.6250       01/01/96            00
    1830165                           9.1250       12/01/25            0
    0                                 4.7500       12/01/98        12/01/02
    F14/K61                           4.2500       01/01/99        01/01/03
      45                              9.6250          .0000           .0000
    A                                12.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1484969                          10.2500        104,000.00        100
                                     10.2500         99,246.81         ZZ
1

                                      9.7500            931.95         1
                                     16.2500            933.32         80
    ROCHESTER       WA    98579      15.7500       10/23/95
    0800027773                       10.2500       12/01/95            00
    1830322                           9.7500       11/01/25            0
    0                                 5.5000       11/01/98        11/01/02
    F14/K61                           5.0000       12/01/98        12/01/02
      45                             10.2500          .0000           .0000
    A                                13.2500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1485000                           9.8750         66,000.00        100
                                      9.8750         62,730.18         ZZ
                                      9.3750            573.11         1
                                     15.8750            574.34         60
    RED BANK        NJ    07701      15.3750       11/03/95
    0800027898                        9.8750       01/01/96            00
    1833201                           9.3750       12/01/25            0
    0                                 5.8750       12/01/98        12/01/02
    F14/K61                           5.3750       01/01/99        01/01/03
      45                              9.8750          .0000           .0000
    A                                12.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        N             .0000

    1485007                           9.0000         86,100.00        100
                                      9.0000         81,268.37         ZZ
                                      8.5000            692.78         1
                                     15.0000            694.60         60
    PARK CITY       UT    84060      14.5000       10/30/95
    0800027922                        9.0000       12/01/95            00
    1833292                           8.5000       11/01/25            0
    0                                 4.1250       11/01/98        11/01/02
    F14/K61                           3.6250       12/01/98        12/01/02
      45                              9.0000          .0000           .0000
    A                                12.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        N             .0000
1

    1485023                           9.8750        164,000.00        100
                                      9.8750        156,271.26         ZZ
                                      9.3750          1,424.09         1
                                     15.8750          1,427.52         33
    HONOLULU        HI    96822      15.3750       11/16/95
    0800027997                        9.8750       01/01/96            00
    1834571                           9.3750       12/01/25            0
    0                                 5.0000       12/01/98        12/01/02
    F14/K61                           4.5000       01/01/99        01/01/03
      45                              9.8750          .0000           .0000
    A                                12.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1485067                           8.7500         87,500.00        100
                                      8.7500         82,222.09         ZZ
                                      8.2500            688.37         1
                                     14.7500            690.04         68
    DURANGO         CO    81301      14.2500       09/14/95
    0800028193                        8.7500       11/01/95            00
    1870260                           8.2500       10/01/25            0
    0                                 3.8750       10/01/98        10/01/02
    F14/K61                           3.3750       11/01/98        11/01/02
      45                              8.7500          .0000           .0000
    A                                11.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1485074                          10.1250         78,000.00        100
                                     10.1250         74,177.43         ZZ
                                      9.6250            691.73         1
                                     16.1250            691.67         65
    CHICAGO         IL    60644      15.6250       09/26/95
    0800028219                       10.1250       11/01/95            00
    1870377                           9.6250       10/01/25            0
    0                                 5.3750       10/01/98        10/01/02
    F14/K61                           4.8750       11/01/98        11/01/02
      45                             10.1250          .0000           .0000
    A                                13.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1485099                          11.7500         45,000.00        100
                                     11.7500         38,441.35         ZZ
                                     11.2500            374.29         1
                                     21.0000            410.04         45
    VIRGINIA BEACH  VA    23452      20.5000       11/22/95
    0800028292                        9.3750       01/01/96            00
    1871789                           8.8750       12/01/25            0
    0                                 7.7500       12/01/98        12/01/02
    F14/K61                           7.2500       01/01/99        01/01/03
      45                              9.3750          .0000           .0000
    A                                12.8750           12             12
      360                               1            2.0000          2.0000
      11.6250                           S              U              .1250
        .0000                           S              U              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1485121                          11.3750         49,500.00        100
                                     11.3750         47,401.75         ZZ
                                     10.8750            398.29         1
                                     15.0000            483.10         75
    INDIO           CA    92201      14.5000       11/15/95
    0800028417                        9.0000       01/01/96            00
    1872910                           8.5000       12/01/25            0
    0                                 7.3750       12/01/98        12/01/02
    F14/K61                           6.8750       01/01/99        01/01/03
      45                              9.0000          .0000           .0000
    A                                12.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1488028                           8.3750         79,850.00        100
                                      8.3750         74,993.31         ZZ
                                      7.8750            606.92         1
                                     14.3750            608.38         75
    PAYSON          UT    84651      13.8750       12/07/95
    0800029233                        8.3750       02/01/96            00
    1882042                           7.8750       01/01/26            0
    0                                 3.2500       01/01/99        01/01/03
    F14/K61                           2.7500       02/01/99        02/01/03
      45                              8.3750          .0000           .0000
    A                                11.3750           12             12
1

      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1488058                          11.8750         60,000.00        100
                                     11.8750         56,923.86         ZZ
                                     11.3750            482.77         1
                                     15.0000            599.91         41
    HAMILTON        MT    59840      14.5000       01/23/96
    0800029332                        9.0000       03/01/96            00
    1887447                           8.5000       02/01/26            0
    0                                 8.1250       02/01/99        02/01/03
    F14/K61                           7.6250       03/01/99        03/01/03
      45                              9.0000          .0000           .0000
    A                                12.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1488780                           5.7500        292,000.00        100
                                      5.7500        262,425.44         ZZ
                                      5.5000          1,612.43         1
                                     11.2500          1,703.11         67
    POTOMAC         MD    20854      11.0000       02/21/96
    0660076                            .0000       04/01/96            00
    410068613                          .0000       03/01/26            0
    608462                            2.8750       03/01/97        03/01/03
    E22/G48                           2.6250       04/01/97        04/01/03
      45                              3.2500          .0000           .0000
    A                                 7.2500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1490411                           5.7500        332,000.00        100
                                      5.7500        287,461.56         ZZ
                                      5.5000          2,153.35         1
                                     12.7500          2,031.87         80
    CAMBRIA         CA    93428      12.5000       02/03/92
    0730382                           6.0000       04/01/92            00
    884042                             .0000       03/01/22            0
    608469                            2.8750       03/01/93        03/01/03
1

    B75/737                           2.6250       04/01/93        04/01/03
      45                              6.0000          .0000           .0000
    A                                 8.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .7500                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1494477                           5.3750         65,000.00        100
                                      5.3750         60,785.07         T
                                      5.0000            421.59         1
                                     12.7500            376.74         70
    FORT LAUDERDAL  FL    33308      12.3750       04/02/96
    0660102                            .0000       06/01/96            00
    410114300                          .0000       05/01/26            0
    608479                            2.8750       05/01/97        05/01/03
    E22/G48                           2.5000       06/01/97        06/01/03
      45                              4.7500          .0000           .0000
    A                                 8.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1494527                           5.6250        200,716.00        100
                                      5.6250        185,120.83         ZZ
                                      5.3750          1,235.85         1
                                     12.2500          1,177.07         95
    MIDLOTHIAN      VA    23112      12.0000       03/29/96
    2088545                            .0000       05/01/96            21
    2088545                            .0000       04/01/26           25
    608480                            2.8750       04/01/97        04/01/03
    447/447                           2.6250       05/01/97        05/01/03
      45                              4.2500          .0000           .0000
    A                                 8.2500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1495128                           5.3750        187,000.00        100
                                      5.3750        174,227.11         ZZ
                                      5.1250          1,259.85         1
                                     13.1250          1,079.83         44
    UPPERVILLE      VA    22176      12.8750       04/12/96
1

    0459925871                         .0000       06/01/96            00
    5010767                            .0000       05/01/26            0
    608485                            2.8750       05/01/97        05/01/03
    696/G02                           2.6250       06/01/97        06/01/03
      45                              5.1250          .0000           .0000
    A                                 9.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1495243                           5.6250        300,000.00        100
                                      5.6250        279,577.78         ZZ
                                      5.3750          1,798.65         1
                                     12.0000          1,776.98         80
    CHICAGO         IL    60610      11.7500       03/01/96
    0660165                            .0000       05/01/96            00
    450355888                          .0000       04/01/26            0
    608487                            2.8750       04/01/97        04/01/03
    560/G48                           2.6250       05/01/97        05/01/03
      45                              4.0000          .0000           .0000
    A                                 8.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1496453                           5.3750        415,200.00        100
                                      5.3750        387,928.17         ZZ
                                      5.1250          2,727.57         1
                                     12.8750          2,404.31         80
    LAGUNA BEACH    CA    92651      12.6250       04/15/96
    0459929063                         .0000       06/01/96            00
    23000529                           .0000       05/01/26            0
    608493                            2.8750       05/01/97        05/01/03
    470/G02                           2.6250       06/01/97        06/01/03
      45                              4.8750          .0000           .0000
    A                                 8.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1496922                           5.6250         35,000.00        100
                                      5.6250         32,663.52         ZZ
1

                                      5.3750            221.23         1
                                     12.5000            207.61         25
    SEEATTLE        WA    98125      12.2500       04/01/96
    2092201                            .0000       05/01/96            00
    2092201                            .0000       04/01/26            0
    608495                            2.8750       04/01/97        04/01/03
    447/447                           2.6250       05/01/97        05/01/03
      45                              4.5000          .0000           .0000
    A                                 8.5000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1497284                           5.3750        317,100.00        100
                                      5.3750        175,114.59         ZZ
                                      5.1250          2,056.71         1
                                     12.7500          1,085.33         61
    GROSSE POINTE   MI    48236      12.5000       04/22/96
    0659098                            .0000       06/01/96            00
    103961708                          .0000       05/01/26            0
    608497                            2.8750       05/01/97        05/01/03
    A11/G48                           2.6250       06/01/97        06/01/03
      45                              4.7500          .0000           .0000
    A                                 8.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1497464                           5.6250        251,900.00        100
                                      5.6250        234,631.35         ZZ
                                      5.3750          1,490.09         1
                                     11.8750          1,491.31         90
    SANDY           UT    84092      11.6250       03/14/96
    0659109                            .0000       05/01/96            21
    2091127                            .0000       04/01/26           25
    608498                            2.8750       04/01/97        04/01/03
    447/G48                           2.6250       05/01/97        05/01/03
      45                              3.8750          .0000           .0000
    A                                 7.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000
1

    1498457                           6.6250        110,250.00        100
                                      6.6250        104,657.81         ZZ
                                      6.1250            867.34         1
                                     14.7500            727.66         90
    MIAMI           FL    33178      14.2500       04/30/96
    0800031494                         .0000       06/01/96            11
    960Z0188                           .0000       05/01/26           25
    0                                 4.1250       05/01/97        05/01/03
    766/K61                           3.6250       06/01/97        06/01/03
      45                              6.7500          .0000           .0000
    A                                10.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1500070                           7.8750         91,800.00        100
                                      7.8750         87,975.17         ZZ
                                      7.3750            738.64         1
                                     15.0000            680.83         90
    COLONIAL BEACH  VA    22443      14.5000       05/24/96
    0800032260                         .0000       07/01/96            23
    9020010                            .0000       06/01/26            0
    0                                 5.3750       06/01/97        06/01/03
    696/K61                           4.8750       07/01/97        07/01/03
      45                              7.0000          .0000           .0000
    A                                11.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1503163                           9.3750         41,200.00        100
                                      9.3750         39,334.79         ZZ
                                      8.8750            357.76         1
                                     15.8750            343.55         80
    SCHAUMBURG      IL    60193      15.3750       06/10/96
    0800033144                         .0000       08/01/96            00
    0410170765                         .0000       07/01/26            0
    0                                 5.0000       07/01/97        07/01/02
    E22/K61                           4.5000       08/01/97        08/01/02
      45                              7.8750          .0000           .0000
    A                                11.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1504161                           8.7500        138,400.00        100
                                      8.7500        132,378.50         ZZ
                                      8.2500          1,163.74         1
                                     15.5000          1,098.91         80
    VALLEY STREAM   NY    11580      15.0000       07/17/96
    0800033524                         .0000       09/01/96            00
    12345                              .0000       08/01/26            0
    0                                 4.5000       08/01/97        08/01/02
    705/K61                           4.0000       09/01/97        09/01/02
      45                              7.5000          .0000           .0000
    A                                11.5000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1504738                           6.3750         63,900.00        100
                                      6.3750         59,885.30         ZZ
                                      5.8750            584.52         1
                                     16.5000            405.93         90
    WATKINSVILLE    GA    30677      16.0000       06/19/96
    0800033797                         .0000       08/01/96            23
    30677                              .0000       07/01/26            0
    0                                 2.0000       07/01/97        07/01/02
    896/K61                           1.5000       08/01/97        08/01/02
      45                              8.5000          .0000           .0000
    A                                12.5000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1504892                           8.7500         48,750.00        100
                                      8.7500         46,586.14         T
                                      8.2500            455.08         1
                                     16.7500            387.11         75
    UNIONVILLE      IN    47468      16.2500       06/14/96
    0800033854                         .0000       08/01/96            00
    0410179329                         .0000       07/01/26            0
    0                                 4.3750       07/01/97        07/01/02
    E22/K61                           3.8750       08/01/97        08/01/02
      45                              8.7500          .0000           .0000
    A                                12.7500           12             12
1

      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1507103                           6.1250        128,155.00        100
                                      6.1250        120,710.21         ZZ
                                      5.2500            841.89         1
                                     12.8750            800.98         95
    OAKLAND         CA    94609      12.0100       05/13/96
    5773931649                         .0000       07/01/96            22
    3931649                            .0000       06/01/26           30
    608601                            3.6250       06/01/97        06/01/03
    405/405                           2.7600       07/01/97        07/01/03
      45                              4.8750          .0000           .0000
    A                                 8.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1508647                           7.2500         42,250.00        100
                                      7.2500         39,649.16         ZZ
                                      6.8750            274.03         1
                                     12.7500            290.49         77
    LARGO           FL    34643      12.3750       06/06/96
    0660141                            .0000       08/01/96            00
    410189203                          .0000       07/01/26            0
    608607                            2.8750       07/01/97        07/01/02
    E22/G48                           2.5000       08/01/97        08/01/02
      45                              4.7500          .0000           .0000
    A                                 8.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           09             0           00/00/00
                                        O             .0000

    1508873                          10.6250         84,000.00        100
                                     10.6250         80,972.38         ZZ
                                     10.1250            776.24         1
                                     16.6250            777.82         80
    WOODSTOCK       GA    30189      16.1250       07/03/96
    0800034738                       10.6250       08/01/96            00
    960584                           10.1250       07/01/26            0
    0                                 5.5000       07/01/97        07/01/02
1

    922/K61                           5.0000       08/01/97        08/01/02
      45                             10.6250          .0000           .0000
    A                                12.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1512107                           8.5000         55,500.00        100
                                      8.5000         53,008.58         ZZ
                                      8.0000            476.83         1
                                     15.7500            431.15         75
    FARGO           ND    58103      15.2500       07/18/96
    0800035420                         .0000       09/01/96            00
    1234                               .0000       08/01/26            0
    0                                 4.2500       08/01/97        08/01/02
    962/K61                           3.7500       09/01/97        09/01/02
      45                              7.7500          .0000           .0000
    A                                11.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           09             0           00/00/00
                                        O             .0000

    1512304                          10.1250         58,800.00        100
                                     10.1250         53,925.07         ZZ
                                      9.6250            548.89         1
                                     16.7500            504.32         69
    MIAMI           FL    33193      16.2500       07/19/96
    0800035586                         .0000       09/01/96            00
    0410192363                         .0000       08/01/26            0
    0                                 5.8750       08/01/97        08/01/02
    E22/K61                           5.3750       09/01/97        09/01/02
      45                              8.7500          .0000           .0000
    A                                12.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1513941                           9.1250        360,000.00        100
                                      9.1250        345,317.88         ZZ
                                      8.6250          3,092.96         1
                                     15.7500          2,954.22         77
    MIAMI           FL    33143      15.2500       08/02/96
1

    0800036642                         .0000       09/01/96            00
    0410193452                         .0000       08/01/26            0
    0                                 4.8750       08/01/97        08/01/02
    E22/K61                           4.3750       09/01/97        09/01/02
      45                              7.7500          .0000           .0000
    A                                11.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1514981                          10.2500         68,000.00        100
                                     10.2500         65,675.24         ZZ
                                      9.7500            590.48         1
                                     15.8750            613.01         85
    LAUDERHILL      FL    33313      15.3750       07/12/96
    0800036907                         .0000       09/01/96            23
    96DA0239                           .0000       08/01/26            0
    0                                 5.9800       08/01/97        08/01/02
    766/K61                           5.4800       09/01/97        09/01/02
      45                              7.8750          .0000           .0000
    A                                11.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1516012                           8.6250        346,500.00        100
                                      8.6250        327,884.99         ZZ
                                      8.1250          2,695.05         1
                                     14.6250          2,708.46         75
    LOS ANGELES AR  CA    91301      14.1250       02/22/96
    0800037228                        8.6250       04/01/96            00
    227498                            8.1250       03/01/26            0
    0                                 4.8750       03/01/99        03/01/03
    E47/K61                           4.3750       04/01/99        04/01/03
      45                              8.6250          .0000           .0000
    A                                11.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1516023                           9.5000         48,000.00        100
                                      9.5000         45,941.26         ZZ
1

                                      9.0000            403.61         1
                                     15.5000            406.30         60
    BALTIMORE       MD    21222      15.0000       03/01/96
    0800037277                        9.5000       05/01/96            00
    232461                            9.0000       04/01/26            0
    0                                 5.8750       04/01/99        04/01/03
    E47/K61                           5.3750       05/01/99        05/01/03
      45                              9.5000          .0000           .0000
    A                                12.5000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        N             .0000

    1516028                           8.8750         48,800.00        100
                                      8.8750         46,503.88         ZZ
                                      8.3750            388.28         1
                                     14.8750            391.53         80
    WINDSOR         VA    23487      14.3750       03/07/96
    0800037293                        8.8750       05/01/96            00
    232904                            8.3750       04/01/26            0
    0                                 5.5000       04/01/99        04/01/03
    E47/K61                           5.0000       05/01/99        05/01/03
      45                              8.8750          .0000           .0000
    A                                11.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1516035                           8.6250         55,250.00        100
                                      8.6250         50,897.59         ZZ
                                      8.1250            429.73         1
                                     14.6250            420.16         65
    ROMEOVILLE      IL    60441      14.1250       03/11/96
    0800037335                        8.6250       05/01/96            00
    234087                            8.1250       04/01/26            0
    0                                 4.1250       04/01/99        04/01/03
    E47/K61                           3.6250       05/01/99        05/01/03
      45                              8.6250          .0000           .0000
    A                                11.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        N             .0000
1

    1517075                           8.6250         58,500.00        100
                                      8.6250         54,392.59         ZZ
                                      8.1250            455.01         1
                                     14.6250            448.99         65
    ROMEOVILLE      IL    60441      14.1250       03/11/96
    0800037772                        8.6250       05/01/96            00
    234088                            8.1250       04/01/26            0
    0                                 4.1250       04/01/99        04/01/03
    E47/K61                           3.6250       05/01/99        05/01/03
      45                              8.6250          .0000           .0000
    A                                11.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1519087                           9.7250        127,200.00        100
                                      9.7250        122,291.48         ZZ
                                      9.2250          1,090.51         1
                                     15.7250          1,099.07         90
    WOODLANDS       TX    77382      15.2250       04/26/96
    301564                            9.7250       06/01/96            23
    1608704                           9.2250       05/01/26            0
    0                                 5.7500       05/01/97        05/01/03
    820/162                           5.2500       06/01/97        06/01/03
      45                              9.7250          .0000           .0000
    A                                11.7250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1521917                           9.6250         99,000.00        100
                                      9.6250         93,985.77         ZZ
                                      9.1250            823.43         1
                                     15.3750            845.49         90
    ANNA            TX    75409      14.8750       08/09/96
    0800015919                        9.3750       10/01/96            23
    2488831                           8.8750       09/01/26            0
    0                                 5.5000       09/01/97        09/01/02
    B75/K61                           5.0000       10/01/97        10/01/02
      45                              9.3750          .0000           .0000
    A                                11.3750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1522093                           8.1250        100,000.00        100
                                      8.1250         94,188.79         ZZ
                                      7.6250            742.50         1
                                     14.1250            747.75         58
    HOLLISTER       MO    65672      13.6250       01/30/96
    0800039455                        8.1250       03/01/96            00
    TC6040618                         7.6250       02/01/26            0
    0                                 3.5000       02/01/97        02/01/03
    F77/K61                           3.0000       03/01/97        03/01/03
      45                              8.1250          .0000           .0000
    A                                10.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1522110                           9.8750         42,900.00        100
                                      9.8750         40,621.12         ZZ
                                      9.3750            372.53         1
                                     15.8750            371.07         65
    WATERFORD       MI    48329      15.3750       12/01/95
    0800039497                        9.8750       01/01/96            00
    TC6040643                         9.3750       12/01/25            0
    0                                 3.5000       12/01/96        12/01/02
    F77/K61                           3.0000       01/01/97        01/01/03
      45                              9.8750          .0000           .0000
    A                                11.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        N             .0000

    1522112                           6.3750        182,350.00        100
                                      6.3750        171,410.05         ZZ
                                      5.8750          1,322.16         1
                                     13.8750          1,168.80         73
    HOUSTON         TX    77005      13.3750       02/02/96
    0800039505                         .0000       04/01/96            00
    TC6040646                          .0000       03/01/26            0
    0                                 3.5000       03/01/97        03/01/03
    F77/K61                           3.0000       04/01/97        04/01/03
      45                              7.8750          .0000           .0000
    A                                 9.8750           12             12
1

      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1522122                           8.6250        232,500.00        100
                                      8.6250        166,095.15         ZZ
                                      8.1250          1,808.37         1
                                     14.6250          1,372.01         65
    NEW BALTIMORE   MI    48047      14.1250       02/22/96
    0800039547                        8.6250       04/01/96            00
    TC6040658                         8.1250       03/01/26            0
    0                                 3.5000       03/01/97        03/01/03
    F77/K61                           3.0000       04/01/97        04/01/03
      45                              8.6250          .0000           .0000
    A                                10.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1522152                           8.6250         34,800.00        100
                                      8.6250         32,873.34         ZZ
                                      8.1250            270.68         1
                                     14.6250            271.55         60
    BLOOMFIELD      MI    48304      14.1250       02/28/96
    0800039604                        8.6250       04/01/96            00
    TC6050343                         8.1250       03/01/26            0
    0                                 3.5000       03/01/97        03/01/03
    F77/K61                           3.0000       04/01/97        04/01/03
      45                              8.6250          .0000           .0000
    A                                10.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        N             .0000

    1522158                          11.1250         52,500.00        100
                                     11.1250         50,727.66         ZZ
                                     10.6250            504.94         1
                                     17.1250            506.10         37
    SOUTH BERWICK   ME    03908      16.6250       04/24/96
    0800039620                       11.1250       06/01/96            00
    TC6050351                        10.6250       05/01/26            0
    0                                 6.2500       05/01/97        05/01/03
1

    F77/K61                           5.7500       06/01/97        06/01/03
      45                             11.1250          .0000           .0000
    A                                13.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1522184                           9.7500        130,000.00        100
                                      9.7500        123,935.93         ZZ
                                      9.2500          1,116.91         1
                                     15.7500          1,117.41         56
    METUCHEN        NJ    08840      15.2500       03/21/96
    0800039711                        9.7500       05/01/96            00
    TC6060597                         9.2500       04/01/26            0
    0                                 4.0000       04/01/97        04/01/03
    F77/K61                           3.5000       05/01/97        05/01/03
      45                              9.7500          .0000           .0000
    A                                11.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1522216                          10.6250         36,000.00        100
                                     10.6250         30,156.84         ZZ
                                     10.1250            332.68         1
                                     16.6250            291.55         75
    ROSEVILLE       MI    48066      16.1250       06/13/96
    0800039778                       10.6250       08/01/96            00
    TC6070607                        10.1250       07/01/26            0
    0                                 3.2500       06/01/97        06/01/03
    F77/K61                           2.7500       07/01/97        07/01/03
      45                             10.6250          .0000           .0000
    A                                12.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1522250                           7.3750         94,500.00        100
                                      7.3750         88,979.28         ZZ
                                      6.8750            873.27         1
                                     16.6250            661.50         90
    MAGNOLIA        TX    77355      16.1250       07/30/96
1

    0800039828                         .0000       09/01/96            23
    0410135800                         .0000       08/01/26            0
    0                                 3.1250       08/01/97        08/01/02
    E22/K61                           2.6250       09/01/97        09/01/02
      45                              8.6250          .0000           .0000
    A                                12.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1522847                           7.0000        600,000.00        100
                                      7.0000        565,214.93         ZZ
                                      6.7500          4,042.31         1
                                     13.1250          4,035.50         75
    SACRAMENTO      CA    95864      12.8750       09/06/96
    0430029900                         .0000       11/01/96            00
    1522847                            .0000       10/01/26            0
    609264                            2.8750       10/01/97        10/01/02
    893/G02                           2.6250       11/01/97        11/01/02
      45                              5.1250          .0000           .0000
    A                                 9.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1525037                           6.5000        310,000.00        100
                                      6.5000        282,637.05         ZZ
                                      6.2500          2,194.16         1
                                     12.6250          1,939.13         73
    SAN FRANCISCO   CA    94115      12.3750       08/28/96
    0430036475                         .0000       10/01/96            00
    165155                             .0000       09/01/26            0
    609322                            2.8750       09/01/01        09/01/02
    893/G02                           2.6250       10/01/01        10/01/02
      45                              2.8750          .0000           .0000
    A                                12.6250           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1526994                           6.8750        252,000.00        100
                                      6.8750        236,126.67         ZZ
1

                                      6.6250          1,592.81         1
                                     12.5000          1,671.40         90
    MAITLAND        FL    32751      12.2500       08/08/96
    0430045740                         .0000       10/01/96            10
    3720794                            .0000       09/01/26           25
    609283                            2.7500       09/01/97        09/01/02
    003/G02                           2.5000       10/01/97        10/01/02
      45                              4.5000          .0000           .0000
    A                                 8.5000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1527229                           6.8750        650,000.00        100
                                      6.8750        609,714.65         ZZ
                                      6.6250          4,489.39         1
                                     13.3750          4,318.12         80
    NASHVILLE       TN    37205      13.1250       08/30/96
    0430034264                         .0000       10/01/96            00
    40559                              .0000       09/01/26            0
    609285                            2.7500       09/01/97        09/01/02
    688/G02                           2.5000       10/01/97        10/01/02
      45                              5.3750          .0000           .0000
    A                                 9.3750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             E           00/00/00
                                        O             .0000

    1527586                           7.1250        273,000.00        100
                                      7.1250        227,486.71         T
                                      6.8750          1,793.42         1
                                     12.8750          1,678.96         69
    CANNON BEACH    OR    97145      12.6250       07/22/96
    0430038901                         .0000       09/01/96            00
    0007141542                         .0000       08/01/26            0
    609287                            2.8750       08/01/97        08/01/02
    229/G02                           2.6250       09/01/97        09/01/02
      45                              4.8750          .0000           .0000
    A                                 8.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1530411                           7.1250         41,850.00        100
                                      7.1250         33,588.14         ZZ
                                      6.8750            254.29         1
                                     12.1250            248.66         90
    JACKSONVILLE B  FL    32250      11.8750       07/24/96
    0430048512                         .0000       09/01/96            01
    686000                             .0000       08/01/26           25
    609302                            2.8750       08/01/97        08/01/02
    514/G02                           2.6250       09/01/97        09/01/02
      45                              4.1250          .0000           .0000
    A                                 8.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1530602                           7.0000        124,000.00        100
                                      7.0000        116,002.92         ZZ
                                      6.7500            753.44         1
                                     12.1250            829.32         75
    WOBURN          MA    01801      11.8750       08/28/96
    0430048397                         .0000       10/01/96            00
    358319                             .0000       09/01/26            0
    609308                            2.8750       09/01/97        09/01/02
    514/G02                           2.6250       10/01/97        10/01/02
      45                              4.1250          .0000           .0000
    A                                 8.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1530821                           7.0000         91,000.00        100
                                      7.0000         84,028.22         ZZ
                                      6.7500            552.93         1
                                     12.1250            602.00         84
    MYRTLE BEACH    SC    29577      11.8750       08/26/96
    0430048801                         .0000       10/01/96            14
    486000501                          .0000       09/01/26           12
    609312                            2.8750       09/01/97        09/01/02
    575/G02                           2.6250       10/01/97        10/01/02
      45                              4.1250          .0000           .0000
    A                                 8.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           2              01          09/01/97
        .0000                           03             E           09/01/01
                                        O            1.1250

    1531024                           6.8750        263,400.00        100
                                      6.8750        248,013.88         ZZ
                                      6.6250          1,796.86         1
                                     13.2500          1,751.18         75
    LARCHMONT       NY    10538      13.0000       09/17/96
    0430050492                         .0000       11/01/96            00
    9379280                            .0000       10/01/26            0
    609316                            2.7500       10/01/97        10/01/02
    637/G02                           2.5000       11/01/97        11/01/02
      45                              5.2500          .0000           .0000
    A                                 9.2500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1531269                           7.0000         73,000.00        100
                                      7.0000         68,813.61         ZZ
                                      6.7500            497.99         1
                                     13.2500            491.31         52
    LAS VEGAS       NV    89121      13.0000       09/20/96
    0430047555                         .0000       11/01/96            00
    483764                             .0000       10/01/26            0
    609318                            2.8750       10/01/97        10/01/02
    736/G02                           2.6250       11/01/97        11/01/02
      45                              5.2500          .0000           .0000
    A                                 9.2500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1562248                           5.7500        263,000.00        100
                                      5.7500        247,491.68         ZZ
                                      5.5000          1,576.82         1
                                     12.0000          1,565.71         80
    SILVER SPRING   MD    20906      11.7500       02/27/97
    0430168658                         .0000       04/01/97            00
    3224914                            .0000       03/01/27            0
    610363                            2.8750       03/01/98        03/01/03
    696/G02                           2.6250       04/01/98        04/01/03
      45                              4.0000          .0000           .0000
    A                                 8.0000           12             12
1

      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1563920                           5.5000        407,200.00        100
                                      5.5000        384,320.92         ZZ
                                      5.2500          2,474.19         1
                                     12.1250          2,367.46         80
    ANAHEIM         CA    92808      11.8750       03/07/97
    0430172783                         .0000       05/01/97            00
    106587                             .0000       04/01/27            0
    610364                            2.7500       04/01/98        04/01/03
    685/G02                           2.5000       05/01/98        05/01/03
      45                              4.1250          .0000           .0000
    A                                 8.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1565437                           5.6250        400,000.00        100
                                      5.6250        378,112.26         ZZ
                                      5.3750          2,495.48         1
                                     12.3750          2,357.47         59
    OAKLAND         CA    94618      12.1250       03/03/97
    0430182204                         .0000       05/01/97            00
    511290                             .0000       04/01/27            0
    610371                            2.8750       04/01/98        04/01/03
    736/G02                           2.6250       05/01/98        05/01/03
      45                              4.3750          .0000           .0000
    A                                 8.3750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1570848                           5.3750        975,000.00        100
                                      5.3750        923,302.36         ZZ
                                      5.1250          6,405.06         1
                                     12.8750          5,610.07         65
    PARK CITY       UT    84060      12.6250       04/24/97
    0430225938                         .0000       06/01/97            00
    DEN10826                           .0000       05/01/27            0
    610829                            2.8750       05/01/98        05/01/03
1

    F03/G02                           2.6250       06/01/98        06/01/03
      45                              4.8750          .0000           .0000
    A                                 8.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1577314                           5.2500        308,000.00        100
                                      5.2500        291,732.07         ZZ
                                      5.0000          2,101.11         1
                                     13.2500          1,751.03         77
    FAIRFIELD       NJ    07004      13.0000       04/30/97
    295375225000000                    .0000       06/01/97            00
    537522                             .0000       05/01/27            0
    610838                            2.7500       05/01/98        05/01/03
    562/562                           2.5000       06/01/98        06/01/03
      45                              5.2500          .0000           .0000
    A                                 9.2500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1577615                           5.3750        250,000.00        100
                                      5.3750        236,172.11         ZZ
                                      5.1250          1,478.84         1
                                     11.8750          1,435.00         74
    VIRGINIA BEACH  VA    23454      11.6250       04/28/97
    6297438                            .0000       06/01/97            00
    6297438                            .0000       05/01/27            0
    610839                            2.8750       05/01/98        05/01/03
    447/447                           2.6250       06/01/98        06/01/03
      45                              3.8750          .0000           .0000
    A                                 7.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1577643                           5.3750        225,000.00        100
                                      5.3750        213,219.82         ZZ
                                      5.1250          1,496.93         1
                                     13.0000          1,295.54         75
    LAKE FOREST     CA    92630      12.7500       04/25/97
1

    0430222216                         .0000       06/01/97            00
    100022575                          .0000       05/01/27            0
    610840                            2.8750       05/01/98        05/01/03
    E19/G02                           2.6250       06/01/98        06/01/03
      45                              5.0000          .0000           .0000
    A                                 9.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           09             0           00/00/00
                                        O             .0000

    1580899                           5.3750        248,000.00        100
                                      5.3750        234,894.62         ZZ
                                      5.1250          1,649.95         1
                                     13.0000          1,424.98         80
    WASHINGTON      DC    20007      12.7500       05/09/97
    0430227371                         .0000       07/01/97            00
    3265145                            .0000       06/01/27            0
    610860                            2.8750       06/01/98        06/01/03
    696/G02                           2.6250       07/01/98        07/01/03
      45                              5.0000          .0000           .0000
    A                                 9.0000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1582648                           5.3750        101,465.00        100
                                      5.3750         96,081.53         ZZ
                                      5.1250            641.33         1
                                     12.5000            582.87         70
    MAPLE VALLEY    WA    98038      12.2500       05/02/97
    6285336                            .0000       07/01/97            00
    6285336                            .0000       06/01/27            0
    610868                            2.8750       06/01/98        06/01/03
    447/447                           2.6250       07/01/98        07/01/03
      45                              4.5000          .0000           .0000
    A                                 8.5000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1586137                           5.3750         70,300.00        100
                                      5.3750         66,521.94         ZZ
1

                                      5.1250            444.34         1
                                     12.5000            404.19         80
    BIRMINGHAM      AL    35209      12.2500       05/01/97
    0410384903                         .0000       06/01/97            00
    410384903                          .0000       05/01/27            0
    610922                            2.8750       05/01/98        05/01/03
    E22/G02                           2.6250       06/01/98        06/01/03
      45                              4.5000          .0000           .0000
    A                                 8.5000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              01          05/01/98
        .0000                           05             E           05/01/02
                                        O            1.1250

    1587015                           7.0000        290,000.00        100
                                      7.0000        272,554.74         ZZ
                                      6.7500          2,002.96         1
                                     13.3750          1,945.98         70
    JENKS           OK    74037      13.1250       09/20/96
    0430252700                         .0000       11/01/96            00
    358540                             .0000       10/01/26            0
    611001                            2.8750       10/01/99        10/01/02
    514/G02                           2.6250       11/01/99        11/01/02
      45                              5.3750          .0000           .0000
    A                                 9.3750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1590117                           5.2500        102,400.00        100
                                      5.2500         96,780.48         T
                                      5.0000            698.55         1
                                     13.2500            579.95         80
    ANNAPOLIS       MD    21403      13.0000       05/23/97
    0430254888                         .0000       07/01/97            00
    972296820                          .0000       06/01/27            0
    611022                            2.7500       06/01/00        06/01/03
    575/G02                           2.5000       07/01/00        07/01/03
      45                              5.2500          .0000           .0000
    A                                 9.2500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000
1

    1590848                           5.2500        179,550.00        100
                                      5.2500        169,786.32         ZZ
                                      5.0000          1,270.84         1
                                     13.6250          1,019.09         95
    HAYWARD         CA    94544      13.3750       04/23/97
    0430255901                         .0000       06/01/97            10
    22192                              .0000       05/01/27           30
    611042                            2.7500       05/01/00        05/01/03
    744/G02                           2.5000       06/01/00        06/01/03
      45                              5.6250          .0000           .0000
    A                                 9.6250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1591721                           5.3750        100,000.00        100
                                      5.3750         94,556.96         T
                                      5.1250            656.93         1
                                     12.8750            573.83         69
    BOKEELIA        FL    33922      12.6250       05/31/97
    0410413272                         .0000       07/01/97            00
    410413272                          .0000       06/01/27            0
    610955                            2.8750       06/01/98        06/01/03
    E22/G02                           2.6250       07/01/98        07/01/03
      45                              4.8750          .0000           .0000
    A                                 8.8750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              01          06/01/98
        .0000                           05             E           06/01/02
                                        O            1.1250

    1593714                           6.6250        143,000.00        100
                                      6.6250        135,622.80         ZZ
                                      6.3750            970.57         1
                                     13.1250            931.28         79
    ZIONSVILLE      IN    46077      12.8750       06/06/97
    0430279273                         .0000       08/01/97            00
    972000875                          .0000       02/01/27            0
    610965                            2.8750       02/01/98        02/01/03
    575/G02                           2.6250       03/01/98        03/01/03
      45                              5.1250          .0000           .0000
    A                                 9.1250           12             12
      355                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           4              01          02/01/98
        .0000                           05             E           02/01/02
                                        O             .6250

    1610801                           7.2500        165,600.00        100
                                      7.2500         48,289.93         ZZ
                                      6.8750          1,115.68         1
                                     13.1250            359.75         79
    MADISON         OH    44057      12.7500       05/03/96
    0000145268                         .0000       12/01/96            00
    170148270                          .0000       11/01/26            0
    1667459250                        3.0000       11/01/97        11/01/02
    J84/G61                           2.6250       12/01/97        12/01/02
      45                              5.1250          .0000           .0000
    A                                 9.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           4              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1636698                           7.6250        300,000.00        100
                                      7.6250        282,580.18         ZZ
                                      7.3750          2,123.38         1
                                     12.6250          2,123.38         80
    SACRAMENTO      CA    95864      12.3750       10/09/97
    0430436782                         .0000       12/01/97            00
    28203                              .0000       11/01/27            0
    0                                 2.7500       11/01/02        11/01/02
    964/G02                           2.5000       12/01/02        12/01/02
      45                              2.7500          .0000           .0000
    A                                12.6250           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1664451                           7.3750        359,000.00        100
                                      7.3750        358,732.80         ZZ
                                      7.1250          2,206.35         1
                                     13.3750          2,204.71         79
    PASSADENA       CA    91105      13.1250       10/20/97
    7073079167                         .0000       12/01/97            00
    3079167                            .0000       11/01/27            0
    0                                 2.7500       11/01/02        11/01/02
    661/661                           2.5000       12/01/02        12/01/02
      45                              1.3750          .0000           .0000
    A                                13.3750           12             12
1

      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                                          N              .1250
       6.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1673547                           5.6250        297,000.00        100
                                      5.6250        283,469.39         ZZ
                                      5.3750          2,051.31         1
                                     13.3750          1,736.11         90
    ROCKVILLE CENT  NY    11570      13.1250       03/30/98
    0430723312                         .0000       05/01/98            04
    3541C                              .0000       04/01/28           25
    0                                 2.8750       04/01/01        04/01/03
    G26/G02                           2.6250       05/01/01        05/01/03
      45                              7.3750          .0000           .0000
    A                                 9.3750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1675564                           7.0000        135,000.00        100
                                      7.0000        128,933.46         ZZ
                                      6.7500            932.41         1
                                     13.3750            903.65         90
    MIDLOTHIAN      VA    23113      13.1250       12/19/97
    0410662563                        2.8750       02/01/98            04
    410662563                         2.6250       01/01/28           25
    612696                            2.8750       01/01/01        01/01/03
    E22/G02                           2.6250       02/01/01        02/01/03
      45                              2.8750          .0000           .0000
    A                                13.3750           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
       4.5000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1679380                           6.8750        506,250.00        100
                                      6.8750        479,998.43         ZZ
                                      6.5000          3,325.71         1
                                     11.8750          3,325.71         75
    KENTFIELD       CA    94904      11.5000       12/08/97
    0006231666                         .0000       02/01/98            00
    6231666                            .0000       01/01/28            0
    0                                 2.7500       01/01/03        01/01/03
1

    581/581                           2.3750       02/01/03        02/01/03
      45                               .0000          .0000           .0000
    A                                11.8750           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1679573                           6.3750        426,400.00        100
                                      6.3750        390,811.84         ZZ
                                      6.0000          2,660.19         1
                                     11.3750          2,660.19         80
    CUPERTINO       CA    95014      11.0000       12/05/97
    0006500003                         .0000       02/01/98            00
    6500003                            .0000       01/01/28            0
    0                                 2.7500       01/01/03        01/01/03
    581/581                           2.3750       02/01/03        02/01/03
      45                               .0000          .0000           .0000
    A                                11.3750           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1679930                           7.1250        387,000.00        100
                                      7.1250        367,789.21         ZZ
                                      6.7500          2,607.30         1
                                     12.1250          2,607.30         90
    SAN MATEO       CA    94406      11.7500       12/02/97
    0006371017                         .0000       02/01/98            14
    6371017                            .0000       01/01/28           30
    0                                 2.7500       01/01/03        01/01/03
    581/581                           2.3750       02/01/03        02/01/03
      45                               .0000          .0000           .0000
    A                                12.1250           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1682869                           7.1250        294,400.00        100
                                      7.1250        280,106.60         ZZ
                                      6.8750          1,983.43         1
                                     12.1250          1,983.43         80
    THOUSAND OAKS   CA    91362      11.8750       01/16/98
1

    0430585554                         .0000       03/01/98            00
    9740335                            .0000       02/01/28            0
    0                                 2.7500       02/01/03        02/01/03
    B57/G02                           2.5000       03/01/03        03/01/03
      45                              2.7500          .0000           .0000
    A                                12.1250           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1686325                           7.0000        263,200.00        100
                                      7.0000        249,888.77         ZZ
                                      6.7500          1,751.08         1
                                     12.0000          1,751.08         80
    SAN JOSE        CA    95127      11.7500       01/22/98
    0410691752                         .0000       03/01/98            00
    410691752                          .0000       02/01/28            0
    0                                 2.7500       02/01/03        02/01/03
    E22/G02                           2.5000       03/01/03        03/01/03
      45                              2.7500          .0000           .0000
    A                                12.0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1688199                           7.0000        222,400.00        100
                                      7.0000        211,279.27         ZZ
                                      6.7500          1,479.63         1
                                     12.0000          1,479.63         80
    SAN JOSE        CA    95138      11.7500       01/27/98
    0410694152                         .0000       03/01/98            00
    410694152                          .0000       02/01/28            0
    0                                 2.7500       02/01/03        02/01/03
    E22/G02                           2.5000       03/01/03        03/01/03
      45                              2.7500          .0000           .0000
    A                                12.0000           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1695617                           6.6250        200,000.00        100
                                      6.6250        188,901.84         ZZ
1

                                      6.3750          1,364.35         1
                                     13.2500          1,290.85         70
    AUSTIN          TX    78746      13.0000       01/27/98
    0410673057                         .0000       03/01/98            00
    410673057                          .0000       02/01/28            0
    612715                            2.8750       02/01/01        02/01/03
    E22/G02                           2.6250       03/01/01        03/01/03
      45                              2.8750          .0000           .0000
    A                                13.2500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1701396                           5.7500        150,000.00        100
                                      5.7500        142,668.54         ZZ
                                      5.5000          1,010.58         1
                                     13.1250            886.01         78
    SEATTLE         WA    98106      12.8750       02/19/98
    0410714059                         .0000       04/01/98            00
    410714059                          .0000       03/01/28            0
    612726                            2.8750       03/01/01        03/01/03
    E22/G02                           2.6250       04/01/01        04/01/03
      45                              2.8750          .0000           .0000
    A                                13.1250           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1709729                           5.6250        300,000.00        100
                                      5.6250        286,836.90         ZZ
                                      5.3750          2,097.64         1
                                     13.5000          1,756.74         78
    FREMONT         CA    94539      13.2500       03/12/98
    0430713180                         .0000       05/01/98            00
    RFCW1980284                        .0000       04/01/28            0
    612744                            2.8750       04/01/01        04/01/03
    893/G02                           2.6250       05/01/01        05/01/03
      45                              5.5000          .0000           .0000
    A                                 9.5000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1715300                           7.4500        360,000.00        100
                                      7.4500        343,124.97         ZZ
                                      7.2000          2,504.86         2
                                     13.6500          2,504.86         80
    LOS ANGELES     CA    90211      13.4000       12/10/97
    7019225585                         .0000       02/01/98            00
    1922558                            .0000       01/01/28            0
    0                                 2.7500       01/01/03        01/01/03
    439/686                           2.5000       02/01/03        02/01/03
      45                              5.4500          .0000           .0000
    A                                 9.4500           12             12
      360                               1            2.0000          2.0000
       6.2000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1715308                           7.1000        310,000.00        100
                                      7.1000        295,205.95         ZZ
                                      6.8500          2,083.30         1
                                     13.1000          2,083.30         78
    CAMPBELL        CA    95128      12.8500       02/19/98
    7019429575                         .0000       04/01/98            00
    1942957                            .0000       03/01/28            0
    0                                 2.7500       03/01/03        03/01/03
    439/686                           2.5000       04/01/03        04/01/03
      45                              5.1000          .0000           .0000
    A                                 9.1000           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1717030                           5.6250        220,700.00        100
                                      5.6250        206,721.99         ZZ
                                      5.3750          1,431.46         1
                                      6.7500          1,266.07         80
    FAIRFIELD       CA    94533       6.5000       03/18/98
    0410769129                         .0000       05/01/98            00
    410769129                          .0000       04/01/28            0
    612751                            2.8750       04/01/01        04/01/03
    E22/G02                           2.6250       05/01/01        05/01/03
      45                              2.8750          .0000           .0000
    A                                12.7500           12             12
      360                               1            2.0000          2.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    3299829                           8.2500         52,500.00        100
                                      8.2500         51,522.30         ZZ
                                      8.0000            394.41         1
                                     13.2500            394.41         95
    IRONDEQUOIT     NY    14609      13.0000       03/09/00
    0002129439                         .0000       05/01/00            11
    0002129439                         .0000       04/01/30           30
    0                                 2.7500       04/01/05        04/01/05
    511/511                           2.5000       05/01/05        05/01/05
      45                              6.2500          .0000           .0000
    A                                10.2500           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    3328793                           8.7500        282,050.00        100
                                      8.7500        281,838.23         ZZ
                                      8.5000          2,056.61         1
                                     13.7500          2,056.61         80
    WOODBINE        MD    21797      13.5000       03/30/00
    0431942903                         .0000       05/01/00            00
    30500016                           .0000       04/01/30            0
    0                                 2.7500       04/01/05        04/01/05
    696/G01                           2.5000       05/01/05        05/01/05
      45                              3.7500          .0000           .0000
    A                                13.7500           12             12
      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    3345852                           7.8750        280,000.00        100
                                      7.8750        274,556.41         ZZ
                                      7.6250          2,030.20         1
                                     12.8750          2,030.20         47
    LOS ALTOS       CA    94024      12.6250       03/20/00
    9022684757                         .0000       05/01/00            00
    9022684757                         .0000       04/01/30            0
    0                                 2.7500       04/01/05        04/01/05
    461/461                           2.5000       05/01/05        05/01/05
      45                              5.8750          .0000           .0000
    A                                12.8750           12             12
1

      360                               1            2.0000          2.0000
       5.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

   TOTAL NUMBER OF LOANS   :        305

   TOTAL ORIGINAL BALANCE  :    54,331,886.00

   TOTAL PRINCIPAL BALANCE :    45,727,657.91

   TOTAL ORIGINAL P+I      :       366,251.70

   TOTAL CURRENT P+I       :       341,925.18

                             ***************************
                             *      END OF REPORT      *
                             ***************************
<PAGE>
  RUN ON     : 06/18/02           RFC DISCLOSURE SYSTEM       RFFSDARM-01
  AT         : 14.12.20            ARM PASSTHRU REPORT        AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS                                 CUTOFF : 06/01/02
  POOL       : 0004594  0004595  0004596  0004597
             :
             :
  POOL STATUS:

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

       1359191                  .3750              10.2500
        86,215.49               .0500              10.2000
             6.5000             .0000              10.2000
             6.1250             .0000                2.3250
             6.0750             .0000                2.3250
             6.0750             .0000

       1371886                  .3750              10.6250
       164,248.31               .0500              10.5750
             7.5530             .0000              10.5750
             7.1780             .0000                2.4500
             7.1280             .0000                2.4500
             7.1280             .0000

       1372632                  .3750              10.0000
       253,602.42               .0500               9.9500
             7.6780             .0000               9.9500
             7.3030             .0000                2.5750
             7.2530             .0000                2.5750
             7.2530             .0000

       1379964                  .2500              10.2500
       128,052.00               .0500              10.2000
             6.6250             .0000              10.2000
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1382605                  .2500              11.7500
       243,002.68               .0500              11.7000
             6.5000             .0000              11.7000
             6.2500             .0000                2.4500
             6.2000             .0000                2.4500
             6.2000             .0000

       1382931                  .2500              11.7500
       109,219.12               .0500              11.7000
             6.5000             .0000              11.7000
             6.2500             .0000                2.4500
             6.2000             .0000                2.4500
             6.2000             .0000
1

       1383092                  .2500              12.2500
        20,225.34               .0500              12.2000
             6.6250             .0000              12.2000
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1383245                  .2500              12.2500
       164,429.82               .0500              12.2000
             6.5000             .0000              12.2000
             6.2500             .0000                2.4500
             6.2000             .0000                2.4500
             6.2000             .0000

       1383313                  .2500              12.2500
       224,292.42               .0500              12.2000
             6.6250             .0000              12.2000
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1383971                  .2500              11.2500
       157,048.46               .0500              11.2000
             6.6250             .0000              11.2000
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1384000                  .2500              11.2500
        67,147.62               .0500              11.2000
             7.5000             .0000              11.2000
             7.2500             .0000                2.5750
             7.2000             .0000                2.5750
             7.2000             .0000

       1384017                  .2500              11.1250
       223,038.62               .0500              11.0750
             6.6250             .0000              11.0750
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1384018                  .2500              11.1250
        55,535.93               .0500              11.0750
             6.6250             .0000              11.0750
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1384120                  .3750              11.6250
        73,919.16               .0500              11.5750
             6.6250             .0000              11.5750
             6.2500             .0000                2.4500
             6.2000             .0000                2.4500
             6.2000             .0000
1

       1384388                  .3750              12.1250
        49,379.83               .0500              12.0750
             6.6250             .0000              12.0750
             6.2500             .0000                2.4500
             6.2000             .0000                2.4500
             6.2000             .0000

       1385111                  .3750              11.7500
       117,033.24               .0500              11.7000
             7.3750             .0000              11.7000
             7.0000             .0000                2.3250
             6.9500             .0000                2.3250
             6.9500             .0000

       1385236                  .2500              12.0000
       502,557.90               .0500              11.9500
             7.2500             .0000              11.9500
             7.0000             .0000                2.5750
             6.9500             .0000                2.5750
             6.9500             .0000

       1385342                  .3750              11.7500
       242,939.30               .0500              11.7000
             7.3750             .0000              11.7000
             7.0000             .0000                2.3250
             6.9500             .0000                2.3250
             6.9500             .0000

       1387232                  .2500              12.6250
        74,641.14               .0500              12.5750
             7.8030             .0000              12.5750
             7.5530             .0000                2.8250
             7.5030             .0000                2.8250
             7.5030             .0000

       1387242                  .2500              12.1250
       134,809.87               .0500              12.0750
             7.2500             .0000              12.0750
             7.0000             .0000                2.5750
             6.9500             .0000                2.5750
             6.9500             .0000

       1387243                  .2500              12.1250
       137,538.27               .0500              12.0750
             7.2500             .0000              12.0750
             7.0000             .0000                2.5750
             6.9500             .0000                2.5750
             6.9500             .0000

       1387518                  .2500              12.1250
       175,965.98               .0500              12.0750
             6.6250             .0000              12.0750
             6.3750             .0000                2.4500
             6.3250             .0000                2.4500
             6.3250             .0000
1

       1389802                  .2500              11.6250
       110,298.80               .0500              11.5750
             6.6250             .0000              11.5750
             6.3750             .0000                2.4500
             6.3250             .0000                2.4500
             6.3250             .0000

       1390490                  .2500              11.8750
       119,257.86               .0500              11.8250
             6.6250             .0000              11.8250
             6.3750             .0000                2.4500
             6.3250             .0000                2.4500
             6.3250             .0000

       1391419                  .3750              11.8750
        70,679.62               .0500              11.8250
             6.5000             .0000              11.8250
             6.1250             .0000                2.2000
             6.0750             .0000                2.2000
             6.0750             .0000

       1391424                  .3750              11.5750
       158,508.53               .0500              11.5250
             6.3750             .0000              11.5250
             6.0000             .0000                2.2000
             5.9500             .0000                2.2000
             5.9500             .0000

       1391428                  .3750              11.5750
        95,948.18               .0500              11.5250
             6.3750             .0000              11.5250
             6.0000             .0000                2.2000
             5.9500             .0000                2.2000
             5.9500             .0000

       1391436                  .3750              11.5750
        83,787.00               .0500              11.5250
             6.3750             .0000              11.5250
             6.0000             .0000                2.2000
             5.9500             .0000                2.2000
             5.9500             .0000

       1391455                  .3750              11.5750
       172,442.58               .0500              11.5250
             6.3750             .0000              11.5250
             6.0000             .0000                2.2000
             5.9500             .0000                2.2000
             5.9500             .0000

       1391456                  .3750              11.8750
        94,228.12               .0500              11.8250
             6.5000             .0000              11.8250
             6.1250             .0000                2.2000
             6.0750             .0000                2.2000
             6.0750             .0000
1

       1391466                  .3750              11.6250
        91,405.38               .0500              11.5750
             6.5000             .0000              11.5750
             6.1250             .0000                2.2000
             6.0750             .0000                2.2000
             6.0750             .0000

       1391485                  .3750              11.5750
        97,486.49               .0500              11.5250
             6.5000             .0000              11.5250
             6.1250             .0000                2.2000
             6.0750             .0000                2.2000
             6.0750             .0000

       1391495                  .3750              11.5750
       147,535.34               .0500              11.5250
             6.3750             .0000              11.5250
             6.0000             .0000                2.2000
             5.9500             .0000                2.2000
             5.9500             .0000

       1391503                  .3750              12.1250
       129,656.37               .0500              12.0750
             6.8750             .0000              12.0750
             6.5000             .0000                2.2000
             6.4500             .0000                2.2000
             6.4500             .0000

       1391507                  .3750              11.5750
       129,460.81               .0500              11.5250
             6.3750             .0000              11.5250
             6.0000             .0000                2.2000
             5.9500             .0000                2.2000
             5.9500             .0000

       1391515                  .3750              11.5750
        43,638.25               .0500              11.5250
             6.5000             .0000              11.5250
             6.1250             .0000                2.2000
             6.0750             .0000                2.2000
             6.0750             .0000

       1391521                  .3750              12.5000
        89,896.61               .0500              12.4500
             7.3750             .0000              12.4500
             7.0000             .0000                2.2000
             6.9500             .0000                2.2000
             6.9500             .0000

       1391553                  .3750              11.5750
       103,950.69               .0500              11.5250
             6.3750             .0000              11.5250
             6.0000             .0000                2.2000
             5.9500             .0000                2.2000
             5.9500             .0000
1

       1391564                  .3750              11.5750
       135,045.01               .0500              11.5250
             6.3750             .0000              11.5250
             6.0000             .0000                2.2000
             5.9500             .0000                2.2000
             5.9500             .0000

       1391592                  .3750              11.5750
       345,914.32               .0500              11.5250
             6.3750             .0000              11.5250
             6.0000             .0000                2.2000
             5.9500             .0000                2.2000
             5.9500             .0000

       1391607                  .3750              12.0000
        85,591.27               .0500              11.9500
             6.3750             .0000              11.9500
             6.0000             .0000                2.2000
             5.9500             .0000                2.2000
             5.9500             .0000

       1391612                  .3750              12.1250
        84,678.14               .0500              12.0750
             6.3750             .0000              12.0750
             6.0000             .0000                2.2000
             5.9500             .0000                2.2000
             5.9500             .0000

       1391620                  .3750              12.2500
       124,949.19               .0500              12.2000
             6.3750             .0000              12.2000
             6.0000             .0000                2.2000
             5.9500             .0000                2.2000
             5.9500             .0000

       1391635                  .3750              12.5000
       127,698.14               .0500              12.4500
             7.2500             .0000              12.4500
             6.8750             .0000                2.2000
             6.8250             .0000                2.2000
             6.8250             .0000

       1391637                  .3750              12.1250
        55,897.79               .0500              12.0750
             6.3750             .0000              12.0750
             6.0000             .0000                2.2000
             5.9500             .0000                2.2000
             5.9500             .0000

       1391641                  .3750              11.7500
        75,137.45               .0500              11.7000
             7.3750             .0000              11.7000
             7.0000             .0000                2.2000
             6.9500             .0000                2.2000
             6.9500             .0000
1

       1391648                  .3750              12.3750
        91,621.62               .0500              12.3250
             7.3750             .0000              12.3250
             7.0000             .0000                2.2000
             6.9500             .0000                2.2000
             6.9500             .0000

       1391649                  .3750              12.2500
       256,596.19               .0500              12.2000
             6.3750             .0000              12.2000
             6.0000             .0000                2.2000
             5.9500             .0000                2.2000
             5.9500             .0000

       1391662                  .3750              12.2500
       216,218.69               .0500              12.2000
             6.3750             .0000              12.2000
             6.0000             .0000                2.2000
             5.9500             .0000                2.2000
             5.9500             .0000

       1391667                  .3750              12.5000
        44,920.84               .0500              12.4500
             7.2500             .0000              12.4500
             6.8750             .0000                2.2000
             6.8250             .0000                2.2000
             6.8250             .0000

       1391676                  .3750              12.0000
       118,998.07               .0500              11.9500
             7.3750             .0000              11.9500
             7.0000             .0000                2.2000
             6.9500             .0000                2.2000
             6.9500             .0000

       1391716                  .3750              11.8750
       223,623.33               .0500              11.8250
             7.3750             .0000              11.8250
             7.0000             .0000                2.2000
             6.9500             .0000                2.2000
             6.9500             .0000

       1391724                  .3750              11.5750
        59,208.07               .0500              11.5250
             7.3750             .0000              11.5250
             7.0000             .0000                2.2000
             6.9500             .0000                2.2000
             6.9500             .0000

       1391748                  .3750              12.3750
       205,161.33               .0500              12.3250
             7.3750             .0000              12.3250
             7.0000             .0000                2.2000
             6.9500             .0000                2.2000
             6.9500             .0000
1

       1391751                  .3750              12.5000
       247,069.63               .0500              12.4500
             7.3750             .0000              12.4500
             7.0000             .0000                2.2000
             6.9500             .0000                2.2000
             6.9500             .0000

       1391789                  .3750              12.2500
        29,668.19               .0500              12.2000
             7.2500             .0000              12.2000
             6.8750             .0000                2.2000
             6.8250             .0000                2.2000
             6.8250             .0000

       1391795                  .3750              12.3750
        95,352.77               .0500              12.3250
             7.2500             .0000              12.3250
             6.8750             .0000                2.2000
             6.8250             .0000                2.2000
             6.8250             .0000

       1391839                  .3750              12.1250
       120,112.02               .0500              12.0750
             7.2500             .0000              12.0750
             6.8750             .0000                2.2000
             6.8250             .0000                2.2000
             6.8250             .0000

       1391842                  .3750              12.2500
       217,785.93               .0500              12.2000
             6.8750             .0000              12.2000
             6.5000             .0000                2.2000
             6.4500             .0000                2.2000
             6.4500             .0000

       1391868                  .3750              12.3750
       168,034.62               .0500              12.3250
             7.2500             .0000              12.3250
             6.8750             .0000                2.2000
             6.8250             .0000                2.2000
             6.8250             .0000

       1391879                  .3750              12.3750
        55,276.58               .0500              12.3250
             7.3750             .0000              12.3250
             7.0000             .0000                2.3250
             6.9500             .0000                2.3250
             6.9500             .0000

       1391890                  .3750              12.1250
        58,409.64               .0500              12.0750
             7.2500             .0000              12.0750
             6.8750             .0000                2.2000
             6.8250             .0000                2.2000
             6.8250             .0000
1

       1391908                  .3750              12.1250
        88,766.69               .0500              12.0750
             6.8750             .0000              12.0750
             6.5000             .0000                2.2000
             6.4500             .0000                2.2000
             6.4500             .0000

       1391915                  .3750              12.3750
       170,239.09               .0500              12.3250
             6.8750             .0000              12.3250
             6.5000             .0000                2.2000
             6.4500             .0000                2.2000
             6.4500             .0000

       1391924                  .3750              11.8750
       125,215.50               .0500              11.8250
             6.8750             .0000              11.8250
             6.5000             .0000                2.2000
             6.4500             .0000                2.2000
             6.4500             .0000

       1391928                  .3750              12.5000
        29,088.05               .0500              12.4500
             7.1250             .0000              12.4500
             6.7500             .0000                2.4500
             6.7000             .0000                2.4500
             6.7000             .0000

       1391929                  .3750              12.3750
       113,249.27               .0500              12.3250
             6.8750             .0000              12.3250
             6.5000             .0000                2.2000
             6.4500             .0000                2.2000
             6.4500             .0000

       1391956                  .3750              12.5000
       128,385.17               .0500              12.4500
             6.8750             .0000              12.4500
             6.5000             .0000                2.2000
             6.4500             .0000                2.2000
             6.4500             .0000

       1391970                  .3750              12.1250
       173,202.12               .0500              12.0750
             6.8750             .0000              12.0750
             6.5000             .0000                2.2000
             6.4500             .0000                2.2000
             6.4500             .0000

       1392055                  .2500              12.3750
       349,008.26               .0500              12.3250
             6.7500             .0000              12.3250
             6.5000             .0000                2.5750
             6.4500             .0000                2.5750
             6.4500             .0000
1

       1392337                  .2500              12.7500
       144,320.06               .0500              12.7000
             6.5000             .0000              12.7000
             6.2500             .0000                2.3250
             6.2000             .0000                2.3250
             6.2000             .0000

       1392472                  .2500              12.2500
        90,797.87               .0500              12.2000
             6.7610             .0000              12.2000
             6.5110             .0000                2.7000
             6.4610             .0000                2.7000
             6.4610             .0000

       1392473                  .2500              11.1250
       555,584.89               .0500              11.0750
             6.6360             .0000              11.0750
             6.3860             .0000                2.5750
             6.3360             .0000                2.5750
             6.3360             .0000

       1392509                  .2500              11.6250
       137,546.74               .0500              11.5750
             7.7500             .0000              11.5750
             7.5000             .0000                2.7000
             7.4500             .0000                2.7000
             7.4500             .0000

       1392545                  .2500              11.2500
       209,513.74               .0500              11.2000
             6.8750             .0000              11.2000
             6.6250             .0000                2.7000
             6.5750             .0000                2.7000
             6.5750             .0000

       1392550                  .2500               9.8750
       200,202.58               .0500               9.8250
             6.7500             .0000               9.8250
             6.5000             .0000                2.7000
             6.4500             .0000                2.7000
             6.4500             .0000

       1392562                  .2500              10.5000
       101,883.29               .0500              10.4500
             6.8750             .0000              10.4500
             6.6250             .0000                2.7000
             6.5750             .0000                2.7000
             6.5750             .0000

       1392563                  .2500              11.2500
       241,009.01               .0500              11.2000
             6.8750             .0000              11.2000
             6.6250             .0000                2.7000
             6.5750             .0000                2.7000
             6.5750             .0000
1

       1392586                  .2500              10.6250
        72,457.70               .0500              10.5750
             6.8750             .0000              10.5750
             6.6250             .0000                2.7000
             6.5750             .0000                2.7000
             6.5750             .0000

       1392655                  .2500              12.1250
       261,297.43               .0500              12.0750
             6.7500             .0000              12.0750
             6.5000             .0000                2.7000
             6.4500             .0000                2.7000
             6.4500             .0000

       1392672                  .2500              11.5000
       224,898.24               .0500              11.4500
             6.7500             .0000              11.4500
             6.5000             .0000                2.7000
             6.4500             .0000                2.7000
             6.4500             .0000

       1392693                  .2500              11.5000
        70,363.47               .0500              11.4500
             6.7500             .0000              11.4500
             6.5000             .0000                2.7000
             6.4500             .0000                2.7000
             6.4500             .0000

       1392709                  .2500              11.7500
        76,714.66               .0500              11.7000
             7.7500             .0000              11.7000
             7.5000             .0000                2.7000
             7.4500             .0000                2.7000
             7.4500             .0000

       1392720                  .2500              10.6250
       141,250.94               .0500              10.5750
             7.2080             .0000              10.5750
             6.9580             .0000                2.7000
             6.9080             .0000                2.7000
             6.9080             .0000

       1392746                  .2500              10.2500
        52,686.04               .0500              10.2000
             6.6370             .0000              10.2000
             6.3870             .0000                2.4500
             6.3370             .0000                2.4500
             6.3370             .0000

       1392776                  .2500              10.6250
       172,807.45               .0500              10.5750
             7.3460             .0000              10.5750
             7.0960             .0000                2.3250
             7.0460             .0000                2.3250
             7.0460             .0000
1

       1392793                  .2500              12.2500
        51,254.87               .0500              12.2000
             7.7210             .0000              12.2000
             7.4710             .0000                2.7000
             7.4210             .0000                2.7000
             7.4210             .0000

       1392802                  .2500              11.3750
        47,304.74               .0500              11.3250
             7.4710             .0000              11.3250
             7.2210             .0000                2.4500
             7.1710             .0000                2.4500
             7.1710             .0000

       1392804                  .2500              11.5000
       224,140.65               .0500              11.4500
             7.7210             .0000              11.4500
             7.4710             .0000                2.7000
             7.4210             .0000                2.7000
             7.4210             .0000

       1392995                  .2500              11.5000
        63,665.39               .0500              11.4500
             6.7500             .0000              11.4500
             6.5000             .0000                2.7000
             6.4500             .0000                2.7000
             6.4500             .0000

       1393132                  .2500              10.6250
       229,261.10               .0500              10.5750
             7.3750             .0000              10.5750
             7.1250             .0000                2.4500
             7.0750             .0000                2.4500
             7.0750             .0000

       1393137                  .2500              10.7500
       176,139.86               .0500              10.7000
             7.5960             .0000              10.7000
             7.3460             .0000                2.5750
             7.2960             .0000                2.5750
             7.2960             .0000

       1393149                  .2500              11.7500
       124,637.37               .0500              11.7000
             7.3460             .0000              11.7000
             7.0960             .0000                2.3250
             7.0460             .0000                2.3250
             7.0460             .0000

       1393233                  .2500              11.1250
        91,905.31               .0500              11.0750
             7.0000             .0000              11.0750
             6.7500             .0000                2.4500
             6.7000             .0000                2.4500
             6.7000             .0000
1

       1393257                  .2500              10.1250
       140,608.70               .0500              10.0750
             6.9580             .0000              10.0750
             6.7080             .0000                2.4500
             6.6580             .0000                2.4500
             6.6580             .0000

       1393401                  .2500              12.3750
        60,602.58               .0500              12.3250
             6.5000             .0000              12.3250
             6.2500             .0000                2.4500
             6.2000             .0000                2.4500
             6.2000             .0000

       1397296                  .2500              12.0000
       229,644.49               .0500              11.9500
             6.5000             .0000              11.9500
             6.2500             .0000                2.4500
             6.2000             .0000                2.4500
             6.2000             .0000

       1398268                  .2500              12.3750
       402,539.34               .0500              12.3250
             6.6250             .0000              12.3250
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1398298                  .2500              11.6250
        67,134.58               .0500              11.5750
             6.6250             .0000              11.5750
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1398899                  .2500              11.6250
        67,371.95               .0500              11.5750
             6.5000             .0000              11.5750
             6.2500             .0000                2.4500
             6.2000             .0000                2.4500
             6.2000             .0000

       1399191                  .3750              12.0000
       134,621.32               .0500              11.9500
             7.0000             .0000              11.9500
             6.6250             .0000                2.7000
             6.5750             .0000                2.7000
             6.5750             .0000

       1399195                  .3750              11.5000
       195,013.52               .0500              11.4500
             6.8750             .0000              11.4500
             6.5000             .0000                2.7000
             6.4500             .0000                2.7000
             6.4500             .0000
1

       1399306                  .3750              12.3750
       219,591.92               .0500              12.3250
             6.7500             .0000              12.3250
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1399361                  .3750              12.0000
       196,996.25               .0500              11.9500
             7.7500             .0000              11.9500
             7.3750             .0000                2.5750
             7.3250             .0000                2.5750
             7.3250             .0000

       1399364                  .3750              11.3750
       196,993.48               .0500              11.3250
             6.8750             .0000              11.3250
             6.5000             .0000                2.5750
             6.4500             .0000                2.5750
             6.4500             .0000

       1399444                  .3750              12.6250
       590,401.07               .0500              12.5750
             7.1250             .0000              12.5750
             6.7500             .0000                2.9500
             6.7000             .0000                2.9500
             6.7000             .0000

       1399463                  .3750              12.5000
        33,201.04               .0500              12.4500
             6.7500             .0000              12.4500
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1399481                  .3750              10.8750
        88,909.72               .0500              10.8250
             6.7500             .0000              10.8250
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1399507                  .3750              12.3750
       148,909.30               .0500              12.3250
             6.7500             .0000              12.3250
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1399517                  .3750              12.2500
       310,534.69               .0500              12.2000
             6.7500             .0000              12.2000
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000
1

       1400224                  .2500              13.3750
        49,878.78               .0500              13.3250
             7.4710             .0000              13.3250
             7.2210             .0000                2.4500
             7.1710             .0000                2.4500
             7.1710             .0000

       1400290                  .2500              12.2500
       187,350.28               .0500              12.2000
             6.6250             .0000              12.2000
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000

       1404485                  .3750              14.1250
       172,774.37               .0500              14.0750
             7.6250             .0000              14.0750
             7.2500             .0000                2.5750
             7.2000             .0000                2.5750
             7.2000             .0000

       1404577                  .2500              13.5000
       224,140.72               .0500              13.4500
             6.6250             .0000              13.4500
             6.3750             .0000                2.4500
             6.3250             .0000                2.4500
             6.3250             .0000

       1484528                  .5000              16.1300
        34,766.61               .0500              16.0800
             9.6300             .0000              16.0800
             9.1300             .0000                6.4500
             9.0800             .0000                6.4500
             9.0800             .0000

       1484678                  .5000              16.0000
       101,103.40               .0500              15.9500
             9.5000             .0000              15.9500
             9.0000             .0000                4.2000
             8.9500             .0000                4.2000
             8.9500             .0000

       1487867                  .5000              18.7500
        19,505.15               .0500              18.7000
            12.2500             .0000              18.7000
            11.7500             .0000                7.4500
            11.7000             .0000                7.4500
            11.7000             .0000

       1489917                  .5000              14.5000
       160,961.38               .0500              14.4500
             6.8750             .0000              14.4500
             6.3750             .0000                2.5750
             6.3250             .0000                2.5750
             6.3250             .0000
1

       1490225                  .5000              15.7500
        74,733.24               .0500              15.7000
             9.2500             .0000              15.7000
             8.7500             .0000                4.5750
             8.7000             .0000                4.5750
             8.7000             .0000

       1499621                  .5000              14.1250
       110,838.19               .0500              14.0750
             8.3860             .0000              14.0750
             7.8860             .0000                4.0750
             7.8360             .0000                4.0750
             7.8360             .0000

       1500186                  .5000              15.7500
         1,584.26               .0500              15.7000
             8.7500             .0000              15.7000
             8.2500             .0000                4.4500
             8.2000             .0000                4.4500
             8.2000             .0000

       1500615                  .5000              15.2500
       122,791.96               .0500              15.2000
             9.7500             .0000              15.2000
             9.2500             .0000                5.4500
             9.2000             .0000                5.4500
             9.2000             .0000

       1501591                  .5000              10.3750
       224,067.28               .0500              10.3250
             7.5000             .0000              10.3250
             7.0000             .0000                2.2000
             6.9500             .0000                2.2000
             6.9500             .0000

       1502782                  .5000              14.3750
       164,965.73               .0500              14.3250
            10.3750             .0000              14.3250
             9.8750             .0000                5.2000
             9.8250             .0000                5.2000
             9.8250             .0000

       1502960                  .5000              15.8750
       231,296.32               .0500              15.8250
            10.3750             .0000              15.8250
             9.8750             .0000                4.7000
             9.8250             .0000                4.7000
             9.8250             .0000

       1503858                  .5000              14.6250
        61,771.04               .0500              14.5750
             8.3750             .0000              14.5750
             7.8750             .0000                4.0750
             7.8250             .0000                4.0750
             7.8250             .0000
1

       1504126                  .5000              14.7500
       103,998.50               .0500              14.7000
             9.2500             .0000              14.7000
             8.7500             .0000                4.2000
             8.7000             .0000                4.2000
             8.7000             .0000

       1505422                  .5000              16.0000
        52,859.96               .0500              15.9500
             9.5000             .0000              15.9500
             9.0000             .0000                4.9500
             8.9500             .0000                4.9500
             8.9500             .0000

       1506869                  .5000              14.0000
       261,074.78               .0500              13.9500
             9.1250             .0000              13.9500
             8.6250             .0000                4.3250
             8.5750             .0000                4.3250
             8.5750             .0000

       1506925                  .5000              16.2500
       215,962.98               .0500              16.2000
            10.7500             .0000              16.2000
            10.2500             .0000                4.7000
            10.2000             .0000                4.7000
            10.2000             .0000

       1508164                  .5000              15.3750
       147,170.56               .0500              15.3250
             9.7500             .0000              15.3250
             9.2500             .0000                5.4500
             9.2000             .0000                5.4500
             9.2000             .0000

       1508180                  .5000              15.1250
        64,309.02               .0500              15.0750
            10.1250             .0000              15.0750
             9.6250             .0000                4.9500
             9.5750             .0000                4.9500
             9.5750             .0000

       1508799                  .5000              15.1250
       144,932.90               .0500              15.0750
             8.6250             .0000              15.0750
             8.1250             .0000                3.8250
             8.0750             .0000                3.8250
             8.0750             .0000

       1509374                  .5000              14.5000
       146,160.10               .0500              14.4500
             9.1250             .0000              14.4500
             8.6250             .0000                3.9500
             8.5750             .0000                3.9500
             8.5750             .0000
1

       1509945                  .5000              16.3000
        59,042.77               .0500              16.2500
            10.8000             .0000              16.2500
            10.3000             .0000                4.9500
            10.2500             .0000                4.9500
            10.2500             .0000

       1511419                  .5000              15.5500
        90,162.81               .0500              15.5000
            10.0500             .0000              15.5000
             9.5500             .0000                3.9500
             9.5000             .0000                3.9500
             9.5000             .0000

       1511466                  .5000              17.7500
       144,028.25               .0500              17.7000
            11.2500             .0000              17.7000
            10.7500             .0000                6.9500
            10.7000             .0000                6.9500
            10.7000             .0000

       1512407                  .5000              16.6250
        84,579.21               .0500              16.5750
            10.5000             .0000              16.5750
            10.0000             .0000                5.7000
             9.9500             .0000                5.7000
             9.9500             .0000

       1512686                  .5000              15.2500
       141,512.85               .0500              15.2000
            10.1250             .0000              15.2000
             9.6250             .0000                4.9500
             9.5750             .0000                4.9500
             9.5750             .0000

       1512813                  .5000              17.0000
        26,109.21               .0500              16.9500
            11.5000             .0000              16.9500
            11.0000             .0000                4.9500
            10.9500             .0000                4.9500
            10.9500             .0000

       1513165                  .5000              15.0000
       137,299.96               .0500              14.9500
            10.2500             .0000              14.9500
             9.7500             .0000                5.0750
             9.7000             .0000                5.0750
             9.7000             .0000

       1513338                  .5000              13.1000
        86,386.45               .0500              13.0500
             7.8750             .0000              13.0500
             7.3750             .0000                4.9500
             7.3250             .0000                4.9500
             7.3250             .0000
1

       1513376                  .5000              16.1250
       120,921.61               .0500              16.0750
            11.1250             .0000              16.0750
            10.6250             .0000                5.9500
            10.5750             .0000                5.9500
            10.5750             .0000

       1513401                  .5000              17.6250
        61,091.74               .0500              17.5750
            11.6250             .0000              17.5750
            11.1250             .0000                5.7000
            11.0750             .0000                5.7000
            11.0750             .0000

       1513494                  .5000              16.2500
       104,673.87               .0500              16.2000
             8.2500             .0000              16.2000
             7.7500             .0000                3.9500
             7.7000             .0000                3.9500
             7.7000             .0000

       1513662                  .5000              16.5000
       114,994.63               .0500              16.4500
            10.0000             .0000              16.4500
             9.5000             .0000                4.4500
             9.4500             .0000                4.4500
             9.4500             .0000

       1514271                  .5000              16.7500
        49,051.48               .0500              16.7000
            10.2500             .0000              16.7000
             9.7500             .0000                4.4500
             9.7000             .0000                4.4500
             9.7000             .0000

       1514296                  .5000              16.1250
       132,563.35               .0500              16.0750
            10.3750             .0000              16.0750
             9.8750             .0000                5.5750
             9.8250             .0000                5.5750
             9.8250             .0000

       1514717                  .5000              15.5500
        47,588.58               .0500              15.5000
            10.0500             .0000              15.5000
             9.5500             .0000                3.9500
             9.5000             .0000                3.9500
             9.5000             .0000

       1514905                  .5000              16.3750
        98,252.00               .0500              16.3250
             9.8750             .0000              16.3250
             9.3750             .0000                5.2000
             9.3250             .0000                5.2000
             9.3250             .0000
1

       1514972                  .5000              16.4900
        98,858.96               .0500              16.4400
             9.9900             .0000              16.4400
             9.4900             .0000                5.5750
             9.4400             .0000                5.5750
             9.4400             .0000

       1518065                  .5000              15.0000
        64,782.67               .0500              14.9500
             9.7500             .0000              14.9500
             9.2500             .0000                4.9750
             9.2000             .0000                4.9750
             9.2000             .0000

       1518605                  .5000              16.0000
        43,565.55               .0500              15.9500
             9.5000             .0000              15.9500
             9.0000             .0000                5.4500
             8.9500             .0000                5.4500
             8.9500             .0000

       1518625                  .5000              17.2500
        42,118.28               .0500              17.2000
            10.7500             .0000              17.2000
            10.2500             .0000                6.3250
            10.2000             .0000                6.3250
            10.2000             .0000

       1518627                  .5000              17.0000
        95,850.88               .0500              16.9500
            10.5000             .0000              16.9500
            10.0000             .0000                5.7000
             9.9500             .0000                5.7000
             9.9500             .0000

       1518951                  .5000              15.8080
        72,689.29               .0500              15.7580
            11.1250             .0000              15.7580
            10.6250             .0000                5.9000
            10.5750             .0000                5.9000
            10.5750             .0000

       1519283                  .5000              16.8750
       140,167.15               .0500              16.8250
            10.3750             .0000              16.8250
             9.8750             .0000                4.9000
             9.8250             .0000                4.9000
             9.8250             .0000

       1519323                  .5000              18.4750
        45,520.92               .0500              18.4250
            11.9750             .0000              18.4250
            11.4750             .0000                6.6500
            11.4250             .0000                6.6500
            11.4250             .0000
1

       1519956                  .5000              18.1000
        74,377.21               .0500              18.0500
            12.6000             .0000              18.0500
            12.1000             .0000                6.4500
            12.0500             .0000                6.4500
            12.0500             .0000

       1520863                  .5000              16.5000
        52,526.51               .0500              16.4500
            10.0000             .0000              16.4500
             9.5000             .0000                5.2000
             9.4500             .0000                5.2000
             9.4500             .0000

       1520953                  .5000              15.8750
        43,344.28               .0500              15.8250
             9.7500             .0000              15.8250
             9.2500             .0000                4.9500
             9.2000             .0000                4.9500
             9.2000             .0000

       1521280                  .5000              16.0000
        83,827.92               .0500              15.9500
            10.5000             .0000              15.9500
            10.0000             .0000                4.9500
             9.9500             .0000                4.9500
             9.9500             .0000

       1521450                  .5000              13.6250
        66,057.47               .0500              13.5750
             8.1250             .0000              13.5750
             7.6250             .0000                3.7000
             7.5750             .0000                3.7000
             7.5750             .0000

       1521503                  .5000              15.4000
       191,998.12               .0500              15.3500
            10.3750             .0000              15.3500
             9.8750             .0000                6.4000
             9.8250             .0000                6.4000
             9.8250             .0000

       1521950                  .5000              16.0000
        42,317.65               .0500              15.9500
             9.0000             .0000              15.9500
             8.5000             .0000                4.2000
             8.4500             .0000                4.2000
             8.4500             .0000

       1522254                  .5000              16.0000
        36,078.71               .0500              15.9500
             9.5000             .0000              15.9500
             9.0000             .0000                5.2000
             8.9500             .0000                5.2000
             8.9500             .0000
1

       1522271                  .5000              17.0000
        54,771.84               .0500              16.9500
            10.5000             .0000              16.9500
            10.0000             .0000                5.8250
             9.9500             .0000                5.8250
             9.9500             .0000

       1522516                  .5000              17.0000
       102,467.68               .0500              16.9500
            10.5000             .0000              16.9500
            10.0000             .0000                5.5750
             9.9500             .0000                5.5750
             9.9500             .0000

       1522773                  .5000              15.1250
        76,570.18               .0500              15.0750
            10.0000             .0000              15.0750
             9.5000             .0000                5.2000
             9.4500             .0000                5.2000
             9.4500             .0000

       1526172                  .5000              14.3750
       202,283.36               .0500              14.3250
             9.2500             .0000              14.3250
             8.7500             .0000                4.9500
             8.7000             .0000                4.9500
             8.7000             .0000

       1526366                  .5000              14.3750
       103,994.47               .0500              14.3250
            10.1250             .0000              14.3250
             9.6250             .0000                4.8250
             9.5750             .0000                4.8250
             9.5750             .0000

       1526383                  .5000              15.8000
        81,030.72               .0500              15.7500
            10.3000             .0000              15.7500
             9.8000             .0000                5.2000
             9.7500             .0000                5.2000
             9.7500             .0000

       1526426                  .5000              15.4500
        98,340.48               .0500              15.4000
            10.7500             .0000              15.4000
            10.2500             .0000                5.4500
            10.2000             .0000                5.4500
            10.2000             .0000

       1526511                  .5000              16.0000
        38,985.59               .0500              15.9500
            10.5000             .0000              15.9500
            10.0000             .0000                5.4500
             9.9500             .0000                5.4500
             9.9500             .0000
1

       1526542                  .5000              15.8000
       137,464.93               .0500              15.7500
            10.3000             .0000              15.7500
             9.8000             .0000                5.2000
             9.7500             .0000                5.2000
             9.7500             .0000

       1530129                  .5000              15.7500
        91,238.34               .0500              15.7000
             9.7500             .0000              15.7000
             9.2500             .0000                5.2000
             9.2000             .0000                5.2000
             9.2000             .0000

       1532644                  .5000              16.2500
        98,887.01               .0500              16.2000
            10.3750             .0000              16.2000
             9.8750             .0000                5.9500
             9.8250             .0000                5.9500
             9.8250             .0000

  TOTAL NUMBER OF LOANS:      177
  TOTAL BALANCE........:         23,265,236.33

  RUN ON     : 06/18/02            RFC DISCLOSURE SYSTEM      RFFSDARM-01
  AT         : 14.12.20            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS        ARM SUMMARY REPORT       CUTOFF : 06/01/02
  POOL       : 0004594  0004595  0004596  0004597
             :
             :
  POOL STATUS:

                                   WEIGHTED AVERAGES    FROM        TO
  ------------------------------------------------------------------------
  CURR NOTE RATE                       7.6874            6.3750     12.6000
  RFC NET RATE                         7.3230            6.0000     12.1000
  NET MTG RATE(INVSTR RATE)            7.2730            5.9500     12.0500
  POST STRIP RATE                      7.2730            5.9500     12.0500
  SUB SERV FEE                          .3644             .2500       .5000
  MSTR SERV FEE                         .0500              .0500      .0500
  ALL EXP                               .0000             .0000       .0000
  MISC EXP                              .0000             .0000       .0000
  SPREAD                                .0000             .0000       .0000
  STRIP                                 .0000             .0000       .0000
  RFC NET CEILING(MX RFC NET RT)      12.7869            9.8750     18.7500
  MAX NET MTG RT(MAX INV RT)          12.7369            9.8250     18.7000
  MAX POST STRIP RATE                 12.7369            9.8250     18.7000
  INV RATE MARGIN                      3.1091            2.2000      7.4500
  POST STRIP MARGIN                    3.1091            2.2000      7.4500

  TOTAL NUMBER OF LOANS:   177
  TOTAL BALANCE........:    23,265,236.33

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 06/18/02           RFC DISCLOSURE SYSTEM       RFFSD175-01
  AT         : 14.12.20        NONFIXED RATE LOAN LISTING     AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS                                 CUTOFF : 06/01/02
  POOL       : 0004594  0004595  0004596  0004597
             :
             :
  POOL STATUS:

  RFC LOAN #                      ORIG RATE       ORIGINAL BAL    MAX NEG AM
  MORTGAGOR NAME                  CURR RATE       PRINCIPAL BAL   LN FEATURE
  CURR NET                                        ORIGINAL P+I    # OF UNITS
  NOTE CEILING                                    CURRENT P+I     LTV
  CITY           STATE  ZIP       NET CEILING     NOTE DATE
  SERVICER LOAN #                 NOTE FLOOR      1ST PMT DT      MI CO CODE
  SELLER LOAN #                   NET FLOOR       MATURITY DT     MI CVG
  INVSTR LOAN #                   GROSS MARGIN    1ST INTCHGDT    NXT INTCHGDT
  S/S CODE                        NET MARGIN      1ST PMTCHGDT    NXT PMTCHGDT
  INT CHG PRIOR DAYS              1ST YR FLR      PMT CAP INCR    PMT CAP DECR
  PMT TYPE                        1ST YR CEIL     INT FREQ MOS    PMT FREQ MOS
  ORIG TERM                       ADJ INDEX       PERIOD INCR     PERIOD DECR
  NOTE LF INCR                    RND NOTE TYPE   RND NOTE METH   RND NOTE FCTR
  NET LF INCR                     RND NET TYPE    RND NET METH    RND NET FCTR
  NOTE LF DECR                    LOAN PURP       CNVRT CODE      FROM WINDOW
  NET LF DECR                     PROP TYPE       CNVT INDEX      TO WINDOW
                                  OCCP CODE       CNVT MARGIN
  ______________________________________________________________________________

    1359191                           6.5000         96,800.00        100
                                      6.5000         86,215.49         ZZ
                                      6.1250            497.69         1
                                     10.6250            621.14         80
    RICHMOND        CA    94801      10.2500       11/04/93
    001150978                          .0000       01/01/94            00
    16100084                           .0000       12/01/23            0
    0                                 2.7500       06/01/94        12/01/02
    051/M32                           2.3750       07/01/94        01/01/03
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               9            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1371886                           7.5530        181,000.00        100
                                      7.5530        164,248.31         ZZ
                                      7.1780            971.65         1
                                     11.0000          1,285.30         84
    ALEXANDRIA      VA    22311      10.6250       01/14/94
    11442466                          3.0000       03/01/94            04
    9363773                           2.6250       02/01/24           12
    0                                 2.8750       08/01/94        08/01/02
1

    229/076                           2.5000       09/01/94        09/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               R            1.0000          1.0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       2.0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1372632                           7.6780        280,000.00        100
                                      7.6780        253,602.42         ZZ
                                      7.3030          1,398.00         1
                                     10.3750          2,004.41         85
    BURLINGTON      KY    41005      10.0000       01/20/94
    775270                            3.0000       03/01/94            04
    277497                            2.6250       02/01/24           12
    0                                 3.0000       08/01/94        08/01/02
    767/514                           2.6250       09/01/94        09/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               R            1.0000          1.0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       1.3750                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1379964                           6.6250        300,000.00        100
                                      6.6250        128,052.00         ZZ
                                      6.3750          1,520.06         1
                                     10.5000            924.17         58
    CENTURY CITY    CA    90067      10.2500       04/04/94
    9109327438                         .0000       06/01/94            00
    28704                              .0000       05/01/24            0
    0                                 2.8750       11/01/94        11/01/02
    741/686                           2.6250       12/01/94        12/01/02
      25                              3.5000          .0000           .0000
    A                                 5.5000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1382605                           6.5000        270,900.00        100
                                      6.5000        243,002.68         ZZ
                                      6.2500          1,624.18         1
                                     12.0000          1,732.46         90
    SAN DIEGO       CA    92103      11.7500       05/03/94
1

    9109331182                         .0000       07/01/94            14
    5070431                            .0000       06/01/24           17
    0                                 2.7500       12/01/94        12/01/02
    685/686                           2.5000       01/01/95        01/01/03
      25                              5.0000          .0000           .0000
    A                                 7.0000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1382931                           6.5000        120,000.00        100
                                      6.5000        109,219.12         T
                                      6.2500            719.46         1
                                     12.0000            778.67         69
    CHINO           CA    91710      11.7500       05/11/94
    9109331760                         .0000       07/01/94            00
    10104214                           .0000       06/01/24            0
    0                                 2.7500       12/01/94        12/01/02
    051/686                           2.5000       01/01/95        01/01/03
      45                              5.0000          .0000           .0000
    A                                 7.0000            6              6
      360                               9            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1383092                           6.6250        162,000.00        100
                                      6.6250         20,225.34         ZZ
                                      6.3750          1,023.95         1
                                     12.5000            145.72         55
    WINDSOR         CA    95492      12.2500       05/17/94
    9109332172                         .0000       07/01/94            00
    4277821                            .0000       06/01/24            0
    0                                 2.8750       12/01/94        12/01/02
    685/686                           2.6250       01/01/95        01/01/03
      25                              5.5000          .0000           .0000
    A                                 7.5000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1383245                           6.5000        180,000.00        100
                                      6.5000        164,429.82         ZZ
1

                                      6.2500          1,137.72         1
                                     12.5000          1,172.45         75
    REDONDO BEACH   CA    90278      12.2500       05/20/94
    9109334186                         .0000       07/01/94            00
    10104200                           .0000       06/01/24            0
    0                                 2.7500       12/01/94        12/01/02
    051/686                           2.5000       01/01/95        01/01/03
      45                              5.5000          .0000           .0000
    A                                 7.5000            6              6
      360                               9            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1383313                           6.6250        245,000.00        100
                                      6.6250        224,292.42         ZZ
                                      6.3750          1,548.57         1
                                     12.5000          1,616.03         70
    FOUNTAIN VALLE  CA    92708      12.2500       05/19/94
    9109332404                        4.5000       07/01/94            00
    33009798                          4.2500       06/01/24            0
    0                                 2.8750       12/01/94        12/01/02
    606/686                           2.6250       01/01/95        01/01/03
      25                              5.5000          .0000           .0000
    A                                 7.5000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
       2.0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1383971                           6.6250        172,000.00        100
                                      6.6250        157,048.46         ZZ
                                      6.3750            976.60         3
                                     11.5000          1,131.58         80
    LOS ANGELES     CA    90003      11.2500       05/16/94
    9109334673                         .0000       07/01/94            00
    05702094                           .0000       06/01/24            0
    0                                 2.8750       12/01/94        12/01/02
    642/686                           2.6250       01/01/95        01/01/03
      45                              4.5000          .0000           .0000
    A                                 6.5000            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1384000                           7.5000         86,300.00        100
                                      7.5000         67,147.62         ZZ
                                      7.2500            490.00         1
                                     11.5000            529.75         90
    KIRKWOOD        CA    95646      11.2500       05/31/94
    9109334277                         .0000       08/01/94            11
    4281621                            .0000       07/01/24           17
    0                                 2.8750       01/01/95        07/01/02
    685/686                           2.6250       02/01/95        08/01/02
      25                              4.5000          .0000           .0000
    A                                 6.5000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1384017                           6.6250        255,000.00        100
                                      6.6250        223,038.62         ZZ
                                      6.3750          1,427.93         1
                                     11.3750          1,618.66         80
    LA HABRA HEIGH  CA    90631      11.1250       05/13/94
    9109334137                         .0000       07/01/94            00
    05703094                           .0000       06/01/24            0
    0                                 2.8750       12/01/94        12/01/02
    642/686                           2.6250       01/01/95        01/01/03
      45                              4.3750          .0000           .0000
    A                                 6.3750            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1384018                           6.6250         62,000.00        100
                                      6.6250         55,535.93         ZZ
                                      6.3750            347.18         1
                                     11.3750            400.14         60
    LOS ANGELES     CA    91331      11.1250       05/24/94
    9109334111                         .0000       07/01/94            00
    05804794                           .0000       06/01/24            0
    0                                 2.8750       12/01/94        12/01/02
    642/686                           2.6250       01/01/95        01/01/03
      25                              4.3750          .0000           .0000
    A                                 6.3750            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1384120                           6.6250         82,000.00        100
                                      6.6250         73,919.16         ZZ
                                      6.2500            491.63         1
                                     12.0000            532.62         79
    NORTHRIDGE      CA    91325      11.6250       05/11/94
    0657050                            .0000       07/01/94            00
    49601051                           .0000       06/01/24            0
    0                                 2.8750       12/01/94        12/01/02
    013/G48                           2.5000       01/01/95        01/01/03
      25                              5.0000          .0000           .0000
    A                                 7.0000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1384388                           6.6250         54,000.00        100
                                      6.6250         49,379.83         ZZ
                                      6.2500            341.32         1
                                     12.5000            355.78         75
    SACRAMENTO      CA    95820      12.1250       05/27/94
    0657057                            .0000       07/01/94            00
    29101457                           .0000       06/01/24            0
    0                                 2.8750       12/01/94        12/01/02
    013/G48                           2.5000       01/01/95        01/01/03
      25                              5.5000          .0000           .0000
    A                                 7.5000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1385111                           7.3750        128,000.00        100
                                      7.3750        117,033.24         ZZ
                                      7.0000            777.74         1
                                     12.1250            895.92         79
    CATHEDRAL CITY  CA    92234      11.7500       06/16/94
    0459902615                         .0000       08/01/94            00
    67300277                           .0000       07/01/24            0
    0                                 2.7500       01/01/95        07/01/02
    541/G02                           2.3750       02/01/95        08/01/02
      25                              5.1250          .0000           .0000
    A                                 7.1250            6              6
1

      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           4              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1385236                           7.2500        550,000.00        100
                                      7.2500        502,557.90         ZZ
                                      7.0000          3,386.45         1
                                     12.2500          3,802.22         80
    CALABASAS       CA    91302      12.0000       07/07/94
    9109338328                         .0000       09/01/94            00
    1940602954                         .0000       08/01/24            0
    0                                 2.8750       02/01/95        08/01/02
    274/686                           2.6250       03/01/95        09/01/02
      45                              5.2500          .0000           .0000
    A                                 7.2500            6              6
      360                               9            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1385342                           7.3750        265,500.00        100
                                      7.3750        242,939.30         ZZ
                                      7.0000          1,613.21         1
                                     12.1250          1,859.78         90
    CHULA VISTA     CA    91915      11.7500       06/21/94
    118073664                          .0000       08/01/94            04
    4953279                            .0000       07/01/24           17
    0                                 2.7500       01/01/95        07/01/02
    324/183                           2.3750       02/01/95        08/01/02
      25                              5.1250          .0000           .0000
    A                                 7.1250            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              01          07/01/95
        .0000                           05             D           07/01/99
                                        O            1.1250

    1387232                           7.8030         80,900.00        100
                                      7.8030         74,641.14         T
                                      7.5530            531.46         1
                                     12.8750            590.70         90
    BULLHEAD CITY   AZ    86442      12.6250       07/06/94
    9109341819                        4.8750       09/01/94            14
    6951446                           4.6250       08/01/24           17
    0                                 3.1250       02/01/95        08/01/02
1

    372/686                           2.8750       03/01/95        09/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               R            1.0000          1.0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       2.0000                           1              01          08/01/96
        .0000                           05             J           08/01/99
                                        O             .3750

    1387242                           7.2500        147,000.00        100
                                      7.2500        134,809.87         ZZ
                                      7.0000            917.09         1
                                     12.3750          1,020.60         74
    SIMI VALLEY     CA    93063      12.1250       07/20/94
    9109341033                         .0000       09/01/94            00
    10103869                           .0000       08/01/24            0
    0                                 2.8750       02/01/95        08/01/02
    051/686                           2.6250       03/01/95        09/01/02
      45                              5.3750          .0000           .0000
    A                                 7.3750            6              6
      360                               9            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1387243                           7.2500        150,300.00        100
                                      7.2500        137,538.27         ZZ
                                      7.0000            937.68         1
                                     12.3750          1,043.05         90
    LOS ANGELES     CA    90045      12.1250       07/19/94
    9109340993                         .0000       09/01/94            12
    10104148                           .0000       08/01/24           17
    0                                 2.8750       02/01/95        08/01/02
    051/686                           2.6250       03/01/95        09/01/02
      45                              5.3750          .0000           .0000
    A                                 7.3750            6              6
      360                               9            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1387518                           6.6250        192,000.00        100
                                      6.6250        175,965.98         ZZ
                                      6.3750          1,197.83         1
                                     12.3750          1,261.54         80
    LOS ANGELES     CA    91316      12.1250       08/11/94
1

    0657100                           4.3750       10/01/94            00
    W01123                            4.1250       09/01/24            0
    0                                 2.7500       03/01/95        09/01/02
    A15/G48                           2.5000       04/01/95        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               9            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
       2.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1389802                           6.6250        120,300.00        100
                                      6.6250        110,298.80         ZZ
                                      6.3750            711.62         1
                                     11.8750            789.46         79
    GALT            CA    95632      11.6250       08/31/94
    9109348079                         .0000       11/01/94            00
    1290766                            .0000       10/01/24            0
    0                                 2.7500       04/01/95        10/01/02
    440/686                           2.5000       05/01/95        11/01/02
      25                              4.8750          .0000           .0000
    A                                 6.8750            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1390490                           6.6250        132,000.00        100
                                      6.6250        119,257.86         ZZ
                                      6.3750            802.05         1
                                     12.1250            857.15         80
    NORTH LAS VEGA  NV    89031      11.8750       08/02/94
    9109361064                         .0000       10/01/94            00
    60201038093A                       .0000       09/01/24            0
    0                                 2.7500       03/01/95        09/01/02
    624/686                           2.5000       04/01/95        10/01/02
      25                              5.1250          .0000           .0000
    A                                 7.1250            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391419                           6.5000         78,000.00        100
                                      6.5000         70,679.62         ZZ
1

                                      6.1250            480.26         1
                                     12.2500            504.77         65
    SACRAMENTO      CA    95828      11.8750       04/08/94
    8012272640                         .0000       06/01/94            00
    4257416                            .0000       05/01/24            0
    0                                 2.6250       11/01/94        11/01/02
    478/X14                           2.2500       12/01/94        12/01/02
      45                              5.2500          .0000           .0000
    A                                 7.2500            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391424                           6.3750        174,000.00        100
                                      6.3750        158,508.53         ZZ
                                      6.0000          1,029.28         1
                                     11.9500          1,118.14         77
    CHICAGO         IL    60622      11.5750       05/06/94
    8012272699                         .0000       07/01/94            00
    4263257                            .0000       06/01/24            0
    0                                 2.6250       12/01/94        12/01/02
    478/X14                           2.2500       01/01/95        01/01/03
      45                              4.8750          .0000           .0000
    A                                 6.8750            6              6
      360                               R            1.0000          1.0000
       6.0750                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1391428                           6.3750        112,000.00        100
                                      6.3750         95,948.18         T
                                      6.0000            662.52         1
                                     11.9500            676.83         75
    BIG BEAR CITY   CA    92315      11.5750       05/12/94
    8012272715                         .0000       07/01/94            00
    4264875                            .0000       06/01/24            0
    0                                 2.6250       12/01/94        12/01/02
    478/X14                           2.2500       01/01/95        01/01/03
      45                              4.8750          .0000           .0000
    A                                 6.8750            6              6
      360                               R            1.0000          1.0000
       6.0750                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1391436                           6.3750         92,000.00        100
                                      6.3750         83,787.00         T
                                      6.0000            536.89         1
                                     11.9500            591.05         62
    SOUTH LAKE TAH  CA    96150      11.5750       04/26/94
    8012272798                         .0000       07/01/94            00
    4270682                            .0000       06/01/24            0
    0                                 2.6250       12/01/94        12/01/02
    478/X14                           2.2500       01/01/95        01/01/03
      45                              4.7500          .0000           .0000
    A                                 6.7500            6              6
      360                               R            1.0000          1.0000
       6.2000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391455                           6.3750        190,000.00        100
                                      6.3750        172,442.58         ZZ
                                      6.0000          1,093.75         1
                                     11.9500          1,216.43         78
    SUNLAND         CA    91040      11.5750       04/28/94
    8012272921                         .0000       07/01/94            00
    4279816                            .0000       06/01/24            0
    0                                 2.6250       12/01/94        12/01/02
    478/X14                           2.2500       01/01/95        01/01/03
      45                              4.6250          .0000           .0000
    A                                 6.6250            6              6
      360                               R            1.0000          1.0000
       6.3250                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391456                           6.5000        103,950.00        100
                                      6.5000         94,228.12         T
                                      6.1250            640.04         1
                                     12.2500            673.04         62
    WEED            CA    96094      11.8750       04/08/94
    8012272947                         .0000       06/01/94            00
    4280103                            .0000       05/01/24            0
    0                                 2.6250       11/01/94        11/01/02
    478/X14                           2.2500       12/01/94        12/01/02
      45                              5.2500          .0000           .0000
    A                                 7.2500            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391466                           6.5000        104,000.00        100
                                      6.5000         91,405.38         ZZ
                                      6.1250            623.53         1
                                     12.0000            657.10         80
    CORONA          CA    91719      11.6250       04/21/94
    8012273002                         .0000       06/01/94            00
    4283446                            .0000       05/01/24            0
    0                                 2.6250       11/01/94        11/01/02
    478/X14                           2.2500       12/01/94        12/01/02
      45                              5.0000          .0000           .0000
    A                                 7.0000            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1391485                           6.5000        107,200.00        100
                                      6.5000         97,486.49         ZZ
                                      6.1250            625.59         1
                                     11.9500            696.22         80
    SALIDA          CA    95368      11.5750       04/22/94
    8012273093                         .0000       06/01/94            00
    4292579                            .0000       05/01/24            0
    0                                 2.6250       11/01/94        11/01/02
    478/X14                           2.2500       12/01/94        12/01/02
      45                              4.7500          .0000           .0000
    A                                 6.7500            6              6
      360                               R            1.0000          1.0000
       6.2000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391495                           6.3750        163,000.00        100
                                      6.3750        147,535.34         ZZ
                                      6.0000            951.22         1
                                     11.9500          1,040.73         80
    LOMITA          CA    90717      11.5750       05/02/94
    8012273192                         .0000       07/01/94            00
    4297206                            .0000       06/01/24            0
    0                                 2.6250       12/01/94        12/01/02
    478/X14                           2.2500       01/01/95        01/01/03
      45                              4.7500          .0000           .0000
    A                                 6.7500            6              6
1

      360                               R            1.0000          1.0000
       6.2000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391503                           6.8750        141,900.00        100
                                      6.8750        129,656.37         ZZ
                                      6.5000            896.90         1
                                     12.5000            949.36         79
    CARSON          CA    90810      12.1250       08/02/94
    8012273234                         .0000       10/01/94            00
    4298642                            .0000       09/01/24            0
    0                                 2.6250       03/01/95        09/01/02
    478/X14                           2.2500       04/01/95        10/01/02
      45                              5.5000          .0000           .0000
    A                                 7.5000            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391507                           6.3750        142,000.00        100
                                      6.3750        129,460.81         ZZ
                                      6.0000            839.98         1
                                     11.9500            913.23         79
    RENTON          WA    98055      11.5750       05/20/94
    8012273259                         .0000       07/01/94            00
    4299087                            .0000       06/01/24            0
    0                                 2.6250       12/01/94        12/01/02
    478/X14                           2.2500       01/01/95        01/01/03
      45                              4.8750          .0000           .0000
    A                                 6.8750            6              6
      360                               R            1.0000          1.0000
       6.0750                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391515                           6.5000         50,000.00        100
                                      6.5000         43,638.25         ZZ
                                      6.1250            291.79         1
                                     11.9500            311.65         47
    BIG BEAR LAKE   CA    92315      11.5750       04/22/94
    8012273275                         .0000       06/01/94            00
    4300273                            .0000       05/01/24            0
    0                                 2.6250       11/01/94        11/01/02
1

    478/X14                           2.2500       12/01/94        12/01/02
      45                              4.7500          .0000           .0000
    A                                 6.7500            6              6
      360                               R            1.0000          1.0000
       6.2000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391521                           7.3750        100,000.00        100
                                      7.3750         89,896.61         ZZ
                                      7.0000            656.93         1
                                     12.8750            688.19         32
    HUNTINGTON BEA  CA    92649      12.5000       06/06/94
    8012273333                         .0000       08/01/94            00
    4302196                            .0000       07/01/24            0
    0                                 2.6250       01/01/95        07/01/02
    478/X14                           2.2500       02/01/95        08/01/02
      45                              5.8750          .0000           .0000
    A                                 7.8750            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1391553                           6.3750        114,500.00        100
                                      6.3750        103,950.69         ZZ
                                      6.0000            623.44         1
                                     11.9500            733.28         79
    SAN DIEGO       CA    92104      11.5750       05/05/94
    8012273499                         .0000       07/01/94            00
    4311015                            .0000       06/01/24            0
    0                                 2.6250       12/01/94        12/01/02
    478/X14                           2.2500       01/01/95        01/01/03
      45                              4.1250          .0000           .0000
    A                                 6.1250            6              6
      360                               R            1.0000          1.0000
       6.8250                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391564                           6.3750        148,125.00        100
                                      6.3750        135,045.01         ZZ
                                      6.0000            876.22         1
                                     11.9500            952.63         75
    WINDSOR         CA    95492      11.5750       05/11/94
1

    8012273564                         .0000       07/01/94            00
    4315479                            .0000       06/01/24            0
    0                                 2.6250       12/01/94        12/01/02
    478/X14                           2.2500       01/01/95        01/01/03
      45                              4.8750          .0000           .0000
    A                                 6.8750            6              6
      360                               R            1.0000          1.0000
       6.0750                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391592                           6.3750        380,000.00        100
                                      6.3750        345,914.32         ZZ
                                      6.0000          2,247.84         1
                                     11.9500          2,440.13         80
    RANCHO SANTA F  CA    92067      11.5750       05/18/94
    8012273713                         .0000       07/01/94            00
    4320701                            .0000       06/01/24            0
    0                                 2.6250       12/01/94        12/01/02
    478/X14                           2.2500       01/01/95        01/01/03
      45                              4.8750          .0000           .0000
    A                                 6.8750            6              6
      360                               R            1.0000          1.0000
       6.0750                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391607                           6.3750         93,750.00        100
                                      6.3750         85,591.27         ZZ
                                      6.0000            584.88         1
                                     12.3750            603.77         75
    OCEANSIDE       CA    92056      12.0000       05/16/94
    8012273788                         .0000       07/01/94            00
    4324430                            .0000       06/01/24            0
    0                                 2.6250       12/01/94        12/01/02
    478/X14                           2.2500       01/01/95        01/01/03
      45                              5.3750          .0000           .0000
    A                                 7.3750            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1391612                           6.3750         93,750.00        100
                                      6.3750         84,678.14         ZZ
1

                                      6.0000            592.56         1
                                     12.5000            597.39         75
    LAS VEGAS       NV    89110      12.1250       05/24/94
    8012273820                         .0000       07/01/94            00
    4326799                            .0000       06/01/24            0
    0                                 2.6250       12/01/94        12/01/02
    478/X14                           2.2500       01/01/95        01/01/03
      45                              5.5000          .0000           .0000
    A                                 7.5000            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391620                           6.3750        140,000.00        100
                                      6.3750        124,949.19         ZZ
                                      6.0000            896.44         1
                                     12.6250            881.41         78
    LAS VEGAS       NV    89139      12.2500       05/23/94
    8012273879                         .0000       07/01/94            00
    4328852                            .0000       06/01/24            0
    0                                 2.6250       12/01/94        12/01/02
    478/X14                           2.2500       01/01/95        01/01/03
      45                              5.6250          .0000           .0000
    A                                 7.6250            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391635                           7.2500        140,000.00        100
                                      7.2500        127,698.14         ZZ
                                      6.8750            919.70         1
                                     12.8750            966.13         66
    MADERA          CA    93638      12.5000       06/30/94
    8012273960                         .0000       09/01/94            00
    4332417                            .0000       08/01/24            0
    0                                 2.6250       02/01/95        08/01/02
    478/X14                           2.2500       03/01/95        09/01/02
      45                              5.8750          .0000           .0000
    A                                 7.8750            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1391637                           6.3750         61,200.00        100
                                      6.3750         55,897.79         ZZ
                                      6.0000            386.83         1
                                     12.5000            394.31         80
    SUNLAND         CA    91040      12.1250       05/19/94
    8012274000                         .0000       07/01/94            00
    4333118                            .0000       06/01/24            0
    0                                 2.6250       12/01/94        12/01/02
    478/X14                           2.2500       01/01/95        01/01/03
      45                              5.5000          .0000           .0000
    A                                 7.5000            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391641                           7.3750         86,600.00        100
                                      7.3750         75,137.45         ZZ
                                      7.0000            526.19         1
                                     12.1250            583.07         75
    HOUSTON         TX    77077      11.7500       06/10/94
    8012274059                         .0000       08/01/94            00
    4335170                            .0000       07/01/24            0
    0                                 2.6250       01/01/95        07/01/02
    478/X14                           2.2500       02/01/95        08/01/02
      45                              5.1250          .0000           .0000
    A                                 7.1250            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1391648                           7.3750        102,500.00        100
                                      7.3750         91,621.62         ZZ
                                      7.0000            664.81         1
                                     12.7500            701.39         71
    CHAMPAIGN       IL    61821      12.3750       06/23/94
    8012274091                         .0000       08/01/94            00
    4338380                            .0000       07/01/24            0
    0                                 2.6250       01/01/95        07/01/02
    478/X14                           2.2500       02/01/95        08/01/02
      45                              5.7500          .0000           .0000
    A                                 7.7500            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391649                           6.3750        281,000.00        100
                                      6.3750        256,596.19         ZZ
                                      6.0000          1,799.27         1
                                     12.6250          1,810.07         75
    SCOTTSDALE      AZ    85255      12.2500       05/31/94
    8012274109                         .0000       07/01/94            00
    4338612                            .0000       06/01/24            0
    0                                 2.6250       12/01/94        12/01/02
    478/X14                           2.2500       01/01/95        01/01/03
      45                              5.6250          .0000           .0000
    A                                 7.6250            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1391662                           6.3750        237,600.00        100
                                      6.3750        216,218.69         ZZ
                                      6.0000          1,521.38         1
                                     12.6250          1,525.24         80
    HOLLISTER       CA    95023      12.2500       05/20/94
    0800092785                         .0000       07/01/94            00
    4342499                            .0000       06/01/24            0
    0                                 2.6250       12/01/94        12/01/02
    478/K61                           2.2500       01/01/95        01/01/03
      45                              5.6250          .0000           .0000
    A                                 7.6250            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1391667                           7.2500         55,200.00        100
                                      7.2500         44,920.84         ZZ
                                      6.8750            362.62         1
                                     12.8750            342.58         80
    MIAMI           FL    33161      12.5000       07/12/94
    8012274273                         .0000       09/01/94            00
    4344974                            .0000       08/01/24            0
    0                                 2.6250       02/01/95        08/01/02
    478/X14                           2.2500       03/01/95        09/01/02
      45                              5.8750          .0000           .0000
    A                                 7.8750            6              6
1

      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391676                           7.3750        130,300.00        100
                                      7.3750        118,998.07         ZZ
                                      7.0000            812.90         1
                                     12.3750            910.97         65
    CLAREMONT       CA    91711      12.0000       05/25/94
    8012274380                         .0000       08/01/94            00
    4350666                            .0000       07/01/24            0
    0                                 2.6250       01/01/95        07/01/02
    478/X14                           2.2500       02/01/95        08/01/02
      45                              5.3750          .0000           .0000
    A                                 7.3750            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1391716                           7.3750        244,800.00        100
                                      7.3750        223,623.33         ZZ
                                      7.0000          1,507.28         1
                                     12.2500          1,711.90         75
    LAS VEGAS       NV    89134      11.8750       06/23/94
    8012274687                         .0000       08/01/94            00
    4358248                            .0000       07/01/24            0
    0                                 2.6250       01/01/95        07/01/02
    478/X14                           2.2500       02/01/95        08/01/02
      45                              5.2500          .0000           .0000
    A                                 7.2500            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1391724                           7.3750         65,000.00        100
                                      7.3750         59,208.07         ZZ
                                      7.0000            384.50         1
                                     11.9500            453.26         67
    MODESTO         CA    95350      11.5750       06/10/94
    8012274760                         .0000       08/01/94            00
    4359691                            .0000       07/01/24            0
    0                                 2.6250       01/01/95        07/01/02
1

    478/X14                           2.2500       02/01/95        08/01/02
      45                              4.8750          .0000           .0000
    A                                 6.8750            6              6
      360                               R            1.0000          1.0000
       6.0750                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391748                           7.3750        224,250.00        100
                                      7.3750        205,161.33         ZZ
                                      7.0000          1,454.48         1
                                     12.7500          1,570.57         65
    NEWPORT BEACH   CA    92663      12.3750       06/13/94
    8012274976                         .0000       08/01/94            00
    4366506                            .0000       07/01/24            0
    0                                 2.6250       01/01/95        07/01/02
    478/X14                           2.2500       02/01/95        08/01/02
      45                              5.7500          .0000           .0000
    A                                 7.7500            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391751                           7.3750        270,000.00        100
                                      7.3750        247,069.63         ZZ
                                      7.0000          1,773.71         1
                                     12.8750          1,891.40         75
    CAMERON PARK    CA    95682      12.5000       06/20/94
    8012275031                         .0000       08/01/94            00
    4368023                            .0000       07/01/24            0
    0                                 2.6250       01/01/95        07/01/02
    478/X14                           2.2500       02/01/95        08/01/02
      45                              5.8750          .0000           .0000
    A                                 7.8750            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           4              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391789                           7.2500         40,000.00        100
                                      7.2500         29,668.19         ZZ
                                      6.8750            256.12         1
                                     12.6250            226.47         33
    LOS ANGELES     CA    90042      12.2500       07/05/94
1

    8012275379                         .0000       09/01/94            00
    4378600                            .0000       08/01/24            0
    0                                 2.6250       02/01/95        08/01/02
    478/X14                           2.2500       03/01/95        09/01/02
      45                              5.6250          .0000           .0000
    A                                 7.6250            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391795                           7.2500        104,000.00        100
                                      7.2500         95,352.77         ZZ
                                      6.8750            674.54         1
                                     12.7500            721.42         80
    OROSI           CA    93647      12.3750       07/11/94
    8012275437                         .0000       09/01/94            00
    4379863                            .0000       08/01/24            0
    0                                 2.6250       02/01/95        08/01/02
    478/X14                           2.2500       03/01/95        09/01/02
      45                              5.7500          .0000           .0000
    A                                 7.7500            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391839                           7.2500        135,000.00        100
                                      7.2500        120,112.02         ZZ
                                      6.8750            853.29         1
                                     12.5000            912.70         90
    PARAMOUNT       CA    90723      12.1250       07/07/94
    8012275726                         .0000       09/01/94            21
    4390621                            .0000       08/01/24           20
    0                                 2.6250       02/01/95        08/01/02
    478/X14                           2.2500       03/01/95        09/01/02
      45                              5.5000          .0000           .0000
    A                                 7.5000            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1391842                           6.8750        237,500.00        100
                                      6.8750        217,785.93         ZZ
1

                                      6.5000          1,520.74         1
                                     12.6250          1,594.65         87
    ESCONDIDO       CA    92026      12.2500       08/02/94
    8012275783                         .0000       10/01/94            11
    4392296                            .0000       09/01/24           25
    0                                 2.6250       03/01/95        09/01/02
    478/X14                           2.2500       04/01/95        10/01/02
      45                              5.6250          .0000           .0000
    A                                 7.6250            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1391868                           7.2500        183,350.00        100
                                      7.2500        168,034.62         ZZ
                                      6.8750          1,189.20         1
                                     12.7500          1,271.31         95
    NORWALK         CA    90650      12.3750       07/19/94
    8012276211                         .0000       09/01/94            21
    4408035                            .0000       08/01/24           27
    0                                 2.6250       02/01/95        08/01/02
    478/X14                           2.2500       03/01/95        09/01/02
      45                              5.7500          .0000           .0000
    A                                 7.7500            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391879                           7.3750         63,000.00        100
                                      7.3750         55,276.58         ZZ
                                      7.0000            408.62         1
                                     12.7500            428.47         90
    MORAGA          CA    94556      12.3750       07/19/94
    8012276278                         .0000       09/01/94            21
    4412839                            .0000       08/01/24           20
    0                                 2.7500       02/01/95        08/01/02
    478/X14                           2.3750       03/01/95        09/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000
1

    1391890                           7.2500         63,750.00        100
                                      7.2500         58,409.64         ZZ
                                      6.8750            402.94         1
                                     12.5000            441.92         75
    LANCASTER       TX    75134      12.1250       07/27/94
    8012276393                         .0000       09/01/94            00
    4416368                            .0000       08/01/24            0
    0                                 2.6250       02/01/95        08/01/02
    478/X14                           2.2500       03/01/95        09/01/02
      45                              5.5000          .0000           .0000
    A                                 7.5000            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391908                           6.8750         97,500.00        100
                                      6.8750         88,766.69         ZZ
                                      6.5000            616.27         1
                                     12.5000            649.96         66
    YUCAIPA         CA    92399      12.1250       08/16/94
    8012276682                         .0000       10/01/94            00
    4425237                            .0000       09/01/24            0
    0                                 2.6250       03/01/95        09/01/02
    478/X14                           2.2500       04/01/95        10/01/02
      45                              5.5000          .0000           .0000
    A                                 7.5000            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391915                           6.8750        186,000.00        100
                                      6.8750        170,239.09         ZZ
                                      6.5000          1,206.39         1
                                     12.7500          1,246.51         59
    UPLAND          CA    91784      12.3750       08/01/94
    8012276740                         .0000       10/01/94            00
    4426615                            .0000       09/01/24            0
    0                                 2.6250       03/01/95        09/01/02
    478/X14                           2.2500       04/01/95        10/01/02
      45                              5.7500          .0000           .0000
    A                                 7.7500            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391924                           6.8750        136,800.00        100
                                      6.8750        125,215.50         ZZ
                                      6.5000            842.30         1
                                     12.2500            916.84         95
    FEDERAL WAY     WA    98023      11.8750       07/29/94
    8012276799                         .0000       10/01/94            21
    4428579                            .0000       09/01/24           31
    0                                 2.6250       03/01/95        09/01/02
    478/X14                           2.2500       04/01/95        10/01/02
      45                              5.2500          .0000           .0000
    A                                 7.2500            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391928                           7.1250         31,850.00        100
                                      7.1250         29,088.05         T
                                      6.7500            209.23         1
                                     12.8750            217.48         65
    ORLANDO         FL    32811      12.5000       08/05/94
    8012276831                         .0000       10/01/94            00
    4429650                            .0000       09/01/24            0
    0                                 2.8750       03/01/95        09/01/02
    478/X14                           2.5000       04/01/95        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391929                           6.8750        123,500.00        100
                                      6.8750        113,249.27         ZZ
                                      6.5000            801.02         1
                                     12.7500            829.23         95
    LAS VEGAS       NV    89121      12.3750       08/09/94
    8012276849                         .0000       10/01/94            21
    4429841                            .0000       09/01/24           31
    0                                 2.6250       03/01/95        09/01/02
    478/X14                           2.2500       04/01/95        10/01/02
      45                              5.7500          .0000           .0000
    A                                 7.7500            6              6
1

      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391956                           6.8750        140,000.00        100
                                      6.8750        128,385.17         T
                                      6.5000            919.70         1
                                     12.8750            940.05         66
    LAS VEGAS       NV    89117      12.5000       08/08/94
    8012277078                         .0000       10/01/94            00
    4439709                            .0000       09/01/24            0
    0                                 2.6250       03/01/95        09/01/02
    478/X14                           2.2500       04/01/95        10/01/02
      45                              5.8750          .0000           .0000
    A                                 7.8750            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1391970                           6.8750        220,400.00        100
                                      6.8750        173,202.12         ZZ
                                      6.5000          1,393.08         1
                                     12.5000          1,277.10         95
    LA HABRA        CA    90631      12.1250       08/17/94
    8012277334                         .0000       10/01/94            21
    4451928                            .0000       09/01/24           31
    0                                 2.6250       03/01/95        09/01/02
    478/X14                           2.2500       04/01/95        10/01/02
      45                              5.5000          .0000           .0000
    A                                 7.5000            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1392055                           6.7500        379,700.00        100
                                      6.7500        349,008.26         ZZ
                                      6.5000          2,431.26         1
                                     12.6250          2,524.66         89
    MOORPARK        CA    93021      12.3750       09/01/94
    9109344896                         .0000       11/01/94            11
    10104610                           .0000       10/01/24           17
    0                                 2.8750       04/01/95        10/01/02
1

    051/686                           2.6250       05/01/95        11/01/02
      45                              5.6250          .0000           .0000
    A                                 7.6250            6              6
      360                               9            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              01          10/01/95
        .0000                           03             E           10/01/99
                                        O            1.1250

    1392337                           6.5000        157,500.00        100
                                      6.5000        144,320.06         ZZ
                                      6.2500          1,047.85         1
                                     13.0000          1,023.71         90
    SAN DIEGO       CA    92126      12.7500       08/23/94
    0001151527                         .0000       10/01/94            10
    3031304                            .0000       09/01/24           17
    0                                 2.6250       03/01/95        09/01/02
    443/448                           2.3750       04/01/95        10/01/02
      25                              6.0000          .0000           .0000
    A                                 8.0000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1392472                           6.7610         99,000.00        100
                                      6.7610         90,797.87         T
                                      6.5110            625.75         1
                                     12.5000            661.71         90
    MT. HOLLY       VT    05758      12.2500       05/27/94
    0006855381                         .0000       07/01/94            14
    530014518                          .0000       06/01/24           17
    0                                 3.0000       12/01/94        12/01/02
    595/581                           2.7500       01/01/95        01/01/03
      45                              5.5000          .0000           .0000
    A                                 7.5000            6              6
      360                               R            1.0000          1.0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1392473                           6.6360        609,000.00        100
                                      6.6360        555,584.89         ZZ
                                      6.3860          3,410.23         1
                                     11.3750          4,006.71         79
    LOS ANGELES     CA    90020      11.1250       05/17/94
1

    0006855431                         .0000       07/01/94            00
    530014524                          .0000       06/01/24            0
    0                                 2.8750       12/01/94        12/01/02
    595/581                           2.6250       01/01/95        01/01/03
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               R            1.0000          1.0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1392509                           7.7500        150,000.00        100
                                      7.7500        137,546.74         T
                                      7.5000            887.31         1
                                     11.8750          1,085.44         75
    CATHEDRAL CITY  CA    92234      11.6250       06/16/94
    0006857882                         .0000       08/01/94            00
    530015163                          .0000       07/01/24            0
    0                                 3.0000       01/01/95        07/01/02
    595/581                           2.7500       02/01/95        08/01/02
      45                              4.8750          .0000           .0000
    A                                 6.8750            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1392545                           6.8750        229,500.00        100
                                      6.8750        209,513.74         ZZ
                                      6.6250          1,303.08         1
                                     11.5000          1,544.00         90
    SAUGUS          CA    91350      11.2500       04/18/94
    0006858930                         .0000       06/01/94            14
    530015489                          .0000       05/01/24           17
    0                                 3.0000       11/01/94        11/01/02
    595/581                           2.7500       12/01/94        12/01/02
      45                              4.5000          .0000           .0000
    A                                 6.5000            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1392550                           6.7500        220,000.00        100
                                      6.7500        200,202.58         ZZ
1

                                      6.5000          1,114.71         1
                                     10.1250          1,457.69         72
    VANCOUVER       WA    98661       9.8750       05/11/94
    0006858989                         .0000       07/01/94            00
    530015494                          .0000       06/01/24            0
    0                                 3.0000       12/01/94        12/01/02
    595/581                           2.7500       01/01/95        01/01/03
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               R            1.0000          1.0000
       5.6250                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1392562                           6.8750        112,000.00        100
                                      6.8750        101,883.29         ZZ
                                      6.6250            584.24         1
                                     10.7500            750.82         80
    CITRUS HEIGHTS  CA    95610      10.5000       04/13/94
    0006859102                         .0000       06/01/94            00
    530015509                          .0000       05/01/24            0
    0                                 3.0000       11/01/94        11/01/02
    595/581                           2.7500       12/01/94        12/01/02
      45                              3.7500          .0000           .0000
    A                                 5.7500            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           07             0           00/00/00
                                        O             .0000

    1392563                           6.8750        264,000.00        100
                                      6.8750        241,009.01         ZZ
                                      6.6250          1,498.96         1
                                     11.5000          1,776.11         80
    SAN DIMAS       CA    91773      11.2500       04/01/94
    0006859110                         .0000       06/01/94            00
    530015510                          .0000       05/01/24            0
    0                                 3.0000       11/01/94        11/01/02
    595/581                           2.7500       12/01/94        12/01/02
      45                              4.5000          .0000           .0000
    A                                 6.5000            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1392586                           6.8750         80,000.00        100
                                      6.8750         72,457.70         ZZ
                                      6.6250            423.37         2
                                     10.8750            534.90         64
    PORT ORCHARD    WA    98366      10.6250       04/26/94
    0006859318                         .0000       06/01/94            00
    530015536                          .0000       05/01/24            0
    0                                 3.0000       11/01/94        11/01/02
    595/581                           2.7500       12/01/94        12/01/02
      45                              3.8750          .0000           .0000
    A                                 5.8750            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1392655                           6.7500        285,000.00        100
                                      6.7500        261,297.43         ZZ
                                      6.5000          1,778.03         1
                                     12.3750          1,902.52         75
    LAFAYETTE       CA    94549      12.1250       05/23/94
    0006859854                         .0000       07/01/94            00
    530015618                          .0000       06/01/24            0
    0                                 3.0000       12/01/94        12/01/02
    595/581                           2.7500       01/01/95        01/01/03
      45                              5.3750          .0000           .0000
    A                                 7.3750            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1392672                           6.7500        245,700.00        100
                                      6.7500        224,898.24         ZZ
                                      6.5000          1,433.84         1
                                     11.7500          1,637.50         90
    DOWNEY          CA    90242      11.5000       05/18/94
    0006860027                         .0000       07/01/94            14
    530015637                          .0000       06/01/24           17
    0                                 3.0000       12/01/94        12/01/02
    595/581                           2.7500       01/01/95        01/01/03
      45                              4.7500          .0000           .0000
    A                                 6.7500            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1392693                           6.7500         76,900.00        100
                                      6.7500         70,363.47         T
                                      6.5000            448.77         1
                                     11.7500            512.32         89
    LAS VEGAS       NV    89128      11.5000       05/25/94
    0006860209                         .0000       07/01/94            04
    530015661                          .0000       06/01/24           22
    0                                 3.0000       12/01/94        12/01/02
    595/581                           2.7500       01/01/95        01/01/03
      45                              4.7500          .0000           .0000
    A                                 6.7500            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1392709                           7.7500         83,650.00        100
                                      7.7500         76,714.66         ZZ
                                      7.5000            501.52         1
                                     12.0000            605.39         59
    ROCKLIN         CA    95677      11.7500       06/16/94
    0006860340                         .0000       08/01/94            00
    530015677                          .0000       07/01/24            0
    0                                 3.0000       01/01/95        07/01/02
    595/581                           2.7500       02/01/95        08/01/02
      45                              5.0000          .0000           .0000
    A                                 7.0000            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           09             0           00/00/00
                                        O             .0000

    1392720                           7.2080        156,000.00        100
                                      7.2080        141,250.94         ZZ
                                      6.9580            825.57         1
                                     10.8750          1,074.92         80
    BENICIA         CA    94510      10.6250       01/26/94
    0006861108                        3.0000       04/01/94            00
    530015841                         2.7500       03/01/24            0
    0                                 3.0000       09/01/94        09/01/02
    595/581                           2.7500       10/01/94        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
1

      360                               R            1.0000          1.0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       1.8750                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1392746                           6.6370         58,400.00        100
                                      6.6370         52,686.04         ZZ
                                      6.3870            295.91         1
                                     10.5000            381.27         80
    PORTLAND        OR    97266      10.2500       03/18/94
    0006861470                        2.7500       05/01/94            00
    530015894                         2.5000       04/01/24            0
    0                                 2.7500       10/01/94        10/01/02
    595/581                           2.5000       11/01/94        11/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               R            1.0000          1.0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       1.7500                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1392776                           7.3460        193,600.00        100
                                      7.3460        172,807.45         ZZ
                                      7.0960          1,024.55         1
                                     10.8750          1,319.75         80
    MIDDLETOWN      NJ    07748      10.6250       06/03/94
    0006861843                        2.6250       08/01/94            00
    530015948                         2.3750       07/01/24            0
    0                                 2.6250       01/01/95        07/01/02
    595/581                           2.3750       02/01/95        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               R            1.0000          1.0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       2.2500                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1392793                           7.7210         55,800.00        100
                                      7.7210         51,254.87         ZZ
                                      7.4710            352.70         1
                                     12.5000            403.53         90
    CHESTER         VT    05143      12.2500       06/16/94
    0006862114                        3.0000       08/01/94            10
    530015983                         2.7500       07/01/24           17
    0                                 3.0000       01/01/95        07/01/02
1

    595/581                           2.7500       02/01/95        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               R            1.0000          1.0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       3.5000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1392802                           7.4710         53,600.00        100
                                      7.4710         47,304.74         ZZ
                                      7.2210            308.56         1
                                     11.6250            364.97         80
    ISELIN          NJ    08830      11.3750       06/28/94
    0006862254                        2.7500       08/01/94            00
    530016000                         2.5000       07/01/24            0
    0                                 2.7500       01/01/95        07/01/02
    595/581                           2.5000       02/01/95        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               R            1.0000          1.0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       2.8750                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1392804                           7.7210        244,600.00        100
                                      7.7210        224,140.65         ZZ
                                      7.4710          1,427.42         1
                                     11.7500          1,764.66         90
    MOORPARK        CA    93021      11.5000       06/28/94
    0006862288                        3.0000       08/01/94            01
    530016004                         2.7500       07/01/24           25
    0                                 3.0000       01/01/95        07/01/02
    595/581                           2.7500       02/01/95        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               R            1.0000          1.0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       2.7500                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1392995                           6.7500         70,000.00        100
                                      6.7500         63,665.39         ZZ
                                      6.5000            408.50         1
                                     11.7500            463.55         47
    NORCO           CA    91760      11.5000       05/12/94
1

    0006859805                         .0000       07/01/94            00
    530015612                          .0000       06/01/24            0
    0                                 3.0000       12/01/94        12/01/02
    595/581                           2.7500       01/01/95        01/01/03
      45                              4.7500          .0000           .0000
    A                                 6.7500            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1393132                           7.3750        252,000.00        100
                                      7.3750        229,261.10         ZZ
                                      7.1250          1,333.60         1
                                     10.8750          1,755.83         70
    GLENDALE        CA    91207      10.6250       06/08/94
    0006862023                         .0000       08/01/94            00
    530015972                          .0000       07/01/24            0
    0                                 2.7500       01/01/95        07/01/02
    595/581                           2.5000       02/01/95        08/01/02
      25                              3.8750          .0000           .0000
    A                                 5.8750            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1393137                           7.5960        475,000.00        100
                                      7.5960        176,139.86         ZZ
                                      7.3460          2,549.91         1
                                     11.0000          1,372.84         27
    GREENWICH       CT    06830      10.7500       06/22/94
    0006862064                         .0000       08/01/94            00
    530015976                          .0000       07/01/24            0
    0                                 2.8750       01/01/95        07/01/02
    595/581                           2.6250       02/01/95        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               R            1.0000          1.0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1393149                           7.3460        136,500.00        100
                                      7.3460        124,637.37         ZZ
1

                                      7.0960            818.39         1
                                     12.0000            951.87         70
    LAS VEGAS       NV    89129      11.7500       06/23/94
    0006862361                        2.6250       08/01/94            00
    530016014                         2.3750       07/01/24            0
    0                                 2.6250       01/01/95        07/01/02
    595/581                           2.3750       02/01/95        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               R            1.0000          1.0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       3.3750                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1393233                           7.0000        100,800.00        100
                                      7.0000         91,905.31         ZZ
                                      6.7500            564.46         1
                                     11.3750            680.02         70
    CLEARWATER      FL    34621      11.1250       08/19/94
    0006860621                         .0000       10/01/94            00
    530016168                          .0000       09/01/24            0
    0                                 2.7500       03/01/95        09/01/02
    595/581                           2.5000       04/01/95        10/01/02
      45                              4.3750          .0000           .0000
    A                                 6.3750            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1393257                           6.9580        156,750.00        100
                                      6.9580        140,608.70         ZZ
                                      6.7080            782.63         1
                                     10.3750          1,048.79         95
    CULVER CITY     CA    90230      10.1250       02/18/94
    0006861082                        2.7500       04/01/94            04
    530015839                         2.5000       03/01/24           22
    0                                 2.7500       09/01/94        09/01/02
    595/581                           2.5000       10/01/94        10/01/02
      45                              3.3750          .0000           .0000
    A                                 5.3750            6              6
      360                               R            1.0000          1.0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       1.6250                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000
1

    1393401                           6.5000         66,000.00        100
                                      6.5000         60,602.58         ZZ
                                      6.2500            422.61         1
                                     12.6250            428.45         75
    RIVERSIDE       CA    92507      12.3750       10/21/94
    0657147                            .0000       12/01/94            00
    46000027                           .0000       11/01/24            0
    0                                 2.7500       05/01/95        11/01/02
    541/G48                           2.5000       06/01/95        12/01/02
      25                              5.6250          .0000           .0000
    A                                 7.6250            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1397296                           6.5000        255,000.00        100
                                      6.5000        229,644.49         ZZ
                                      6.2500          1,570.08         1
                                     12.2500          1,623.54         74
    RENO            NV    89509      12.0000       10/19/94
    9109349416                         .0000       12/01/94            00
    371513716                          .0000       11/01/24            0
    0                                 2.7500       05/01/95        11/01/02
    163/686                           2.5000       06/01/95        12/01/02
      25                              5.2500          .0000           .0000
    A                                 7.2500            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1398268                           6.6250        440,000.00        100
                                      6.6250        402,539.34         ZZ
                                      6.3750          2,817.37         1
                                     12.6250          2,872.20         80
    LOS ANGELES     CA    90056      12.3750       11/14/94
    9109351149                         .0000       01/01/95            00
    72582                              .0000       12/01/24            0
    0                                 2.8750       06/01/95        12/01/02
    744/686                           2.6250       07/01/95        01/01/03
      25                              5.6250          .0000           .0000
    A                                 7.6250            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1398298                           6.6250         73,000.00        100
                                      6.6250         67,134.58         ZZ
                                      6.3750            431.83         1
                                     11.8750            478.96         55
    LYNWOOD         CA    90262      11.6250       11/11/94
    9109352931                         .0000       01/01/95            00
    24119672                           .0000       12/01/24            0
    0                                 2.8750       06/01/95        12/01/02
    470/686                           2.6250       07/01/95        01/01/03
      25                              4.8750          .0000           .0000
    A                                 6.8750            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              01          12/01/95
        .0000                           05             D           12/01/99
                                        O             .5000

    1398899                           6.5000         82,000.00        100
                                      6.5000         67,371.95         ZZ
                                      6.2500            485.06         1
                                     11.8750            475.53         80
    PORTLAND        OR    97213      11.6250       11/04/94
    9109360975                         .0000       01/01/95            00
    84237033846A                       .0000       12/01/24            0
    0                                 2.7500       06/01/95        12/01/02
    624/686                           2.5000       07/01/95        01/01/03
      25                              4.8750          .0000           .0000
    A                                 6.8750            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1399191                           7.0000        336,000.00        100
                                      7.0000        134,621.32         ZZ
                                      6.6250          2,096.20         1
                                     12.3750            994.93         70
    BEVERLY HILLS   CA    90212      12.0000       09/21/94
    001648758                          .0000       11/01/94            00
    1648758                            .0000       10/01/24            0
    0                                 3.1250       04/01/95        10/01/02
    070/070                           2.7500       05/01/95        11/01/02
      25                              5.3750          .0000           .0000
    A                                 7.3750            6              6
1

      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1399195                           6.8750        225,000.00        100
                                      6.8750        195,013.52         ZZ
                                      6.5000          1,330.96         1
                                     11.8750          1,427.11         84
    PASADENA        CA    91107      11.5000       10/10/94
    001649755                          .0000       12/01/94            14
    1649755                            .0000       11/01/24           12
    0                                 3.1250       05/01/95        11/01/02
    070/070                           2.7500       06/01/95        12/01/02
      25                              4.8750          .0000           .0000
    A                                 6.8750            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1399306                           6.7500        238,000.00        100
                                      6.7500        219,591.92         ZZ
                                      6.3750          1,543.66         1
                                     12.7500          1,585.95         70
    SAN MATEO       CA    94403      12.3750       10/07/94
    002037271                          .0000       12/01/94            00
    2037271                            .0000       11/01/24            0
    0                                 3.0000       05/01/95        11/01/02
    070/070                           2.6250       06/01/95        12/01/02
      25                              5.7500          .0000           .0000
    A                                 7.7500            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1399361                           7.7500        215,500.00        100
                                      7.7500        196,996.25         ZZ
                                      7.3750          1,344.44         1
                                     12.3750          1,554.58         90
    SUNLAND         CA    91040      12.0000       06/28/94
    002181577                          .0000       08/01/94            04
    2181577                            .0000       07/01/24           17
    0                                 3.0000       01/01/95        07/01/02
1

    070/070                           2.6250       02/01/95        08/01/02
      45                              5.3750          .0000           .0000
    A                                 7.3750            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1399364                           6.8750        220,500.00        100
                                      6.8750        196,993.48         ZZ
                                      6.5000          1,286.78         1
                                     11.7500          1,440.12         90
    BONITA          CA    91902      11.3750       09/13/94
    002182679                          .0000       11/01/94            04
    2182679                            .0000       10/01/24           17
    0                                 3.0000       04/01/95        10/01/02
    070/070                           2.6250       05/01/95        11/01/02
      45                              4.7500          .0000           .0000
    A                                 6.7500            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1399444                           7.1250        637,000.00        100
                                      7.1250        590,401.07         ZZ
                                      6.7500          4,237.98         1
                                     13.0000          4,400.72         75
    TWP. OF MEDFOR  NJ    08055      12.6250       10/28/94
    002463651                          .0000       12/01/94            00
    2463651                            .0000       11/01/24            0
    0                                 3.3750       05/01/95        11/01/02
    070/070                           3.0000       06/01/95        12/01/02
      25                              6.0000          .0000           .0000
    A                                 8.0000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1399463                           6.7500        300,000.00        100
                                      6.7500         33,201.04         ZZ
                                      6.3750          1,970.79         1
                                     12.8750            239.79         65
    SANTA ANA AREA  CA    92705      12.5000       10/18/94
1

    002563282                         3.0000       12/01/94            00
    2563282                           2.6250       11/01/24            0
    0                                 3.0000       05/01/95        11/01/02
    070/070                           2.6250       06/01/95        12/01/02
      25                              5.8750          .0000           .0000
    A                                 7.8750            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
       3.8750                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1399481                           6.7500         96,800.00        100
                                      6.7500         88,909.72         ZZ
                                      6.3750            534.53         1
                                     11.2500            641.11         80
    MIDDLEFIELD     CT    06455      10.8750       11/04/94
    002742871                          .0000       01/01/95            00
    2742871                            .0000       12/01/24            0
    0                                 3.0000       06/01/95        12/01/02
    070/070                           2.6250       07/01/95        01/01/03
      45                              4.2500          .0000           .0000
    A                                 6.2500            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1399507                           6.7500        175,000.00        100
                                      6.7500        148,909.30         ZZ
                                      6.3750          1,135.05         1
                                     12.7500          1,074.84         59
    PHOENIX         AZ    85022      12.3750       11/07/94
    009457506                          .0000       01/01/95            00
    9457506                            .0000       12/01/24            0
    0                                 3.0000       06/01/95        12/01/02
    070/070                           2.6250       07/01/95        01/01/03
      25                              5.7500          .0000           .0000
    A                                 7.7500            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1399517                           6.7500        336,500.00        100
                                      6.7500        310,534.69         ZZ
1

                                      6.3750          2,154.65         1
                                     12.6250          2,239.20         75
    LOS ANGELES     CA    90036      12.2500       11/04/94
    009556540                          .0000       01/01/95            00
    9556540                            .0000       12/01/24            0
    0                                 3.0000       06/01/95        12/01/02
    070/070                           2.6250       07/01/95        01/01/03
      25                              5.6250          .0000           .0000
    A                                 7.6250            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1400224                           7.4710         55,900.00        100
                                      7.4710         49,878.78         T
                                      7.2210            395.66         1
                                     13.6250            383.52         80
    LAS VEGAS       NV    89108      13.3750       12/01/94
    9109353236                        5.6250       02/01/95            00
    411616                            5.3750       01/01/25            0
    0                                 2.7500       07/01/95        07/01/02
    736/686                           2.5000       08/01/95        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               R            1.0000          1.0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       2.0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1400290                           6.6250        211,500.00        100
                                      6.6250        187,350.28         ZZ
                                      6.3750          1,336.83         1
                                     12.5000          1,337.81         90
    VALLEJO         CA    94591      12.2500       11/29/94
    9109354481                         .0000       01/01/95            01
    0000661389                         .0000       12/01/24           25
    0                                 2.8750       06/01/95        12/01/02
    626/686                           2.6250       07/01/95        01/01/03
      25                              5.5000          .0000           .0000
    A                                 7.5000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1404485                           7.6250        186,300.00        100
                                      7.6250        172,774.37         T
                                      7.2500          1,432.49         1
                                     14.5000          1,337.00         90
    PHOENIX         AZ    85254      14.1250       01/03/95
    8012279199                         .0000       03/01/95            04
    1814588455                         .0000       02/01/25           25
    0                                 3.0000       08/01/95        08/01/02
    478/X14                           2.6250       09/01/95        09/01/02
      45                              7.5000          .0000           .0000
    A                                 9.5000            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1404577                           6.6250        242,400.00        100
                                      6.6250        224,140.72         ZZ
                                      6.3750          1,736.59         1
                                     13.7500          1,591.47         80
    FAIRPORT        NY    14450      13.5000       02/02/95
    9109356940                         .0000       04/01/95            00
    940062289                          .0000       03/01/25            0
    0                                 2.7500       09/01/95        09/01/02
    A13/686                           2.5000       10/01/95        10/01/02
      25                              6.7500          .0000           .0000
    A                                 8.7500            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1484528                           9.6300         36,000.00        100
                                      9.6300         34,766.61         ZZ
                                      9.1300            306.13         1
                                     16.6300            310.86         80
    SEAGROVE        NC    27341      16.1300       02/09/96
    0800026742                        9.6300       04/01/96            00
    1913391                           9.1300       03/01/26            0
    0                                 7.0000       09/01/96        09/01/02
    F14/K61                           6.5000       10/01/96        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               9            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1484678                           9.5000        106,400.00        100
                                      9.5000        101,103.40         ZZ
                                      9.0000            894.67         1
                                     16.5000            897.52         85
    POMONA          CA    91768      16.0000       11/15/95
    0800027070                        9.5000       01/01/96            23
    1850866                           9.0000       12/01/25            0
    0                                 4.7500       12/01/97        12/01/02
    F14/K61                           4.2500       01/01/98        01/01/03
      45                              9.5000          .0000           .0000
    A                                16.5000            6              6
      360                               9            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1487867                          12.2500         20,000.00        100
                                     12.2500         19,505.15         ZZ
                                     11.7500            209.58         1
                                     19.2500            210.90         58
    CERRO GORDO     IL    61818      18.7500       01/12/96
    0800029001                       12.2500       03/01/96            00
    1869122                          11.7500       02/01/26            0
    0                                 8.0000       08/01/96        08/01/02
    F14/K61                           7.5000       09/01/96        09/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               9            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1489917                           6.8750        170,000.00        100
                                      6.8750        160,961.38         ZZ
                                      6.3750          1,491.88         1
                                     15.0000          1,144.23         90
    HOOVER          AL    35244      14.5000       04/25/96
    0800029985                         .0000       06/01/96            23
    0006687362                         .0000       05/01/26            0
    0                                 3.1250       11/01/96        11/01/02
    668/K61                           2.6250       12/01/96        12/01/02
      25                             10.0000          .0000           .0000
    A                                11.0000            6              6
1

      360                               E            1.0000          1.0000
       5.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1490225                           9.2500         78,300.00        100
                                      9.2500         74,733.24         ZZ
                                      8.7500            644.15         1
                                     16.2500            647.88         90
    HAMPTON         GA    30228      15.7500       04/23/96
    0800030074                        9.2500       06/01/96            23
    2424711                           8.7500       05/01/26            0
    0                                 5.1250       11/01/96        11/01/02
    B75/K61                           4.6250       12/01/96        12/01/02
      25                              9.2500          .0000           .0000
    A                                10.7500            6              6
      360                               E            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1499621                           8.3860        115,700.00        100
                                      8.3860        110,838.19         ZZ
                                      7.8860            899.90         1
                                     14.6250            895.02         75
    LARGO           FL    34641      14.1250       05/29/96
    0800031940                        7.6250       07/01/96            00
    9660119                           7.1250       06/01/26            0
    0                                 4.6250       12/01/96        12/01/02
    971/K61                           4.1250       01/01/97        01/01/03
      45                              7.6250          .0000           .0000
    A                                 9.6250            6              6
      360                               R            1.0000          1.0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       1.0000                           2              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1500186                           8.7500         35,000.00        100
                                      8.7500          1,584.26         ZZ
                                      8.2500            313.64         1
                                     16.2500             13.19         70
    WEST FRANKFORT  IL    62896      15.7500       04/30/96
    0800032310                         .0000       06/01/96            00
    0410101547                         .0000       05/01/26            0
    0                                 5.0000       05/01/99        11/01/02
1

    E22/K61                           4.5000       06/01/99        12/01/02
      25                              7.2500          .0000           .0000
    A                                13.2500            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1500615                           9.7500        129,000.00        100
                                      9.7500        122,791.96         ZZ
                                      9.2500          1,108.31         1
                                     15.7500          1,105.15         80
    LAKE WORTH      FL    33463      15.2500       05/31/96
    0800032385                         .0000       07/01/96            00
    0410120307                         .0000       06/01/26            0
    0                                 6.0000       06/01/99        12/01/02
    E22/K61                           5.5000       07/01/99        01/01/03
      25                              6.7500          .0000           .0000
    A                                12.7500            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1501591                           7.5000        248,000.00        100
                                      7.5000        224,067.28         ZZ
                                      7.0000          1,312.44         1
                                     10.8750          1,748.66         80
    MOORPARK        CA    93021      10.3750       12/09/93
    0800032609                         .0000       02/01/94            00
    19167915                           .0000       01/01/24            0
    0                                 2.7500       07/01/94        07/01/02
    E10/K61                           2.2500       08/01/94        08/01/02
      45                              3.8750          .0000           .0000
    A                                 5.8750            6              6
      360                               R            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1502782                          10.3750        170,900.00        100
                                     10.3750        164,965.73         ZZ
                                      9.8750          1,359.76         1
                                     14.8750          1,555.50         90
    INDIANAPOLIS    IN    46205      14.3750       06/06/96
1

    0800033086                         .0000       08/01/96            23
    0410141634                         .0000       07/01/26            0
    0                                 5.7500       01/01/97        07/01/02
    E22/K61                           5.2500       02/01/97        08/01/02
      25                              7.8750          .0000           .0000
    A                                 9.8750            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1502960                          10.3750        241,300.00        100
                                     10.3750        231,296.32         ZZ
                                      9.8750          2,184.75         1
                                     16.3750          2,182.66         85
    FAIRBURN        GA    30213      15.8750       05/22/96
    0655438927                       10.3750       07/01/96            23
    296590                            9.8750       06/01/26            0
    0                                 5.2500       06/01/98        12/01/02
    921/G06                           4.7500       07/01/98        01/01/03
      25                             10.3750          .0000           .0000
    A                                13.3750            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              U              .1250
        .0000                           S              U              .1250
        .0000                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1503858                           8.3750         65,000.00        100
                                      8.3750         61,771.04         ZZ
                                      7.8750            528.87         1
                                     15.1250            498.95         61
    GRESHAM         OR    97030      14.6250       05/03/96
    0800033425                         .0000       07/01/96            00
    4182234                            .0000       06/01/26            0
    0                                 4.6250       06/01/98        12/01/02
    862/K61                           4.1250       07/01/98        01/01/03
      25                              9.1250          .0000           .0000
    A                                12.1250            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1504126                           9.2500        108,750.00        100
                                      9.2500        103,998.50         ZZ
1

                                      8.7500            894.66         1
                                     15.2500            902.86         75
    ALMA            CO    80420      14.7500       03/01/96
    0800033508                        9.2500       04/01/96            00
    262170                            8.7500       03/01/26            0
    0                                 4.7500       09/01/96        09/01/02
    921/K61                           4.2500       10/01/96        10/01/02
      25                              9.2500          .0000           .0000
    A                                10.2500            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              U              .1250
        .0000                           S              U              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1505422                           9.5000         54,900.00        100
                                      9.5000         52,859.96         ZZ
                                      9.0000            461.63         1
                                     16.5000            466.63         90
    NORMAN          OK    73072      16.0000       05/29/96
    0800034027                        9.5000       07/01/96            23
    2584969                           9.0000       06/01/26            0
    0                                 5.5000       12/01/96        12/01/02
    B75/K61                           5.0000       01/01/97        01/01/03
      25                              9.5000          .0000           .0000
    A                                11.0000            6              6
      360                               E            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1506869                           9.1250        272,000.00        100
                                      9.1250        261,074.78         ZZ
                                      8.6250          2,091.44         1
                                     14.5000          2,233.51         80
    TEMPLE CITY     CA    91775      14.0000       07/17/96
    0800013914                         .0000       09/01/96            00
    0410154165                         .0000       08/01/26            0
    0                                 4.8750       02/01/97        08/01/02
    E22/K61                           4.3750       03/01/97        09/01/02
      25                              7.5000          .0000           .0000
    A                                 9.5000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1506925                          10.7500        224,000.00        100
                                     10.7500        215,962.98         ZZ
                                     10.2500          2,091.00         1
                                     16.7500          2,095.44         80
    SHINGLE SPRING  CA    95682      16.2500       06/03/96
    0655437606                       10.7500       08/01/96            00
    265975                           10.2500       07/01/26            0
    0                                 5.2500       07/01/98        07/01/02
    921/G06                           4.7500       08/01/98        08/01/02
      25                             10.7500          .0000           .0000
    A                                13.7500            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              U              .1250
        .0000                           S              U              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1508164                           9.7500        152,600.00        100
                                      9.7500        147,170.56         ZZ
                                      9.2500          1,325.11         1
                                     15.8750          1,324.57         75
    REDMOND         WA    98053      15.3750       05/30/96
    0800034555                         .0000       07/01/96            00
    4079356                            .0000       06/01/26            0
    0                                 6.0000       06/01/98        12/01/02
    862/K61                           5.5000       07/01/98        01/01/03
      25                              9.8750          .0000           .0000
    A                                12.8750            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1508180                          10.1250         66,800.00        100
                                     10.1250         64,309.02         ZZ
                                      9.6250            567.80         1
                                     15.6250            595.09         80
    PORTLAND        OR    97220      15.1250       06/05/96
    0800034589                         .0000       08/01/96            00
    DA4182598                          .0000       07/01/26            0
    0                                 5.5000       07/01/98        07/01/02
    862/K61                           5.0000       08/01/98        08/01/02
      25                              9.6250          .0000           .0000
    A                                12.6250            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1508799                           8.6250        151,200.00        100
                                      8.6250        144,932.90         ZZ
                                      8.1250          1,285.18         1
                                     15.6250          1,190.95         80
    MOUNT VERNON    WA    98273      15.1250       06/27/96
    0800034712                         .0000       09/01/96            00
    0410112296                         .0000       08/01/26            0
    0                                 4.3750       02/01/97        08/01/02
    E22/K61                           3.8750       03/01/97        09/01/02
      25                              8.6250          .0000           .0000
    A                                10.6250            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1509374                           9.1250        152,500.00        100
                                      9.1250        146,160.10         ZZ
                                      8.6250          1,227.05         1
                                     15.0000          1,251.87         90
    LAS VEGAS       NV    89129      14.5000       06/11/96
    0800034829                         .0000       08/01/96            23
    0302001000077                      .0000       07/01/26            0
    0                                 4.5000       01/01/97        07/01/02
    A35/K61                           4.0000       02/01/97        08/01/02
      25                              8.0000          .0000           .0000
    A                                10.0000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1509945                          10.8000         61,110.00        100
                                     10.8000         59,042.77         ZZ
                                     10.3000            572.75         1
                                     16.8000            574.51         90
    SAVANNAH        GA    31419      16.3000       06/25/96
    0655438992                       10.8000       08/01/96            23
    297440                           10.3000       07/01/26            0
    0                                 5.5000       07/01/98        07/01/02
    921/G06                           5.0000       08/01/98        08/01/02
      25                             10.8000          .0000           .0000
    A                                13.8000            6              6
1

      360                               E            1.0000          1.0000
       6.0000                           S              U              .1250
        .0000                           S              U              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1511419                          10.0500         93,900.00        100
                                     10.0500         90,162.81         ZZ
                                      9.5500            827.52         1
                                     16.0500            829.60         85
    SUNRISE         FL    33313      15.5500       06/20/96
    0655439008                       10.0500       08/01/96            23
    297705                            9.5500       07/01/26            0
    0                                 4.5000       07/01/98        07/01/02
    921/G06                           4.0000       08/01/98        08/01/02
      25                             10.0500          .0000           .0000
    A                                13.0500            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              U              .1250
        .0000                           S              U              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1511466                          11.2500        148,000.00        100
                                     11.2500        144,028.25         ZZ
                                     10.7500          1,437.47         1
                                     18.2500          1,447.89         80
    OREGON CITY     OR    97045      17.7500       06/20/96
    0800035123                       11.2500       08/01/96            00
    96201840                         10.7500       07/01/26            0
    0                                 7.5000       07/01/98        07/01/02
    E63/K61                           7.0000       08/01/98        08/01/02
      45                             11.2500          .0000           .0000
    A                                14.2500            6              6
      360                               9            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1512407                          10.5000         87,300.00        100
                                     10.5000         84,579.21         ZZ
                                     10.0000            839.63         1
                                     17.1250            804.37         90
    DECATUR         GA    30035      16.6250       07/18/96
    0800035669                         .0000       09/01/96            23
    1234                               .0000       08/01/26            0
    0                                 6.2500       08/01/99        08/01/02
1

    A52/K61                           5.7500       09/01/99        09/01/02
      25                              8.1250          .0000           .0000
    A                                14.1250            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1512686                          10.1250        147,050.00        100
                                     10.1250        141,512.85         ZZ
                                      9.6250          1,263.39         1
                                     15.7500          1,309.51         85
    FULLERTON       CA    92631      15.2500       06/19/96
    0800035750                         .0000       08/01/96            23
    DA4225942                          .0000       07/01/26            0
    0                                 5.5000       07/01/98        07/01/02
    862/K61                           5.0000       08/01/98        08/01/02
      25                              9.7500          .0000           .0000
    A                                12.7500            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1512813                          11.5000         27,000.00        100
                                     11.5000         26,109.21         ZZ
                                     11.0000            267.38         1
                                     17.5000            267.19         60
    BULLHEAD CITY   AZ    86429      17.0000       06/15/96
    0800035834                       11.5000       08/01/96            00
    19320                            11.0000       07/01/26            0
    0                                 5.5000       07/01/99        07/01/02
    948/K61                           5.0000       08/01/99        08/01/02
      45                             11.5000          .0000           .0000
    A                                14.5000            6              6
      360                               9            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1513165                          10.2500        142,800.00        100
                                     10.2500        137,299.96         ZZ
                                      9.7500          1,200.74         1
                                     15.5000          1,283.52         85
    ROSEMEAD        CA    91770      15.0000       06/12/96
1

    0800036022                         .0000       08/01/96            23
    4226155                            .0000       07/01/26            0
    0                                 5.6250       07/01/98        07/01/02
    862/K61                           5.1250       08/01/98        08/01/02
      25                              9.5000          .0000           .0000
    A                                12.5000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1513338                           7.8750         90,000.00        100
                                      7.8750         86,386.45         ZZ
                                      7.3750            635.47         1
                                     13.6000            668.53         66
    WILMINGTON      CA    90744      13.1000       04/29/96
    0800036097                        7.6000       07/01/96            00
    881025                            7.1000       06/01/26            0
    0                                 5.5000       12/01/96        12/01/02
    147/K61                           5.0000       01/01/97        01/01/03
      45                              7.6000          .0000           .0000
    A                                 9.1000            6              6
      360                               R            1.5000          1.5000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1513376                          11.1250        124,950.00        100
                                     11.1250        120,921.61         ZZ
                                     10.6250          1,108.09         1
                                     16.6250          1,204.73         85
    FORT WASHINGTO  MD    20744      16.1250       06/17/96
    0800016354                       10.1250       08/01/96            23
    482779                            9.6250       07/01/26            0
    0                                 6.5000       07/01/98        07/01/02
    147/K61                           6.0000       08/01/98        08/01/02
      25                             10.1250          .0000           .0000
    A                                13.1250            6              6
      360                               U            1.0000          1.0000
       6.5000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1513401                          11.6250         63,000.00        100
                                     11.6250         61,091.74         ZZ
1

                                     11.1250            629.90         1
                                     18.1250            631.11         70
    FRESNO          CA    93704      17.6250       05/28/96
    0800036378                       11.6250       07/01/96            00
    881381                           11.1250       06/01/26            0
    0                                 6.2500       06/01/98        12/01/02
    147/K61                           5.7500       07/01/98        01/01/03
      45                             11.6250          .0000           .0000
    A                                14.6250            6              6
      360                               E            1.0000          1.0000
       6.5000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1513494                           8.2500        109,550.00        100
                                      8.2500        104,673.87         ZZ
                                      7.7500          1,022.63         1
                                     16.7500            836.44         85
    ISSAQUAH        WA    98027      16.2500       05/29/96
    0800036501                         .0000       07/01/96            23
    465304                             .0000       06/01/26            0
    0                                 4.5000       06/01/98        12/01/02
    736/K61                           4.0000       07/01/98        01/01/03
      25                             10.7500          .0000           .0000
    A                                13.7500            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1513662                          10.0000        119,800.00        100
                                     10.0000        114,994.63         T
                                      9.5000          1,051.33         1
                                     17.0000          1,054.07         70
    NORTH LAS VEGA  NV    89031      16.5000       06/21/96
    0800036527                       10.0000       08/01/96            00
    2538007                           9.5000       07/01/26            0
    0                                 5.0000       07/01/99        07/01/02
    B75/K61                           4.5000       08/01/99        08/01/02
      25                             10.0000          .0000           .0000
    A                                13.0000            6              6
      360                               E            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1514271                          10.2500         51,000.00        100
                                     10.2500         49,051.48         ZZ
                                      9.7500            457.01         1
                                     17.2500            458.20         75
    SARASOTA        FL    34235      16.7500       06/21/96
    0800036741                       10.2500       08/01/96            00
    2529584                           9.7500       07/01/26            0
    0                                 5.0000       07/01/99        07/01/02
    B75/K61                           4.5000       08/01/99        08/01/02
      25                             10.2500          .0000           .0000
    A                                13.2500            6              6
      360                               E            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1514296                          10.3750        146,250.00        100
                                     10.3750        132,563.35         ZZ
                                      9.8750          1,351.50         1
                                     16.6250          1,252.18         65
    DOBBS FERRY     NY    10522      16.1250       07/03/96
    295169636000000                    .0000       09/01/96            00
    516963                             .0000       08/01/26            0
    0                                 6.1250       02/01/97        08/01/02
    562/562                           5.6250       03/01/97        09/01/02
      25                              9.6250          .0000           .0000
    A                                11.6250            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1514717                          10.0500         49,600.00        100
                                     10.0500         47,588.58         ZZ
                                      9.5500            437.11         1
                                     16.0500            437.87         80
    DENVER          CO    80234      15.5500       06/25/96
    0655441533                       10.0500       08/01/96            00
    504555                            9.5500       07/01/26            0
    0                                 4.5000       07/01/98        07/01/02
    921/G06                           4.0000       08/01/98        08/01/02
      25                             10.0500          .0000           .0000
    A                                13.0500            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              U              .1250
        .0000                           S              U              .1250
1

        .0000                           5              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1514905                           9.8750        102,000.00        100
                                      9.8750         98,252.00         ZZ
                                      9.3750            885.72         1
                                     16.8750            892.05         85
    ALOHA           OR    97007      16.3750       06/25/96
    0800036865                        9.8750       08/01/96            23
    96201859                          9.3750       07/01/26            0
    0                                 5.7500       07/01/98        07/01/02
    E63/K61                           5.2500       08/01/98        08/01/02
      45                              9.8750          .0000           .0000
    A                                12.8750            6              6
      360                               9            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1514972                           9.9900        102,400.00        100
                                      9.9900         98,858.96         ZZ
                                      9.4900            897.88         1
                                     16.9900            905.55         80
    GRESHAM         OR    97030      16.4900       06/27/96
    0800036881                        9.9900       08/01/96            00
    96201955                          9.4900       07/01/26            0
    0                                 6.1250       07/01/98        07/01/02
    E63/K61                           5.6250       08/01/98        08/01/02
      45                              9.9900          .0000           .0000
    A                                12.9900            6              6
      360                               9            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1518065                           9.7500         67,500.00        100
                                      9.7500         64,782.67         ZZ
                                      9.2500            567.58         1
                                     15.5000            582.05         90
    LITHONIA        GA    30038      15.0000       07/31/96
    0655439115                        9.5000       09/01/96            23
    298968                            9.0000       08/01/26            0
    0                                 5.5250       08/01/98        08/01/02
    921/G06                           5.0250       09/01/98        09/01/02
      25                              9.5000          .0000           .0000
    A                                12.5000            6              6
1

      360                               E            1.0000          1.0000
       6.0000                           S              U              .1250
        .0000                           S              U              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1518605                           9.5000         45,200.00        100
                                      9.5000         43,565.55         ZZ
                                      9.0000            380.07         1
                                     16.5000            383.89         80
    ROBERTS         MT    59070      16.0000       07/26/96
    0800038200                        9.5000       09/01/96            00
    96202210                          9.0000       08/01/26            0
    0                                 6.0000       02/01/97        08/01/02
    E63/K61                           5.5000       03/01/97        09/01/02
      45                              9.5000          .0000           .0000
    A                                11.0000            6              6
      360                               9            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1518625                          10.7500         43,400.00        100
                                     10.7500         42,118.28         ZZ
                                     10.2500            405.14         1
                                     17.7500            408.03         70
    KLAMATH FALLS   OR    97603      17.2500       07/22/96
    0800038242                       10.7500       09/01/96            00
    96202196                         10.2500       08/01/26            0
    0                                 6.8750       08/01/98        08/01/02
    E63/K61                           6.3750       09/01/98        09/01/02
      45                             10.7500          .0000           .0000
    A                                13.7500            6              6
      360                               9            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1518627                          10.5000        102,000.00        100
                                     10.5000         95,850.88         ZZ
                                     10.0000            933.03         1
                                     17.5000            912.82         85
    RIDGEFIELD      WA    98642      17.0000       07/23/96
    0800038259                       10.5000       09/01/96            23
    96202245                         10.0000       08/01/26            0
    0                                 6.2500       08/01/98        08/01/02
1

    E63/K61                           5.7500       09/01/98        09/01/02
      45                             10.5000          .0000           .0000
    A                                13.5000            6              6
      360                               9            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1518951                          11.1250         75,000.00        100
                                     11.1250         72,689.29         ZZ
                                     10.6250            675.32         1
                                     16.3080            724.20         53
    WASHINGTON      DC    20001      15.8080       06/13/96
    301586                           10.3080       08/01/96            00
    1609194                           9.8080       07/01/26            0
    0                                 6.4500       01/01/97        07/01/02
    820/162                           5.9500       02/01/97        08/01/02
      45                             10.3080          .0000           .0000
    A                                11.3080            6              6
      360                               9            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        N             .0000

    1519283                          10.3750        145,200.00        100
                                     10.3750        140,167.15         ZZ
                                      9.8750          1,314.65         2
                                     17.3750          1,321.67         60
    WEST HOLLYWOOD  CA    90046      16.8750       06/19/96
    301595                           10.3750       08/01/96            00
    1609341                           9.8750       07/01/26            0
    0                                 5.4500       01/01/97        07/01/02
    820/162                           4.9500       02/01/97        08/01/02
      45                             10.3750          .0000           .0000
    A                                11.8750            6              6
      360                               9            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        N             .0000

    1519323                          11.9750         46,800.00        100
                                     11.9750         45,520.92         ZZ
                                     11.4750            480.49         1
                                     18.9750            481.41         65
    CHICAGO         IL    60629      18.4750       07/29/96
1

    301597                           11.9750       09/01/96            00
    1609369                          11.4750       08/01/26            0
    0                                 7.2000       02/01/97        08/01/02
    820/162                           6.7000       03/01/97        09/01/02
      45                             11.9750          .0000           .0000
    A                                13.4750            6              6
      360                               9            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1519956                          12.6000         76,200.00        100
                                     12.6000         74,377.21         ZZ
                                     12.1000            819.17         2
                                     18.6000            820.21         60
    CRANSTON        RI    02905      18.1000       08/02/96
    0655440485                       12.6000       10/01/96            00
    412536                           12.1000       09/01/26            0
    0                                 7.0000       09/01/98        09/01/02
    921/G06                           6.5000       10/01/98        10/01/02
      25                             12.6000          .0000           .0000
    A                                15.6000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              U              .1250
        .0000                           S              U              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1520863                          10.0000         54,400.00        100
                                     10.0000         52,526.51         T
                                      9.5000            518.07         1
                                     17.0000            481.75         80
    FAIRVIEW        NC    28806      16.5000       07/22/96
    0800038853                         .0000       09/01/96            00
    ANTHONY                            .0000       08/01/26            0
    0                                 5.7500       08/01/99        08/01/02
    E20/K61                           5.2500       09/01/99        09/01/02
      25                              8.0000          .0000           .0000
    A                                14.0000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1520953                           9.7500         45,000.00        100
                                      9.7500         43,344.28         ZZ
1

                                      9.2500            407.44         3
                                     16.3750            389.77         75
    EAST POINT      GA    30344      15.8750       06/21/96
    0800038895                         .0000       08/01/96            00
    SMITH                              .0000       07/01/26            0
    0                                 5.5000       08/01/99        08/01/02
    E20/K61                           5.0000       09/01/99        09/01/02
      25                              7.3750          .0000           .0000
    A                                13.3750            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        N             .0000

    1521280                          10.5000         86,850.00        100
                                     10.5000         83,827.92         ZZ
                                     10.0000            794.46         1
                                     16.5000            796.63         90
    COLLEGE PARK    GA    30349      16.0000       08/15/96
    0655439149                       10.5000       10/01/96            23
    299404                           10.0000       09/01/26            0
    0                                 5.5000       09/01/98        09/01/02
    921/G06                           5.0000       10/01/98        10/01/02
      25                             10.5000          .0000           .0000
    A                                13.5000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              U              .1250
        .0000                           S              U              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1521450                           8.1250         69,350.00        100
                                      8.1250         66,057.47         ZZ
                                      7.6250            514.93         1
                                     14.1250            520.28         75
    ALBANY          OR    97321      13.6250       08/12/96
    0800039141                         .0000       10/01/96            00
    4244992                            .0000       09/01/26            0
    0                                 4.2500       09/01/98        09/01/02
    862/K61                           3.7500       10/01/98        10/01/02
      25                              8.1250          .0000           .0000
    A                                11.1250            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1521503                          10.3750        198,000.00        100
                                     10.3750        191,998.12         ZZ
                                      9.8750          1,578.93         1
                                     15.9000          1,808.99         80
    SAN GABRIEL AR  CA    91770      15.4000       07/25/96
    301598                            8.9000       09/01/96            00
    1609397                           8.4000       08/01/26            0
    0                                 6.9500       02/01/97        08/01/02
    820/162                           6.4500       03/01/97        09/01/02
      45                              8.9000          .0000           .0000
    A                                10.4000            6              6
      360                               9            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1521950                           9.0000         46,200.00        100
                                      9.0000         42,317.65         ZZ
                                      8.5000            422.61         1
                                     16.5000            365.18         68
    CHICAGO         IL    60636      16.0000       08/05/96
    0800039307                         .0000       09/01/96            00
    0410177638                         .0000       08/01/26            0
    0                                 4.7500       08/01/99        08/01/02
    E22/K61                           4.2500       09/01/99        09/01/02
      25                              7.5000          .0000           .0000
    A                                13.5000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1522254                           9.5000         54,000.00        100
                                      9.5000         36,078.71         ZZ
                                      9.0000            454.06         1
                                     16.5000            318.60         75
    LAUREL          MT    59044      16.0000       08/05/96
    0800039836                        9.5000       10/01/96            00
    96202043                          9.0000       09/01/26            0
    0                                 5.7500       09/01/98        09/01/02
    E63/K61                           5.2500       10/01/98        10/01/02
      45                              9.5000          .0000           .0000
    A                                12.5000            6              6
      360                               9            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
1

        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1522271                          10.5000         56,700.00        100
                                     10.5000         54,771.84         ZZ
                                     10.0000            518.66         1
                                     17.5000            520.89         69
    PORTLAND        OR    97217      17.0000       07/11/96
    0800039869                       10.5000       09/01/96            00
    96201743                         10.0000       08/01/26            0
    0                                 6.3750       08/01/98        08/01/02
    E63/K61                           5.8750       09/01/98        09/01/02
      45                             10.5000          .0000           .0000
    A                                13.5000            6              6
      360                               9            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1522516                          10.5000        106,000.00        100
                                     10.5000        102,467.68         ZZ
                                     10.0000            969.63         1
                                     17.5000            974.49         80
    SHERWOOD        OR    97140      17.0000       07/26/96
    0800039885                       10.5000       09/01/96            00
    96202082                         10.0000       08/01/26            0
    0                                 6.1250       08/01/98        08/01/02
    E63/K61                           5.6250       09/01/98        09/01/02
      45                             10.5000          .0000           .0000
    A                                13.5000            6              6
      360                               9            1.5000          1.5000
       7.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1522773                          10.0000         79,200.00        100
                                     10.0000         76,570.18         ZZ
                                      9.5000            673.19         1
                                     15.6250            701.28         90
    HOUSTON         TX    77059      15.1250       07/31/96
    0800039901                         .0000       09/01/96            23
    0410135313                         .0000       08/01/26            0
    0                                 5.7500       02/01/97        08/01/02
    E22/K61                           5.2500       03/01/97        09/01/02
      25                              8.6250          .0000           .0000
    A                                10.6250            6              6
1

      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1526172                           9.2500        210,000.00        100
                                      9.2500        202,283.36         ZZ
                                      8.7500          1,670.86         1
                                     14.8750          1,751.08         42
    NEDERLAND       CO    80466      14.3750       05/10/96
    0800040628                        8.8750       07/01/96            00
    263731                            8.3750       06/01/26            0
    0                                 5.5000       12/01/96        12/01/02
    921/K61                           5.0000       01/01/97        01/01/03
      25                              8.8750          .0000           .0000
    A                                 9.8750            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              U              .1250
        .0000                           S              U              .1250
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1526366                          10.1250        107,900.00        100
                                     10.1250        103,994.47         ZZ
                                      9.6250            858.51         1
                                     14.8750            962.33         90
    POWDER SPRINGS  GA    30073      14.3750       06/28/96
    0800040891                        8.8750       08/01/96            23
    297978                            8.3750       07/01/26            0
    0                                 5.3750       01/01/97        07/01/02
    921/K61                           4.8750       02/01/97        08/01/02
      25                              8.8750          .0000           .0000
    A                                 9.8750            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              U              .1250
        .0000                           S              U              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1526383                          10.3000         83,700.00        100
                                     10.3000         81,030.72         ZZ
                                      9.8000            753.15         1
                                     16.3000            758.59         90
    CUMMINGS        GA    30130      15.8000       08/16/96
    0800040941                       10.3000       10/01/96            23
    299461                            9.8000       09/01/26            0
    0                                 5.7500       03/01/97        09/01/02
1

    921/K61                           5.2500       04/01/97        10/01/02
      25                             10.3000          .0000           .0000
    A                                11.3000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              U              .1250
        .0000                           S              U              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1526426                          10.7500        101,600.00        100
                                     10.7500         98,340.48         ZZ
                                     10.2500            887.87         1
                                     15.9500            953.39         80
    WORCESTER       MA    01602      15.4500       06/19/96
    0800041030                        9.9500       08/01/96            00
    410902                            9.4500       07/01/26            0
    0                                 6.0000       01/01/97        07/01/02
    921/K61                           5.5000       02/01/97        08/01/02
      25                              9.9500          .0000           .0000
    A                                10.9500            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              U              .1250
        .0000                           S              U              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1526511                          10.5000         40,500.00        100
                                     10.5000         38,985.59         ZZ
                                     10.0000            370.47         1
                                     16.5000            371.33         90
    AUTAUGAVILLE    AL    36003      16.0000       05/29/96
    0800041220                       10.5000       07/01/96            23
    503987                           10.0000       06/01/26            0
    0                                 6.0000       12/01/96        12/01/02
    921/K61                           5.5000       01/01/97        01/01/03
      25                             10.5000          .0000           .0000
    A                                11.5000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              U              .1250
        .0000                           S              U              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1526542                          10.3000        142,200.00        100
                                     10.3000        137,464.93         ZZ
                                      9.8000          1,279.55         1
                                     16.3000          1,287.92         90
    OAK LAWN        IL    60453      15.8000       07/30/96
1

    0800041261                       10.3000       09/01/96            23
    505438                            9.8000       08/01/26            0
    0                                 5.7500       02/01/97        08/01/02
    921/K61                           5.2500       03/01/97        09/01/02
      25                             10.3000          .0000           .0000
    A                                11.3000            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              U              .1250
        .0000                           S              U              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1530129                           9.7500         94,800.00        100
                                      9.7500         91,238.34         ZZ
                                      9.2500            814.48         1
                                     16.2500            819.74         80
    KETCHUM         ID    83340      15.7500       08/16/96
    0800043044                        9.7500       10/01/96            00
    884019                            9.2500       09/01/26            0
    0                                 5.7500       09/01/98        09/01/02
    147/K61                           5.2500       10/01/98        10/01/02
      45                              9.7500          .0000           .0000
    A                                12.7500            6              6
      360                               9            1.0000          1.0000
       6.5000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1532644                          10.3750        102,000.00        100
                                     10.3750         98,887.01         ZZ
                                      9.8750            952.16         1
                                     16.7500            930.28         85
    ATLANTA         GA    30311      16.2500       09/10/96
    0800078842                         .0000       11/01/96            23
    52598                              .0000       10/01/26            0
    0                                 6.5000       10/01/99        10/01/02
    455/K61                           6.0000       11/01/99        11/01/02
      25                              7.7500          .0000           .0000
    A                                13.7500            6              6
      360                               E            1.0000          1.0000
       6.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

   TOTAL NUMBER OF LOANS   :        177

   TOTAL ORIGINAL BALANCE  :    26,383,435.00

   TOTAL PRINCIPAL BALANCE :    23,265,236.33

   TOTAL ORIGINAL P+I      :       176,490.87

   TOTAL CURRENT P+I       :       181,957.52

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

<PAGE>

                                         EXHIBIT F-2

                                    GROUP II LOAN SCHEDULE

  RUN ON     : 06/18/02           RFC DISCLOSURE SYSTEM       RFFSDARM-01
  AT         : 14.21.46            ARM PASSTHRU REPORT        AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS                                 CUTOFF : 06/01/02
  POOL       : 0004594  0004595  0004596  0004597
             :
             :
  POOL STATUS:

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

       1182898                  .3750              12.7500
        31,100.18               .0500              12.7000
             6.0000             .0000              12.7000
             5.6250             .0000                2.0750
             5.5750             .0000                2.0750
             5.5750             .0000

       1188533                  .3750              12.8750
       115,544.70               .0500              12.8250
             6.2500             .0000              12.8250
             5.8750             .0000                2.0750
             5.8250             .0000                2.0750
             5.8250             .0000

       1231089                  .8750              12.2800
       197,869.61               .0500              12.2300
             6.6250             .0000              12.2300
             5.7500             .0000                1.6050
             5.7000             .0000                1.6050
             5.7000             .0000

       1232722                  .3750              13.2500
        86,928.33               .0500              13.2000
             6.1250             .0000              13.2000
             5.7500             .0000                2.0750
             5.7000             .0000                2.0750
             5.7000             .0000

       1249373                  .3750              12.5250
        52,024.78               .0500              12.4750
             6.0000             .0000              12.4750
             5.6250             .0000                2.1250
             5.5750             .0000                2.1250
             5.5750             .0000

       1249380                  .3750              12.5250
       172,030.50               .0500              12.4750
             6.0000             .0000              12.4750
             5.6250             .0000                2.1750
             5.5750             .0000                2.1750
             5.5750             .0000
1

       1249388                  .3750              12.5250
       195,428.55               .0500              12.4750
             5.8750             .0000              12.4750
             5.5000             .0000                2.0750
             5.4500             .0000                2.0750
             5.4500             .0000

       1249390                  .3750              12.5250
       105,416.44               .0500              12.4750
             6.7500             .0000              12.4750
             6.3750             .0000                2.1750
             6.3250             .0000                2.1750
             6.3250             .0000

       1249399                  .3750              12.5250
       119,563.34               .0500              12.4750
             6.7500             .0000              12.4750
             6.3750             .0000                2.0750
             6.3250             .0000                2.0750
             6.3250             .0000

       1249401                  .3750              12.5250
       203,867.74               .0500              12.4750
             6.6250             .0000              12.4750
             6.2500             .0000                1.9750
             6.2000             .0000                1.9750
             6.2000             .0000

       1249405                  .3750              12.5250
       219,600.14               .0500              12.4750
             6.8750             .0000              12.4750
             6.5000             .0000                2.2250
             6.4500             .0000                2.2250
             6.4500             .0000

       1249408                  .3750              12.5250
       220,886.32               .0500              12.4750
             6.0000             .0000              12.4750
             5.6250             .0000                2.1750
             5.5750             .0000                2.1750
             5.5750             .0000

       1249418                  .3750              12.5250
        89,852.39               .0500              12.4750
             6.1250             .0000              12.4750
             5.7500             .0000                2.3250
             5.7000             .0000                2.3250
             5.7000             .0000

       1249423                  .3750              13.3750
        73,417.74               .0500              13.3250
             6.1250             .0000              13.3250
             5.7500             .0000                2.3250
             5.7000             .0000                2.3250
             5.7000             .0000
1

       1249438                  .3750              12.5250
       168,301.90               .0500              12.4750
             6.7500             .0000              12.4750
             6.3750             .0000                2.3250
             6.3250             .0000                2.3250
             6.3250             .0000

       1249457                  .3750              12.5250
       201,838.17               .0500              12.4750
             6.8750             .0000              12.4750
             6.5000             .0000                2.2250
             6.4500             .0000                2.2250
             6.4500             .0000

       1249500                  .3750              12.5000
       139,863.30               .0500              12.4500
             6.7500             .0000              12.4500
             6.3750             .0000                2.0750
             6.3250             .0000                2.0750
             6.3250             .0000

       1249503                  .3750              12.1250
       219,600.60               .0500              12.0750
             6.2500             .0000              12.0750
             5.8750             .0000                2.0750
             5.8250             .0000                2.0750
             5.8250             .0000

       1249542                  .3750              12.6150
       228,447.53               .0500              12.5650
             6.0000             .0000              12.5650
             5.6250             .0000                1.8250
             5.5750             .0000                1.8250
             5.5750             .0000

       1249624                  .3750              12.8750
       133,090.36               .0500              12.8250
             6.7500             .0000              12.8250
             6.3750             .0000                2.3250
             6.3250             .0000                2.3250
             6.3250             .0000

       1260477                  .3750              13.1250
       207,706.92               .0500              13.0750
             4.9940             .0000              13.0750
             4.6190             .0000                1.8250
             4.5690             .0000                1.8250
             4.5690             .0000

       1260488                  .3750              13.1250
       416,440.11               .0500              13.0750
             4.9940             .0000              13.0750
             4.6190             .0000                1.8250
             4.5690             .0000                1.8250
             4.5690             .0000
1

       1260489                  .3750              13.1250
       173,044.47               .0500              13.0750
             4.9940             .0000              13.0750
             4.6190             .0000                1.8250
             4.5690             .0000                1.8250
             4.5690             .0000

       1260491                  .3750              13.1250
       165,243.65               .0500              13.0750
             4.9940             .0000              13.0750
             4.6190             .0000                1.8250
             4.5690             .0000                1.8250
             4.5690             .0000

       1260500                  .3750              13.1250
       180,329.14               .0500              13.0750
             4.9940             .0000              13.0750
             4.6190             .0000                1.8250
             4.5690             .0000                1.8250
             4.5690             .0000

       1260509                  .3750              13.1250
       163,201.86               .0500              13.0750
             4.9940             .0000              13.0750
             4.6190             .0000                1.8250
             4.5690             .0000                1.8250
             4.5690             .0000

       1260532                  .3750              13.1250
       383,813.26               .0500              13.0750
             4.9940             .0000              13.0750
             4.6190             .0000                1.8250
             4.5690             .0000                1.8250
             4.5690             .0000

       1260534                  .3750              13.1250
       245,490.49               .0500              13.0750
             4.9940             .0000              13.0750
             4.6190             .0000                1.8250
             4.5690             .0000                1.8250
             4.5690             .0000

       1260536                  .3750              13.1250
       463,562.34               .0500              13.0750
             4.9940             .0000              13.0750
             4.6190             .0000                1.8250
             4.5690             .0000                1.8250
             4.5690             .0000

       1260540                  .3750              13.3250
       470,792.33               .0500              13.2750
             5.2940             .0000              13.2750
             4.9190             .0000                2.1250
             4.8690             .0000                2.1250
             4.8690             .0000
1

       1260544                  .3750              13.6250
       241,929.22               .0500              13.5750
             5.4940             .0000              13.5750
             5.1190             .0000                2.3250
             5.0690             .0000                2.3250
             5.0690             .0000

       1260560                  .3750              13.1250
       167,970.82               .0500              13.0750
             4.9940             .0000              13.0750
             4.6190             .0000                1.8250
             4.5690             .0000                1.8250
             4.5690             .0000

       1260568                  .3750              13.1250
       248,043.94               .0500              13.0750
             4.9940             .0000              13.0750
             4.6190             .0000                1.8250
             4.5690             .0000                1.8250
             4.5690             .0000

       1260593                  .3750              13.1250
       137,615.49               .0500              13.0750
             4.9940             .0000              13.0750
             4.6190             .0000                1.8250
             4.5690             .0000                1.8250
             4.5690             .0000

       1260594                  .3750              13.1250
       170,721.96               .0500              13.0750
             5.0940             .0000              13.0750
             4.7190             .0000                1.9250
             4.6690             .0000                1.9250
             4.6690             .0000

       1260602                  .3750              13.1250
       215,034.61               .0500              13.0750
             5.0440             .0000              13.0750
             4.6690             .0000                1.8750
             4.6190             .0000                1.8750
             4.6190             .0000

       1260618                  .3750              13.3750
       167,482.92               .0500              13.3250
             5.0940             .0000              13.3250
             4.7190             .0000                1.9250
             4.6690             .0000                1.9250
             4.6690             .0000

       1260627                  .3750              13.1250
       155,618.80               .0500              13.0750
             5.0440             .0000              13.0750
             4.6690             .0000                1.8750
             4.6190             .0000                1.8750
             4.6190             .0000
1

       1260644                  .3750              13.6250
       187,664.40               .0500              13.5750
             5.5440             .0000              13.5750
             5.1690             .0000                2.3750
             5.1190             .0000                2.3750
             5.1190             .0000

       1260651                  .3750              13.1250
       165,789.63               .0500              13.0750
             5.0440             .0000              13.0750
             4.6690             .0000                1.8750
             4.6190             .0000                1.8750
             4.6190             .0000

       1260659                  .3750              13.1250
       149,678.74               .0500              13.0750
             5.0440             .0000              13.0750
             4.6690             .0000                1.8750
             4.6190             .0000                1.8750
             4.6190             .0000

       1260668                  .3750              13.8750
       172,718.97               .0500              13.8250
             5.5940             .0000              13.8250
             5.2190             .0000                2.4250
             5.1690             .0000                2.4250
             5.1690             .0000

       1260681                  .3750              13.1250
       183,624.37               .0500              13.0750
             5.0940             .0000              13.0750
             4.7190             .0000                1.9250
             4.6690             .0000                1.9250
             4.6690             .0000

       1260728                  .3750              13.6250
       222,496.23               .0500              13.5750
             5.5940             .0000              13.5750
             5.2190             .0000                2.4250
             5.1690             .0000                2.4250
             5.1690             .0000

       1260729                  .3750              12.6250
       209,602.88               .0500              12.5750
             6.0000             .0000              12.5750
             5.6250             .0000                1.9250
             5.5750             .0000                1.9250
             5.5750             .0000

       1260734                  .3750              13.1250
       225,981.04               .0500              13.0750
             4.9940             .0000              13.0750
             4.6190             .0000                1.8250
             4.5690             .0000                1.8250
             4.5690             .0000
1

       1260751                  .3750              13.1750
       212,151.75               .0500              13.1250
             5.6070             .0000              13.1250
             5.2320             .0000                2.0750
             5.1820             .0000                2.0750
             5.1820             .0000

       1260752                  .3750              13.1750
        25,458.17               .0500              13.1250
             5.4760             .0000              13.1250
             5.1010             .0000                2.1250
             5.0510             .0000                2.1250
             5.0510             .0000

       1263620                  .3750              12.3750
       169,043.22               .0500              12.3250
             5.9950             .0000              12.3250
             5.6200             .0000                1.8250
             5.5700             .0000                1.8250
             5.5700             .0000

       1283665                  .3750              12.5000
        73,748.47               .0500              12.4500
             6.7500             .0000              12.4500
             6.3750             .0000                2.0750
             6.3250             .0000                2.0750
             6.3250             .0000

  TOTAL NUMBER OF LOANS:       50
  TOTAL BALANCE........:          9,346,672.82

  RUN ON     : 06/18/02            RFC DISCLOSURE SYSTEM      RFFSDARM-01
  AT         : 14.21.46            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS        ARM SUMMARY REPORT       CUTOFF : 06/01/02
  POOL       : 0004594  0004595  0004596  0004597
             :
             :
  POOL STATUS:

                                   WEIGHTED AVERAGES    FROM        TO
  ----------------------------------------------------------------------------
  CURR NOTE RATE                       5.5871            4.9940      6.8750
  RFC NET RATE                         5.2015            4.6190      6.5000
  NET MTG RATE(INVSTR RATE)            5.1515            4.5690      6.4500
  POST STRIP RATE                      5.1515            4.5690      6.4500
  SUB SERV FEE                          .3856             .3750       .8750
  MSTR SERV FEE                         .0500              .0500      .0500
  ALL EXP                               .0000             .0000       .0000
  MISC EXP                              .0000             .0000       .0000
  SPREAD                                .0000             .0000       .0000
  STRIP                                 .0000             .0000       .0000
  RFC NET CEILING(MX RFC NET RT)      12.9796           12.1250     13.8750
  MAX NET MTG RT(MAX INV RT)          12.9296           12.0750     13.8250
  MAX POST STRIP RATE                 12.9296           12.0750     13.8250
  INV RATE MARGIN                      1.9956            1.6050      2.4250
  POST STRIP MARGIN                    1.9956            1.6050      2.4250

  TOTAL NUMBER OF LOANS:    50
  TOTAL BALANCE........:     9,346,672.82

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 06/18/02           RFC DISCLOSURE SYSTEM       RFFSD175-01
  AT         : 14.21.46        NONFIXED RATE LOAN LISTING     AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS                                 CUTOFF : 06/01/02
  POOL       : 0004594  0004595  0004596  0004597
             :
             :
  POOL STATUS:

  RFC LOAN #                      ORIG RATE       ORIGINAL BAL    MAX NEG AM
  MORTGAGOR NAME                  CURR RATE       PRINCIPAL BAL   LN FEATURE
  CURR NET                                        ORIGINAL P+I    # OF UNITS
  NOTE CEILING                                    CURRENT P+I     LTV
  CITY           STATE  ZIP       NET CEILING     NOTE DATE
  SERVICER LOAN #                 NOTE FLOOR      1ST PMT DT      MI CO CODE
  SELLER LOAN #                   NET FLOOR       MATURITY DT     MI CVG
  INVSTR LOAN #                   GROSS MARGIN    1ST INTCHGDT    NXT INTCHGDT
  S/S CODE                        NET MARGIN      1ST PMTCHGDT    NXT PMTCHGDT
  INT CHG PRIOR DAYS              1ST YR FLR      PMT CAP INCR    PMT CAP DECR
  PMT TYPE                        1ST YR CEIL     INT FREQ MOS    PMT FREQ MOS
  ORIG TERM                       ADJ INDEX       PERIOD INCR     PERIOD DECR
  NOTE LF INCR                    RND NOTE TYPE   RND NOTE METH   RND NOTE FCTR
  NET LF INCR                     RND NET TYPE    RND NET METH    RND NET FCTR
  NOTE LF DECR                    LOAN PURP       CNVRT CODE      FROM WINDOW
  NET LF DECR                     PROP TYPE       CNVT INDEX      TO WINDOW
                                  OCCP CODE       CNVT MARGIN
  ______________________________________________________________________________

    1182898                           6.0000         50,000.00        100
                                      6.0000         31,100.18         ZZ
                                      5.6250            353.90         1
                                     13.1250            248.55         75
    SARONA          WI    54870      12.7500       10/21/88
    312203953                          .0000       12/01/88            00
    364319                             .0000       11/01/18            0
    0                                 2.5000       05/01/89        11/01/02
    447/M32                           2.1250       06/01/89        12/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               7            1.0000          1.0000
       5.5000                           S              N              .1250
       5.5000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1188533                           6.2500        144,000.00        100
                                      6.2500        115,544.70         ZZ
                                      5.8750          1,031.64         1
                                     13.2500            928.68         80
    NOLENSVILLE     TN    37135      12.8750       02/17/89
    8004848                            .0000       04/01/89            00
    0003820805                         .0000       03/01/19            0
    0                                 2.5000       09/01/89        09/01/02
1

    217/976                           2.1250       10/01/89        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               7            1.0000          1.0000
       5.5000                           S              N              .1250
       5.5000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1231089                           6.6250        254,700.00        100
                                      6.6250        197,869.61         ZZ
                                      5.7500          1,891.15         1
                                     13.1250          1,704.59         90
    SEATTLE         WA    98144      12.2800       11/02/87
    002713410                          .0000       01/01/88            10
    2713410                            .0000       12/01/17           17
    0                                 2.5000       12/01/88        12/01/02
    546/M32                           1.6550       01/01/89        01/01/03
      45                               .0000          .0000           .0000
    A                                  .0000           12             12
      360                               7            1.7500          1.7500
       5.0000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1232722                           6.1250        104,000.00        100
                                      6.1250         86,928.33         ZZ
                                      5.7500            790.48         1
                                     13.6250            650.19         80
    LONG BEACH      CA    90814      13.2500       03/08/91
    320060700                          .0000       05/01/91            00
    212703424                          .0000       04/01/21            0
    0                                 2.5000       10/01/91        10/01/02
    331/M32                           2.1250       11/01/91        11/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               7            1.0000          1.0000
       5.2500                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1249373                           6.0000         66,000.00        100
                                      6.0000         52,024.78         ZZ
                                      5.6250            472.83         1
                                     12.9000            422.15         34
    GOLETA, CA      CA    93117      12.5250       06/01/88
1

    0108339276                         .0000       07/01/88            00
    801062502111                       .0000       06/01/18            0
    0                                 2.5500       12/01/88        12/01/02
    903/S48                           2.1750       01/01/89        01/01/03
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               7            1.0000          1.0000
       5.1500                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1249380                           6.0000        225,000.00        100
                                      6.0000        172,030.50         ZZ
                                      5.6250          1,573.23         1
                                     12.9000          1,397.04         69
    EL SEGUNDO,     CA    90245      12.5250       06/01/88
    0108339334                         .0000       07/01/88            00
    801062536901                       .0000       06/01/18            0
    0                                 2.6000       12/01/88        12/01/02
    903/S48                           2.2250       01/01/89        01/01/03
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               7            1.0000          1.0000
       5.4000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249388                           5.8750        250,000.00        100
                                      5.8750        195,428.55         ZZ
                                      5.5000          1,726.69         1
                                     12.9000          1,572.43         74
    SANTA MONIC     CA    90403      12.5250       06/01/88
    0108339417                         .0000       07/01/88            00
    801062600311                       .0000       06/01/18            0
    0                                 2.5000       12/01/88        12/01/02
    903/S48                           2.1250       01/01/89        01/01/03
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               7            1.0000          1.0000
       5.5250                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1249390                           6.7500        133,400.00        100
                                      6.7500        105,416.44         ZZ
1

                                      6.3750            932.75         1
                                     12.9000            896.70         75
    SAN DIEGO,      CA    92129      12.5250       07/01/88
    0108339433                         .0000       08/01/88            00
    801062640901                       .0000       07/01/18            0
    0                                 2.6000       01/01/89        07/01/02
    903/S48                           2.2250       02/01/89        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               7            1.0000          1.0000
       5.4000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249399                           6.7500        152,000.00        100
                                      6.7500        119,563.34         ZZ
                                      6.3750          1,006.16         1
                                     12.9000          1,017.03         80
    BUELLTON        CA    93427      12.5250       07/01/88
    0108339524                        2.5000       08/01/88            00
    801062690401                       .0000       07/01/18            0
    0                                 2.5000       01/01/89        07/01/02
    903/S48                           2.1250       02/01/89        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               7            1.0000          1.0000
       5.9500                           S              N              .1250
        .0000                           X              X              .0000
       4.4500                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249401                           6.6250        262,500.00        100
                                      6.6250        203,867.74         ZZ
                                      6.2500          1,737.61         1
                                     12.9000          1,719.82         75
    HARBOR CITY     CA    90710      12.5250       07/01/88
    0108339540                         .0000       08/01/88            00
    801062699501                       .0000       07/01/18            0
    0                                 2.4000       01/01/89        07/01/02
    903/S48                           2.0250       02/01/89        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               7            1.0000          1.0000
       5.9500                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1249405                           6.8750        280,500.00        100
                                      6.8750        219,600.14         ZZ
                                      6.5000          1,985.36         1
                                     12.9000          1,892.21         75
    WOODLAND HILLS  CA    91367      12.5250       07/01/88
    0108339581                         .0000       08/01/88            00
    801062710001                       .0000       07/01/18            0
    0                                 2.6500       01/01/89        07/01/02
    903/S48                           2.2750       02/01/89        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               7            1.0000          1.0000
       5.2750                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249408                           6.0000        280,000.00        100
                                      6.0000        220,886.32         ZZ
                                      5.6250          1,957.80         1
                                     12.9000          1,792.36         36
    WOODLAND HILLS  CA    91364      12.5250       06/01/88
    0108339615                         .0000       07/01/88            00
    801062716701                       .0000       06/01/18            0
    0                                 2.6000       12/01/88        12/01/02
    903/S48                           2.2250       01/01/89        01/01/03
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               7            1.0000          1.0000
       5.4000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249418                           6.1250        118,500.00        100
                                      6.1250         89,852.39         ZZ
                                      5.7500            828.57         1
                                     12.9000            737.73         75
    CANOGA PARK     CA    91306      12.5250       06/01/88
    0108339698                         .0000       07/01/88            00
    801062783701                       .0000       06/01/18            0
    0                                 2.7500       12/01/88        12/01/02
    903/S48                           2.3750       01/01/89        01/01/03
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               7            1.0000          1.0000
       5.4000                           S              N              .1250
        .0000                           X              X              .0000
1

        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249423                           6.1250         93,750.00        100
                                      6.1250         73,417.74         ZZ
                                      5.7500            704.31         4
                                     13.7500            612.23         75
    BIG BEAR CI     CA    92315      13.3750       12/01/87
    0108339748                         .0000       01/01/88            00
    801062953604                       .0000       12/01/17            0
    0                                 2.7500       06/01/88        12/01/02
    903/S48                           2.3750       07/01/88        01/01/03
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               7            1.0000          1.0000
       5.5000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249438                           6.7500        212,000.00        100
                                      6.7500        168,301.90         ZZ
                                      6.3750          1,518.79         1
                                     12.9000          1,427.52         80
    SANTA BARBA     CA    93111      12.5250       08/01/88
    0108339888                         .0000       09/01/88            00
    801063100301                       .0000       08/01/18            0
    0                                 2.7500       02/01/89        08/01/02
    903/S48                           2.3750       03/01/89        09/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               7            1.0000          1.0000
       5.1500                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249457                           6.8750        254,900.00        100
                                      6.8750        201,838.17         ZZ
                                      6.5000          1,826.13         1
                                     12.9000          1,731.12         75
    NORTHRIDGE,     CA    91326      12.5250       07/01/88
    0108340076                         .0000       08/01/88            00
    801063205001                       .0000       07/01/18            0
    0                                 2.6500       01/01/89        07/01/02
    903/S48                           2.2750       02/01/89        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
1

      360                               7            1.0000          1.0000
       5.1500                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249500                           6.7500        180,000.00        100
                                      6.7500        139,863.30         ZZ
                                      6.3750          1,305.12         1
                                     12.8750          1,189.71         80
    VICTORVILLE     CA    92392      12.5000       07/01/88
    0108340472                         .0000       08/01/88            00
    801063951901                       .0000       07/01/18            0
    0                                 2.5000       01/01/89        07/01/02
    903/S48                           2.1250       02/01/89        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               7            1.0000          1.0000
       5.0000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249503                           6.2500        400,000.00        100
                                      6.2500        219,600.60         ZZ
                                      5.8750          2,796.86         1
                                     12.5000          1,795.90         59
    LONG BEACH,     CA    90803      12.1250       09/01/88
    0108340506                         .0000       10/01/88            00
    801063961801                       .0000       09/01/18            0
    0                                 2.5000       03/01/89        09/01/02
    903/S48                           2.1250       04/01/89        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               7            1.0000          1.0000
       5.0000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249542                           6.0000        300,000.00        100
                                      6.0000        228,447.53         ZZ
                                      5.6250          2,306.74         1
                                     12.9900          1,836.72         37
    LAGUNA BEAC     CA    92651      12.6150       09/01/88
    0108340878                         .0000       10/01/88            00
    801066419401                       .0000       09/01/18            0
    0                                 2.2500       03/01/89        09/01/02
1

    903/S48                           1.8750       04/01/89        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               7            1.0000          1.0000
       4.4900                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249624                           6.7500        165,000.00        100
                                      6.7500        133,090.36         ZZ
                                      6.3750          1,239.59         1
                                     13.2500          1,076.36         38
    WOODLAND HI     CA    91364      12.8750       01/16/90
    0108341637                         .0000       03/01/90            00
    801071123501                       .0000       02/01/20            0
    0                                 2.7500       08/01/90        08/01/02
    903/S48                           2.3750       09/01/90        09/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               7            1.0000          1.0000
       5.0000                           S              N              .1250
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260477                           4.9940        264,000.00        110
                                      4.9940        207,706.92         ZZ
                                      4.6190          1,845.93         1
                                     13.5000          1,656.99         80
    SANTA CLARA     CA    95051      13.1250       09/19/90
    5414568898                        3.5000       11/01/90            00
    4568898                           3.1250       10/01/20            0
    0                                 2.2500       01/01/91        07/01/02
    982/405                           1.8750       11/01/91        11/01/02
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260488                           4.9940        500,000.00        110
                                      4.9940        416,440.11         ZZ
                                      4.6190          3,496.08         1
                                     13.5000          3,322.87         63
    MANHATTAN BEAC  CA    90266      13.1250       09/06/90
1

    5414571574                        3.5000       11/01/90            00
    4571574                           3.1250       10/01/20            0
    0                                 2.2500       01/01/91        07/01/02
    982/405                           1.8750       11/01/91        11/01/02
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260489                           4.9940        207,000.00        110
                                      4.9940        173,044.47         ZZ
                                      4.6190          1,447.38         1
                                     13.5000          1,370.56         90
    GARDENA         CA    90249      13.1250       10/02/90
    5414572017                        3.5000       12/01/90            10
    4572017                           3.1250       11/01/20           17
    0                                 2.2500       02/01/91        07/01/02
    982/405                           1.8750       12/01/91        12/01/02
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260491                           4.9940        199,000.00        110
                                      4.9940        165,243.65         ZZ
                                      4.6190          1,391.44         1
                                     13.5000          1,307.48         90
    SAN PEDRO       CA    90731      13.1250       09/13/90
    5414572465                        3.5000       12/01/90            10
    4572465                           3.1250       11/01/20           17
    0                                 2.2500       02/01/91        07/01/02
    982/405                           1.8750       12/01/91        12/01/02
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1260500                           4.9940        215,550.00        110
                                      4.9940        180,329.14         ZZ
1

                                      4.6190          1,507.16         1
                                     13.5000          1,411.03         90
    REDONDO BEACH   CA    90278      13.1250       10/17/90
    5414573940                        3.5000       12/01/90            10
    4573940                           3.1250       11/01/20           17
    0                                 2.2500       02/01/91        07/01/02
    982/405                           1.8750       12/01/91        12/01/02
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1260509                           4.9940        195,500.00        110
                                      4.9940        163,201.86         ZZ
                                      4.6190          1,366.97         1
                                     13.5000          1,292.09         85
    SAN FRANCISCO   CA    94110      13.1250       10/02/90
    5414576304                        3.5000       12/01/90            10
    4576304                           3.1250       11/01/20           17
    0                                 2.2500       02/01/91        07/01/02
    982/405                           1.8750       12/01/91        12/01/02
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1260532                           4.9940        420,000.00        110
                                      4.9940        383,813.26         ZZ
                                      4.6190          2,763.90         1
                                     13.5000          2,598.08         80
    GLENDALE        CA    91202      13.1250       09/18/90
    5414583238                        3.5000       11/01/90            00
    4583238                           3.1250       10/01/30            0
    0                                 2.2500       01/01/91        07/01/02
    982/405                           1.8750       11/01/91        11/01/02
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      480                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1260534                           4.9940        272,000.00        110
                                      4.9940        245,490.49         ZZ
                                      4.6190          1,789.96         1
                                     13.5000          1,590.79         80
    BURBANK         CA    91504      13.1250       09/26/90
    5414583678                        3.5000       12/01/90            00
    4583678                           3.1250       11/01/30            0
    0                                 2.2500       02/01/91        07/01/02
    982/405                           1.8750       12/01/91        12/01/02
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      480                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260536                           4.9940        500,000.00        110
                                      4.9940        463,562.34         ZZ
                                      4.6190          3,290.36         1
                                     13.5000          3,147.96         69
    NORTHRIDGE      CA    91325      13.1250       11/05/90
    5414584030                        3.5000       01/01/91            00
    4584030                           3.1250       12/01/30            0
    0                                 2.2500       03/01/91        07/01/02
    982/405                           1.8750       01/01/92        01/01/03
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      480                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260540                           5.2940        582,500.00        110
                                      5.2940        470,792.33         ZZ
                                      4.9190          4,665.99         1
                                     13.7000          3,819.30         80
    NORTHRIDGE      CA    91326      13.3250       11/01/90
    5414585662                        4.2000       01/01/91            00
    4585662                           3.8250       12/01/20            0
    0                                 2.5500       03/01/91        07/01/02
    982/405                           2.1750       01/01/92        01/01/03
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7            2.5000          2.5000
       4.7500                           X              X              .0000
        .0000                           X              X              .0000
1

       4.7500                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260544                           5.4940        314,910.00        110
                                      5.4940        241,929.22         ZZ
                                      5.1190          2,310.70         1
                                     14.0000          2,069.77         90
    VAN NUYS        CA    91406      13.6250       10/09/90
    5414587151                        4.0000       12/01/90            10
    4587151                           3.6250       11/01/20           17
    0                                 2.7500       02/01/91        07/01/02
    982/405                           2.3750       12/01/91        12/01/02
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260560                           4.9940        215,000.00        110
                                      4.9940        167,970.82         ZZ
                                      4.6190          1,503.32         1
                                     13.5000          1,337.13         90
    SEPULVEDA       CA    91343      13.1250       10/18/90
    5414590497                        3.5000       12/01/90            10
    4590497                           3.1250       11/01/20           17
    0                                 2.2500       02/01/91        07/01/02
    982/405                           1.8750       12/01/91        12/01/02
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260568                           4.9940        280,000.00        110
                                      4.9940        248,043.94         ZZ
                                      4.6190          1,842.60         1
                                     13.5000          1,676.21         80
    SAN JOSE        CA    95125      13.1250       09/27/90
    5414592392                        3.5000       12/01/90            00
    4592392                           3.1250       11/01/30            0
    0                                 2.2500       02/01/91        07/01/02
    982/405                           1.8750       12/01/91        12/01/02
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
1

      480                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260593                           4.9940        207,000.00        110
                                      4.9940        137,615.49         ZZ
                                      4.6190          1,447.38         1
                                     13.5000          1,158.64         90
    SAN JOSE        CA    95128      13.1250       11/07/90
    5414594996                        3.5000       01/01/91            10
    4594996                           3.1250       12/01/20           17
    0                                 2.2500       03/01/91        07/01/02
    982/405                           1.8750       01/01/92        01/01/03
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260594                           5.0940        212,400.00        110
                                      5.0940        170,721.96         ZZ
                                      4.7190          1,485.14         1
                                     13.5000          1,370.02         90
    DANVILLE        CA    94526      13.1250       03/13/91
    5414595798                        3.5000       05/01/91            10
    4595798                           3.1250       04/01/21           17
    0                                 2.3500       07/01/91        07/01/02
    982/405                           1.9750       05/01/92        05/01/03
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           09             0           00/00/00
                                        O             .0000

    1260602                           5.0440        256,500.00        110
                                      5.0440        215,034.61         ZZ
                                      4.6690          1,793.49         1
                                     13.5000          1,712.61         90
    SAN RAFAEL      CA    94901      13.1250       11/14/90
    5414597601                        3.5000       01/01/91            10
    4597601                           3.1250       12/01/20           17
    0                                 2.3000       03/01/91        07/01/02
1

    982/405                           1.9250       01/01/92        01/01/03
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260618                           5.0940        211,500.00        110
                                      5.0940        167,482.92         ZZ
                                      4.7190          1,515.22         1
                                     13.7500          1,372.92         90
    CULVER CITY     CA    90230      13.3750       01/09/91
    5414601921                        3.7500       03/01/91            10
    4601921                           3.3750       02/01/21           17
    0                                 2.3500       05/01/91        07/01/02
    982/405                           1.9750       03/01/92        03/01/03
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260627                           5.0440        191,700.00        110
                                      5.0440        155,618.80         ZZ
                                      4.6690          1,340.40         1
                                     13.5000          1,251.22         90
    WALNUT CREEK    CA    94596      13.1250       12/26/90
    5414605802                        3.5000       03/01/91            10
    4605802                           3.1250       02/01/21           17
    0                                 2.3000       05/01/91        07/01/02
    982/405                           1.9250       03/01/92        03/01/03
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260644                           5.5440        225,000.00        110
                                      5.5440        187,664.40         ZZ
                                      5.1690          1,650.98         1
                                     14.0000          1,551.18         90
    DALY CITY       CA    94014      13.6250       12/14/90
1

    5414609424                        4.0000       02/01/91            10
    4609424                           3.6250       01/01/21           17
    0                                 2.8000       04/01/91        07/01/02
    982/405                           2.4250       02/01/92        02/01/03
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260651                           5.0440        205,600.00        110
                                      5.0440        165,789.63         ZZ
                                      4.6690          1,437.59         1
                                     13.5000          1,331.15         80
    APPLE VALLEY    CA    92307      13.1250       11/07/90
    5414611366                        3.5000       01/01/91            00
    4611366                           3.1250       12/01/20            0
    0                                 2.3000       03/01/91        07/01/02
    982/405                           1.9250       01/01/92        01/01/03
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260659                           5.0440        201,150.00        110
                                      5.0440        149,678.74         ZZ
                                      4.6690          1,406.47         1
                                     13.5000          1,194.51         90
    PASADENA        CA    91107      13.1250       12/03/90
    5414615051                        3.5000       02/01/91            10
    4615051                           3.1250       01/01/21           17
    0                                 2.3000       04/01/91        07/01/02
    982/405                           1.9250       02/01/92        02/01/03
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260668                           5.5940        207,000.00        110
                                      5.5940        172,718.97         ZZ
1

                                      5.2190          1,555.13         1
                                     14.2500          1,438.33         90
    CARLSBAD        CA    92009      13.8750       02/12/91
    5414620771                        4.2500       04/01/91            10
    4620771                           3.8750       03/01/21           17
    0                                 2.8500       06/01/91        07/01/02
    982/405                           2.4750       04/01/92        04/01/03
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260681                           5.0940        224,000.00        110
                                      5.0940        183,624.37         ZZ
                                      4.7190          1,566.25         1
                                     13.5000          1,468.81         80
    MONTEBELLO      CA    90640      13.1250       03/28/91
    5414627901                        3.5000       06/01/91            00
    4627901                           3.1250       05/01/21            0
    0                                 2.3500       08/01/91        07/01/02
    982/405                           1.9750       06/01/92        06/01/03
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260728                           5.5940        262,800.00        110
                                      5.5940        222,496.23         ZZ
                                      5.2190          1,928.34         1
                                     14.0000          1,924.84         90
    CHINO HILLS     CA    91709      13.6250       06/04/91
    5414673627                        4.0000       08/01/91            10
    4673627                           3.6250       07/01/21           17
    0                                 2.8500       10/01/91        07/01/02
    982/405                           2.4750       08/01/92        08/01/02
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1260729                           6.0000        263,920.00        110
                                      6.0000        209,602.88         ZZ
                                      5.6250          1,890.76         1
                                     13.0000          1,717.71         80
    SAN PEDRO       CA    90732      12.6250       07/12/91
    5414675857                        6.0000       09/01/91            00
    4675857                           5.6250       08/01/21            0
    0                                 2.3500       11/01/91        07/01/02
    982/405                           1.9750       09/01/92        09/01/02
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7            2.5000          2.5000
       5.2500                           X              X              .0000
        .0000                           X              X              .0000
       1.7500                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260734                           4.9940        270,000.00        110
                                      4.9940        225,981.04         ZZ
                                      4.6190          1,887.88         1
                                     13.5000          1,787.66         80
    MONTREREY       CA    93940      13.1250       10/02/90
    5415502447                        3.5000       12/01/90            00
    5502447                           3.1250       11/01/20            0
    0                                 2.2500       02/01/91        07/01/02
    982/405                           1.8750       12/01/91        12/01/02
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7             .0000           .0000
       6.0000                           X              X              .0000
        .0000                           X              X              .0000
       4.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1260751                           5.6070        262,100.00        110
                                      5.6070        212,151.75         ZZ
                                      5.2320          2,071.31         1
                                     13.5500          1,721.24         80
    LAKE MARY       FL    32746      13.1750       03/26/91
    5417351054                        4.0500       05/01/91            00
    7351054                           3.6750       04/01/21            0
    0                                 2.5000       07/01/91        07/01/02
    982/405                           2.1250       05/01/92        05/01/03
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7            2.5000          2.5000
       4.7500                           X              X              .0000
        .0000                           X              X              .0000
1

       4.7500                           4              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000

    1260752                           5.4760         60,000.00        110
                                      5.4760         25,458.17         ZZ
                                      5.1010            474.17         1
                                     13.5500            242.10         24
    PARKLAND        FL    33067      13.1750       06/04/91
    5417353886                        4.0500       08/01/91            00
    7353886                           3.6750       07/01/21            0
    0                                 2.5500       10/01/91        07/01/02
    982/405                           2.1750       08/01/92        08/01/02
      45                               .0000         7.5000          7.5000
    A                                  .0000            1             12
      360                               7            2.5000          2.5000
       4.7500                           X              X              .0000
        .0000                           X              X              .0000
       4.7500                           1              00          00/00/00
        .0000                           09             0           00/00/00
                                        O             .0000

    1263620                           5.9950        200,000.00        100
                                      5.9950        169,043.22         ZZ
                                      5.6200          1,353.24         1
                                     12.7500          1,069.09         80
    SAN FRANCISCO   CA    94116      12.3750       08/03/88
    5416253229                        2.7500       10/01/88            00
    6253229                           2.3750       09/01/28            0
    0                                 2.2500       03/01/89        09/01/02
    982/405                           1.8750       04/01/89        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      480                               7            1.0000          1.0000
       5.0000                           X              X              .0000
        .0000                           X              X              .0000
       5.0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1283665                           6.7500         87,000.00        100
                                      6.7500         73,748.47         T
                                      6.3750            600.89         1
                                     12.8750            560.02         57
    SKY FOREST      CA    92385      12.5000       06/05/92
    006412988                          .0000       08/01/92            00
    873227                             .0000       07/01/22            0
    0                                 2.5000       01/01/93        07/01/02
    196/070                           2.1250       02/01/93        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
1

      360                               7            1.0000          1.0000
       5.5000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

   TOTAL NUMBER OF LOANS   :         50

   TOTAL ORIGINAL BALANCE  :    11,639,380.00

   TOTAL PRINCIPAL BALANCE :     9,346,672.82

   TOTAL ORIGINAL P+I      :        82,612.14

   TOTAL CURRENT P+I       :        74,121.35

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

<PAGE>
1

  RUN ON     : 06/18/02           RFC DISCLOSURE SYSTEM       RFFSDARM-01
  AT         : 14.30.19            ARM PASSTHRU REPORT        AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS                                 CUTOFF : 06/01/02
  POOL       : 0004594  0004595  0004596  0004597
             :
             :
  POOL STATUS:

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

       1192318                  .3750              13.5000
       140,485.83               .0500              13.4500
             6.8750             .0000              13.4500
             6.5000             .0000                2.3250
             6.4500             .0000                2.3250
             6.4500             .0000

       1194916                  .6250              13.2500
       328,314.79               .0500              13.2000
             7.3750             .0000              13.2000
             6.7500             .0000                2.3250
             6.7000             .0000                2.3250
             6.7000             .0000

       1195037                  .6250              13.8750
       198,461.25               .0500              13.8250
             7.3750             .0000              13.8250
             6.7500             .0000                2.3250
             6.7000             .0000                2.3250
             6.7000             .0000

       1248667                  .3750              14.6250
        28,073.14               .0500              14.5750
             4.4050             .0000              14.5750
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1248678                  .3750              14.6250
        48,430.02               .0500              14.5750
             4.4050             .0000              14.5750
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1248689                  .3750              15.0000
        43,333.67               .0500              14.9500
             4.6550             .0000              14.9500
             4.2800             .0000                2.3250
             4.2300             .0000                2.3250
             4.2300             .0000
1

       1248692                  .3750              13.2500
       109,072.79               .0500              13.2000
             4.6550             .0000              13.2000
             4.2800             .0000                2.3250
             4.2300             .0000                2.3250
             4.2300             .0000

       1248696                  .3750              14.6250
        59,425.06               .0500              14.5750
             4.4050             .0000              14.5750
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1248700                  .3750              14.6250
        46,935.47               .0500              14.5750
             4.6550             .0000              14.5750
             4.2800             .0000                2.3250
             4.2300             .0000                2.3250
             4.2300             .0000

       1248710                  .3750              15.0000
        38,988.66               .0500              14.9500
             4.6550             .0000              14.9500
             4.2800             .0000                2.3250
             4.2300             .0000                2.3250
             4.2300             .0000

       1248717                  .3750              14.6250
         3,826.85               .0500              14.5750
             4.6550             .0000              14.5750
             4.2800             .0000                2.3250
             4.2300             .0000                2.3250
             4.2300             .0000

       1248720                  .3750              14.6250
        57,082.49               .0500              14.5750
             4.6550             .0000              14.5750
             4.2800             .0000                2.3250
             4.2300             .0000                2.3250
             4.2300             .0000

       1248723                  .3750              14.6250
        30,091.94               .0500              14.5750
             4.6550             .0000              14.5750
             4.2800             .0000                2.3250
             4.2300             .0000                2.3250
             4.2300             .0000

       1248725                  .3750              14.6250
        71,087.54               .0500              14.5750
             4.6550             .0000              14.5750
             4.2800             .0000                2.3250
             4.2300             .0000                2.3250
             4.2300             .0000
1

       1248765                  .3750              14.8750
       160,581.71               .0500              14.8250
             4.6550             .0000              14.8250
             4.2800             .0000                2.3250
             4.2300             .0000                2.3250
             4.2300             .0000

       1248768                  .3750              14.8750
        50,653.33               .0500              14.8250
             4.6550             .0000              14.8250
             4.2800             .0000                2.3250
             4.2300             .0000                2.3250
             4.2300             .0000

       1248771                  .3750              14.8750
        32,443.61               .0500              14.8250
             4.6550             .0000              14.8250
             4.2800             .0000                2.3250
             4.2300             .0000                2.3250
             4.2300             .0000

       1248774                  .3750              14.8750
        87,812.74               .0500              14.8250
             4.6550             .0000              14.8250
             4.2800             .0000                2.3250
             4.2300             .0000                2.3250
             4.2300             .0000

       1248779                  .3750              15.8750
        87,484.45               .0500              15.8250
             4.9050             .0000              15.8250
             4.5300             .0000                2.5750
             4.4800             .0000                2.5750
             4.4800             .0000

       1248781                  .3750              15.3750
        53,081.09               .0500              15.3250
             4.6550             .0000              15.3250
             4.2800             .0000                2.3250
             4.2300             .0000                2.3250
             4.2300             .0000

       1248787                  .3750              15.3750
        37,803.23               .0500              15.3250
             4.6550             .0000              15.3250
             4.2800             .0000                2.3250
             4.2300             .0000                2.3250
             4.2300             .0000

       1248788                  .3750              15.3750
        38,639.97               .0500              15.3250
             4.6550             .0000              15.3250
             4.2800             .0000                2.3250
             4.2300             .0000                2.3250
             4.2300             .0000
1

       1248797                  .3750              16.1250
        50,356.11               .0500              16.0750
             4.9050             .0000              16.0750
             4.5300             .0000                2.5750
             4.4800             .0000                2.5750
             4.4800             .0000

       1248808                  .3750              14.8750
        25,292.41               .0500              14.8250
             4.4050             .0000              14.8250
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1248816                  .3750              14.8750
        57,712.76               .0500              14.8250
             4.4050             .0000              14.8250
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1248821                  .3750              14.8750
        55,918.93               .0500              14.8250
             4.4050             .0000              14.8250
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1248826                  .3750              14.8750
        32,912.67               .0500              14.8250
             4.4050             .0000              14.8250
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1248835                  .3750              14.8750
        75,187.78               .0500              14.8250
             4.4050             .0000              14.8250
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1248842                  .3750              17.1250
        66,900.84               .0500              17.0750
             4.9050             .0000              17.0750
             4.5300             .0000                2.5750
             4.4800             .0000                2.5750
             4.4800             .0000

       1248847                  .3750              15.1250
        36,284.71               .0500              15.0750
             4.9050             .0000              15.0750
             4.5300             .0000                2.5750
             4.4800             .0000                2.5750
             4.4800             .0000
1

       1248853                  .3750              14.8750
        46,982.10               .0500              14.8250
             4.4050             .0000              14.8250
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1248854                  .3750              14.8750
        98,842.82               .0500              14.8250
             4.4050             .0000              14.8250
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1248863                  .3750              14.8750
        62,004.72               .0500              14.8250
             4.4050             .0000              14.8250
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1248869                  .3750              16.3750
        26,798.52               .0500              16.3250
             4.9050             .0000              16.3250
             4.5300             .0000                2.5750
             4.4800             .0000                2.5750
             4.4800             .0000

       1248881                  .3750              15.3750
        41,769.18               .0500              15.3250
             4.4050             .0000              15.3250
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1248887                  .3750              15.6250
       162,366.37               .0500              15.5750
             4.4050             .0000              15.5750
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1248891                  .3750              15.8750
        30,916.97               .0500              15.8250
             4.4050             .0000              15.8250
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1248898                  .3750              15.3750
        28,420.58               .0500              15.3250
             4.4050             .0000              15.3250
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000
1

       1248918                  .3750              15.8750
        56,129.54               .0500              15.8250
             4.4050             .0000              15.8250
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1248925                  .3750              15.3750
       185,769.46               .0500              15.3250
             4.4050             .0000              15.3250
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1249012                  .3750              14.3750
        53,329.94               .0500              14.3250
             4.4050             .0000              14.3250
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1249013                  .3750              14.3750
        63,743.96               .0500              14.3250
             4.4050             .0000              14.3250
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1249062                  .3750              14.6250
        67,573.26               .0500              14.5750
             4.6550             .0000              14.5750
             4.2800             .0000                2.3250
             4.2300             .0000                2.3250
             4.2300             .0000

       1249063                  .3750              14.6250
       119,684.42               .0500              14.5750
             4.4050             .0000              14.5750
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1249064                  .3750              14.3750
        27,758.76               .0500              14.3250
             4.4050             .0000              14.3250
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1249068                  .3750              14.6250
        34,165.46               .0500              14.5750
             4.4050             .0000              14.5750
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000
1

       1249076                  .3750              14.6250
        18,417.25               .0500              14.5750
             4.4050             .0000              14.5750
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1249088                  .3750              14.6250
        28,915.32               .0500              14.5750
             4.6550             .0000              14.5750
             4.2800             .0000                2.3250
             4.2300             .0000                2.3250
             4.2300             .0000

       1249090                  .3750              14.6250
        55,112.10               .0500              14.5750
             4.4050             .0000              14.5750
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1249119                  .3750              14.8750
        62,197.35               .0500              14.8250
             4.4050             .0000              14.8250
             4.0300             .0000                2.0750
             3.9800             .0000                2.0750
             3.9800             .0000

       1263468                  .3750              13.5000
       155,695.08               .0500              13.4500
             6.3750             .0000              13.4500
             6.0000             .0000                2.3250
             5.9500             .0000                2.3250
             5.9500             .0000

       1263485                  .3750              12.6250
       318,427.06               .0500              12.5750
             7.1050             .0000              12.5750
             6.7300             .0000                2.3250
             6.6800             .0000                2.3250
             6.6800             .0000

  TOTAL NUMBER OF LOANS:       52
  TOTAL BALANCE........:          3,897,696.06

1

  RUN ON     : 06/18/02            RFC DISCLOSURE SYSTEM      RFFSDARM-01
  AT         : 14.30.19            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS        ARM SUMMARY REPORT       CUTOFF : 06/01/02
  POOL       : 0004594  0004595  0004596  0004597
             :
             :
  POOL STATUS:

                                   WEIGHTED AVERAGES    FROM        TO
  --------------------------------------------------------------------------
  CURR NOTE RATE                       5.2905            4.4050      7.3750
  RFC NET RATE                         4.8817            4.0300      6.7500
  NET MTG RATE(INVSTR RATE)            4.8317            3.9800      6.7000
  POST STRIP RATE                      4.8317            3.9800      6.7000
  SUB SERV FEE                          .4088             .3750       .6250
  MSTR SERV FEE                         .0500              .0500      .0500
  ALL EXP                               .0000             .0000       .0000
  MISC EXP                              .0000             .0000       .0000
  SPREAD                                .0000             .0000       .0000
  STRIP                                 .0000             .0000       .0000
  RFC NET CEILING(MX RFC NET RT)      14.4875           12.6250     17.1250
  MAX NET MTG RT(MAX INV RT)          14.4375           12.5750     17.0750
  MAX POST STRIP RATE                 14.4375           12.5750     17.0750
  INV RATE MARGIN                      2.2440            2.0750      2.5750
  POST STRIP MARGIN                    2.2440            2.0750      2.5750

  TOTAL NUMBER OF LOANS:    52
  TOTAL BALANCE........:     3,897,696.06

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

  RUN ON     : 06/18/02           RFC DISCLOSURE SYSTEM       RFFSD175-01
  AT         : 14.30.19        NONFIXED RATE LOAN LISTING     AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS                                 CUTOFF : 06/01/02
  POOL       : 0004594  0004595  0004596  0004597
             :
             :
  POOL STATUS:

  RFC LOAN #                      ORIG RATE       ORIGINAL BAL    MAX NEG AM
  MORTGAGOR NAME                  CURR RATE       PRINCIPAL BAL   LN FEATURE
  CURR NET                                        ORIGINAL P+I    # OF UNITS
  NOTE CEILING                                    CURRENT P+I     LTV
  CITY           STATE  ZIP       NET CEILING     NOTE DATE
  SERVICER LOAN #                 NOTE FLOOR      1ST PMT DT      MI CO CODE
  SELLER LOAN #                   NET FLOOR       MATURITY DT     MI CVG
  INVSTR LOAN #                   GROSS MARGIN    1ST INTCHGDT    NXT INTCHGDT
  S/S CODE                        NET MARGIN      1ST PMTCHGDT    NXT PMTCHGDT
  INT CHG PRIOR DAYS              1ST YR FLR      PMT CAP INCR    PMT CAP DECR
  PMT TYPE                        1ST YR CEIL     INT FREQ MOS    PMT FREQ MOS
  ORIG TERM                       ADJ INDEX       PERIOD INCR     PERIOD DECR
  NOTE LF INCR                    RND NOTE TYPE   RND NOTE METH   RND NOTE FCTR
  NET LF INCR                     RND NET TYPE    RND NET METH    RND NET FCTR
  NOTE LF DECR                    LOAN PURP       CNVRT CODE      FROM WINDOW
  NET LF DECR                     PROP TYPE       CNVT INDEX      TO WINDOW
                                  OCCP CODE       CNVT MARGIN
  ______________________________________________________________________________

    1192318                           6.8750        204,000.00        100
                                      6.8750        140,485.83         ZZ
                                      6.5000          1,771.44         1
                                     13.8750          1,166.50         80
    SAN JOSE        CA    95123      13.5000       06/05/89
    0656939                            .0000       08/01/89            00
    1692755                            .0000       07/01/19            0
    0                                 2.7500       01/01/90        07/01/02
    372/G48                           2.3750       02/01/90        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               T            1.0000          1.0000
       4.0000                           S              N              .1250
       4.7500                           S              N              .1250
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1194916                           7.3750        404,000.00        100
                                      7.3750        328,314.79         ZZ
                                      6.7500          2,859.49         1
                                     14.1250          2,863.88         75
    ROSEMONT        PA    19010      13.2500       12/30/88
    0002918555                         .0000       02/01/89            00
    2918555                            .0000       01/01/19            0
    0                                 3.0000       07/01/89        07/01/02
1

    388/388                           2.3750       08/01/89        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               6            1.0000          1.0000
       6.5000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              01          01/01/90
        .0000                           05             E           01/01/94
                                        O            1.0000

    1195037                           7.3750        245,000.00        100
                                      7.3750        198,461.25         ZZ
                                      6.7500          1,840.61         1
                                     14.7500          1,738.27         90
    TOWNSHIP OF LI  NJ    07838      13.8750       12/01/88
    0002871606                         .0000       02/01/89            11
    2871606                            .0000       01/01/19           17
    0                                 3.0000       07/01/89        07/01/02
    388/388                           2.3750       08/01/89        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               6            1.0000          1.0000
       6.5000                           S              N              .1250
        .0000                           S              N              .1250
        .0000                           1              01          01/01/90
        .0000                           05             E           01/01/94
                                        O            1.0000

    1248667                           4.4050         55,000.00        125
                                      4.4050         28,073.14         ZZ
                                      4.0300            503.11         1
                                     15.0000            255.92         46
    SAN DIEGO,      CA    92115      14.6250       03/28/84
    0108332453                         .0000       05/01/84            00
    006000026901                       .0000       04/01/14            0
    0                                 2.5000       10/01/84        07/01/02
    903/S48                           2.1250       05/01/85        05/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248678                           4.4050        110,400.00        125
                                      4.4050         48,430.02         ZZ
                                      4.0300          1,009.88         1
                                     15.0000            432.69         80
    REDONDO BEA     CA    90277      14.6250       02/28/84
1

    0108332552                         .0000       04/01/84            00
    006000270301                       .0000       03/01/14            0
    0                                 2.5000       09/01/84        07/01/02
    903/S48                           2.1250       04/01/85        04/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248689                           4.6550         65,200.00        125
                                      4.6550         43,333.67         ZZ
                                      4.2800            614.76         1
                                     15.3750            393.33         90
    PASADENA        CA    91104      15.0000       06/20/84
    0108332669                         .0000       07/01/84            10
    006000978101                       .0000       06/01/14            0
    0                                 2.7500       11/01/84        07/01/02
    903/S48                           2.3750       07/01/85        07/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248692                           4.6550        164,200.00        125
                                      4.6550        109,072.79         ZZ
                                      4.2800          1,548.23         1
                                     13.6250          1,001.43         90
    LOS ANGELES     CA    90068      13.2500       04/03/84
    0108332693                         .0000       06/01/84            10
    006001113401                       .0000       05/01/14            0
    0                                 2.7500       11/01/84        07/01/02
    903/S48                           2.3750       06/01/85        06/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       2.7500                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248696                           4.4050         90,000.00        125
                                      4.4050         59,425.06         ZZ
1

                                      4.0300            823.27         1
                                     15.0000            532.05         58
    VALLEY CENT     CA    92082      14.6250       05/21/84
    0108332735                         .0000       07/01/84            00
    006001149801                       .0000       06/01/14            0
    0                                 2.5000       12/01/84        07/01/02
    903/S48                           2.1250       07/01/85        07/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248700                           4.6550         70,400.00        125
                                      4.6550         46,935.47         ZZ
                                      4.2800            643.98         1
                                     15.0000            426.02         80
    LA MESA, CA     CA    92041      14.6250       05/07/84
    0108332776                         .0000       07/01/84            00
    006001432801                       .0000       06/01/14            0
    0                                 2.7500       12/01/84        07/01/02
    903/S48                           2.3750       07/01/85        07/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248710                           4.6550         58,500.00        125
                                      4.6550         38,988.66         ZZ
                                      4.2800            551.59         1
                                     15.3750            390.74         90
    SAN FERNAND     CA    91340      15.0000       06/12/84
    0108332867                         .0000       08/01/84            10
    006001856801                       .0000       07/01/14            0
    0                                 2.7500       01/01/85        07/01/02
    903/S48                           2.3750       08/01/85        08/01/02
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1248717                           4.6550         21,600.00        125
                                      4.6550          3,826.85         ZZ
                                      4.2800            215.65         1
                                     15.0000            167.30         80
    BAKERSFIELD     CA    93305      14.6250       05/14/84
    0108332933                         .0000       07/01/84            00
    006002569601                       .0000       06/01/04            0
    0                                 2.7500       12/01/84        07/01/02
    903/S48                           2.3750       07/01/85        07/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      240                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248720                           4.6550        120,000.00        125
                                      4.6550         57,082.49         ZZ
                                      4.2800          1,097.69         1
                                     15.0000            518.13         67
    LOS ANGELES     CA    90004      14.6250       06/05/84
    0108332966                         .0000       07/01/84            00
    006002701501                       .0000       06/01/14            0
    0                                 2.7500       12/01/84        07/01/02
    903/S48                           2.3750       07/01/85        07/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248723                           4.6550         48,000.00        125
                                      4.6550         30,091.94         ZZ
                                      4.2800            439.07         1
                                     15.0000            273.14         80
    LOS ANGELES     CA    90037      14.6250       06/05/84
    0108332990                         .0000       07/01/84            00
    006002747801                       .0000       06/01/14            0
    0                                 2.7500       12/01/84        07/01/02
    903/S48                           2.3750       07/01/85        07/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
1

        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248725                           4.6550        107,600.00        125
                                      4.6550         71,087.54         ZZ
                                      4.2800            984.26         1
                                     15.0000            645.25         80
    BALLARD         CA    93460      14.6250       05/17/84
    0108333014                         .0000       07/01/84            00
    006002890601                       .0000       06/01/14            0
    0                                 2.7500       12/01/84        07/01/02
    903/S48                           2.3750       07/01/85        07/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248765                           4.6550        240,000.00        125
                                      4.6550        160,581.71         ZZ
                                      4.2800          2,240.36         1
                                     15.2500          1,589.16         80
    GLENDORA, C     CA    91740      14.8750       08/03/84
    0108333394                         .0000       09/01/84            00
    006006213701                       .0000       08/01/14            0
    0                                 2.7500       02/01/85        07/01/02
    903/S48                           2.3750       09/01/85        09/01/02
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248768                           4.6550         76,000.00        125
                                      4.6550         50,653.33         ZZ
                                      4.2800            709.45         1
                                     15.2500            503.29         80
    WEST COVINA     CA    91790      14.8750       07/24/84
    0108333428                         .0000       09/01/84            00
    006006457001                       .0000       08/01/14            0
    0                                 2.7500       02/01/85        07/01/02
    903/S48                           2.3750       09/01/85        09/01/02
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
1

      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248771                           4.6550         48,000.00        125
                                      4.6550         32,443.61         ZZ
                                      4.2800            448.08         1
                                     15.2500            319.22         80
    BAKERSFIELD     CA    93304      14.8750       08/07/84
    0108333451                         .0000       10/01/84            00
    006006666601                       .0000       09/01/14            0
    0                                 2.7500       03/01/85        07/01/02
    903/S48                           2.3750       10/01/85        10/01/02
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248774                           4.6550        161,000.00        125
                                      4.6550         87,812.74         ZZ
                                      4.2800          1,502.91         1
                                     15.2500            891.33         69
    TORRANCE        CA    90503      14.8750       07/13/84
    0108333485                         .0000       09/01/84            00
    006007352201                       .0000       08/01/14            0
    0                                 2.7500       02/01/85        07/01/02
    903/S48                           2.3750       09/01/85        09/01/02
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           2              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248779                           4.9050        127,800.00        125
                                      4.9050         87,484.45         ZZ
                                      4.5300          1,241.27         1
                                     16.2500            872.38         90
    SEPULVEDA,      CA    91343      15.8750       08/25/84
    0108333535                         .0000       10/01/84            10
    006008140001                       .0000       09/01/14            0
    0                                 3.0000       03/01/85        07/01/02
1

    903/S48                           2.6250       10/01/85        10/01/02
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       5.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248781                           4.6550         80,000.00        125
                                      4.6550         53,081.09         ZZ
                                      4.2800            746.79         1
                                     15.7500            518.28         77
    DOWNEY, CA      CA    90242      15.3750       09/28/84
    0108333550                         .0000       11/01/84            00
    006008355401                       .0000       10/01/14            0
    0                                 2.7500       04/01/85        07/01/02
    903/S48                           2.3750       11/01/85        11/01/02
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       5.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248787                           4.6550         56,000.00        125
                                      4.6550         37,803.23         ZZ
                                      4.2800            522.75         1
                                     15.7500            365.11         80
    LOS ANGELES     CA    90063      15.3750       10/04/84
    0108333618                         .0000       11/01/84            00
    006009069001                       .0000       10/01/14            0
    0                                 2.7500       04/01/85        07/01/02
    903/S48                           2.3750       11/01/85        11/01/02
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       5.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248788                           4.6550         60,000.00        125
                                      4.6550         38,639.97         ZZ
                                      4.2800            560.09         1
                                     15.7500            380.19         30
    HOLLYWOOD,      CA    90068      15.3750       09/07/84
1

    0108333626                         .0000       10/01/84            00
    006009293601                       .0000       09/01/14            0
    0                                 2.7500       03/01/85        07/01/02
    903/S48                           2.3750       10/01/85        10/01/02
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       5.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248797                           4.9050         80,250.00        125
                                      4.9050         50,356.11         T
                                      4.5300            856.47         1
                                     16.5000            500.98         75
    OXNARD          CA    93930      16.1250       09/14/84
    0108333717                         .0000       11/01/84            00
    006009848711                       .0000       10/01/14            0
    0                                 3.0000       04/01/85        07/01/02
    903/S48                           2.6250       11/01/85        11/01/02
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1248808                           4.4050         52,000.00        125
                                      4.4050         25,292.41         ZZ
                                      4.0300            505.06         1
                                     15.2500            232.21         80
    LOS ANGELES     CA    90006      14.8750       10/31/84
    0108333824                         .0000       12/01/84            00
    006010392311                       .0000       11/01/14            0
    0                                 2.5000       05/01/85        07/01/02
    903/S48                           2.1250       12/01/85        12/01/02
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.0000                           X              X              .0000
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        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1248816                           4.4050         85,600.00        125
                                      4.4050         57,712.76         ZZ
1

                                      4.0300            831.40         1
                                     15.2500            524.63         80
    BELL            CA    90201      14.8750       10/01/84
    0108333881                         .0000       12/01/84            00
    006010574601                       .0000       11/01/14            0
    0                                 2.5000       05/01/85        07/01/02
    903/S48                           2.1250       12/01/85        12/01/02
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248821                           4.4050         87,200.00        125
                                      4.4050         55,918.93         ZZ
                                      4.0300            846.94         1
                                     15.2500            508.32         80
    ENCINO, CA      CA    91316      14.8750       10/25/84
    0108333923                         .0000       12/01/84            00
    006010779111                       .0000       11/01/14            0
    0                                 2.5000       05/01/85        07/01/02
    903/S48                           2.1250       12/01/85        12/01/02
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1248826                           4.4050         57,200.00        125
                                      4.4050         32,912.67         ZZ
                                      4.0300            555.56         1
                                     15.2500            295.42         80
    LOS ANGELES     CA    90042      14.8750       12/13/84
    0108333964                         .0000       01/01/85            00
    006010981311                       .0000       12/01/14            0
    0                                 2.5000       06/01/85        07/01/02
    903/S48                           2.1250       01/01/86        01/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000
1

    1248835                           4.4050        150,800.00        125
                                      4.4050         75,187.78         ZZ
                                      4.0300          1,464.67         1
                                     15.2500            681.12         80
    CARLSBAD        CA    92008      14.8750       11/08/84
    0108334046                         .0000       01/01/85            00
    006011473011                       .0000       12/01/14            0
    0                                 2.5000       06/01/85        07/01/02
    903/S48                           2.1250       01/01/86        01/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1248842                           4.9050         96,300.00        125
                                      4.9050         66,900.84         ZZ
                                      4.5300          1,027.77         1
                                     17.5000            607.02         75
    SAN LUIS OB     CA    93401      17.1250       11/29/84
    0108334111                         .0000       01/01/85            00
    006011897001                       .0000       12/01/14            0
    0                                 3.0000       06/01/85        07/01/02
    903/S48                           2.6250       01/01/86        01/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       5.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248847                           4.9050         51,000.00        125
                                      4.9050         36,284.71         ZZ
                                      4.5300            505.05         1
                                     15.5000            318.61         87
    TEHACHAPI,      CA    93561      15.1250       04/12/85
    0108334152                         .0000       06/01/85            10
    006012005901                       .0000       05/01/15            0
    0                                 3.0000       11/01/85        07/01/02
    903/S48                           2.6250       06/01/86        06/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.0000                           X              X              .0000
        .0000                           X              X              .0000
1

        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248853                           4.4050        103,200.00        125
                                      4.4050         46,982.10         ZZ
                                      4.0300          1,002.35         1
                                     15.2500            466.05         80
    SAN DIEGO,      CA    92122      14.8750       10/30/84
    0108334210                         .0000       12/01/84            00
    006012389701                       .0000       11/01/14            0
    0                                 2.5000       05/01/85        07/01/02
    903/S48                           2.1250       12/01/85        12/01/02
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248854                           4.4050        150,000.00        125
                                      4.4050         98,842.82         ZZ
                                      4.0300          1,456.90         1
                                     15.2500            857.79         77
    ANAHEIM         CA    92807      14.8750       12/05/84
    0108334228                         .0000       02/01/85            00
    006012443201                       .0000       01/01/15            0
    0                                 2.5000       07/01/85        07/01/02
    903/S48                           2.1250       02/01/86        02/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248863                           4.4050         91,900.00        125
                                      4.4050         62,004.72         ZZ
                                      4.0300            892.59         1
                                     15.2500            533.22         80
    NEWBURY PARK    CA    91320      14.8750       12/10/84
    0108334319                         .0000       02/01/85            00
    006012758301                       .0000       01/01/15            0
    0                                 2.5000       07/01/85        07/01/02
    903/S48                           2.1250       02/01/86        02/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
1

      360                               T             .0000           .0000
       4.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248869                           4.9050         42,750.00        125
                                      4.9050         26,798.52         ZZ
                                      4.5300            439.74         2
                                     16.7500            250.01         90
    BAKERSFIELD     CA    93304      16.3750       12/06/84
    0108334376                         .0000       02/01/85            10
    006012997702                       .0000       01/01/15            0
    0                                 3.0000       07/01/85        07/01/02
    903/S48                           2.6250       02/01/86        02/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.7500                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248881                           4.4050         62,500.00        125
                                      4.4050         41,769.18         ZZ
                                      4.0300            583.43         1
                                     15.7500            350.43         75
    SAN DIEGO,      CA    92117      15.3750       03/01/85
    0108334483                         .0000       04/01/85            00
    006014176611                       .0000       03/01/15            0
    0                                 2.5000       09/01/85        07/01/02
    903/S48                           2.1250       04/01/86        04/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       5.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1248887                           4.4050        240,000.00        125
                                      4.4050        162,366.37         ZZ
                                      4.0300          2,331.03         1
                                     16.0000          1,390.60         71
    LOS ANGELES     CA    90004      15.6250       01/08/85
    0108334541                         .0000       03/01/85            00
    006014628601                       .0000       02/01/15            0
    0                                 2.5000       08/01/85        07/01/02
1

    903/S48                           2.1250       03/01/86        03/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.7500                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248891                           4.4050         52,800.00        125
                                      4.4050         30,916.97         ZZ
                                      4.0300            492.88         3
                                     16.2500            263.68         80
    LOS ANGELES     CA    90026      15.8750       06/12/85
    0108334582                         .0000       07/01/85            00
    006015475103                       .0000       06/01/15            0
    0                                 2.5000       12/01/85        07/01/02
    903/S48                           2.1250       07/01/86        07/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       5.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248898                           4.4050         52,000.00        125
                                      4.4050         28,420.58         ZZ
                                      4.0300            485.42         1
                                     15.7500            244.25         80
    SPRING VALL     CA    92077      15.3750       04/24/85
    0108334657                         .0000       06/01/85            00
    006016698711                       .0000       05/01/15            0
    0                                 2.5000       11/01/85        07/01/02
    903/S48                           2.1250       06/01/86        06/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       5.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1248918                           4.4050         86,400.00        125
                                      4.4050         56,129.54         ZZ
                                      4.0300            806.53         2
                                     16.2500            542.52         80
    LOS ANGELES     CA    90029      15.8750       07/01/85
1

    0108334848                         .0000       08/01/85            00
    006020686602                       .0000       07/01/15            0
    0                                 2.5000       01/01/86        07/01/02
    903/S48                           2.1250       08/01/86        08/01/02
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       5.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1248925                           4.4050        292,400.00        125
                                      4.4050        185,769.46         ZZ
                                      4.0300          2,729.50         1
                                     15.7500          1,746.00         80
    IRVINE          CA    92715      15.3750       07/18/85
    0108334913                         .0000       09/01/85            00
    006021547901                       .0000       08/01/15            0
    0                                 2.5000       02/01/86        07/01/02
    903/S48                           2.1250       09/01/86        09/01/02
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       5.0000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249012                           4.4050        105,000.00        125
                                      4.4050         53,329.94         ZZ
                                      4.0300            940.91         1
                                     14.7500            520.67         48
    LA JOLLA        CA    92037      14.3750       11/21/83
    0108335761                         .0000       01/01/84            00
    007015312501                       .0000       12/01/13            0
    0                                 2.5000       06/01/84        07/01/02
    903/S48                           2.1250       01/01/85        01/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249013                           4.4050        116,400.00        125
                                      4.4050         63,743.96         ZZ
1

                                      4.0300          1,043.07         1
                                     14.7500            624.11         80
    SANTA BARBARA   CA    93109      14.3750       11/29/83
    0108335779                         .0000       01/01/84            00
    007015414901                       .0000       12/01/13            0
    0                                 2.5000       06/01/84        07/01/02
    903/S48                           2.1250       01/01/85        01/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           5              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249062                           4.6550        125,500.00        125
                                      4.6550         67,573.26         ZZ
                                      4.2800          1,148.00         1
                                     15.0000            624.34         90
    LOS ANGELES     CA    90067      14.6250       01/31/84
    0108336249                         .0000       03/01/84            10
    007018245411                       .0000       02/01/14            0
    0                                 2.7500       08/01/84        07/01/02
    903/S48                           2.3750       03/01/85        03/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1249063                           4.4050        190,000.00        125
                                      4.4050        119,684.42         ZZ
                                      4.0300          1,738.01         1
                                     15.0000          1,091.12         79
    MORRO BAY,      CA    93442      14.6250       01/30/84
    0108336256                         .0000       03/01/84            00
    007018280101                       .0000       02/01/14            0
    0                                 2.5000       08/01/84        07/01/02
    903/S48                           2.1250       03/01/85        03/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
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        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000
1

    1249064                           4.4050         44,250.00        125
                                      4.4050         27,758.76         ZZ
                                      4.0300            396.53         1
                                     14.7500            253.07         66
    SOUTH GATE,     CA    90280      14.3750       01/16/84
    0108336264                         .0000       03/01/84            00
    007018318901                       .0000       02/01/14            0
    0                                 2.5000       08/01/84        07/01/02
    903/S48                           2.1250       03/01/85        03/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249068                           4.4050         51,100.00        125
                                      4.4050         34,165.46         ZZ
                                      4.0300            467.44         1
                                     15.0000            305.24         80
    PASO ROBLES     CA    93446      14.6250       02/14/84
    0108336306                         .0000       04/01/84            00
    007018812101                       .0000       03/01/14            0
    0                                 2.5000       09/01/84        07/01/02
    903/S48                           2.1250       04/01/85        04/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249076                           4.4050         28,000.00        125
                                      4.4050         18,417.25         ZZ
                                      4.0300            256.13         1
                                     15.0000            164.55         72
    LAKESIDE        CA    92040      14.6250       02/03/84
    0108336389                         .0000       04/01/84            00
    007019140611                       .0000       03/01/14            0
    0                                 2.5000       09/01/84        07/01/02
    903/S48                           2.1250       04/01/85        04/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
1

        .0000                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1249088                           4.6550         50,400.00        125
                                      4.6550         28,915.32         ZZ
                                      4.2800            461.03         1
                                     15.0000            263.57         90
    YUCAIPA, CA     CA    92399      14.6250       02/21/84
    0108336504                         .0000       04/01/84            10
    007019431901                       .0000       03/01/14            0
    0                                 2.7500       09/01/84        07/01/02
    903/S48                           2.3750       04/01/85        04/01/03
      45                               .0000         7.5000           .0000
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      360                               T             .0000           .0000
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        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1249090                           4.4050        116,000.00        125
                                      4.4050         55,112.10         ZZ
                                      4.0300          1,061.10         1
                                     15.0000            503.45         80
    IRVINE          CA    92715      14.6250       03/07/84
    0108336520                         .0000       04/01/84            00
    007019521711                       .0000       03/01/14            0
    0                                 2.5000       09/01/84        07/01/02
    903/S48                           2.1250       04/01/85        04/01/03
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
      360                               T             .0000           .0000
       4.5000                           X              X              .0000
        .0000                           X              X              .0000
        .0000                           2              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1249119                           4.4050         94,600.00        125
                                      4.4050         62,197.35         ZZ
                                      4.0300            883.08         1
                                     15.2500            615.13         70
    MINNEAPOLIS     MN    55406      14.8750       06/28/84
    0108336819                         .0000       08/01/84            00
    800004856301                       .0000       07/01/14            0
    0                                 2.5000       01/01/85        07/01/02
    903/S48                           2.1250       08/01/85        08/01/02
      45                               .0000         7.5000           .0000
    A                                  .0000            1             12
1

      360                               T             .0000           .0000
       4.5000                           X              X              .0000
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        .0000                           1              00          00/00/00
        .0000                           05             0           00/00/00
                                        O             .0000

    1263468                           6.3750        191,610.00        100
                                      6.3750        155,695.08         ZZ
                                      6.0000          1,699.25         1
                                     13.8750          1,262.28         90
    SAN RAMON       CA    94583      13.5000       02/09/89
    5416330835                        6.3750       04/01/89            10
    6330835                           6.0000       03/01/19           17
    0                                 2.7500       09/01/89        09/01/02
    982/405                           2.3750       10/01/89        10/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      360                               G            1.0000          1.0000
       3.7500                           X              X              .0000
        .0000                           X              X              .0000
       3.7500                           1              00          00/00/00
        .0000                           01             0           00/00/00
                                        O             .0000

    1263485                           7.1050        352,000.00        100
                                      7.1050        318,427.06         ZZ
                                      6.7300          2,254.88         1
                                     13.0000          2,225.31         80
    CORAL SPRINGS   FL    33071      12.6250       04/27/89
    5416954029                        1.5000       06/01/89            00
    6954029                           1.1250       01/01/29            0
    0                                 2.7500       07/01/89        07/01/02
    982/405                           2.3750       08/01/89        08/01/02
      45                               .0000          .0000           .0000
    A                                  .0000            6              6
      476                               G            1.0000          1.0000
       5.7500                           X              X              .0000
        .0000                           X              X              .0000
       5.7500                           1              00          00/00/00
        .0000                           03             0           00/00/00
                                        O             .0000
1

   TOTAL NUMBER OF LOANS   :         52

   TOTAL ORIGINAL BALANCE  :     5,911,860.00

   TOTAL PRINCIPAL BALANCE :     3,897,696.06

   TOTAL ORIGINAL P+I      :        53,037.45

   TOTAL CURRENT P+I       :        35,009.31

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

<PAGE>

                                          EXHIBIT G

                                 FORMS OF REQUEST FOR RELEASE

DATE:
TO:
RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
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

                                             G-1

<PAGE>

                                         EXHIBIT H-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-Backed  Pass-Through  Certificates,  Series
2002-SL1,  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" as of [date of transfer] within the meaning of Section  860E(e)(5)
of the  Internal  Revenue  Code of 1986,  as  amended  (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 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  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, 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 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.

     4. That the Owner is aware of the tax  imposed on a  "pass-through  entity"
holding  Class R-_  Certificates  if at any time during the taxable  year of the
pass-through entity a disqualified

                                            H-1-1

<PAGE>

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. 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.

               6. 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.

               7. 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.

               8.  The Owner's Taxpayer Identification Number is ______________.

               9. 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.

               10. 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.

               11. 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.

               12. 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.

               13. The Owner is 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 or any political subdivision thereof, or an estate or
trust whose income from sources without the United

                                            H-1-2

<PAGE>

States is  includible  in gross  income for  United  States  federal  income tax
purposes  regardless of its  connection  with the conduct of a trade or business
within the United States.

               14. The Owner hereby  certifies,  represents and warrants to, and
covenants  with the  Company,  the  Trustee  and the  Master  Servicer  that the
following  statements in (a) or (b) are accurate:  (a) The  Certificates (i) are
not being acquired by, and will not be transferred to, any employee benefit plan
within the meaning of section 3(3) of the Employee  Retirement  Income  Security
Act of 1974, as amended  ("ERISA") or other  retirement  arrangement,  including
individual  retirement  accounts and annuities,  Keogh plans and bank collective
investment  funds and insurance  company  general or separate  accounts in which
such plans,  accounts or arrangements  are invested,  that is subject to Section
406 of ERISA or Section 4975 of the  Internal  Revenue Code of 1986 (the "Code")
(any of the foregoing, a "Plan"), (ii) are not being acquired with "plan assets"
of a Plan within the meaning of the Department of Labor ("DOL")  regulation,  29
C.F.R.  ss.  2510.3-101  or  otherwise  under  ERISA,  and  (iii)  will  not  be
transferred  to any entity that is deemed to be investing in plan assets  within
the meaning of the DOL regulation,  29 C.F.R. ss.  2510.3-101 or otherwise under
ERISA; or

               (b) The purchase of Certificates is permissible  under applicable
law, will not constitute or result in any prohibited  transaction under ERISA or
Section  4975 of the Code,  will not  subject  the  Company,  the Trustee or the
Master Servicer to any obligation in addition to those undertaken in the Pooling
and Servicing  Agreement  and,  with respect to each source of funds  ("Source")
being used by the Purchaser to acquire the  Certificates,  each of the following
statements  are  accurate:  (a) the Purchaser is an insurance  company;  (b) the
Source is assets of the  Purchaser's  "general  account;" (c) the conditions set
forth in Sections I and III of Prohibited  Transaction Class Exemption  ("PTCE")
95-60  issued by the DOL have  been  satisfied  and the  purchase,  holding  and
transfer of  Certificates by or on behalf of the Purchaser are exempt under PTCE
95-60;  and (d) the amount of reserves and  liabilities for such general account
contracts  held by or on  behalf  of any  Plan do not  exceed  10% of the  total
reserves and  liabilities  of such  general  account plus surplus as of the date
hereof (for purposes of this clause,  all Plans  maintained by the same employer
(or affiliate thereof) or employee  organization are deemed to be a single Plan)
in connection with its purchase and holding of such Certificates; or

               (c) The Owner 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 Owner hereby certifies, represents and warrants to, and
covenants with, the Company,  the Trustee and the Master Servicer that the Owner
will not transfer  such  Certificates  to any Plan or person  unless either such
Plan or person meets the requirements set forth in either (a), (b) or (c) above.

                                            H-1-3

<PAGE>

        Capitalized  terms used but not defined  herein  shall have the meanings
assigned in the Pooling and Servicing Agreement.

                                            H-1-4

<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__.

                                            H-1-5

<PAGE>

                                         EXHIBIT H-2

                                FORM OF TRANSFEROR CERTIFICATE

                                                   __________________, 200__

Residential Asset Mortgage Products, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

JPMorgan Chase Bank
450 West 33rd Street - 14th Floor
New York, New York 10001

Attention:  Residential Asset Mortgage Products, Inc., Series 2002-SL1

               Re:    Mortgage-Backed Pass-Through Certificates,
                      Series 2002-SL1, 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-Backed  Pass- Through  Certificates,
Series 2002-SL1,  Class R-__ (the  "Certificates"),  pursuant to Section 5.02 of
the Pooling and Servicing  Agreement  (the  "Pooling and Servicing  Agreement"),
dated as of June 1, 2002 among  Residential  Asset Mortgage  Products,  Inc., as
seller (the "Company"), Residential Funding Corporation, as master servicer, and
JPMorgan Chase Bank, 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 H-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

                                            H-2-1

<PAGE>

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 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:
                                                         ----------------------

                                            H-2-2

<PAGE>

                                          EXHIBIT I

                            FORM OF INVESTOR REPRESENTATION LETTER

                                  ______________, 20__

Residential Asset Mortgage Products, Inc
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

JPMorgan Chase Bank
450 West 33rd Street - 14th Floor
New York, New York 10001

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN  55437

Attention:  Residential Asset Mortgage Products, Inc., Series 2002-SL1

               Re:    Mortgage-Backed Pass-Through Certificates,
                      Series 2002-SL1, Class [R-__][B-__]

Ladies and Gentlemen:

               _________________________  (the "Purchaser")  intends to purchase
from   ___________________________   (the   "Seller")   $_____________   Initial
Certificate  Principal  Balance of  Mortgage-Backed  Pass-Through  Certificates,
Series 2002-SL1, Class [R-__][B-__] (the "Certificates"), issued pursuant to the
Pooling and Servicing Agreement (the "Pooling and Servicing  Agreement"),  dated
as of June 1, 2002 among  Residential Asset Mortgage  Products,  Inc., as seller
(the  "Company"),  Residential  Funding  Corporation,  as master  servicer  (the
"Master  Servicer"),  and JPMorgan Chase Bank, 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.

                                             I-1

<PAGE>

                      2. The Purchaser is acquiring the Certificates for its own
               account for investment only and not with a view to or for sale in
               connection with any distribution thereof in any manner that would
               violate the Act or any applicable state securities laws.

                      3.  The  Purchaser  is  (a) a  substantial,  sophisticated
               institutional  investor  having such  knowledge and experience in
               financial  and  business  matters,  and, in  particular,  in such
               matters related to securities  similar to the Certificates,  such
               that  it is  capable  of  evaluating  the  merits  and  risks  of
               investment  in the  Certificates,  (b) able to bear the  economic
               risks  of such an  investment  and (c) an  "accredited  investor"
               within the  meaning of Rule  501(a)  promulgated  pursuant to the
               Act.

                      4. The Purchaser has been  furnished  with, and has had an
               opportunity  to  review  (a) [a  copy  of the  Private  Placement
               Memorandum,  dated  ___________________,  20__,  relating  to the
               Certificates  (b)] a copy of the Pooling and Servicing  Agreement
               and [b] [c] such other  information  concerning the Certificates,
               the Mortgage  Loans and the Company as has been  requested by the
               Purchaser  from the  Company or the Seller and is relevant to the
               Purchaser's decision to purchase the Certificates.  The Purchaser
               has had any  questions  arising from such review  answered by the
               Company or the Seller to the  satisfaction of the Purchaser.  [If
               the Purchaser did not purchase the  Certificates  from the Seller
               in connection with the initial  distribution of the  Certificates
               and was provided with a copy of the Private Placement  Memorandum
               (the  "Memorandum")  relating to the original sale (the "Original
               Sale")  of  the  Certificates  by  the  Company,   the  Purchaser
               acknowledges  that  such  Memorandum  was  provided  to it by the
               Seller,  that the  Memorandum  was prepared by the Company solely
               for use in connection  with the Original Sale and the Company did
               not  participate  in or facilitate in any way the purchase of the
               Certificates by the Purchaser from the Seller,  and the Purchaser
               agrees  that it will  look  solely to the  Seller  and not to the
               Company with respect to any damage,  liability,  claim or expense
               arising out of, resulting from or in connection with (a) error or
               omission,  or  alleged  error  or  omission,   contained  in  the
               Memorandum, or (b) any information,  development or event arising
               after the date of the Memorandum.]

                      5.  The  Purchaser  has  not  and  will  not  nor  has  it
               authorized or will it authorize any person to (a) offer,  pledge,
               sell,  dispose of or  otherwise  transfer  any  Certificate,  any
               interest in any Certificate or any other similar  security to any
               person in any manner, (b) solicit any offer to buy or to accept a
               pledge,  disposition  of other transfer of any  Certificate,  any
               interest in any  Certificate  or any other similar  security from
               any person in any manner,  (c)  otherwise  approach or  negotiate
               with respect to any Certificate,  any interest in any Certificate
               or any other similar security with any person in any manner,  (d)
               make any general  solicitation by means of general advertising or
               in any other manner or (e) take any other action, that (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

                                             I-2

<PAGE>

               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.  [For  Class  B  Certificate   only:]  The  Purchaser  hereby
               certifies,  represents  and warrants to, and  covenants  with the
               Company,  the Trustee and the Master  Servicer that the following
               statements in (a), (b) or (c) are correct:

                      (a) The Purchaser 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
               (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 within the meaning of
               the   Department  of  Labor  ("DOL")   regulation  at  29  C.F.R.
               ss.2510.3-101; or

                      (b) The Purchaser is an insurance  company;  the source of
               the funds being used by the Purchaser to acquire the Certificates
               is assets of the Purchaser's  "general  account";  the conditions
               set forth in Sections 1 and 3 of the Prohibited Transaction Class
               Exemption  ("PTCE")  95-60 issued by the DOL have been  satisfied
               and the purchase,  holding and transfer of  Certificates by or on
               behalf of the  Purchaser  are exempt  under PTCE  95-60;  and the
               amount of  reserves  and  liabilities  for such  general  account
               contracts  held by or on behalf of any Plan do not  exceed 10% of
               the total reserves and  liabilities of such general  account plus
               surplus as of the date hereof (for  purposes of this clause,  all
               Plans  maintained by the same employer (or affiliate  thereof) or
               employee  organization  are  deemed  to  be  a  single  Plan)  in
               connection with its purchase and holding of such Certificates; 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  either  such Plan or
               person meets the requirements set forth in either (a), (b) or (c)
               above.]

                                             I-3

<PAGE>

                                                   Very truly yours,

                                                   (Purchaser)

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

                                             I-4

<PAGE>

                                          EXHIBIT J

                           FORM OF TRANSFEROR REPRESENTATION LETTER

                                           , 20
                                  ---------    --

Residential Asset Mortgage Products, Inc
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

JPMorgan Chase Bank
450 West 33rd Street - 14th Floor
New York, New York 10001

Attention: Residential Asset Mortgage Products, Inc., Series 2002-SL1

               Re:    Mortgage-Backed Pass-Through Certificates,
                      Series 2002-SL1, Class [R-__][B-__]

Ladies and Gentlemen:

               In   connection   with  the  sale  by  (the   "Seller")  to  (the
"Purchaser")  of $ Initial  Certificate  Principal  Balance  of  Mortgage-Backed
Pass-Through   Certificates,    Series   2002-SL1,   Class   [R-__][B-__]   (the
"Certificates"),  issued  pursuant to the Pooling and Servicing  Agreement  (the
"Pooling and Servicing  Agreement"),  dated as of June 1, 2002 among Residential
Asset Mortgage Products,  Inc., as seller (the "Company"),  Residential  Funding
Corporation,  as master  servicer,  and  JPMorgan  Chase Bank,  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

                                             J-1

<PAGE>

sell or otherwise  transfer any of the  Certificates,  except in compliance with
the provisions of the Pooling and Servicing Agreement.

                                  Very truly yours,

                                  (Seller)

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

                                             J-2

<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  Subservicer  will be
entitled to any  reimbursement  pursuant to Section 4.02(a) on such Distribution
Date for Advances or Subservicer  Advances  previously made,  (which will not be
Advances or  Subservicer  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  Subservicer  Advances  reimbursed  pursuant to
Section  4.02(a),  to the extent such Advances or Subservicer  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

                                             K-1

<PAGE>

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 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

                                             K-2

<PAGE>

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 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.

                                             K-3

<PAGE>

                                    EXHIBIT L

                            FORM OF LIMITED GUARANTY

                    RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.

                    Mortgage-Backed Pass-Through Certificates
                                 Series 2002-SL1

                                               __________ , 200__

JPMorgan Chase Bank
450 West 33rd Street - 14th Floor
New York, New York 10001

Attention:  Residential Asset Mortgage Products, Inc., Series 2002-SL1

Ladies and Gentlemen:

               WHEREAS,  Residential Funding Corporation, a Delaware corporation
("Residential  Funding"),  an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation,  a New York corporation ("GMAC"), plans to incur certain
obligations  as  described  under  Section  12.01 of the Pooling  and  Servicing
Agreement  dated  as  of  June  1,  2002  (the  "Servicing  Agreement"),   among
Residential Asset Mortgage Products,  Inc. (the "Company"),  Residential Funding
and JPMorgan Chase Bank (the "Trustee") as amended by Amendment No. ___ thereto,
dated  as  of  ________,  with  respect  to  the  Mortgage-Backed   Pass-Through
Certificates, Series 2002-SL1 (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

                                             L-1

<PAGE>

time to time upon the demand of the Trustee in accordance  with Section 12.01 of
the Servicing Agreement.

               (b) The agreement set forth in the preceding  clause (a) shall be
absolute,  irrevocable  and  unconditional  and  shall  not be  affected  by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential  Funding,  by any  insolvency,  bankruptcy,  dissolution or other
proceeding affecting  Residential Funding or any other person, by any defense or
right of  counterclaim,  set-off  or  recoupment  that  GMAC  may  have  against
Residential  Funding or any other  person or by any other fact or  circumstance.
Notwithstanding  the  foregoing,  GMAC's  obligations  under  clause  (a)  shall
terminate  upon  the  earlier  of (x)  substitution  for this  Limited  Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement,  or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.

               2. Waiver. GMAC hereby waives any failure or delay on the part of
Residential  Funding,  the Trustee or any other person in asserting or enforcing
any  rights or in making  any  claims or demands  hereunder.  Any  defective  or
partial  exercise of any such  rights  shall not  preclude  any other or further
exercise  of  that  or  any  other  such  right.  GMAC  further  waives  demand,
presentment,  notice of default,  protest,  notice of  acceptance  and any other
notices with respect to this Limited Guaranty,  including,  without  limitation,
those of action or nonaction on the part of Residential Funding or the Trustee.

               3. Modification, Amendment and Termination. This Limited Guaranty
may be modified, amended or terminated only by the written agreement of GMAC and
the Trustee and only if such modification, amendment or termination is permitted
under Section 12.02 of the Servicing  Agreement.  The  obligations of GMAC under
this  Limited  Guaranty  shall  continue  and  remain  in  effect so long as the
Servicing  Agreement is not modified or amended in any way that might affect the
obligations  of GMAC under  this  Limited  Guaranty  without  the prior  written
consent of GMAC.

     4. Successor.  Except as otherwise expressly provided herein, the guarantee
herein set forth shall be binding upon GMAC and its respective successors.

     5.  Governing  Law. This Limited  Guaranty shall be governed by the laws of
the State of New York.

     6. Authorization and Reliance. GMAC understands that a copy of this Limited
Guaranty  shall be delivered to the Trustee in connection  with the execution of
Amendment  No. 1 to the  Servicing  Agreement  and GMAC  hereby  authorizes  the
Company  and the  Trustee  to rely on the  covenants  and  agreements  set forth
herein.

     7.  Definitions.  Capitalized  terms used but not otherwise  defined herein
shall have the meaning given them in the Servicing Agreement.

     8.  Counterparts.  This  Limited  Guaranty may be executed in any number of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.

                                             L-2

<PAGE>

               IN WITNESS  WHEREOF,  GMAC has caused this Limited Guaranty to be
executed and delivered by its respective  officers  thereunto duly authorized as
of the day and year first above written.

                                            GENERAL MOTORS ACCEPTANCE
                                   CORPORATION

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

Acknowledged by:

JPMORGAN CHASE BANK,
  as Trustee

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

RESIDENTIAL FUNDING CORPORATION

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

                                             L-3

<PAGE>

                                    EXHIBIT M

          FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                                   __________________, 20____

Residential Asset Mortgage
 Products, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

JPMorgan Chase Bank
450 West 33rd Street - 14th Floor
New York, New York 10001

Attention:  Residential Asset Mortgage Products, Inc., Series 2002-SL1

               Re:    Mortgage-Backed Pass-Through Certificates, Series 2002-SL1
                      Assignment of Mortgage Loan

Ladies and Gentlemen:

               This letter is delivered to you in connection with the assignment
by _________________ (the "Trustee") to  _______________________  (the "Lender")
of  _______________  (the "Mortgage  Loan")  pursuant to Section  3.13(d) of the
Pooling and Servicing Agreement (the "Pooling and Servicing  Agreement"),  dated
as of June 1, 2002 among  Residential Asset Mortgage  Products,  Inc., as seller
(the "Company"),  Residential Funding Corporation,  as master servicer,  and the
Trustee. All terms used herein and not otherwise defined shall have the meanings
set forth in the Pooling and Servicing  Agreement.  The Lender hereby certifies,
represents  and warrants to, and  covenants  with,  the Master  Servicer and the
Trustee that:

          (i) the Mortgage  Loan is secured by Mortgaged  Property  located in a
jurisdiction  in which an  assignment  in lieu of  satisfaction  is  required to
preserve lien priority,  minimize or avoid mortgage recording taxes or otherwise
comply with, or facilitate a refinancing under, the laws of such jurisdiction;

         (ii) the  substance  of the  assignment  is, and is  intended  to be, a
refinancing  of such Mortgage Loan and the form of the  transaction is solely to
comply with, or facilitate the transaction under, such local laws;

        (iii) the  Mortgage  Loan  following  the  proposed  assignment  will be
modified  to have a rate of interest  at least 0.25  percent  below or above the
rate of interest on such Mortgage Loan prior to such proposed assignment; and

                                             M-1

<PAGE>

     (iv) such  assignment  is at the request of the borrower  under the related
Mortgage Loan.

                                Very truly yours,

                                    (Lender)

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

                                             M-2

<PAGE>

                                          EXHIBIT N

                   FORM OF RULE 144A INVESTMENT REPRESENTATION

                    Description of Rule 144A Securities, including numbers:
                        ===============================================
                        ===============================================

               The  undersigned  seller,  as registered  holder (the  "Seller"),
intends to transfer the Rule 144A Securities  described above to the undersigned
buyer (the "Buyer").

               1. In connection  with such  transfer and in accordance  with the
agreements  pursuant to which the Rule 144A Securities  were issued,  the Seller
hereby  certifies the following  facts:  Neither the Seller nor anyone acting on
its behalf has offered, transferred,  pledged, sold or otherwise disposed of the
Rule 144A  Securities,  any  interest in the Rule 144A  Securities  or any other
similar security to, or solicited any offer to buy or accept a transfer,  pledge
or other disposition of the Rule 144A Securities,  any interest in the Rule 144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

               2. The Buyer warrants and represents to, and covenants  with, the
Seller,  the  Trustee  and the Master  Servicer  (as  defined in the Pooling and
Servicing  Agreement  (the  "Agreement"),   dated  as  of  June  1,  2002  among
Residential Funding  Corporation as Master Servicer,  Residential Asset Mortgage
Products,  Inc. as  depositor  pursuant  to Section  5.02 of the  Agreement  and
JPMorgan Chase Bank, 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.

                                             N-1

<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.     [For Class B Certificates only:] 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 (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

                      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

                                             N-2

<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.

                                             N-2

<PAGE>

               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:
     ---------------------------------                  -----------------------

                                             N-3

<PAGE>

                              ANNEX 1 TO EXHIBIT N

            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.

                                             N-4

<PAGE>

    ___    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.

    ___    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.

                                             N-5

<PAGE>

           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
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:
                                         ------------------------------------

                                             N-6

<PAGE>

                              ANNEX 2 TO EXHIBIT N

            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

                                             N-7

<PAGE>

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.

               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 ADVISER:

                                            Print Name of Buyer

                                            Date:
                                                 -----------------------------

                                             N-8

<PAGE>

                                          EXHIBIT O

                                       HIGH COST LOANS

                                             O-1

<PAGE>

                                    EXHIBIT P

                         SCHEDULE OF DISCOUNT FRACTIONS
                            (Available Upon Request)

2002-SL1 DISCOUNT FRACTIONS

Loan Number   Current Balance    Net Mortgage Discount FraPOiBalance

1522291              $332,309.95     6.3450%      0.09357    $31,094.72
1513618              $192,912.16     6.5950%      0.05786    $11,161.35
1508199              $220,422.09     6.7200%      0.04000     $8,816.88
1513620              $305,733.10     6.7200%      0.04000    $12,229.32
1508173              $320,284.54     6.7700%      0.03286    $10,523.63
1508172              $576,583.61     6.7700%      0.03286    $18,944.89
1517135              $292,974.86     6.9700%      0.00429     $1,255.61
1514149              $313,516.36     6.9700%      0.00429     $1,343.64
1513814              $235,012.37     6.9700%      0.00429     $1,007.20

<PAGE>

                                          EXHIBIT Q

                                 FORM OF REQUEST FOR EXCHANGE

                                                   [Date]

JPMorgan Chase Bank
450 West 33rd Street - 14th Floor
New York, New York 10001

               Re:    Residential Asset Mortgage Products, Inc.
                      Mortgage-Backed Pass-Through Certificates, Series 2002-SL1

        [________________________], as the Holder of a ____% Percentage Interest
of the  [Class/Subclass]  of Class  A-I-IO  Certificates,  hereby  requests  the
Trustee  to  exchange  the above-  referenced  Certificates  for the  Subclasses
referred to below:

        1.     Class  A-I-IO   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-I-IO  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-I-IO
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 June 1,
2002, among  Residential  Asset Mortgage  Products,  Inc.,  Residential  Funding
Corporation and JPMorgan Chase Bank, as trustee.

                                     [---------------------------------]

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

                                             Q-1

<PAGE>

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